What changed in this filing

/stocks — the workspaceLOADING

Item 2. Management’s Discussion and Analysis

2026-04-30 compared with 2025-10-29 · 237 added, 282 removed, 530 unchanged (49% of the section changed)

14 unchanged sentences

“Risk Factors,” and Item 7.

“Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our 2024 Annual Report on Form 10-K, as filed with the SEC on February 20, 2025, and the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, which was filed with the SEC on May 1, 2025.

“Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our 2025 Annual Report on Form 10-K, as filed with the U.S.

Securities and Exchange Commission ("SEC") on February 19, 2026.

The “Risk Factors” of our 2025 Annual Report should not be construed as exhaustive and should be read in conjunction with other cautionary statements included elsewhere in this Quarterly Report on Form 10-Q.

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We use any of the following to comply with our disclosure obligations under Regulation FD:

Securities and Exchange Commission (“SEC”) filings, press releases, public conference calls, or our website.

SEC filings, press releases, public conference calls, or our website.

We routinely post important information on our website at www.broadstone.com, including information that may be deemed material.

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We are an industrial-focused, diversified net lease real estate investment trust (“REIT”) that invests in primarily single-tenant commercial real estate properties that are net leased on a long-term basis to a diversified group of tenants.

As of September 30, 2025, our portfolio includes 759 properties, with 752 properties located in 44 U.S.

As of March 31, 2026, our portfolio includes 773 properties, with 766 properties located in 44 U.S.

states and seven properties located in four Canadian provinces.

We expect to achieve growth in revenues and earnings through our four core building blocks, which are (1) embedded same store net operating income growth through best-in-class portfolio rent escalations, stable rent collections, minimal credit losses, strong lease rollover outcomes, and accretive recycling, (2) revenue generating capital expenditures with existing tenants, (3) build-to-suit developments, and (4) a diversified acquisition pipeline.

We expect to achieve growth in revenues and earnings through our three core building blocks, which are (1) embedded same store net operating income growth through best-in-class portfolio rent escalations, stable rent collections, minimal credit losses, strong lease rollover outcomes, accretive recycling, and revenue generating capital expenditures with existing tenants, (2) build-to-suit developments, and (3) a diversified acquisition pipeline.

We focus on investing in real estate that is operated by creditworthy single tenants in industries characterized by positive business drivers and trends.

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- Diversified Portfolio .

As of September 30, 2025, our portfolio comprised approximately 40.7 million rentable square feet of operational space, was highly diversified based on property type, geography, tenant, and industry, and was cross-diversified within each (e.g., property-type diversification within a geographic concentration):

As of March 31, 2026, our portfolio was comprised of approximately 41.9 million rentable square feet of operational space, was highly diversified based on property type, geography, tenant, and industry, and was cross-diversified within each (e.g., property-type diversification within a geographic concentration):

• Property Type:

7 unchanged sentences

- Strong In-Place Leases with Significant Remaining Lease Term .

As of September 30, 2025, our portfolio was approximately 99.5% leased with an ABR weighted average remaining lease term of approximately 9.5 years, excluding renewal options.

As of March 31, 2026, our portfolio was approximately 99.8% leased with an ABR weighted average remaining lease term of approximately 9.5 years, excluding renewal options.

- Standard Contractual Base Rent Escalation .

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Current Macroeconomic Conditions and Strategic Priorities

Throughout 2023 and 2024, challenging macroeconomic conditions directly impacted the broader commercial real estate market and, in particular, the net lease real estate market.

During that period, interest rates rose steadily, resulting in a challenging lending environment and a material increase in the cost of capital for commercial real estate buyers and lenders.

The increase in interest rates accelerated at a more aggressive pace than commercial real estate capitalization rates, thereby compressing earnings on new investments.

Market expectations about expansionary monetary policy resulted in net lease real estate sellers maintaining higher pricing expectations, which ultimately led to a significant decrease in transaction volumes.

These challenging macroeconomic conditions have limited, and may continue to limit, the ability of commercial real estate owners, including us, to complete real estate acquisitions at volume and accretion levels consistent with years prior to this environment, resulting in lower earnings growth rates compared to historical periods.

Notwithstanding the challenging macroeconomic conditions, we believe that our portfolio performance and strong liquidity profile position our Company well for future opportunities.

We expect to achieve growth in revenues and earnings through our four building blocks, including embedded same store net operating income growth, revenue generating capital expenditures with existing tenants, build-to-suit developments, and a diversified acquisition pipeline.

Since 2022 and continuing into 2026, challenging macroeconomic and volatile geopolitical conditions have affected the broader commercial real estate market, including the net lease sector.

During this period, interest rates remained elevated, contributing to a materially higher cost of capital for commercial real estate participants.

The sustained high-rate environment during this period exceeded movements in commercial real estate capitalization rates, resulting in compression of returns on new investments.

Market expectations regarding potential future monetary policy relief contributed to net lease property sellers maintaining elevated pricing expectations, which continued to limit transaction activity.

These conditions have constrained, and may continue to constrain, the ability of commercial real estate owners, including us, to complete investments at volumes and accretion levels consistent with periods preceding this environment, which has contributed to lower earnings growth compared to those historical periods.

Notwithstanding these conditions, we believe that our portfolio performance, ability to opportunistically access public equity and debt markets, and liquidity position provide a foundation to pursue future investment opportunities.

We expect that revenues and earnings will continue to be supported by our three primary growth drivers:

embedded same store net operating income growth, build-to-suit development activity, and a diversified acquisition pipeline.

Diversified Investment Activity

During the three months ended September 30, 2025, our investment activity consisted of the following:

For the Three Months Ended For the Nine Months Ended

September 30, 2025 June 30, 2025 March 31, 2025 September 30, 2025

During the three months ended March 31, 2026, our investment activity consisted of the following:

For the Three Months Ended

March 31, 2026

Acquisitions:

Acquisition price $ 139,462 $ 54,722 $ 59,004 $ 253,188

Initial cash capitalization rate 7.1 % 7.1 % 7.2 % 7.1 %

Acquisition price $ 61,195 (b)

Initial cash capitalization rate 9.0 % (b)

Straight-line yield 9.4 %

Weighted average lease term (years) 12.0 10.7 13.6 12.1

Weighted average annual rent increase 2.4 % 3.0 % 2.6 % 2.6 %

Weighted average lease term (years) 4.0 (b)

Weighted average annual rent increase 0.8 % (b)

Build-to-suit developments:

7 unchanged sentences

Investments $ 10,351

Cash capitalization rate

7.8 % 7.8 % — % 7.8 %

Total investments $ 171,886

Total initial cash capitalization rate (a)

7.1 % 7.1 % 7.2 % 7.1 %

Total weighted average lease term (years) (a)

12.2 10.7 13.8 12.3

Total weighted average annual rent increase (a)

2.4 % 3.0 % 2.5 % 2.5 %

(a) Transitional capital, which represents a contractual yield on invested capital, and build-to-suit developments, which do not generate revenue during construction, are excluded from the calculations of total cash capitalization, weighted average lease terms, and weighted average rent increases.

(a) Transitional capital, which represents a contractual yield on invested capital, and build-to-suit developments, which do not generate revenue until stabilization, are excluded from the calculations of total cash capitalization, weighted average lease terms, and weighted average rent increases.

(b) In connection with this acquisition, the Company expects to fund approximately $7.0 million to re‑parcel up to 80% of the property into two distinct parcels and complete related infrastructure improvements.

The sale leaseback investment includes two separate leases, one for each future parcel, consisting of (i) a 12‑year long‑term lease with initial cash rents of $1.5 million and annual rent escalations of 3.0%, and (ii) a one‑year lease with cash rents of $4.0 million.

The Company is currently evaluating future options related to the property associated with the short‑term lease, with the objective of maximizing long‑term shareholder value, including potential accretive alternatives, such as redevelopment.

Build-to-Suit Development Projects

The following table summarizes the Company’s in-process and stabilized developments as of September 30, 2025:

Property Projected Rentable Square Feet Start Date (b)

Target Stabilization Date/Stabilized Date (c)

Lease Term (Years) Annual Rent Escalations Estimated Total Project Investment (d)

Cumulative Investment Estimated Remaining Investment Estimated Cash Capitalization Rate (e)

The following table summarizes the Company’s in-process and stabilized developments as of March 31, 2026:

Property Projected Rentable Square Feet Start Date (a)

Target Stabilization Date/Stabilized Date (b)

Lease Term (Years) Annual Rent Escalations Estimated Total Project Investment (c)

Cumulative Investment Estimated Remaining Investment Estimated Cash Capitalization Rate (d)

Estimated Straight-line Yield

In-process retail:

(Jacksonville - FL) 1 Jun.

Sprouts (Bedford, TX) 22 Jul.

2026 15.0 0.9 % $ 9,533 $ 1,573 $ 7,960 7.2 % 7.7 %

(Bedford, TX) 22 Jul.

Hobby Lobby (Granbury, TX) 55 Oct.

2026 15.0 0.7 % 8,129 2,362 5,767 7.1 % 7.4 %

In-process industrial:

Sierra Nevada

(Dayton - OH) 122 Oct.

Academy Sports (Granbury, TX) 55 Oct.

2026 15.0 0.6 % 12,393 4,579 7,814 7.1 % 7.4 %

Sierra Nevada

(Dayton - OH) 122 Oct.

Academy Sports (Waco, TX) 68 Dec.

2026 15.0 0.6 % 14,487 6,215 8,272 7.2 % 7.5 %

(Bremen - GA) 1,178 Dec.

Academy Sports (Magnolia, TX) 55 Feb.

15.0 0.5 % 12,975 2,803 10,172 7.3 % 7.5 %

In-process industrial:

Southwire (Bremen, GA) 1,178 Dec.

2026 10.0 2.8 % 115,411 57,880 57,531 7.8 % 8.8 %

Fiat Chrysler Automobile (Forsyth, GA) 422 Apr.

2026 15.0 2.8 % 78,242 47,758 30,484 6.9 % 8.3 %

(Vasaila - CA) 115 Jun.

AGCO (Visalia, CA) 115 Jun.

2026 12.0 3.5 % 19,577 16,249 3,328 7.0 % 8.5 %

Palmer Logistics

(Midlothian, TX) (f)

Palmer Logistics (Midlothian, TX) (e)

2026 12.3 3.5 % 32,063 21,392 10,671 7.6 % 9.2 %

Total / weighted average 2,252 13.1 2.9 % 370,868 135,056 235,812 7.5 % 8.9 %

Amazon.com Services, LLC (Sarasota, FL)

2027 15.0 2.3 % 49,705 18,564 31,141 7.5 % 8.8 %

2,470 13.0 2.5 % 352,515 179,375 173,140 7.4 % 8.5 %

Stabilized industrial:

(Sarasota - FL) 1,016 May 2023 Stabilized - Sep.

Sierra Nevada (Dayton, OH) 122 Oct.

2025 15.0 3.0 % 53,625 53,625 — 7.5 % 9.3 %

Sierra Nevada (Dayton, OH) 122 Oct.

2026 15.0 3.0 % 52,546 48,420 4,126 7.6 % 9.4 %

Stabilized retail:

(High Point - NC) 1 Dec.

2024 Stabilized - Jun.

7Brew (Jacksonville, FL) 1 Jun.

2025 15.0 1.9 % 2,005 2,005 — 8.0 % 8.8 %

(Charleston - SC) 1 Feb.

2025 Stabilized - May 2025 15.0 1.9 % 1,729 1,729 — 7.9 % 8.8 %

Total / weighted average 2,715 13.5 2.6 % $ 460,691 $ 283,425 $ 177,266 7.4 % 8.7 %

(b) The period in which we have acquired access to the land and begun physical construction on a property.

(c) Represents our current estimate of the period in which we will have substantially completed a project and the project is made available for occupancy.

(a) The period in which we have acquired access to the land and begun physical construction on a property.

(b) Represents our current estimate of the period in which we will have substantially completed a project and the project is made available for occupancy.

We expect to update our timing estimates on a quarterly basis.

(d) Represents the estimated costs to be incurred to complete development of each project.

(c) Represents the estimated costs to be incurred to complete development of each project, inclusive of any economic incentive amounts expected to be received.

We expect to update our estimates upon completion of the project, or sooner if there are any significant changes to expected costs from quarter to quarter.

Excludes capitalized costs consisting of capitalized interest and other acquisition costs.

(e) Calculated by dividing the estimated first year cash yield to be generated on a real estate investment by the Estimated Total Project Investment for the property.

(f) Development represents our common and preferred equity investments in a consolidated joint venture, and exclude amounts attributed to non-controlling interest holders.

(d) Calculated by dividing the estimated first year cash yield to be generated on a real estate investment by the Estimated Total Project Investment for the property.

(e) Development represents our common and preferred equity investments in a consolidated joint venture, and excludes amounts attributed to non-controlling interest holders.

Our Real Estate Investment Portfolio

The following charts summarize our portfolio diversification by property type, tenant, brand, industry, and geographic location as of September 30, 2025.

The following charts summarize our portfolio diversification by property type, tenant, brand, industry, and geographic location as of March 31, 2026.

These portfolio statistics exclude transitional capital investments.

The percentages below are calculated based on our ABR of $412.9 million as of September 30, 2025.

The percentages below are calculated based on our ABR of $438.8 million as of March 31, 2026.

Diversification by Property Type

8 unchanged sentences

Cold Storage 4 12,441 2.9 % 874 2.0 %

In-process Developments 6 — — — — %

In-Process Development 5 — — — —

Untenanted 1 — — 74 0.2 %

3 unchanged sentences

Casual Dining 95 26,973 6.1 % 637 1.5 %

Automotive 64 11,571 2.8 % 760 1.9 %

Animal Services 27 11,667 2.7 % 421 1.0 %

Automotive 63 11,428 2.6 % 755 1.8 %

Home Furnishings 13 7,177 1.6 % 797 1.9 %

1 unchanged sentence

Education 4 2,952 0.7 % 119 0.3 %

In-process Developments 2 — — — —

In-Process Development 4 — — — —

Untenanted 1 — — 10 —

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AHF, LLC* Distribution & Warehouse/Manufacturing 8 9,852 2.2 % 2,284 5.4 %

Ryerson & Son, Inc Distribution & Warehouse 11 8,116 2.0 % 1,599 4.0 %

Jack’s Family Restaurants LP* Quick Service Restaurants 43 7,605 1.8 % 147 0.4 %

Sierra Nevada Company, LLC Manufacturing 3 9,094 2.1 % 280 0.7 %

Ryerson & Son, Inc.

Distribution & Warehouse 11 8,145 1.9 % 1,599 3.8 %

Dollar General Corporation General Merchandise 74 7,835 1.8 % 717 1.7 %

Jack's Family Restaurants LP* Quick Service Restaurants 43 7,757 1.8 % 147 0.4 %

Tractor Supply Company General Merchandise 23 6,566 1.5 % 462 1.1 %

Alexander's, LLC*

Hotels, Restaurants & Leisure 16 6,301 1.5 % 132 0.3 %

Salm Partners, LLC* Food Processing 2 6,276 1.5 % 426 1.0 %

Nestle’ Dreyer's Ice Cream Company Cold Storage 2 6,259 1.5 % 503 1.2 %

Alexander's, LLC* Casual Dining 16 6,395 1.4 % 131 0.3 %

Nestle' USA, Inc.

Cold Storage/Food Processing 2 6,374 1.4 % 503 1.2 %

Total Top 10 Tenants 188 93,324 21.3 % 9,389 22.4 %

Hensley & Company* Distribution & Warehouse 3 6,355 1.4 % 577 1.4 %

Salm Partners, LLC* Food Processing 2 6,276 1.4 % 426 1.0 %

BluePearl Holdings, LLC** Animal Services 13 6,057 1.4 % 159 0.4 %

1 unchanged sentence

Flex and R&D 1 6,018 1.4 % 417 1.0 %

Owens & Minor Distribution & Warehouse 2 5,785 1.4 % 523 1.3 %

Red Lobster Hospitality & Red Lobster Restaurants LLC* Casual Dining 18 5,674 1.4 % 147 0.4 %

Outback Steakhouse of Florida LLC*(a) Casual Dining 22 5,544 1.3 % 140 0.3 %

Krispy Kreme Doughnut Corporation Quick Service Restaurants/

Food Processing 27 5,538 1.3 % 156 0.4 %

Big Tex Trailer Manufacturing Inc.* Automotive/Distribution & Warehouse/Manufacturing/Office 17 5,259 1.3 % 1,302 3.2 %

Jelly Belly Candy Company Distribution & Warehouse/Food Processing/General Merchandise 5 4,790 1.2 % 575 1.4 %

Carvana, LLC Industrial Services 2 4,755 1.2 % 230 0.6 %

Owens & Minor Distribution, Inc.

Distribution & Warehouse 2 5,960 1.3 % 523 1.2 %

Red Lobster Hospitality, LLC & Red Lobster Restaurants, LLC* Casual Dining 18 5,674 1.3 % 147 0.3 %

Outback Steakhouse of Florida, LLC* (a)

Casual Dining 22 5,635 1.3 % 140 0.3 %

Academy LTD General Merchandise 9 5,600 1.3 % 535 1.3 %

Krispy Kreme Doughnut Corporation Quick Service Restaurants/Food Processing 27 5,538 1.3 % 156 0.4 %

Charles River Laboratories, Inc.

Flex and R&D 1 5,487 1.2 % 316 0.8 %

Total Top 20 Tenants 286 $ 151,924 34.6 % 12,785 30.5 %

6 unchanged sentences

Portfolio Square Feet (’000s) SF as a %

Restaurants 252 $ 55,071 13.3 % 1,195 2.9 %

Packaged Foods & Meats 39 $ 57,405 13.1 % 6,338 15.1 %

Restaurants 252 55,699 12.7 % 1,196 2.9 %

Food Distributors 7 28,567 6.5 % 2,534 6.0 %

Specialty Stores 43 22,259 5.1 % 1,932 4.6 %

Distributors 29 22,100 5.0 % 3,357 8.0 %

Healthcare Facilities 42 21,643 4.9 % 748 1.8 %

Specialty Stores 39 21,207 5.1 % 1,845 4.5 %

Auto Parts & Equipment 38 19,092 4.4 % 2,953 7.0 %

Aerospace & Defense 6 14,207 3.2 % 695 1.7 %

Home Furnishing Retail 17 12,170 2.8 % 1,692 4.0 %

Healthcare Services 18 12,175 2.9 % 663 1.6 %

General Merchandise Stores 110 11,666 2.7 % 1,035 2.5 %

Specialized Consumer Services 44 11,539 2.6 % 707 1.7 %

Metal & Glass Containers 8 11,054 2.5 % 2,206 5.3 %

General Merchandise Stores 100 10,437 2.5 % 928 2.3 %

Industrial Machinery 19 9,932 2.4 % 1,901 4.7 %

Healthcare Services 17 10,941 2.5 % 568 1.4 %

Life Sciences Tools & Services 6 9,907 2.3 % 600 1.4 %

Forest Products 8 9,852 2.2 % 2,284 5.4 %

Electronic Components 2 6,765 1.6 % 466 1.1 %

Other (42 industries)

105 120,742 27.5 % 12,990 31.0 %

Untenanted properties 2 — — 84 0.2 %

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(’000s) SF as a

TX 66 $ 37,820 9.2 % 3,562 8.8 % SD 2 $4,524 1.1% 340 0.8%

MI 51 36,592 8.9 % 4,009 9.9 % MS 12 4,160 1.0% 607 1.5%

FL 29 26,212 6.3 % 1,643 4.0 % LA 5 3,833 0.9% 211 0.5%

IL 29 23,097 5.6 % 2,364 5.8 % NE 6 3,438 0.8% 492 1.2%

CA 16 22,586 5.5 % 2,215 5.5 % SC 13 3,379 0.8% 304 0.7%

MN 21 20,164 4.9 % 3,051 7.5 % WA 14 3,349 0.8% 148 0.4%

WI 23 18,744 4.5 % 1,909 4.7 % IA 4 2,922 0.7% 622 1.5%

OH 49 16,891 4.1 % 1,584 3.9 % NM 9 2,795 0.7% 107 0.3%

TN 48 15,383 3.7 % 1,083 2.7 % UT 3 2,768 0.7% 280 0.7%

IN 27 14,343 3.5 % 1,687 4.1 % CO 4 2,612 0.6% 126 0.3%

PA 23 13,029 3.2 % 2,169 5.3 % MD 3 2,155 0.5% 205 0.5%

TX 70 $ 43,833 10.0 % 4,090 0 9.8 % MS 12 $ 4,215 1.0 % 607 1.4 %

MI 51 36,689 8.4 % 4,009 9.6 % LA 5 3,857 0.9 % 210 0.5 %

FL 29 25,548 5.8 % 1,549 3.7 % SC 13 3,450 0.8 % 304 0.7 %

OH 49 25,067 5.7 % 1,833 4.4 % NE 6 3,439 0.8 % 492 1.2 %

IL 29 23,353 5.3 % 2,364 5.6 % NJ 2 3,404 0.8 % 266 0.6 %

CA 16 22,786 5.2 % 2,215 5.3 % IA 4 2,976 0.7 % 622 1.5 %

WI 25 22,227 5.1 % 2,223 5.3 % UT 3 2,810 0.6 % 280 0.7 %

MN 21 20,361 4.6 % 3,051 7.3 % NM 9 2,797 0.6 % 107 0.2 %

PA 33 16,292 3.7 % 2,305 5.5 % WA 13 2,714 0.6 % 69 0.2 %

TN 48 15,459 3.5 % 1,084 2.6 % CO 4 2,633 0.6 % 126 0.3 %

IN 27 14,400 3.3 % 1,687 4.0 % MD 3 2,212 0.5 % 205 0.5 %

AL 53 13,189 3.0 % 950 2.3 % CT 2 1,945 0.4 % 55 0.1 %

GA 35 12,320 2.8 % 1,576 3.8 % MT 7 1,749 0.4 % 43 0.1 %

NC 26 9,963 2.4 % 961 2.4 % DE 4 1,175 0.3% 133 0.3%

KY 23 9,296 2.3 % 927 2.3 % ND 2 1,073 0.3% 24 0.1%

MO 19 9,076 2.2 % 1,260 3.1 % VT 2 439 0.1% 24 0.1%

MA 4 11,942 2.7 % 759 1.8 % DE 4 1,175 0.3 % 133 0.3 %

NC 26 10,156 2.3 % 961 2.3 % ND 2 1,073 0.2 % 24 0.1 %

KY 23 9,367 2.1 % 927 2.2 % VT 2 439 0.1 % 24 0.1 %

WV 18 9,111 2.1 % 1,232 2.9 % WY 1 338 0.1 % 21 0.1 %

AZ 7 8,956 2.2 % 747 1.8 % NV 1 277 0.1% 6 0.0%

OK 25 8,704 2.1 % 1,006 2.5 % OR 1 136 0.0% 9 0.0%

AR 10 7,589 1.8 % 340 0.8 % Total U.S.

MO 19 9,092 2.1 % 1,260 3.0 % NV 1 282 0.1 % 6 0.0 %

AZ 7 9,080 2.1 % 747 1.8 % OR 1 136 0.0 % 9 0.0 %

OK 24 8,659 2.0 % 1,001 2.4 % Total U.S.

766 $ 430,809 98.2 % 41,489 99.0 %

NY 28 7,410 1.8 % 562 1.4 % BC 2 $4,698 1.1% 253 0.6%

MA 3 6,332 1.5 % 444 1.1 % ON 3 2,049 0.6% 101 0.3%

AR 10 7,772 1.8 % 340 0.8 % BC 2 $ 4,686 1.1 % 253 0.6 %

NY 28 7,410 1.7 % 562 1.3 % ON 3 2,044 0.4 % 101 0.2 %

KS 10 5,371 1.2 % 643 1.5 % AB 1 961 0.2 % 51 0.1 %

NJ 3 5,137 1.2 % 366 0.9 % MB 1 344 0.1% 25 0.1%

VA 15 5,073 1.2 % 178 0.4 % Total Canada 7 $8,054 2.0% 429 1.1%

VA 15 5,095 1.2 % 178 0.4 % MB 1 343 0.1 % 25 0.1 %

SD 2 4,586 1.0 % 340 0.8 % Total Canada 7 $ 8,034 1.8 % 430 1.0 %

Grand Total 773 $ 438,843 100.0 % 41,919 100.0 %

The following chart sets forth our lease expirations based upon the terms of the leases in place as of September 30, 2025.

The following chart sets forth our lease expirations based upon the terms of the leases in place as of March 31, 2026.

The following table presents certain information based on lease expirations by year:

Expiration Year # of Properties # of Leases ABR

('000s) ABR as a % of Total Portfolio Square Feet ('000s) SF as a % of Total Portfolio

ABR as a % of Total Portfolio Square Feet (’000s)

SF as a % of Total Portfolio

2026 11 11 $ 10,092 2.3 % 1,069 2.6 %

24 unchanged sentences

Substantially all of our leases provide for periodic contractual rent escalations.

As of September 30, 2025, leases contributing 97.5% of our ABR provided for increases in future ABR, generally ranging from 1.5% to 3.0% annually, with an ABR weighted average annual increase equal to 2.0% of base rent.

As of March 31, 2026, leases contributing 96.8% of our ABR provided for increases in future ABR, generally ranging from 1.5% to 3.0% annually, with an ABR weighted average annual increase equal to 2.1% of base rent.

Generally, our rent escalators increase rent on specified dates by a fixed percentage.

Our escalations provide us with a source of organic revenue growth and a measure of inflation protection.

Additional information on lease escalation frequency and weighted average annual escalation rates as of September 30, 2025 is displayed below:

Additional information on lease escalation frequency and weighted average annual escalation rates as of March 31, 2026 is displayed below:

Lease Escalation Frequency % of ABR Weighted Average Annual Increase (a)

9 unchanged sentences

For leases where rent escalates by the greater of a stated fixed percentage or the change in CPI, we have assumed an escalation equal to the stated fixed percentage in the lease.

As of September 30, 2025, leases contributing 4.7% of our ABR provide for rent increases equal to the lesser of a stated fixed percentage or the change in CPI.

As of March 31, 2026, leases contributing 4.3% of our ABR provide for rent increases equal to the lesser of a stated fixed percentage or the change in CPI.

As any future increase in CPI is unknowable at this time, we have not included an increase in the rent pursuant to these leases in the weighted average annual increase presented.

(b) Generally associated with investment grade retail tenants.

The escalation provisions of our leases (by percentage of ABR) as of September 30, 2025, are displayed in the following chart:

The escalation provisions of our leases (by percentage of ABR) as of March 31, 2026, are displayed in the following chart:

Transitional Capital

In addition to investing in new property acquisitions, revenue generating capital expenditures, and build-to-suit developments, we may, from time to time, invest in transitional capital opportunities, including preferred equity interests and real estate lending opportunities.

We may, from time to time, invest in transitional capital opportunities, including preferred equity interests and real estate lending opportunities.

Such investments are intended to be shorter in duration, offering an alternative source of financing.

The following table presents our transitional capital investments at September 30, 2025:

September 30, 2025

Transitional Capital:

Retail Center - St.

Type Preferred Equity

Investment (’000s) (a)

Stabilized cash capitalization rate (b)

Annualized initial cash NOI yield 7.6 %

Remaining term (years) (c)

Underlying property metrics

Number of retail spaces 28

Rentable square footage (“SF”) (’000s) 332

Weighted average remaining lease term (years) 5.8

Occupancy rate (based on SF) (d)

Quarterly rent collection 100.0 %

Industrial Park - Olyphant, PA

Type Preferred Equity

Investment (’000s) (e)

Stabilized cash capitalization rate (b)

Annualized initial cash NOI yield — %

Remaining term (years) (f)

Industrial Park - Olyphant, PA

Type Preferred Equity

Investment (’000s) (e)

Stabilized cash capitalization rate (b)

Annualized initial cash NOI yield —%

Remaining term (years) (f)

(a) Agreement includes an additional $7.8 million commitment of preferred capital.

The remaining commitment at September 30, 2025 is $7.2 million.

The following table presents our transitional capital investments at March 31, 2026:

Investment (’000s) Stabilized Cash Capitalization Rate (b)

Annualized Initial Cash NOI Yield Remaining Initial Term (Years)

Sunset Hills Retail Center - St.

Louis, MO (c) (d)

$ 57,028 8.0 % 7.6 % 1.3

Project Triboro Industrial Park - Olyphant, PA (e)

106,297 7.8 % — % 2.6

(a) Each of the Company’s transitional capital investments at March 31, 2026 are in the form of preferred equity.

(b) Represents stated yield with unpaid amounts accruing with preferential payment.

The remaining commitment at March 31, 2026 is $3.0 million.

Agreement contains two one-year extension options subject to a 0.50% extension fee.

Repayment at end of term subject to a $3.5 million repayment fee.

(d) Includes leases that have been executed but rent has not yet commenced.

(e) Preferred equity investment in a consolidated joint venture that has acquired entitled land designated for industrial build-to-suit development.

(f) Agreement contains two one-year extension options subject to a 0.25% fee for the first option, and 0.5% for the second option, and the right to transfer or sell our preferred equity at any time.

(d) Underlying property metrics at March 31, 2026:

28 retail spaces, 0.3 million rentable square feet, 5.8 years of weighted average remaining lease term, 98.3% occupancy rate (based on square feet and including leases that have been executed but rent has not yet commenced), and 99.0% rent collection (on a quarterly basis).

(e) This investment represents preferred equity in four consolidated joint ventures that have acquired land designated for industrial build-to-suit development.

Agreements contain two one-year extension options subject to a 0.25% fee for the first option, and a 0.50% fee for the second option, and the right to transfer or sell our preferred equity at any time.

Results of Operations

The following discussion includes the results of our operations for the periods presented.

Three Months Ended September 30, 2025 Compared to Three Months Ended June 30, 2025

Three Months Ended March 31, 2026 Compared to Three Months Ended December 31, 2025

Lease revenues, net

(in thousands) For the Three Months Ended

September 30,

2025 June 30,

2026 December 31,

2025 Increase/(Decrease)

11 unchanged sentences

Total lease revenues, net $ 121,401 $ 118,295 $ 3,106 2.6 %

The increase in lease revenues, net, was primarily attributable to increase in rents related to real property acquisitions and investments in revenue generating capital expenditures during the three months ended September 30, 2025, partially offset by dispositions.

We closed on $145.0 million of acquisitions and revenue generating capital expenditures at a weighted average cash capitalization rate of 7.1%, and completed dispositions of $38.7 million at a weighted average cash capitalization rate of 7.0% during the three months ended September 30, 2025.

The increase in Lease revenues, net, during the three months ended March 31, 2026, was primarily attributable to receiving a full quarter of rents related to $176.7 million of real property acquisitions at a weighted average cash capitalization rate of 7.0% and the stabilization of a $54.1 million build-to-suit development at a cash capitalization rate of 7.5% during the three months ended December 31, 2025.

Additionally, we closed on $62.1 million of acquisitions and revenue generating capital expenditures at a weighted average cash capitalization rate of 9.0% during the three months ended March 31, 2026.

These increases in rent were partially offset by dispositions during prior periods and during the three months ended March 31, 2026.

Lastly, there were no write-offs of accrued rental income during the three months ended March 31, 2026.

Write-offs of accrued rental income are discrete charges in a quarter related to collection probabilities and fluctuate quarter to quarter.

Operating expenses

For the Three Months Ended

September 30,

2025 June 30,

2026 December 31,

2025 Increase/(Decrease)

6 unchanged sentences

Total operating expenses $ 58,055 $ 62,384 $ (4,329) (6.9)%

Depreciation and amortization

The decrease in depreciation and amortization for the three months ended September 30, 2025 was primarily due to $4.7 million of accelerated amortization of intangible lease assets resulting from an early lease termination during the three months ended June 30, 2025 that did not reoccur during the three months ended September 30, 2025.

Property and operating expense

The increase in property and operating expense during the three months ended September 30, 2025 is primarily related to an increase in reimbursable expenses that are billed to tenants.

Provision for impairment of investment in rental properties

1 unchanged sentence

For the Three Months Ended

(in thousands, except number of properties) September 30,

2025 June 30,

(in thousands, except number of properties) March 31,

2026 December 31, 2025

Number of properties — 4

2 unchanged sentences

Impairment charge $ — $ 4,668

During the three months ended September 30, 2025, we recognized $7.0 million of impairment primarily from changes in our long-term hold strategy with respect to the individual properties.

Such impairments were based on actual and expected sales prices of the individual properties.

During the three months ended March 31, 2026, we did not recognize any impairment.

The timing and amount of impairment fluctuates from period to period depending on the specific facts and circumstances.

1 unchanged sentence

(in thousands) For the Three Months Ended Increase/(Decrease)

September 30,

2025 June 30,

2026 December 31,

Other income (expenses)

4 unchanged sentences

Other income (expenses) 1,446 (3,797) 5,243 > 100.0 %

Interest expense

The increase in interest expense for the three months ended September 30, 2025 is primarily due to the termination of interest rate swap agreements with an aggregate termination value of $6.7 million, resulting in $6.1 million of accumulated losses held in Other comprehensive income (loss) to be reclassified to interest expense.

Gain on sale of real estate

Our recognition of a gain or loss on the sale of real estate varies from transaction to transaction based on fluctuations in asset prices and demand in the real estate market.

During the three months ended September 30, 2025, we recognized a gain of $3.3 million on the sale of 12 properties, compared to a gain of $0.6 million on the sale of eight properties during the three months ended June 30, 2025.

Other (expenses) income

The increase in other (expenses) income during the three months ended September 30, 2025 was primarily due to a $1.3 million unrealized foreign exchange gain recognized on the quarterly remeasurement of our $100 million Canadian Dollars (“CAD”) Revolving Credit Facility borrowings, compared to a $3.4 million unrealized foreign exchange loss recognized during the three months ended June 30, 2025.

During the three months ended March 31, 2026, we recognized a gain of $7.1 million on the sale of one property, compared to a gain of $8.4 million on the sale of five properties during the three months ended December 31, 2025.

Other income (expenses)

The increase in other income during the three months ended March 31, 2026 was primarily due to a $1.4 million unrealized foreign exchange gain recognized on the quarterly remeasurement of our $100.0 million Canadian Dollars (“CAD”) Revolving Credit Facility borrowings, compared to a $1.3 million unrealized foreign exchange loss recognized during the three months ended December 31, 2025.

Additionally, the Company recognized a $2.5 million write-off of a non-real estate note receivable during the three months ended December 31, 2025 that did not reoccur during the three months ended March 31, 2026.

Net income and Net earnings per diluted share

For the Three Months Ended Increase/(Decrease)

September 30,

2025 June 30,

2026 December 31,

(in thousands, except per share data) $ %

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Net earnings per diluted share 0.24 0.17 0.07 41.2 %

The increase in net income is primarily attributable to a $4.9 million decrease in the provision for impairment of investment in rental properties, a $4.8 million decrease in unrealized foreign exchange loss, a $2.3 million decrease in depreciation and amortization expense, and a $2.7 million gain on sale of real estate.

This was partially offset by a $7.1 million increase in interest expense primarily related to termination of interest rate swap agreements.

The increase in net income is primarily attributable to a $4.7 million decrease in the provision for impairment of investment in rental properties, a $3.1 million increase in lease revenues, net, a $5.2 million decrease in other expenses, primarily related to a decrease in unrealized foreign exchange loss.

This was partially offset by a $1.2 million decrease in gain on sale of real estate.

GAAP net income includes items such as gain or loss on sale of real estate and provisions for impairment, unrealized foreign exchange gain or loss, among others, which can vary from quarter to quarter and impact period-over-period comparisons.

Nine Months Ended September 30, 2025 Compared to Nine Months Ended September 30, 2024

Three Months Ended March 31, 2026 Compared to Three Months Ended March 31, 2025

Lease revenues, net

For the Nine Months Ended Increase/(Decrease)

September 30,

For the Three Months Ended Increase/(Decrease)

(in thousands) 2026 2025 $ %

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The increase in lease revenues, net was primarily attributable to growth in our real estate portfolio.

During the first three quarters of 2025, we had a total of $253.2 million of acquisitions at a cash capitalization rate of 7.1%, $8.3 million of revenue generating capital expenditures at a weighted average cash capitalization rate of 8.3%, as well as had a $201.0 million build-to-suit development reach stabilization at a cash capitalization rate of 7.2%.

This stabilized investment activity is partially offset by 2025 disposition activity of $59.2 million at a weighted average cash capitalization rate of 7.7%.

Additionally, the increase in lease revenues, net was partially due to a decrease in bad debt expense related to the sale of a healthcare asset and collection efforts on outstanding rent.

Subsequent to the first quarter of 2025, we had a total of $376.4 million of acquisitions and revenue generating capital expenditures at a cash capitalization rate of 7.1%, as well as had a $54.1 million build-to-suit development reach stabilization at a cash capitalization rate of 7.5%.

This stabilized investment activity is partially offset by 2025 disposition activity of $96.1 million at a weighted average cash capitalization rate of 7.3% on tenanted properties.

Additionally, there were no write-offs of accrued rental income during the three months ended March 31, 2026.

Write-offs of accrued rental income are discrete charges in a quarter related to collection probabilities and fluctuate quarter to quarter.

The increase in lease revenues, net was partially due to net recoveries of bad debt during the three months ended March 31, 2026 compared to bad debt expense during the three months ended December 31, 2025.

Operating expenses

For the Nine Months Ended Increase/(Decrease)

September 30,

For the Three Months Ended Increase/(Decrease)

(in thousands) 2026 2025 $ %

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Depreciation and amortization

The increase in depreciation and amortization for the nine months ended September 30, 2025 was primarily due to timing and amount of net investment activity during 2024 and during the first three quarters of 2025 compared to the first three quarters of 2024.

The increase in depreciation and amortization for the three months ended March 31, 2026 was primarily due to timing and amount of net investment activity in our real estate portfolio as discussed above.

Provision for impairment of investment in rental properties

The following table presents the impairment charges for the respective periods:

For the Nine Months Ended

September 30,

For the Three Months Ended

(in thousands, except number of properties) 2026 2025

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Impairment charge $ — $ 16,128

During the nine months ended September 30, 2025, we recognized $35.1 million of impairment primarily from changes in our long-term hold strategy with respect to the individual properties.

Such impairments were based on actual and expected sales prices of the individual properties and primarily included a $14.6 million impairment charge on two healthcare properties.

During the three months ended March 31, 2026, we did not recognize any impairment.

The timing and amount of impairment fluctuates from period to period depending on the specific facts and circumstances.

Property and operating expense

The decrease in property and operating expenses for the nine months ended September 30, 2025 was primarily due to a decrease in non-reimbursable expenses related to two properties that were re-leased and sold at the beginning of 2025, and end of 2024, respectively.

General and administrative

The increase in general and administrative expenses for the nine months ended September 30, 2025 was primarily due to an increase in stock based compensation expense of $1.7 million, partially offset by a decrease in corporate expenses compared to the nine months ended September 30, 2024.

Other income (expenses)

For the Nine Months Ended

September 30, Increase/(Decrease)

For the Three Months Ended

March 31, Increase/(Decrease)

(in thousands) 2026 2025 $ %

6 unchanged sentences

Interest expense

The increase in interest expense for the nine months ended September 30, 2025 is primarily due to the termination of interest rate swap agreements with an aggregate termination value of $6.7 million, which resulted in $6.1 million of accumulated losses held in Other comprehensive income (loss) to Interest expense.

Additionally, interest expense has partially increased due to an increase in total borrowings on our variable-rate Revolving Credit Facility and additional $100.0 million of term debt outstanding, the proceeds of which were used to fund acquisitions in the first three quarters of 2025.

The increase in interest expense for the three months ended March 31, 2026 is primarily due to the completion of our $350.0 million 5.00% senior unsecured notes during the third quarter of 2025, the proceeds of which were used to fund acquisitions and paydown the Revolving Credit Facility during 2025.

Additionally, the increase in interest expense during the three months ended March 31, 2026 is due to increased borrowings on our variable-rate USD Revolving Credit Facility to fund investment activity.

Gain on sale of real estate

Our recognition of a gain or loss on the sale of real estate varies from transaction to transaction based on fluctuations in asset prices and demand in the real estate market.

During the nine months ended September 30, 2025, we recognized a gain of $4.2 million on the sale of 23 properties, compared to a gain of $65.0 million on the sale of 46 properties during the nine months ended September 30, 2024.

During the three months ended March 31, 2026, we recognized a gain of $7.1 million on the sale of one property, compared to a gain of $0.4 million on the sale of three properties during the three months ended March 31, 2025.

Other (expenses) income

The increase in other (expenses) income during the nine months ended September 30, 2025 was primarily due to a $2.4 million foreign exchange loss recognized on the quarterly remeasurement of our $100 million Canadian Dollars (“CAD”)

Revolving Credit Facility borrowings, compared to a $1.5 million unrealized foreign exchange gain recognized during the nine months ended September 30, 2024.

The increase in other income during the three months ended March 31, 2026 was primarily due to a $1.4 million foreign exchange gain recognized on the quarterly remeasurement of our $100.0 million Canadian Dollars (“CAD”) Revolving Credit Facility borrowings, compared to a $0.3 million unrealized foreign exchange loss recognized during the three months ended March 31, 2025.

Net income and Net earnings per diluted share

For the Nine Months Ended Increase/(Decrease)

September 30,

For the Three Months Ended Increase/(Decrease)

(in thousands, except per share data) 2026 2025 $ %

1 unchanged sentence

Net earnings per diluted share 0.24 0.09 0.15 > 100.0 %

The decrease in net income is primarily due to a decrease in the gain on sale of real estate of $60.7 million, an increase in interest expense of $14.9 million, and an increase in depreciation and amortization of $9.1 million.

These are offset by an increase in net lease revenues of $16.2 million.

The increase in net income is primarily due to a decrease in impairment charges of $16.1 million, an increase in net lease revenues of $12.7 million, and an increase in the gain on sale of real estate of $6.7 million.

These are partially offset by an increase in interest expense of $5.2 million and an increase in depreciation and amortization of $2.0 million.

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We seek to maintain on a sustained basis a Leverage Ratio that is generally less than 6.0x.

As of September 30, 2025, we had total debt outstanding of $2.4 billion, Net Debt of $2.3 billion, Pro Forma Net Debt of $2.2 billion, a Net Debt to Annualized Adjusted EBITDAre ratio of 5.7x, and a Pro Forma Net Debt to Annualized Adjusted EBITDAre ratio of 5.4x.

As of March 31, 2026, we had total debt outstanding of $2.7 billion, Net Debt of $2.6 billion, Pro Forma Net Debt of $2.6 billion, a Net Debt to Annualized Adjusted EBITDAre ratio of 6.1x, and a Pro Forma Net Debt to Annualized Adjusted EBITDAre ratio of 5.8x.

Net Debt, Pro Forma Net Debt, and Annualized Adjusted EBITDAre are non-GAAP financial measures, Annualized Adjusted EBITDAre, and Pro Forma Net Debt to Annualized Adjusted EBITDAre are calculated based upon EBITDA, EBITDAre, Adjusted EBITDAre, and Pro Forma Adjusted EBITDAre each of which is also a non-GAAP financial measure.

1 unchanged sentence

Liquidity/REIT Requirements

Liquidity is a measure of our ability to meet potential cash requirements, including our ongoing commitments to repay debt, fund our operations, acquire and develop properties, make distributions to our stockholders, and other general business needs.

As a REIT, we are required to distribute to our stockholders at least 90% of our REIT taxable income determined without regard to the dividends paid deduction and excluding net capital gains, on an annual basis.

As a result, it is unlikely that we will be able to retain substantial cash balances to meet our long-term liquidity needs, including repayment of debt and the acquisition of additional properties, from our annual taxable income.

As a result, it is unlikely that we will be able to retain substantial cash balances to meet our long-term liquidity needs, including repayment of debt and investment in additional properties, from our annual taxable income.

Instead, we expect to meet our long-term liquidity needs primarily by relying upon external sources of capital and proceeds from selective property dispositions.

Short-term Liquidity Requirements

Our short-term liquidity requirements consist primarily of funds necessary to pay for our operating expenses, including our general and administrative expenses as well as interest payments on our outstanding debt, to pay distributions, to fund our acquisitions that are under control or expected to close within a short time period, and to pay for commitments to fund build-to-suit developments, revenue generating capital expenditures, and transitional capital investments.

Under leases where we are required to bear the cost of structural repairs and replacements, we do not currently anticipate making significant capital expenditures or incurring other significant property costs, including as a result of inflationary pressures in the current economic environment, because of the strong occupancy levels across our portfolio and the net lease nature of our leases.

We expect to meet our short-term liquidity requirements primarily from cash and cash equivalents balances and net cash provided by operating activities, supplemented by borrowings under our Revolving Credit Facility and capital recycled through selective property dispositions.

We use cash on hand and borrowings under our Revolving Credit Facility to initially fund investments, which are subsequently repaid or replaced with proceeds from our equity and debt capital markets activities as well as proceeds from dispositions.

As detailed in the contractual obligations table below, we have approximately $332.7 million of expected obligations due throughout the remainder of 2025, consisting of $248.4 million of commitments to fund investments, $58.7 million of dividends declared, $24.8 million of projected interest expense, $0.5 million of mortgage payments and amortization, and $0.4 million of lessee obligations.

We expect our cash provided by operating activities, as discussed below, will be sufficient to pay for our current obligations, including interest, mortgage amortization, and lessee obligations.

We expect to pay for commitments to fund investments and our dividends declared using our available cash on hand and borrowings from our Revolving Credit Facility.

As of September 30, 2025, we have $904.2 million of available capacity under our Revolving Credit Facility.

Our short-term liquidity requirements consist primarily of funds necessary to pay for our operating expenses, including our general and administrative expenses and interest payments on our outstanding debt, to pay distributions, to fund our acquisitions that are under control or expected to close within a short time period, and to pay for commitments to fund build-to-suit developments, revenue generating capital expenditures, and transitional capital investments.

Under leases where we are required to bear the cost of structural repairs and replacements, we do not currently anticipate making significant capital expenditures or incurring other significant property-level costs, including as a result of inflationary pressures in the current economic environment, because of the strong occupancy levels across our portfolio and the net lease nature of our leases.

We expect to meet our short-term liquidity requirements primarily from cash and cash equivalents balances and net cash provided by operating activities, supplemented by borrowings under our Revolving Credit Facility, capital raised through equity programs, and capital recycled through selective property dispositions.

As detailed in the contractual obligations table below, we have approximately $331.3 million of expected obligations due throughout the remainder of 2026, consisting of $171.9 million of commitments to fund investments, $82.0 million of projected interest expense, $59.9 million of dividends declared, $16.3 million of mortgage payments and amortization, and $1.1 million of lessee obligations.

We expect our cash provided by operating activities, as discussed below, will be sufficient to pay for our current obligations, including interest and mortgage amortization.

We expect to pay for commitments to fund investments and our dividends declared using our Revolving Credit Facility.

At March 31, 2026, we had $591.9 million of available capacity under our Revolving Credit Facility.

Long-term Liquidity Requirements

3 unchanged sentences

We have no material debt maturities until 2027, as detailed in the table below.

We expect to meet our long-term liquidity requirements primarily from borrowings under our Revolving Credit Facility, future debt and equity financings, as well as proceeds from dispositions.

We expect to meet our long-term liquidity requirements primarily from borrowings under our Revolving Credit Facility, future debt and equity financings, and proceeds from selective property dispositions.

Our ability to access these capital sources may be impacted by unfavorable market conditions, particularly in the debt and equity capital markets, that are outside of our control.

7 unchanged sentences

The ATM Program provides for forward sale agreements, which enable us to set the price of shares upon pricing the offering, while delaying the issuance of shares and the receipt of the net proceeds.

During the year ended December 31, 2024, in connection with forward sales agreements provided for under the ATM Program, we sold 2,187,700 shares of common stock at a weighted average price of $18.29 per share, subject to certain adjustments.

We expect to settle the outstanding shares of these forward sale agreements in the fourth quarter of 2025.

Our estimated net proceeds of these forward sale agreements, assuming physical settlement for cash as of September 30, 2025, is approximately $37.3 million.

We have not settled any part of these forward sales agreements as of September 30, 2025.

After considering the shares sold, we have $360.0 million of capacity remaining under the ATM Program as of September 30, 2025.

Our public offerings have been used to repay debt, fund acquisitions, and for other general corporate purposes.

Unsecured Indebtedness as of September 30, 2025

The following table sets forth our outstanding Revolving Credit Facility, unsecured term loans and senior unsecured notes at September 30, 2025:

After considering the shares sold subject to forward sale agreements, we had $281.0 million of capacity remaining under the ATM Program as of March 31, 2026.

Our public offerings have been used to repay debt, to fund investments, and for other general corporate purposes.

Unsecured Indebtedness as of March 31, 2026

The following table sets forth our outstanding Revolving Credit Facility, unsecured term loans and senior unsecured notes at March 31, 2026:

(in thousands, except interest rates) Outstanding

3 unchanged sentences

Unsecured term loans:

2027 Unsecured Term Loan 200,000 daily simple adjusted SOFR + 0.95% (b)

2028 Unsecured Term Loan 500,000 one-month adjusted SOFR + 0.95% (c)

2029 Unsecured Term Loan 300,000 daily simple adjusted SOFR + 1.25% (b)

2027 Unsecured Term Loan 200,000 daily simple SOFR + 0.95% (b)

2028 Unsecured Term Loan 500,000 one-month SOFR + 0.95% (c)

2029 Unsecured Term Loan 300,000 daily simple SOFR + 0.95% (b)

Total unsecured term loans 1,000,000

9 unchanged sentences

Total senior unsecured notes 1,200,000

Unamortized debt issuance costs and original issuance discount, net (9,685)

Unamortized debt issuance costs and original issuance discounts, net (8,857)

Total senior unsecured notes, net 1,191,143

Total unsecured debt $ 2,583,603

(a) At September 30, 2025, a balance of $24.0 million was subject to daily simple SOFR.

The remaining balance of $100.0 million Canadian Dollars (“CAD”) borrowings remeasured to $71.8 million United States Dollars (“USD”), and was subject to daily simple CORRA of 2.56% at September 30, 2025.

(b) At September 30, 2025, overnight SOFR was 4.24%.

(a) At March 31, 2026, a balance of $326.0 million was subject to daily simple SOFR.

At March 31, 2026, the balance includes $100.0 million CAD borrowings remeasured to $71.6 million USD, and was subject to the daily simple Canadian Overnight Repo Rate Average ("CORRA") of 2.27%.

(b) At March 31, 2026, overnight SOFR was 3.68%.

(d) Our Revolving Credit Facility contains two six-month extension options subject to certain conditions, including the payment of an extension fee equal to 0.0625% of the revolving commitments.

(e) Our 2028 unsecured term loan contains two twelve-month extension options subject to certain conditions, including the payment of an extension fee equal to 0.125% of the aggregate principal amount of the loans outstanding under the 2028 term loan facility.

On September 26, 2025, we completed a public offering of $350.0 million 5.00% senior unsecured notes due in 2032 (the "2032 Senior Unsecured Public Notes"), issued at 99.151% of the principal amount.

The 2032 Senior Unsecured Public Notes require semi-annual interest payments through the maturity date of November 1, 2025, unless earlier redeemed.

The 2032 Senior Unsecured Public Notes can be redeemed at par within two months of their respective maturities, or the Company can call the notes at any time for the principal, accrued interest, and a make-whole amount based upon the applicable government bond yield plus 20 basis points.

The proceeds were used to repay borrowings on the unsecured revolving credit facility, to fund investments in real estate, and for general corporate purposes.

On February 28, 2025, we amended and restated the Revolving Credit Facility, extending the maturity date to March 31, 2029, and increasing the accordion feature that increases the aggregate facility size from $1.5 billion to $2.5 billion.

All remaining terms of the Revolving Credit Facility remained the same.

On February 28, 2025, we entered into a new unsecured term loan for $400.0 million that matures in March 2028 (the “2028 Unsecured Term Loan”), the proceeds of which were used to repay the $400.0 million 2026 Unsecured Term Loan.

The 2028 Unsecured Term Loan allowed us to draw an additional $100.0 million, on May 28, 2025, the proceeds of which were used to repay a portion of the revolving credit facility.

Borrowings under the 2028 Unsecured Term Loan are subject to interest only payments at variable rates equal to RFR plus a margin based on our credit rating, ranging between 0.800% and 1.600% per annum.

Based on our current credit rating, the applicable margin was 0.950% as of September 30, 2025.

(e) The 2028 Unsecured Term Loan contains two twelve-month extension options subject to certain conditions, including the payment of an extension fee equal to 0.125% of the aggregate principal amount of the loans outstanding under the 2028 term loan facility.

(f) The 2029 Unsecured Term Loan contains two twelve-month extension options subject to certain conditions, including the payment of an extension fee equal to 0.10% of the aggregate principal amount of the loans outstanding under the 2029 term loan facility.

Debt Covenants

We are subject to various covenants and financial reporting requirements pursuant to our debt facilities, which are summarized below.

As of September 30, 2025, we believe we were in compliance with all of our covenants on all outstanding borrowings.

As of March 31, 2026, we believe we were in compliance with all of our covenants on all outstanding borrowings.

In the event of default, either through default on payments or breach of covenants, we may be restricted from paying dividends to our stockholders in excess of dividends required to maintain our REIT qualification.

1 unchanged sentence

Contractual Obligations

The following table provides information with respect to our contractual commitments and obligations as of September 30, 2025 (in thousands).

Refer to the discussion in the Liquidity and Capital Resources section above for further discussion of our short and long-term obligations.

The following table provides information with respect to our contractual commitments and obligations as of March 31, 2026 (in thousands).

Refer to the discussion in the Liquidity and Capital Resources section above for further discussion over our short and long-term obligations.

Maturity Revolving Credit

Mortgages Term Loans Senior Notes Interest

Dividends (d)

Commitments to Fund Investments (e)

Lessee Obligations (f)

2025 $ — $ 488 $ — $ — $ 24,845 $ 58,665 $ 248,368 $ 380 $ 332,746

Dividends (e)

Commitments to Fund Investments (f)

Lessee Obligations (g)

2026 $ — $ 16,342 $ — $ — $ 82,033 $ 59,884 $ 171,881 $ 1,143 $ 331,283

2 unchanged sentences

225,000 69,682 — — 1,352 834,311

2029 397,640 — 300,000 (c)

— 42,275 — — 1,412 741,327

2030 — — — 100,000 30,142 — — 1,447 131,589

Thereafter — — — 725,000 39,705 — — 32,693 797,398

2 unchanged sentences

(b) Our 2028 Unsecured Term Loan contains two twelve-month extension options subject to certain conditions, including the payment of an extension fee equal to 0.125% of the aggregate principal amount of the loans outstanding under the 2028 term loan facility.

(c) Interest expense is projected based on the outstanding borrowings and interest rates in effect as of September 30, 2025.

(c) Our 2029 Unsecured Term Loan contains two twelve-month extension options subject to certain conditions, including the payment of an extension fee equal to 0.10% of the aggregate principal amount of the loans outstanding under the 2029 term loan facility.

(d) Interest expense is projected based on the outstanding borrowings and interest rates in effect as of March 31, 2026.

This amount includes the impact of interest rate swap agreements.

(d) Amounts include dividends declared as of September 30, 2025 of $0.29 per common share and OP Unit.

(e) Amounts include dividends declared as of March 31, 2026 of $0.2925 per common share and OP Unit.

Future undeclared dividends have been excluded.

(e) Amounts include acquisitions under control, defined as under contract or executed letter of intent, and commitments to fund revenue generating capital expenditures, and both current in-process developments and under control development opportunities.

(f) Represents our contractual lease obligations as a lessee, primarily including our corporate headquarters and ground leases at our rental properties or properties under development.

(f) Amounts include acquisitions under control, defined as acquisitions under contract or executed letter of intent, commitments to fund revenue generating capital expenditures, and both current in-process developments and under control development opportunities.

(g) Represents our contractual lease obligations as a lessee, primarily including our corporate headquarters and ground leases at our rental properties or properties under development.

Our tenants are responsible for paying the rent under these ground leases at our stabilized assets.

In the event our tenant fails to pay the ground lease rent, we are primarily responsible.

At September 30, 2025 investment in rental property with a net book value of $81.4 million was pledged as collateral against our mortgages.

At March 31, 2026 investment in rental property with a net book value of $80.5 million was pledged as collateral against the Company's mortgages.

In the normal course of business, we enter into various types of commitments to purchase real estate properties.

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We attempt to manage the interest rate risk on variable rate borrowings by entering into interest rate swaps.

As of September 30, 2025, we had 26 effective and two forward-starting interest rate swaps with an aggregate notional amount of $966.8 million.

As of March 31, 2026, we had 23 effective interest rate swaps with an aggregate notional amount of $816.6 million.

Under the effective swap agreements, we receive monthly payments from the counterparties equal to the related variable interest rates multiplied by the outstanding notional amounts.

1 unchanged sentence

The intended net impact of these transactions is that we pay a fixed interest rate on our variable-rate borrowings.

The forward-starting swap arrangements are effective during December 2025 and mature in 2030.

The interest rate swaps have been designated by us as cash flow hedges for accounting purposes and are reported at fair value.

6 unchanged sentences

Our Canadian investments are recorded at their historical exchange rates, and therefore are not impacted by changes in the value of the Canadian dollar.

Cash and cash equivalents and restricted cash totaled $83.3 million and $11.2 million at September 30, 2025 and September 30, 2024, respectively.

The table below shows information concerning cash flows for the nine months ended September 30, 2025 and 2024:

For the Nine Months Ended

September 30,

Cash and cash equivalents and restricted cash totaled $21.7 million and $11.0 million at March 31, 2026 and March 31, 2025, respectively.

The table below shows information concerning cash flows for the three months ended March 31, 2026 and 2025:

For the Three Months Ended

(In thousands) 2026 2025

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Net cash used in investing activities (162,411) (85,335)

Net cash provided by (used in) financing activities 243,045 (134,715)

Net increase (decrease) in cash and cash equivalents and restricted cash $ 67,327 $ (9,414)

Net cash provided by financing activities 74,356 8,916

Net decrease in cash and cash equivalents and restricted cash $ (11,963) $ (4,960)

The increase in net cash provided by operating activities was primarily due to increased contractual rents related to rent escalations and growth in our real estate portfolio.

The increase in cash used in investing activities was primarily due to a decrease in disposition volume and proceeds and an increase in build-to-suit development investment, partially offset by a decrease in acquisition investment activity during the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024.

The increase in net cash provided by financing activities during the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024, mainly reflects an increase in net proceeds from unsecured term loans and senior unsecured notes.

The increase in net cash used in investing activities was primarily due to an increase in build-to-suit development and transitional capital investment during the three months ended March 31, 2026 compared to the three months ended March 31, 2025.

The increase in net cash provided by financing activities during the three months ended March 31, 2026 as compared to the three months ended March 31, 2025, mainly reflects an increase in net proceeds from the Revolving Credit Facility.

Non-GAAP Measures

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FFO is used by management, investors, and analysts to facilitate meaningful comparisons of operating performance between periods and among our peers, primarily because it excludes the effect of real estate depreciation and amortization and net gains (losses) on sales, which are based on historical costs and implicitly assume that the value of real estate diminishes predictably over time, rather than fluctuating based on existing market conditions.

We include a proportionate share of adjustments related to our joint venture noncontrolling interests.

We compute Core Funds From Operations (“Core FFO”) by adjusting FFO, as defined by Nareit, to exclude certain GAAP income and expense amounts that we believe are infrequently recurring, unusual in nature, or not related to its core real estate operations, including write-offs or recoveries of accrued rental income, lease termination fees and other non-core income from real estate transactions, cost of debt extinguishment, unrealized and realized gains or losses on foreign currency transactions, severance and employee transition costs, and other extraordinary items.

Exclusion of these items from similar FFO-type metrics is common within the equity REIT industry, and management believes that presentation of Core FFO provides investors with a metric to assist in their evaluation of our operating performance across multiple periods and in comparison to the operating performance of our peers, because it removes the effect of unusual items that are not expected to impact our operating performance on an ongoing basis.

We compute Adjusted Funds From Operations (“AFFO”), by adjusting Core FFO for certain revenues and expenses that are non-cash or unique in nature, including straight-line rents, amortization of lease intangibles, adjustment to provision for credit losses, amortization of debt issuance costs, non-capitalized transaction costs such as acquisition costs related to deals that failed to transact, loss on interest rate swaps and other non-cash interest expense, deferred taxes, stock-based compensation, and other specified non-cash items.

We compute Adjusted Funds From Operations (“AFFO”), by adjusting Core FFO for certain revenues and expenses that are non-cash or unique in nature, including straight-line rents, amortization of lease intangibles, adjustment to provision for credit losses, amortization of debt issuance costs, adjustment to provision for credit losses, amortization of net mortgage premiums, non-capitalized transaction costs such as acquisition costs related to deals that failed to transact, loss on interest rate swaps and other non-cash interest expense, deferred taxes, stock-based compensation, and other specified non-cash items.

We believe that excluding such items assists management and investors in distinguishing whether changes in our operations are due to growth or decline of operations at our properties or from other factors.

We use AFFO as a measure of our performance when we formulate corporate goals, and is a factor in determining management compensation.

We use AFFO as a measure of our performance when we formulate corporate goals and as a factor in determining management compensation.

We believe that AFFO is a useful supplemental measure for investors to consider because it will help them to better assess our operating performance without the distortions created by non-cash revenues or expenses.

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The following table reconciles net income (which is the most comparable GAAP measure) to FFO, Core FFO, and AFFO:

For the Three Months Ended For the Nine Months Ended

(in thousands, except per share data) September 30,

2025 June 30,

2025 September 30,

For the Three Months Ended

(in thousands, except per share data) March 31,

2026 December 31, 2025 March 31,

Net income $ 46,392 $ 35,028 $ 17,493

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Provision for impairment on investment in rental properties — 4,667 16,128

FFO adjustments allocable to joint venture noncontrolling interests $ (16) $ — $ —

FFO $ 80,697 $ 73,010 $ 72,627

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Other non-core income from real estate transactions — (211) (63)

(27) (46) (137) (887)

Cost of debt extinguishment — — 165

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Stock-based compensation 2,566 2,492 2,147

Deferred taxes — 75 —

AFFO $ 76,850 $ 75,846 $ 71,812

(a) Amount includes $1.3 million and $(3.4) million of unrealized foreign exchange gain (loss) for the three months ended September 30, 2025 and June 30, 2025, respectively, and $(2.4) million and $1.5 million of unrealized foreign exchange (loss) gain for the nine months ended September 30, 2025 and September 30, 2024, respectively, primarily associated with our Canadian dollar denominated revolving borrowings.

(a) Amount includes $1.4 million, $(1.3) million, and $(0.3) million of unrealized foreign exchange gain (loss) for the three months ended March 31, 2026, December 31, 2025, and March 31, 2025, respectively, primarily associated with our Canadian dollar denominated revolving borrowings, and a $2.5 million write-off of a non-real estate note receivable during three months ended December 31, 2025.

EBITDA, EBITDAre, Adjusted EBITDAre, Pro Forma Adjusted EBITDAre, Annualized EBITDAre, Annualized Adjusted EBITDAre, and Pro Forma Annualized Adjusted EBITDAre

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For the Three Months Ended

(in thousands) September 30,

2025 June 30,

2025 September 30,

(in thousands) March 31,

2026 December 31, 2025 March 31,

Net income $ 46,392 $ 35,028 $ 17,493

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Adjustment to exclude non-recurring and other expenses (c)

(177) (332) (201)

Adjustment to exclude net write-offs of accrued rental income — 1,103 2,228

Adjustment to exclude realized / unrealized foreign exchange (gain) loss (1,446) 1,282 322

Adjustment to exclude cost of debt extinguishment — — 166

Adjustment to exclude other income from real estate transactions (33) (392) (63)

(43) (46) (887)

Adjusted EBITDAre $ 107,356 $ 104,578 $ 96,682

Estimated revenues from developments (d)

Estimated revenues from developments (c)

3,237 2,867 631

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Pro Forma Annualized Adjusted EBITDAre $ 442,371 $ 429,780 $ 389,252

(a) Reflects an adjustment to give effect to all investments during the quarter, including developments that have reached rent commencement, as if they had been made as of the beginning of the quarter.

(a) Reflects an adjustment to give effect to all investments during the quarter as if they had been made as of the beginning of the quarter.

(b) Reflects an adjustment to give effect to all dispositions during the quarter as if they had been sold as of the beginning of the quarter.

(c) Amount includes less than $0.2 million of accelerated lease intangible amortization for the three months ended September 30, 2025.

Amount includes less than $0.4 million of accelerated lease intangible amortization for the three months ended June 30, 2025.

Amount includes $0.2 million of forfeited stock-based compensation expense for the three months ended September 30, 2024.

(c) Amount includes a $2.5 million write-off of a non-real estate note receivable for the three months ended December 31, 2025.

Amount includes less than $0.1 million of accelerated lease intangible amortization for the three months ended March 31, 2025.

(d) Represents estimated contractual revenues based on in-process development spend to-date.

Net Debt, Pro Forma Net Debt, Net Debt to Annualized EBITDAre, Net Debt to Annualized Adjusted EBITDAre, and Pro Forma Net Debt to Annualized Adjusted EBITDAre

We define Net Debt as gross debt (total reported debt plus debt issuance costs) less cash and cash equivalents and restricted cash.

We define Net Debt as gross debt (total reported debt plus debt issuance costs and original issuance discount) less cash and cash equivalents and restricted cash.

Our Pro Forma Net Debt is defined as Net Debt adjusted for estimated net proceeds from unsettled forward sale agreements as if they have been settled for cash as of the period presented.

We believe that the presentation of Net Debt to Annualized EBITDAre and Net Debt to Annualized Adjusted EBITDAre is useful to investors and analysts because these ratios provide information about gross debt less cash and cash equivalents, which could be used to repay debt, compared to our performance as measured using EBITDAre, and is used in communications with lenders and rating agencies regarding our credit rating.

The following table reconciles total debt (which is the most comparable GAAP measure) to Net Debt, Pro

Forma Net Debt, and presents the ratios of Net Debt to Annualized EBITDAre, Net Debt to Annualized Adjusted EBITDAre, and Pro Forma Net Debt to Annualized Adjusted EBITDAre, respectively:

(in thousands) September 30,

2025 June 30,

2025 September 30,

Revolving Credit Facility

$ 95,824 $ 197,880 $ 125,482

The following table reconciles total debt (which is the most comparable

GAAP measure) to Net Debt, Pro Forma Net Debt, and presents the ratios of Net Debt to Annualized EBITDAre, Net Debt to Annualized Adjusted EBITDAre, and Pro Forma Net Debt to Annualized Adjusted EBITDAre, respectively:

(in thousands) March 31,

2026 December 31, 2025 March 31,

Unsecured revolving credit facility $ 397,640 $ 266,036 $ 174,122

Unsecured term loans, net 994,820 994,219 893,505

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A summary of our significant accounting policies and procedures are included in Note 2, “Summary of Significant Accounting Policies,” in the Notes to the Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q.

We believe there have been no significant changes during the three months ended September 30, 2025 to the items that we disclosed as our critical accounting policies and estimates in our 2024 Annual Report on Form 10-K.

We believe there have been no significant changes during the three months ended March 31, 2026 to the items that we disclosed as our critical accounting policies and estimates in our 2025 Annual Report on Form 10-K.

Impact of Recent Accounting Pronouncements

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 2. Management’s Discussion and Analysis