John Baker II

“Overall results for the quarter were down modestly versus a year ago, but largely in line with our expectations, reflecting the occupancy pressures that have affected our D.C. multifamily assets and our Maryland industrial portfolio over the past several quarters.”

“The financial results of 2025, while in line with expectations, don't tell the full story of everything we did this year. It can't be overstated what the acquisition of the Altman Logistics Platform and its team opens up for the company in terms of where we develop, how we develop, and with whom.”

“Last quarter, we used this call to caution investors to temper their expectations for NOI growth in 2025. We've been on a remarkable run fueled by new industrial projects, as well as the lease-up of three multifamily projects, resulting in a 21% compound annual growth rate for NOI since 2021.”

“We have had a remarkable run of NOI growth over the last three years, fueled by developing and then occupying the remaining industrial parcels at our Hollander Business Park, the lease-up of three multifamily projects, and the continued success of our Mining and Royalty segment.”

“The 26.4% NOI compound annual growth rate that Matt referenced, which we've achieved over the last three years, is remarkable. It's also unsustainable. Our ratio of stabilized assets to projects under development is beginning to shift.”