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If any of the risks actually occur, our business, financial condition, and/or results of operations could be negatively affected.
−Removed: There have been no material changes in our risk factors from those previously disclosed in our Annual Report.
+Added: There have been no material changes to the risk factors disclosed in Part I, Item 1A.
+Added: “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2025, except as set forth below.
+Added: Geopolitical instability may drive interest rate and inflation volatility, increasing our cost of capital and adversely impacting tenant performance and rent growth
+Added: Geopolitical events, including recent conflicts in the Middle East, have contributed to increased volatility in U.S.
+Added: Treasury yields, including higher 10-year Treasury yields, which serve as a benchmark for our cost of capital and a key input in equity valuation for REITs.
+Added: Sustained increases in interest rates could adversely affect our stock price, increase our borrowing costs, and reduce the attractiveness of real estate investments relative to other asset classes.
+Added: In addition, such geopolitical events may contribute to higher inflation, including through increases in energy prices, supply chain disruptions, and higher input costs.
+Added: Elevated inflation may adversely affect our tenants' operating costs and profitability, as well as discretionary consumer spending at their properties, thereby reducing tenant cash flows.
+Added: This, in turn, may reduce rent coverage ratios and limit rent growth under escalation provisions or percentage rent components in certain of our leases, and could impair our tenants’ ability to satisfy their obligations to us.
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
−Removed: The Company did not repurchase any shares of common stock or sell any unregistered securities during the three months ended September 30, 2025.
+Added: The Company did not repurchase any shares of common stock or sell any unregistered securities during the three months ended March 31, 2026.
DEFAULTS UPON SENIOR SECURITIES
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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.