2026-03-18
Q4 2025 portfolio review
Leasing velocity normalized in the second half of 2025. Coverage ratio expanded 9bps year-over-year on contractual escalators and refinanced maturities.
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Portfolio overview
Durable real-estate income. Reported plainly.
The next generation of income investors does not need marketing — it needs a portfolio it can read in one sitting. Fox REIT publishes exposure, coverage, and capital allocation with the discipline an institutional desk expects.
Gross Asset Value
$4.82B
Stabilized, with 3.1% contractual escalators weighted across the book.
Dividend Coverage (TTM)
1.23×
Paid from AFFO after capex reserve, with no add-backs for one-time items.
Weighted Lease Term
6.1 yrs
Diversified across investment-grade tenants and institutional operators.
Net Debt / EBITDA
5.8×
Fixed-rate debt of 82%, weighted-average maturity 4.4 years.
— 01 · Portfolio mix
Balance across industrial, retail, residential, and medical.
Industrial logistics
38%
Core distribution, last-mile in-fill, cold storage.
Necessity retail
24%
Grocery-anchored and essential-service centers.
Purpose-built residential
21%
Stabilized multifamily in durable metros.
Medical & life sciences
12%
Outpatient and specialty medical office.
Select office
5%
Trophy and long-lease corporate campuses.
— 02 · Recent briefings
Reported the way investors read.
2026-02-04
Refinancing summary
Executed $420M unsecured notes at 5.15% with a 7-year tenor, extending weighted-average maturity and clearing the 2027 wall.
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2025-12-11
Dividend declaration, Q4
Board declared the 23rd consecutive quarterly dividend with 1.21× coverage, sustained by contractual income rather than gains on disposition.
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— 03 · Capital discipline
Income is protected by discipline, not narrative.
Dividend comes from income, not engineering
We cover the dividend from AFFO after capex reserve. No add-backs. If coverage weakens, we say so and we show why.
Balance sheet is boring on purpose
Fixed-rate, investment-grade unsecured, staggered maturities. Leverage ratios are run at the portfolio and at the property.
Acquisitions are accretive or we pass
Underwriting hurdle is unlevered cash-on-cash plus credit-adjusted spread. The easy decision is almost always no.