STAG Industrial, Inc. 10-Q

Item 1. Financial Statements STAG Industrial, Inc. Consolidated Balance Sheets (unaudited, in thousands, except share data) June 30, 2026 December 31, 2025 Assets Rental Property: Land $ 848,814 $ 811,569 Buildings and improvements, net of accumulated depreciation of $ 1,213,281 and $ 1,119,931 , respectively 5,818,778 5,593,471 Deferred leasing intangibles, net of accumulated amortization of $ 458,083 and $ 425,502 , respectively 401,767 394,967 Total rental property, net 7,069,359 6,800,007 Cash and cash equivalents 65,886 14,910 Restricted cash 670 85,973 Tenant accounts receivable 161,064 156,458 Prepaid expenses and other assets 115,064 104,484 Interest rate swaps 19,191 13,529 Operating lease right-of-use assets 31,596 32,708 Assets held for sale, net 14,165 — Total assets $ 7,476,995 $ 7,208,069 Liabilities and Equity Liabilities: Unsecured credit facility $ 449,000 $ 262,000 Unsecured term loans, net 1,021,854 1,021,341 Unsecured notes, net 1,967,768 1,966,994 Mortgage note, net 3,870 3,980 Accounts payable, accrued expenses and other liabilities 129,600 135,397 Interest rate swaps 2 1,310 Tenant prepaid rent and security deposits 59,754 59,225 Dividends and distributions payable 76,239 24,187 Deferred leasing intangibles, net of accumulated amortization of $ 34,309 and $ 34,098 , respectively 23,616 25,566 Operating lease liabilities 36,037 37,040 Total liabilities 3,767,740 3,537,040 Commitments and contingencies (Note 11) Equity: Preferred stock, par value $ 0.01 per share, 20,000,000 shares authorized at June 30, 2026 and December 31, 2025; none issued or outstanding — — Common stock, par value $ 0.01 per share, 300,000,000 shares authorized at June 30, 2026 and December 31, 2025, 192,803,274 and 191,005,261 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively 1,928 1,910 Additional paid-in capital 4,679,282 4,616,888 Cumulative dividends in excess of earnings ( 1,068,884 ) ( 1,034,954 ) Accumulated other comprehensive income 18,690 11,853 Total stockholders’ equity 3,631,016 3,595,697 Noncontrolling interest in operating partnership 74,249 71,342 Noncontrolling interest in joint ventures 3,990 3,990 Total equity 3,709,255 3,671,029 Total liabilities and equity $ 7,476,995 $ 7,208,069 The accompanying notes are an integral part of these consolidated financial statements. 3 Table of Contents STAG Industrial, Inc. Consolidated Statements of Operations (unaudited, in thousands, except per share data) Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 Revenue Rental income $ 223,528 $ 207,438 $ 447,376 $ 412,800 Other income 841 155 1,200 367 Total revenue 224,369 207,593 448,576 413,167 Expenses Property 45,028 40,403 92,344 84,081 General and administrative 13,543 12,901 27,398 26,207 Depreciation and amortization 82,246 74,473 160,840 148,373 Loss on impairment — 888 — 888 Other expenses 455 ( 58 ) 893 514 Total expenses 141,272 128,607 281,475 260,063 Other income (expense) Interest and other income 65 3 161 8 Interest expense ( 37,495 ) ( 33,618 ) ( 73,380 ) ( 66,147 ) Gain on involuntary conversion — — — 1,855 Gain on the sales of rental property, net 8,346 5,692 23,445 55,605 Total other income (expense) ( 29,084 ) ( 27,923 ) ( 49,774 ) ( 8,679 ) Net income 54,013 51,063 117,327 144,425 Less: income attributable to noncontrolling interest in operating partnership 1,096 1,058 2,411 3,022 Net income attributable to STAG Industrial, Inc. 52,917 50,005 114,916 141,403 Less: amount allocated to participating securities 39 42 77 87 Net income attributable to common stockholders $ 52,878 $ 49,963 $ 114,839 $ 141,316 Weighted average common shares outstanding — basic 191,180 186,535 191,088 186,502 Weighted average common shares outstanding — diluted 191,332 186,910 191,285 186,834 Net income per share — basic and diluted Net income per share attributable to common stockholders — basic $ 0.28 $ 0.27 $ 0.60 $ 0.76 Net income per share attributable to common stockholders — diluted $ 0.28 $ 0.27 $ 0.60 $ 0.76 The accompanying notes are an integral part of these consolidated financial statements. 4 Table of Contents STAG Industrial, Inc. Consolidated Statements of Comprehensive Income (unaudited, in thousands) Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 Net income $ 54,013 $ 51,063 $ 117,327 $ 144,425 Other comprehensive income (loss): Income (loss) on interest rate swaps 4,076 ( 7,021 ) 6,980 ( 18,002 ) Other comprehensive income (loss) 4,076 ( 7,021 ) 6,980 ( 18,002 ) Comprehensive income 58,089 44,042 124,307 126,423 Income attributable to noncontrolling interest ( 1,096 ) ( 1,058 ) ( 2,411 ) ( 3,022 ) Other comprehensive (income) loss attributable to noncontrolling interest ( 83 ) 146 ( 143 ) 377 Comprehensive income attributable to STAG Industrial, Inc. $ 56,910 $ 43,130 $ 121,753 $ 123,778 The accompanying notes are an integral part of these consolidated financial statements. 5 Table of Contents STAG Industrial, Inc. Consolidated Statements of Equity (unaudited, in thousands, except share data) Preferred Stock Common Stock Additional Paid-in Capital Cumulative Dividends in Excess of Earnings Accumulated Other Comprehensive Income Total Stockholders’ Equity Noncontrolling Interest in Operating Partnership Noncontrolling Interest in Joint Ventures Total Equity Shares Par Amount Three months ended June 30, 2026 Balance, March 31, 2026 $ — 191,201,600 $ 1,912 $ 4,616,147 $ ( 1,047,089 ) $ 14,697 $ 3,585,667 $ 74,567 $ 3,990 $ 3,664,224 Proceeds from sales of common stock, net — 1,562,682 16 59,645 — — 59,661 — — 59,661 Dividends and distributions, net ($ 0.39 per share/unit) — — — — ( 74,712 ) — ( 74,712 ) ( 1,655 ) — ( 76,367 ) Non-cash compensation activity, net — 5,334 — 2,347 — — 2,347 1,301 — 3,648 Redemption of common units to common stock — 33,658 — 631 — — 631 ( 631 ) — — Rebalancing of noncontrolling interest in operating partnership — — — 512 — — 512 ( 512 ) — — Other comprehensive income — — — — — 3,993 3,993 83 — 4,076 Net income — — — 52,917 — 52,917 1,096 — 54,013 Balance, June 30, 2026 $ — 192,803,274 $ 1,928 $ 4,679,282 $ ( 1,068,884 ) $ 18,690 $ 3,631,016 $ 74,249 $ 3,990 $ 3,709,255 Three months ended June 30, 2025 Balance, March 31, 2025 $ — 186,612,226 $ 1,866 $ 4,448,147 $ ( 1,007,891 ) $ 24,829 $ 3,466,951 $ 74,302 $ 2,399 $ 3,543,652 Proceeds from sales of common stock, net — — — ( 254 ) — — ( 254 ) — — ( 254 ) Dividends and distributions, net ($ 0.37 per share/unit) — — — — ( 69,530 ) — ( 69,530 ) ( 1,502 ) — ( 71,032 ) Non-cash compensation activity, net — 5,854 — 2,207 — — 2,207 1,108 — 3,315 Redemption of common units to common stock — 73,194 1 1,359 — — 1,360 ( 1,360 ) — — Rebalancing of noncontrolling interest in operating partnership — — — 1,013 — — 1,013 ( 1,013 ) — — Contributions from noncontrolling interest in joint ventures — — — — — — — — 936 936 Other comprehensive loss — — — — — ( 6,875 ) ( 6,875 ) ( 146 ) — ( 7,021 ) Net income — — — — 50,005 — 50,005 1,058 — 51,063 Balance, June 30, 2025 $ — 186,691,274 $ 1,867 $ 4,452,472 $ ( 1,027,416 ) $ 17,954 $ 3,444,877 $ 72,447 $ 3,335 $ 3,520,659 Six months ended June 30, 2026 Balance, December 31, 2025 $ — 191,005,261 $ 1,910 $ 4,616,888 $ ( 1,034,954 ) $ 11,853 $ 3,595,697 $ 71,342 $ 3,990 $ 3,671,029 Proceeds from sales of common stock, net — 1,562,682 16 59,401 — — 59,417 — — 59,417 Dividends and distributions, net ($ 0.78 per share/unit) — — — — ( 148,803 ) — ( 148,803 ) ( 3,284 ) — ( 152,087 ) Non-cash compensation activity, net — 29,265 — ( 865 ) ( 43 ) — ( 908 ) 7,497 — 6,589 Redemption of common units to common stock — 206,066 2 3,875 — — 3,877 ( 3,877 ) — — Rebalancing of noncontrolling interest in operating partnership — — — ( 17 ) — — ( 17 ) 17 — — Other comprehensive income — — — — — 6,837 6,837 143 — 6,980 Net income — — — — 114,916 — 114,916 2,411 — 117,327 Balance, June 30, 2026 $ — 192,803,274 $ 1,928 $ 4,679,282 $ ( 1,068,884 ) $ 18,690 $ 3,631,016 $ 74,249 $ 3,990 $ 3,709,255 Six months ended June 30, 2025 Balance, December 31, 2024 $ — 186,517,523 $ 1,865 $ 4,449,964 $ ( 1,029,757 ) $ 35,579 $ 3,457,651 $ 69,932 $ 1,525 $ 3,529,108 Proceeds from sales of common stock, net — — — ( 419 ) — — ( 419 ) — — ( 419 ) Dividends and distributions, net ($ 0.75 per share/unit) — — — — ( 139,038 ) — ( 139,038 ) ( 3,153 ) — ( 142,191 ) Non-cash compensation activity, net — 47,197 — ( 1,371 ) ( 24 ) — ( 1,395 ) 7,323 — 5,928 Redemption of common units to common stock — 126,554 2 2,347 — — 2,349 ( 2,349 ) — — Rebalancing of noncontrolling interest in operating partnership — — — 1,951 — — 1,951 ( 1,951 ) — — Contributions from controlling interest in joint ventures — — — — — — — — 1,810 1,810 Other comprehensive loss — — — — — ( 17,625 ) ( 17,625 ) ( 377 ) — ( 18,002 ) Net income — — — — 141,403 — 141,403 3,022 — 144,425 Balance, June 30, 2025 $ — 186,691,274 $ 1,867 $ 4,452,472 $ ( 1,027,416 ) $ 17,954 $ 3,444,877 $ 72,447 $ 3,335 $ 3,520,659 The accompanying notes are an integral part of these consolidated financial statements. 6 Table of Contents STAG Industrial, Inc . Consolidated Statements of Cash Flows (unaudited, in thousands) Six months ended June 30, 2026 2025 Cash flows from operating activities: Net income $ 117,327 $ 144,425 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 160,840 148,373 Loss on impairment — 888 Gain on involuntary conversion — ( 1,855 ) Non-cash portion of interest expense 2,739 2,638 Amortization of above and below market leases, net ( 837 ) ( 1,227 ) Straight-line rent adjustments, net ( 13,425 ) ( 9,125 ) Gain on the sales of rental property, net ( 23,445 ) ( 55,605 ) Non-cash compensation expense 6,995 6,440 Change in assets and liabilities: Tenant accounts receivable 5,790 6,773 Prepaid expenses and other assets ( 20,754 ) ( 14,197 ) Accounts payable, accrued expenses and other liabilities ( 7,383 ) ( 10,392 ) Tenant prepaid rent and security deposits 529 ( 1,728 ) Total adjustments 111,049 70,983 Net cash provided by operating activities 228,376 215,408 Cash flows from investing activities: Additions of land and buildings and improvements ( 72,169 ) ( 95,888 ) Acquisitions of land and buildings and improvements ( 334,531 ) ( 57,922 ) Additions of other assets ( 1,181 ) — Proceeds from sales of rental property, net 51,449 72,590 Acquisition deposits, net 800 450 Acquisitions of deferred leasing intangibles ( 52,770 ) ( 8,859 ) Net cash used in investing activities ( 408,402 ) ( 89,629 ) Cash flows from financing activities: Proceeds from unsecured credit facility 977,000 707,000 Repayment of unsecured credit facility ( 790,000 ) ( 1,065,000 ) Proceeds from unsecured notes — 550,000 Repayment of unsecured notes — ( 175,000 ) Repayment of mortgage note ( 114 ) ( 110 ) Payment of loan fees and costs — ( 2,918 ) Proceeds from sales of common stock, net 59,491 ( 467 ) Dividends and distributions ( 100,034 ) ( 141,993 ) Income taxes paid on vested equity compensation ( 644 ) ( 649 ) Contributions from noncontrolling interest in joint ventures — 1,810 Net cash provided by (used in) financing activities 145,699 ( 127,327 ) Decrease in cash and cash equivalents and restricted cash ( 34,327 ) ( 1,548 ) Cash and cash equivalents and restricted cash—beginning of period 100,883 37,393 Cash and cash equivalents and restricted cash—end of period $ 66,556 $ 35,845 Supplemental disclosure: Cash paid for interest, net of amounts capitalized of $ 1,500 and $ 1,700 for 2026 and 2025, respectively $ 69,850 $ 63,402 Supplemental schedule of non-cash investing and financing activities Acquisitions of land and buildings and improvements $ ( 905 ) $ ( 342 ) Acquisitions of deferred leasing intangibles $ ( 161 ) $ ( 58 ) Additions to building and other capital improvements from involuntary conversion $ — $ ( 1,855 ) Change in additions of land, building, and improvements included in accounts payable, accrued expenses and other liabilities $ ( 2,289 ) $ ( 473 ) Additions to building and other capital improvements from non-cash compensation $ ( 238 ) $ ( 137 ) Additions of other assets $ ( 910 ) $ — Change in loan fees, costs, and offering costs included in accounts payable, accrued expenses and other liabilities $ ( 137 ) $ ( 409 ) Dividends and distributions accrued $ 76,239 $ 23,668 The accompanying notes are an integral part of these consolidated financial statements. 7 Table of Contents STAG Industrial, Inc. Notes to Consolidated Financial Statements (unaudited) 1. Organization and Description of Business STAG Industrial, Inc. (the “Company”) is an industrial real estate operating company focused on the acquisition, development, and operation of industrial properties throughout the United States. The Company was formed as a Maryland corporation and has elected to be treated and intends to continue to qualify as a real estate investment trust (“REIT”) under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”). The Company is structured as an umbrella partnership REIT, commonly called an UPREIT, and owns all of its properties and conducts substantially all of its business through its operating partnership, STAG Industrial Operating Partnership, L.P., a Delaware limited partnership (the “Operating Partnership”). As of June 30, 2026 and December 31, 2025, the Company owned 98.0 % and 98.1 %, respectively, of the common units of the limited partnership interests in the Operating Partnership. The Company, through its wholly owned subsidiary, is the sole general partner of the Operating Partnership. As used herein, the “Company” refers to STAG Industrial, Inc. and its consolidated subsidiaries, including the Operating Partnership, except where context otherwise requires. As of June 30, 2026, the Company owned 606 industrial buildings in 41 states with approximately 122.6 million rentable square feet. 2. Summary of Significant Accounting Policies Interim Financial Information The accompanying interim financial statements have been presented in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and with the instructions to Form 10-Q and Regulation S-X for interim financial information. Accordingly, these statements do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, the accompanying interim financial statements include all adjustments, consisting of normal recurring items, necessary for their fair statement in conformity with GAAP. Interim results are not necessarily indicative of results for a full year. The year-end consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Company’s consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025. Basis of Presentation The Company’s consolidated financial statements include the accounts of the Company, the Operating Partnership, and their consolidated subsidiaries. Interests in the Operating Partnership not owned by the Company are referred to as “Noncontrolling Common Units.” These Noncontrolling Common Units are held by other limited partners in the form of common units (“Other Common Units”) and long term incentive plan units (“LTIP units”) issued pursuant to the STAG Industrial, Inc. 2011 Equity Incentive Plan, as amended and restated (the “2011 Plan”). All majority-owned subsidiaries and joint ventures over which the Company has a controlling financial interest are included in the consolidated financial statements. All significant intercompany balances and transactions have been eliminated in the consolidation of entities. The financial statements of the Company are presented on a consolidated basis for all periods presented. Recent Accounting Pronouncements Not Yet Adopted In November 2024, the Financial Accounting Standards Board issued Accounting Standards Update 2024-03, “Disaggregation of Income Statement Expenses” (“ASU 2024-03”). ASU 2024-03 requires enhanced disclosures regarding income statement expenses, including disaggregation of significant categories, such as depreciation and amortization of real estate assets, property operating expenses, and employee compensation, within relevant expense captions presented in the income statement. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026. The Company is currently evaluating ASU 2024-03 to determine the impact on its financial statement disclosures. 8 Table of Contents Restricted Cash The following table presents a reconciliation of cash and cash equivalents and restricted cash reported on the accompanying Consolidated Balance Sheets to amounts reported on the accompanying Consolidated Statements of Cash Flows. Reconciliation of Cash and Cash Equivalents and Restricted Cash (in thousands) June 30, 2026 December 31, 2025 Cash and cash equivalents $ 65,886 $ 14,910 Restricted cash 670 85,973 Total cash and cash equivalents and restricted cash $ 66,556 $ 100,883 Uncertain Tax Positions As of June 30, 2026 and December 31, 2025, there were no liabilities for uncertain tax positions. Segment Reporting The Company manages its operations on an aggregated, single segment basis for purposes of assessing performance and making operating decisions and, accordingly, has only one reporting and operating segment. This single segment of real estate operations derives its revenues from rental income from the tenants who occupy its buildings. Substantially all revenues, expenses, and assets are attributable to this single segment and are consistent with the amounts presented in the accompanying Consolidated Balance Sheets and Consolidated Statements of Operations. Total expenditures for additions to segment long-lived assets are consistent with the amounts presented in the accompanying Consolidated Statements of Cash Flows as additions of land and buildings and improvements. The chief operating decision maker of the Company, which is its Chief Executive Officer, assesses performance of the segment and decides how to allocate resources based on net income that is reported on the accompanying Consolidated Statements of Operations. Concentrations of Credit Risk Management believes the current credit risk of the Company’s portfolio is reasonably well diversified and does not contain any unusual concentration of credit risk. 3. Rental Property The following table summarizes the components of rental property, net as of June 30, 2026 and December 31, 2025. Rental Property (in thousands) June 30, 2026 December 31, 2025 Land $ 848,814 $ 811,569 Buildings, net of accumulated depreciation of $ 918,096 and $ 855,290 , respectively 4,958,501 4,785,314 Tenant improvements, net of accumulated depreciation of $ 48,067 and $ 43,997 , respectively 48,409 45,922 Building and land improvements, net of accumulated depreciation of $ 247,118 and $ 220,644 , respectively 640,589 613,864 Construction in progress 171,279 148,371 Deferred leasing intangibles, net of accumulated amortization of $ 458,083 and $ 425,502 , respectively 401,767 394,967 Total rental property, net $ 7,069,359 $ 6,800,007 9 Table of Contents Acquisitions The following table summarizes the Company’s acquisitions during the three and six months ended June 30, 2026. The Company accounted for all of its acquisitions as asset acquisitions. Market (1) Date Acquired Square Feet Number of Buildings Purchase Price (in thousands) Kansas City, MO February 9, 2026 748,833 1 $ 80,713 Three months ended March 31, 2026 748,833 1 80,713 Dallas, TX (2) April 28, 2026 — — 3,536 Phoenix, AZ (2) April 30, 2026 — — 16,979 Greenville, SC May 26, 2026 560,240 1 62,373 Chicago, IL May 26, 2026 246,446 1 31,493 Cleveland, OH June 11, 2026 280,614 1 34,726 Indianapolis, IN June 17, 2026 826,687 2 84,732 Kansas City, MI June 23, 2026 574,732 1 55,493 Greenville, SC June 29, 2026 141,960 1 18,322 Three months ended June 30, 2026 2,630,679 7 307,654 Six months ended June 30, 2026 3,379,512 8 $ 388,367 (1) As defined by CBRE-EA industrial market geographies. If the building is located outside of a CBRE-EA defined market, the city and state is reflected. (2) The Company acquired a vacant land parcel. The following table summarizes the allocation of the consideration paid at the date of acquisition during the six months ended June 30, 2026 for the acquired assets and liabilities in connection with the acquisitions identified in the table above. Six Months Ended June 30, 2026 Acquired Assets and Liabilities Purchase Price (in thousands) Weighted Average Amortization Period (years) of Intangibles at Acquisition Land $ 44,094 Buildings 271,976 Tenant improvements 5,428 Building and land improvements 13,938 Deferred leasing intangibles - in-place leases 37,234 9.2 Deferred leasing intangibles - tenant relationships 15,218 12.7 Deferred leasing intangibles - above market leases 2,256 7.0 Deferred leasing intangibles - below market leases ( 1,777 ) 7.5 Total purchase price $ 388,367 Dispositions The following table summarizes the Company’s dispositions during the six months ended June 30, 2026. The dispositions were sold to third parties and were accounted for under the full accrual method. Sales of rental property, net (dollars in thousands) Six months ended June 30, 2026 Number of buildings 3 Building square feet (in millions) 0.9 Proceeds from sales of rental property, net $ 51,449 Net book value $ 28,004 Gain on the sales of rental property, net $ 23,445 10 Table of Contents The following table summarizes the results of operations for the three and six months ended June 30, 2026 and 2025 for the buildings sold during the six months ended June 30, 2026, which is included in the Company’s Consolidated Statements of Operations prior to the date of sale. Three months ended June 30, Six months ended June 30, Sales of rental property, net (dollars in thousands) 2026 2025 2026 2025 Sold buildings contribution to net income (1) $ ( 216 ) $ 610 $ ( 518 ) $ 1,157 (1) Exclusive of gain on the sales of rental property, net. Assets Held for Sale As of June 30, 2026, the related land and building and improvements, net, of approximately $ 2.4 million and $ 11.8 million respectively, for one building were classified as assets held for sale, net on the accompanying Consolidated Balance Sheets. The building is anticipated to be sold to a third-party within one year. Variable Interest Entities The buildings acquired through reverse like-kind exchanges agreements pursuant to Section 1031 of the Code during the year ended December 31, 2025, were completed during the three months ended March 31, 2026, and as such the Company is now the legal owner of the entities. Accordingly, these entities are no longer deemed variable interest entities as of June 30, 2026. Deferred Leasing Intangibles The following table summarizes the deferred leasing intangibles, net on the accompanying Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025. June 30, 2026 December 31, 2025 Deferred Leasing Intangibles (in thousands) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Above market leases $ 73,325 $ ( 44,138 ) $ 29,187 $ 71,657 $ ( 41,824 ) $ 29,833 Other intangible lease assets 786,525 ( 413,945 ) 372,580 748,812 ( 383,678 ) 365,134 Total deferred leasing intangible assets $ 859,850 $ ( 458,083 ) $ 401,767 $ 820,469 $ ( 425,502 ) $ 394,967 Below market leases $ 57,925 $ ( 34,309 ) $ 23,616 $ 59,664 $ ( 34,098 ) $ 25,566 Total deferred leasing intangible liabilities $ 57,925 $ ( 34,309 ) $ 23,616 $ 59,664 $ ( 34,098 ) $ 25,566 The following table summarizes the impact to rental income and amortization expense for the amortization of deferred leasing intangibles during the three and six months ended June 30, 2026 and 2025. Three months ended June 30, Six months ended June 30, Deferred Leasing Intangibles Amortization (in thousands) 2026 2025 2026 2025 Net increase to rental income related to above and below market lease amortization $ 323 $ 637 $ 826 $ 1,215 Amortization expense related to other intangible lease assets $ 23,618 $ 20,937 $ 45,007 $ 42,031 11 Table of Contents 4. Debt The following table summarizes the Company’s outstanding indebtedness, including borrowings under the Company’s unsecured credit facility, unsecured term loans, unsecured notes, and mortgage note as of June 30, 2026 and December 31, 2025. Principal Outstanding Indebtedness (dollars in thousands) June 30, 2026 December 31, 2025 Weighted Average Interest Rate (1) Weighted Average Years (2) Unsecured credit facility $ 449,000 $ 262,000 Term SOFR + 0.775 % 3.2 Unsecured term loans 1,025,000 1,025,000 3.59 % 2.6 Unsecured notes 1,975,000 1,975,000 4.84 % 4.9 Mortgage note 3,985 4,099 3.71 % 13.3 Total / weighted average $ 3,452,985 $ 3,266,099 4.42 % 4.0 (1) Interest rate as of June 30, 2026. At June 30, 2026, the one-month Term Secured Overnight Financing Rate (“Term SOFR”) was 3.6520 %. The current interest rate is not adjusted to include the amortization of deferred financing fees or debt issuance costs incurred in obtaining debt or any unamortized fair market value premiums or discounts. The current interest rate includes the impact of interest rate swaps, which effectively fix the interest rate on certain variable rate debt. (2) The weighted average years represents the remaining maturity in years on the principal outstanding as of June 30, 2026, and assumes that any extension options that are exercisable at the discretion of the Company, subject to certain terms and conditions, have been exercised. The aggregate undrawn nominal commitment on the unsecured credit facility as of June 30, 2026 was approximately $ 547.8 million, including issued letters of credit. The Company’s actual borrowing capacity at any given point in time may be less or restricted to a maximum amount based on the Company’s debt covenant compliance. Total accrued interest for the Company’s indebtedness was approximately $ 11.9 million and $ 11.9 million as of June 30, 2026 and December 31, 2025, respectively, and is included in accounts payable, accrued expenses and other liabilities on the accompanying Consolidated Balance Sheets. The following table summarizes the costs included in interest expense related to the Company’s debt arrangements on the accompanying Consolidated Statement of Operations for the three and six months ended June 30, 2026 and 2025. Three months ended June 30, Six months ended June 30, Costs Included in Interest Expense (in thousands) 2026 2025 2026 2025 Amortization of deferred financing fees and debt issuance costs and fair market value discount $ 1,368 $ 1,337 $ 2,739 $ 2,638 Facility, unused, and other fees $ 439 $ 439 $ 874 $ 874 Financial Covenant Considerations The Company was in compliance with applicable restrictions and financial and other covenants as of June 30, 2026 and December 31, 2025 related to its unsecured credit facility, unsecured term loans, unsecured notes, and mortgage note. The real estate net book value of the property that is collateral for the Company’s debt arrangements was approximately $ 6.9 million and $ 7.0 million at June 30, 2026 and December 31, 2025, respectively, and is limited to senior, property-level secured debt financing arrangements. 12 Table of Contents Fair Value of Debt The following table summarizes the aggregate principal amount outstanding under the Company’s debt arrangements and the corresponding estimate of fair value as of June 30, 2026 and December 31, 2025. June 30, 2026 December 31, 2025 Indebtedness (in thousands) Principal Outstanding Fair Value Principal Outstanding Fair Value Unsecured credit facility $ 449,000 $ 449,463 $ 262,000 $ 262,000 Unsecured term loans 1,025,000 1,025,932 1,025,000 1,025,000 Unsecured notes 1,975,000 1,906,747 1,975,000 1,937,338 Mortgage note 3,985 3,216 4,099 3,306 Total principal amount 3,452,985 $ 3,385,358 3,266,099 $ 3,227,644 Unamortized fair market value discount ( 115 ) ( 119 ) Total unamortized deferred financing fees and debt issuance costs ( 10,378 ) ( 11,665 ) Total carrying value $ 3,442,492 $ 3,254,315 The applicable fair value guidance establishes a three tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The fair value of the Company’s debt is based on Level 3 inputs. 5. Derivative Financial Instruments Risk Management Objective of Using Derivatives The Company’s use of derivative instruments is limited to the utilization of interest rate swaps to manage interest rate risk exposure on existing and future liabilities and not for speculative purposes. The principal objective of such arrangements is to minimize the risks and related costs associated with the Company’s operating and financial structure. As of June 30, 2026, the Company had 18 interest rate swaps, all of which are used to hedge the variable cash flows associated with unsecured loans. All of the Company’s interest rate swaps convert the related loans’ Term SOFR or Daily SOFR components, as applicable, to effectively fixed interest rates, and the Company has concluded that each of the hedging relationships are highly effective. The following table summarizes the fair value of the interest rate swaps as of June 30, 2026 and December 31, 2025. June 30, 2026 December 31, 2025 Balance Sheet Line Item (in thousands) Effective Notional Amount Fair Value Effective Notional Amount Fair Value Interest rate swaps-gross asset $ 825,000 $ 19,191 $ 825,000 $ 13,529 Interest rate swaps-gross liability $ 200,000 $ ( 2 ) $ 200,000 $ ( 1,310 ) Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate swaps are to add stability to interest expense and to manage its exposure to interest rate movements. For derivatives designated and that qualify as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in accumulated other comprehensive income and subsequently reclassified to interest expense in the same periods during which the hedged transaction affects earnings. Amounts reported in accumulated other comprehensive income related to derivatives designated as qualifying cash flow hedges will be reclassified to interest expense as interest payments are made on the Company’s variable rate debt. The Company estimates that approximately $ 10.7 million will be reclassified from accumulated other comprehensive income as a decrease to interest expense over the next 12 months. 13 Table of Contents The following table summarizes the effect of cash flow hedge accounting and the location of amounts related to the Company’s derivatives in the consolidated financial statements for the three and six months ended June 30, 2026 and 2025. Three months ended June 30, Six months ended June 30, Effect of Cash Flow Hedge Accounting (in thousands) 2026 2025 2026 2025 Income (loss) recognized in accumulated other comprehensive income on interest rate swaps $ 6,370 $ ( 1,235 ) $ 12,313 $ ( 6,339 ) Income reclassified from accumulated other comprehensive income into income as interest expense $ 2,294 $ 5,786 $ 5,333 $ 11,663 Total interest expense presented in the Consolidated Statements of Operations in which the effect of cash flow hedges are recorded $ 37,495 $ 33,618 $ 73,380 $ 66,147 Credit-risk-related Contingent Features The Company has agreements with each of its derivative counterparties that contain a provision where the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company’s default on the indebtedness. As of June 30, 2026, the Company had not breached the provisions of these agreements and had not posted any collateral related to these agreements. If the Company had breached any of these provisions, it would be required to settle its obligations under the agreements at their termination value. Fair Value of Interest Rate Swaps The Company’s valuation of the interest rate swaps is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs including interest rate curves. The fair values of interest rate swaps are determined by using the market standard methodology of netting the discounted future fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company or its counterparties. However, as of June 30, 2026 and December 31, 2025, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. The following table summarizes the Company’s financial instruments that were recorded at fair value on a recurring basis as of June 30, 2026 and December 31, 2025. Fair Value Measurements as of June 30, 2026 Using Balance Sheet Line Item (in thousands) Fair Value June 30, 2026 Level 1 Level 2 Level 3 Interest rate swaps-gross asset $ 19,191 $ — $ 19,191 $ — Interest rate swaps-gross liability $ ( 2 ) $ — $ ( 2 ) $ — Fair Value Measurements as of December 31, 2025 Using Balance Sheet Line Item (in thousands) Fair Value December 31, 2025 Level 1 Level 2 Level 3 Interest rate swaps-gross asset $ 13,529 $ — $ 13,529 $ — Interest rate swaps-gross liability $ ( 1,310 ) $ — $ ( 1,310 ) $ — 14 Table of Contents 6. Equity Common Stock The following table summarizes the terms of the Company’s at-the-market (“ATM”) common stock offering program as of June 30, 2026. There was no activity for the ATM common stock offering program during the six months ended June 30, 2026, except for the shares sold and settled on a forward basis, as discussed below. ATM Common Stock Offering Program Date Maximum Aggregate Offering Price (in thousands) 2025 $750 million ATM (1) February 13, 2025 $ 750,000 (1) The ATM common stock offering program was originally implemented on February 17, 2022, and had an initial maximum aggregate offering price of $ 750 million. On February 13, 2025, following the filing of a new shelf registration statement, the Company carried forward the ATM common stock offering program to the new registration statement, at which time the remaining maximum aggregate offering price (that is, the amount carried forward) was less than $ 750 million. The following table summarizes the activity for shares sold on a forward basis under the ATM common stock offering program and shares settled during the six months ended June 30, 2026. Forward Sale Agreements Shares Gross Sales (in thousands) Weighted Average Gross Sales Price Per Share Weighted Average Net Sales Price Per Share Sales Commissions Per Share (1) Net Proceeds Received Per Share Outstanding at December 31, 2025 — $ — New forward sale agreements 1,977,469 76,989 $ 38.93 $ 38.54 $ 0.39 Forward sale agreements settled ( 1,562,682 ) ( 60,755 ) $ 38.28 Outstanding at June 30, 2026 414,787 $ 16,234 (1) Upon a forward sale, the equity distribution agent typically earns a sales commission of 1 % of the gross sales price. The Company initially does not receive any proceeds from the sales of shares on a forward basis. The Company may physically settle the applicable forward sale agreements on one or more dates prior to the respective scheduled maturity dates, at which point the Company would receive the proceeds net of certain costs; provided, however, generally the Company may elect to cash settle or net share settle such forward sale agreements at any time through the respective scheduled maturity dates, which is typically one year from the respective trade dates. Restricted Stock-Based Compensation The Company granted restricted shares of common stock under the 2011 Plan on January 8, 2026 to certain employees of the Company, which will vest over four years in equal installments on January 1 of each year beginning on January 1, 2027, subject to the recipient’s continued employment. The following table summarizes activity related to the Company’s unvested restricted shares of common stock during the six months ended June 30, 2026. Unvested Restricted Shares of Common Stock Shares Weighted Average Grant Date Fair Value per Share Balance at December 31, 2025 110,832 $ 35.99 Granted 39,540 $ 37.93 Vested (1) ( 44,498 ) $ 37.48 Forfeited ( 7,113 ) $ 35.74 Balance at June 30, 2026 98,761 $ 36.11 (1) The Company repurchased and retired 16,166 restricted shares of common stock that vested during the six months ended June 30, 2026. The unrecognized compensation expense associated with the Company’s restricted shares of common stock at June 30, 2026 was approximately $ 2.5 million and is expected to be recognized over a weighted average period of approximately 2.5 years. 15 Table of Contents The following table summarizes the fair value at vesting for the restricted shares of common stock that vested during the three and six months ended June 30, 2026 and 2025. Three months ended June 30, Six months ended June 30, Vested Restricted Shares of Common Stock 2026 2025 2026 2025 Vested restricted shares of common stock — — 44,498 51,100 Fair value of vested restricted shares of common stock (in thousands) $ — $ — $ 1,636 $ 1,728 7. Noncontrolling Interest Noncontrolling Interest in Operating Partnership The following table summarizes the activity for noncontrolling interest in the Operating Partnership during the six months ended June 30, 2026. Noncontrolling Interest LTIP Units Other Common Units Total Noncontrolling Common Units Noncontrolling Interest Balance at December 31, 2025 2,373,111 1,416,596 3,789,707 1.9 % Granted/Issued 358,885 — 358,885 Forfeited — — — Conversions from LTIP units to Other Common Units ( 206,066 ) 206,066 — Redemptions from Other Common Units to common stock — ( 206,066 ) ( 206,066 ) Balance at June 30, 2026 2,525,930 1,416,596 3,942,526 2.0 % The Company granted LTIP units under the 2011 Plan on January 8, 2026 to non-employee, independent directors, which vest in equal quarterly installments over one year , with the first vesting date having been March 31, 2026, subject to the recipient’s continued service. The Company granted LTIP units under the 2011 Plan on January 8, 2026 to certain executive officers and senior employees of the Company, which will vest in equal quarterly installments over four years , with the first vesting date having been March 31, 2026, subject to the recipient’s continued employment. The fair value of the LTIP units as of the grant date was determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation. The fair value of the LTIP units are based on Level 3 inputs and non-recurring fair value measurements. The expected stock price volatility is based on a mix of the historical and implied volatilities of the Company and certain peer group companies. The expected dividend yield is based on the Company’s average historical dividend yield and the dividend yield as of the valuation date for each award. The risk-free interest rate is based on U.S. Treasury note yields matching a three-year time period. The following table summarizes the assumptions used in valuing such LTIP units granted during the six months ended June 30, 2026. LTIP Units Grant date January 8, 2026 Expected term (years) 10 Expected stock price volatility 22.0 % Expected dividend yield 4.0 % Risk-free interest rate 3.56 % Fair value of LTIP units at issuance (in thousands) $ 5,210 LTIP units at issuance 146,268 Fair value unit price per LTIP unit at issuance $ 35.62 16 Table of Contents The following table summarizes activity related to the Company’s unvested LTIP units during the six months ended June 30, 2026. Unvested LTIP Units LTIP Units Weighted Average Grant Date Fair Value per Unit Balance at December 31, 2025 166,252 $ 33.39 Granted 358,885 $ 35.62 Vested ( 285,818 ) $ 35.33 Forfeited — $ — Balance at June 30, 2026 239,319 $ 34.41 The unrecognized compensation expense associated with the Company’s LTIP units at June 30, 2026 was approximately $ 7.5 million and is expected to be recognized over a weighted average period of approximately 2.3 years. Noncontrolling Interest in Joint Ventures At June 30, 2026, the Company held a 97.5 % interest in a joint venture located in Reno, Nevada, a 95.4 % interest in a joint venture located in Concord, North Carolina, and a 97.4 % interest in a joint venture located in Shepherdsville, Kentucky. The third-parties’ equity interest in these joint ventures, totaling approximately $ 4.0 million at June 30, 2026, is included in noncontrolling interest in joint ventures on the accompanying Consolidated Balance Sheets. 8. Equity Incentive Plan On January 8, 2026, the compensation committee of the board of directors approved and the Company granted performance units under the 2011 Plan to the executive officers and certain key employees of the Company. The terms of the performance units granted on January 8, 2026 are substantially the same as the 2025 performance units, except that the measuring period commenced on January 1, 2026 and ends on December 31, 2028. The fair value of the performance units as of the grant date was determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation. The fair value of the performance units is based on Level 3 inputs and non-recurring fair value measurements. The expected stock price volatility is based on a mix of the historical and implied volatilities of the Company and certain peer group companies. The expected dividend yield is based on the Company’s average historical dividend yield and the dividend yield as of the valuation date for each award. The risk-free interest rate is based on U.S. Treasury note yields matching the three-year performance period. The performance unit equity compensation expense is recognized ratably from the grant date into earnings over the vesting period. The following table summarizes the assumptions used in valuing the performance units granted during the six months ended June 30, 2026. Performance Units Grant date January 8, 2026 Expected stock price volatility 21.8 % Expected dividend yield 4.0 % Risk-free interest rate 3.5586 % Fair value of performance units grant (in thousands) $ 7,241 The unrecognized compensation expense associated with the Company’s performance units at June 30, 2026 was approximately $ 10.6 million and is expected to be recognized over a weighted average period of approximately 2.0 years. 17 Table of Contents Non-cash Compensation Expense The following table summarizes the amount recorded in general and administrative expenses in the accompanying Consolidated Statements of Operations for the amortization of restricted shares of common stock, LTIP units, performance units, and the Company’s director compensation for the three and six months ended June 30, 2026 and 2025. Three months ended June 30, Six months ended June 30, Non-Cash Compensation Expense (in thousands) 2026 2025 2026 2025 Restricted shares of common stock $ 292 $ 412 $ 584 $ 806 LTIP units 1,301 1,109 2,618 2,217 Performance units 1,722 1,537 3,378 3,019 Director compensation (1) 206 190 403 388 Total non-cash compensation expense $ 3,521 $ 3,248 $ 6,983 $ 6,430 (1) All of the Company’s independent directors elected to receive shares of common stock in lieu of cash for their service during the three and six months ended June 30, 2026 and 2025. The number of shares of common stock granted was calculated based on the trailing ten-day average common stock price on the third business day preceding the grant date. 9. Leases Lessor Leases The Company has operating leases in which it is the lessor for its rental property. Certain leases contain variable lease payments based upon changes in the Consumer Price Index (“CPI”). Billings for real estate taxes and other expenses are also considered to be variable lease payments. Certain leases contain options to renew or terminate the lease, and options for the lessee to purchase the rental property, all of which are predominately at the sole discretion of the lessee. The following table summarizes the components of rental income included in the accompanying Consolidated Statements of Operations for the three and six months ended June 30, 2026 and 2025. Three months ended June 30, Six months ended June 30, Rental Income (in thousands) 2026 2025 2026 2025 Fixed lease payments $ 171,456 $ 157,620 $ 341,538 $ 314,402 Variable lease payments 44,814 44,193 91,466 87,952 Straight-line rental income 6,935 4,988 13,546 9,231 Net increase to rental income related to above and below market lease amortization 323 637 826 1,215 Total rental income $ 223,528 $ 207,438 $ 447,376 $ 412,800 As of June 30, 2026 and December 31, 2025, the Company had accrued rental income of approximately $ 150.3 million and $ 139.9 million, respectively, included in tenant accounts receivable on the accompanying Consolidated Balance Sheets. As of June 30, 2026 and December 31, 2025, the Company’s total liability associated with lease security deposits was approximately $ 26.9 million and $ 26.3 million, respectively, which is included in tenant prepaid rent and security deposits on the accompanying Consolidated Balance Sheets. Lessee Leases The Company has operating leases in which it is the lessee for its ground leases and corporate office leases. These leases have remaining lease terms of approximately 2.9 years to 56.2 years. Certain ground leases contain options to extend the leases for 10 years to 20 years, all of which are reasonably certain to be exercised and are included in the computation of the Company’s right-of-use assets and operating lease liabilities. 18 Table of Contents The following table summarizes supplemental information related to operating lease right-of-use assets and operating lease liabilities recognized in the Company’s Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025. Operating Lease Term and Discount Rate June 30, 2026 December 31, 2025 Weighted average remaining lease term (years) 38.2 37.6 Weighted average discount rate 7.0 % 7.0 % The following table summarizes the operating lease cost included in the Company’s Consolidated Statements of Operations for the three and six months ended June 30, 2026 and 2025. Three months ended June 30, Six months ended June 30, Operating Lease Cost (in thousands) 2026 2025 2026 2025 Operating lease cost included in property expense attributable to ground leases $ 771 $ 698 $ 1,542 $ 1,395 Operating lease cost included in general and administrative expense attributable to corporate office leases 432 431 865 861 Total operating lease cost $ 1,203 $ 1,129 $ 2,407 $ 2,256 The following table summarizes supplemental cash flow information related to operating leases in the Company’s Consolidated Statements of Cash Flows for the six months ended June 30, 2026 and 2025. Six months ended June 30, Operating Leases (in thousands) 2026 2025 Cash paid for amounts included in the measurement of lease liabilities (operating cash flows) $ 2,257 $ 2,113 The following table summarizes the maturity of operating lease liabilities under the Company’s ground leases and corporate office leases as of June 30, 2026. Year Maturity of Operating Lease Liabilities (1) (in thousands) Remainder of 2026 $ 1,262 2027 2,574 2028 2,616 2029 2,583 2030 2,561 Thereafter 107,916 Total lease payments 119,512 Less: Imputed interest ( 83,475 ) Present value of operating lease liabilities $ 36,037 (1) Operating lease liabilities do not include estimates of CPI rent changes required by certain ground lease agreements. Therefore, actual payments may differ from those presented. 19 Table of Contents 10. Earnings Per Share The following table reconciles the numerators and denominators in the computation of basic and diluted earnings per share of common stock for the three and six months ended June 30, 2026 and 2025. Three months ended June 30, Six months ended June 30, Earnings Per Share (in thousands, except per share data) 2026 2025 2026 2025 Numerator Net income attributable to common stockholders $ 52,878 $ 49,963 $ 114,839 $ 141,316 Denominator Weighted average common shares outstanding — basic 191,180 186,535 191,088 186,502 Effect of dilutive securities (1) Share-based compensation 152 375 197 332 Weighted average common shares outstanding — diluted 191,332 186,910 191,285 186,834 Net income per share — basic and diluted Net income per share attributable to common stockholders — basic $ 0.28 $ 0.27 $ 0.60 $ 0.76 Net income per share attributable to common stockholders — diluted $ 0.28 $ 0.27 $ 0.60 $ 0.76 (1) During the three and six months ended June 30, 2026 and 2025, there were approximately 99 , 114 , 99 , and 115 unvested restricted shares of common stock (on a weighted average basis), respectively, that were considered participating securities for the purposes of computing earnings per share that were not included in the computation of diluted earnings per share because the allocation of income under the two-class method was more dilutive. 11. Commitments and Contingencies The Company is subject to various legal proceedings and claims that arise in the ordinary course of business. These matters are generally covered by insurance subject to deductible requirements. Management believes that the ultimate settlement of these actions will not have a material adverse effect on the Company’s financial position, results of operations, or cash flows. The Company has letters of credit of approximately $ 3.2 million as of June 30, 2026 related to construction projects and certain other agreements. 12. Subsequent Events The Company identified the following events subsequent to June 30, 2026 that are not recognized in the financial statements. On July 1, 2026, the Company redeemed in full at maturity $ 50.0 million in aggregate principal amount of unsecured notes. On July 1, 2026, the lease term for the Company’s lease agreement for its headquarters in Boston, Massachusetts commenced. Accordingly, on July 1, 2026, the related right-of-use assets and corresponding operating lease liabilities of approximately $ 15.1 million were recorded. On July 16, 2026, the Company entered into an amended and restated loan agreement (the “Amended Term Loan Agreement”) with Wells Fargo Bank, National Association, and the other lenders named therein, to amend and restate the Company’s $ 150.0 million unsecured term loan that was set to mature on March 15, 2027 (the “Unsecured Term Loan A”). Borrowings under the Amended Unsecured Term Loan A (defined below), at the Company’s election, bear interest based on a Base Rate, Term SOFR, or Daily Simple SOFR (each as defined in the Amended Term Loan Agreement), plus an applicable spread based on the Company’s debt rating and leverage ratio (each as defined in the Amended Term Loan Agreement). The Company entered into the Amended Term Loan Agreement to (i) combine the Unsecured Term Loan A and the Company’s $ 200.0 million unsecured term loan that was set to mature on March 23, 2029, into one senior unsecured term loan in the aggregate principal amount of $ 350.0 million (the “Amended Unsecured Term Loan A”), (ii) extend the maturity date to January 16, 2032 and (iii) reduce, by five basis points (but not below zero ), the applicable spread based on the Company’s debt rating and leverage ratio. On July 16, 2026, the Company entered into amendments (the “Amendments”) to each of the Company’s $ 1.0 billion unsecured credit facility maturing September 7, 2029, $ 300.0 million unsecured term loan maturing March 14, 2031 (the “Unsecured Term Loan G”), $ 187.5 million unsecured term loan maturing January 25, 2028 (the “Unsecured Term Loan H”), and $ 187.5 million unsecured term loan maturing January 25, 2028 (the “Unsecured Term Loan I”). Borrowings under the unsecured credit facility and the Unsecured Term Loans G, H and I, at the Company’s election, bear interest based on a Base Rate, Term SOFR, or Daily Simple SOFR (each as defined in the applicable loan agreement, as amended), plus an applicable 20 Table of Contents spread based on the Company’s debt rating and leverage ratio (each as defined in the applicable loan agreement, as amended). The Company entered into the Amendments to reduce, by five basis points (but not below zero ), the applicable spread based on the Company’s debt rating and leverage ratio. The other material terms of each of the unsecured credit facility and the Unsecured Term Loans G, H and I remain unchanged. On July 20, 2026, in connection with the Amended Unsecured Term Loan A, the Company entered into two interest rate swaps with an aggregate notional value of $ 150.0 million which fix Daily SOFR at 3.994 % effective March 15, 2027 and mature on January 16, 2032, and two interest rate swaps with an aggregate notional value of $ 200.0 million which fix Daily SOFR at 3.9885 % effective March 25, 2027 and mature on January 16, 2032. 21