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 ...

Portfolio Overview - LXP Industrial Trust has gross assets of $4.8 billion and owns 112 properties [7] - The stabilized portfolio is 96.8% leased [12, 17] - 48% of the tenancy is investment grade [9] - The portfolio's weighted average lease term (WALT) is 4.9 years [17] Financial Performance - The company generated Adjusted Company FFO of $0.16 per share in the third quarter [12] - Same-store NOI growth was 4% year-to-date and 2% in the quarter [12] - The company repaid $140 million of outstanding 6.75% Senior Notes due 2028 [12] - Net Debt to Adjusted EBITDA was reduced to 5.2x [12, 13] Growth Opportunities - Approximately 64% of the portfolio is expiring through 2030, with current mark-to-market on rents estimated to be approximately 17% [15, 64] - The average annual rental escalations are 2.9% [15, 60] - The company has 1.8 million square feet of first and second-generation space available for lease [15, 60] Strategic Initiatives - The company sold two vacant development projects totaling 2.1 million square feet for $175 million, representing a 20% premium over the gross book value [12] - The company acquired one property for $30 million at a cash capitalization rate of 6.5% [12] - The company announced a reverse stock split of common shares at a ratio of 1-for-5 [12]

Core Insights - STAG Industrial, Inc. reported strong financial performance for Q3 2025, highlighting portfolio stability and market health, with expectations for continued growth and value creation [1][2]. Financial Performance - Net income attributable to common stockholders for Q3 2025 was $48.6 million, a 16.2% increase from $41.8 million in Q3 2024 [4][8]. - Basic and diluted net income per common share for Q3 2025 was $0.26, up 13.0% from $0.23 in Q3 2024 [4][8]. - Cash NOI for Q3 2025 reached $162.3 million, a 9.3% increase from $148.4 million in Q3 2024 [4][21]. - Same Store Cash NOI for Q3 2025 was $145.7 million, reflecting a 3.9% increase compared to $140.2 million in Q3 2024 [4][21]. - Adjusted EBITDAre for Q3 2025 was $152.5 million, a 9.9% increase from $138.7 million in Q3 2024 [4][21]. - Core FFO for Q3 2025 was $124.7 million, up 12.6% from $110.8 million in Q3 2024 [4][21]. Acquisition and Disposition Activity - In Q3 2025, the company acquired two buildings for $101.5 million, with a total square footage of 986,410 and an occupancy rate of 100% upon acquisition [6][8]. - The company also acquired a vacant land parcel for $2.9 million during the same period [6]. - Total acquisition activity for 2025 through October 28 included 1.6 million square feet across six buildings for $163.2 million [7]. Leasing Activity - The company commenced leases totaling 2.2 million square feet in Q3 2025, achieving a Cash Rent Change of 27.2% and a Straight-Line Rent Change of 40.6% [8][10]. - Retention rate for leases expiring in Q3 was 63.4% for 2.5 million square feet [8][10]. - Year-to-date leasing activity included 11.3 million square feet across 90 leases, with a weighted average lease term of 5.0 years [12]. Capital Markets Activity - The company refinanced a $300 million term loan, extending the maturity to March 15, 2030, with a fixed interest rate of 1.70% until February 2026, then 3.94% until maturity [14][15]. - As of September 30, 2025, the Net Debt to Annualized Run Rate Adjusted EBITDAre was 5.1x, with liquidity reported at $904.1 million [15].

Core Insights - FIBRA Prologis reported strong financial and operational results for Q3 2025, despite ongoing trade uncertainties, highlighting the resilience of its diversified portfolio and focus on high-quality logistics assets [4][9]. Financial Performance - Net earnings per CBFI for Q3 2025 were Ps. 1.0027 (US$0.0540), a decrease from Ps. 6.4415 (US$0.3424) in Q3 2024 [3]. - Funds from operations (FFO) per CBFI for the quarter were Ps. 1.0268 (US$0.0561), up from Ps. 0.8343 (US$0.0437) in the same period last year [3]. Operating Results - Period-end occupancy was 98.0%, slightly down from 98.1% in Q3 2024, while average occupancy remained stable at 97.9% compared to 97.8% in the previous year [4]. - Customer retention improved significantly to 81.7% from 52.7% year-over-year [4]. - Net effective rent change was 47.2%, with notable contributions from Mexico City, Reynosa, and Tijuana [4][7]. - Same store cash NOI increased by 14.8%, driven mainly by rent changes and annual rent increases [4][7]. Financial Position - As of September 30, 2025, FIBRA Prologis had a leverage ratio of 22.6% and liquidity of approximately Ps. 19.9 billion (US$1.1 billion), which included Ps. 18.4 billion (US$1.0 billion) of available capacity on its unsecured credit facility [5]. Updated Guidance - The company updated its guidance for 2025, increasing the expected building acquisitions from US$150 million to US$250 million, while building dispositions were adjusted from US$100 million to US$400 million [6].

Financial Data and Key Metrics Changes - Total income for Q3 2025 reached $72.4 million, a 13.7% year-over-year increase, while total income excluding energy reached $69.9 million, a 14.5% increase [6][17] - Adjusted net operating income increased 14.7% to $66.1 million, with an adjusted NOI margin of 94.4%, reflecting higher operating leverage [17] - Adjusted EBITDA totaled $59.7 million, a 15% increase year-over-year, with a margin expansion of 34 basis points to 85.3% [17] - FFO, including current tax, increased 16.5% year-over-year to $47.4 million [17] - The company revised its full-year 2025 guidance, expecting EBITDA margin to reach 84.5% and revenue growth between 10% and 11% [16][17] Business Line Data and Key Metrics Changes - Total leasing activity for Q3 2025 reached 1.7 million sq ft, with 597,000 sq ft in new leases and 1.1 million sq ft in renewals [7] - The overall portfolio occupancy reached 89.7%, with stabilized and same-store occupancy at 94.3% and 94.8% respectively [8] - The retention rate remains high, and rents on rollovers continue to trend upward, indicating strong tenant relationships [5] Market Data and Key Metrics Changes - In Monterrey, the company completed construction of Apodaca Park, with strong interest from advanced manufacturing and logistics companies [9] - Ciudad Juárez saw a market turnaround with a 130 basis point contraction in overall vacancy and 1.3 million sq ft of net absorption [10] - Tijuana is experiencing slower recovery due to high vacancy from recent supply influx, but early signs of reactivation are noted [11] - Guadalajara maintained a healthy 2.8% vacancy rate, while Mexico City reported record absorption year-to-date, with a low vacancy of 2% [12] Company Strategy and Development Direction - The company is focused on its Route 2030 growth strategy, emphasizing land acquisitions and infrastructure readiness [9][15] - Vesta aims to be selective in tenant selection, particularly in high-demand areas like Monterrey [9] - The company is prioritizing markets with visible tenant demand and plans to direct capital towards land and infrastructure readiness [15] Management's Comments on Operating Environment and Future Outlook - Management noted encouraging signs of improvement in leasing momentum and tenant demand, indicating a normalization of the market [5] - The company is confident in its ability to capture anticipated demand in 2026, supported by improving demand indicators [8] - Management highlighted the importance of energy supply and collaboration with federal authorities to enhance reliability for industrial users [14][58] Other Important Information - The company completed a $500 million senior unsecured notes offering, enhancing liquidity and extending maturity profiles [18] - Vesta sold an 80,604 sq ft building in Ciudad Juárez for $5.5 million, aligning with its strategy to recycle assets [15][19] - The company has nearly completed its land bank to support the Route 2030 strategy [9] Q&A Session Summary Question: Long-term development pipeline acceleration - Management indicated positive demand signals across most markets, with a focus on mid to long-term growth for Route 2030, while being cautious ahead of the USMCA review [21][23] Question: Demand from existing vs. new tenants - Demand is coming from both existing tenants and new companies, particularly in sectors like electronics and aerospace [24][26] Question: Update on leasing activity in October - Management confirmed leasing activity has picked up, with successful leases in various regions [30][31] Question: Sustainability of improved EBITDA margins - Management expects EBITDA margins to remain strong, with a focus on maintaining a low-cost base [40][41] Question: Indicators for launching new developments - Decisions are based on internal data, occupancy trends, and demand from existing tenants [64][66] Question: Trends in real estate taxes and insurance costs - No major adjustments in insurance costs or real estate taxes are expected, with costs being competitive for tenants [88][90]

Financial Data and Key Metrics Changes - Funds from operations (FFO) per share for Q3 2025 was $2.27, representing a 6.6% increase compared to the same quarter last year [6][10] - Quarter-end leasing was at 96.7%, with occupancy at 95.9%, and average quarterly occupancy was 95.7%, down 100 basis points from Q3 2023 [6][10] - Cash same-store NOI rose 6.9% for the quarter and 6.2% year-to-date [7] Business Line Data and Key Metrics Changes - Quarterly releasing spreads were 36% GAAP and 22% cash for leases signed during the quarter, with year-to-date results at 42% and 27% GAAP and cash, respectively [6][10] - The company reported a quarterly retention rate of almost 80%, indicating a cautious nature among tenants [8] Market Data and Key Metrics Changes - The market remains somewhat bifurcated, with improved activity in smaller spaces (50,000 square feet and below) but larger spaces experiencing delays in decision-making [7][8] - The company is reforecasting 2025 starts to $200 million based on current demand levels, with a noted decline in the supply pipeline [9] Company Strategy and Development Direction - The company aims to capitalize on development opportunities earlier than private peers, leveraging its balance sheet strength and existing tenant expansion needs [9] - The focus is on geographic and tenant diversity to stabilize earnings regardless of economic conditions [7] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about improved market activity and the potential for a stronger leasing environment in the future [15] - The company is seeing signs of macro uncertainty subsiding, which could strengthen consumer and corporate confidence [13] Other Important Information - The company has a flexible balance sheet with a debt-to-total market capitalization of 14.1% and an unadjusted debt-to-EBITDA ratio of 2.9 times [11] - Tenant collections remain healthy, with uncollectible rents estimated to be in the 35 to 40 basis point range as a percentage of revenues [13] Q&A Session Summary Question: Expansion on leasing and development pipeline - Management noted that conversations regarding leasing have improved since May, with a high retention rate indicating tenant stability [18][19] Question: Construction costs and market rents - Construction pricing has decreased by 10% to 12%, and current construction pricing is still yielding acceptable returns [25][26] Question: Development pipeline availability and leasing activity - Management indicated that while there is activity in the development pipeline, the pace of leasing has been slower than desired [31][32] Question: Average rent per square foot and GAAP same-store NOI - Average rent per square foot can vary significantly by market, but management remains optimistic about strong rental rate growth [76][79] Question: Bad debt levels and tenant watchlist - Bad debt remains a non-factor, with consistent levels around 30 to 35 basis points relative to total revenue [68] Question: Interest rates and leverage levels - Management is monitoring interest rates and plans to utilize debt as opportunities arise, maintaining a strong capital position [70] Question: Regional market strengths and weaknesses - The eastern region, particularly Florida and Raleigh, has shown strength, while California markets, especially LA, have been slower [48][50]

Financial Data and Key Metrics Changes - Total income for Q3 2025 reached $72.4 million, a 13.7% year-over-year increase, while total income excluding energy reached $69.9 million, a 14.5% increase [5][6] - Adjusted net operating income increased 14.7% to $66.1 million, with an adjusted NOI margin of 94.4%, up 16 basis points from the prior year [16] - Adjusted EBITDA totaled $59.7 million, a 15% increase year-over-year, with a margin expansion of 34 basis points to 85.3% [16] - FFO, including current tax, increased 16.5% year-over-year to $47.4 million [16] - The company revised its full-year 2025 guidance, expecting EBITDA margin to reach 84.5%, up from 83.5% [15] Business Line Data and Key Metrics Changes - Total leasing activity for Q3 2025 reached 1.7 million sq ft, with 597,000 sq ft in new leases and 1.1 million sq ft in renewals [6] - The overall portfolio occupancy reached 89.7%, while stabilized and same-store occupancy reached 94.3% and 94.8% respectively [7] - The retention rate remains high, and rents on rollovers continue to trend upward, indicating strong tenant relationships [5] Market Data and Key Metrics Changes - In Monterrey, the company completed construction of Apodaca Park, with strong interest from advanced manufacturing and logistics companies [8] - Ciudad Juárez saw a market turnaround with a 130 basis point contraction in overall vacancy and 1.3 million sq ft of net absorption during the quarter [9] - Tijuana is experiencing slower recovery due to high vacancy from recent supply influx, but early signs of reactivation are noted [10] - Guadalajara maintained a healthy 2.8% vacancy rate, while Mexico City reported record absorption year-to-date at the highest in five years, with a low vacancy of 2% [11] Company Strategy and Development Direction - The company is focused on its Route 2030 growth strategy, prioritizing markets with visible tenant demand and ensuring capital allocation is tied to quality and timing [14] - The company is cautious about new developments, with only one project under construction, but plans to resume new development starts by the end of 2025 and beginning of 2026 [14] - The company is actively engaging in land acquisitions to support future growth, having acquired 330 acres in Monterrey [8] Management's Comments on Operating Environment and Future Outlook - Management noted encouraging signs of improvement in leasing momentum and tenant demand, indicating a recovery in the industrial real estate market [4] - The company is confident in its ability to capture demand as market conditions improve, particularly in key regions [7] - Management emphasized the importance of energy supply and collaboration with government authorities to support industrial parks [13] Other Important Information - The company completed a $500 million senior unsecured notes offering, enhancing liquidity and extending maturity profiles [17] - The company sold an 80,604 sq ft building in Ciudad Juárez for $5.5 million, aligning with its strategy to recycle assets [14] Q&A Session Summary Question: Are you comfortable accelerating Route 2030 projects in the first half of 2026? - Management highlighted positive demand signals across most markets, particularly in Mexico City and Guadalajara, and will analyze market trends before resuming new operations [20][22] Question: Are the positive demand signals coming from existing tenants or new tenants? - Demand is coming from both existing and new tenants, with interest from various industries including electronics and aerospace [25] Question: Can you provide an update on leasing activity in October? - Management confirmed leasing activity has picked up, with successful leases in Ciudad Juárez and Tijuana [30] Question: How sustainable is the improvement in EBITDA margins? - Management expects EBITDA margins to remain strong, projecting them to stay in the 83%-85% range as the company continues to grow [40] Question: What indicators are used to decide on new developments? - The company relies on internal data and market trends, focusing on occupancy trends and demand from existing tenants [62] Question: What is the trend in real estate taxes and insurance costs? - Management noted that insurance costs are secured for the next couple of years, and real estate taxes have not seen major adjustments [88]