0001025378-26-000078
SEC filingStrong quarter driven by accretive net investment activity and rent escalations, with net income surging 40% YoY.
Revenue for the first quarter of 2026 increased 10.9% to $454.5 million compared to $409.9 million in the prior year period. This growth was primarily attributable to accretive net investment activity and rent escalations across the portfolio, partially offset by the impact of self-storage dispositions completed during 2025 and early 2026.
Net income rose 40.1% to $176.3 million from $125.8 million in the prior year period. The increase was driven by higher gains on foreign debt remeasurement and real estate sales, reflecting the company's active capital recycling and favorable foreign exchange movements.
During the quarter, the company continued to execute its investment strategy, deploying capital into accretive acquisitions funded through a combination of debt and equity capital markets activity. The company maintains access to its Unsecured Revolving Credit Facility and other sources of liquidity to support future investments.
The company's portfolio remains well-diversified across property types and geographies. Asset management revenues from NLOP and CESH are expected to decline as assets are sold, with CESH having sold its last property in the first quarter of 2026. The company continues to focus on managing its liquidity and capital resources to meet operating expenses, service debt, and fund dividends to stockholders.