Company Raises 2026 Net Investment Guidance to $110M
"Our second quarter investment activity continues to highlight the quality and depth of the opportunities we are sourcing within the market," said Steve Preston, Chairman and CEO. "Year-to-date, we have acquired more than $92M of properties, including over $58M across 17 properties in the second quarter, and we are increasing our 2026 net investment guidance from $100M to $110M. In addition, we raised $50.5M of new common equity during the quarter at a weighted average gross price of $19.50 per share, providing additional capacity to fund our external growth strategy through 2027 at our current acquisition pace." Quarter-to-date capital deployment: Acquired 17 properties for a purchase price of $58.2M with a cash yield of 7.34%. Sold 10 properties for an aggregate $22.9M, including 9 occupied properties with a cash yield of 7.12%. Year-to-date capital deployment: Acquired 27 properties for a purchase price of $92.0 million with a cash yield of 7.40%. Sold 15 properties for an aggregate $32.5M, including 11 occupied properties with a cash yield of 7.09%. Capital markets update: During the second quarter, we sold 2,588,775 shares of common stock under the Company's at-the-market equity offering program at a weighted average gross price of $19.50 per share, generating gross proceeds of approximately $50.5M. Of the total shares sold, 898,983 shares were issued and settled during the quarter, and 1,689,792 shares were sold on a forward basis. As of quarter-end, the Company had $50M of remaining capacity under its Series A Convertible Preferred Equity commitment and approximately $32.2M of estimated net proceeds available under unsettled forward equity sale agreements, assuming full physical settlement. Net investment guidance update: Increasing calendar year 2026 net investment guidance from $100M to $110M.
