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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Briefings
Plainly stated. Published on schedule.
Quarterly reviews, refinancing summaries, and an annual letter. Every briefing reports coverage, dispositions, debt maturities, and capital allocation in the same order.
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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2025-10-22
Q3 2025 operating review
Industrial leasing absorbed in-line with plan. Necessity retail occupancy held above 97%. No material tenant watch-list changes.
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2025-08-07
Capital allocation update
Dispositions in non-core office completed at WACC-accretive pricing. Proceeds applied to debt reduction, not acquisitions.
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2025-05-14
Annual letter, 2024 review
Framework for 2025: extend duration on the liability side, raise coverage, resist the temptation to grow the book into weak underwriting.
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