What changed in this filing

/stocks — the workspaceLOADING

Item 2. Management’s Discussion and Analysis

2026-07-29 compared with 2026-04-30 · 178 added, 145 removed, 622 unchanged (34% of the section changed)

29 unchanged sentences

• “annualized base rent” or “ABR” means the annualized contractual cash rent due for the last month of the reporting period, excluding the impacts of short-term rent deferrals, abatements, or free rent, and adjusted to remove rent from properties sold during the month and to include a full month of contractual cash rent for investments made during the month;

• “investments” or amounts “invested” include real estate investments in new property acquisitions, revenue generating capital expenditures, whereby we agree to fund certain expenditures in exchange for increased rents that often include rent escalations and terms consistent with that of the underlying lease, build-to-suit developments, and transitional capital, which represent shorter term investments and currently includes preferred equity investments, and exclude capitalized costs;

• “investments” or amounts “invested” include real estate investments in new property acquisitions, revenue generating capital expenditures, whereby we agree to fund certain expenditures in exchange for increased rents that often include rent escalations and terms consistent with that of the underlying lease, build-to-suit and redevelopment projects, and transitional capital, which represent shorter term investments and currently includes preferred equity investments, and exclude capitalized costs;

• “cash capitalization rate” represents either (1) for acquisitions and new build-to-suit developments, our pro-rata share of the estimated first year cash yield to be generated on a real estate investment, which was estimated at the time of investment based on the contractually specified cash base rent for the first full year after the date of the investment, divided by the purchase price for the property excluding capitalized acquisition costs, or (2) for dispositions, the property’s ABR in effect immediately prior to the disposition, divided by the disposition price, or (3) for transitional capital, the contractual cash yield to be generated on total invested capital;

7 unchanged sentences

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

As of June 30, 2026, our portfolio includes 766 properties, with 759 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 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 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) development activity, including build-to-suit projects and redevelopment of existing assets, 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.

1 unchanged sentence

- Diversified Investment Strategy .

We invest in real estate through property acquisitions, revenue generating capital expenditures, build-to-suit developments, and transitional capital.

We invest in real estate through property acquisitions, revenue generating capital expenditures, development projects, and transitional capital.

Our investments in these alternatives fluctuate from time to time depending on macroeconomic conditions and business or market trends.

4 unchanged sentences

- Diversified Portfolio .

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):

As of June 30, 2026, our portfolio was comprised of approximately 41.7 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):

• Property Type:

7 unchanged sentences

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

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.

As of June 30, 2026, our portfolio was approximately 100.0% leased, based on square footage, with an ABR weighted average remaining lease term of approximately 9.3 years, excluding renewal options.

- Standard Contractual Base Rent Escalation .

10 unchanged sentences

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.

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

Diversified Investment Activity

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

For the Three Months Ended

March 31, 2026

During the three and six months ended June 30, 2026, our investment activity consisted of the following:

For the Three Months Ended For the Six Months Ended

June 30, 2026 March 31, 2026 June 30, 2026

Acquisitions:

1 unchanged sentence

Initial cash capitalization rate — 9.0 % (b)

Straight-line yield 9.4 %

Straight-line yield — 9.4 % (b)

Weighted average lease term (years) — 4.0 (b)

Weighted average annual rent increase — 0.8 % (b)

Build-to-suit developments:

Investments $ 99,447

Development projects:

Total Investments $ 77,624 $ 99,447 $ 177,071

Build-to-suits $ 77,325 $ 99,447 $ 176,772

Redevelopments $ 299 $ — $ 299

Revenue generating capital expenditures:

7 unchanged sentences

Total initial cash capitalization rate (a)

11.3 % 9.0 % 9.0 %

Total weighted average lease term (years) (a)

Total weighted average annual rent increase (a)

(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.

2.2 % 0.8 % 0.8 %

(a) Transitional capital, which represents a contractual yield on invested capital, and development projects, 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.

1 unchanged sentence

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 March 31, 2026:

Development Projects

The following tables summarize the Company’s in-process build-to-suit (“BTS”) and redevelopment projects as of June 30, 2026:

Build-to-suit developments

Property Projected Rentable Square Feet Start Date (a)

1 unchanged sentence

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

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

Cumulative Investment Estimated Remaining Investment Estimated Cash Capitalization Rate

Estimated Straight-line Yield

In-process retail:

In-process retail BTS:

Sprouts (Bedford, TX) 22 Jul.

8 unchanged sentences

2026 15.0 0.5 % 12,975 4,622 8,353 7.3 % 7.5 %

In-process industrial:

Southwire (Bremen, GA) 1,178 Dec.

(Las Vegas, NV) 60 Jun.

2027 15.0 3.0 % 39,794 19,191 20,603 6.7 % 8.3 %

Fiat Chrysler Automobile (Forsyth, GA) 422 Apr.

In-process industrial BTS:

Southwire (Bremen, GA) 1,178 Dec.

2026 10.0 2.8 % 115,411 83,514 31,897 7.8 % 8.8 %

3 unchanged sentences

2026 12.3 3.5 % 32,063 27,404 4,659 7.6 % 9.2 %

Amazon.com Services, LLC (Sarasota, FL)

Amazon.com Services, LLC (Sarasota, FL) 230 Feb.

2027 15.0 2.3 % 46,790 19,594 27,196 7.5 % 8.8 %

(Austin, TX) 130 Apr.

2027 12.0 3.0 % 30,983 7,902 23,081 6.7 % 7.9 %

Stabilized industrial:

2,238 12.6 2.5 % 342,438 201,212 141,226 7.4 % 8.5 %

Stabilized industrial BTS:

Sierra Nevada (Dayton, OH) 122 Oct.

2 unchanged sentences

2026 15.0 3.0 % 52,203 52,203 — 7.6 % 9.4 %

Stabilized retail:

Fiat Chrysler Automobile (Forsyth, GA) 422 Apr.

2026 15.0 3.0 % 73,738 51,148 22,590 6.6 % 8.2 %

Stabilized retail BTS:

7Brew (Jacksonville, FL) 1 Jun.

1 unchanged sentence

Total / weighted average 2,905 13.4 2.7 % $ 524,009 $ 360,193 $ 163,816 7.3 % 8.6 %

Redevelopment projects

Property Projected Rentable Square Feet Start Date (a)

Target Stabilization Date (b)

Lease Term (Years) (f)

Annual Rent Escalations (f)

Estimated Total Project Investment (c)

Cumulative Investment QTD Q2 2026 Investment Estimated Remaining Investment Original Property ABR (g)

Estimated Stabilized ABR (h)

In-process industrial redevelopment:

1501 Mittel (Chicago, IL MSA) 156 Apr.

2027 — — — $ 17,906 $ 3,105 $ 299 $ 14,801 $ 1,409 $ 2,733

(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.

For redevelopments, this date also represents the date of the expiring leases from our Original Property ABR.

(b) Represents our current estimate of the period in which we will have substantially completed a project and we expect to begin collecting rents.

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

2 unchanged sentences

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

(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.

Redevelopment projects include remaining GAAP basis of the property from the initial purchase, which includes impacts of depreciation, accelerated depreciation, or impairments.

(d) C alculated 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.

(f) Redevelopment projects without executed leases are excluded from these metrics;

we expect to include once a tenant is secured and a lease is in place.

(g) Represents total ABR at the time of our expiring leases for our redevelopment projects.

(h) Represents estimated ABR expected at the completion of our redevelopment projects based on current expected market rates or executed leases.

Our Real Estate Investment Portfolio

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

The following charts summarize our portfolio diversification by property type, tenant, brand, industry, and geographic location as of June 30, 2026.

These portfolio statistics exclude transitional capital investments.

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

The percentages below are calculated based on our ABR of $439.8 million as of June 30, 2026.

Diversification by Property Type

8 unchanged sentences

Cold Storage 4 12,441 2.8 % 874 2.1 %

In-Process Development 5 — — — —

Untenanted 1 — — 74 0.2 %

In-Process Developments 6 — — — —

Industrial Total 208 278,121 63.2 % 34,018 81.6 %

7 unchanged sentences

Education 4 3,003 0.7 % 119 0.3 %

In-Process Development 4 — — — —

In-Process Developments 5 — — — —

Untenanted 1 — — 10 —

13 unchanged sentences

Distribution & Warehouse 1 14,746 3.4 % 1,016 2.4 %

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

Sierra Nevada Company, LLC Manufacturing 3 9,029 2.1 % 280 0.7 %

1 unchanged sentence

Distribution & Warehouse 11 8,146 1.9 % 1,599 3.8 %

AHF, LLC* Distribution & Warehouse/Manufacturing 7 8,092 1.8 % 1,982 4.8 %

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

2 unchanged sentences

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

Salm Partners, LLC* Food Processing 2 6,386 1.4 % 426 1.0 %

Total Top 10 Tenants 187 91,512 20.8 % 9,010 21.6 %

FCA US, LLC Distribution & Warehouse 2 6,381 1.4 % 538 1.3 %

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 6,354 1.4 % 577 1.4 %

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

BluePearl Holdings, LLC** Animal Services 13 6,065 1.4 % 159 0.4 %

8 unchanged sentences

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 $ 151,111 34.4 % 12,706 30.5 %

16 unchanged sentences

General Merchandise Stores 110 11,678 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 %

Healthcare Services 17 11,021 2.5 % 568 1.4 %

Specialized Consumer Services 38 10,737 2.4 % 684 1.6 %

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

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

Industrial Machinery 18 9,457 2.2 % 1,823 4.4 %

Other (41 industries)

18 unchanged sentences

OH 49 25,123 5.7 % 1,833 4.4 % NE 6 3,448 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 %

CA 16 22,929 5.2 % 2,215 5.3 % NJ 2 3,404 0.8 % 266 0.6 %

WI 25 22,337 5.1 % 2,223 5.3 % IA 4 2,976 0.7 % 622 1.5 %

IL 29 22,217 5.1 % 2,291 5.5 % NM 9 2,830 0.6 % 107 0.3 %

MN 21 20,540 4.7 % 3,051 7.3 % UT 3 2,810 0.6 % 280 0.6 %

GA 35 17,071 3.9 % 1,997 4.8 % WA 13 2,714 0.6 % 69 0.2 %

PA 32 16,056 3.7 % 2,172 5.2 % CO 4 2,633 0.6 % 126 0.3 %

IN 27 14,838 3.4 % 1,687 4.0 % MD 3 2,215 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 %

TN 47 13,522 3.1 % 783 1.9 % CT 2 2,000 0.5 % 55 0.1 %

AL 53 13,191 3.0 % 950 2.3 % MT 7 1,749 0.4 % 43 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 %

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 %

KY 22 9,237 2.0 % 923 2.2 % ND 2 1,073 0.2 % 24 0.1 %

WV 18 9,182 2.0 % 1,233 3.0 % VT 2 445 0.1 % 24 0.1 %

MO 19 9,178 2.0 % 1,260 3.0 % WY 1 338 0.1 % 21 0.1 %

AZ 7 9,080 2.0 % 747 1.8 % NV 2 282 0.1 % 6 —

NC 25 8,980 2.0 % 830 2.0 % OR 1 136 — 9 —

OK 24 8,673 2.0 % 1,001 2.4 % Total U.S.

2 unchanged sentences

NY 28 7,410 1.7 % 562 1.4 % ON 3 2,047 0.5 % 101 0.2 %

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

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

VA 15 5,118 1.2 % 178 0.5 % AB 1 963 0.2 % 51 0.1 %

KS 7 4,936 1.1 % 630 1.5 % MB 1 344 0.1 % 25 0.1 %

SD 2 4,647 1.1 % 340 0.8 % Total Canada 7 $ 7,969 1.8 % 430 1.0 %

Grand Total 766 $ 439,767 100.0 % 41,681 100.0 %

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

The following chart sets forth our lease expirations based upon the terms of the leases in place as of June 30, 2026.

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

28 unchanged sentences

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

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.

As of June 30, 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 March 31, 2026 is displayed below:

Additional information on lease escalation frequency and weighted average annual escalation rates as of June 30, 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 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 of June 30, 2026, leases contributing 4.4% 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 March 31, 2026, are displayed in the following chart:

The escalation provisions of our leases (by percentage of ABR) as of June 30, 2026, are displayed in the following chart:

Transitional Capital

1 unchanged sentence

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

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

The following table presents our transitional capital investments at June 30, 2026:

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

5 unchanged sentences

119,368 7.8 % — 2.3

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

(a) Each of the Company’s transitional capital investments at June 30, 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.

The remaining commitment at June 30, 2026 is $2.6 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) Underlying property metrics at March 31, 2026:

(d) Underlying property metrics at June 30, 2026:

28 retail spaces, 0.3 million rentable square feet, 6.9 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 99.2% rent collection (on a quarterly basis).

3 unchanged sentences

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

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

Three Months Ended June 30, 2026 Compared to Three Months Ended March 31, 2026

Lease revenues, net

(in thousands) For the Three Months Ended

2026 December 31,

2026 March 31,

2026 Increase/(Decrease)

2 unchanged sentences

5,802 5,848 (46) (0.8)%

Net write-offs of accrued rental income — (1,103) 1,103 100.0 %

Variable rental amounts earned 816 757 59 7.8 %

6 unchanged sentences

Total lease revenues, net $ 122,309 $ 121,401 $ 908 0.7 %

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.

The increase in Lease revenues, net, during the three months ended June 30, 2026, was primarily attributable to receiving a full quarter of rents related to $61.2 million of real property acquisitions at a weighted average cash capitalization rate of 9.0% and the stabilization of two build-to-suit projects, including a $78.2 million build-to-suit development at a cash capitalization rate of 6.6%, and a $52.2 million build-to-suit development at a cash capitalization rate of 7.6% during the three months ended June 30, 2026.

These increases in rent were partially offset by dispositions during prior periods and during the three months ended June 30, 2026.

Operating expenses

For the Three Months Ended

2026 December 31,

2026 March 31,

2026 Increase/(Decrease)

6 unchanged sentences

Total operating expenses $ 70,362 $ 58,055 $ 12,307 21.2 %

Depreciation and amortization

The increase in depreciation and amortization for the three months ended June 30, 2026 was primarily attributable to $6.2 million of accelerated depreciation recognized in connection with the demolition of a property being redeveloped, and growth in our real estate portfolio, including a full quarter of depreciation related to a build-to-suit project that stabilized, and a property acquired, during the first quarter of 2026, as well as two additional build-to-suit projects that stabilized during the three months ended June 30, 2026.

General and administrative

The increase in general and administrative expenses for the three months ended June 30, 2026 was primarily due to $1.6 million of transaction costs, including a deposit on land, related to a build-to-suit opportunity we decided not to pursue.

Provision for impairment of investment in rental properties

1 unchanged sentence

For the Three Months Ended

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

2026 December 31, 2025

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

2026 March 31,

Number of properties 6 —

2 unchanged sentences

Impairment charge $ 3,546 $ —

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

During the three months ended June 30, 2026, we recognized $3.5 million of impairment resulting primarily from changes in our long-term hold strategy with respect to the individual properties.

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

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)

2026 December 31,

2026 March 31,

Other income (expenses)

6 unchanged sentences

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 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.

During the three months ended June 30, 2026, we recognized a gain of $13.0 million on the sale of three properties, compared to a gain of $7.1 million on the sale of one property during the three months ended March 31, 2026.

Net income and Net earnings per diluted share

For the Three Months Ended Increase/(Decrease)

2026 December 31,

2026 March 31,

(in thousands, except per share data) $ %

1 unchanged sentence

Net earnings per diluted share 0.21 0.24 (0.03) (12.5)%

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.

The decrease in net income is primarily attributable to a $7.6 million increase in depreciation and amortization expense, a $3.5 million increase in provision for impairment of investment in rental properties, and a $1.5 million increase in general and administrative expenses.

This was partially offset by a $5.9 million increase 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.

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

Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025

Lease revenues, net

For the Three Months Ended Increase/(Decrease)

For the Six Months Ended Increase/(Decrease)

(in thousands) 2026 2025 $ %

12 unchanged sentences

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

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.

Subsequent to the second quarter of 2025, we had a total of $384.2 million of acquisitions and revenue generating capital expenditures at a cash capitalization rate of 7.4%, and $184.4 million of build-to-suit developments reached stabilization at a weighted average cash capitalization rate of 7.1%.

This stabilized investment activity was partially offset by disposition activity of $149.8 million at a weighted average cash capitalization rate of 6.5% on tenanted properties over the same period.

Additionally, there were no write-offs of accrued rental income during the six months ended June 30, 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.

Further, the increase in lease revenues, net was partially due to an increase in operating expenses billed to tenants, corresponding to the increase in reimbursable property and operating expenses over the same period.

Lastly, the increase in lease revenues, net was partially due to net recoveries of bad debt during the six months ended June 30, 2026 compared to bad debt expense during the six months ended June 30, 2025.

Operating expenses

For the Three Months Ended Increase/(Decrease)

For the Six Months Ended Increase/(Decrease)

(in thousands) 2026 2025 $ %

6 unchanged sentences

Depreciation and amortization

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.

The increase in depreciation and amortization for the six months ended June 30, 2026 was primarily attributable to $6.2 million of accelerated depreciation recognized in connection with the demolition of a property being redeveloped, and due to timing and amount of net investment activity in our real estate portfolio as discussed above.

Property and operating expense

The increase in property and operating expense for the six months ended June 30, 2026 was primarily related to an increase in reimbursable expenses that are billed to tenants.

General and administrative

The increase in general and administrative expenses for the six months ended June 30, 2026 was primarily due to $1.6 million of transaction costs, including a deposit on land related to a build-to-suit opportunity we decided not to pursue, and an increase in stock-based compensation expense.

Provision for impairment of investment in rental properties

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

For the Three Months Ended

For the Six Months Ended

(in thousands, except number of properties) 2026 2025

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Impairment charge $ 3,546 $ 28,068

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

During the six months ended June 30, 2026, we recognized $3.5 million of impairment resulting primarily from changes in our long-term hold strategy with respect to the individual properties.

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

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

Other income (expenses)

For the Three Months Ended

March 31, Increase/(Decrease)

For the Six Months Ended

June 30, Increase/(Decrease)

(in thousands) 2026 2025 $ %

6 unchanged sentences

Interest expense

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.

The increase in interest expense for the six months ended June 30, 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 six months ended June 30, 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 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 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.

During the six months ended June 30, 2026, we recognized a gain of $20.1 million on the sale of nine properties, compared to a gain of $1.0 million on the sale of 11 properties during the six months ended June 30, 2025.

Other income (expenses)

The increase in other income during the six months ended June 30, 2026 was primarily due to a $2.7 million foreign exchange gain recognized on the quarterly remeasurement of our $100.0 million Canadian Dollars (“CAD”) Revolving Credit Facility borrowings, compared to a $3.7 million foreign exchange loss recognized during the six months ended June 30, 2025.

Net income and Net earnings per diluted share

For the Three Months Ended Increase/(Decrease)

For the Six Months Ended Increase/(Decrease)

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

1 unchanged sentence

Net earnings per diluted share 0.45 0.19 0.26 > 100.0 %

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.

The increase in net income is primarily due to a decrease in impairment charges of $24.5 million, an increase in net lease revenues of $22.0 million, an increase in the gain on sale of real estate of $19.1 million, and an increase in other income of $6.7 million.

These are partially offset by an increase in interest expense of $9.9 million, an increase in depreciation and amortization of $8.6 million, an increase in general and administrative expenses of $3.0 million, and an increase in property and operating expenses of $1.5 million.

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We believe our leverage strategy has allowed us to take advantage of the lower cost of debt while simultaneously strengthening our balance sheet, as evidenced by our current investment grade credit ratings of ‘BBB’ from S&P and ‘Baa2’ from Moody’s.

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

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.

We seek to maintain on a sustained basis Pro Forma Net Debt to Annualized Adjusted EBITDAre ratio that is generally less than 6.0x.

As of June 30, 2026, we had total debt outstanding of $2.7 billion, Net Debt of $2.7 billion, Pro Forma Net Debt of $2.6 billion, and a Pro Forma Net Debt to Annualized Adjusted EBITDAre ratio of 5.9x.

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.

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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 fund 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 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 investment in additional properties, from our annual taxable income.

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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 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.

As detailed in the contractual obligations table below, we have approximately $235.2 million of expected obligations due throughout the remainder of 2026, consisting of $116.7 million of commitments to fund investments, $55.9 million of projected interest expense, $61.1 million of dividends declared, $0.8 million of mortgage payments, and $0.8 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.

At June 30, 2026, we had $542.1 million of available capacity under our Revolving Credit Facility.

Long-term Liquidity Requirements

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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.

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.

After considering the shares sold subject to forward sale agreements, we had $237.3 million of capacity remaining under the ATM Program as of June 30, 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:

Unsecured Indebtedness as of June 30, 2026

The following table sets forth our outstanding Revolving Credit Facility, unsecured term loans and senior unsecured notes at June 30, 2026:

(in thousands, except interest rates) Outstanding

3 unchanged sentences

Unsecured term loans:

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)

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

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

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

Total unsecured term loans 1,000,000

12 unchanged sentences

Total unsecured debt $ 2,634,351

(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%.

(a) At June 30, 2026, a balance of $377.0 million was subject to daily simple SOFR.

At June 30, 2026, the balance includes $100.0 million CAD borrowings remeasured to $70.4 million USD, and was subject to the daily simple Canadian Overnight Repo Rate Average ("CORRA") of 2.34%.

(b) At June 30, 2026, one-month SOFR was 3.65%.

(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.

3 unchanged sentences

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

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

As of June 30, 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 March 31, 2026 (in thousands).

The following table provides information with respect to our contractual commitments and obligations as of June 30, 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.

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(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.

(d) Interest expense is projected based on the outstanding borrowings and interest rates in effect as of June 30, 2026.

This amount includes the impact of interest rate swap agreements.

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

(e) Amounts include dividends declared as of June 30, 2026 of $0.2925 per common share and OP Unit.

Future undeclared dividends have been excluded.

3 unchanged sentences

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

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.

At June 30, 2026 investment in rental property with a net book value of $55.7 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.

5 unchanged sentences

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

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

As of June 30, 2026, we had 22 effective interest rate swaps with an aggregate notional amount of $800.4 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.

9 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 $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

Cash and cash equivalents and restricted cash totaled $12.9 million and $22.0 million at June 30, 2026 and June 30, 2025, respectively.

The table below shows information concerning cash flows for the six months ended June 30, 2026 and 2025:

For the Six Months Ended

(In thousands) 2026 2025

2 unchanged sentences

Net cash provided by financing activities 50,937 71,837

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 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.

Net (decrease) increase in cash and cash equivalents and restricted cash $ (20,725) $ 5,983

The decrease in net cash provided by operating activities was primarily due to an increase in cash paid for interest, this decrease was partially offset by an increase in contractual rents related to rent escalations and growth in our real estate portfolio during the six months ended June 30, 2026.

The decrease in net cash used in investing activities was primarily due to higher proceeds from dispositions of real estate, partially offset by increased investment in real estate during the six months ended June 30, 2026 compared to the six months ended June 30, 2025.

The decrease in net cash provided by financing activities during the six months ended June 30, 2026 as compared to the six months ended June 30, 2025, mainly reflects the absence of proceeds from the issuance of long-term unsecured term loans, a portion of which was used to repay outstanding debt during the prior-year period, partially offset by higher net borrowings under our unsecured revolving credit facility during the six months ended June 30, 2026.

Non-GAAP Measures

5 unchanged sentences

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.

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, non-capitalized demolition and other redevelopment costs, 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, 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 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, 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.

8 unchanged sentences

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

For the Three Months Ended

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

2026 December 31, 2025 March 31,

For the Three Months Ended For the Six Months Ended

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

2026 March 31,

2026 June 30,

Net income $ 40,255 $ 46,392 $ 86,647 $ 37,323

6 unchanged sentences

Other non-core income from real estate transactions (25) — (25) (109)

Non-capitalized demolition and other costs 24 — 24 —

Cost of debt extinguishment — — — 166

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Stock-based compensation 2,972 2,566 5,538 4,618

Deferred taxes — 75 —

AFFO $ 78,211 $ 76,850 $ 155,061 $ 146,120

(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.

(a) Amount includes $1.3 million and $1.4 million of unrealized foreign exchange gain for the three months ended June 30, 2026 and March 31, 2026, respectively, and $2.7 million and $(3.8) million of unrealized foreign exchange gain (loss) for the six months ended June 30, 2026 and June 30, 2025, respectively, primarily associated with our Canadian dollar denominated revolving borrowings.

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

24 unchanged sentences

For the Three Months Ended

(in thousands) March 31,

2026 December 31, 2025 March 31,

(in thousands) June 30,

2026 March 31,

2026 June 30,

Net income $ 40,255 $ 46,392 $ 19,830

16 unchanged sentences

Adjusted EBITDAre $ 104,980 $ 107,356 $ 98,242

Estimated revenues from developments (c)

Estimated revenues from developments (d)

3,766 3,237 1,629

5 unchanged sentences

(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 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.

(c) Amount includes non-capitalized demolition costs recognized in connection with demolition of a property being redeveloped for the three months ended June 30, 2026.

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

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

5 unchanged sentences

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,

(in thousands) June 30,

2026 March 31,

2026 June 30,

Unsecured revolving credit facility $ 447,376 $ 397,640 $ 197,880

23 unchanged sentences

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 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.

We believe there have been no significant changes during the three and six months ended June 30, 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

1 unchanged sentence

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