AGREE REALTY CORP

Previous wording

As of March 31, 2026, the Company’s portfolio consisted of 2,756 properties located in all 50 states and totaling approximately 57.5 million square feet of gross leasable area (“GLA”). The portfolio was approximately 99.7% leased and had a weighted average remaining lease term of approximately 7.8 years. A significant majority of the Company’s properties are leased to national tenants and approximately 65.4% of our annualized base rent was derived from tenants, or parent entities thereof, with an investment grade credit rating from S&P Global Ratings, Moody’s Investors Service, Fitch Ratings or the National Association of Insurance Commissioners. Substantially all of our tenants are subject to net lease agreements. A net lease typically requires the tenant to be responsible for minimum monthly rent and property operating expenses including property taxes, insurance and maintenance.

Current wording

As of June 30, 2026, the Company’s portfolio consisted of 2,825 properties located in all 50 states and the District of Columbia, comprised of approximately 59.6 million square feet of gross leasable area (“GLA”). The portfolio was approximately 99.8% leased and had a weighted average remaining lease term of approximately 7.7 years. A significant majority of the Company’s properties are leased to national tenants and approximately 65.8% of our annualized base rent was derived from tenants, or parent entities thereof, with an investment grade credit rating from S&P Global Ratings, Moody’s Investors Service, Fitch Ratings or the National Association of Insurance Commissioners. Substantially all of our tenants are subject to net lease agreements. A net lease typically requires the tenant to be responsible for minimum monthly rent and property operating expenses including property taxes, insurance and maintenance.

Previous wording

The Company’s real estate investment portfolio grew from approximately $7.70 billion in net investment amount representing 2,422 properties with 50.3 million square feet of GLA as of March 31, 2025, to approximately $8.89 billion in net investment amount representing 2,756 properties with 57.5 million square feet of GLA at March 31, 2026. The Company’s real estate investments were made throughout and between the periods presented and were not all outstanding for the entire period; accordingly, a portion of the increase in rental income between periods is related to recognizing revenue in 2026 on acquisitions, development and DFP projects that were completed during 2025. Similarly, the full rental income impact of acquisitions made during 2026 will not be realized until 2027.

Current wording

The Company’s real estate investment portfolio grew from approximately $7.96 billion in net investment amount representing 2,513 properties with 52.0 million square feet of GLA as of June 30, 2025, to approximately $9.24 billion in net investment amount representing 2,825 properties with 59.6 million square feet of GLA at June 30, 2026. The Company’s real estate investments were made throughout and between the periods presented and were not all outstanding for the entire period; accordingly, a portion of the increase in rental income between periods is related to recognizing revenue in 2026 on acquisitions, development and Developer Funding Platform (“DFP”) projects that were completed during 2025. Similarly, the full rental income impact of acquisitions made during 2026 will not be realized until 2027.

Previous wording

The following summarizes the acquisitions completed by the Company during the periods presented(dollars in thousands):

Current wording

The following table summarizes the acquisitions completed by the Company during the periods presented(dollars in thousands):

Previous wording

(1)Weighted-average capitalization rate for acquisitions is the sum of contractual fixed annual rents computed on a straight-line basis over the primary lease terms and anticipated annual net tenant recoveries, divided by the aggregate purchase price for occupied properties.

Current wording

(2)Weighted-average capitalization rate for acquisitions is the sum of contractual fixed annual rents computed on a straight-line basis over the primary lease terms and anticipated annual net tenant recoveries, divided by the aggregate purchase price for occupied properties.

Previous wording

The following summarizes the Company’s development and Developer Funding Platform (“DFP”) activity during the periods presented:

Current wording

The following table summarizes the Company’s development and DFP activity during the periods presented:

Previous wording

The following summarizes the Company’s disposition activity during the periods presented (dollars in thousands):

Current wording

The following table summarizes the Company’s disposition activity during the periods presented (dollars in thousands):

Previous wording

The variances in rental income, real estate tax expense, property operating expense and depreciation and amortization expense shown above were due to the acquisition and the ownership of an increased number of properties during the three months ended March 31, 2026, compared to the three months ended March 31, 2025, as further described under Results of Operations - Overall above.

Current wording

The variances in rental income, real estate taxes, property operating expenses and depreciation and amortization shown above were due to the acquisition and the ownership of an increased number of properties during the three months ended June 30, 2026, compared to the three months ended June 30, 2025, as further described under Results of Operations - Overall above.

Previous wording

General and administrative expenses increased $0.7 million, or 7%, to $11.5 million for the three months ended March 31, 2026, compared to $10.8 million for the three months ended March 31, 2025. The increase was primarily the result of growth in compensation costs due to inflationary increases and higher stock-based compensation expense as a result of changing the vesting period for awards granted beginning in 2023. General and administrative expenses as a percentage of total revenue decreased to 5.7% for the three months ended March 31, 2026, compared to 6.4% for the three months ended March 31, 2025.

Current wording

General and administrative expenses increased $0.7 million, or 6%, to $12.0 million for the three months ended June 30, 2026, compared to $11.3 million for the three months ended June 30, 2025. The increase was primarily the result of growth in compensation costs due to inflationary increases and higher stock-based compensation expense as a result of changing the vesting period for awards granted beginning in 2023. General and administrative expenses as a percentage of total revenue decreased to 5.8% for the three months ended June 30, 2026, compared to 6.5% for the three months ended June 30, 2025.

Previous wording

Interest expense, net increased $5.2 million, or 17%, to $36.0 million for the three months ended March 31, 2026, compared to $30.8 million for the three months ended March 31, 2025. The increase in interest expense, net was primarily a result of higher levels of borrowings during the three months ended March 31, 2026, compared to the three months ended March 31, 2025, in order to finance the acquisition and development of additional properties. Interest expense, net increased approximately $4.9 million related to the $400.0 million 2035 Senior Unsecured Public Notes that were issued in May 2025, partially offset by a decrease in interest due to the repayment of the $50.0 million 2025 Senior Unsecured Notes in May 2025. In addition, interest expense on the Revolving Credit Facility and Commercial Paper Notes increased approximately $0.3 million due to higher levels of borrowings, partially offset by lower average borrowing rates, during the three months ended March 31, 2026, compared to the three months ended March 31, 2025.

Current wording

Interest expense, net increased $8.0 million, or 25%, to $40.3 million for the three months ended June 30, 2026, compared to $32.3 million for the three months ended June 30, 2025. The increase in interest expense, net was primarily a result of higher levels of borrowings during the three months ended June 30, 2026, compared to the three months ended June 30, 2025, in order to finance the acquisition and development of additional properties. Interest expense, net increased approximately $2.8 million related to the $400.0 million 2035 Senior Unsecured Public Notes that were issued in May 2025, and approximately $2.6 million related to the $350.0 million 2031 Unsecured Term Loan that closed in November 2025, partially offset by a decrease in interest due to the repayment of the $50.0 million 2025 Senior Unsecured Notes in May 2025. In addition, interest expense on the Revolving Credit Facility and Commercial Paper Notes increased approximately $2.8 million due to higher levels of borrowings, partially offset by lower average borrowing rates, during the three months ended June 30, 2026, compared to the three months ended June 30, 2025.

Previous wording

The Company recognized a $1.4 million provision for impairment during the three months ended March 31, 2026, while $4.3 million was recognized during the three months ended March 31, 2025. Provisions for impairment are recorded when events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable through operations plus estimated disposition proceeds and are not necessarily comparable period-to-period.

Current wording

The Company recognized a $5.9 million provision for impairment during the three months ended June 30, 2026, while $3.0 million was recognized during the three months ended June 30, 2025. Provisions for impairment are recorded when events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable through operations plus estimated disposition proceeds and are not necessarily comparable period-to-period.

Previous wording

A net gain on the sale of assets of $1.7 million was recognized on the disposition of seven assets during the three months ended March 31, 2026 as compared to a net gain on the sale of assets of $0.8 million on the disposition of one asset during the three months ended March 31, 2025. Gains and losses on sale of assets are dependent on levels of disposition activity and the carrying value of the assets relative to their sales prices. As a result, such gains on sales are not necessarily comparable period-to-period.

Current wording

A net gain on the sale of assets of $2.0 million was recognized on the disposition of fourteen assets during the three months ended June 30, 2026 as compared to a net gain on the sale of assets of $1.5 million on the disposition of four assets during the three months ended June 30, 2025. Gains and losses on sale of assets are dependent on levels of disposition activity and the carrying value of the assets relative to their sales prices. As a result, such gains on sales are not necessarily comparable period-to-period.

Previous wording

Net income increased $15.1 million, or 32%, to $62.2 million for the three months ended March 31, 2026, compared to $47.1 million for the three months ended March 31, 2025. The change was the result of the growth in the portfolio offset by the items discussed above. After allocation of income to non-controlling interest and preferred stockholders, net income attributable to common stockholders increased $15.1 million, or 33%, to $60.2 million for the three months ended March 31, 2026, compared to $45.1 million for the three months ended March 31, 2025.

Current wording

Net income increased $5.4 million, or 11%, to $54.8 million for the three months ended June 30, 2026, compared to $49.4 million for the three months ended June 30, 2025. The change was the result of the growth in the portfolio offset by the items discussed above. After allocation of income to non-controlling interest and preferred stockholders, net income attributable to common stockholders increased $5.5 million, or 12%, to $52.8 million for the three months ended June 30, 2026, compared to $47.3 million for the three months ended June 30, 2025.

Previous wording

The Company expects to meet its short-term liquidity requirements through cash and cash equivalents held as of March 31, 2026, cash provided from operations, settlement of outstanding forward equity and borrowings under its Revolving Credit Facility or Commercial Paper Program. As of March 31, 2026, the Company had over $2.28 billion of liquidity, which consists of cash and cash equivalents, including cash held in escrow, of $31.2 million, unsettled forward equity of $1.37 billion, $100.0 million of undrawn capacity under the 2031 Term Loan and $780.4 million of availability under our Revolving Credit Facility, adjusted to reflect the outstanding Commercial Paper Notes, subject to compliance with covenants.

Current wording

The Company expects to meet its short-term liquidity requirements through cash and cash equivalents held as of June 30, 2026, cash provided from operations, settlement of outstanding forward equity and borrowings under its Revolving Credit Facility or Commercial Paper Program. As of June 30, 2026, the Company had $1.86 billion of liquidity, which consists of cash and cash equivalents, including cash held in escrow of $21.2 million, unsettled forward equity of $1.08 billion and $753.0 million of availability under our Revolving Credit Facility, adjusted to reflect the outstanding Commercial Paper Notes, subject to compliance with covenants.

Previous wording

As of March 31, 2026, the Company’s total enterprise value was approximately $12.95 billion. Total enterprise value consisted of $9.08 billion of common equity (based on the March 31, 2026 closing price of the Company’s common stock on the NYSE of $75.38 per share and assuming the conversion of Operating Partnership Common Units), $175.0 million of preferred equity (stated at liquidation value) and $3.72 billion of total debt principal including (i) $469.7 million of borrowings under its Revolving Credit Facility and Commercial Paper Program; (ii) $2.61 billion of senior unsecured notes; (iii) $600.0 million under its unsecured term loans; (iv) $42.6 million of mortgage notes payable; less $31.2 million cash, cash equivalents and cash held in escrow. The Company’s net debt principal to total enterprise value was 28.5% as of March 31, 2026.

Current wording

As of June 30, 2026, the Company’s total enterprise value was approximately $13.45 billion. Total enterprise value consisted of $9.45 billion of common equity (based on the June 30, 2026 closing price of the Company’s common stock on the NYSE of $75.74 per share and assuming the conversion of Operating Partnership Common Units), $175.0 million of preferred equity (stated at liquidation value) and $3.85 billion of total debt principal including (i) $497.0 million of borrowings under its Revolving Credit Facility and Commercial Paper Program; (ii) $2.61 billion of senior unsecured notes; (iii) $700.0 million under its unsecured term loans; (iv) $42.3 million of mortgage notes payable; less $21.2 million cash, cash equivalents and cash held in escrow. The Company’s net debt principal to total enterprise value was 28.5% as of June 30, 2026.

Previous wording

At March 31, 2026, the non-controlling interest in the Operating Partnership consisted of a 0.3% common ownership interest in the Operating Partnership. The Operating Partnership Common Units may, under certain circumstances, be exchanged for shares of Company common stock on a one-for-one basis. The Company, as sole general partner of the Operating Partnership, has the option to settle exchanged Operating Partnership Common Units held by others for cash based on the current trading price of our shares. Assuming the exchange of all Operating Partnership Common Units, there would have been 120,451,074 shares of common stock outstanding as of March 31, 2026.

Current wording

At June 30, 2026, the non-controlling interest in the Operating Partnership consisted of a 0.3% common ownership interest in the Operating Partnership. The Operating Partnership Common Units may, under certain circumstances, be exchanged for shares of Company common stock on a one-for-one basis. The Company, as sole general partner of the Operating Partnership, has the option to settle exchanged Operating Partnership Common Units held by others for cash based on the current trading price of our shares. Assuming the exchange of all Operating Partnership Common Units, there would have been 124,728,833 shares of common stock outstanding as of June 30, 2026.

Previous wording

The Company has filed with the SEC an automatic shelf registration statement on Form S-3ASR, registering an unspecified amount of common stock, preferred stock, depositary shares, warrants of the Company and guarantees of debt securities of the Operating Partnership, as well as an unspecified amount of debt securities of the Operating Partnership, at an indeterminate aggregate initial offering price. The Company may periodically offer one or more of these securities in amounts, prices and on terms to be announced when and if these securities are offered. The specifics of any future offerings, along with the use of proceeds of any securities offered, will be described in detail in a prospectus supplement, or other offering materials, at the time of any offering.

Current wording

On April 24, 2026, the Company filed an automatic shelf registration statement on Form S-3ASR with the Securities and Exchange Commission ("SEC") registering an unspecified amount of common stock, preferred stock, depositary shares, warrants and guarantees of debt securities of the Operating Partnership, as well as an unspecified amount of debt securities of the Operating Partnership, at an indeterminate aggregate initial offering price (the “Form S-3ASR”). The Form S-3ASR replaced the Company’s automatic shelf registration statement on Form S-3ASR that was filed with the SEC on May 5, 2023. The Company may periodically offer one or more of these securities in amounts, prices and on terms to be announced when and if these securities are offered. The specifics of any future offerings, along with the use of proceeds of any securities offered, will be described in detail in a prospectus supplement, or other offering materials, at the time of any offering.

Previous wording

In April 2025, the Company completed a follow-on public offering of 5,175,000 shares of common stock, including the full exercise of the underwriters’ option to purchase an additional 675,000 shares in connection with the forward sale agreements. As of March 31, 2026, the Company has not settled any of these shares. The offering is anticipated to raise net proceeds of approximately $384.5 million after deducting fees and expenses and making certain adjustments as provided in the forward sale agreements.

Current wording

In April 2025, the Company completed a follow-on public offering of 5,175,000 shares of common stock, including the full exercise of the underwriters’ option to purchase an additional 675,000 shares in connection with the forward sale agreements. As of June 30, 2026, the Company settled 1,500,000 shares of common stock under such forward sale agreements, realizing net proceeds of $111.5 million. The offering is anticipated to raise total net proceeds of approximately $383.5 million after deducting fees and expenses and making certain adjustments as provided in the forward sale agreements.

Previous wording

(3)The Company is required to settle the outstanding forward shares of common stock under the program by dates between June 2026 and March 2028.

Current wording

(2)The Company is required to settle the outstanding forward shares of common stock under the program by dates between October 2026 and April 2028.

Previous wording

(2)After considering the shares of common stock sold subject to forward sale agreements under the program, the Company had approximately $249.9 million of availability under the October 2024 Program as of March 31, 2026.

Current wording

(3)The Company has not sold any shares of common stock subject to forward sales agreements under the April 2026 Program as of June 30, 2026.

Previous wording

(1)At March 31, 2026, the Revolving Credit Facility would have incurred interest of 4.36%, which is comprised of SOFR of 3.63% and the pricing grid spread of 72.5 basis points.

Current wording

(1)At June 30, 2026, the Revolving Credit Facility would have incurred interest of 4.35%, which is comprised of SOFR of 3.62% and the pricing grid spread of 72.5 basis points.

Previous wording

(3)The interest rate of the 2029 Unsecured Term Loan reflects the credit spread of 80 basis points and the impact of the interest rate swaps which convert $350 million of SOFR based interest to a fixed interest rate of 3.57%.

Current wording

(3)At June 30, 2026, the interest rate of the 2029 Unsecured Term Loan reflects the credit spread of 80 basis points and the impact of the interest rate swaps which convert $350.0 million of SOFR based interest to a fixed interest rate of 3.57%.

Previous wording

(4)On March 31, 2026, the Company drew $250.0 million under the 2031 Unsecured Term Loan. The all-in interest rate of the 2031 Unsecured Term Loan reflects the credit spread of 80 basis points and the impact of the forward starting interest rate swaps which convert $350.0 million of SOFR based interest to a fixed interest rate of 3.22%. The forward-starting interest rate swaps are effective April 1, 2026 and, accordingly, interest accrued prior to April 1, 2026, is not hedged by the swaps and accrues at the applicable variable rate of SOFR plus 80 basis points.

Current wording

(4)The all-in interest rate of the 2031 Unsecured Term Loan reflects the credit spread of 80 basis points and the impact of the interest rate swaps, which convert $350.0 million of SOFR based interest to a fixed interest rate of 3.22%. Of these swaps, $100.0 million became effective on July 1, 2026. Accordingly, interest on the $100.0 million drawn on June 30, 2026 accrued at SOFR plus 80 basis points until July 1, 2026.

Previous wording

(7)Variable rate debt includes the revolving credit facility and commercial paper notes. All other debt is included within fixed rate debt, including the 2029 and 2031 Unsecured Term Loans as the variable portion of the interest rate has been fixed through the use of interest rate swaps.

Current wording

(8)Floating rate debt includes the revolving credit facility and commercial paper notes. All other debt is included within fixed rate debt, including the 2029 and 2031 Unsecured Term Loans as the variable portion of the interest rate has been fixed through the use of interest rate swaps.

Previous wording

As of March 31, 2026, the Revolving Credit Facility had no outstanding balance and bore interest of 4.36%, which is comprised of SOFR of 3.63% plus a pricing grid spread of 72.5 basis points.

Current wording

As of June 30, 2026, the Revolving Credit Facility had no outstanding balance and bore interest of 4.35%, which is comprised of SOFR of 3.62% plus a pricing grid spread of 72.5 basis points.

Previous wording

During 2025, the Company closed on an unsecured $350.0 million 5.5-year delayed draw 2031 Unsecured Term Loan. As of December 31, 2025, the Company had not drawn any amounts under the 2031 Unsecured Term Loan. On March 31, 2026, the Company drew $250.0 million under the 2031 Unsecured Term Loan. The remaining $100.0 million is available as a delayed draw term loan commitment until November 17, 2026.

Current wording

During 2025, the Company closed on an unsecured $350.0 million 5.5-year delayed draw 2031 Unsecured Term Loan. As of December 31, 2025, the Company had not drawn any amounts under the 2031 Unsecured Term Loan. On March 31, 2026, the Company drew $250.0 million under the 2031 Unsecured Term Loan. On June 30, 2026, the Company drew the remaining $100.0 million under the 2031 Unsecured Term Loan.

Previous wording

As of March 31, 2026, the Company had total gross mortgage indebtedness of $42.6 million, which was collateralized by related real estate and tenants’ leases with an aggregate net book value of $72.5 million. The weighted average interest rate on the Company’s mortgage notes payable was 3.65% as of March 31, 2026.

Current wording

As of June 30, 2026, the Company had total gross mortgage indebtedness of $42.3 million, which was collateralized by related real estate and tenants’ leases with an aggregate net book value of $71.8 million. The weighted average interest rate on the Company’s mortgage notes payable was 3.64% as of June 30, 2026.

Previous wording

Operating -Most of the Company’s cash from operations is generated by rental income from its investment portfolio. Net cash provided by operating activities for the three months ended March 31, 2026, increased by $18.5 million over the same period in 2025, primarily due to the increase in the size of the Company’s real estate investment portfolio.

Current wording

Operating -Most of the Company’s cash from operations is generated by rental income from its investment portfolio. Net cash provided by operating activities for the six months ended June 30, 2026, increased by $29.8 million over the same period in 2025, primarily due to the increase in the size of the Company’s real estate investment portfolio.

Previous wording

Investing - Net cash used in investing activities was $49.3 million greater during the three months ended March 31, 2026, compared to the same period in 2025 primarily due to:

Current wording

Investing - Net cash used in investing activities was $187.2 million greater during the six months ended June 30, 2026, compared to the same period in 2025 primarily due to:

Previous wording

•$52.7 million increase in cash used for property acquisitions as a result of the overall increase in the level of acquisition activity;

Current wording

•$184.0 million increase in cash used for property acquisitions as a result of the overall increase in the level of acquisition activity;

Previous wording

•$5.5 million increase in cash used for development of real estate investments and other assets due to changes in the scope of development and DFP projects in progress as well as the timing of payments for these projects and other capital additions.

Current wording

•$35.3 million increase in cash used for development of real estate investments and other assets due to changes in the scope of development and DFP projects in progress as well as the timing of payments for these projects and other capital additions; and

Previous wording

•$7.7 million increase in proceeds from asset sales due to increased disposition volume during the three months ended March 31, 2026, compared to the same period in 2025. Proceeds from asset sales are dependent on levels of disposition activity and the specific assets sold and are not necessarily comparable period-to-period; and

Current wording

•$30.7 million increase in proceeds from asset sales due to increased disposition volume during the six months ended June 30, 2026, compared to the same period in 2025. Proceeds from asset sales are dependent on levels of disposition activity and the specific assets sold and are not necessarily comparable period-to-period.

Previous wording

Financing - Net cash provided by financing activities increased by $36.6 million during the three months ended March 31, 2026, compared to the same period in 2025 primarily due to:

Current wording

Financing - Net cash provided by financing activities increased by $155.4 million during the six months ended June 30, 2026, compared to the same period in 2025 primarily due to:

Previous wording

•$250.0 million increase in proceeds from the draw under the 2031 Unsecured Term Loan;

Current wording

•$350.0 million increase in proceeds from the draws under the 2031 Unsecured Term Loan;

Previous wording

•$183.1 million decrease in net proceeds from the issuance of common stock as no common stock was settled during the three months ended March 31, 2026;

Current wording

•$88.7 million increase in net proceeds from the issuance of common stock;

Previous wording

•$14.8 million decrease of net borrowings on the Revolving Credit Facility and Commercial Paper Program. Net borrowings on the Revolving Credit Facility and Commercial Paper Program were $149.2 million during the three months ended March 31, 2026, while $164.0 million of net borrowings were completed over the same period in 2025; and

Current wording

•$87.5 million increase of net borrowings on the Revolving Credit Facility and Commercial Paper Program. Net borrowings on the Revolving Credit Facility and Commercial Paper Program were $176.5 million during the six months ended June 30, 2026, while $89.0 million of net borrowings were completed over the same period in 2025; and

Previous wording

•$13.1 million increase in total dividends and distributions paid. The Company’s annualized common stock dividend declared during the three months ended March 31, 2026 of $3.144 per common share represents a 3.6% increase over the annualized dividend amount of $3.036 per common share declared in the same period in 2025.

Current wording

•$24.5 million increase in total dividends and distributions paid. The Company’s annualized common stock dividend declared during the six months ended June 30, 2026 of $3.204 per common share represents a 4.3% increase over the annualized dividend amount of $3.072 per common share declared in the same period in 2025.

Previous wording

(3)Estimated interest payments calculated for (i) variable rate debt based on the rate in effect at period-end and (ii) fixed rate debt based on the coupon interest rate.

Current wording

(2)Estimated interest payments calculated for (i) variable rate debt based on the rate in effect at period-end and (ii) fixed rate debt based on the coupon interest rate.

Previous wording

For the three months ended March 31, 2026, the Company had 15 development or DFP projects completed or under construction, with anticipated total costs of approximately $112.0 million. These construction commitments will be funded using cash provided from operations, current capital resources on hand, or other sources of funding available to the Company.

Current wording

During the six months ended June 30, 2026, the Company had 20 development or DFP projects completed or under construction, with anticipated total costs of approximately$199.9 million. These construction commitments will be funded using cash provided from operations, current capital resources on hand, or other sources of funding available to the Company.

Previous wording

During the quarter ended March 31, 2026, the Company declared monthly dividends of $0.262 per common share. Holders of the Operating Partnership Common Units are entitled to an equal distribution per Operating Partnership Common Unit held. The dividends and distributions payable for January and February were paid during the three months ended March 31, 2026, while March dividends and distributions were recorded as a liability on the condensed consolidated balance sheets at March 31, 2026 and were paid on April 15, 2026.

Current wording

During the quarter ended June 30, 2026, the Company declared monthly dividends of $0.267 per common share. Holders of the Operating Partnership Common Units are entitled to an equal distribution per Operating Partnership Common Unit held. The dividends and distributions payable for April and May were paid during the three months ended June 30, 2026, while June dividends and distributions were recorded as a liability on the condensed consolidated balance sheets at June 30, 2026 and were paid on July 15, 2026.

Previous wording

During the quarter ended March 31, 2026, the Company declared monthly dividends on the Series A Preferred Shares in the amount of $0.08854, per Depositary Share. The dividends payable for January and February were paid during the quarter. The March dividends were recorded as a liability on the condensed consolidated balance sheets at March 31, 2026, and were paid on April 1, 2026.

Current wording

During the quarter ended June 30, 2026, the Company declared monthly dividends on the Series A Preferred Shares in the amount of $0.08854 per Depositary Share. The dividends payable for April and May were paid during the quarter. The June dividends were recorded as a liability on the condensed consolidated balance sheets at June 30, 2026, and were paid on July 1, 2026.