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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

• 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

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

… 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

• 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

… 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

• 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

• 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

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

• 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

… 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

• 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

• 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

• 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

• 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

• 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

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