Overview Key strengths Key risks Industrial-focused, net leased portfolio supports stability in cash flows given healthy fundamentals for industrial assets will likely continue. One of our smallest net-leased industrial portfolios, with a greater presence in secondary markets than its rated industrial peers (although it has been increasing its exposure to primary markets). Good-embedded rent growth (especially relative to other net-leased REITs without exposure to industrial assets) with many current leases under market value. The industrial subsector has historically been more cyclical than other REIT subsectors, and oversupply could become an issue if development increases. Prudent financial policy with a good liquidity position which will help support improved credit protection metrics. Focus on external growth leads to temporarily volatile credit metrics
