AGREE REALTY CORP

Previous 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.

Current wording

As of September 30, 2026, the Company’s portfolio consisted of 2,888 properties located in all 50 states and the District of Columbia, comprised of approximately 61.1 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 7.8 years. A significant majority of the Company’s properties are leased to national tenants and approximately 65.1% 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 $7.96 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.

Current wording

The Company’s real estate investment portfolio grew from approximately $8.30 billion in net investment amount representing 2,603 properties with 53.7 million square feet of GLA as of September 30, 2025, to approximately $9.52 billion in net investment amount representing 2,888 properties with 61.1 million square feet of GLA at September 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

(1)Excludes the District of Columbia, where the Company acquired its first property during the three months ended June 30, 2026.

Current wording

(1)Excludes the District of Columbia, where the Company acquired its first property during the second quarter of 2026.

Previous 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 six months ended June 30, 2026, compared to the six months ended June 30, 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

Previous 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.

Current wording

General and administrative expenses increased $1.5 million, or 14%, to $12.4 million for the three months ended September 30, 2026, compared to $10.9 million for the three months ended September 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 September 30, 2026, compared to 5.9% for the three months ended September 30, 2025.

Previous wording

Interest expense, net increased $13.2 million, or 21%, to $76.2 million for the six months ended June 30, 2026, compared to $63.0 million for the six months ended June 30, 2025. The increase in interest expense, net was primarily a result of higher levels of borrowings during the six months ended June 30, 2026, compared to the six months ended June 30, 2025, in order to finance the acquisition and development of additional properties. Interest expense, net increased approximately $7.8 million related to the $400.0 million 2035 Senior Unsecured Public Notes that were issued in May 2025, and approximately $2.5 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 $3.1 million due to higher levels of borrowings, partially offset by lower average borrowing rates, during the six months ended June 30, 2026, compared to the six months ended June 30, 2025.

Current wording

Interest expense, net increased $5.8 million, or 16%, to $41.0 million for the three months ended September 30, 2026, compared to $35.2 million for the three months ended September 30, 2025. The increase in interest expense, net was primarily a result of higher levels of borrowings during the three months ended September 30, 2026, compared to the three months ended September 30, 2025, in order to finance the acquisition and development of additional properties. Interest expense, net increased approximately $3.6 million related to the $350.0 million 2031 Unsecured Term Loan that closed in November 2025 and $0.5 million related to the $400.0 million 2036 Senior Unsecured Public Notes that were issued in September 2026. In addition, interest expense on the Revolving Credit Facility and Commercial Paper Notes increased approximately $1.9 million due to higher levels of borrowings, partially offset by lower average borrowing rates, during the three months ended September 30, 2026, compared to the three months ended September 30, 2025.

Previous 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.

Current wording

The Company did not recognize any provision for impairment during the three months ended September 30, 2026, while $3.0 million was recognized during the three months ended September 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 $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.

Current wording

A net gain on the sale of assets of $5.4 million was recognized on the disposition of eleven assets during the three months ended September 30, 2026 as compared to a net gain on the sale of assets of $0.9 million on the disposition of eight assets during the three months ended September 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 $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.

Current wording

Net income increased $16.2 million, or 31%, to $68.5 million for the three months ended September 30, 2026, compared to $52.3 million for the three months ended September 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 $16.2 million, or 32%, to $66.5 million for the three months ended September 30, 2026, compared to $50.3 million for the three months ended September 30, 2025.

Previous wording

Comparison of six months ended June 30, 2026 to the six months ended June 30, 2025 (dollars in thousands)

Current wording

Comparison of nine months ended September 30, 2026 to the nine months ended September 30, 2025 (dollars in thousands)

Previous 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.

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 nine months ended September 30, 2026, compared to the nine months ended September 30, 2025, as further described under Results of Operations - Overall above.

Previous wording

General and administrative expenses increased $1.3 million, or 6%, to $23.4 million for the six months ended June 30, 2026, compared to $22.1 million for the six 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 six months ended June 30, 2026, compared to 6.4% for the six months ended June 30, 2025.

Current wording

General and administrative expenses increased $2.8 million, or 9%, to $35.8 million for the nine months ended September 30, 2026, compared to $33.0 million for the nine months ended September 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 nine months ended September 30, 2026, compared to 6.2% for the nine months ended September 30, 2025.

Previous 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.

Current wording

Interest expense, net increased $18.9 million, or 19%, to $117.2 million for the nine months ended September 30, 2026, compared to $98.3 million for the nine months ended September 30, 2025. The increase in interest expense, net was primarily a result of higher levels of borrowings during the nine months ended September 30, 2026, compared to the nine months ended September 30, 2025, in order to finance the acquisition and development of additional properties. Interest expense, net increased approximately $8.3 million related to the $400.0 million 2035 Senior Unsecured Public Notes that were issued in May 2025 and $400.0 million 2036 Senior Unsecured Public Notes issued in September 2026, and approximately $6.1 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 $5.0 million due to higher levels of borrowings, partially offset by lower average borrowing rates, during the nine months ended September 30, 2026, compared to the nine months ended September 30, 2025.

Previous wording

The Company recognized a $7.3 million provision for impairment during the six months ended June 30, 2026 and 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 $7.3 million provision for impairment during the nine months ended September 30, 2026, while $10.3 million was recognized during the nine months ended September 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 $3.7 million was recognized on the disposition of twenty one assets during the six months ended June 30, 2026 as compared to a net gain on the sale of assets of $2.3 million on the disposition of five assets during the six 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.

Current wording

A net gain on the sale of assets of $9.1 million was recognized on the disposition of 32 assets during the nine months ended September 30, 2026 as compared to a net gain on the sale of assets of $3.2 million on the disposition of 13 assets during the nine months ended September 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 $20.5 million, or 21%, to $117.0 million for the six months ended June 30, 2026, compared to $96.5 million for the six 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 $20.5 million, or 22%, to $113.0 million for the six months ended June 30, 2026, compared to $92.5 million for the six months ended June 30, 2025.

Current wording

Net income increased $36.8 million, or 25%, to $185.6 million for the nine months ended September 30, 2026, compared to $148.8 million for the nine months ended September 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 $36.8 million, or 26%, to $179.5 million for the nine months ended September 30, 2026, compared to $142.7 million for the nine months ended September 30, 2025.

Previous 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.

Current wording

The Company expects to meet its short-term liquidity requirements through cash and cash equivalents held as of September 30, 2026, cash provided from operations, settlement of outstanding forward equity and borrowings under its Revolving Credit Facility or Commercial Paper Program. As of September 30, 2026, the Company had $2.00 billion of liquidity, which consists of cash and cash equivalents, including cash held in escrow, of $91.5 million, unsettled forward equity of $657.1 million and $1,250.0 million of availability under our Revolving Credit Facility subject to compliance with covenants.

Previous 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.

Current wording

As of September 30, 2026, the Company’s total enterprise value was approximately $12.55 billion. Total enterprise value consisted of $8.72 billion of common equity (based on the September 30, 2026 closing price of the Company’s common stock on the NYSE of $66.81 per share and assuming the conversion of Operating Partnership Common Units), $175.0 million of preferred equity (stated at liquidation value) and $3.75 billion of total debt principal including (i) $3.01 billion of senior unsecured notes; (ii) $700.0 million under its unsecured term loans; (iii) $42.3 million of mortgage notes payable; less $91.5 million cash, cash equivalents and cash held in escrow. The Company’s net debt principal to total enterprise value was 29.2% as of September 30, 2026.

Previous 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.

Current wording

At September 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 130,448,650 shares of common stock outstanding as of September 30, 2026.

Previous 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.

Current wording

On April 24, 2026, the Company filed an automatic shelf registration statement on Form S-3ASR with the 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 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.

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. During the nine months ended September 30, 2026, the Company settled all of these forward sale agreements. The offering resulted in total net proceeds to the Company of $383.6 million after deducting fees and expenses and making certain adjustments as provided in the forward sale agreements.

Previous wording

The Company may not redeem the Series A Preferred Shares before September 2026, except in limited circumstances to preserve its status as a real estate investment trust for federal income tax purposes and except in certain circumstances upon the occurrence of a change of control of the Company. Beginning in September 2026, the Company, at its option, may redeem the Series A Preferred Shares, in whole or from time to time in part, by paying $25.00 per Depositary Share, plus any accrued and unpaid dividends. Upon the occurrence of a change in control of the Company, if the Company does not otherwise redeem the Series A Preferred Shares, the holders have a right to convert their shares into common stock of the Company at the $25.00 per share liquidation value, plus any accrued and unpaid dividends. This conversion value is limited by a share cap if the Company’s stock price falls below a certain threshold.

Current wording

Previously, the Company was not able to redeem the Series A Preferred Shares, except in limited circumstances to preserve its status as a real estate investment trust for federal income tax purposes or upon the occurrence of a change of control of the Company. Beginning in September 2026, the Company, at its option, may redeem the Series A Preferred Shares, in whole or from time to time in part, by paying $25.00 per Depositary Share, plus any accrued and unpaid dividends. Upon the occurrence of a change in control of the Company, if the Company does not otherwise redeem the Series A Preferred Shares, the holders have a right to convert their shares into common stock of the Company at the $25.00 per share liquidation value, plus any accrued and unpaid dividends. This conversion value is limited by a share cap if the Company’s stock price falls below a certain threshold.

Previous 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.

Current wording

(1)At September 30, 2026, the Revolving Credit Facility would have incurred interest of 4.63%, which is comprised of SOFR of 3.90% and the pricing grid spread of 72.5 basis points.

Previous 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.

Current wording

(4)At September 30, 2026, the 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%.

Previous wording

(7)Subsequent to June 30, 2026, the mortgage note payable was paid in full at maturity on July 15, 2026.

Current wording

(7)The mortgage note payable was paid in full at maturity on July 15, 2026.

Previous wording

The Company’s Fourth Amended and Restated Revolving Credit Agreement provides for a $1.25 billion senior unsecured revolving credit facility (the “Revolving Credit Facility”). The Revolving Credit Facility's interest rate is based on a pricing grid with a range of 72.5 to 140 basis points over SOFR, determined by the Company's credit ratings and leverage ratio, plus a SOFR adjustment of 10 basis points. The margins for the Revolving Credit Facility are subject to adjustment based on changes in the Company's leverage ratio and credit ratings.

Current wording

The Company’s Fourth Amended and Restated Revolving Credit Agreement provides for a $1.25 billion senior unsecured revolving credit facility (the “Revolving Credit Facility”). Pursuant to the First Amendment to the Fourth Amended and Restated Credit Agreement, the Revolving Credit Facility's interest rate is based on a pricing grid with a range of 72.5 to 140 basis points over SOFR, determined by the Company's credit ratings and leverage ratio. The margins for the Revolving Credit Facility are subject to adjustment based on changes in the Company's leverage ratio and credit ratings.

Previous 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.

Current wording

As of September 30, 2026, the Revolving Credit Facility had no outstanding balance and bore interest of 4.63%, which is comprised of SOFR of 3.90% plus a pricing grid spread of 72.5 basis points.

Previous 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.

Current wording

As of September 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 $64.2 million. The weighted average interest rate on the Company’s mortgage notes payable was 3.63% as of September 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 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.

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 nine months ended September 30, 2026, increased by $67.9 million over the same period in 2025, primarily due to the increase in the size of the Company’s real estate investment portfolio and an increase in proceeds from the settlement of interest rate swaps.

Previous 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:

Current wording

Investing - Net cash used in investing activities was $75.0 million greater during the nine months ended September 30, 2026, compared to the same period in 2025 primarily due to:

Previous wording

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

Current wording

•$91.1 million increase in cash used for property acquisitions as a result of the overall increase in the level of acquisition activity;

Previous 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

Current wording

•$29.0 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

•$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.

Current wording

•$41.9 million increase in proceeds from asset sales due to increased disposition volume during the nine months ended September 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 $155.4 million during the six months ended June 30, 2026, compared to the same period in 2025 primarily due to:

Current wording

Financing - Net cash provided by financing activities increased by $67.5 million during the nine months ended September 30, 2026, compared to the same period in 2025 primarily due to:

Previous wording

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

Current wording

•$262.4 million increase in net proceeds from the issuance of common stock;

Previous 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

Current wording

•$551.5 million decrease in net borrowings on the Revolving Credit Facility and Commercial Paper Program. Net repayments on the Revolving Credit Facility and Commercial Paper Program were $320.5 million during the nine months ended September 30, 2026, while $231.0 million of net borrowings were completed over the same period in 2025; and

Previous 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.

Current wording

•$39.0 million increase in total dividends and distributions paid. The Company’s annualized common stock dividend declared during the nine months ended September 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

Details on these obligations as of June 30, 2026, including expected settlement periods, is presented below (in thousands):

Current wording

Details on these obligations as of September 30, 2026, including expected settlement periods, are presented below (in thousands):

Previous wording

(1)The Revolving Credit Facility matures in August 2028, with options to extend the maturity date by six months up to two times, for a maximum maturity of August 2029. The weighted-average maturity of the Commercial Paper Notes outstanding at June 30, 2026 was less than one month.

Current wording

(1)The Revolving Credit Facility matures in August 2028, with options to extend the maturity date by six months up to two times, for a maximum maturity of August 2029. The Revolving Credit Facility and Commercial Paper Notes had no outstanding balance as of September 30, 2026.

Previous 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.

Current wording

During the nine months ended September 30, 2026, the Company had 26 development or DFP projects completed or under construction, with anticipated total costs of approximately$256.7 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.