A real estate investment trust that owns 59 office buildings leased to single corporate tenants, like a landlord renting entire skyscrapers to one company each.
Money comes from annualized base rent of about USD 0.145B from 62 corporate tenants under long-term net leases, where tenants cover most costs. Gross margins were 70% in 2025, but net losses of USD 0.15B show depreciation and interest eat the rent.
Long-term single-tenant leases create switching costs, but the office market faces structural decline as remote work cuts demand, weakening pricing power against landlords like Boston Properties and Vornado.
Key events, in time order
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Facts and opinions separated · All items sourced · Not investment advice
