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Meridian Industrial REIT · MIR
DEMO DATAUNDERWRITING ASSUMPTIONHOLDDEMO DATA — fictional company with illustrative numbers.
Class-A logistics and light-industrial portfolio, 96% leased with a staggered lease expiry profile.
Recommendation
HOLD
2 core test(s) failed
Credit score
83 / 100
Low
Base IRR
8.4%
vs hurdle 12.0%
Downside IRR
5.0%
performing
Severe recovery
100%
IRR -2.7%
Net leverage
4.6x
FY2025A
EBITDA / interest
4.08x
FY2025A
Overview
| Sector / industry | Real Estate / Industrial REIT |
| Headquarters | Dallas, TX |
| Revenue (FY2025A) | $520M |
| EBITDA (FY2025A) | $364M |
| Total debt (face value) | $1.8B |
| Cash | $60M |
| Net debt | $1.7B |
| Asset / collateral base | $6.1B |
| Enterprise value (assumed multiple) | $6.2B |
Investment thesis UNDERWRITING ASSUMPTION
Low-coupon 2031 notes trade at 88 against a 3.5x asset-coverage cushion; pull-to-par plus coupon gives a high-single-digit return with limited loss potential even if industrial values fall 35%.
| Instrument | Senior Unsecured Notes 3.90% |
| Face value / purchase price / cash investment | $100M / 88.0 / $88.4M UNDERWRITING ASSUMPTION |
| Current yield · yield to maturity | 4.4% · 6.8% |
Key protections
- Pull-to-par on 3.9% notes
- Rent growth on below-market leases
- Asset coverage 3.5x
Key risks
- Cap-rate expansion
- Development pipeline overhang
- Tenant concentration in e-commerce
Key catalysts
- Lease marks-to-market
- Potential investment-grade rating
Data-quality notes
- All figures are fictional and illustrative.
Sources & data lineage (3)
| Source | Document | Data type | Period | Accession | Doc date | Retrieved | Class |
|---|---|---|---|---|---|---|---|
| CreditIQ demo dataset | Meridian Industrial REIT — illustrative financial statements FY2022–FY2025 | Income statement / cash flow | FY2022–FY2025 | — | 2026-03-31 | 2026-03-31 | DEMO DATA |
| CreditIQ demo dataset | Meridian Industrial REIT — illustrative capital structure & covenants | Debt schedule | As of 2026-03-31 | — | 2026-03-31 | 2026-03-31 | DEMO DATA |
| CreditIQ demo dataset | Illustrative indicative bid marks (% of par) | Market price | 2026-03-31 | — | 2026-03-31 | 2026-03-31 | DEMO DATA |