\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Prior 2025<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Revised 2025<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Guidance(1)<\/sup><\/b><\/p>\n<\/td>\n| \n \n\u00a0<\/p>\n<\/td>\n | \n Guidance<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nAFFO per share(2)<\/sup><\/p>\n<\/td>\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n$4.29 to $4.32<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$4.31 to $4.33<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nGeneral and administrative expenses (% of adjusted revenue)(3)<\/sup><\/p>\n<\/td>\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n5.6% to 5.9%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n5.7% to 5.9%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNon-reimbursable real estate expenses (% of adjusted revenue)(3)<\/sup><\/p>\n<\/td>\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n1.0% to 1.5%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1.0% to 1.5%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nIncome and other tax expense<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$2.5 to $3 million<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$2 to $2.5 million<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nInvestment volume<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$1.4 to $1.6 billion<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$1.50 to $1.65 billion<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nDisposition volume<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$10 to $50 million<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$25 to $50 million<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n The Company\u2019s 2025 guidance is subject to risks and uncertainties more fully described in this press release and in the Company\u2019s filings with the Securities and Exchange Commission (the \u201cSEC\u201d).<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n (1)<\/i><\/p>\n<\/td>\n | \n As issued on July 31, 2025.<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n (2)<\/i><\/p>\n<\/td>\n | \n The Company does not provide guidance with respect to the most directly comparable GAAP financial measure or provide reconciliations to GAAP from its forward-looking non-GAAP financial measure of AFFO per share guidance due to the inherent difficulty of forecasting the effect, timing and significance of certain amounts in the reconciliation that would be required by Item 10(e)(1)(i)(B) of Regulation S-K. Examples of these amounts include impairments of assets, gains and losses from sales of assets, and depreciation and amortization from new acquisitions or developments. In addition, certain non-recurring items may also significantly affect net income but are generally adjusted for in AFFO. Based on our historical experience, the dollar amounts of these items could be significant and could have a material impact on the Company\u2019s GAAP results for the guidance period.<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n (3)<\/i><\/p>\n<\/td>\n | \n Adjusted revenue equates to Total Revenues, excluding the amortization of above and below market lease intangibles.<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n CEO Comments<\/b><\/p>\n \n“We are very pleased with our year-to-date performance as we delivered our largest investment quarter since 2020, deploying over $450 million across our three external growth platforms,\u201d said Joey Agree, President and Chief Executive Officer. \u201cDuring the quarter, we achieved an A- issuer rating with a stable outlook from Fitch Ratings, further validating the strength of our fortress balance sheet which has total liquidity of over $1.9 billion. Given our best-in-class portfolio and robust investment pipeline, we are increasing full-year 2025 investment guidance to a range of $1.50 billion to $1.65 billion and raising 2025 AFFO per share guidance to a range of $4.31 to $4.33.\u201d<\/p>\n Portfolio Update<\/b><\/p>\n \nAs of September 30, 2025, the Company\u2019s portfolio consisted of 2,603 properties located in all 50 states and contained approximately 53.7 million square feet of gross leasable area. At quarter end, the portfolio was approximately 99.7% leased, had a weighted-average remaining lease term of approximately 8.0 years, and generated 66.7% of annualized base rents from investment grade retail tenants.<\/p>\n Ground Lease Portfolio<\/span><\/i><\/p>\n\nDuring the third quarter, the Company acquired six ground leases for an aggregate purchase price of approximately $22.5 million, representing 5.1% of annualized base rents acquired.<\/p>\n \nAs of September 30, 2025, the Company\u2019s ground lease portfolio consisted of 237 leases located in 38 states and totaled approximately 6.4 million square feet of gross leasable area. Properties ground leased to tenants represented 10.0% of annualized base rents.<\/p>\n \nAt quarter end, the ground lease portfolio was fully occupied, had a weighted-average remaining lease term of approximately 9.3 years, and generated 88.5% of annualized base rents from investment grade retail tenants.<\/p>\n Acquisitions<\/span><\/i><\/p>\n\nTotal acquisition volume for the third quarter was approximately $401.4 million and included 90 properties net leased to leading retailers operating in sectors including home improvement, auto parts, grocery stores, off-price, farm and rural supply, convenience stores, and tire and auto service. The properties are located in 33 states and leased to tenants operating in 25 sectors.<\/p>\n \nThe properties were acquired at a weighted-average capitalization rate of 7.2% and had a weighted-average remaining lease term of approximately 10.7 years. Approximately 70.0% of annualized base rents acquired were generated from investment grade retail tenants.<\/p>\n \nFor the nine months ended September 30, 2025, total acquisition volume was approximately $1.1 billion. The 227 acquired properties are located in 40 states and leased to tenants who operate in 29 retail sectors. The properties were acquired at a weighted-average capitalization rate of 7.2% and had a weighted-average remaining lease term of approximately 12.0 years. Approximately 64.6% of annualized base rents were generated from investment grade retail tenants.<\/p>\n Dispositions<\/span><\/i><\/p>\n\nDuring the third quarter, the Company sold eight properties for gross proceeds of approximately $15.0 million. The dispositions were completed at a weighted-average capitalization rate of 7.4%. Notable dispositions included the Company\u2019s only At Home located in Provo, Utah.<\/p>\n \nDuring the nine months ended September 30, 2025, the Company sold 13 properties for gross proceeds of approximately $23.7 million. The dispositions were completed at a weighted-average capitalization rate of 7.4%.<\/p>\n \nThe Company is increasing the lower end of its full-year 2025 disposition guidance range from $10 million to $25 million, while maintaining the upper end of the range at $50 million.<\/p>\n Development and Developer Funding Platform<\/span><\/i><\/p>\n\nDuring the third quarter, the Company commenced five development or DFP projects, with total anticipated costs of approximately $50.8 million. Construction continued during the quarter on eight projects with anticipated costs totaling approximately $51.0 million. The Company completed eight projects during the quarter with total costs of approximately $61.2 million.<\/p>\n \nFor the nine months ended September 30, 2025, the Company had 30 development or DFP projects completed or under construction with anticipated total costs of approximately $190.4 million. The projects are leased to leading retailers including TJX Companies, Burlington, 7-Eleven, Boot Barn, Ross Dress for Less, Five Below, Gerber Collision, and Sunbelt Rentals.<\/p>\n \nThe following table presents estimated costs for the Company’s active or completed development and DFP projects for the nine months ended September 30, 2025:<\/p>\n \n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Anticipated<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Number of<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Costs Funded<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Remaining<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Total Project<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Quarter of Delivery<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Projects<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n to Date<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Funding Costs<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Costs<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nQ1 2025<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n6<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n27,234<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n27,234<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nQ2 2025<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n4<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n13,403<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n13,403<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nQ3 2025<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n8<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n62,829<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n62,829<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nQ4 2025<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n5<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n31,342<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n7,009<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n38,351<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nQ1 2026<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n12,327<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n3,124<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n15,451<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nQ2 2026<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n4,015<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n7,213<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n11,228<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nQ3 2026<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n3,948<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n14,233<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n18,181<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nQ4 2026<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2,497<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1,203<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n3,700<\/p>\n<\/td>\n<\/tr>\n | \n| \n Total<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 30<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n 157,595<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n 32,782<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n 190,377<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n Development and DFP project costs are in thousands; any differences are the result of rounding. Costs Funded to Date may include adjustments related to completed projects to arrive at the correct Anticipated Total Project Costs.<\/i><\/p>\n Leasing Activity and Expirations<\/span><\/i><\/p>\n\nDuring the third quarter, the Company executed new leases, extensions or options on approximately 859,000-square feet of gross leasable area throughout the existing portfolio. Notable new leases, extensions or options included a 50,000-square foot TJ Maxx and HomeGoods combo store in Eugene, Oregon, a 27,000-square foot Burlington in Midland, Texas, and two Walmarts comprising over 310,000-square feet.<\/p>\n \nFor the nine months ended September 30, 2025, the Company executed new leases, extensions or options on approximately 2.4 million square feet of gross leasable area throughout the existing portfolio.<\/p>\n \nAs of September 30, 2025, the Company\u2019s 2025 lease maturities represented 0.2% of annualized base rents. The following table presents contractual lease expirations within the Company\u2019s portfolio as of September 30, 2025, assuming no tenants exercise renewal options:<\/p>\n \n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Year<\/b><\/p>\n<\/td>\n | | \n\n Leases<\/b><\/p>\n<\/td>\n | | \n | \n\n Annualized
\n<\/b>
Base Rent (1)<\/sup><\/b><\/p>\n<\/td>\n | \n\n Percent of
\n<\/b>
Annualized
\n<\/b>
Base Rent<\/b><\/p>\n<\/td>\n | | \n\n Gross
\n<\/b>
Leasable Area<\/b><\/p>\n<\/td>\n | | \n\n Percent of Gross
\n<\/b>
Leasable Area<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n2025<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n9<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n1,381<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n0.2%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n194<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n0.4%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n2026<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n70<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n14,990<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2.1%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1,548<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2.9%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n2027<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n161<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n36,154<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n5.1%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n3,350<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n6.3%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n2028<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n182<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n47,938<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n6.8%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n4,136<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n7.7%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n2029<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n210<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n66,169<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n9.3%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n6,271<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n11.7%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n2030<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n331<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n71,143<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n10.1%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n5,875<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n11.0%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n2031<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n230<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n57,205<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n8.1%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n4,330<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n8.1%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n2032<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n247<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n52,336<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n7.4%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n3,767<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n7.0%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n2033<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n224<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n51,803<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n7.3%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n3,978<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n7.4%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n2034<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n227<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n52,089<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n7.4%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n3,490<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n6.5%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nThereafter<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n920<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n256,632<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n36.2%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n16,592<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n31.0%<\/p>\n<\/td>\n<\/tr>\n | \n| \n Total Portfolio<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2,811<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n 707,840<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 100.0%<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 53,531<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 100.0%<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n The contractual lease expirations presented above exclude the effect of replacement tenant leases that had been executed as of September 30, 2025, but that had not yet commenced. Annualized Base Rent and gross leasable area (square feet) are in thousands; any differences are the result of rounding.<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n (1)<\/i><\/p>\n<\/td>\n | \n Annualized Base Rent represents the annualized amount of contractual minimum rent required by tenant lease agreements as of September 30, 2025, computed on a straight-line basis. Annualized Base Rent is not, and is not intended to be, a presentation in accordance with generally accepted accounting principles (\u201cGAAP\u201d). The Company believes annualized contractual minimum rent is useful to management, investors, and other interested parties in analyzing concentrations and leasing activity.<\/i><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Top Tenants<\/span><\/i><\/p>\n\nThe following table presents annualized base rents for all tenants that represent 1.5% or greater of the Company\u2019s total annualized base rent as of September 30, 2025:<\/p>\n \n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Annualized<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Percent of<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Tenant<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Base Rent(1)<\/sup><\/b><\/p>\n<\/td>\n| \n \n\u00a0<\/p>\n<\/td>\n | \n Annualized Base Rent<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nWalmart<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n41,155<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n5.8%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTractor Supply<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n34,961<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n4.9%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nDollar General<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n28,437<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n4.0%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nBest Buy<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n21,716<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n3.1%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nO’Reilly Auto Parts<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n21,500<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n3.0%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nKroger<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n21,039<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n3.0%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTJX Companies<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n21,009<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n3.0%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCVS<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n20,886<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n3.0%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nHobby Lobby<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n20,220<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2.9%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nLowe’s<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n17,884<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2.5%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nGerber Collision<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n17,296<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2.4%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n7-Eleven<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n17,181<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2.4%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nSunbelt Rentals<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n16,979<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2.4%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nBurlington<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n15,133<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2.1%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nSherwin-Williams<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n13,675<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1.9%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nHome Depot<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n13,553<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1.9%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nDollar Tree<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n11,540<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1.6%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nGenuine Parts Company (NAPA Auto Parts)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n11,420<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1.6%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nWawa<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n11,111<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1.6%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther(2)<\/sup><\/p>\n<\/td>\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n331,145<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n46.9%<\/p>\n<\/td>\n<\/tr>\n | \n| \n Total Portfolio<\/b><\/p>\n<\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n 707,840<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 100.0%<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n| \u00a0<\/td>\n | \n Annualized Base Rent is in thousands; any differences are the result of rounding.<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n (1)<\/i><\/p>\n<\/td>\n | \n Refer to footnote 1 on page 5 for the Company\u2019s definition of Annualized Base Rent.<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n (2)<\/i><\/p>\n<\/td>\n | \n Includes tenants generating less than 1.5% of Annualized Base Rent.<\/i>\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Retail Sectors<\/span><\/i><\/p>\n\nThe following table presents annualized base rents for all the Company\u2019s retail sectors as of September 30, 2025:<\/p>\n \n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Annualized<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Percent of<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Sector<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Base Rent(1)<\/sup><\/b><\/p>\n<\/td>\n| \n \n\u00a0<\/p>\n<\/td>\n | \n Annualized Base Rent<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nGrocery Stores<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n72,940<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n10.3%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nHome Improvement<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n62,545<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n8.8%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nConvenience Stores<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n54,938<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n7.8%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTire and Auto Service<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n54,224<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n7.6%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAuto Parts<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n48,088<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n6.8%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nDollar Stores<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n46,809<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n6.6%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOff-Price Retail<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n42,194<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n6.0%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nFarm and Rural Supply<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n36,733<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n5.2%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nGeneral Merchandise<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n36,643<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n5.2%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nPharmacy<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n25,837<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n3.7%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nConsumer Electronics<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n25,496<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n3.6%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCrafts and Novelties<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n22,482<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n3.2%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nDiscount Stores<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n18,598<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2.6%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nEquipment Rental<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n18,035<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2.5%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nHealth Services<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n17,444<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2.5%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nWarehouse Clubs<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n16,823<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2.4%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nDealerships<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n15,078<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2.1%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nRestaurants – Quick Service<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n13,886<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2.0%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nHealth and Fitness<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n13,789<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1.9%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nSporting Goods<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n11,528<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1.6%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nSpecialty Retail<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n9,978<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1.4%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nFinancial Services<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n8,235<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1.2%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nRestaurants – Casual Dining<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n6,531<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n0.9%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nShoes<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n4,879<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n0.7%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nHome Furnishings<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n4,857<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n0.7%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nPet Supplies<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n4,468<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n0.6%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTheaters<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n3,976<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n0.6%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nBeauty and Cosmetics<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n3,776<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n0.5%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nEntertainment Retail<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2,651<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n0.4%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nApparel<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2,449<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n0.3%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nMiscellaneous<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1,306<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n0.2%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOffice Supplies<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n624<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n0.1%<\/p>\n<\/td>\n<\/tr>\n | \n| \n Total Portfolio<\/b><\/p>\n<\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n 707,840<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 100.0%<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n Annualized Base Rent is in thousands; any differences are the result of rounding.<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n (1)<\/i><\/p>\n<\/td>\n | \n Refer to footnote 1 on page 5 for the Company\u2019s definition of Annualized Base Rent.<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n Geographic Diversification<\/span><\/i><\/p>\n\nThe following table presents annualized base rents for all states that represent 1.5% or greater of the Company\u2019s total annualized base rent as of September 30, 2025:<\/p>\n \n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Annualized<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Percent of<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n State<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Base Rent(1)<\/sup><\/b><\/p>\n<\/td>\n| \n \n\u00a0<\/p>\n<\/td>\n | \n Annualized Base Rent<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nTexas<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n49,981<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n7.1%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nIllinois<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n44,556<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n6.3%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nMichigan<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n36,948<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n5.2%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOhio<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n36,273<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n5.1%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNew York<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n35,959<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n5.1%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nPennsylvania<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n34,520<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n4.9%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nFlorida<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n33,971<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n4.8%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNorth Carolina<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n32,519<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n4.6%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nCalifornia<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n31,218<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n4.4%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nGeorgia<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n28,401<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n4.0%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNew Jersey<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n24,421<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n3.5%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nWisconsin<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n20,038<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2.8%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nMissouri<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n19,818<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2.8%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nLouisiana<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n19,242<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2.7%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nVirginia<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n17,513<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2.5%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nMississippi<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n16,706<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2.4%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nSouth Carolina<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n16,050<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2.3%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nKansas<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n15,916<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2.2%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nMinnesota<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n15,578<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2.2%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nIndiana<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n13,994<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2.0%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nConnecticut<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n13,474<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1.9%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nTennessee<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n13,466<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1.9%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nMassachusetts<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n13,004<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1.8%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAlabama<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n12,591<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1.8%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOklahoma<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n10,821<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1.5%<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther(2)<\/sup><\/p>\n<\/td>\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n100,862<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n14.2%<\/p>\n<\/td>\n<\/tr>\n | \n| \n Total Portfolio<\/b><\/p>\n<\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n 707,840<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 100.0%<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n Annualized Base Rent is in thousands; any differences are the result of rounding.<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n (1)<\/i><\/p>\n<\/td>\n | \n Refer to footnote 1 on page 5 for the Company\u2019s definition of Annualized Base Rent.<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n (2)<\/i><\/p>\n<\/td>\n | \n Includes states generating less than 1.5% of Annualized Base Rent.<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n Capital Markets, Liquidity and Balance Sheet<\/b><\/p>\n Capital Markets<\/span><\/i><\/p>\n\nSubsequent to quarter end, the Company received commitments for an unsecured $350 million 5.5-year term loan with a 12-month delayed draw feature (the \u201cTerm Loan\u201d). The Company anticipates closing the Term Loan in November and has entered into $350 million of forward starting swaps to fix SOFR until maturity in May 2031. Including the impact of the swaps, the interest rate on the Term Loan is fixed at 4.02% based on the Company\u2019s current A- credit rating. The Term Loan includes an accordion option that allows the Company to request additional lender commitments up to a total of $500 million.<\/p>\n \nDuring the third quarter, the Company settled 3.5 million shares under existing forward sale agreements for net proceeds of $252.0 million.<\/p>\n \nThe following table presents the Company\u2019s outstanding forward equity offerings as of September 30, 2025:<\/p>\n \n\n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Anticipated Net<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Forward Equity<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Shares<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Shares<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Shares<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Net Proceeds<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Proceeds<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Offerings<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Sold<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Settled<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Remaining<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Received<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Remaining<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nQ3 2024 ATM Forward Offerings<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n6,602,317<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n6,338,391<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n263,926<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n448,734,524<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n19,465,097<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nQ4 2024 ATM Forward Offerings<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n739,013<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n739,013<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n55,007,059<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOctober 2024 Forward Offering<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n5,060,000<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n5,060,000<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n366,383,974<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nQ1 2025 ATM Forward Offerings<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2,408,201<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2,408,201<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n181,169,482<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nQ2 2025 ATM Forward Offerings<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n362,021<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n362,021<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n27,351,284<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nApril 2025 Forward Offering<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n5,175,000<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n5,175,000<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u2014<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n386,733,443<\/p>\n<\/td>\n<\/tr>\n | \n| \n Total Forward Equity Offerings<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 20,346,552<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 6,338,391<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 14,008,161<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n 448,734,524<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n 1,036,110,339<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n Liquidity<\/span><\/i><\/p>\n\nAs of September 30, 2025, the Company had total liquidity of $1.9 billion, which includes $861.0 million of availability under its revolving credit facility after adjusting for outstanding commercial paper notes and revolver borrowings, $1.0 billion of outstanding forward equity, and $16.9 million of cash on hand. The Company\u2019s $1.25 billion revolving credit facility includes an accordion option that allows the Company to request additional lender commitments of up to a total of $2.0 billion.<\/p>\n Balance Sheet<\/span><\/i><\/p>\n\nAs of September 30, 2025, the Company\u2019s net debt to recurring EBITDA was 5.1 times. The Company\u2019s proforma net debt to recurring EBITDA was 3.5 times when deducting the $1.0 billion of anticipated net proceeds from the outstanding forward equity offerings from the Company\u2019s net debt of $3.4 billion as of September 30, 2025. The Company\u2019s fixed charge coverage ratio was 4.2 times at quarter end.<\/p>\n \nThe Company\u2019s total debt to enterprise value was 29.0% as of September 30, 2025. Enterprise value is calculated as the sum of net debt, the liquidation value of the Company\u2019s preferred stock, and the market value of the Company\u2019s outstanding shares of common stock, assuming conversion of Agree Limited Partnership (the \u201cOperating Partnership\u201d or \u201cOP\u201d) common units into common stock of the Company.<\/p>\n \nFor the three months and nine months ended September 30, 2025, the Company’s fully diluted weighted-average shares outstanding were 111.5 million and 109.9 million, respectively. The basic weighted-average shares outstanding for the three and nine months ended September 30, 2025 were 111.3 million and 109.4 million, respectively.<\/p>\n \nFor the three months and nine months ended September 30, 2025, the Company’s fully diluted weighted-average shares and units outstanding were 111.9 million and 110.2 million, respectively. The basic weighted-average shares and units outstanding for the three and nine months ended September 30, 2025 were 111.6 million and 109.7 million, respectively.<\/p>\n \nThe Company\u2019s assets are held by, and its operations are conducted through, the Operating Partnership, of which the Company is the sole general partner. As of September 30, 2025, there were 347,619 Operating Partnership common units outstanding, and the Company held a 99.7% common interest in the Operating Partnership.<\/p>\n Conference Call\/Webcast<\/b><\/p>\n \nThe Company will host its quarterly analyst and investor conference call on Wednesday, October 22, 2025 at 9:00 AM ET. To participate in the conference call, please dial (800) 715-9871 approximately ten minutes before the call begins.<\/p>\n \nAdditionally, a webcast of the conference call will be available via the Company\u2019s website. To access the webcast, visit www.agreerealty.com<\/a> ten minutes prior to the start of the conference call and go to the Investors section of the website. A replay of the conference call webcast will be archived and available online through the Investors section of www.agreerealty.com<\/a>.<\/p>\nAbout Agree Realty Corporation<\/b><\/p>\n \nAgree Realty Corporation is a publicly traded real estate investment trust that is RETHINKING RETAIL <\/b>through the acquisition and development of properties net leased to industry-leading, omni-channel retail tenants. As of September 30, 2025, the Company owned and operated a portfolio of 2,603 properties, located in all 50 states and containing approximately 53.7 million square feet of gross leasable area. The Company\u2019s common stock is listed on the New York Stock Exchange under the symbol \u201cADC\u201d. For additional information on the Company and RETHINKING RETAIL<\/b>, please visit www.agreerealty.com<\/a>.<\/p>\n | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |