AGELLAN

Agellan: McIntosh Between Trailing NOI and the Re-Leasing Reality

McIntosh should no longer be read as a property with a stable trailing $7 million NOI. By year-end 2025 it had already moved into a re-leasing case, and the valuation now reflects meaningful leasing damage while still assuming recovery.

Follow-up

Agellan: Why the Office Tail Still Sets the Math

Agellan’s office book is already small strategically, but in 2025 it still set the arithmetic. Until Naperville’s reletting path rebuilds adjusted NOI, the office tail keeps driving the valuation read even while the logistics core looks healthier.

Follow-up

Agellan: How Much Real Room Is Left Before the 2027 Wall

Agellan bought time in 2025, but it did not create a wide safety margin. The path to 2027 still depends on preserving NOI and refinancing access because the layers above the assets and above the parent remain tight.

Agellan 2025: The Refinance Bought Time, But Not a Clean Story

Agellan got past the 2025 wall through the bond issuance and the refinancing package, but 2026 still looks like a bridge year because the logistics engine has to absorb weakness at McIntosh, the office tail, and the 2027 funding wall.