ALEXANDERS INC

Previous wording

Management’s Discussion and Analysis of Financial Condition and Results of Operations include a discussion of our consolidated financial statements for the three and six months ended June 30, 2026. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. The results of operations for the three and six months ended June 30, 2026 are not necessarily indicative of the operating results for the full year.

Current wording

Management’s Discussion and Analysis of Financial Condition and Results of Operations include a discussion of our consolidated financial statements for the three and nine months ended September 30, 2026. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. The results of operations for the three and nine months ended September 30, 2026 are not necessarily indicative of the operating results for the full year.

Previous wording

A summary of the critical accounting policies and estimates used in the preparation of our consolidated financial statements is included in “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2025. For the six months ended June 30, 2026, there were no material changes to these estimates or policies.

Current wording

A summary of the critical accounting policies and estimates used in the preparation of our consolidated financial statements is included in “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2025. For the nine months ended September 30, 2026, there were no material changes to these estimates or policies.

Previous wording

Six Months Ended June 30, 2026 Financial Results Summary

Current wording

Three Months Ended September 30, 2026 Financial Results Summary

Previous wording

Funds from operations (“FFO”) (non-GAAP) for the quarter ended June 30, 2026 was $15,538,000, or $3.02 per diluted share, compared to $14,762,000 or $2.88 per diluted share in the prior year’s quarter.

Current wording

Funds from operations (“FFO”) (non-GAAP) for the three months ended September 30, 2026 was $36,349,000, or $7.07 per diluted share, compared to $14,920,000 or $2.91 per diluted share in the prior year’s three months.

Previous wording

Quarter Ended June 30, 2026 Financial Results Summary

Current wording

Nine Months Ended September 30, 2026 Financial Results Summary

Previous wording

Net income for the six months ended June 30, 2026 was $160,024,000, or $31.15 per diluted share, compared to $18,432,000 or $3.59 per diluted share in the prior year’s six months. Net income for the six months ended June 30, 2026 included $148,002,000, or $28.81 per diluted share, of income as a result of a net gain from the sale of the Rego Park I property.

Current wording

Net income for the nine months ended September 30, 2026 was $187,428,000, or $36.48 per diluted share, compared to $24,400,000 or $4.75 per diluted share in the prior year’s nine months. Net income for the nine months ended September 30, 2026 included $148,002,000, or $28.81 per diluted share, of income as a result of a net gain from the sale of the Rego Park I property.

Previous wording

Our portfolio is comprised of four properties aggregating 2,110,000 square feet. As of June 30, 2026, the commercial occupancy rate was 94.6% and the residential occupancy rate was 97.4%.

Current wording

Our portfolio is comprised of four properties aggregating 2,106,000 square feet. As of September 30, 2026, the commercial occupancy rate was 94.6% and the residential occupancy rate was 98.1%.

Previous wording

Bloomberg L.P. (“Bloomberg”) leases approximately 952,000 square feet at our 731 Lexington Avenue property and accounted for revenue of $65,229,000 and $64,446,000 for the six months ended June 30, 2026 and 2025, respectively, representing approximately 60% and 61% of our rental revenues in each period, respectively. No other tenant accounted for more than 10% of our rental revenues. If we were to lose Bloomberg as a tenant, or if Bloomberg were to be unable to fulfill its obligations under its lease, it would adversely affect our results of operations and financial condition. In order to assist us in our continuing assessment of Bloomberg’s creditworthiness, we receive certain confidential financial information and metrics from Bloomberg. In addition, we access and evaluate financial information regarding Bloomberg from other private sources, as well as publicly available data.

Current wording

Bloomberg L.P. (“Bloomberg”) leases approximately 952,000 square feet at our 731 Lexington Avenue property and accounted for revenue of $99,004,000 and $96,655,000 for the nine months ended September 30, 2026 and 2025, respectively, representing approximately 55% and 60% of our rental revenues in each period, respectively. If we were to lose Bloomberg as a tenant, or if Bloomberg were to be unable to fulfill its obligations under its lease, it would adversely affect our results of operations and financial condition. In order to assist us in our continuing assessment of Bloomberg’s creditworthiness, we receive certain confidential financial information and metrics from Bloomberg. In addition, we access and evaluate financial information regarding Bloomberg from other private sources, as well as publicly available data.

Previous wording

On June 26, 2026, we entered into a lease modification agreement with a 135,000 square foot tenant at our Rego Park shopping center providing options for us and the tenant to early terminate the lease in August 2026, subject to a payment of approximately $29,000,000 from the tenant. Simultaneously, we entered into a 15-year lease, plus renewal options, with Target for that space.

Current wording

On June 26, 2026, we entered into a lease modification agreement with Kohl’s for its 135,000 square foot store at our Rego Park shopping center providing options for us and Kohl’s to early terminate the lease in August 2026, subject to a termination payment of approximately $29,000,000 from Kohl’s. Simultaneously, we entered into a 15-year lease, plus renewal options, with Target for that space. On August 2, 2026, Kohl’s terminated its lease and paid the remaining $25,100,000 of the $29,000,000 termination payment.

Previous wording

Rental revenues were $54,711,000 for the three months ended June 30, 2026, compared to $51,589,000 for the prior year’s three months, an increase of $3,122,000. This was primarily due to (i) $1,699,000 of higher straight-line revenue resulting from a tenant lease modification and $1,501,000 of higher rental revenue from new leases at the Rego Park shopping center, (ii) $1,654,000 of higher operating expense recoveries from higher operating expenses and (iii) $415,000 of higher lease termination fee income, partially offset by (iv) $1,243,000 of lower rental revenue from retail tenant expirations at 731 Lexington Avenue and (v) $1,104,000 of lower rental revenue from lease expirations at Rego Park I.

Current wording

Rental revenues were $72,056,000 for the three months ended September 30, 2026, compared to $53,424,000 for the prior year’s three months, an increase of $18,632,000. This was primarily due to (i) $18,800,000 of higher straight-line revenue resulting from Kohl’s lease modification at the Rego Park shopping center and (ii) $1,142,000 of higher operating expense recoveries from higher operating expenses, partially offset by (iii) $1,039,000 of lower rental revenue from retail tenant expirations at 731 Lexington Avenue.

Previous wording

Operating expenses were $55,723,000 for the six months ended June 30, 2026, compared to $51,498,000 for the prior year’s six months, an increase of $4,225,000. This was primarily due to (i) $1,697,000 of higher operating expenses subject to recovery, including common area maintenance and real estate taxes, (ii) $1,595,000 of lower capitalized expenses and (iii) $931,000 of higher operating expenses not subject to recovery.

Current wording

Operating expenses were $25,885,000 for the three months ended September 30, 2026, compared to $26,693,000 for the prior year’s three months, a decrease of $808,000. This was primarily due to (i) $2,621,000 of lower operating expenses from the sale of Rego Park I and (ii) $626,000 of higher capitalized expenses, partially offset by (iii) $1,263,000 of higher operating expenses subject to recovery, including common area maintenance and real estate taxes and (iv) $1,174,000 of higher operating expenses not subject to recovery.

Previous wording

Depreciation and amortization was $8,230,000 for the three months ended June 30, 2026, compared to $8,707,000 for the prior year’s three months, a decrease of $477,000. This was primarily due to the cessation of depreciation at Rego Park I that began in the first quarter of 2026 upon classification of the property as held for sale, partially offset by higher depreciation expense on capital costs for new leases at the Rego Park shopping center.

Current wording

Depreciation and amortization was $8,975,000 for the three months ended September 30, 2026, compared to $9,018,000 for the prior year’s three months, a decrease of $43,000. This was primarily due to the cessation of depreciation at Rego Park I that began in the first quarter of 2026 upon classification of the property as held for sale, partially offset by higher depreciation expense on capital costs for new leases at the Rego Park shopping center.

Previous wording

General and administrative expenses were $3,266,000 for the three months ended June 30, 2026, compared to $1,955,000 for the prior year’s three months, an increase of $1,311,000. This was primarily due to $1,062,000 of higher professional fees and $263,000 of higher stock-based compensation expense from an increase in the amount of deferred stock units granted to our Board of Directors in the current year’s quarter.

Current wording

General and administrative expenses were $1,988,000 for the three months ended September 30, 2026, compared to $1,349,000 for the prior year’s three months, an increase of $639,000. This was primarily due to higher professional fees.

Previous wording

Interest and other income was $1,684,000 for the three months ended June 30, 2026, compared to$3,928,000 for the prior year’s three months, a decrease of$2,244,000. This was primarily due to a decrease in average investment balances and interest rates.

Current wording

Interest and other income was $3,129,000 for the three months ended September 30, 2026, compared to$3,682,000 for the prior year’s three months, a decrease of$553,000. This was primarily due to a decrease in average interest rates on investment balances.

Previous wording

Interest and debt expense was$10,796,000 for the three months ended June 30, 2026, compared to$12,801,000 for the prior year’s three months, a decrease of$2,005,000. This was primarily due to (i)$2,502,000 of lower interest expense from the 731 Lexington Avenue retail loan restructuring in December 2025 and (ii) $441,000 of lower interest expense from the Rego Park shopping center loan refinancing in December 2025, partially offset by (iii) $1,155,000 from the expiration of the 731 Lexington Avenue retail interest rate swap in May 2025.

Current wording

Interest and debt expense was$10,933,000 for the three months ended September 30, 2026, compared to$14,078,000 for the prior year’s three months, a decrease of$3,145,000. This was primarily due to (i)$2,520,000 of lower interest expense from the 731 Lexington Avenue retail loan restructuring in December 2025 and (ii) $403,000 of lower interest expense from the Rego Park shopping center loan refinancing in December 2025.

Previous wording

Rental revenues were $108,123,000 for the six months ended June 30, 2026, compared to $106,504,000 for the prior year’s six months, an increase of $1,619,000. This was primarily due to (i) $2,958,000 of higher rental revenue from new leases and $1,699,000 of higher straight-line revenue resulting from a tenant lease modification at the Rego Park shopping center, (ii) $3,334,000 of higher operating expense recoveries from higher operating expenses and (iii) $433,000 of higher lease termination fee income, partially offset by (iv) $3,360,000 of lower rental revenue from Home Depot’s lease expiration and other retail tenant expirations at 731 Lexington Avenue, (v) $2,064,000 of lower rental revenue from lease expirations at Rego Park I and (vi) $1,551,000 of payments received in the prior year for tenant receivables that were previously written off.

Current wording

Rental revenues were $180,179,000 for the nine months ended September 30, 2026, compared to $159,928,000 for the prior year’s nine months, an increase of $20,251,000. This was primarily due to (i) $20,500,000 of higher straight-line revenue resulting from Kohl’s lease modification and $3,473,000 of higher straight-line rental revenue from new leases at the Rego Park shopping center, (ii) $4,290,000 of higher operating expense recoveries from higher operating expenses and (iii) $399,000 of higher lease termination fee income, partially offset by (iv) $4,072,000 of lower rental revenue from Home Depot’s lease expiration and other retail tenant expirations at 731 Lexington Avenue, (v) $3,367,000 of lower rental revenue from the sale of Rego Park I and (vi) $1,551,000 of payments received in the prior year for tenant receivables that were previously written off.

Previous wording

Operating expenses were $26,743,000 for the three months ended June 30, 2026, compared to $25,934,000 for the prior year’s three months, an increase of $809,000. This was primarily due to (i) $786,000 of higher operating expenses subject to recovery, including common area maintenance and real estate taxes and (ii) $696,000 of lower capitalized expenses, partially offset by (iii) $879,000 of lower operating expenses at Rego Park I.

Current wording

Operating expenses were $81,608,000 for the nine months ended September 30, 2026, compared to $78,191,000 for the prior year’s nine months, an increase of $3,417,000. This was primarily due to (i) $3,846,000 of higher operating expenses subject to recovery, including common area maintenance and real estate taxes, (ii) $2,138,000 of higher operating expenses not subject to recovery and (iii) $969,000 of lower capitalized expenses, partially offset by (iv) $3,539,000 of lower operating expenses from the sale of Rego Park I.

Previous wording

Depreciation and amortization was $17,004,000 for the six months ended June 30, 2026, compared to $17,306,000 for the prior year’s six months, a decrease of $302,000. This was primarily due to the cessation of depreciation at Rego Park I that began in the first quarter of 2026 upon classification of the property as held for sale, partially offset by higher depreciation expense on capital costs for new leases at the Rego Park shopping center.

Current wording

Depreciation and amortization was $25,979,000 for the nine months ended September 30, 2026, compared to $26,324,000 for the prior year’s nine months, a decrease of $345,000. This was primarily due to the cessation of depreciation at Rego Park I in 2026 upon classification of the property as held for sale, partially offset by higher depreciation expense on capital costs for new leases at the Rego Park shopping center.

Previous wording

General and administrative expenses were $4,979,000 for the six months ended June 30, 2026, compared to $3,546,000 for the prior year’s six months, an increase of $1,433,000. This was primarily due to $1,188,000 of higher professional fees and $263,000 of higher stock-based compensation expense from an increase in the amount of deferred stock units granted to our Board of Directors in the current year.

Current wording

General and administrative expenses were $6,967,000 for the nine months ended September 30, 2026, compared to $4,895,000 for the prior year’s nine months, an increase of $2,072,000. This was primarily due to (i) $1,688,000 of higher professional fees and (ii) $262,000 of higher stock-based compensation expense from an increase in the value of deferred stock units granted to our Board of Directors in the current year.

Previous wording

Interest and other income was $3,130,000 for the six months ended June 30, 2026, compared to$7,873,000 for the prior year’s six months, a decrease of$4,743,000. This was primarily due to a decrease in average investment balances and interest rates.

Current wording

Interest and other income was $6,259,000 for the nine months ended September 30, 2026, compared to$11,555,000 for the prior year’s nine months, a decrease of$5,296,000. This was primarily due to a decrease in average interest rates on investment balances.

Previous wording

Interest and debt expense was$21,525,000 for the six months ended June 30, 2026, compared to$23,595,000 for the prior year’s six months, a decrease of$2,070,000. This was primarily due to (i)$4,979,000 of lower interest expense from the 731 Lexington Avenue retail loan restructuring in December 2025 and (ii) $847,000 of lower interest expense from the Rego Park shopping center loan refinancing in December 2025, partially offset by (iii) $4,220,000 from the expiration of the 731 Lexington Avenue retail interest rate swap in May 2025.

Current wording

Interest and debt expense was$32,458,000 for the nine months ended September 30, 2026, compared to$37,673,000 for the prior year’s nine months, a decrease of$5,215,000. This was primarily due to (i)$7,499,000 of lower interest expense from the 731 Lexington Avenue retail loan restructuring in December 2025 and (ii) $978,000 of lower interest expense from the Rego Park shopping center loan refinancing in December 2025, partially offset by (iii) $4,220,000 from the expiration of the 731 Lexington Avenue retail interest rate swap in May 2025.

Previous wording

Net gain on sale of real estate was $148,002,000 for the three months ended June 30, 2026, resulting from the sale of the Rego Park I property in May 2026.

Current wording

Net gain on sale of real estate was $148,002,000 for the nine months ended September 30, 2026, resulting from the sale of the Rego Park I property in May 2026.

Previous wording

As of June 30, 2026, we had $358,345,000 of liquidity comprised of cash and cash equivalents and restricted cash. The ongoing challenges posed by fluctuations in interest rates and the effects of inflation could adversely affect our cash flow from continuing operations but we anticipate that cash flow from continuing operations over the next twelve months, together with existing cash balances, will be adequate to fund our business operations, cash dividends to stockholders, debt service and capital expenditures. We may refinance our maturing debt as it comes due or choose to pay it down. However, there can be no assurance that additional financing or capital will be available to refinance our debt, or that the terms will be acceptable or advantageous to us.

Current wording

As of September 30, 2026, we had $349,133,000 of liquidity comprised of cash and cash equivalents and restricted cash. The ongoing challenges posed by fluctuations in interest rates and the effects of inflation could adversely affect our cash flow from continuing operations but we anticipate that cash flow from continuing operations over the next twelve months, together with existing cash balances, will be adequate to fund our business operations, cash dividends to stockholders, debt service and capital expenditures. We may refinance our maturing debt as it comes due or choose to pay it down. However, there can be no assurance that additional financing or capital will be available to refinance our debt, or that the terms will be acceptable or advantageous to us.

Previous wording

Cash and cash equivalents and restricted cash were $358,345,000 as of June 30, 2026, compared to $192,225,000 as of December 31, 2025, an increase of$166,120,000. This increase resulted from (i)$199,339,000 of net cash provided by investing activities and (ii)$13,005,000 of net cash provided by operating activities, partially offset by (iii)$46,224,000 of net cash used in financing activities.

Current wording

Cash and cash equivalents and restricted cash were $349,133,000 as of September 30, 2026, compared to $192,225,000 as of December 31, 2025, an increase of$156,908,000. This increase resulted from (i)$196,347,000 of net cash provided by investing activities and (ii)$29,913,000 of net cash provided by operating activities, partially offset by (iii)$69,352,000 of net cash used in financing activities.

Previous wording

Net cash provided by investing activities of $199,339,000 was comprised of (i) $205,819,000 of proceeds from sale of real estate, partially offset by (ii) $6,480,000 of construction in progress and real estate additions.

Current wording

Net cash provided by investing activities of $196,347,000 was comprised of (i) $205,819,000 of proceeds from the sale of real estate, partially offset by (ii) $9,472,000 of construction in progress and real estate additions.

Previous wording

Net cash provided by operating activities of$13,005,000 was comprised of (i) net income of $160,024,000, partially offset by (ii) adjustments for non-cash items of $121,563,000 and (iii) the net change in operating assets and liabilities of $25,456,000. The adjustments for non-cash items were comprised of (i) net gain on sale of real estate of$148,002,000 and (ii) straight-lining of rents of$566,000, partially offset by (iii) depreciation and amortization (including amortization of debt issuance costs) of$18,292,000, (iv) PIK interest expense of$3,832,000, (v)amortization of deferred lease incentives of$3,541,000, (vi) other non-cash adjustments of$681,000, (vii) stock-based compensation of$656,000 and (viii) interest rate cap premium amortization of $3,000.

Current wording

Net cash provided by operating activities of$29,913,000 was comprised of (i) net income of $187,428,000, partially offset by (ii) adjustments for non-cash items of $101,650,000 and (iii) the net change in operating assets and liabilities of $55,865,000. The adjustments for non-cash items were comprised of (i) the net gain on sale of real estate of$148,002,000, partially offset by (ii) depreciation and amortization (including amortization of debt issuance costs) of$27,912,000,(iii) PIK interest expense of$5,779,000, (iv)straight-lining of rents of$5,620,000, (v) amortization of deferred lease incentives of$5,359,000, (vi)other non-cash adjustments of$1,020,000, (vii)stock-based compensation of$656,000 and (viii) interest rate cap premium amortization of $6,000.

Previous wording

Net cash used in financing activities of$46,224,000 was comprised of dividends paid.

Current wording

Net cash used in financing activities of$69,352,000 was comprised of dividends paid.

Previous wording

Cash and cash equivalents and restricted cash were $390,305,000 as of June 30, 2025, compared to $393,836,000 as of December 31, 2024, a decr ease of $3,531,000. This decrease resulted from (i) $48,185,000 of net cash used in financing activities and (ii) $14,633,000 of net cash used in investing activities, partially offset by (iii) $59,287,000 of net cash provided by operating activities.

Current wording

Cash and cash equivalents and restricted cash were $352,258,000 as of September 30, 2025, compared to $393,836,000 as of December 31, 2024, a decr ease of $41,578,000. This decrease resulted from (i) $72,612,000 of net cash used in financing activities and (ii) $18,986,000 of net cash used in investing activities, partially offset by (iii) $50,020,000 of net cash provided by operating activities.

Previous wording

Net cash used in financing activities of $48,185,000 was comprised of (i) $46,202,000 of dividends paid and (ii) $1,983,000 of debt repayments.

Current wording

Net cash used in financing activities of $72,612,000 was comprised of (i) $69,314,000 of dividends paid, (ii) $3,189,000 of debt repayments and (iii) $109,000 of debt issuance costs.

Previous wording

Net cash used in investing activities of $14,633,000 was comprised of construction in progress and real estate additions.

Current wording

Net cash used in investing activities of $18,986,000 was comprised of construction in progress and real estate additions.

Previous wording

Net cash provided by operating activities of $59,287,000 was comprised of (i) net income of $18,432,000, (ii) adjustments for non-cash items of $25,958,000 and (iii) the net change in operating assets and liabilities of $14,897,000. The adjustments for non-cash items were comprised of (i) depreciation and amortization (including amortization of debt issuance costs) of $18,888,000, (ii) amortization of deferred lease incentives of $3,654,000, (iii) straight-lining of rents of $2,018,000, (iv) other non-cash adjustments of $682,000, (v) stock-based compensation expense of $394,000 and (vi) interest rate cap premium amortization of $322,000.

Current wording

Net cash provided by operating activities of $50,020,000 was comprised of (i) net income of $24,400,000 and (ii) adjustments for non-cash items of $38,207,000, partially offset by (iii) the net change in operating assets and liabilities of $12,587,000. The adjustments for non-cash items were comprised of (i) depreciation and amortization (including amortization of debt issuance costs) of $28,709,000, (ii) amortization of deferred lease incentives of $5,509,000,(iii) straight-lining of rents of $2,105,000, (iv) other non-cash adjustments of $1,020,000, (v) interest rate cap premium amortization of $470,000 and (vi) stock-based compensation expense of $394,000.

Previous wording

We maintain general liability insurance with limits of$300,000,000 per occurrence and per property, which includes communicable disease coverage, and all-risk property and rental value insurance coverage with limits of$1.7 billion per occurrence, including coverage for acts of terrorism, with sub-limits for certain perils such as floods and earthquakes on each of our properties and excluding communicable disease coverage.

Current wording

We maintain general liability insurance with limits of $300,000,000 per occurrence and per property, which includes communicable disease coverage, and all-risk property and rental value insurance coverage with limits of $1.7 billion per occurrence, including coverage for acts of terrorism, with sub-limits for certain perils such as floods and earthquakes on each of our properties and excluding communicable disease coverage.

Previous wording

Fifty Ninth Street Insurance Company, LLC (“FNSIC”), our wholly owned consolidated subsidiary, acts as a direct insurer for coverage for acts of terrorism, including nuclear, biological, chemical and radiological (“NBCR”) acts, as defined by the Terrorism Risk Insurance Act of 2002, as amended to date and which has been extended through December 2027. Coverage for acts of terrorism (including NBCR acts) is up to$1.7 billion per occurrence and in the aggregate. Coverage for acts of terrorism (excluding NBCR acts) is fully reinsured by third party insurance companies and the Federal government with no exposure to FNSIC. For NBCR acts, FNSIC is responsible for a deductible of$348,000 and 20% of the balance of a covered loss, and the Federal government is responsible for the remaining 80% of a covered loss. We are ultimately responsible for any loss incurred by FNSIC.

Current wording

Fifty Ninth Street Insurance Company, LLC (“FNSIC”), our wholly owned consolidated subsidiary, acts as a direct insurer for coverage for acts of terrorism, including nuclear, biological, chemical and radiological (“NBCR”) acts, as defined by the Terrorism Risk Insurance Act of 2002, as amended to date and which has been extended through December 2027. Coverage for acts of terrorism (including NBCR acts) is up to $1.7 billion per occurrence and in the aggregate. Coverage for acts of terrorism (excluding NBCR acts) is fully reinsured by third party insurance companies and the Federal government with no exposure to FNSIC. For NBCR acts, FNSIC is responsible for a deductible of $326,000 and 20% of the balance of a covered loss, and the Federal government is responsible for the remaining 80% of a covered loss. We are ultimately responsible for any loss incurred by FNSIC.

Previous wording

There are various legal actions brought against us from time-to-time in the ordinary course of business. In our opinion, the outcome of such pending matters in the aggregate will not have a material effect on our financial position, results of operations or cash flows.

Current wording

There are various legal actions brought against us from time-to-time in the ordinary course of business. In our opinion, after consultation with legal counsel, the outcome of such matters is not currently expected to have a material adverse effect on our financial position, results of operations or cash flows. There are various legal actions brought against us from time-to-time in the ordinary course of business. In our opinion, after consultation with legal counsel, the outcome of such matters is not currently expected to have a material adverse effect on our financial position, results of operations or cash flows.

Previous wording

FFO (non-GAAP) for the three and six months ended June 30, 2026 and 2025

Current wording

FFO (non-GAAP) for the three and nine months ended September 30, 2026 and 2025