Core Viewpoint - FIBRA Macquarie México has announced the acquisition of a significant land parcel in Tijuana for US$113.8 million, aiming to develop a Class A industrial park with a target yield of 9%-11% [1] Company Summary - FIBRA Macquarie México (FIBRA Macquarie) is expanding its portfolio through the acquisition of a 124-hectare land parcel along Tijuana's Boulevard 2000 submarket [1] - The project is expected to be developed in phases over multiple years, adhering to a minimum LEED® Gold standard [1] Financial Summary - The acquisition cost is reported at US$113.8 million, excluding transaction costs and taxes [1] - The anticipated stabilized yield on cost for the project is targeted within the range of 9%-11% [1]

Financial Results and Supplemental Information FOURTH QUARTER 2025 February 18, 2026 | 4 Industrial Logistics Properties Trust Announces Fourth Quarter 2025 Financial Results | | --- | | Fourth Quarter 2025 Highlights 5 | | Key Financial Data 7 | | Condensed Consolidated Statements of Income (Loss) 8 | | Condensed Consolidated Balance Sheets 9 | | Debt Summary 10 | | Debt Maturity Schedule 11 | | Leverage and Coverage Ratios 12 | | Capital Expenditures Summary 13 | | PORTFOLIO INFORMATION | | Property Dispo ...

Core Insights - The company achieved a record quarterly leasing volume of nearly 4 million square feet, driven by a 25.7% weighted average rent roll-up and high tenant retention [1] - Management reported a 113% year-over-year growth in Normalized FFO, attributed to strong operational execution and realization of mark-to-market rent increases [1] Financial Performance - Successful refinancing of $1.2 billion in floating rate debt into fixed rate debt resulted in over $8 million in annual cash savings [1] - The net debt leverage ratio was reduced from 12.4x to 11.8x over the past year due to a strategic focus on deleveraging [1] Portfolio Stability - The portfolio remains highly stable, with 76% of revenues derived from investment-grade tenants or secure Hawaii land leases, supporting a 94.5% occupancy rate [1] - Company-wide same-property cash basis NOI increased year-over-year, driven by strong tenant retention and rent roll-ups [1] Tenant Relationships - Deepened relationships with anchor tenants FedEx and Amazon, who together accounted for 38% of the year's total leasing volume [1] - The Hawaii footprint continues to provide a unique competitive advantage for the portfolio [1]

Investment Rating - The report does not explicitly state an investment rating for the Perth industrial market Core Insights - Rental growth in the Perth industrial market has slowed, with prime net face rents averaging $154/sqm in Q4 2025, reflecting a 4.8% year-on-year increase but remaining flat quarter-on-quarter [8] - Land values for small-sized lots have risen significantly, averaging $627/sqm, which is a 12.2% increase in 2025 and a 1.8% increase quarter-on-quarter [8] - Prime industrial yields have remained stable at 6.50% for the ninth consecutive quarter, indicating a consistent market environment [8] Summary by Sections Rental Market - Prime net face rents in Perth averaged $154/sqm in Q4 2025, with a year-on-year growth of 4.8% but no change from the previous quarter [8] - The East precinct remains the most expensive for industrial space, averaging $164/sqm [8] - Incentives for renting have become more common, averaging 9.6% for prime spaces [8] Land Values - Land values for small-sized lots have increased to an average of $627/sqm, marking a 12.2% rise in 2025 [8] - The report highlights a quarter-on-quarter increase of 1.8% in land values [8] Market Yield - Prime industrial yields have stabilized at 6.50%, maintaining this rate for nine consecutive quarters [8] Economic Indicators - Western Australia is projected to experience the strongest population growth among Australian states over the next five years [8] - Economic indicators for WA show a GSP growth forecast of 1.7% for 2025, with a population growth rate of 2.1% [14]

Core Viewpoint - Dream Industrial REIT announced a monthly distribution of 5.833 cents per Unit for February 2026, which annualizes to 70 cents [1] Company Summary - Dream Industrial REIT is engaged in owning, managing, and operating a global portfolio of well-located, diversified industrial properties [1] - The distribution will be payable on March 13, 2026, to unitholders of record as of February 27, 2026 [1]

Core Viewpoint - FIBRA Prologis will host a conference call on February 24, 2026, to discuss its fourth quarter results, current market conditions, and future outlook [1] Company Overview - FIBRA Prologis is a leading owner and operator of Class-A logistics real estate in Mexico [1] - As of September 30, 2025, the company’s portfolio includes 515 investment properties totaling 87.0 million square feet (8.1 million square meters) [1] - The portfolio consists of 348 logistics and manufacturing facilities across six industrial core markets in Mexico, comprising 65.7 million square feet (6.1 million square meters) of Gross Leasing Area (GLA) [1] - Additionally, it includes 167 buildings with 21.3 million square feet (2.0 million square meters) of non-strategic assets in other markets [1] Conference Call Details - The conference call will take place at 9:00 a.m. Mexico Time on February 24, 2026 [1] - Access to the call can be made via a toll-free number from the U.S. and Canada (+1 888 596 4144), from Mexico (800 269 4416), or from other countries (+1 646 968 2525) [1] - A live webcast will be available on the company’s Investor Relations section of its website [1] - A telephonic replay will be accessible from February 24 to March 3, 2026 [1]

Financial Data and Key Metrics Changes - The company reported a 4.3% growth in same-store cash NOI and a 6.3% increase in core FFO per share for 2025 [5][11] - Core FFO per share was $0.66 for Q4 and $2.55 for the year, reflecting a 6.3% increase compared to 2024 [11] - The company incurred a cash credit loss of 22 basis points in 2025, with a retention rate of 75.8% for the quarter and 77.2% for the year [12] Business Line Data and Key Metrics Changes - In Q4, the company commenced 31 leases totaling 3 million sq ft, generating cash and straight-line leasing spreads of 16.3% and 27.4%, respectively [11] - The company achieved cash and straight-line leasing spreads of 24% and 38.2% for the year [12] - The acquisition volume for Q4 totaled $285.9 million, consisting of 7 buildings with cash and straight-line cap rates of 6.4% and 7%, respectively [7][8] Market Data and Key Metrics Changes - The company expects national vacancy rates to peak in the first half of 2026, with an inflection point in the back half of the year [6] - The company anticipates 180 million sq ft of deliveries in 2026, significantly lower than the 225 million sq ft expected in 2025 [100] - The Midwest markets, particularly Minneapolis, Chicago, and Indianapolis, are showing strong demand, while Southeast port markets like Jacksonville and Savannah are experiencing weakness [68][70] Company Strategy and Development Direction - The company plans to initiate a core FFO per share range between $2.60 and $2.64 for 2026, with same-store cash NOI growth expected between 2.75% and 3.25% [14] - The company raised its dividend by 4%, the largest increase since 2014, and modified the payment cadence from monthly to quarterly [10] - The company is focusing on maintaining high occupancy levels and is optimistic about leasing activity in 2026, driven by a record amount of square footage expiring [7][21] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about economic growth and increased tenant activity, expecting net absorption to improve in 2026 [6][21] - The company is not concerned about new supply coming online, as it believes developers are prudent and that any new developments will take time to materialize [33] - Management noted that the demand from tenants is real, with a broad base of interest from various sectors, including data centers [29][31] Other Important Information - The company has a strong acquisition pipeline valued at $3.6 billion, with expectations for acquisition volume in 2026 to range between $350 million and $650 million [14][22] - The company is budgeting for 957,000 sq ft of leasing in 2026, with a significant portion expected to come from build-to-suit projects [63] Q&A Session Summary Question: Inquiry about leasing environment and occupancy guidance - Management acknowledged the potential for upside in leasing activity if the current momentum continues, despite budgeting for a 9-12 month lease-up period for assets [18][20] Question: Discussion on acquisition visibility and timing - Management indicated that while the first quarter is typically slower, they are underwriting more transactions than in the previous year, with a strong pipeline [22][23] Question: Clarification on tenant activity and demand - Management confirmed that the current tenant activity reflects real demand, with a broad base of interest from various sectors, including data centers [28][29] Question: Concerns about potential overbuilding - Management expressed confidence that new supply will be introduced prudently and not until late 2027, alleviating concerns about overbuilding [33] Question: Update on market performance and rent growth - Management noted that while some markets are performing well, overall rent growth is expected to be modest, with stronger markets seeing 2-3% growth [71][75]

Financial Data and Key Metrics Changes - STAG Industrial reported a 4.3% growth in same-store cash NOI and a 6.3% increase in core FFO per share for 2025, outperforming budgeted metrics [5][12] - Core FFO per share for Q4 was $0.66, and for the year it was $2.55, reflecting a 6.3% increase compared to 2024 [11] - The company incurred a cash credit loss of 22 basis points in 2025, with a retention rate of 75.8% for the quarter and 77.2% for the year [12] Business Line Data and Key Metrics Changes - In Q4, STAG commenced 31 leases totaling 3 million sq ft, achieving cash and straight-line leasing spreads of 16.3% and 27.4%, respectively [11] - The company expects cash leasing spreads of 18%-20% for 2026, with 69% of the operating portfolio square feet already addressed for leasing [7][13] Market Data and Key Metrics Changes - The industrial supply backdrop improved, with deliveries down almost 35% compared to 2024, and STAG anticipates 180 million sq ft of deliveries in 2026 [5][6] - National vacancy rates are expected to peak in the first half of 2026, with an inflection point anticipated in the latter half of the year [6][21] Company Strategy and Development Direction - STAG plans to continue its focus on leasing and acquisitions, with a guidance range for acquisition volume set between $350 million and $650 million for 2026 [13][14] - The company raised its dividend by 4%, the largest increase since 2014, and modified the payment cadence from monthly to quarterly [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about economic growth and increased tenant activity, indicating a healthy demand across most markets [6][29] - The company is preparing for a record amount of square footage expiring in 2026, which is expected to drive leasing activity [7][21] Other Important Information - STAG's development platform includes 3.5 million sq ft of development activity, with 59% of this being completed developments [8] - The company has a strong pipeline of $3.6 billion in potential transactions, indicating healthy market conditions [22] Q&A Session Summary Question: Inquiry on leasing environment and occupancy expectations - Management acknowledged the potential for upside in leasing activity if current momentum continues, despite budgeting for a 100 basis points occupancy decline [18][20] Question: Discussion on acquisition visibility and timing - Management indicated that while the first quarter is typically slower, they are underwriting more transactions than in the previous year, with a strong pipeline [22][23] Question: Clarification on tenant activity and demand - Management confirmed that the current tenant activity reflects real demand, with increased interest from various sectors, including data centers [29][31] Question: Insights on market rent growth and concessions - Management noted that while market rent growth is expected to be modest, stronger markets may see slightly higher growth, with concessions remaining stable [71][60] Question: Update on development leasing guidance for 2026 - Management provided guidance for 957,000 sq ft of leasing in 2026, including a build-to-suit project [63]

Financial Data and Key Metrics Changes - STAG Industrial reported a 6.3% increase in core FFO per share for the year, reaching $2.55, and a 4.3% growth in same-store cash NOI [4][11] - The company achieved a cash credit loss of 22 basis points in 2025, with a retention rate of 75.8% for the quarter and 77.2% for the year [12][14] - The company raised its dividend by 4%, marking the largest increase since 2014, and modified the payment cadence from monthly to quarterly [9][10] Business Line Data and Key Metrics Changes - In Q4 2025, STAG commenced 31 leases totaling 3 million sq ft, with cash and straight-line leasing spreads of 16.3% and 27.4%, respectively [11] - The company reported that 69% of the operating portfolio square feet expected to lease in 2026 has been addressed, projecting cash leasing spreads of 18%-20% for the year [6][12] Market Data and Key Metrics Changes - The industrial supply backdrop improved, with deliveries down almost 35% compared to 2024, and STAG expects 180 million sq ft of deliveries in 2026 [5][14] - National vacancy rates are anticipated to peak in the first half of 2026, with an inflection point expected in the latter half of the year [5][22] Company Strategy and Development Direction - STAG Industrial aims to capitalize on a record amount of square footage expiring in 2026, with a focus on maintaining high occupancy levels and positive rent growth [6][12] - The company is actively pursuing acquisitions, with a guidance range of $350 million to $650 million for acquisition volume in 2026 [14] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding economic growth and tenant activity, noting that many business leaders are becoming more engaged [5][30] - The company anticipates that the leasing environment will improve, with expectations for net absorption to increase in 2026 [5][22] Other Important Information - STAG has a strong pipeline of $3.6 billion in potential transactions, indicating healthy market conditions for acquisitions [24] - The company is not planning to hold land for development opportunities in 2026 but is exploring phased developments for future growth [44][45] Q&A Session Summary Question: Inquiry about leasing environment and occupancy guidance - Management acknowledged the potential for upside in leasing activity if the current momentum continues, despite budgeting for a 9-12 month lease-up period for rolling square footage [19][22] Question: Discussion on acquisition visibility and timing - Management indicated that while the first quarter is typically slower for acquisitions, they are underwriting more deals than in the previous year, with a strong pipeline [24] Question: Clarification on tenant activity and demand - Management confirmed that the current tenant activity reflects real demand, with increased interest from various sectors, including data centers [30][32] Question: Insights on development starts and appetite for new projects - Management expressed eagerness to start new speculative projects, contingent on sourcing opportunities and favorable returns [56] Question: Commentary on concessions and free rent trends - Management noted that concessions have remained stable, with minimal changes in tenant improvement requests, indicating a healthy leasing environment [60][62]

SUPPLEMENTAL INFORMATION UNAUDITED FOURTH 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 o ...