3 unchanged sentences
On February 13, 2026, there were 8,417 registered holders of record of our common shares, which does not include beneficial or non-registered holders that hold their shares through various brokerage firms.
−Removed: This figure does not represent the actual number of beneficial owners of our common shares because our common shares are frequently held in “street name” by securities dealers and others for the benefit of beneficial owners who may vote the shares.
+Added: This figure does not represent the actual number of beneficial owners since our common shares are often held in “street name” by securities dealers and others for the benefit of beneficial owners who may vote the shares.
Distributions, if any, will be declared and paid at the discretion of our Board of Trustees and will depend upon a number of factors, including the amount of cash generated by operating activities, our financial condition, capital requirements, the annual distribution requirements under the REIT provisions of the Code, and such other factors as our Board of Trustees deem relevant.
3 unchanged sentences
These distributions, to the extent they do not exceed the shareholder’s adjusted tax basis in its common shares, have the effect of deferring taxation until the sale of a shareholder’s common shares.
−Removed: To the extent that distributions are both in excess of taxable earnings and profits and the shareholder’s adjusted tax basis in its common shares, the distribution will be treated as gain from the sale of common shares.
+Added: To the extent that distributions are both in excess of taxable earnings and profits and the shareholder’s adjusted tax basis in its common shares, the distribution will be treated as a gain from the sale of common shares.
In order to maintain our qualification as a REIT, we must make annual distributions to shareholders of at least 90% of our “REIT taxable income” (determined before the deduction for dividends paid and excluding net capital gains), and we must make distributions to shareholders equal to 100% of our net taxable income to eliminate U.S.
federal income tax liability.
−Removed: Under certain circumstances, we could be required to make distributions in excess of cash available for distributions in order to meet such requirements.
+Added: Under certain circumstances, we could be required to make distributions in excess of cash available for distributions to meet such requirements.
For the taxable year ended December 31, 2025, approximately 83.2% of our distributions to shareholders constituted taxable ordinary income dividends, and approximately 16.8% constituted taxable capital gains dividends.
7 unchanged sentences
These shares are repurchased by the Company.
−Removed: There were no shares of common stock surrendered or repurchased during the three months ended December 31, 2024.
−Removed: As of December 31, 2024, $300.0 million remains available for repurchases under the Company’s authorized Share Repurchase Program, which was announced in February 2021.
−Removed: In April 2022, the Company’s Board of Trustees increased the size of the program from $150.0 million to $300.0 million, and in January 2025, extended the program for an additional year.
+Added: The following table summarizes the common share repurchases made during the three months ended December 31, 2025 and amounts outstanding under our Share Repurchase Program:
+Added: Period Total Number
+Added: Purchased Average Price
+Added: Paid per Share Total Number of
+Added: Shares Purchased
+Added: as Part of Publicly
+Added: Announced Plans
+Added: or Programs Approximate
+Added: Dollar Value that May Yet Be
+Added: Purchased Under the
+Added: Plans or Programs (1)
+Added: October 1, 2025 to October 31, 2025 321,862 $ 22.25 321,862 $ 222,901,000
+Added: November 1, 2025 to November 30, 2025 2,593,394 (2) $ 22.39 2,586,992 $ 164,990,000
+Added: December 1, 2025 to December 31, 2025 4,818,652 $ 23.39 4,818,652 $ 52,301,000
+Added: Total 7,733,908 $ 23.00 7,727,506
+Added: (1) Represents amounts outstanding under the Company’s authorized Share Repurchase Program, which was announced in February 2021.
+Added: In April 2022, the Company’s Board of Trustees increased the size of the program from $150.0 million to $300.0 million and, in
+Added: November 2025, extended the program for an additional year.
The program may be suspended or terminated at any time by the Company and will terminate on February 28, 2027, if not terminated or extended prior to that date.
+Added: In February 2026, our Board of Trustees authorized a $300.0 million increase to the size of the Share Repurchase Program, authorizing share repurchases up to a maximum of $600.0 million of our common shares.
+Added: (2) Includes 6,402 common shares owned by employees that were surrendered to satisfy their statutory minimum U.S.
+Added: federal and state tax obligations associated with the vesting of restricted common shares of beneficial interest issued under the Company’s 2013 Equity Incentive Plan, as amended and restated as of May 11, 2022.
Issuances Under Equity Compensation Plans
11 unchanged sentences
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.