0001424182-26-000037
SEC filingStrong quarter driven by portfolio growth and absence of impairment charges, with net income surging 177% YoY.
Revenue increased 11.7% to $121.4 million for the three months ended March 31, 2026, compared to $108.7 million in the prior year period. This growth was driven by build-to-suit development and acquisitions, as well as same-store net operating income growth. Net income surged 176.9% to $46.4 million from $16.7 million, primarily due to higher lease revenue and the absence of impairment charges. Diluted earnings per share rose to $0.24 from $0.09, reflecting the increase in net income.
Management expects revenues and earnings to continue to be supported by three primary growth drivers: embedded same-store net operating income growth, build-to-suit development activity, and a diversified acquisition pipeline. However, market expectations regarding potential future monetary policy relief have led net lease property sellers to maintain elevated pricing expectations, limiting transaction activity. The company remains focused on a disciplined investment strategy and active asset management, including selective property sales to recycle capital.