Income-producing real estate for logistics and offices
Agellan finished 2025 with a logistics core that still works and a refinancing that pushed out the maturity wall, but the cushion remains thin because equity is sitting on the covenant floor and offices are still damaging valuation quality.
Agellan's office tail is small in value, but it still sets the tone because that is where weak leasing, same-property deterioration, and most of the 2025 revaluation damage are concentrated.
The 2025 refinance bought Agellan time, but the remaining cushion still depends mainly on property values, steady NOI, and open credit markets rather than on a wide organic buffer.
