STAG Industrial, Inc.

Previous wording

“Total annualized base rental revenue” means the monthly base cash rent for the applicable property or properties as of June 30, 2026 (which is different from rent calculated in accordance with GAAP for purposes of our financial statements), multiplied by

Current wording

“Total annualized base rental revenue” means the monthly base cash rent for the applicable property or properties as of September 30, 2026 (which is different from rent calculated in accordance with GAAP for purposes of our financial statements), multiplied by 12. If a tenant is in a free rent period as of September 30, 2026, the annualized rent is calculated based on the first contractual monthly base rent amount multiplied by 12.

Previous wording

The industrial real estate business is affected by general macro-economic trends including recent changes in interest rates, inflation, trade policies, fiscal policy, technology (e.g. artificial intelligence), and geopolitical tensions, including ongoing military conflicts in the Middle East. These factors are key drivers of financial market volatility and raise concerns about a slowing global economy. In the first quarter of 2026, U.S. real gross domestic product grew 2.1% compared to the 0.5% increase in the fourth quarter of 2025. The U.S. employment rate in June 2026 was 4.2% which is slightly above the 4.0% average since the beginning of 2023.

Current wording

The industrial real estate business is affected by general macro-economic trends including recent changes in interest rates, inflation, trade policies, fiscal policy, technology (e.g. artificial intelligence), and geopolitical tensions, including ongoing military conflicts in the Middle East. These factors are key drivers of financial market volatility and raise concerns about a slowing global economy. In the second quarter of 2026, U.S. real gross domestic product grew 2.2% compared to the 2.5% increase in the first quarter of 2026. The U.S. employment rate in September 2026 was 4.2% which is slightly above the 4.0% average since the beginning of 2023.

Previous wording

In the first quarter of 2026, the Federal Open Market Committee maintained a federal funds target range of 3.5% to 3.75%. Going forward, the general consensus among economists is a higher risk of recession or stagflation. Trade policies, geopolitical tensions, and macro-economic conditions continue to evolve and could result in tighter credit conditions, weakening tenant cash flows, and rising vacancy rates. Given the current uncertainty and events discussed above, our acquisition activity to date in 2026 has been slow relative to our historical acquisition pace.

Current wording

In the third quarter of 2026, the Federal Open Market Committee raised the federal funds target rate 25 basis points to a range of 3.75% to 4.00%. Going forward, the general consensus among economists is a higher risk of recession or stagflation. Trade policies, geopolitical tensions, and macro-economic conditions continue to evolve and could result in tighter credit conditions, weakening tenant cash flows, and rising vacancy rates. Given the current uncertainty and events discussed above, our acquisition activity to date in 2026 has been slow relative to our historical acquisition pace.

Previous wording

The following table summarizes the Operating Portfolio leases that commenced during the three and six months ended June 30, 2026. Any rental concessions in such leases are accounted for on a straight-line basis over the term of the lease.

Current wording

The following table summarizes the Operating Portfolio leases that commenced during the three and nine months ended September 30, 2026. Any rental concessions in such leases are accounted for on a straight-line basis over the term of the lease.

Previous wording

Additionally, for the three and six months ended June 30, 2026, leases commenced totaling 204,629 and 385,653 related to the Value Add Portfolio and first generation leasing. These leases are excluded from the Operating Portfolio statistics above.

Current wording

Additionally, for the three and nine months ended September 30, 2026, leases commenced totaling 560,519 and 946,172 related to the Value Add Portfolio and first generation leasing. These leases are excluded from the Operating Portfolio statistics above.

Previous wording

Our ability to re-lease space subject to expiring leases will impact our results of operations and is affected by economic and competitive conditions in our markets and by the desirability of our individual buildings. Leases that comprise approximately 6.6% of our total annualized base rental revenue will expire during the period from July 1, 2026 to June 30, 2027, excluding month-to-month leases. We assume, based upon internal renewal probability estimates, that some of our tenants will renew and others will vacate and the associated space will be re-let subject to downtime assumptions. Using the aforementioned assumptions, we expect that the rental rates on the respective new leases will be greater than the rates under existing leases expiring during the period July 1, 2026 to June 30, 2027, thereby resulting in an increase in revenue from the same space.

Current wording

Our ability to re-lease space subject to expiring leases will impact our results of operations and is affected by economic and competitive conditions in our markets and by the desirability of our individual buildings. Leases that comprise approximately 7.6% of our total annualized base rental revenue will expire during the period from October 1, 2026 to September 30, 2027, excluding month-to-month leases. We assume, based upon internal renewal probability estimates, that some of our tenants will renew and others will vacate and the associated space will be re-let subject to downtime assumptions. Using the aforementioned assumptions, we expect that the rental rates on the respective new leases will be greater than the rates under existing leases expiring during the period October 1, 2026 to September 30, 2027, thereby resulting in an increase in revenue from the same space.

Previous wording

(1)Leases previously scheduled to expire in 2026, totaling approximately 14.7 million square feet, have been amended to extend their lease expiration date as of June 30, 2026. These leases are excluded from 2026 expirations and are now reflected in the new year of expiration.

Current wording

(1)Leases previously scheduled to expire in 2026, totaling approximately 15.6 million square feet, have been amended to extend their lease expiration date as of September 30, 2026. These leases are excluded from 2026 expirations and are now reflected in the new year of expiration.

Previous wording

The following table summarizes our acquisitions during the three and six months ended June 30, 2026.

Current wording

The following table summarizes our acquisitions during the three and nine months ended September 30, 2026.

Previous wording

During the six months ended June 30, 2026, we sold three buildings comprised of approximately 0.9 million rentable square feet with a net book value of approximately $28.0 million to third parties. Net proceeds from the sales of rental property were approximately $51.4 million and we recognized the full gain on the sales of rental property, net, of approximately $23.4 million for the six months ended June 30, 2026.

Current wording

During the nine months ended September 30, 2026, we sold seven buildings comprised of approximately 2.0 million rentable square feet with a net book value of approximately $69.6 million to third parties. Net proceeds from the sales of rental property were approximately $117.3 million and we recognized the full gain on the sales of rental property, net, of approximately $47.7 million for the nine months ended September 30, 2026.

Previous wording

We define same store properties as properties that were in the Operating Portfolio for the entirety of the comparative periods presented. The results for same store properties exclude termination fees, solar income, and other income adjustments. Same store properties exclude Operating Portfolio properties with expansions placed into service on or after January 1, 2025. On June 30, 2026, we owned 567 industrial buildings consisting of approximately 111.2 million square feet and representing approximately 90.7% of our total portfolio, that are considered our same store portfolio in the analysis below. Same store occupancy decreased approximately 1.8% to 96.0% as of June 30, 2026 compared to 97.8% as of June 30, 2025.

Current wording

We define same store properties as properties that were in the Operating Portfolio for the entirety of the comparative periods presented. The results for same store properties exclude termination fees, solar income, and other income adjustments. Same store properties exclude Operating Portfolio properties with expansions placed into service after January 1, 2025. On September 30, 2026, we owned 564 industrial buildings consisting of approximately 110.5 million square feet and representing approximately 89.8% of our total portfolio, that are considered our same store portfolio in the analysis below. Same store occupancy decreased approximately 0.7% to 97.0% as of September 30, 2026 compared to 97.7% as of September 30, 2025.

Previous wording

The following table summarizes selected operating information for our same store portfolio and our total portfolio for the three months ended June 30, 2026 and 2025 (dollars in thousands). This table includes a reconciliation from our same store portfolio to our total portfolio by also providing information for the three months ended June 30, 2026 and 2025 with respect to the buildings acquired and sold on or after January 1, 2025, Operating Portfolio buildings with expansions placed into service or transferred from the Value Add Portfolio to the Operating Portfolio after January 1, 2025, Value Add buildings, and buildings classified as held for sale.

Current wording

The following table summarizes selected operating information for our same store portfolio and our total portfolio for the three months ended September 30, 2026 and 2025 (dollars in thousands). This table includes a reconciliation from our same store portfolio to our total portfolio by also providing information for the three months ended September 30, 2026 and 2025 with respect to the buildings acquired and sold after January 1, 2025, Operating Portfolio buildings with expansions placed into service or transferred from the Value Add Portfolio to the Operating Portfolio after January 1, 2025, Value Add buildings, and buildings classified as held for sale.

Previous wording

Net income for our total portfolio increased by approximately $3.0 million, or 5.8%, to approximately $54.0 million for the three months ended June 30, 2026 compared to approximately $51.1 million for the three months ended June 30, 2025.

Current wording

Net income for our total portfolio increased by approximately $22.5 million, or 45.3%, to approximately $72.2 million for the three months ended September 30, 2026 compared to approximately $49.6 million for the three months ended September 30, 2025.

Previous wording

Same store rental income, which includes lease income and other billings as discussed below, increased by approximately $6.7 million, or 3.4%, to approximately $204.4 million for the three months ended June 30, 2026 compared to approximately $197.8 million for the three months ended June 30, 2025.

Current wording

Same store rental income, which includes lease income and other billings as discussed below, increased by approximately $7.0 million, or 3.5%, to approximately $205.5 million for the three months ended September 30, 2026 compared to approximately $198.5 million for the three months ended September 30, 2025.

Previous wording

Same store lease income increased by approximately $4.3 million, or 2.7%, to approximately $166.0 million for the three months ended June 30, 2026 compared to approximately $161.7 million for the three months ended June 30, 2025. The increase was primarily due to the execution of new leases and lease renewals with existing tenants of approximately $8.8 million. The increase was partially offset by the reduction of base rent of approximately $3.3 million due to tenant vacancies and a net increase in the amortization of net above market leases of approximately $0.4 million. Additionally, there was a decrease in same store lease income of approximately $0.8 million which was primarily attributable to management’s evaluation of operating leases to determine the probability of collecting substantially all of the lessee’s remaining lease payments under the lease term. During the three months ended June 30, 2026 and 2025, certain tenants either converted from the accrual basis of accounting to the cash basis of accounting for which the respective tenants’ straight-line accrued rental balances were reversed or, from the cash basis of accounting back to the accrual basis of accounting, for which the respective tenants’ straight-line accrued rental balances were reinstated.

Current wording

Same store lease income increased by approximately $4.8 million, or 3.0%, to approximately $167.1 million for the three months ended September 30, 2026 compared to approximately $162.3 million for the three months ended September 30, 2025. The increase was primarily due to the execution of new leases and lease renewals with existing tenants of approximately $8.1 million. Additionally, there was an increase in same store lease income of approximately $1.1 million which was primarily attributable to management’s evaluation of operating leases to determine the probability of collecting substantially all of the lessee’s remaining lease payments under the lease term. During the three months ended September 30, 2026 and 2025, certain tenants either converted from the accrual basis of accounting to the cash basis of accounting for which the respective tenants’ straight-line accrued rental balances were reversed or, from the cash basis of accounting back to the accrual basis of accounting, for which the respective tenants’ straight-line accrued rental balances were reinstated. These increases were partially offset by the reduction of base rent of approximately $4.1 million due to tenant vacancies and a net increase in the amortization of net above market leases of approximately $0.3 million.

Previous wording

Same store other billings increased by approximately $2.4 million, or 6.7%, to approximately $38.4 million for the three months ended June 30, 2026 compared to approximately $36.0 million for the three months ended June 30, 2025. Approximately $2.0 million was due to an increase in real estate taxes levied by the taxing authority. Additionally, there was an increase of approximately $0.4 million in expense reimbursements, which was primarily due to an increase in corresponding expenses.

Current wording

Same store other billings increased by approximately $2.2 million, or 6.1%, to approximately $38.4 million for the three months ended September 30, 2026 compared to approximately $36.2 million for the three months ended September 30, 2025. Approximately $1.7 million was due to an increase in real estate taxes levied by the taxing authority. Additionally, there was an increase of approximately $0.5 million in expense reimbursements, which was primarily due to an increase in corresponding expenses.

Previous wording

Total same store property operating expenses increased by approximately $3.2 million, or 8.4%, to approximately $41.1 million for the three months ended June 30, 2026 compared to approximately $37.9 million for the three months ended June 30, 2025. The increase was driven by increases in real estate tax expense, repairs and maintenance, other expenses, snow removal expenses, and utility expenses of $2.0 million, $0.7 million, $0.6 million, $0.2 million, and $0.1 million, respectively. These increases were partially offset by a reduction of insurance expense of approximately $0.4 million.

Current wording

Total same store property operating expenses increased by approximately $2.8 million, or 7.2%, to approximately $41.5 million for the three months ended September 30, 2026 compared to approximately $38.8 million for the three months ended September 30, 2025. The increase was driven by increases in real estate tax expense, repairs and maintenance, utility expense, and other expenses of approximately $1.5 million, $0.9 million, $0.2 million, and $0.6 million, respectively. These increases were partially offset by a reduction of insurance expense of approximately $0.4 million.

Previous wording

Subsequent to January 1, 2025, we acquired 21 buildings consisting of approximately 7.1 million square feet and sold 14 buildings consisting of approximately 3.1 million square feet. For the three months ended June 30, 2026 and 2025, the buildings acquired after January 1, 2025 contributed approximately $10.9 million and $0.9 million to NOI, respectively. For the three months ended June 30, 2026 and 2025, the buildings sold after January 1, 2025 contributed approximately $(0.2) million and $2.8 million to NOI, respectively. Refer to Note 3 in the accompanying Notes to Consolidated Financial Statements for additional discussion regarding buildings acquired or sold.

Current wording

Subsequent to January 1, 2025, we acquired 23 buildings consisting of approximately 8.2 million square feet and sold 18 buildings consisting of approximately 4.2 million square feet. For the three months ended September 30, 2026 and 2025, the buildings acquired after January 1, 2025 contributed approximately $14.3 million and $1.6 million to NOI, respectively. For the three months ended September 30, 2026 and 2025, the buildings sold after January 1, 2025 contributed approximately $(0.2) million and $3.2 million to NOI, respectively. Refer to Note 3 in the accompanying Notes to Consolidated Financial Statements for additional discussion regarding buildings acquired or sold.

Previous wording

These buildings contributed approximately $3.3 million and $2.3 million to NOI for the three months ended June 30, 2026 and 2025, respectively. Additionally, there was approximately $1.9 million and $1.4 million of termination, solar, and other income adjustments from certain buildings in our same store portfolio for the three months ended June 30, 2026 and 2025, respectively.

Current wording

These buildings contributed approximately $6.0 million and $3.0 million to NOI for the three months ended September 30, 2026 and 2025, respectively. Additionally, there was approximately $0.6 million and $1.0 million of termination, solar, and other income adjustments from certain buildings in our same store portfolio for the three months ended September 30, 2026 and 2025, respectively.

Previous wording

Total other expenses consist of general and administrative, depreciation and amortization, loss on impairment, and other expenses.

Current wording

Total other expenses consist of general and administrative, depreciation and amortization, and other expenses.

Previous wording

Total other expenses increased approximately $8.0 million, or 9.1%, to approximately $96.2 million for the three months ended June 30, 2026 compared to approximately $88.2 million for the three months ended June 30, 2025. The increase was primarily attributable to an increase in depreciation and amortization of approximately $7.8 million due to an increase in the depreciable asset base from net acquisitions and completed development projects placed into service after June 30, 2025. Additionally, there was an increase in general and administrative expenses by approximately $0.6 million, primarily due to increases in compensation and other payroll costs. These increases were partially offset by a decrease in loss on impairment of approximately $0.9 million.

Current wording

Total other expenses increased approximately $7.5 million, or 8.4%, to approximately $96.2 million for the three months ended September 30, 2026 compared to approximately $88.7 million for the three months ended September 30, 2025. The increase was primarily attributable to an increase in depreciation and amortization of approximately $4.6 million due to an increase in the depreciable asset base from net acquisitions and completed development projects placed into service after September 30, 2025. Additionally, there was an increase in general and administrative expenses by approximately $2.7 million, primarily due to increases in compensation and other payroll costs.

Previous wording

Total other income (expense) consists of interest and other income, interest expense, and gain on the sales of rental property, net. Interest expense includes interest incurred during the period as well as adjustments related to amortization of financing fees and debt issuance costs, and amortization of fair market value adjustments associated with the assumption of debt.

Current wording

Total other income (expense) consists of interest and other income, interest expense, debt extinguishment and modification expenses, and gain on the sales of rental property, net. Interest expense includes interest incurred during the period as well as adjustments related to amortization of financing fees and debt issuance costs, and amortization of fair market value adjustments associated with the assumption of debt.

Previous wording

Total other expense increased approximately $1.2 million, or 4.2%, to approximately $29.1 million total other expense for the three months ended June 30, 2026 compared to approximately $27.9 million of other expense for the three months ended June 30, 2025. The increase in expense was primarily attributable to an increase in interest expense of approximately $3.9 million, which was primarily attributable to the issuance of $550.0 million of unsecured notes on June 25, 2025. This increase in expense was partially offset by an increase in the gain on the sale of rental property, net, of approximately $2.7 million.

Current wording

Total other expense decreased approximately $14.1 million, or 46.2%, to approximately $16.5 million for the three months ended September 30, 2026 compared to approximately $30.6 million for the three months ended September 30, 2025. The decrease in expense was primarily attributable an increase in the gain on the sale of rental property, net, of approximately $22.0 million. This decrease was partially offset by an increase in interest expense of approximately $7.5 million, which was primarily attributable to a higher average unsecured credit facility balance during the three months ended September 30, 2026 compared to the three months ended September 30, 2025.

Previous wording

The following table summarizes selected operating information for our same store portfolio and our total portfolio for the six months ended June 30, 2026 and 2025 (dollars in thousands). This table includes a reconciliation from our same store portfolio to our total portfolio by also providing information for the six months ended June 30, 2026 and 2025 with respect to the buildings acquired and disposed of and Operating Portfolio buildings with expansions placed into service or transferred from the Value Add Portfolio to the Operating Portfolio after January 1, 2025, Operating Portfolio buildings with expansions placed into service or transferred from the Value Add Portfolio to the Operating Portfolio after January 1, 2025, Value Add buildings, and buildings classified as held for sale.

Current wording

The following table summarizes selected operating information for our same store portfolio and our total portfolio for the nine months ended September 30, 2026 and 2025 (dollars in thousands). This table includes a reconciliation from our same store portfolio to our total portfolio by also providing information for the nine months ended September 30, 2026 and 2025 with respect to the buildings acquired and disposed of and Operating Portfolio buildings with expansions placed into service or transferred from the Value Add Portfolio to the Operating Portfolio after January 1, 2025, Operating Portfolio buildings with expansions placed into service or transferred from the Value Add Portfolio to the Operating Portfolio after January 1, 2025, Value Add buildings, and buildings classified as held for sale.

Previous wording

Net income for our total portfolio decreased by approximately $27.1 million, or 18.8%, to approximately $117.3 million for the six months ended June 30, 2026 compared to approximately $144.4 million for the six months ended June 30, 2025.

Current wording

Net income for our total portfolio decreased by approximately $4.6 million, or 2.4%, to approximately $189.5 million for the nine months ended September 30, 2026 compared to approximately $194.1 million for the nine months ended September 30, 2025.

Previous wording

Same store rental income, which is comprised of lease income and other billings as discussed below, increased by approximately $14.8 million, or 3.7%, to approximately $411.1 million for the six months ended June 30, 2026 compared to approximately $396.2 million for the six months ended June 30, 2025.

Current wording

Same store rental income, which is comprised of lease income and other billings as discussed below, increased by approximately $22.6 million, or 3.8%, to approximately $615.3 million for the nine months ended September 30, 2026 compared to approximately $592.6 million for the nine months ended September 30, 2025.

Previous wording

Same store lease income increased by approximately $11.1 million, or 3.5%, to approximately $332.6 million for the six months ended June 30, 2026 compared to approximately $321.5 million for the six months ended June 30, 2025. The increase was primarily due to an increase in rental income of approximately $17.7 million from the execution of new leases and lease renewals with existing tenants. This increase was partially offset by the reduction of base rent of approximately $5.6 million due to tenant vacancies and a net increase in the amortization of net above market leases of approximately $0.5 million. Additionally, there was a decrease in same store lease income of approximately $0.5 million which was primarily attributable to management’s evaluation of operating leases to determine the probability of collecting substantially all of the lessee’s remaining lease payments under the lease term. During the six months ended June 30, 2026 and 2025, certain tenants either converted from the accrual basis of accounting to the cash basis of accounting for which the respective tenants’ straight-line accrued rental balances were reversed or, from the cash basis of accounting back to the accrual basis of accounting, for which the respective tenants’ straight-line accrued rental balances were reinstated.

Current wording

Same store lease income increased by approximately $16.7 million, or 3.5%, to approximately $498.6 million for the nine months ended September 30, 2026 compared to approximately $481.9 million for the nine months ended September 30, 2025. The increase was primarily due to an increase in rental income of approximately $26.1 million from the execution of new leases and lease renewals with existing tenants. Additionally, there was a increase in same store lease income of approximately $0.8 million which was primarily attributable to management’s evaluation of operating leases to determine the probability of collecting substantially all of the lessee’s remaining lease payments under the lease term. During the nine months ended September 30, 2026 and 2025, certain tenants either converted from the accrual basis of accounting to the cash basis of accounting for which the respective tenants’ straight-line accrued rental balances were reversed or, from the cash basis of accounting back to the accrual basis of accounting, for which the respective tenants’ straight-line accrued rental balances were reinstated. This increase was partially offset by the reduction of base rent of approximately $9.5 million due to tenant vacancies and a net increase in the amortization of net above market leases of approximately $0.7 million.

Previous wording

Same store other billings increased by approximately $3.8 million, or 5.1%, to approximately $78.5 million for the six months ended June 30, 2026 compared to approximately $74.7 million for the six months ended June 30, 2025. The increase was attributable to an increase of approximately $2.8 million in real estate taxes levied by the taxing authority as well as an increase of approximately $1.0 million in expense reimbursements which was primarily due to an increase in corresponding expenses.

Current wording

Same store other billings increased by approximately $6.0 million, or 5.4%, to approximately $116.7 million for the nine months ended September 30, 2026 compared to approximately $110.7 million for the nine months ended September 30, 2025. The increase was attributable to an increase of approximately $4.5 million in real estate taxes levied by the taxing authority as well as an increase of approximately $1.5 million in expense reimbursements which was primarily due to an increase in corresponding expenses.

Previous wording

Total same store operating expenses increased by approximately $4.4 million, or 5.6%, to approximately $84.0 million for the six months ended June 30, 2026 compared to approximately $79.6 million for the six months ended June 30, 2025. This increase was driven by increases in real estate tax, repairs and maintenance, utility expense, snow removal and other expenses of approximately $2.1 million, $1.2 million, $0.4 million, $0.1 million, and $1.3 million, respectively. These increases were partially offset by a reduction in insurance expense of approximately $0.7 million.

Current wording

Total same store operating expenses increased by approximately $7.0 million, or 6.0%, to approximately $125.1 million for the nine months ended September 30, 2026 compared to approximately $118.1 million for the nine months ended September 30, 2025. This increase was driven by increases in real estate tax, repairs and maintenance, utility expense, snow removal, and other expenses of approximately $3.6 million, $2.0 million, $0.5 million, $0.1 million, and $1.9 million, respectively. These increases were partially offset by a reduction in insurance expense of approximately $1.1 million.

Previous wording

Subsequent to January 1, 2025, we acquired 21 buildings consisting of approximately 7.1 million square feet and sold 14 buildings consisting of approximately 3.1 million square feet. For the six months ended June 30, 2026 and June 30, 2025, the buildings acquired after January 1, 2025 contributed approximately $19.8 million and $1.3 million to NOI, respectively. For the six months ended June 30, 2026 and June 30, 2025, the buildings sold after January 1, 2025 contributed approximately $(0.2) million and $5.2 million to NOI, respectively. Refer to Note 3 in the accompanying Notes to Consolidated Financial Statements for additional discussion regarding buildings acquired or sold.

Current wording

Subsequent to January 1, 2025, we acquired 23 buildings consisting of approximately 8.2 million square feet and sold 18 buildings consisting of approximately 4.2 million square feet. For the nine months ended September 30, 2026 and September 30, 2025, the buildings acquired after January 1, 2025 contributed approximately $34.3 million and $2.9 million to NOI, respectively. For the nine months ended September 30, 2026 and September 30, 2025, the buildings sold after January 1, 2025 contributed approximately $1.4 million and $11.4 million to NOI, respectively. Refer to Note 3 in the accompanying Notes to Consolidated Financial Statements for additional discussion regarding buildings acquired or sold.

Previous wording

These buildings contributed approximately $6.8 million and $3.9 million to NOI for the six months ended June 30, 2026 and June 30, 2025, respectively. Additionally, there was approximately $2.6 million and $1.8 million of termination, solar, and other income adjustments from certain buildings in our same store portfolio for the six months ended June 30, 2026 and June 30, 2025, respectively.

Current wording

These buildings contributed approximately $11.9 million and $5.8 million to NOI for the nine months ended September 30, 2026 and September 30, 2025, respectively. Additionally, there was approximately $3.1 million and $2.8 million of termination, solar, and other income adjustments from certain buildings in our same store portfolio for the nine months ended September 30, 2026 and September 30, 2025, respectively.

Previous wording

Total other expenses increased approximately $13.1 million, or 7.5%, to approximately $189.1 million for the six months ended June 30, 2026 compared to approximately $176.0 million for the six months ended June 30, 2025. The increase was primarily attributable to an increase in depreciation and amortization expense of approximately $12.5 million due to an increase in the depreciable asset base from net acquisitions and completed development projects placed into service after June 30, 2025. Additionally there was an increase in general and administrative expenses by approximately $1.2 million, primarily due to increases in compensation and other payroll costs. These increases were partially offset by a decrease in loss on impairment of approximately $0.9 million.

Current wording

Total other expenses increased approximately $20.6 million, or 7.8%, to approximately $285.3 million for the nine months ended September 30, 2026 compared to approximately $264.7 million for the nine months ended September 30, 2025. The increase was primarily attributable to an increase in depreciation and amortization expense of approximately $17.1 million due to an increase in the depreciable asset base from net acquisitions and completed development projects placed into service after September 30, 2025. Additionally there was an increase in general and administrative expenses of approximately $3.8 million, primarily due to increases in compensation and other payroll costs. These increases were partially offset by a decrease in loss on impairment of approximately $0.9 million.

Previous wording

Total other income (expense) consists of interest and other income, interest expense, gain on involuntary conversion, and gain on the sales of rental property, net. Interest expense includes interest incurred during the period as well as adjustments related to amortization of financing fees and debt issuance costs, and amortization of fair market value adjustments associated with the assumption of debt.

Current wording

Total other income (expense) consists of interest and other income, interest expense, debt extinguishment and modification expenses, gain on involuntary conversion, and gain on the sales of rental property, net. Interest expense includes interest incurred during the period as well as adjustments related to amortization of financing fees and debt issuance costs, and amortization of fair market value adjustments associated with the assumption of debt.

Previous wording

Total other expense increased approximately $41.1 million, or 473.5%, to approximately $49.8 million for the six months ended June 30, 2026 compared to approximately $8.7 million for the six months ended June 30, 2025. This increase was primarily a result of a decrease in the gain on the sales of rental property, net of approximately $32.2 million, as well as an increase in interest expense of approximately $7.2 million which was primarily attributable to the issuance of $550.0 million of unsecured notes on June 25, 2025. Additionally, there was a decrease in gain on involuntary conversion of approximately $1.9 million.

Current wording

Total other expense increased approximately $27.0 million, or 68.6%, to approximately $66.2 million for the nine months ended September 30, 2026 compared to approximately $39.3 million for the nine months ended September 30, 2025. This increase was primarily a result of a decrease in the gain on the sales of rental property, net of approximately $10.1 million, and an increase in interest expense of approximately $14.7 million which was primarily attributable to the issuance of $550.0 million of unsecured notes on June 25, 2025. Additionally, there was a decrease in gain on involuntary conversion of approximately $1.9 million.

Previous wording

The following table summarizes our cash flows for the six months ended June 30, 2026 compared to the six months ended June 30, 2025.

Current wording

The following table summarizes our cash flows for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025.

Previous wording

Net cash provided by operating activities increased approximately $13.0 million to approximately $228.4 million for the six months ended June 30, 2026 compared to approximately $215.4 million for the six months ended June 30, 2025. The increase was attributable to fluctuations in working capital due to timing of payments and rental receipts.

Current wording

Net cash provided by operating activities increased approximately $17.0 million to approximately $375.9 million for the nine months ended September 30, 2026 compared to approximately $358.9 million for the nine months ended September 30, 2025. The increase was attributable to fluctuations in working capital due to timing of payments and rental receipts.

Previous wording

Net cash used in investing activities increased approximately $318.8 million to approximately $408.4 million for the six months ended June 30, 2026 compared to approximately $89.6 million for the six months ended June 30, 2025. The increase was primarily attributable to a decrease in proceeds from sale of rental property, net of approximately $21.1 million during the six months ended June 30, 2026, as compared to the six months ended June 30, 2025, as well as an increase in the acquisition of rental property of approximately $320.5 million during the six months ended June 30, 2026, as compared to the six months ended June 30, 2025. The increase was partially offset by a decrease in cash paid for additions of land and buildings and improvements related to development and other capital expenditures of approximately $23.7 million during the six months ended June 30, 2026, as compared to the six months ended June 30, 2025.

Current wording

Net cash used in investing activities increased approximately $258.1 million to approximately $495.0 million for the nine months ended September 30, 2026 compared to approximately $236.9 million for the nine months ended September 30, 2025. The increase was primarily attributable to an increase in the acquisition of rental property of approximately $324.0 million during the nine months ended September 30, 2026, as compared to the nine months ended September 30, 2025. This increase was partially offset by an increase in proceeds from sale of rental property, net of approximately $38.9 million during the nine months ended September 30, 2026, as compared to the nine months ended September 30, 2025, as well as a decrease in cash paid for additions of land and buildings and improvements related to development and other capital expenditures of approximately $30.2 million during the nine months ended September 30, 2026, as compared to the nine months ended September 30, 2025.

Previous wording

Net cash provided by (used in) financing activities increased approximately $273.0 million to approximately $145.7 million net cash provided by financing activities for the six months ended June 30, 2026 compared to approximately $127.3 million net cash used in financing activities for the six months ended June 30, 2025. The increase was primarily attributable to an increase in net cash inflow of approximately $545.0 million under our unsecured credit facility during the six months ended June 30, 2026, as compared to the six months ended June 30, 2025. Additionally, there was an increase in proceeds from sales of common stock, net, of approximately $60.0 million during the six months ended June 30, 2026, as compared to the six months ended June 30, 2025. The increase was also attributable to a decrease of approximately $42.0 million in dividends and distributions paid, which was attributable to our change in 2026 to quarterly dividend payments, compared to monthly dividend payments in 2025. Theses increases were partially offset by the repayment of unsecured notes of $375.0 million during the six months ended June 30, 2025, which did not occur during the six months ended June 30, 2026.

Current wording

Net cash provided by (used in) financing activities increased approximately $172.1 million to approximately $31.1 million net cash provided by financing activities for the nine months ended September 30, 2026 compared to approximately $141.0 million net cash used in financing activities for the nine months ended September 30, 2025. The increase was primarily attributable to an increase in net cash inflow of approximately $500.0 million under our unsecured credit facility during the nine months ended September 30, 2026, as compared to the nine months ended September 30, 2025. Additionally, there was an increase in proceeds from sales of common stock, net, of approximately $59.9 million during the nine months ended September 30, 2026, as compared to the nine months ended September 30, 2025. The increase was also attributable to a decrease of approximately $36.7 million in dividends and distributions paid, which was attributable to our change in 2026 to quarterly dividend payments, compared to monthly dividend payments in 2025. These increases were partially offset by a decrease in the net issuance of unsecured notes of $425.0 million during the nine months ended September 30, 2026, compared to the nine months ended September 30, 2025.

Previous wording

As of June 30, 2026, we had total immediate liquidity of approximately $613.7 million, comprised of approximately $65.9 million of cash and cash equivalents and approximately $547.8 million of immediate availability on our unsecured credit facility.

Current wording

As of September 30, 2026, we had total immediate liquidity of approximately $546.0 million, comprised of approximately $12.2 million of cash and cash equivalents and approximately $533.8 million of immediate availability on our unsecured credit facility.

Previous wording

(1)Interest rate as of June 30, 2026. At June 30, 2026, the one-month Term Secured Overnight Financing Rate (“Term SOFR”) was 3.6520%. The current interest rate is not adjusted to include the amortization of deferred financing fees or debt issuance costs incurred in obtaining debt or any unamortized fair market value premiums or discounts. The current interest rate includes the impact of interest rate swaps, which effectively fix the interest rate on certain variable rate debt.

Current wording

(1)Interest rate as of September 30, 2026. At September 30, 2026, the one-month Term Secured Overnight Financing Rate (“Term SOFR”) was 3.9125%. The current interest rate is not adjusted to include the amortization of deferred financing fees or debt issuance costs incurred in obtaining debt or any unamortized fair market value premiums or discounts. The current interest rate includes the impact of interest rate swaps, which effectively fix the interest rate on certain variable rate debt.

Previous wording

Subsequent to June 30, 2026, on July 16, 2026, we entered into an amended and restated loan agreement (the “Amended Term Loan Agreement”) with Wells Fargo Bank, National Association, and the other lenders named therein, to amend and restate the Company’s $150.0 million unsecured term loan that was set to mature on March 15, 2027 (the “Unsecured Term Loan A”). Borrowings under the Amended Unsecured Term Loan A (defined below), at our election, bear interest based on a Base Rate, Term SOFR, or Daily Simple SOFR (each as defined in the Amended Term Loan Agreement), plus an applicable spread based on the Company’s debt rating and leverage ratio (each as defined in the Amended Term Loan Agreement). We entered into the Amended Term Loan Agreement to (i) combine the Unsecured Term Loan A and our $200.0 million unsecured term loan that was set to mature on March 23, 2029, into one senior unsecured term loan in the aggregate principal amount of $350.0 million (the “Amended Unsecured Term Loan A”), (ii) extend the maturity date to January 16, 2032 and (iii) reduce, by five basis points (but not below zero), the applicable spread based on our debt rating and leverage ratio.

Current wording

On July 16, 2026, we entered into an amended and restated loan agreement (the “Amended Term Loan Agreement”) with Wells Fargo Bank, National Association, and the other lenders named therein, to amend and restate our $150.0 million unsecured term loan that was set to mature on March 15, 2027 (the “Unsecured Term Loan A”). Borrowings under the Amended Unsecured Term Loan A (as defined below), at our election, bear interest based on a Base Rate, Term SOFR, or Daily Simple SOFR (each as defined in the Amended Term Loan Agreement), plus an applicable spread based on our debt rating and leverage ratio (each as defined in the Amended Term Loan Agreement). We entered into the Amended Term Loan Agreement to (i) combine the Unsecured Term Loan A and our $200.0 million unsecured term loan that was set to mature on March 23, 2029, into one senior unsecured term loan in the aggregate principal amount of $350.0 million (the “Amended Unsecured Term Loan A”), (ii) extend the maturity date to January 16, 2032 and (iii) reduce, by five basis points (but not below zero), the applicable spread based on our debt rating and leverage ratio.