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… The ultimate impact of the announced tariffs, any future tariffs and volatility in rapidly changing tariff policy will depend on various factors, including whether such tariffs are implemented, the timing of implementation, the amount, scope and nature of any tariffs …

Marked against last year's 10-K

Inflationary pricing may have a negative effect on the construction costs necessary to complete our repositioning and redevelopment development projects, including, but not limited to, costs of construction materials, insurance, and labor and services from third-party contractors and suppliers. In addition, new or increased tariffs on construction materials and supplies due to changes in U.S. trade policies could further increase construction costs. Over the past 10 years, decade the U.S. government has periodically imposed new, new or increased existing, tariffs on some imported materials and products that are used in construction, including lumber, steel, aluminum and solar panels, which increased the costs of those items. On February 1, In 2025, President Donald J. Trump announced tariffs on imports from Canada, Mexico Mexico, China, and China, many other countries, and President Trump has expressed a strong desire to impose new, or further increase other existing tariffs. The ultimate impact of the announced tariffs and tariffs, any future tariffs and volatility in rapidly changing tariff policy will depend on various factors, including if whether such tariffs are ultimately implemented, the timing of implementation and implementation, the amount, scope and nature of such any tariffs imposed, and whether various courts uphold the legality of certain tariffs. Certain increases in the costs of construction materials can often be managed in our repositioning and redevelopment development projects through either general budget contingencies built into our overall construction costs estimates for each of our projects or guaranteed maximum price construction contracts, which stipulate a maximum price for certain construction costs and shift inflation risk to our construction general contractors. However, no assurance can be given that our budget contingencies would accurately account for potential construction cost increases given the current level of inflation and variety of contributing factors, including the imposition of new or increased tariffs, or that our general contractors would be able to absorb such increases in costs and complete our construction projects timely, within budget, or at all. Higher construction costs could adversely impact our investments in real estate assets and expected yields on our redevelopment development projects, which may make otherwise lucrative investment opportunities less profitable to us. As a result, our business, financial condition, results of operations, cash flows, liquidity and ability to satisfy our debt service obligations and to pay dividends and distributions to security holders could be adversely affected over time.

Item 1A, Risk Factors, 10-K Feb 11, 2026open_in_new

• construction, development and repositioning may be unsuccessful and/or costs of a project may exceed original estimates (including as a result of the imposition of tariffs), possibly making the project less profitable than originally estimated, or unprofitable;

Marked against last year's 10-K

• construction, redevelopment development and repositioning may be unsuccessful and/or costs of a project may exceed original estimates (including as a result of the imposition of tariffs), possibly making the project less profitable than originally estimated, or unprofitable;

Item 1A, Risk Factors, 10-K Feb 11, 2026open_in_new

International trade disputes, including U.S. trade tariffs and retaliatory tariffs, could adversely impact our business.

Word for word as last year Item 1A, Risk Factors, 10-K Feb 20, 2026open_in_new

International trade disputes, including threatened or implemented tariffs imposed by the U.S. and threatened or implemented tariffs imposed by foreign countries in retaliation, have adversely impacted and in the future could adversely impact our business. Many of our tenants …

Marked against last year's 10-K

International trade disputes, including threatened or implemented tariffs imposed by the U.S. and threatened or implemented tariffs imposed by foreign countries in retaliation, have adversely impacted and in the future could adversely impact our business. Many of our tenants sell imported goods, and tariffs or other trade restrictions have materially increased costs for these tenants and could continue to materially increase costs for these tenants. in the future. To the extent our tenants are unable to pass these costs on to their customers, our tenants’ operations have been, and in the future could be be, adversely impacted, which among other things, could weaken demand by those tenants for our real estate. If the operations of potential future tenants are similarly adversely impacted, overall demand for our real estate may also weaken. In addition, international trade disputes, including those related to tariffs, have resulted and in the future could result in inflationary pressures that directly impact our costs, such as costs for steel, lumber and other materials applicable to our redevelopment projects. Trade disputes could also have adversely impact impacted global supply chains which could further increase costs for us and our tenants or delay delivery of key inventories and supplies.

Item 1A, Risk Factors, 10-K Feb 20, 2026open_in_new

International trade disputes, including U.S. trade tariffs and retaliatory tariffs, could adversely impact our business.

Word for word as last year Item 1A, Risk Factors, 10-K Feb 20, 2026open_in_new

International trade disputes, including threatened or implemented tariffs by the United States and threatened or implemented tariffs by foreign countries in retaliation, could adversely impact our business. Many of our tenants sell imported goods and tariffs or other trade restrictions …

Word for word as last year Item 1A, Risk Factors, 10-K Feb 20, 2026open_in_new

many factors, including domestic and international trade policies and the imposition of tariffs. A significant change in the value of the foreign currency of one or more countries where we have a significant investment or receive significant rental revenue may …

Marked against last year's 10-K

many factors, including domestic and international trade policies and the imposition of tariffs. A significant change in the value of the foreign currency of one or more countries where we have a significant investment or receive significant rental revenue may have a material adverse effect on our business and, specifically, our U.S. dollar reported dollar-reported financial condition and results of operations. While we may enter into hedging and other derivatives instruments to mitigate our exposure to fluctuations in foreign exchange rates, we may not realize the anticipated benefits from these arrangements or these arrangements may be insufficient to mitigate our exposure.

Item 1A, Risk Factors, 10-K Feb 25, 2026open_in_new

… Our tenants also face additional challenges, including potential changes in consumer confidence levels, behavior and spending, increasing competition from a variety of sources, and increased operational expenses, such as with respect to the impact of tariffs or trade barriers, labor …

Marked against last year's 10-K

We anticipate that we will finance our future growth with a combination of debt and equity, although no assurance can be given that we will be able to issue equity and/or debt in such amounts on favorable terms, terms and at a favorable cost of capital, or at all, or that we would not determine to incur more debt on a relative basis at the relevant time due to market conditions or otherwise. Macroeconomic volatility The macroeconomic environment has introduced significant uncertainty and heightened risk for businesses, including us and our tenants, including the impact of changing interest rates, inflation, threat of recession, inflationary and recessionary threats, geopolitical and regulatory uncertainty, and increased cost of capital. Our tenants also face additional challenges, including potential changes in consumer confidence levels, behavior and spending spending, increasing competition from a variety of sources, and increased operational expenses, such as with respect to labor the impact of tariffs or trade barriers, labor, insurance or energy costs. As a triple-net lessor, increased operational expenses at our leased properties are borne by our tenants and do not directly impact their rent obligations (other than with respect to underlying inflation as applied to the CPI-based escalators described below) or other obligations under our lease agreements.

Item 7, MD&A, 10-K Feb 25, 2026open_in_new

Tariffs and potential tariff actions have also led to market volatility, higher construction costs, and supply chain disruptions, which could delay or increase the cost of our development projects and impair our access to capital.

New this year Item 1A, Risk Factors, 10-K Feb 3, 2026open_in_new

We have also been affected by increased costs relating to tenant improvements and construction, which, together with higher costs of capital and tariff actions (or potential tariff actions), have adversely affected, and in the future may adversely affect, construction starts and the expected yields on our capital projects, including our developments and redevelopments.

Marked against last year's 10-K

We have also been affected by increased costs relating to tenant improvements and construction, which, together with higher costs of capital, capital and tariff actions (or potential tariff actions), have adversely affected, and in the future may adversely affect, construction starts and the expected yields on our development capital projects, including our developments and redevelopment projects. While there have been signs that cost pressures are moderating, there can be no assurance that this will continue to be the case. redevelopments.

Item 7, MD&A, 10-K Feb 3, 2026open_in_new

International trade disputes, including U.S. trade tariffs and retaliatory tariffs, could adversely impact our business.

New this year Item 1A, Risk Factors, 10-K Feb 11, 2026open_in_new

In addition, international trade disputes, including those related to tariffs, could result in inflationary pressures that directly impact our costs, such as construction materials and equipment used in our development and redevelopment projects. Persistent supply-chain disruptions could delay project …

New this year Item 1A, Risk Factors, 10-K Feb 11, 2026open_in_new

… trade and tariff policies, together with retaliatory measures by U.S. trading partners, have created uncertainty about future relationships between the United States and other countries with respect to trade policies, treaties and tariffs. Such uncertainty limits our ability to …

Marked against last year's 10-K

Rapidly evolving U.S. trade and tariff policies, together with retaliatory measures by U.S. trading partners, have created uncertainty about future relationships between the United States and other countries with respect to trade policies, treaties and tariffs. Such uncertainty limits our ability to anticipate, plan for, or effectively mitigate the adverse impacts of such measures on our operations and supply chain costs. The potential disruptions in the supply or cost of materials or products or the inability of contractors to perform on a timely basis, or at all, due to new or higher tariffs or otherwise, could cause delays in completing ongoing or future value add projects and other capital improvements at our multifamily communities and development projects. In addition, developments with respect to trade and tariff policies, or the perception that such developments could occur, and the uncertainty related to such developments, could impact tenants or prospective tenants and could adversely affect our ability to lease our properties, which in turn could have a material adverse effect on our business, results of operations and financial condition.

Item 1A, Risk Factors, 10-K Feb 17, 2026open_in_new

fluctuations in the costs, availability and quality of building materials and supplies, due to tariffs, trade barriers or otherwise, could adversely affect our financial condition or results of operations;

Marked against last year's 10-K

We face the risk of fluctuations in the cost, costs, availability and quality of our building materials and products, which supplies, due to tariffs, trade barriers or otherwise, could adversely affect our financial condition or results of operations. operations;

Item 7, MD&A, 10-K Feb 17, 2026open_in_new

projects for approximately 21 properties, however, inflationary pressures, supply chain shortages or tariffs, among other issues, may result in increased costs and delays for anticipated projects.

New this year Item 7, MD&A, 10-K Feb 23, 2026open_in_new

• increases in operating costs, including ground lease payments, renovation projects, property and casualty insurance, utilities and real estate and personal property taxes, due to inflation, climate change, supply chain disruptions, tariffs, natural disasters, regulatory compliance and other factors that may not be offset by increases in room rates or room revenue;

Word for word as last year Item 1A, Risk Factors, 10-K Feb 23, 2026open_in_new

• disruptions to our business or that of our customers and/or our suppliers resulting from trade tensions, or tariffs imposed by the U.S. and other governments, actual or threatened modifications to or withdrawals from international trade agreements, treaties, policies, tariffs, quotas or any other trade rules or restrictions.

New this year Item 1A, Risk Factors, 10-K Feb 26, 2026open_in_new

• national, international, regional and local economic conditions, including impacts and uncertainty from trade disputes and tariffs on goods imported to the United States and goods exported to other countries may have a material adverse impact on us;

Word for word as last year Item 1A, Risk Factors, 10-K Feb 26, 2026open_in_new

Federal policies, including the imposition of tariffs and the adoption of reciprocal tariffs by affected countries, and recent global events, such as the rising price of oil and the conflict between Russia and Ukraine, may have exacerbated, and may continue to exacerbate, inflation and increases in the consumer price index.

Marked against last year's 10-K

Over Federal policies, including the past year, imposition of tariffs and the consumer price index has increased substantially year over year. Federal policies adoption of reciprocal tariffs by affected countries, and recent global events, such as the rising price of oil and the conflict between Russia and Ukraine, may have exacerbated, and may continue to exacerbate, inflation and increases in the consumer price index.

Item 1A, Risk Factors, 10-K Feb 13, 2026open_in_new

the adoption and expansion of trade restrictions or tariffs or the occurrence of trade wars;

Word for word as last year Item 1A, Risk Factors, 10-K Feb 13, 2026open_in_new

… trade policies, including tariffs, trade agreements or other trade restrictions imposed by the U.S. or other governments. During 2025, the U.S. government imposed, and is continuing to consider imposing, tariffs and trade restrictions on certain goods produced outside …

New this year Item 1A, Risk Factors, 10-K Feb 26, 2026open_in_new

Tariffs or other trade restrictions, increasing trade tensions, or other changes in similar governmental policies could increase our operating costs, reduce discretionary consumer spending, cause disruptions or shortages in global supply chains and negatively impact the U.S., regional or local economies in which we, our tenants or borrowers and their customers operate, any of which could adversely impact our business, results of operations and financial condition.

New this year Item 1A, Risk Factors, 10-K Feb 26, 2026open_in_new

• Any new construction involves the possibility of construction delays and cost overruns that may increase project costs, including increased costs due to shortages of supplies as a result of supply chain disruptions, trade disputes tariffs or other trade protection measures, immigration issues and policy changes, labor unrest or shortages, or other inflationary pressures.

Marked against last year's 10-K

• Any new construction involves the possibility of construction delays and cost overruns that may increase project costs, including increased costs due to shortages of supplies as a result of supply chain disruptions. disruptions, trade disputes tariffs or other trade protection measures, immigration issues and policy changes, labor unrest or shortages, or other inflationary pressures.

Item 1A, Risk Factors, 10-K Feb 25, 2026open_in_new

• the impact of geopolitical developments outside the U.S., such as large-scale wars or international conflicts, slowing global growth, or trade disputes, tariffs or other trade protection measures between the United States and its trading partners, all of which could cause economic volatility and affect global travel and lodging demand within the United States or result in supply chain disruptions;

Marked against last year's 10-K

• the impact of geopolitical developments outside the U.S., such as large-scale wars or international conflicts, slowing global growth, or trade tensions and proposed disputes, tariffs or other trade protection measures between the United States and its trading partners such as China, partners, all of which could cause economic volatility and affect global travel and lodging demand within the United States or result in supply chain disruptions;

Item 1A, Risk Factors, 10-K Feb 25, 2026open_in_new

We recognize that current domestic and global economic policies and conditions such as tariffs, trade deal activity, inflation, labor cost and availability, energy prices, interest rate volatility, supply chain disruptions, access to and cost of credit, and tax and regulatory …

New this year Item 7, MD&A, 10-K Feb 13, 2026open_in_new

… These include, without limitation, changes in trade and tariff policies (as well as potential trade disputes and retaliatory actions by other countries), entry into and termination of treaties and trade agreements, and economic sanctions. In addition, geopolitical conflicts, including the …

Marked against last year's 10-K

The success of Geopolitical events and United States governmental policies relating thereto could also impact our business, business and the businesses of our tenants, largely depends on consumer spending. While we currently own no shopping centers or tenants. These include, without limitation, changes in trade and tariff policies (as well as potential trade disputes and retaliatory actions by other assets outside countries), entry into and termination of the U.S. nor have meaningful direct international supply chain exposure, treaties and trade agreements, and economic sanctions. In addition, geopolitical challenges and their potential impact on the global macroeconomic environment, conflicts, including the war involving Russia and Ukraine, conflicts and instability in the Middle East conflicts, instability and wars, Venezuela, geopolitical conflicts in other regions, and the economic and other possible conflicts involving or political tensions with trading partners including China (including any slowing of its economy), could adversely impact aspects of the U.S. economy and, therefore, consumer spending. In addition, these geopolitical challenges could impact other areas of the U.S. economy, which could impact our business and the businesses of our tenants through rising inflation and interest rates (and, and, hence, reduced availability and/or increased costs of borrowing), increased energy prices, labor shortages, supply chain constraints and, potentially, a U.S. economic recession. our business, It is unclear whether and when these geopolitical challenges and uncertainties will be mitigated or resolved, and what effects effect they may have on global political and economic conditions over the long term. However, a substantial delay in or lack of resolution of any of these challenges could have an adverse impact on the U.S. economy and consumer spending and, therefore, an adverse effect on our results of operations and the financial condition of the Company.

Item 1A, Risk Factors, 10-K Feb 13, 2026open_in_new

… While our timber and real estate sales are not directly subject to tariffs, to the extent that goods and/or services that we purchase in our operations are impacted by tariffs, this could lead to higher costs in our operations …

Marked against last year's 10-K

We are also subject to the risk of price fluctuations in certain of our cost components, key operational costs, which primarily include logging and transportation (cut and haul), ocean freight and demurrage costs. Other major components of haul). Additionally, our cost of sales are is significantly influenced by the cost basis of timber sold (depletion) and the cost basis of real estate sold. Depletion includes represents the amortization of capitalized site preparation, planting and fertilization, real estate taxes, timberland lease payments payments, and certain payroll costs. The cost basis of real estate sold includes the cost basis in land costs and costs directly associated with the direct development and construction of identified real estate expenses for specific projects, such as including infrastructure, roadways, utilities, amenities and/or and other improvements. While our timber and real estate sales are not directly subject to tariffs, to the extent that goods and/or services that we purchase in our operations are impacted by tariffs, this could lead to higher costs in our operations if vendors look to pass through any such increased costs resulting from tariffs. Other costs include amortization of capitalized costs related to road and bridge construction and software, depreciation of fixed assets and equipment, road maintenance, severance and excise taxes, fire prevention prevention, and real estate commissions and closing costs.

Item 7, MD&A, 10-K Feb 23, 2026open_in_new

… trade policy have resulted in sharply higher import tariffs on goods imported from certain countries. Our wood products operations are particularly impacted, as some specialized equipment and parts are sourced from outside the U.S. Higher tariffs have increased acquisition …

Marked against last year's 10-K

The acceleration of inflation in the United States and global economies could adversely affect us. In particular, increases in the cost and availability of labor for us and our contractors could increase our costs, compress our margins and impact harvest levels. In addition, increases in energy and fuel costs could affect our results of operations. Energy costs are a significant operating expense for logging and hauling contractors who support us and the customers of our wood products and standing timber. A rise in energy costs could have a negative effect on the cost and availability of such contractors. Additionally, rising energy costs could have a negative impact on the cost of ocean freight for our exported products. Recent changes in U.S. trade policy have resulted in sharply higher import tariffs on goods imported from certain countries. Our wood products operations are particularly impacted, as some specialized equipment and parts are sourced from outside the U.S. Higher tariffs have increased acquisition and maintenance costs, leading to greater operational expenses, supply chain disruptions, reduced margins and constraints on capital investments. Moreover, our selling, general and administrative costs could increase. More generally, an increase in inflation and interest rates could have an adverse impact on our cost of capital, which could impact the value of our long-lived assets, our ability to economically acquire additional assets, the cost of debt and the value of our equity. One of the factors that may influence the price of our common shares is our annual dividend yield as compared to the yields on other financial instruments. An increase in market interest rates could cause increases in discount rates and, accordingly, a decline in property values and total returns for timberland assets. Thus, an increase in market interest rates could result in higher yields on other financial instruments and could adversely affect the relative attractiveness of an investment in our equity and, accordingly, the trading price of our common shares. These macroeconomic factors impacting us are beyond our control and could have a material adverse effect on our business, financial condition, results of operations and the value of our equity.

Item 1A, Risk Factors, 10-K Feb 23, 2026open_in_new

… government may in the future impose, reimpose, increase, or pause tariffs, and countries subject to such tariffs have and, in the future may, impose reciprocal tariffs or impose other protectionist or retaliatory trade measures in response. Any of these actions …

New this year Item 1A, Risk Factors, 10-K Feb 27, 2026open_in_new

Changes in U.S. trade policy, including significant tariffs or other restrictions imposed on imports by the U.S. and related countermeasures taken by impacted foreign countries, could have a material adverse effect on our business.

New this year Item 1A, Risk Factors, 10-K Feb 27, 2026open_in_new

impact from threatened or implemented tariffs and international trade disputes and the associated impact on our tenants’ supply chain and consumer spending levels;

Marked against last year's 10-K

impact from threatened or implemented tariffs and international trade disputes and the associated impact on our tenants’ supply chain and consumer spending levels;

Item 1A, Risk Factors, 10-K Feb 25, 2026open_in_new

we may face construction delays or higher construction costs caused by potential increases in the cost of imported goods and materials due to threatened or implemented tariffs and international trade disputes, supply chain disruptions and/or shortages;

New this year Item 1A, Risk Factors, 10-K Feb 25, 2026open_in_new

Trade policies, tariffs and related government actions may cause a decline in economic activity and disrupt supply chains, which could have a material adverse impact on our business.

New this year Item 1A, Risk Factors, 10-K Feb 4, 2026open_in_new

• changes in, or increased costs of compliance with, governmental rules, regulations and fiscal policies, including changes in tax, tariff, real estate, environmental and zoning laws, and our potential liability thereunder;

Word for word as last year Item 1A, Risk Factors, 10-K Feb 4, 2026open_in_new

International trade disputes, including U.S. trade tariffs and retaliatory tariffs, or anticipation of the same, could adversely impact our business.

Marked against last year's 10-K

International trade disputes, including U.S. trade tariffs and retaliatory tariffs, or anticipation of the same, could adversely impact our business.

Item 1A, Risk Factors, 10-K Feb 11, 2026open_in_new

International trade disputes, including threatened or implemented tariffs imposed by the U.S. and threatened or implemented tariffs imposed by foreign countries in retaliation, could adversely impact our business. Many of our tenants sell imported goods, and tariffs or other …

Marked against last year's 10-K

International trade disputes, including threatened or implemented tariffs imposed by the U.S. and threatened or implemented tariffs imposed by foreign countries in retaliation, could adversely impact our business. Many of our tenants sell imported goods, and tariffs or other trade restrictions could materially increase costs for these tenants. To the extent our tenants are unable to pass these costs on to their customers, our tenants’ operations could be adversely impacted, which among other things, could weaken demand by those tenants for our real estate. If the operations of potential future tenants are similarly adversely impacted, overall demand for our real estate may also weaken. In addition, international trade disputes, including those related to tariffs, could result in inflationary pressures that directly impact our costs, such as costs for steel, lumber and other materials applicable to our development and redevelopment projects. Trade disputes could also adversely impact global supply chains chains, which could further increase costs for us and our tenants or delay delivery of key inventories and supplies.

Item 1A, Risk Factors, 10-K Feb 11, 2026open_in_new

… The rates and effective dates of these tariffs have been adjusted on several occasions since the initial announcements, and certain of these tariffs are subject to legal and other challenges, the outcome of which could further change tariff rates and …

Marked against last year's 10-K

The new U.S. presidential administration has proposed taken multiple actions in 2025 to significantly increase tariffs on foreign imports into the United States, including imports from countries to which we export our products, such as Canada and China. For example, on February 1, 2025, the United States imposed tariffs on imports from Canada, Mexico and China, and on April 2, 2025, the United States announced a universal baseline tariff of 10% on almost all imports, plus additional country-specific tariffs for select trading partners, including China. The rates and effective dates of these tariffs have been adjusted on several occasions since the initial announcements, and certain of these tariffs are subject to legal and other challenges, the outcome of which could further change tariff rates and effective dates. In addition to increasing the cost of the wood products that we export to U.S. markets from our Canadian operations, this policy these policies could result in one or more of our foreign export market jurisdictions adopting retaliatory trade policy that makes it more difficult or costly for us to export our products to those countries including, for example, by increasing tariffs, taxes or duties on our products or by placing significant import restrictions on our products such as onerous and excessive phytosanitary requirements. Several countries, including Canada and China, have imposed retaliatory tariffs, and the imposition of U.S. and foreign tariff regimes is fluid and changing. We could therefore experience reduced revenues and margins in our businesses that are adversely affected by international trade policy or disputes, including the terms of any settlement of such disputes. To the extent such trade policies increase prices, they could also reduce the overall demand for our products in affected markets. Likewise, U.S.-imposed tariffs on imports could also increase our costs for products and raw materials that we use in our operations, and we operations. We may not be able to pass on those cost increases to our customers. These changes could therefore have a material adverse effect on our business, financial results customers, and financial condition, including facility closures or impairments of assets. We cannot predict future U.S. or foreign trade policy or the terms and conditions of any resolutions or settlements of international trade disputes and their effects on our business. if

Item 1A, Risk Factors, 10-K Feb 13, 2026open_in_new

Our ability to conduct business can be significantly affected by changes in tariffs, duties, taxes or customs resulting from changes in U.S. and foreign trade policy. For example, we export logs and finished wood products to foreign markets, including Canada and China, and our ability to do so profitably could be affected by trade disputes that result in tariffs being charged on these products.

Marked against last year's 10-K

Our ability to conduct business can be significantly affected by changes in tariffs, duties, taxes or customs resulting from changes in U.S. and foreign trade policy. For example, we export logs and finished wood products to foreign markets, including Canada and China, and our ability to do so profitably would could be affected by trade disputes that result in tariffs being charged on these products.

Item 1A, Risk Factors, 10-K Feb 13, 2026open_in_new

As a result of the significant volatility in rates, the unpredictable impact of the tariff negotiations, including certain litigations in connection with the tariffs, and the OBBBA, it is very difficult to predict where short and long-term rates will settle during 2026.

New this year Item 7, MD&A, 10-K Feb 27, 2026open_in_new

… As a result of the significant volatility in rates, the unpredictable impact of the tariff negotiations, including certain litigations in connection with the tariffs, and the OBBBA, it is very difficult to predict where short and long-term rates will …

New this year Item 7, MD&A, 10-K Feb 27, 2026open_in_new

Recent U.S. tariffs, sanctions, and related geopolitical developments could affect our tenants’ operations or tourism in key markets such as New York, Chicago, Washington, D.C., Los Angeles and San Francisco. While the ultimate impact remains uncertain, we continue to monitor these developments closely.

New this year Item 7, MD&A, 10-K Feb 13, 2026open_in_new

Macroeconomic conditions, including elevated levels of inflation, higher interest rates, and recent tariff policies, present risks for our business and the businesses of our tenants. The elevated levels of inflation in recent years have led to increased costs for certain …

Marked against last year's 10-K

Heightened Macroeconomic conditions, including elevated levels of inflation and inflation, higher interest rates rates, and recent tariff policies, present risks for our business and the businesses of our tenants. During 2024, inflation The elevated levels began to decrease, but remained elevated relative to the years preceding 2021. While the Federal Reserve made several cuts to interest rates in the second half of 2024 in response to those decreases in inflation levels, it continues to indicate that it will remain data-dependent in determining whether to hold its benchmark rate at current levels or continue to slowly ease interest rates through 2025. We continue to monitor and address risks related to the economy. In recent years, the elevated level of inflation resulted in recent years have led to increased costs for certain goods and services and cost of borrowing. Most However, most of our leases include contractual rent escalations and require tenants to pay their share of operating expenses, including common area maintenance, real estate taxes taxes, and insurance, thereby reducing our exposure to increases in which help mitigate inflationary impacts on costs and operating expenses resulting from inflation. expenses. We believe we manage our properties in a cost-conscious manner to minimize recurring operational expenses and utilize multi-year contracts to alleviate the impact of inflation on our business and our tenants. We also continue to see rising consumer confidence and we expect to continue to add value to our portfolio by executing on our current leasing momentum, our active development and redevelopment projects, and leasing pipeline. We manage our exposure to fluctuations in interest rates primarily through the use of fixed-rate debt and interest rate swap and cap agreements, which qualify for, and are designated as, hedging instruments. Except for increased interest costs, we have not experienced any material negative impacts at this time.

Item 7, MD&A, 10-K Feb 13, 2026open_in_new

International trade disputes, including U.S. trade tariffs and retaliatory tariffs, could adversely impact our business.

Word for word as last year Item 1A, Risk Factors, 10-K Feb 9, 2026open_in_new

International trade disputes, including threatened or implemented tariffs imposed by the U.S. and threatened or implemented tariffs imposed by foreign countries in retaliation, could adversely impact our business. Many of our tenants sell imported goods and tariffs or other …

Marked against last year's 10-K

International trade disputes, including threatened or implemented tariffs imposed by the U.S. and threatened or implemented tariffs imposed by foreign countries in retaliation, could adversely impact our business. Many of our tenants sell imported goods and tariffs or other trade restrictions could increase costs for these tenants. To the extent our tenants are unable to pass these costs on to their customers, our tenants could be adversely impacted. In addition, international trade disputes, including those related to tariffs, could result in inflationary pressures that directly impact our costs, such as costs for steel, lumber lumber, and other materials applicable to our redevelopment projects. Trade disputes could also adversely impact global supply chains which could further increase costs for us and our tenants or delay delivery of key inventories and supplies.

Item 1A, Risk Factors, 10-K Feb 9, 2026open_in_new

• global trade disruption or conflict, trade tensions resulting from U.S. tariff implementation and retaliatory tariffs by other countries, other changes to trade policy in the U.S. and other jurisdictions and supply chain issues;

New this year Item 1A, Risk Factors, 10-K Feb 11, 2026open_in_new

Additionally, global trade disruption or conflict, trade tensions resulting from U.S. tariff implementation and retaliatory tariffs by other countries, other changes to trade policy in the U.S. and other jurisdictions, as well as war or other hostilities, together with any future downturns in the global economy resulting therefrom, could adversely affect our performance.

Marked against last year's 10-K

Additionally, global trade disruption, significant introductions of disruption or conflict, trade barriers tensions resulting from U.S. tariff implementation and bilateral trade frictions, including due to retaliatory tariffs and by other countries, other changes to trade policy in the U.S. and other jurisdictions jurisdictions, as well as war or other hostilities, together with any future downturns in the global economy resulting therefrom, could adversely affect our performance.

Item 1A, Risk Factors, 10-K Feb 11, 2026open_in_new

• adverse changes in regulatory, tax or trade policies (including tariffs) or uncertainty about potential changes in such regulatory, tax or trade policies;

Marked against last year's 10-K

• adverse changes in regulatory, tax or trade policies (including tariffs) or uncertainty about potential changes in such regulatory, tax or trade policies;

Item 1A, Risk Factors, 10-K Feb 12, 2026open_in_new

… trading policy, increased tariffs, inflationary pressures, significant rises in interest rates or the public perception that any of these events may occur, may materially and negatively affect the performance of some or all of our business lines.

Marked against last year's 10-K

Periods of economic weakness or recession, fiscal or political uncertainty, market volatility, declining employment levels, declining demand for commercial real estate, falling real estate values, disruption to the global capital or credit markets, disputes with U.S. trading partners, unpredictable changes in U.S. trading policy, increased tariffs, inflationary pressures, significant rises in interest rates or the public perception that any of these events may occur, may materially and negatively affect the performance of some or all of our business lines.

Item 1A, Risk Factors, 10-K Feb 12, 2026open_in_new

• the responsibility of complying with numerous, potentially conflicting and frequently complex and changing laws in multiple jurisdictions, e.g., with respect to data protection, tariffs and duties, immigration, privacy regulations, corrupt practices, embargoes, taxes, sustainability, trade sanctions, employment and licensing;

Marked against last year's 10-K

• the responsibility of complying with numerous, potentially conflicting and frequently complex and changing laws in multiple jurisdictions, e.g., with respect to data protection, tariffs, tariffs and duties, immigration, privacy regulations, corrupt practices, embargoes, taxes, sustainability, trade sanctions, employment and licensing;

Item 1A, Risk Factors, 10-K Feb 19, 2026open_in_new

… overall economic activity, volatility of the financial markets, interest rates and inflation, demand for commercial real estate, the impact of tax and regulatory policies, the cost and availability of credit, international trade policy and tariffs, changes in employment rates and …

Marked against last year's 10-K

Our results of operations are significantly impacted by economic trends, government policies and the global and regional real estate markets. These include the following: overall economic activity, volatility of the financial markets, interest rates and inflation, demand for commercial real estate, the impact of tax and regulatory policies, the cost and availability of credit, international trade policy and tariffs, changes in employment rates and the geopolitical environment. Similarly, economic conditions in certain countries such as the United States or China can have significant influence on the commercial real estate sector across an entire region, impacting supply chains, cross-border investments and development activity in key markets.

Item 7, MD&A, 10-K Feb 19, 2026open_in_new

… We are currently using our global supply chain to manage the evolving tariff environment and reduce impacts on our business and customers. At this time, we believe the largest potential tariff impact for us is related to steel and steel …

New this year Item 1A, Risk Factors, 10-K Feb 11, 2026open_in_new

… tariffs and potential counter tariffs may increase costs and disrupt our supply chain, with their scope and duration dependent on evolving negotiations and exemptions, making their impact difficult to predict. Our inability to effectively manage these developments could have a …

New this year Item 1A, Risk Factors, 10-K Feb 11, 2026open_in_new

• expenses may be higher than anticipated due to, without limitation, inflationary pressures (including potentially exacerbated by the imposition of tariffs), supply chain issues, litigation over construction, environmental remediation or increased costs for labor (including potentially related to any shrinkage in the labor force or labor shortages related to changing immigration policies, concerns regarding deportation or otherwise), materials and leasing;

Marked against last year's 10-K

• expenses may be higher than anticipated, including, anticipated due to, without limitation, due to inflationary pressures (including potentially exacerbated by the imposition of tariffs), supply chain issues, costs of litigation over construction contracts, construction, environmental remediation or increased costs for labor (including potentially related to any shrinkage in the labor force or labor shortages related to changing immigration policies), policies, concerns regarding deportation or otherwise), materials and leasing;

Item 1A, Risk Factors, 10-K Feb 20, 2026open_in_new

Domestic and international policy actions, including tariff and trade policy, as well as continuing geopolitical tensions and regional conflicts have the potential to trigger broad market uncertainty. The long-term impact of these developments on our company will largely depend on the impact on broader trends in job growth, inflation, the economy, and reactions by consumers, companies, governmental entities and capital market participants.

New this year Item 7, MD&A, 10-K Feb 20, 2026open_in_new

Uncertainty regarding and changes in U.S. trade policies and tariffs may increase costs and adversely affect our tenants’, and, therefore, our financial condition.

New this year Item 1A, Risk Factors, 10-K Feb 19, 2026open_in_new

… Some foreign governments, including China, have instituted retaliatory tariffs on certain U.S. goods. Changes in trade policy, including the imposition of new tariffs or the expansion of existing tariffs on imported goods, may increase the cost of construction materials …

New this year Item 1A, Risk Factors, 10-K Feb 19, 2026open_in_new

Global economic and political instability, geopolitical conflicts, and changes in U.S. trade policies, including tariffs, could adversely affect our business, financial condition, or results of operations.

Word for word as last year Item 1A, Risk Factors, 10-K Feb 19, 2026open_in_new

In particular, recent executive actions and trade policies implemented or proposed by the current U.S. administration, including the imposition or threat of significant tariffs on imported goods, including construction materials and other critical

New this year Item 1A, Risk Factors, 10-K Feb 19, 2026open_in_new

While macroeconomic factors such as uncertainty over tariffs, inflation, elevated interest rates and higher insurance costs for consumers and overall consumer confidence, among other things, continued to produce economic headwinds and impacted buyer sentiment in many parts of the country …

Marked against last year's 10-K

Throughout 2024, we continued to generate positive financial results. While macroeconomic factors such as uncertainty over tariffs, inflation, elevated interest rates, rates and higher insurance costs, supply chain disruptions, labor shortages, financial institution disruptions costs for consumers and geopolitical conflicts, overall consumer confidence, among other things, continued to produce economic headwinds and impacted buyer sentiment, demand across sentiment in many parts of the country, our segments remains strong. continued to generate positive financial results throughout 2025. We believe this is primarily due to the continued growth of Northwest Florida as a result of increased net migration, which we attribute to the region’s high quality of life, natural beauty and outstanding amenities.

Item 7, MD&A, 10-K Feb 25, 2026open_in_new

… to a multitude of factors, including inflation, elevated interest rates, higher insurance costs for consumers, rapidly evolving trade and tariff policies and disputes, labor shortages and geopolitical conflicts, instabilities and tensions. Materials, parts and labor costs have increased in recent …

Marked against last year's 10-K

The construction and building industry, similar to many other industries, have has experienced, and may continue to experience worldwide supply chain disruptions and cost increases due to a multitude of factors, including inflation, elevated interest rates, higher insurance costs, tariffs, costs for consumers, rapidly evolving trade and tariff policies and disputes, labor shortages and geopolitical conflicts. conflicts, instabilities and tensions. Materials, parts and labor costs have increased in recent years, sometimes significantly and over a short period of time. In addition, material time delays or increases in construction costs resulting from the aforementioned factors may impact our ability to realize anticipated returns on such projects, impact the timing of revenue recognition, lead to cancellations and otherwise materially adversely affect our business, results of operations, cash flows and financial condition. Nonetheless, should we experience increased cancellations as a result of such macroeconomic factors, our business could be adversely impacted.

Item 1A, Risk Factors, 10-K Feb 25, 2026open_in_new

… Growth was once again driven by consumption, as consumers showed little pause amid declining sentiment and higher prices from tariffs. Of note, the tariff pass-through to consumers has been slower than most economists expected, though goods inflation increased over …

New this year Item 7, MD&A, 10-K Feb 12, 2026open_in_new

… Markets initially saw a spike in volatility following the Trump Administration’s April tariff announcement that were surprising both in scale and charged rates. However, softer tariff implementation than initially threatened, legal challenges, less volatile economic data than in recent …

New this year Item 7, MD&A, 10-K Feb 12, 2026open_in_new

• Tariffs, trade disputes, geopolitical tensions and instability, and other macroeconomic developments;

New this year Item 1A, Risk Factors, 10-K Feb 25, 2026open_in_new

• Trade disputes, supply chain disruptions, the possibility of changes to international trade agreements, tariffs and other regulatory actions;

New this year Item 1A, Risk Factors, 10-K Feb 25, 2026open_in_new

… affected by macroeconomic trends, including inflation, unemployment, immigration restrictions, rising interest rates, supply chain disruptions, geopolitical conflicts, the global tariff environment and other events impacting the macroeconomic environment. If any of these adverse macroeconomic trends continue or recur in the …

New this year Item 1A, Risk Factors, 10-K Feb 9, 2026open_in_new

… In addition, our operators have been and continue to be adversely affected by inflation-related cost increases and may be adversely impacted by recently announced global tariffs, each of which may increase expenses, exacerbate labor shortages and increase labor costs …

Marked against last year's 10-K

Our operators continue to face a number of industry continues to recover from the impacts of challenges, including staffing shortages in certain regions, which have persisted since the COVID-19 pandemic, which significantly and adversely impacted SNFs and long-term care providers during the height of the pandemic due to the higher rates of virus transmission and fatality among the elderly and frail populations that these facilities serve. While certain of our operators have experienced a level of recovery from pandemic-driven challenges such as occupancy declines, labor shortages, staffing expense increases, and other cost increases, certain of our other operators remain negatively impacted by these factors in a much more profound way. pandemic. In addition, our operators have been and continue to be adversely affected by inflation-related cost increases, increases and may be adversely impacted by recently announced global tariffs, each of which may increase expenses, exacerbate labor shortages and increase labor costs, among other impacts, and adverse impacts. Our operators also may be adversely impacted by immigration restrictions and changes to immigration enforcement policy to the extent they contribute to labor shortages. There continues to be uncertainty regarding the extent and duration of these impacts for those operators, particularly given uncertainty as to whether reimbursement increases from the federal government, the states and the U.K. will be effective in offsetting these incremental costs and lost revenues. In addition, there remains uncertainty as to the impact of recent and potential further regulatory changes, including the ultimate scope recent Medicaid changes in the One Big Beautiful Bill Act (“OBBBA”) and potential further reforms to Medicaid or Medicare and other state regulatory initiatives. While the OBBBA does not directly lower reimbursements related to long term care providers, it may indirectly impact our operators to the extent states in which they operate reduce reimbursement levels generally. This may occur as a result of recently issued U.S. federal minimum staffing rules reduced Medicaid funds allocated by states to long-term care providers due to lower reimbursement levels for our industry, hospitals and other healthcare providers. We continue to monitor these reimbursement impacts as well as the continued impacts of other regulatory changes, as discussed below, which could have a material adverse effect on an operator’s results of operations and financial condition, which could adversely affect the operator’s ability to meet its obligations to us. See “Government Regulation and Reimbursement” for additional information. While we continue to believe that longer term demographics will drive increasing demand for needs-based skilled nursing care, we remain cautious as some of the long-term impacts noted above may continue to have an impact on certain of our operators to manage infectious diseases in our facilities. See Item 1 - Business - Government Regulation and Reimbursement for additional information. their financial conditions.

Item 7, MD&A, 10-K Feb 9, 2026open_in_new

… External economic factors - such as inflationary cost pressures, rising interest rates, increases in the cost of construction materials due to tariffs or trade disputes, supply chain disruptions, and labor shortages - can exacerbate many of these challenges by driving costs higher …

New this year Item 1A, Risk Factors, 10-K Feb 10, 2026open_in_new

… Recently implemented or proposed tariff adjustments have created incremental uncertainty around sourcing and input costs for certain tenants, though to date we have observed minimal disruption to leasing activity or rent‑collection trends. Additionally, ongoing retailer rationalization, including periodic bankruptcy …

New this year Item 7, MD&A, 10-K Feb 10, 2026open_in_new

• changes in regulatory and environmental requirements, taxes, tariffs, trade wars and laws within the countries in which we operate;

Word for word as last year Item 1A, Risk Factors, 10-K Feb 13, 2026open_in_new

• governmental and environmental regulations and the associated potential liability under, and changes in, environmental, zoning, usage, tax, tariffs and other laws.

Word for word as last year Item 1A, Risk Factors, 10-K Feb 13, 2026open_in_new

International trade disputes, including U.S. trade tariffs and retaliatory tariffs, could adversely impact our business.

Word for word as last year Item 1A, Risk Factors, 10-K Feb 12, 2026open_in_new

International trade disputes, including threatened or implemented tariffs imposed by the U.S. and threatened or implemented tariffs imposed by foreign countries in retaliation, could result in inflationary pressures that directly impact our costs, such as costs for steel, lumber …

Word for word as last year Item 1A, Risk Factors, 10-K Feb 12, 2026open_in_new

• uncertainty related to U.S. federal fiscal, tax, tariff, trade, including sanctions, immigration or regulatory policy;

New this year Item 1A, Risk Factors, 10-K Feb 19, 2026open_in_new

• Regulatory Risk. Tariffs, sanctions and other restrictions imposed by the U.S. government, and the potential for further regulatory reform, may create regulatory uncertainty and adversely affect our investment strategies and the profitability of our funds. See “ - Risks Related to the Financial Markets and Our Regulatory Environment.”

Word for word as last year Item 1A, Risk Factors, 10-K Feb 19, 2026open_in_new

Trade policies, tariffs and related government actions may cause a decline in economic activity and have a material adverse impact on our business.

New this year Item 1A, Risk Factors, 10-K Feb 11, 2026open_in_new

… During 2025, new tariffs were imposed in the United States for imports from a broad range of countries and on certain materials. Several countries also implemented or proposed retaliatory tariffs on imports from the United States and introduced additional trade …

New this year Item 1A, Risk Factors, 10-K Feb 11, 2026open_in_new

• the international, national, and local economic climate which may be adversely impacted by, among other factors, plant closings, industry slowdowns, inflation, tariffs or threats of tariffs, wars or other international conflicts, trade wars, immigration issues, and supply chain disruptions;

Marked against last year's 10-K

• the international, national national, and local economic climate which may be adversely impacted by, among other factors, plant closings, industry slowdowns slowdowns, inflation, tariffs or threats of tariffs, wars or other international conflicts, trade wars, immigration issues, and inflation; supply chain disruptions;

Item 1A, Risk Factors, 10-K Feb 25, 2026open_in_new

• unexpected changes in regulatory requirements, tax, tariffs, trade barriers, and other laws within jurisdictions outside the U.S. or between the U.S. and such jurisdictions;

Marked against last year's 10-K

• unexpected changes in regulatory requirements, tax, tariffs, trade barriers barriers, and other laws within jurisdictions outside the U.S. or between the U.S. and such jurisdictions;

Item 1A, Risk Factors, 10-K Feb 25, 2026open_in_new

downturns in global, national, regional and local economic conditions, particularly increases in unemployment, including as a result of tariffs, geopolitical tensions, government shutdowns or otherwise;

Marked against last year's 10-K

downturns in global, national, regional and local economic conditions, particularly increases in unemployment; unemployment, including as a result of tariffs, geopolitical tensions, government shutdowns or otherwise;

Item 1A, Risk Factors, 10-K Feb 17, 2026open_in_new

costs may be higher or yields may be less than anticipated as a result of delays in completing projects, defaults by our counterparties, higher than expected concessions for lease-up and lower rents than expected, and/or due to increased material, labor or other costs or supply chain disruptions, including as a result of tariffs or changes in immigration laws or their enforcement;

Marked against last year's 10-K

costs may be higher or yields may be less than anticipated as a result of delays in completing projects, costs that exceed budget, defaults by our counterparties, and/or higher than expected concessions for lease-up and lower rents than expected; expected, and/or due to increased material, labor or other costs or supply chain disruptions, including as a result of tariffs or changes in immigration laws or their enforcement;

Item 1A, Risk Factors, 10-K Feb 17, 2026open_in_new

• anti-American sentiment or adverse impacts from United States trade or foreign policy, including the impacts of tariffs and retaliatory measures;

Marked against last year's 10-K

• anti-American sentiment or adverse impacts from United States trade or foreign policy; policy, including the impacts of tariffs and retaliatory measures;

Item 1A, Risk Factors, 10-K Feb 24, 2026open_in_new

• a decrease in demand for wireless or colocation services, including due to general economic conditions, changes in global tariff or trade policies or regulations, disruption in the financial and credit markets or global social, political or health crises, inflation, slowing growth, high interest rates or recession;

Word for word as last year Item 1A, Risk Factors, 10-K Feb 24, 2026open_in_new

Our business may be adversely affected by changes in U.S. trade policy, including the imposition of tariffs and resulting effects.

New this year Item 1A, Risk Factors, 10-K Feb 19, 2026open_in_new

… trade policy, including the imposition of tariffs on certain foreign goods or an increase in existing tariffs, renegotiating or terminating certain existing bilateral or multi-lateral trade agreements, and the imposition of additional trade restrictions, may have an adverse impact …

New this year Item 1A, Risk Factors, 10-K Feb 19, 2026open_in_new

• increased costs, including those driven by tariffs, regulatory changes, or other supplychain cost escalations such as higher prices for materials, equipment, contracted services, compliance requirements, or constraints in global or domestic supply chains; and

New this year Item 1A, Risk Factors, 10-K Feb 12, 2026open_in_new

• disruptions in the supply of materials or labor, increased materials and labor costs, problems with contractors or subcontractors, or other costs including those arising from tariffs, duties, import-related taxes, or errors and omissions which occur in the design or construction process;

Marked against last year's 10-K

• disruptions in the supply of materials or labor, increased materials and labor costs, problems with contractors or subcontractors, or other costs including those costs due to arising from tariffs, duties, import-related taxes, or errors and omissions which occur in the design or construction process;

Item 1A, Risk Factors, 10-K Feb 12, 2026open_in_new

There is significant uncertainty about the future relationship between the United States and other countries with respect to trade policies, taxes, government regulations, and tariffs. The current U.S. administration is pursuing trade policy changes, including the imposition of additional …

Marked against last year's 10-K

There is significant uncertainty about the future relationship between the United States and other countries with respect to trade policies, taxes, government regulations, and tariffs. The Trump current U.S. administration has indicated it will institute is pursuing trade policy changes changes, including the imposition of additional tariffs on imported products in an effort to address trade imbalances, specifically with China. imbalances. In response to some of these actions, certain countries may impose have imposed retaliatory actions against the U.S. These policies policies, and any additional measures and countermeasures implemented by the U.S. and other countries, may lead to supply chain constraints and additional inflation, further increasing operational costs of our facilities. properties.

Item 1A, Risk Factors, 10-K Feb 12, 2026open_in_new

… healthcare system, shutdown of the federal government, declining consumer sentiment, inflation (including higher supply costs and shortages), effects of global tariffs, elevated interest rates and related changes to consumer spending, has adversely impacted and could continue to adversely impact our …

Marked against last year's 10-K

Recent macroeconomic conditions, particularly market uncertainty, immigration restrictions and changes to immigration enforcement policy, changes to the U.S. healthcare system, shutdown of the federal government, declining consumer sentiment, inflation (including higher supply costs), costs and shortages), effects of global tariffs, elevated interest rates and related changes to consumer spending, including, but not limited to, causing individuals to delay or defer moves to seniors housing, has adversely impacted and could continue to adversely impact our tenants’ ability to meet some of their financial obligations to us. Higher interest rates and market volatility have also increased our costs of capital to finance acquisitions and increased our borrowing costs. We continue to monitor changes in the interest rate environment and the effect of changing rates on our business. In addition, current macroeconomic conditions and the resulting market volatility may adversely impact our ability to sell properties on acceptable terms, if at all, which could result in additional impairment charges.

Item 7, MD&A, 10-K Feb 12, 2026open_in_new

… has recently imposed, and may continue to impose or modify, significant tariffs with limited advance notice. These tariffs are expected to increase material costs on imported goods, including construction materials and other critical supplies, which could increase our costs and …

Marked against last year's 10-K

In addition, recent the U.S. has recently imposed, and may continue to impose or modify, significant tariffs imposed or threatened by President Trump with limited advance notice. These tariffs are expected to increase material costs on imported goods, including construction materials and other critical supplies, which could increase our costs and reduce availability of necessary materials. materials, for our business partners and counterparties. These tariffs, as well as potential retaliatory measures by other countries, may further impact global trade flows, exacerbate inflation, and contribute to higher interest rates or general economic uncertainty. Such factors could negatively impact our business partners, employees, and customers counterparties or otherwise materially adversely affect our business, financial condition and results of operations.

Item 1A, Risk Factors, 10-K Mar 2, 2026open_in_new

Global economic and political instability, geopolitical conflicts, and changes in U.S. trade policies, including tariffs, could adversely affect our business, financial condition, or results of operations.

Word for word as last year Item 1A, Risk Factors, 10-K Mar 2, 2026open_in_new

… Inflation and other macroeconomic pressures in the United States and the global economy, such as fluctuating interest rates, new or increased tariffs imposed by the U.S. and foreign governments and other factors driving trade uncertainty and inflationary pressures, supply …

Word for word as last year Item 1A, Risk Factors, 10-K Mar 2, 2026open_in_new

… presidential administration with respect to tariff policies, foreign relations, and military matters such as the recent actions taken in Venezuela, which could adversely affect our global business and results of operations.

Marked against last year's 10-K

As we grow our business internationally, and due to our current international operations, we are and we will continue to be exposed to political, economic, legal, regulatory, operational and other risks that are inherent in operating in foreign countries. These include, among others, risks of restrictive government actions, such as possible nationalization and/or foreign ownership restrictions, expropriation, price controls, capital controls and exchange controls, risks related to the differences among our personnel in different areas of the world, such as geographic, time zone, language and cultural differences, foreign currency fluctuations, regulatory and tax requirements, and increased exposure to potential or actual drivers of economic and/or political instability, including, among others, economic volatility, political, trade and other tensions between the U.S. and China and other major powers, the outbreak of hostilities, such as the conflict between Ukraine and Russia and conflicts in the Middle East, and measures taken in response thereto, including sanctions imposed by governments and related counter-sanctions. We also face uncertain risks associated with potential changes in these factors as a result of the new actions taken by the current U.S. presidential administration, administration with respect to tariff policies, foreign relations, and military matters such as the recent actions taken in Venezuela, which could adversely affect our global business and results of operations.

Item 1A, Risk Factors, 10-K Mar 2, 2026open_in_new

governmental fiscal and trade policies (such as tariffs), pandemics (such as the COVID-19 pandemic), industry shutdowns or slowdowns (including due to labor strikes), extraordinary weather events (such as hurricanes and wildfires), and shifts in market demographics and transportation patterns …

Marked against last year's 10-K

Our revenues and operating results are sensitive to fluctuations in advertising expenditures, general economic conditions and other external events beyond our control, such as supply chain disruptions, inflationary price increases, changes in governmental fiscal and trade policies (such as tariffs), pandemics like (such as the COVID-19 pandemic, pandemic), industry shutdowns or slowdowns (including due to labor strikes), extraordinary weather events (such as hurricanes and wildfires), and shifts in market demographics and transportation patterns (including reductions in foot traffic, roadway traffic, commuting, transit ridership and overall target audiences due to remote work, safety concerns or otherwise), among other things. These sensitivities may adversely impact our revenues and operating results on a consolidated basis and/or may have a disproportionate adverse impact on our Transit segment.

Item 7, MD&A, 10-K Feb 26, 2026open_in_new

… manufacturer, market-wide supply shortages, labor shortages, logistics disruptions, software issues, inflationary price increases, trade policy changes (such as tariffs) or otherwise, or if the third parties that we do engage fail to meet their obligations to us, whether due …

Marked against last year's 10-K

Further, we rely on third parties to manufacture, transport and install digital displays, and provide programmatic and support programmatic, direct sale and other advertising platform technologies (including artificial intelligence-assisted tools) for our digital display inventory, and if we are not able to engage third parties on reasonable pricing or other terms due to insufficient capacity or plant closures of a particular manufacturer, market-wide supply shortages, labor shortages, logistics disruptions, software issues, inflationary price increases, trade policy changes (such as tariffs) or otherwise, or if the third parties that we do engage fail to meet their obligations to us, whether due to external events beyond anyone’s control or otherwise, we may be unable to operate our digital display platform in an effective manner or at all, and may fail to satisfy our contractual obligations, which could have an adverse effect on our business, financial condition and results of operations.

Item 1A, Risk Factors, 10-K Feb 26, 2026open_in_new

… Specific proposals that could have a material impact on us involve matters including (but not limited to) changes to existing trade agreements or entry into new trade agreements, sanctions policies, import and export regulations, tariffs or proposed tariffs, taxes and …

New this year Item 1A, Risk Factors, 10-K Feb 26, 2026open_in_new

• domestic issues, such as government policies and regulations, tariffs, energy prices, market dynamics, rising interest rates, inflation and limited growth in consumer income as well as from actual or perceived changes in economic conditions, which can result from global events such as international trade disputes, a foreign debt crisis, foreign currency volatility, natural disasters, war, epidemics and pandemics, the fear of spread of contagious diseases, and civil unrest and terrorism;

Word for word as last year Item 1A, Risk Factors, 10-K Feb 26, 2026open_in_new

Although the Federal Reserve began to lower interest rates in September 2025, after having held rates steady for a year, it is not clear what actions it may take going forward given the uncertain economic effects of tariffs which increase …

Marked against last year's 10-K

During 2023, inflation began to moderate as a result of the monetary policy tightening actions taken by the Federal Reserve, including repeatedly raising interest rates. While Although the Federal Reserve began to lower interest rates in September 2024, interest 2025, after having held rates steady for a year, it is not clear what actions it may remain near recent highs take going forward given the uncertain economic effects of tariffs which creates uncertainty for increase the economy and for our borrowers. possibility of an economic slowdown as well as inflationary pressures in the U.S. Elevated interest rates and tariffs over time may adversely affect our existing borrowers and lead to nonperformance as higher our tenants. Higher costs may dampen consumer spending and slow income growth, which may negatively impact the collateral underlying certain of our loans. Additionally, elevated interest rates loans and certain of our commercial assets subject to net lease whose customer base could be adversely affect impacted. Rates can also impact the value of commercial real estate, including the real estate we own and that collateralizes as well as the real estate collateralizing our loans. It remains difficult to predict the full impact of recent events and any future changes in tariffs, interest rates or inflation. rates, inflation and overall economic activity.

Item 7, MD&A, 10-K Feb 25, 2026open_in_new

Our results of operations are materially affected by conditions in the real estate markets, the financial markets and the economy generally. Concerns about the real estate market, inflation, energy costs, geopolitical issues, tariff policies and the availability and cost of credit have contributed to increased volatility and diminished expectations for the economy and markets going forward, any of which could adversely affect our business and financial results.

Marked against last year's 10-K

Our results of operations are materially affected by conditions in the real estate markets, the financial markets and the economy generally. Concerns about the real estate market, inflation, energy costs, geopolitical issues issues, tariff policies and the availability and cost of credit have contributed to increased volatility and diminished expectations for the economy and markets going forward, any of which could adversely affect our business and financial results.

Item 1A, Risk Factors, 10-K Feb 25, 2026open_in_new

… Pricing for labor and raw materials can be affected by various national, regional, local, economic and political factors, including changes to immigration laws that impact the availability of labor or tariffs on imported construction materials. These macroeconomic trends have been …

Marked against last year's 10-K

Our development, redevelopment and construction projects are vulnerable to the impact, impact and have been impacted by, by material shortages, labor availability and rates, price volatility and inflation. For example, shortages and fluctuations in the price of lumber, electrical equipment or in other important raw materials have resulted in and could continue to result in delays in the start or completion of, or increase the cost of, developing one or more of our projects. Pricing for labor and raw materials can be affected by various national, regional, local, economic and political factors, including changes to immigration laws that impact the availability of labor or tariffs on imported construction materials. These macroeconomic trends have been, and may continue to be, exacerbated by supply chain disruptions, fluctuations in interest rates, the conflicts between Russia and Ukraine and in the Middle East geopolitical conflict and other international and domestic events impacting the macroeconomic environment. Additional conditions and risks affecting our development, redevelopment and construction projects include: (i) liability if our communities are not constructed in compliance with the accessibility provisions of the Americans with Disabilities Acts, the Fair Housing Act or other federal, state or local requirements, which noncompliance could result in imposition of fines, an award of damage to private litigants and a requirement that we undertake structural modifications to remedy the noncompliance; (ii) cost overruns, especially in the current geopolitical transition environment regarding tariffs, international trade disputes, including tariffs imposed by the U.S. and retaliatory tariffs imposed by other nations, and untimely completion of construction (including risks beyond our control, such as weather or labor conditions, material shortages or supply chain delays); (iii) the potential for fluctuation of occupancy rates and rents at redeveloped properties, which may result in our investment not being profitable; properties; (iv) the potential that we may expend funds and management time, or fail to recover expenses already incurred, if we do time on projects that are not complete projects already started or abandon development or redevelopment opportunities after we begin to explore them; ultimately completed; (v) the inability to complete leasing of a property on schedule or at all, resulting in an increase in carrying or development or redevelopment costs; (vi) the possibility that properties will be leased at below expected rental rates, (vii) to the extent the development or redevelopment activities are conducted in partnership with third parties, the possibility of disputes with our joint venture partners and the potential that we miss certain project management deadlines and (ix) changing technologies and cultural trends that may negatively impact future demand for our properties.

Item 1A, Risk Factors, 10-K Feb 12, 2026open_in_new

… In addition, geopolitical tensions or conflicts, such as the ongoing conflicts between Russia and Ukraine and in the Middle East, economic downturns, elevated inflation and interest rates, international trade disputes, tariffs, currency fluctuations, natural disasters, weather events, terrorist attacks, epidemics …

Marked against last year's 10-K

We have very limited control over the success or failure of our operators' operators’ or tenants' tenants’ businesses and, at any time, an operator or tenant may experience a downturn in their business that weakens their financial condition. Our operators’ and tenants' tenants’ revenues are primarily driven by occupancy, private pay rates and Medicare and Medicaid reimbursement, if applicable. Expenses are primarily driven by the costs of labor, supplies, food, utilities, taxes, insurance and rent or debt service. Revenues from government reimbursement have, and are expected to continue to, continue, to come under pressure due to reimbursement cuts and state budget shortfalls and changes in reimbursement policies and other governmental regulation resulting from actions by the U.S. Congress, U.S. executive orders or other governmental or regulatory agencies agencies. For example, the OBBBA contains a provision that, starting in 2028, will require state Medicaid programs to reduce reimbursement rates by 10 percentage points each year until they reach 100% or 110% of what Medicare pays. This, and other such actions may result in reductions in our operators’ or tenants’ revenues and affect our operators’ and tenants’ ability to meet their obligations to us. In addition, geopolitical tensions or conflicts, such as the ongoing conflicts between Russia and Ukraine and in the Middle East, economic downturns, elevated inflation and interest rates, international trade disputes, tariffs, currency fluctuations, natural disasters, weather events, terrorist attacks, epidemics or other outbreaks of disease, political or social unrest or violence, or similar events, globally or in any of our markets, could adversely affect our operators’ and tenants' tenants’ revenues, which would in turn affect our results of operations.

Item 1A, Risk Factors, 10-K Feb 12, 2026open_in_new

• trade disputes with other countries, the possibility of changes to some international trade agreements, and government regulatory actions, including the imposition of tariffs, trade barriers or other protectionist actions;

Word for word as last year Item 1A, Risk Factors, 10-K Feb 11, 2026open_in_new

High interest rates, inflation, the imposition of tariffs, heightened vacancy rates, extended loan maturities and an environment of increased loan delinquencies, may severely affect our tenants’ businesses, financial condition and liquidity, leading to an increase in tenant bankruptcy or insolvency …

Word for word as last year Item 1A, Risk Factors, 10-K Feb 11, 2026open_in_new

• geopolitical conflicts or events that may impact or result in elevated inflation and interest rates, political or social conflict, unrest or violence or similar events, tariffs, supply chains and the value of the U.S. dollar relative to other currencies;

New this year Item 1A, Risk Factors, 10-K Feb 27, 2026open_in_new

… Pricing for labor and raw materials can be affected by various national, regional, local, economic and political factors, including changes to immigration laws that impact the availability of labor or tariffs on imported construction materials.

Word for word as last year Item 1A, Risk Factors, 10-K Feb 27, 2026open_in_new

• federal policy changes, such as the implementation of tariffs that have resulted in, and may continue to result in, global supply chain disruptions and/or sustained inflation, could negatively impact interest rates, potential changes to U.S. federal tax laws and budgetary changes related to government leases;

Marked against last year's 10-K

• federal policy changes by the new presidential administration, changes, such as the implementation of tariffs that could have resulted in, and may continue to result in in, global supply chain disruptions and/or continued sustained inflation, which could negatively impact interest rates, potential changes to U.S. federal tax laws and budgetary changes related to government leases;

Item 1A, Risk Factors, 10-K Feb 27, 2026open_in_new

• volatile or adverse economic, capital markets and political conditions, including continued inflation, elevated interest rates, supply chain disruptions, policy changes related to tariffs and prolonged government shutdowns or disruptions, which may directly or indirectly impact us, our current clients and …

New this year Item 7, MD&A, 10-K Feb 27, 2026open_in_new

… Additionally, tariffs, trade barriers and restrictions, and other acts by governments to protect domestic markets or to retaliate against the trade tariffs and restrictions of other nations could negatively affect our business operations. These macroeconomic conditions could cause a decrease …

Marked against last year's 10-K

Global economic uncertainties and downturns or a downturn or consolidation in the real estate industry may decrease customer demand for our services and adversely affect our business and results of operations. Global economic uncertainties or downturns could adversely affect our business and results of operations, including financial and credit market fluctuations, changes in economic policy, elevated inflation and responsive actions, elevated interest rates, labor shortages, supply chain disruptions, trade uncertainty, political unrest, geographical instability, unanticipated disasters or global health events, or other impacts from the macroeconomic environment. Additionally, tariffs, trade barriers and restrictions, and other acts by governments to protect domestic markets or to retaliate against the trade tariffs and restrictions of other nations could negatively affect our business operations. These macroeconomic conditions could cause a decrease in customer spending and negatively affect the rate of growth of our business. The real estate market may be adversely impacted by many different factors, including lower than expected job growth or job losses resulting in reduced real estate demand; reduced real estate demand due to continued remote work policies or a period of or rising elevated interest rates, elevated inflation, slowing transaction volumes, and other macroeconomic trends that negatively impact investment returns; excessive speculative speculation in new construction in localized markets resulting in increased vacancy rates and diminished rent growth; unanticipated disasters or global health events; and other adverse events such as decreased growth in the working age population resulting in reduced demand for all types of real estate. A downturn in the real estate market, including as a result of increased interest rates or a decline in leasing activity and absorption rates may affect our ability to generate revenues revenue and may lead to more cancellations by our current or future customers, either of which could cause our revenues revenue or our revenue growth rate to decline and reduce our profitability. A depressed real estate market has a negative impact on our core customer base, which could decrease demand for our online marketplaces, information, and analytics. Also, companies in this industry may consolidate, often in order to reduce expenses. Consolidation, or other cost-cutting measures by our customers, may lead to cancellations of our online marketplace services, information, and analytics by our customers, reduce the number of our existing clients, reduce the size of our target market, or increase our clients’ bargaining power, all of which could cause our revenues revenue to decline and reduce our profitability. If cancellations, reductions of services, and failures to pay increase, and we are unable to offset the resulting decrease in revenues revenue by increasing sales to new or existing customers, our revenues revenue may decline or grow at lower rates.

Item 1A, Risk Factors, 10-K Feb 26, 2026open_in_new

… Our access to suppliers in China may be limited or impaired as a result of tariffs, including those that have been recently introduced by the current U.S. administration, or other government restrictions in response to geopolitical factors. There is …

New this year Item 1A, Risk Factors, 10-K Feb 26, 2026open_in_new

• changes in the local, regional, national and international economic climate, including those resulting from the imposition of U.S. tariffs and reciprocal or retaliatory tariffs on U.S. goods and the market reaction thereto;

Marked against last year's 10-K

• changes in the local, regional, national and international economic climate, including those resulting from the imposition of U.S. tariffs and reciprocal or retaliatory tariffs on U.S. goods; goods and the market reaction thereto;

Item 1A, Risk Factors, 10-K Feb 10, 2026open_in_new

… tariffs and reciprocal or retaliatory tariffs on U.S. goods and the market reaction thereto, and concerns over consumer spending growth, along with the volatility of global capital markets continue to pose risks to the U.S. economy, the retail …

Marked against last year's 10-K

Inflation, higher interest rates rates, evolving U.S. tariffs and reciprocal or retaliatory tariffs on U.S. goods and the market reaction thereto, and concerns over consumer spending growth, along with the volatility of global capital markets continue to pose risks to the U.S. economy, the retail sector overall and the Company’s tenants. The retail sector overall has also been affected by changing consumer behaviors, increased competition and e-commerce market share gains. The Company routinely monitors the credit profiles of its tenants and analyzes the possible impact of any potential tenant credit issues on the financial statements and overall cash flow, balance sheet and liquidity. In some cases, changing conditions have resulted in weaker retailers losing market share and declaring bankruptcy and/or closing stores. However, other retailers continue to expand their store fleets and launch new concepts within the suburban, high-household-income communities in which the properties are located. As a result, the Company believes that its prospects to backfill any spaces vacated by bankrupt or non-renewing tenants are generally favorable. However, there can be no assurance that vacancy resulting from increasingly uncertain economic conditions will not adversely affect the Company’s operating results.

Item 7, MD&A, 10-K Feb 10, 2026open_in_new

• We may not complete a development or redevelopment project on schedule or within budgeted amounts (as a result of risks beyond our control, such as weather, labor conditions, permitting issues, material shortages and price increases, including increases in the costs of building materials or construction services resulting from trade tensions, disruptions, actual or potential tariffs, duties or restrictions);

Marked against last year's 10-K

• We may not complete a development or redevelopment project on schedule or within budgeted amounts (as a result of risks beyond our control, such as weather, labor conditions, permitting issues, material shortages and price increases, including increases in the costs of building materials or construction services resulting from trade tensions, disruptions, actual or potential tariffs, duties or restrictions);

Item 1A, Risk Factors, 10-K Feb 20, 2026open_in_new

• increases in operating and construction costs, including due to inflation and actual or potential tariffs or trade disruptions;

New this year 10-K, 10-K Feb 20, 2026open_in_new

… economic conditions generally, inflation, interest rates, tariffs, regional and local employment growth, personal income and corporate earnings, office vacancy rates and business relocation decisions, airport and other business and leisure travel, increased use of lodging alternatives, new hotel construction and …

Marked against last year's 10-K

Our ADR, occupancy percentage percentage, RevPAR, and Total RevPAR performance may be impacted by macroeconomic factors such as U.S. economic conditions generally, inflation, interest rates, tariffs, regional and local employment growth, personal income and corporate earnings, office vacancy rates and business relocation decisions, airport and other business and leisure travel, increased use of lodging alternatives, new hotel construction and the pricing strategies of our competitors. In addition, our ADR, occupancy percentage percentage, RevPAR, and Total RevPAR performance is dependent on the continued success of our hotels' global brands. brands and our hotel operators.

Item 7, MD&A, 10-K Feb 27, 2026open_in_new

• Many of our costs, such as operating expenses, interest expense and acquisition and renovation costs, could be adversely impacted by periods of heightened inflation, by an increase in tariffs or any increase in costs due to supply chain issues.

Marked against last year's 10-K

• Many of our costs, such as operating expenses, interest expense and acquisition and renovation costs, could be adversely impacted by periods of heightened inflation. inflation, by an increase in tariffs or any increase in costs due to supply chain issues.

10-K, 10-K Feb 27, 2026open_in_new

… social, economic and political conditions, laws and governmental regulations, including policies governing rent control, fair and equitable access to housing, property zoning, taxation, minimum wages, chattel financing, health care, foreign trade, tariffs, regulatory compliance, manufacturing, development and investment, as well …

Marked against last year's 10-K

• changes in U.S. social, economic and political conditions, laws and governmental regulations, including policies governing rent control, fair and equitable access to housing, property zoning, taxation, minimum wages, chattel financing, health care, foreign trade, tariffs, regulatory compliance, manufacturing, development and investment; investment, as well as the impact of those on U.S. and Canadian relations and customer sentiment, which may influence decisions to visit our Properties or continue tenancy;

Item 1A, Risk Factors, 10-K Feb 18, 2026open_in_new

… Adverse macroeconomic conditions, including slow growth or recession, high unemployment, inflation, threats of, and/or the implementation of tariffs, tighter credit, higher interest rates, and currency fluctuations, can adversely impact demand for our Properties. In a recession or under other …

Word for word as last year Item 1A, Risk Factors, 10-K Feb 18, 2026open_in_new

• political uncertainties and changes in the global political climate or other global events, such as war or other military conflict, tariffs or trade restrictions, trade wars, global pandemics or supply chain challenges, which may create additional risk in relation to our global operations, which may become more pronounced as we consolidate operations across countries and need to move data across borders;

Marked against last year's 10-K

• political uncertainties and changes in the global political climate or other global events, such as war or other military conflict, tariffs or trade wars restrictions, trade wars, global pandemics or global pandemics, supply chain challenges, which may create additional risk in relation to our global operations, which may become more pronounced as we consolidate operations across countries and need to move data across borders;

Item 1A, Risk Factors, 10-K Feb 12, 2026open_in_new

… Unexpected disruptions to our supply chain, continued inflationary pressures or high interest rates, tariffs, delays in construction, limited financing availability, constrained supplies of new power, or changes in customer requirements could significantly affect the cost or timing of our planned …

Marked against last year's 10-K

We are currently experiencing continue to experience rising construction costs which reflect the increase in cost of labor and raw materials, as well as supply chain and logistical challenges. Unexpected disruptions to our supply chain, continued inflationary pressures or high interest rates, tariffs, delays in construction, limited financing availability, constrained supplies of new power, or changes in customer requirements could significantly affect the cost or timing of our planned expansion projects, have consequences under our project financing and partnership agreements, and interfere with our ability to meet commitments to customers who have contracted for space in new data centers under construction.

Item 1A, Risk Factors, 10-K Feb 12, 2026open_in_new

• the effects of uncertain and evolving tariff activity and changes in global trade policies on the overall state of the economy and on our business, including the impact on our tenants' business, operations and ability to pay rent;

New this year Item 1A, Risk Factors, 10-K Feb 12, 2026open_in_new

• the effects of uncertain and evolving tariff activity and changes in global trade policies on the overall state of the economy and on our business, including the impact on our tenants' business, operations and ability to pay rent.

New this year Item 1A, Risk Factors, 10-K Feb 12, 2026open_in_new

GEOPOLITICAL VOLATILITY AND TRADE TENSIONS, INCLUDING THE IMPOSITION OF TARIFFS, COULD ADVERSELY AFFECT OUR BUSINESS.

Word for word as last year Item 1A, Risk Factors, 10-K Feb 19, 2026open_in_new

… Strategic competition between major global powers has led to a more fragmented and unpredictable trade environment characterized by tariffs, investment restrictions, sanctions, and controls on technology transfers. These trade barriers can directly increase the cost and complexity of real estate …

New this year Item 1A, Risk Factors, 10-K Feb 19, 2026open_in_new

• global market and general economic conditions, including actual and potential tariffs and periods of heightened inflation, and their effect on us and our tenants;

Marked against last year's 10-K

• global market and general economic conditions, including actual and potential tariffs and periods of heightened inflation, and their effect on our liquidity us and financial conditions and those of our tenants;

Item 7, MD&A, 10-K Feb 11, 2026open_in_new

• we may encounter delays or unforeseen cost increases associated with building materials or construction services resulting from trade tensions, disruptions, tariffs, duties or restrictions, or an outbreak of an epidemic or pandemic;

Word for word as last year Item 1A, Risk Factors, 10-K Feb 11, 2026open_in_new

International trade disputes and increases in U.S. trade tariffs could adversely impact demand for our properties.

Word for word as last year Item 1A, Risk Factors, 10-K Feb 12, 2026open_in_new

Demand for our properties is impacted by trading volumes and global supply chains. International trade disputes or the imposition of significant tariffs or other trade restrictions by the U.S. on imported goods could adversely impact trading volumes and global supply chains and thereby decrease demand for our properties. In addition, the anticipation of these issues could result in a decrease in demand for our properties.

Word for word as last year Item 1A, Risk Factors, 10-K Feb 12, 2026open_in_new

… In addition, international trade disputes, including threatened or implemented tariffs imposed by the U.S. and threatened or implemented tariffs imposed by foreign countries in retaliation, could result in inflationary pressures that directly impact costs, such as costs for steel …

Marked against last year's 10-K

When we decide to invest in the renovation of an existing property or in the development of a new property, we make assumptions about the future potential cash flows of that property. We estimate our return based on expected occupancy rates, rental rates and future capital costs. If our projections prove to be inaccurate due to increased capital costs, lower occupancy rates or other factors, our investment in that property may not generate the cash flow we expected. Construction and development projects involve risks such as (i) development of a project could be abandoned after expending significant resources resulting in loss of deposits or failure to recover expenses already incurred; (ii) development and construction costs of a project could exceed original estimates due to increased interest rates and higher material costs; (iii) project delays could result in increases in construction costs and debt service expenses as a result of a variety of factors that are beyond our control, including natural disasters, labor conditions, material shortages, and regulatory hurdles; and (iv) financing for a project could be unavailable on favorable terms or at all. Recently developed properties may take longer than expected to achieve stabilized operating levels, if ever. In addition, international trade disputes, including threatened or implemented tariffs imposed by the U.S. and threatened or implemented tariffs imposed by foreign countries in retaliation, could result in inflationary pressures that directly impact costs, such as costs for steel, lumber and other materials applicable to our development and construction projects. Trade disputes could also adversely impact global supply chains which could further increase costs or delay delivery of key inventories and supplies. Tariffs and trade restrictions can be announced with little or no advance notice, and we may not be able to effectively mitigate all adverse impacts from such measures. To the extent such facilities experience such increases in cost or delays in construction or financing, or otherwise fail to reach stabilized operating levels or achieve stabilization later than expected, it could materially adversely affect our tenants’ abilities to make payments to us under their leases and thus adversely affect our business and results of operations.

Item 1A, Risk Factors, 10-K Feb 26, 2026open_in_new

… In addition, President Trump’s administration has announced various policies which may impact inflation, including the implementation of tariffs on U.S. imports and immigration enforcement, as well as other policies, which could increase inflation. High inflation and interest rates …

Marked against last year's 10-K

Although inflation has not materially impacted our operations in the past, inflation was recently Inflation and interest rates continue to remain at a 40-year high and between March 2022 and July 2023, the Federal Reserve raised the federal funds rate in an effort elevated levels compared to curb inflation. Although the federal funds rate has been lowered in recent months, the federal funds rate and inflation are still higher than they were years prior to 2022. In addition, President Trump’s administration has announced various policies which may impact inflation, including the implementation of tariffs on U.S. imports and immigration enforcement, as well as other policies, which could increase inflation. High inflation and interest rates could have an adverse impact on our variable rate debt, our ability to borrow money, and general and administrative expenses, as these costs could increase at a rate higher than our rental income and other revenue. Increases in the costs of owning and operating our properties due to inflation could reduce our net operating income and the value of an investment in us to the extent such increases are not reimbursed or paid by our tenants. If we are materially impacted by increasing inflation because, for example, inflationary increases in costs are not sufficiently offset by the contractual rent increases and operating expense reimbursement provisions or escalations in the leases with our tenants, our results of operations could be adversely affected. In addition, due to high interest rates, we may experience restrictions in our liquidity based on certain financial covenant requirements, our inability to refinance maturing debt in part or in full as it comes due and higher debt service costs and reduced yields relative to cost of debt. If we are unable to find alternative credit arrangements or other funding in a high interest environment, our financial results may be negatively impacted.

Item 1A, Risk Factors, 10-K Feb 26, 2026open_in_new

Changes in financial and economic conditions, including inflation and tariffs, may have an adverse impact on NNN and its tenants.

Marked against last year's 10-K

Changes in financial and economic conditions, including inflation, inflation and tariffs, may have an adverse impact on NNN, NNN and its tenants, and commercial real estate in general. tenants.

Item 1A, Risk Factors, 10-K Feb 11, 2026open_in_new

Financial and economic conditions can be challenging and volatile and any worsening of such conditions, including any disruption in the capital markets, lower levels of liquidity, fluctuating interest rates and inflation, tariffs, increases in the rate of default and bankruptcy …

Marked against last year's 10-K

Financial and economic conditions can be challenging and volatile and any worsening of such conditions, including any disruption in the capital markets, lower levels of liquidity, fluctuating interest rates and inflation, tariffs, increases in the rate of default and bankruptcy or an inflationary economic environment, lower consumer and business spending, both real or anticipated, could adversely affect NNN's business and results of operations. Such conditions could also affect the financial condition of NNN's tenants, developers, borrowers, lenders or the institutions that hold NNN's cash balances and short-term investments, which may expose NNN to increased risks of default by these parties.

Item 1A, Risk Factors, 10-K Feb 11, 2026open_in_new

• potential changes in trade restrictions and tariffs that may be proposed by the U.S. and potential retaliatory trade restrictions and tariffs by other countries;

Word for word as last year Item 1A, Risk Factors, 10-K Feb 27, 2026open_in_new

… successfully manage the risks associated with international operations, including risks relating to competition, political or economic conditions, inflation, potential tariffs, tax laws, currency restrictions, and exchange rate fluctuations, legal or judicial systems, and land ownership, including land ownership risks with …

New this year 10-K, 10-K Feb 27, 2026open_in_new

• Increases in our operating expenses due to inflation, tariffs, immigration issues or other cost pressures;

Word for word as last year Item 1A, Risk Factors, 10-K Feb 13, 2026open_in_new

… We have experienced and may continue to experience changes in local market conditions and/or an increase in financing or construction costs due to general disruptions, such as supply chain disruptions, trade disputes, tariffs, immigration issues, labor unrest, geopolitical conflicts …

Marked against last year's 10-K

We intend to continue to develop multifamily properties through both wholly owned and joint venture arrangements as part of our business strategy. Development often includes long planning and entitlement timelines, subjecting the projects to changes in market conditions. It can involve complex and costly activities, including significant environmental remediation or construction work in our markets. We have experienced and may continue to experience changes in local market conditions and/or an increase in financing or construction costs due to general disruptions that affect the cost of labor and/or materials, disruptions, such as supply chain disruptions, trade disputes, tariffs, immigration issues, labor unrest, geopolitical conflicts or other factors that create inflationary pressures. We have abandoned and may continue to abandon opportunities that we have already begun to explore for a number of reasons, and as a result, we may fail to recover costs already incurred in exploring those opportunities, potentially causing an impairment charge. We may also be unable to obtain, or experience delays in obtaining, necessary zoning, occupancy, or other required governmental or third-party permits and authorizations. These and other risks inherent in development projects, including the joint venture risks noted below, could result in increased costs or the delay or abandonment of opportunities.

Item 1A, Risk Factors, 10-K Feb 13, 2026open_in_new

… For example, our costs and the costs of our tenants and borrowers may be impacted by rising construction costs from tariffs on imported materials and rising labor costs. As a result, the costs of construction materials and skilled labor required …

Marked against last year's 10-K

The price of materials and labor for our construction projects may increase due to external factors, including but not limited to performance of third-party suppliers and contractors, overall market supply and demand, elevated or increasing interest rates, government regulation and policies, including actions taken by the Federal Reserve, and changes in general business, economic or political conditions. For example, our costs and the costs of our tenants and borrowers may be impacted by rising construction costs from tariffs on imported materials and rising labor costs. As a result, the costs of construction materials and skilled labor required for the completion of our development and redevelopment projects may fluctuate significantly over time.

Item 1A, Risk Factors, 10-K Feb 6, 2026open_in_new

… GDPR), cybersecurity, employment and legal proceedings; (vii) changes in regulatory and environmental requirements, taxes, tariffs, trade wars and laws; (viii) foreign ownership restrictions with respect to operations in foreign countries; (ix) local businesses and cultural factors that differ from our …

New this year Item 1A, Risk Factors, 10-K Feb 6, 2026open_in_new

… to perform as expected; adverse changes and disruption in the retail sector, including due to the adverse impact of tariffs, and the financing stability of the Company’s tenants, which could impact tenants’ ability to pay rent and expense reimbursement …

New this year 10-K, 10-K Feb 10, 2026open_in_new

… Additionally, labor shortages, supply chain disruptions and inflationary pressures, including as a result of tariffs, have impacted and may in the future impact certain aspects of our business, including our AMH Development Program, our renovation program and our maintenance program …

Marked against last year's 10-K

Our results of operations and financial condition are affected by numerous factors, many of which are beyond our control. Key factors that impact our results of operations and financial condition include the pace at which we identify and acquire suitable land and properties, the time and cost required to renovate the acquired properties, land, the pace and cost of our property developments, the time it takes to lease newly acquired or developed our properties at acceptable rental rates, occupancy levels, rates of tenant turnover, the length of vacancy in properties between tenant leases, our expense ratios, property taxes including changes in rates and valuation assessments of our properties, our ability to raise capital and our capital structure. Additionally, further labor shortages, supply chain disruptions, disruptions and inflationary increases pressures, including as a result of tariffs, have impacted and may in labor and material costs and labor shortages may have the potential to future impact certain aspects of our business, including our AMH Development Program, our renovation program associated with acquired properties and our maintenance program. We may also face challenges from new laws and regulations that attempt to restrict institutional ownership of single-family homes, such as by imposing limits on acquisitions or ownership, tax or other financial disincentives, or adverse zoning restrictions.

Item 7, MD&A, 10-K Feb 20, 2026open_in_new

… tariff policies, retaliatory tariffs and trade tensions could disrupt global supply chains and increase the cost of housing construction and renovation. Uncertainty regarding price stability and asset valuations, volatility in the capital markets, the possibility of a reduction in economic …

Marked against last year's 10-K

Our success is impacted, directly and indirectly, by a number of factors related to general economic conditions, the health of the U.S. real estate industry, and risks generally incident to the ownership of residential real estate, many of which are beyond our control, including: adverse changes in local, regional, or national economic conditions, including periods of slow economic growth or recessionary conditions; volatility in the residential real estate industry; seasonal and cyclical trends in the residential real estate industry; changes in real estate market conditions; insufficient or excessive home inventory levels; high mortgage rates and down payment requirements or other constraints on the availability of mortgage financing; low levels of consumer confidence in the economy or the residential real estate market; weak credit markets; actual or perceived instability of financial institutions; legislative, regulatory or industry changes; changes in, or uncertainty regarding, trade policy; high levels of foreclosure activity; the inability or unwillingness of consumers to enter into sale transactions; a decrease in the affordability of homes including the impact of high mortgage rates, home price appreciation appreciation, the cost and availability of home insurance, changes in tax law, and wage stagnation or wage increases that do not keep pace with inflation; population decline or growth (including in connection with immigration policy); and decreasing home ownership rates, declining demand for real estate and changing social attitudes toward home ownership. Recent changes in U.S. tariff policies, retaliatory tariffs and trade tensions could disrupt global supply chains and increase the cost of housing construction and renovation. Uncertainty regarding price stability and asset valuations, volatility in the capital markets, the possibility of a reduction in economic growth or a recession with concomitant job losses may cause prospective home buyers to delay or cancel their decision to purchase a home leading to a reduction in transaction volume which, if it occurs, could have a material adverse effect on our business, financial condition and results of operations.

Item 1A, Risk Factors, 10-K Feb 27, 2026open_in_new

adverse consumer impacts and declines in general economic conditions from inflation, tariffs, changes in interest rates and wage stagnation, including impacts on the demand for self-storage, rental rates and fees and rent collection levels;

New this year 10-K, 10-K Feb 27, 2026open_in_new

… Sustained uncertainty about, or worsening of, current global economic conditions and further tariffs and escalations of trade tensions between the U.S. and its trading partners and the decoupling of the global economies could result in an economic slowdown. Given …

New this year Item 1A, Risk Factors, 10-K Feb 5, 2026open_in_new

• general business and economic conditions, including those impacting the domestic labor market, and factors such as tariffs impacting international trade;

New this year 10-K, 10-K Feb 11, 2026open_in_new

• changes in global financial markets, increases in interest rates and the impact of enacted and proposed U.S. tariffs on global economic conditions;

New this year 10-K, 10-K Feb 20, 2026open_in_new

… Real estate development projects present other risks, including construction delays or cost overruns that increase expenses (including as a result of increased trade restrictions, tariffs or taxes on imports), the inability to obtain required zoning, occupancy and other governmental approvals …

Word for word as last year Item 1A, Risk Factors, 10-K Feb 12, 2026open_in_new

… foreign and economic policy (including international trade disputes and the imposition of tariffs), changes in the labor markets, financial instability and other conditions, can be challenging and volatile and any worsening of such conditions, including any disruption in the capital …

Marked against last year's 10-K

Our business may be affected by market and economic challenges experienced by the U.S. and global economies. Financial and economic conditions, including related sanctions, political uncertainties in the U.S., changes to U.S. foreign and economic policy (including international trade disputes and the imposition of tariffs), changes in the labor markets, financial instability and other conditions, can be challenging and volatile and any worsening of such conditions, including any disruption in the capital markets, or an inflationary economic environment, could adversely impact our business. These conditions may materially affect the commercial real estate industry, the businesses of our tenants and the value and performance of our properties and the availability or the terms of financing that we may utilize, among other things. Challenging economic conditions may also impact the ability of certain of our tenants to enter into new leasing transactions or satisfy rental payments under existing leases.

Item 1A, Risk Factors, 10-K Feb 25, 2026open_in_new

… which we operate and the broader demand for advertising including economic changes that may result from new or increased tariffs, trade restrictions or geopolitical tensions; (ii) the levels of expenditures on advertising in general and outdoor advertising in particular; (iii …

New this year 10-K, 10-K Feb 20, 2026open_in_new

• changes in laws and regulations, or enforcement priorities, such as the imposition of tariffs or changes in immigration laws or their enforcement, could result in higher building component costs, tighter overall labor conditions and a shortage of skilled tradespeople, which could increase our costs of development and cause delays in the construction of our development communities; and

Word for word as last year Item 1A, Risk Factors, 10-K Feb 6, 2026open_in_new

Economic crises, significant concerns over energy costs, inflation or the impact of tariff or similar policies, elevated interest rates, the availability and cost of credit, geopolitical issues (including as a result of existing and potential armed conflicts), or a declining …

Marked against last year's 10-K

Economic or financial crises, significant concerns over energy costs and inflation, costs, inflation or the impact of tariff or similar policies, elevated interest rates, the availability and cost of credit, geopolitical issues (including as a result of the existing and potential armed conflict between Russia and Ukraine, recent escalation in the conflict between the State of Israel and Hamas, and other potential conflicts amongst countries in the Middle East and North Africa), the availability and cost of credit, conflicts), or a declining real estate market in the U.S. or abroad have in the past, and may in the future, contribute to increased volatility, diminished expectations for the economy and the markets, reduced capital availability, shortage of available healthcare workers and related increased labor costs, and high levels of unemployment by historical standards. As was the case from 2008 through 2010, as well as most Some or all of 2022 and 2023, these factors, combined with volatile oil prices and fluctuating business and consumer confidence, can precipitate an economic decline.

Item 1A, Risk Factors, 10-K Feb 26, 2026open_in_new

… Similarly, outbreaks of pandemic disease, wars or armed conflicts (including the potential for war or armed conflicts), terrorist activity (including threats of terrorist activity), political unrest and other forms of civil strife as well as geopolitical uncertainty, including increased tariffs …

Marked against last year's 10-K

Our operating income and ability to make distributions to our stockholders may be reduced by acts of God, outbreaks of pandemic disease, or acts of terrorism in locations where we own and/or operate significant properties and areas of the world from which we draw a large number of customers. Gaylord Opryland, which is located adjacent to the Cumberland River and is protected by levees built to sustain a 100-year flood, suffered flood damage on May 3, 2010 as the river rose to levels that over-topped the levees. We have completed enhancements to the levees that protect the hotel to increase the height of the levees, and we also maintain a prudent level of flood insurance in an amount which we believe is sufficient to respond to any potential flood losses at Gaylord Opryland. While we believe these steps are reasonable given the likelihood of flood damage at Gaylord Opryland, there can be no assurances that flooding will not occur at Gaylord Opryland in the future and that actual flood losses will not be in excess of insurance limits. Some types of losses, such as from flood, earthquake, hurricane, tornado, wildfire, terrorism and environmental hazards, may be either uninsurable, subject to sublimit, or too expensive to justify fully insuring against. Should an uninsured loss or a loss in excess of insured limits occur, we could lose all or a portion of the capital we have invested in a hotel, as well as the anticipated future revenue from the hotel. In that event, we might nevertheless remain obligated for any mortgage debt or other financial obligations related to the property. Similarly, outbreaks of pandemic disease, wars or armed conflicts (including the potential for war or armed conflicts), terrorist activity (including threats of terrorist activity), political unrest and other forms of civil strife as well as geopolitical uncertainty, including increased tariffs, may cause our future results to differ materially from anticipated results.

Item 1A, Risk Factors, 10-K Feb 24, 2026open_in_new

… Our ability to make required modifications and/or renovations may involve costs associated with volatility in materials, tariffs on imported materials and labor prices and approvals of authorities or compliance with governmental regulations, including the Americans with Disabilities Act, which …

Marked against last year's 10-K

In addition, healthcare facilities are typically highly customized and may not be easily adapted to non-healthcare-related uses. The improvements generally required to conform a property to healthcare use are costly and at times tenant-specific. A new or replacement tenant may require different features in a property, depending on that tenant’s particular operations. If a current tenant is unable to pay rent and vacates a property, we may incur substantial expenditures to modify a property before we are able to secure another tenant. Our ability to make required modifications and/or renovations may involve costs associated with volatility in materials, tariffs on imported materials and labor prices and approvals of authorities or compliance with governmental regulations, including the Americans with Disabilities Act, which could result in increased costs and delays in transitioning a facility to a new tenant. Further, changes in federal and state legislation and regulation on climate change could result in increased capital expenditures to improve the energy efficiency of our existing properties and could also require us or our tenants to spend more on our new development properties. These expenditures or renovations and delays could materially adversely affect our business, financial condition or results of operations.

Item 1A, Risk Factors, 10-K Feb 12, 2026open_in_new

• potential changes in trade relationships, tariffs and other trade protection measures or barriers that may adversely affect retailers and retail store values;

Marked against last year's 10-K

• potential changes in trade relationships, new tariffs and other trade protection measures or barriers that may adversely affect retailers and retail store values;

Item 1A, Risk Factors, 10-K Feb 9, 2026open_in_new

Not mentioned in the latest 10-K.

Not mentioned in the latest 10-K.

Not mentioned in the latest 10-K.

Not mentioned in the latest 10-K.

Not mentioned in the latest 10-K.

Not mentioned in the latest 10-K.

Not mentioned in the latest 10-K.

Not mentioned in the latest 10-K.