Yield Capital Management

92 Properties.$4.1B AUM.One OperatingPhilosophy.

We acquire, reposition, and operate income-producing real estate portfolios with the discipline that pension allocators, family offices, and REIT boards require — measured in basis points, reported in decimals.

Download Q4 Performance BriefView Allocation Data

Distribution Yield — T12M

7.24%↑ +112 bps

vs NAREIT +214 bps
JanMarMayJulSepNovDec

FFO/Share

$2.84

Q4 2025

Occupancy

96.3%

Portfolio avg

Cap Rate

6.1%

Wtd avg

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Industrial·Multifamily·Medical Office·Net Lease·$4.1B AUM·92 Properties·7.24% Distribution Yield·96.3% Occupancy·NAREIT Outperformer·Since 2009·Industrial·Multifamily·Medical Office·Net Lease·$4.1B AUM·92 Properties·7.24% Distribution Yield·96.3% Occupancy·NAREIT Outperformer·Since 2009·
92
Properties
Across 23 markets
$4.1B
AUM
As of Q4 2025
7.24%
Distribution Yield
T12M, annualized
96.3%
Portfolio Occupancy
Weighted average
16
Years Operating
Founded 2009
$2.84
FFO per Share
Q4 2025
214
Basis Points
Above NAREIT T12M
Sector Allocation

Portfolio Weighting
vs. NAREIT Composite

Yield's allocation reflects a conviction-weighted approach — overweight in sectors with structural demand tailwinds, underweight where cap rate compression has eroded margin of safety.

Data as of Q4 2025. NAREIT benchmark: FTSE NAREIT All Equity REITs Index.

SectorYield WeightNAREIT WeightΔ AllocationYield NOI (est.)NAREIT NOI (est.)Positioning
Industrial / Logistics38.4%24.1%+14.3%$1.57B$0.98BOverweight
Multifamily Residential29.7%31.2%−1.5%$1.22B$1.28B—
Medical Office18.2%9.4%+8.8%$745M$385MStrategic overweight
Net Lease Retail8.9%16.7%−7.8%$365M$683M—
Self-Storage4.8%7.1%−2.3%$197M$291M—
Data Centers0%11.5%−11.5%—$471MExcluded — valuation discipline
Yield outperforms NAREIT benchmark
All NOI figures unaudited estimates, Q4 2025
Property-Type Performance

Sector-by-Sector
Operating Metrics

Gold rows indicate Yield outperforms the NAREIT sector sub-index. All figures Q4 2025, unaudited.

Industrial / Logistics

34 properties · Q4 2025

OccupancyCap RateFFO / ShareSame-Store NOIWALE
98.1%▲
NAREIT: 95.4%
6.4%▲
NAREIT: 5.8%
$1.18▲
NAREIT: $0.97
+6.2%▲
NAREIT: +4.1%
8.4 yrs▲
NAREIT: 6.1 yrs

Multifamily Residential

41 properties · Q4 2025

OccupancyCap RateFFO / ShareSame-Store NOIWALE
95.7%
NAREIT: 95.9%
5.6%▲
NAREIT: 5.2%
$0.94▲
NAREIT: $0.91
+4.8%▲
NAREIT: +3.9%
1.1 yrs
NAREIT: 1.0 yrs

Medical Office

17 properties · Q4 2025

OccupancyCap RateFFO / ShareSame-Store NOIWALE
94.9%▲
NAREIT: 88.2%
6.8%▲
NAREIT: 6.0%
$0.72▲
NAREIT: $0.58
+5.1%▲
NAREIT: +2.3%
11.2 yrs▲
NAREIT: 7.4 yrs

Portfolio Aggregate

Weighted Average — All Sectors

96.3%

Occupancy

6.1%

Wtd Cap Rate

$2.84

FFO / Share

+5.4%

Same-Store NOI

7.8 yrs

WALE

Research

Q4 2025
Performance Brief

47 pages. Unaudited. Prepared for institutional review. The Q4 brief covers full-year distribution history, property-level NOI variance, fee structure benchmarking against 12 peer vehicles, and our 2026 acquisition pipeline.

Full-year FFO reconciliation by property type

Fee structure vs. 12 peer REIT vehicles

Property-level NOI variance — all 92 assets

2026 acquisition pipeline — 8 identified targets

Quarterly distribution history since inception

Download the Brief

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Q4 2025 Performance Brief — 47 pages

92 properties · $4.1B AUM · Institutional access

Download Brief →