Business Description

We are a Maryland real estate investment trust, qualified as a REIT for federal income tax purposes, focused on Class A warehouse and distribution real estate investments in target markets in the Sunbelt and lower Midwest. Class A real estate encompasses attractive and efficient buildings of high quality that are well-designed and constructed with above-average material, workmanship and finishes and are well-maintained and managed. A majority of our properties are subject to net or similar leases, where the tenant bears all or substantially all of the costs, including cost increases, for real estate taxes, utilities, insurance and ordinary repairs. However, certain leases provide that the landlord is responsible for certain operating expenses. As of December 31, 2025, we had equity ownership interests in approximately 108 consolidated real estate properties, located in 14 states and containing an aggregate of approximately 52.7 million square feet of space, approximately 97.1% of which was leased. History and Current Corporate Structure We were formed in 1993 and converted to a Maryland real estate investment trust in December 1997. Primarily all of our business is conducted through wholly-owned subsidiaries. Strategy General. Our business strategy is focused on growing our portfolio in our 12 target markets while maintaining a strong, flexible balance sheet to allow us to act on opportunities as they arise. We acquire and develop Class A warehouse and distribution facilities in markets with strong income and growth characteristics that we believe provide an optimal balance of income and capital appreciation. We partner with merchant builders for build-to-suit projects and speculative development properties. We own interests in approximately 514 acres of developable land in our target markets. We believe our development strategy has the potential to provide us with higher returns than we could obtain by acquiring fully-leased buildings. We also believe our strategy of partnering with merchant builders mitigates against certain development risks and overhead costs because our partners are generally responsible for entitling the land and most cost overruns. We believe our predominantly single-tenant industrial portfolio mitigates against unexpected costs and the cyclicality of many asset classes and investment strategies, including multi-tenant industrial, and provides shareholders with a secure dividend. While our strategy may be more conservative than other industrial REITs, we believe it provides defensive attributes for investors in the industrial sector and better growth potential for investors compared to the net lease sector. Target Markets . We focus our investment strategy on 12-growing markets within the Sunbelt and lower Midwest where we believe there are advantages to building a geographic concentration. We believe our target markets have strong growth prospects for us to build a concentration of assets. We evaluate properties using the following criteria: • Expanding transportation and logistics networks; • Markets attracting reshoring and advanced manufacturing investment; • Distances to major population centers; • Population growth; • Employment growth; • Physical and regulatory constraints; • Labor cost and availability; • Utility costs; • Land cost and availability; and • Re-tenanting opportunities and costs. 4 Table of Contents (Percentage of Gross Book Value as of December 31, 2025) We expect to grow in these markets by executing on our development pipeline, including through build-to-suits, and opportunistically acquiring facilities in these markets. We may opportunistically dispose of select properties outside of our target markets as the need for liquidity arise to fund our development strategy and/or enhance the quality of our portfolio. Building Type . We target general purpose, Class A warehouse and distribution facilities that are versatile, easily leased to alternative users and have other attractive features, including some or all of the following features: • Clear heights generally ranging from 28 feet for smaller buildings to 40 feet for larger buildings; • Wide column spacing and speed bays; • Efficient loading dock ratios; • Deep truck courts; • Cross docking for larger facilities; and • Ample trailer and employee parking. The average age of our warehouse/distribution facilities as of December 31, 2025, was approximately 9.9 years. Tenants .…