Financial Data and Key Metrics Changes - Funds from operations (FFO) and core FFO per share for Q4 2025 were both $0.37, compared to $0.35 in Q4 2024, indicating a growth of approximately 5.7% year-over-year [11] - For the full year 2025, FFO was $1.38 and core FFO was $1.40 per share, slightly down from $1.41 and $1.42 per share in 2024 [11] - Total operating revenues for Q4 2025 were $43.5 million, up from $37.4 million in Q4 2024, while operating expenses increased to $26.4 million from $25 million [12] Business Line Data and Key Metrics Changes - The company acquired over $206 million in industrial assets across 10 facilities, increasing the industrial concentration in the portfolio to 69% as of December 31, 2025, up from 63% in 2024 [5][6] - A net increase of $2.1 million in GAAP rent was achieved through the renewal and extension of leases covering 1.2 million sq ft [6] - The occupancy rate across the portfolio reached 99.1%, with a 4% increase in same-store lease revenue compared to 2024 [8] Market Data and Key Metrics Changes - The company is focused on acquiring higher quality industrial assets that are mission-critical to tenants, with a target of reaching 70% industrial annualized straight-line rent [9][10] - The competitive market for acquisitions is noted, with cap rates generally ranging from 7.5% to 8.5% [25][33] Company Strategy and Development Direction - The company aims to grow its industrial concentration, add value through lease renewals and strategic capital investments, and dispose of non-core assets [7] - There is a strategic focus on maintaining high occupancy rates and managing tenant relationships effectively [9] - The company plans to continue evaluating opportunities for accretive industrial acquisitions and portfolio improvements [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining high occupancy rates despite fluctuations due to property additions or disposals [22] - The company is aware of the challenging office environment but remains strategic in evaluating its portfolio [10] - Management anticipates a pickup in acquisition activity in 2026, with a focus on quality over high returns [25] Other Important Information - The company amended and extended its bank credit facility to $600 million and issued $85 million in senior unsecured notes at 5.99% [18] - The company reported a net asset increase from $1.1 billion to $1.25 billion due to portfolio acquisitions and revenue-generating capital expenditures [17] Q&A Session Summary Question: What happened to the occupancy rate despite losing a tenant? - Management noted that occupancy remains at an all-time high since 2019, with successful tenant renewals contributing to this stability [22] Question: What is the current transaction environment and cap rate trends? - Management indicated a competitive market with cap rates generally between 7.5% and 8.5%, and they are focused on quality properties rather than just high returns [25][33] Question: What is the size of the current acquisition pipeline? - The company is looking at approximately $300 million in transactions, with a goal to close around $10 million in the first quarter [33][48] Question: How is the company managing lease maturities? - Management is in contact with tenants whose leases are maturing, with a focus on maintaining stability and addressing upcoming lease expirations [36] Question: What is the strategy for additional debt capital? - The company plans to use its revolving credit facility for acquisitions and clean it up with private placement issuances, maintaining sufficient liquidity for future needs [40]

Table of Contents Conference Call 1-800-836-8184 | ID – EastGroup February 5, 2026 10:00 a.m. Eastern Time webcast available at EastGroup.net Q4 2025 Supplemental | Page 1 SUPPLEMENTAL INFORMATION December 31, 2025 Skyway Logistics Park, Charlotte, NC Table of Contents | Financial Information: | | | | --- | --- | --- | | Consolidated Balance Sheets | | 3 | | Consolidated Statements of Income and Comprehensive Income | | 4 | | Reconciliations of GAAP to Non-GAAP Measures | | 5 | | Consolidated Statements of ...

Core Viewpoint - Gladstone Commercial Corporation has successfully executed lease extensions with Owens-Brockway Glass Container Inc. for two industrial buildings located in Pennsylvania and North Carolina, indicating a strong partnership and stability in their leasing agreements [1]. Group 1: Company Information - Gladstone Commercial Corporation is involved in the leasing of industrial properties, showcasing its role in the real estate sector [1]. - Owens-Brockway Glass Container Inc. is a wholly owned subsidiary of O-I Glass, Inc., and is recognized as one of the leading manufacturers of glass containers globally [1]. Group 2: Lease Details - The lease extensions pertain to a 290,000 square foot industrial building in Brockport, Pennsylvania, and a 154,000 square foot industrial building in Lexington, North Carolina, reflecting the company's commitment to maintaining its industrial real estate portfolio [1].

Core Insights - Singapore's REIT sector is approaching January 2026 with investors looking for clarity on future growth trajectories, particularly focusing on three blue-chip REITs set to release earnings updates [1][2] Group 1: Mapletree Logistics Trust (MLT) - MLT owns 175 logistics properties across nine Asia Pacific markets with S$13 billion in assets under management (AUM) [3] - For 2Q'FY26, MLT reported gross revenue of S$177.5 million, a decrease of 3.2% year on year, and distribution per unit (DPU) fell 10.5% to S$0.01815 [3] - Key development includes China's rental reversion trajectory, which has improved from -12.2% a year ago to -3% in the latest quarter, while portfolio occupancy rose to 96.1% [4][5] Group 2: Mapletree Industrial Trust (MIT) - MIT owns 136 industrial properties across Singapore, North America, and Japan, with an AUM of S$8.5 billion, and data centres constitute 58.3% of its portfolio [6] - For 1H'FY26, MIT reported gross revenue of approximately S$346 million, down 3% year on year, and DPU decreased by 5.1% to S$0.065 [6] - North American occupancy is a critical focus, currently at 87.8%, with management successfully renewing 71% of expiring leases [7][8] Group 3: Keppel DC REIT (KDC) - KDC owns and operates 25 data centres across 10 countries in Asia Pacific and Europe, with an AUM of approximately S$5.7 billion [9] - For the first nine months of 2025, distributable income surged 55.5% year on year to S$195.3 million, and DPU rose 8.8% to S$0.0767 [9] - Gross revenue increased by 37.7% year on year to S$322.4 million, driven by acquisitions and higher contributions from contract renewals [10] Group 4: Common Themes and Future Outlook - All three REITs are actively managing their portfolios to navigate distinct challenges and opportunities, with MLT focusing on divestments, MIT leveraging divestment proceeds, and KDC pursuing strategic acquisitions [12] - Upcoming earnings releases will be crucial for assessing whether these strategies lead to sustainable distribution growth [13] - The SGX is experiencing increased liquidity and supportive market conditions, which may benefit yield-focused assets [14]

The Buy Thesis - Gladstone Commercial (GOOD) is undervalued at a 9X multiple, which suggests low-quality earnings or high risk, despite its durable cash flows [1] - The market is overlooking two key aspects of GOOD's transition from a predominantly office portfolio to 70% industrial [1] Valuation - A fair value estimate for GOOD is $15.25 per share, representing a 14X multiple on forward AFFO [2] - GOOD's portfolio and balance sheet are in healthy shape, positioning the company for growth in AFFO/share [44] Portfolio Transition - The transition from office to industrial assets is critical, with GOOD managing to reduce its office holdings to 28% over the past decade [55] - GOOD's approach to transitioning was gradual and opportunistic, allowing for better management of AFFO/share losses compared to peers [25][43] Performance Comparison - GOOD lost only 9% of its AFFO/share from 2015 to 2026, while peers LXP and SLG lost 20% and 56%, respectively [23][21] - The company maintained a higher quality of earnings through strategic tenant relationships and selective asset sales [25][26] Tenant and Property Quality - More than half of GOOD's tenants are investment-grade or equivalent, which is higher than most triple net REITs [38] - Industrial leases have embedded escalators of approximately 3%, providing a stable income stream [58] Market Sentiment - The market has been punishing GOOD for historical AFFO/share weakness due to the pandemic, despite its strong fundamentals [39][42] - The current trading multiple does not reflect GOOD's forward prospects, indicating substantial undervaluation [65][71] Debt and Financial Health - GOOD has modestly reduced its leverage and has a mix of property-level mortgage debt and company-level credit facilities [45][48] - The company is expected to benefit from potential interest rate cuts, which could lower its cost of variable rate debt [50][54]

The Buy Thesis - Gladstone Commercial (GOOD) is undervalued at a 9X multiple, which suggests low-quality earnings or high risk, despite its durable cash flows [1] - The market is overlooking two key aspects of GOOD's performance, particularly its transition from a predominantly office portfolio to 70% industrial [1] Valuation - A fair value estimate for GOOD is $15.25 per share, representing a 14X multiple on forward AFFO, indicating significant upside potential [2][68] - GOOD's portfolio and balance sheet are in healthy condition, positioning the company for future AFFO/share growth [44] Portfolio Transition - GOOD has transitioned from 52% office assets in 2015 to only 28% office currently, focusing on industrial properties [18][55] - The transition strategy involved a gradual approach, allowing GOOD to maintain tenant relationships and minimize AFFO/share losses [25][26] Performance Comparison - GOOD lost only 9% of its AFFO/share from 2015 to 2026, compared to LXP's 20% and SLG's 56% losses, showcasing its relative fundamental outperformance [23][43] - The company managed to renew or extend leases on a significant portion of its office assets, reducing the need for large-scale asset sales [26] Tenant Quality and Leasing Costs - More than half of GOOD's tenants are investment-grade or equivalent, which is higher than most triple net REITs [38] - GOOD's leasing costs are favorable, with an expense ratio of 7.14% compared to typical office leasing costs of up to 20% [61] Market Sentiment - The market has been punishing GOOD for historical AFFO/share weakness due to the pandemic, despite its strong fundamentals and recovery potential [39][42] - The current trading behavior of REITs reflects a backward-looking judgment, which has led to GOOD being undervalued relative to its forward prospects [42] Debt and Interest Rate Environment - GOOD has modestly reduced its leverage and has a mix of property-level mortgage debt and company-level credit facilities [45][48] - The company is positioned to benefit from potential interest rate cuts in 2026, which could lower its cost of variable rate debt [50][54]

Core Viewpoint - Nexus Industrial REIT has released its Sustainability Plan, which integrates sustainability with its strategic objectives to enhance its position as a leading provider of high-quality industrial properties in Canada [1][2]. Sustainability Approach - The Sustainability Plan emphasizes a structured program, proactive engagement, and portfolio-level oversight to achieve measurable sustainability goals in partnership with tenants and stakeholders [2][4]. - Nexus aims to minimize environmental impact through resource efficiency, pollution prevention, and climate action while creating positive social impacts and maintaining strong corporate governance practices [6][11]. Strategic Objectives - Nexus focuses on four mission-critical strategic objectives: 1. Growing a portfolio of high-quality industrial properties in desirable Canadian markets 2. Achieving operational excellence by optimizing leasing activities and leveraging technology 3. Disciplined capital allocation that benefits partners while maintaining a robust balance sheet 4. Creating lasting partnerships through a shared-value model with various stakeholders [6][15]. Sustainability Commitments - The Sustainability Plan outlines specific commitments across environmental, social, and governance pillars, including energy efficiency, water conservation, waste management, and greenhouse gas emissions reduction [3][8]. - Nexus will implement a Green Lease Annex to ensure tenants are contractually committed to supporting sustainability objectives, thereby integrating sustainability practices into its core business model [11][12]. Implementation Strategies - Nexus will maintain high energy efficiency standards, align with LEED BD+C standards for new constructions, and ensure timely submission of environmental compliance forms [13]. - The company will promote tenant well-being through engagement and resources, lead community initiatives, and maintain a diverse and independent Board to oversee sustainability strategies [12][13]. Reporting and Accountability - Nexus commits to providing stakeholders with an annual report summarizing progress on sustainability principles and measures, with the first report expected in 2026 [14].

Core Insights - The article discusses the stability and high yields of real estate investment trusts (REITs) compared to growth stocks, highlighting their lower volatility and diverse investment opportunities in real estate sectors [1]. Group 1: Digital Realty Trust - Digital Realty Trust is a leader in the data center sector, serving over 5,000 customers across more than 300 data centers, facilitating web hosting, data storage, and cloud computing [5]. - The company has a market capitalization of $53 billion, with a current share price of $152.89 and a dividend yield of 3.19% [6]. - Despite a 14% decline in share value this year, Digital Realty Trust has reported double-digit revenue growth and rising margins, with a significant $18.2 billion in debt being managed through cash flow generation [7]. - The company closed the third quarter with an $852 million backlog and has consistently raised its forecasts for revenue and adjusted EBITDA for 2025 [8]. Group 2: Welltower - Welltower is a healthcare REIT that owns over 2,000 senior and wellness housing communities, having tripled its stock value over the past five years [9]. - The current market capitalization is $131 billion, with a share price of $190.47 and a dividend yield of 1.6% [10]. - Revenue surged by over 30% year-over-year in the third quarter, with operating income rising 59% to $293.1 million, driven by strong gains in residential fees and rental income [11]. Group 3: Rexford Industrial Realty - Rexford Industrial Realty focuses on industrial properties in Southern California, boasting high net profit margins around 30% and a 96.8% occupancy rate across its portfolio [12][13]. - The current market capitalization is $9.6 billion, with a share price of $41.13 and a dividend yield of 4.15% [13]. - The stock is currently about 10% below its 52-week high but has increased by approximately 7% year-to-date, indicating resilience in its key locations [14]. - Although it does not have a history of outperforming the S&P 500, Rexford offers a high yield and has reliable long-term tenants [15].

Company Overview - STAG Industrial, Inc. (NYSE:STAG) is a real estate investment trust (REIT) that focuses on purchasing, developing, and managing industrial properties across the United States [3]. Financial Performance - For Q3 2025, STAG reported a net income attributable to shareholders of $48.6 million, an increase from $41.8 million in the same quarter of the previous year [2]. - The company purchased two buildings in the September quarter, covering an area of 1 million square feet, with a total value of $101.5 million [2]. - STAG's total portfolio had an occupancy rate of 95.8% [2]. - The retention rate for leases expiring in the third quarter, covering 2.5 million square feet, was 63.4% [2]. Stock Performance and Analyst Ratings - As of December 1, the average price target for STAG suggests an upside of nearly 1%, while the highest target indicates a potential upside of 17% [1]. - Analyst Nick Joseph from Citi affirmed a Neutral rating on STAG and raised the price target from $35 to $40 [1]. Dividend Information - STAG will distribute a monthly dividend of $0.124167 per share on December 15 to shareholders on record as of November 28 [2].

CapitaLand Ascendas REIT (CLAR) - CLAR is executing a S$381.5 million divestment program to enhance its portfolio by selling older properties and reinvesting in newer, higher-yielding assets [2][4] - The sale of 30 Tampines Industrial Avenue 3 was completed for S$23.0 million, achieving a 5% premium to valuation, with additional properties expected to fetch S$306.0 million at a 6% premium [3][4] - The divestment program is expected to yield an average 7% premium to valuation and 17% above acquisition cost, with proceeds reinvested into five new properties worth S$1.3 billion, offering yields of 6-7% [4][6] - CLAR's portfolio occupancy remains stable at 91.3%, with rental reversions of 7.6% in Q3 2025 indicating sustained demand [7] Keppel Ltd - Keppel Ltd has unlocked S$14 billion in asset monetization since 2020, with S$2.4 billion in assets monetized during the first nine months of 2025 [8][9] - The company plans to divest M1's telco business for S$1.3 billion, expected to release close to S$1 billion in cash, while retaining M1's ICT services arm [9] - Keppel's Real Estate division has monetized around S$830 million worth of assets in 2025, with expectations for additional deals exceeding S$500 million [10] - Since 2022, Keppel has returned S$6.6 billion to shareholders, achieving an annualized total shareholder return of 38% [11][12] Mapletree Logistics Trust (MLT) - MLT is pursuing a portfolio rejuvenation strategy, identifying S$1.0 billion worth of older assets for divestment, with a target of S$100 million to S$150 million in divestments for the current financial year [13][14] - The DPU for Q2 FY26 fell 10.5% year on year to S$0.01815, primarily due to the absence of one-off divestment gains [15] - MLT's strategy involves selling assets with limited redevelopment potential and reinvesting in modern logistics facilities to improve long-term demand and rental growth [17] Overall Market Insights - Singapore's blue-chip stocks, including CLAR, Keppel, and MLT, are adapting through capital recycling and portfolio reshaping to prepare for long-term growth [18]