The Company

Overview

• Nature of business: An internally managed real estate investment trust (REIT) focused on acquiring and managing income-producing retail, office, and industrial properties net leased to high-quality tenants in major U.S. markets.
• Investment approach: Targets net-leased, typically single-tenant properties where tenants are largely responsible for property-related expenses. Focuses on long-term leases, strategic locations, and opportunities for tenant-driven growth or re-tenanting.

Corporate structure and ownership

• UPREIT structure: The Company and its Operating Partnership (OP) operate under an umbrella REIT structure (UPREIT). Substantially all assets are held by the OP and its subsidiaries.
• Ownership as of December 31, 2025:
  • The Company, as general partner of the OP, owned 99.6% of the outstanding common units in the OP; outside investors owned 0.4%.
  • The Company formed a Maryland subsidiary, GIP REIT OP Limited LLC, which owned 0.001% of the OP as of year-end.
  • The GIP SPE LLC arrangement contains provisions that could affect operations and cash flows (described in the company's risk disclosures).
• Management: The Company is internally managed and intends to maintain a lower-leveraged capital structure over time, financed through equity issuances and some debt with staggered maturities.

Portfolio and scale (as of December 31, 2025)

• Number of properties: 25 properties (some owned through preferred equity partnerships).
• Occupancy: 100% leased.
• Total rentable area: 470,995 square feet.
• Annualized base rent (ABR) in place: $7,624,001.
• ABR per square foot: $16.19.
• Leases with rent escalations: 92% of leases provide for increases during future years or renewal periods.
• Tenant mix and credit quality:
  • About 60% of annualized rent comes from tenants (or their parent companies) with investment-grade ratings of BBB- or better.
  • Largest tenants by ABR: General Services Administration (GSA), Dollar General, and the City of San Antonio, which together contributed roughly 39% of ABR.
• Property mix: Retail, office, and other property types in various markets, including government, corporate, and consumer retail tenants.

Selected portfolio details (examples)

• Retail, Washington, DC: 3,000 sf; 7-Eleven (S&P A); remaining term 5.2 years; escalations: yes; ABR $120,000; ABR/sf $40.00.
• Office, Norfolk, VA: 49,902 sf; General Services Administration (AA+); remaining term 2.7 years; ABR $640,742; ABR/sf $12.84.
• Office, Norfolk, VA: 22,247 sf; Armed Services YMCA (not rated); remaining term 8.3 years; ABR $411,570; ABR/sf $18.50.
• Office, Norfolk, VA: 34,847 sf; PRA Holdings, Inc. (BB); remaining term 1.7 years; ABR $823,909; ABR/sf $23.64.
• Retail, Tampa, FL: 3,500 sf; Sherwin Williams (BBB); remaining term 2.6 years; ABR $126,788; ABR/sf $36.23.
• Additional properties in Manteo, NC; Rockford, IL; Chicago, IL; Tampa, FL; Ames, IA; Santa Maria, CA, etc.
• Notable single-tenant and government-related assets include a GSA site in Norfolk and a City of San Antonio facility (PreK).

Acquisitions and growth activity

• August 29, 2024: Acquired a 30,465-sf retail property in Ames, IA for $5.5 million (occupied by Best Buy).
• February 2025: Completed acquisition of the LMB portfolio to broaden diversification and asset management opportunities.
• Near-term disposition plan: Plans to market and sell up to 18 properties over the next 12 months to improve the balance sheet and liquidity, support growth capital, and secure lower-cost debt financing. The Company completed five property sales in 2025 and expects additional sales in 2025 and beyond.

Operations, management, and governance

• In-house management: The Company manages its properties internally, except for its Norfolk, VA properties (previously managed by Colliers International Asset Services; Bevara Building Services provided on-site management mid-2022 to mid-2023; Colliers resumed management in August 2023).
• Property management expenses: Approximately $60,189 paid for property management services in fiscal year 2025.
• Employees: Four full-time employees as of December 31, 2025.
• Acquisition and underwriting discipline: A defined Investment Committee approves acquisitions (Chairman/CEO David Sobelman; VP Accounting Ron Cook; Acquisitions Manager Robert Rorhlack). Underwriting includes market and tenant credit assessments, asset-specific reserves, and potential capital expenditures.

Distributions and capital return

• Distributions history: From inception through December 31, 2025, the Company distributed $5,031,548 to common stockholders.
• Dividend status: The board suspended regular common stock dividends for common shareholders and unitholders on July 3, 2024.
• Payment sources: Historically, distributions were funded from cash flow from operations; when cash flow was insufficient, distributions were funded from proceeds of capital raises, borrowings, or distributions in kind.

Market position and competitive context

• The net lease market is competitive, with funds, private equity, and institutions vying for properties and tenants. The Company faces competition for acquisitions and tenant commitments and may offer concessions to retain or attract tenants.

Summary takeaway

The Company is a Maryland-domiciled, internally managed UPREIT focused on a diversified, 100% leased portfolio of 25 net-leased retail, office, and related properties in major U.S. markets. It reports ABR of approximately $7.62 million across 470,995 square feet, with a meaningful concentration of investment-grade tenants and a diversified tenant base. The Company is pursuing balance-sheet actions, including planned portfolio sales, and operates with a small, dedicated team supported by external property management where required.