Company

Overview

• Fully integrated real estate investment trust (REIT) focused on ownership, acquisition, development, and management of retail properties net-leased to industry-leading tenants.
• Publicly traded on the NYSE since 1994. The Company operates through the Operating Partnership, of which it is the sole general partner and held a 99.7% common interest as of December 31, 2025.
• Corporate headquarters: 32301 Woodward Avenue, Royal Oak, MI 48073.

Business model and core activities

• Net lease portfolio: Properties are typically net-leased, with tenants responsible for base rent and property operating expenses (taxes, insurance, maintenance).
• Platforms for growth:
  • Development: Build-to-suit developments with fee simple ownership upon completion.
  • Developer Funding Platform (DFP): Collaborations with developers and retailers that provide construction expertise and capital; the Company typically takes fee simple ownership of DFP projects after completion.
  • Acquisitions: Sourcing opportunities that fit the Company’s risk-adjusted investment criteria.
• Investment principles:
  • Target retailers with strong omni-channel capabilities or resilience to e-commerce pressures.
  • Focus on recession-resistant sectors and tenants with strong credit profiles.
  • Avoid overreliance on private equity sponsorship; emphasize tenants with strong balance sheets.
  • Emphasize traditional real estate fundamentals and fungible building types.

Scale and footprint (as of December 31, 2025)

• Total properties: 2,674
• Gross leasable area (GLA): ~55.5 million square feet
• Occupancy: ~99.7% leased
• Weighted average remaining lease term (WALT): ~7.8 years
• Geographic reach: Properties across all 50 states (investments/developments in 41 states for 2025 activity)
• Tenant concentration: ~66.8% of annualized base rent derived from tenants (or parent entities) with an investment-grade credit rating
• Employees: 90 full-time employees (vs. 75 at the end of 2024)

Financial highlights (selected metrics from 2025 filings)

• Annualized base rent (portfolio-wide): ~$733.4 million (base rent on a straight-line basis as of December 31, 2025)

Debt and capital structure (as of December 31, 2025)

• Total debt outstanding: ~$3.32 billion
• Secured mortgage debt: ~$42.9 million; fixed rate ~3.67%; weighted average maturity ~3.9 years
• Unsecured borrowings: ~$2.96 billion (includes ~$350.0 million unsecured term loans and ~$2.61 billion unsecured notes); weighted average fixed rate ~4.05% (including swaps); weighted average maturity ~5.9 years
• Revolving credit facility and commercial paper: ~$320.5 million; rate ~3.94%
• Debt-to-enterprise value (assuming Operating Partnership common units convert to common shares): ~27.4%
• Debt-to-total gross assets (before depreciation): ~31.6%

Capital markets activity (2025)

• Follow-on common stock offering: ~5.175 million shares (full exercise of underwriters’ option to purchase ~675,000 additional shares); net proceeds expected ~$385.8 million (as of Dec 31, 2025, unsettled)
• At-the-market (ATM) programs: 4,275,968 shares sold in 2025; 7,633,519 shares settled; net proceeds ~$538.3 million
• 2025 debt financing: $400 million 5.600% senior unsecured notes due 2035; net proceeds ~$397.2 million
• Additional liquidity tools: $625 million commercial paper program established; revolving facility used as liquidity backstop

Dividends to common stockholders

• Monthly dividend increased to $0.262 per share in October 2025; December 2025 dividend also $0.262 per share
• Annualized common dividend: $3.144 per share
• Dividend yield: ~4.4% based on $72.03 NYSE price as of December 31, 2025

Development and investment activity (2025)

• Investments in net-leased retail real estate: ~$1.57 billion
• Acquisitions: 305 properties for a total purchase price of ~ $1.44 billion
• Developments: 21 properties completed (cost ~ $131.2 million)
• Locations: Assets leased to tenants operating in 29 sectors across 41 states
• Dispositions: 22 assets/land parcels sold for net proceeds of ~$42.1 million; net gain ~$5.4 million
• Leases: During 2025, excluding sales, ~3,033,000 square feet of new leases/extensions/options; annualized base rent ~$29.7 million

Development activity (2025) specifics

• Developments/DFP projects completed or under construction: 34
• Projects under construction as of 12/31/2025: 13
• Anticipated total costs for the 13 projects: ~$94.1 million

Other key details

Ownership and governance

• The Company is structured as a REIT and distributes at least 90% of REIT taxable income annually.
• 9.8% ownership limit on outstanding common stock (and related restrictions) to maintain REIT status.
• Board includes independent directors; governance provisions and stock ownership guidelines are in place.

ESG and people

• ESG activities supported by third-party consulting; Gold Level recognition from Green Lease Leaders for three consecutive years.
• Emphasis on employee development, wellness programs, and inclusive talent practices.

Summary

The Company is a large, growth-oriented REIT that owns, acquires, develops, and manages a portfolio of net-leased retail properties (55.5 million GLA across 2,674 properties in all 50 states, 99.7% leased). It relies on long-term leases with national and investment-grade tenants, generates substantial annual base rent (~$733.4 million as of year-end 2025), and funds distributions through REIT earnings and structured financing. Growth is pursued through development, the DFP, and acquisitions, with 2025 activity including roughly $1.57 billion in investments and the addition of hundreds of properties. The Company actively manages capital markets programs and maintains a disciplined capital structure with debt primarily in unsecured notes and term loans, supported by a revolving facility and commercial paper program. It employs 90 people, maintains a governance framework, and pursues ESG initiatives.