Earnings release
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Exhibit 99.1 REALTY INCOME ANNOUNCES OPERATING RESULTS FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2026 SAN DIEGO, CALIFORNIA, November 2, 2026...Realty Income Corporation (Realty Income, NYSE: O), The Monthly Dividend Company , today announced operating results for the three and nine months ended September 30, 2026. All per share amounts presented in this press release are on a diluted per common share basis unless stated otherwise. COMPANY HIGHLIGHTS: For the three months ended September 30, 2026: • Net income available to common stockholders was $403.9 million, or $0.43 per share • Adjusted Funds from Operations ("AFFO") increased 3.7% to $1.12 per share, compared to the three months ended September 30, 2025 • Invested $2.6 billion; our Pro-Rata Share was $2.2 billion at an Initial Weighted Average Cash Yield of 6.8% • Net Debt to Annualized Pro Forma Adjusted EBITDAre was 5.4x • Achieved a Rent Recapture Rate of 103.5% on properties re-leased • Expanded our private capital platform into Europe through a strategic joint venture with KKR, supported by an initial €528.0 million investment • Issued $1.0 billion aggregate principal amount of 3.750% convertible senior notes due August 2031 CEO Comments “We delivered another quarter of strong operating performance, reflecting the resilience of Realty Income’s business model, the quality of our portfolio, and the consistent execution of our team,” said Sumit Roy, President and Chief Executive Officer of Realty Income. “As a result, we are raising our 2026 AFFO per share guidance to $4.45–$4.46 while reaffirming our $10.0 billion investment volume target, which is supported by a well-funded balance sheet.” “We have deliberately expanded our sources of capital and global investment capabilities, positioning us to prudently allocate capital. This quarter, we funded investments at a realized leverage-neutral spread of approximately 170 basis points and have fully prefunded our equity needs for the remainder of the year. As economic and cost of capital volatility persists, we remain focused on capital allocation while staying true to our ethos of delivering reliable, income-oriented returns for our investors.” ®
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Select Financial Results The following summarizes our select financial results (dollars in millions, except per share data): Three months endedSeptember 30, Nine months endedSeptember 30, 2026 2025 2026 2025 Total revenue $ 1,621.6$ 1,470.6$ 4,718.0$ 4,261.4 Net income available to common stockholders $ 403.9 $ 315.8 $ 1,059.7$ 762.5 Net income per share $ 0.43 $ 0.35 $ 1.13 $ 0.84 Funds from operations available to common stockholders (FFO)$ 1,041.0$ 981.1 $ 3,031.2$ 2,874.5 FFO per share $ 1.10 $ 1.07 $ 3.23 $ 3.18 Normalized FFO $ 1,043.7$ 994.4 $ 3,046.8$ 2,888.4 Normalized FFO per share $ 1.10 $ 1.09 $ 3.25 $ 3.19 AFFO $ 1,061.1$ 992.0 $ 3,140.8$ 2,889.2 AFFO per share $ 1.12 $ 1.08 $ 3.35 $ 3.19 The calculation to determine net income available to common stockholders includes provisions for impairment of real estate, provisions for credit losses on loans and financing receivables, gain on sales of real estate, and foreign currency gain and loss. These items can vary from quarter to quarter and can significantly impact net income available to common stockholders and period-to-period comparisons. FFO, Normalized FFO, and AFFO are non-GAAP financial measures. Normalized FFO is based on FFO and adjusted to exclude merger, transaction, and other costs, net and AFFO further adjusts Normalized FFO for unique revenue and expense items. Please see the Glossary for our definitions and explanations of how we utilize these metrics. Please see pages 10 and 11 herein for reconciliations to the most directly comparable GAAP measure. Dividend Increase In September 2026, we announced the 116 consecutive quarterly dividend increase, which is the 136 increase since our listing on the New York Stock Exchange ("NYSE") in 1994. The annualized dividend amount as of September 30, 2026 was $3.258 per share. The amount of monthly dividends paid per share increased 0.7% to $0.813 in the three months ended September 30, 2026, as compared to $0.807 during the three months ended September 30, 2025, representing 72.6% of our diluted AFFO per share of $1.12 during the three months ended September 30, 2026. (1) (2) (2) (2) (1) (2) th th - 2 -
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Real Estate Portfolio Update As of September 30, 2026, we owned or held interests in 15,536 properties, which were leased to 1,842 clients doing business in 96 industries. Our diversified portfolio of commercial properties under long-term, net lease agreements is actively managed with a weighted average remaining lease term of approximately 8.5 years. Our portfolio of commercial real estate has historically provided dependable rental revenue supporting the payment of monthly dividends. As of September 30, 2026, portfolio occupancy was 98.8% with 182 properties available for lease or sale, as compared to 98.8% as of June 30, 2026 and 98.7% as of September 30, 2025. Our property-level occupancy rates exclude properties with ancillary leases only, such as cell towers and billboards, and properties with possession pending, and include properties owned by unconsolidated joint ventures. The following summarizes our portfolio activity for the periods indicated below: Changes in Occupancy Three months ended September 30, 2026 Properties available for lease as of June 30, 2026 188 Lease expirations 274 Re-leases to same client (213) Re-leases to new client (9) Vacant dispositions (58) Properties available for lease as of September 30, 2026 182 Nine months ended September 30, 2026 Properties available for lease as of December 31, 2025 173 Lease expirations 1,074 Re-leases to same client (818) Re-leases to new client (66) Vacant dispositions (181) Properties available for lease as of September 30, 2026 182 Includes scheduled and unscheduled expirations (including leases rejected in bankruptcy), as well as future expirations resolved in the periods indicated above. During the three months ended September 30, 2026, the new Annualized Base Rent on re-leased units was $67.6 million, as compared to the previous annual rent of $65.3 million on the same units, representing a Rent Recapture Rate of 103.5% on the re-leased units. During the nine months ended September 30, 2026, the new Annualized Base Rent on re-leased units was $251.1 million, as compared to the previous annual rent of $243.5 million on the same units, representing a Rent Recapture Rate of 103.1% on the re-leased units. Please see the Glossary for our definitions of Annualized Base Rent and Rent Recapture Rate. (1) (1) (1) - 3 -
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Investment Summary The following table summarizes our investments for the periods indicated below (dollars in millions): Three months ended September 30, 2026Nine months ended September 30, 2026 Investment Pro-RataShare WeightedAverageTerm(Years) Number ofProperties Investment Pro-RataShare WeightedAverageTerm(Years) Number ofProperties Real estate acquisitions U.S. wholly-owned $ 780.1 $ 780.1 9.3 83 $ 2,039.8 $ 2,039.8 10.1 218 U.S. Core Plus Fund 417.8 98.5 8.6 18 1,261.7 344.5 10.7 76 Europe wholly-owned 721.0 721.0 8.2 17 1,721.0 1,721.0 7.4 64 Non-wholly owned 240.8 240.8 13.6 1 520.9 479.3 13.8 7 Total real estate acquisitions$ 2,159.7 $ 1,840.4 9.3 119 $ 5,543.4 $ 4,584.6 9.4 365 Initial Weighted Average Cash Yield 6.6 % 6.5 % Real estate properties under development U.S. wholly-owned $ 29.7 $ 29.7 16.9 27 $ 104.2 $ 104.2 17.0 31 Europe wholly-owned 51.3 51.3 14.7 20 102.6 102.6 14.3 20 Non-wholly owned 64.2 62.7 8.9 16 229.6 226.8 8.7 16 Total real estatedevelopment $ 145.2 $ 143.7 12.5 63 $ 436.4 $ 433.6 12.0 67 Initial Weighted Average Cash Yield 7.2 % 7.4 % Credit investments U.S. wholly-owned $ 88.3 $ 88.3 5.8 — $ 1,321.4 $ 1,321.4 3.9 — U.S. Core Plus Fund 20.0 4.7 6.0 — 20.0 4.7 6.0 — Europe wholly-owned 134.4 134.4 2.8 — 479.5 479.5 3.3 — Other wholly-owned 18.8 18.8 1.4 — 100.8 100.8 1.8 — Total credit investments$ 261.5 $ 246.2 3.9 — $ 1,921.7 $ 1,906.4 3.7 — Initial Weighted Average Cash Yield 7.9 % 8.3 % Total investments $ 2,566.4 $ 2,230.3 8.9 182 $ 7,901.5 $ 6,924.6 7.7 432 Initial Weighted Average Cash Yield 6.8 % 7.1 % Supplementary Information: Three months endedSeptember 30, 2026Nine months endedSeptember 30, 2026 Total U.S. and other volume $ 1,290.2 $ 4,301.6 Initial Weighted Average Cash Yield - U.S. and other 6.5 % 7.1 % Total Europe volume $ 940.1 $ 2,623.0 Initial Weighted Average Cash Yield - Europe 7.1 % 7.0 % Investment Grade Clients 53 % 44 % Initial Weighted Average Cash Yield - U.S. Core Plus Fund 6.1 % 5.9 % Initial Weighted Average Cash Yield - U.S. wholly-owned 6.6 % 7.2 % Reflects adjustments for our Pro-Rata Share based on our proportionate economic ownership of our joint ventures (which adds our economic ownership percentage of unconsolidated entities and deducts noncontrolling interests). Please see the Glossary for our definition of Pro-Rata Share. Non-wholly owned represents U.S. and European investments not 100% owned by Realty Income, excluding the U.S. Core Plus Fund. For the three months ended September 30, 2026, the new properties are 31.0% retail, 57.3% industrial, and 11.7% data center property types based on Cash Income. For the nine months ended September 30, 2026, the new properties are 42.6% retail, 51.6% industrial, and 5.8% data center property types based on Cash Income. Starting in the third quarter of 2026, data centers are reported as a separate property type; year-to-date investment activity has been recast to conform to current presentation. Please see the Glossary for our definition of Cash Income. Initial Weighted Average Cash Yield is a supplemental operating measure. Cash Income used in the calculation of Initial Weighted Average Cash Yield for investments for the three and nine months ended September 30, 2026 includes $0.3 million and $4.1 million, respectively, received as settlement credits as the reimbursement of free rent periods. Please see the Glossary for our definitions of these metrics. Represents various loan investments across the U.S., Europe, and Mexico, as well as a preferred equity investment held by the U.S. Core Plus Fund. Represents approximate percentage of annualized cash income generated by investments from Investment Grade Clients at the date of investment. Please see the Glossary for our definition of Investment Grade Clients. (1) (1) (1) (1) (2) (3) (4) (2) (3) (4) (5) (4) (4) (1) (4) (4) (6) (4) (4) (1) (2) (3) (4) (5) (6) - 4 -
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Same Store Rental Revenue The following summarizes our Same Store Rental Revenue for 14,443 properties under lease for the three and nine months ended September 30, 2026 and 2025 (dollars in millions): Three months endedSeptember 30, Nine months endedSeptember 30, % Increase 2026 2025 2026 2025 Three MonthsNine Months Same Store Rental Revenue $ 1,162.0 $ 1,149.0 $ 3,475.2 $ 3,438.7 1.1 % 1.1 % For purposes of comparability, Same Store Rental Revenue is presented on a constant currency basis using the applicable exchange rate as of September 30, 2026. Same Store Rental Revenue also includes our Pro-Rata Share of rental revenue from properties owned by unconsolidated joint ventures and amounts attributable to noncontrolling interests based on their respective ownership percentages. Please see the Glossary for our definitions of Same Store Pool and Same Store Rental Revenue. Property Dispositions The following summarizes our property dispositions (dollars in millions): Three months ended September 30, 2026Nine months ended September 30, 2026 Properties sold 182 359 Net sales proceeds $ 526.6 $ 875.2 Gain on sales of real estate $ 113.9 $ 187.8 Liquidity and Capital Markets Liquidity As of September 30, 2026, we had $5.4 billion total available liquidity at our Pro-Rata Share , comprised of the components summarized below (dollars in millions): Cash and cash equivalents $ 355.8 Availability under credit facilities 5,485.1 Unsettled At-the-Market ("ATM") forwards 1,090.1 Less: commercial paper borrowings (1,540.7) Total available liquidity at our Pro-Rata Share $ 5,390.3 Please see the Glossary for our definition of Pro-Rata Share for more information. Reflects adjustments based on our proportionate economic ownership of our joint ventures. Calculated as cash and cash equivalents per the consolidated balance sheet of $368.5 million, plus our Pro-Rata Share of unconsolidated entities cash of $25.5 million, less adjustments allocable to noncontrolling interests of $38.2 million. Represents our availability under the $5.5 billion revolving credit facility and our Pro-Rata Share of availability under the $1.38 billion Fund credit facility, which includes a $1.0 billion revolving facility, and a $380.0 million term loan which was fully drawn as of September 30, 2026. As of September 30, 2026, we had outstanding forward sale agreements under our ATM program for a total of 18.5 million shares of common stock, which have been executed at a weighted average forward price of $58.97 per share (assuming full physical settlement of all outstanding shares of common stock, subject to such forward sale agreements and certain assumptions made with respect to settlement dates). Capital Raising During the three months ended September 30, 2026, we raised $472.5 million of proceeds from the sale of common stock at a weighted average price of $60.49 per share, primarily through the settlement of 7.8 million shares of common stock pursuant to forward sale agreements under our ATM program. As of November 2, 2026, approximately 18.5 million shares of common stock subject to ATM forward sale agreements remain unsettled, representing approximately $1.1 billion in expected net proceeds and a weighted average initial gross price of $60.61 per share. ATM net sale proceeds assume full physical settlement of all outstanding shares of common stock, subject to such forward sale agreements and certain assumptions made with respect to settlement dates. In September 2026, we expanded our private capital platform into Europe through a strategic partnership with KKR. KKR invested €528.0 million for a 49% equity interest in a newly formed, euro-denominated joint venture comprising 54 stabilized net lease properties across four European countries. (1) (2) (3) (4) (1) (2) (3) (4) - 5 -
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In August 2026, we issued $1.0 billion principal amount of 3.750% convertible senior notes due August 2031 in a private offering, resulting in net proceeds of $983.2 million. We used approximately $33.2 million of the net proceeds to enter into capped call transactions with a cap price of $83.55 per share of common stock, which represented a premium of 35.0% above the closing price of our common stock of $61.89 per share on the NYSE on August 11, 2026. We also used approximately $188.7 million of the net proceeds to repurchase approximately 3.0 million shares of our common stock concurrently with the pricing of the offering. In July 2026, we closed on the recast and expansion of our $5.5 billion multicurrency unsecured revolving credit facilities, upsized from the prior $4.0 billion capacity. In addition, we also expanded our global commercial paper programs to a total combined capacity of $5.5 billion, upsized from the prior $3.0 billion combined capacity. In July 2026, we issued €600.0 million of 3.625% senior unsecured notes due July 2032 (the “2032 Notes”). The public offering price for the 2032 Notes was 99.518% of the principal amount for an effective annual yield to maturity of 3.716%. Guidance Summarized below are approximate estimates of the key components of our 2026 earnings guidance (with year-to-date 2026 actual results for comparison): Revised 2026Guidance Prior 2026 Guidance YTD Actuals atSeptember 30, 2026 Net income per share $1.55 - $1.56 $1.59 - $1.60 $1.13 AFFO per share $4.45 - $4.46 $4.44 - $4.45 $3.35 Same store rent growth 1.1% - 1.3% 1.1% - 1.3% 1.1% Occupancy Above 98.5% Approx 98.5% 98.8% Cash G&A expenses (% of total Gross Asset Value) 21 - 22 bps 21 - 22 bps 16 bps Property expenses (non-reimbursable) (% of total revenue)1.3% - 1.5% Approx 1.5% 1.3% Income tax expenses $100 - $110 million $100 - $110 million $76 million Investment volume (at 100%) $10.0 billion $10.0 billion $7.9 billion Lease termination income $45 - $50 million $45 - $50 million $45 million As issued on August 5, 2026. Net income per share excludes future impairment and foreign currency or derivative gains or losses due to the inherent unpredictability offorecasting these items. Cash G&A represents 'General and administrative' expenses as presented in our consolidated statements of income, less share-basedcompensation costs. Please see the Glossary for our definition of Gross Asset Value. Total revenue excludes client reimbursements. Summarized below is a reconciliation of estimated net income per share to estimated AFFO per share for the full year guidance: 2026 Per ShareGuidance YTD Actuals atSeptember 30, 2026 Net income per share $1.55 - $1.56 $1.13 Real estate depreciation $2.73 $2.04 Provisions for impairment of real estate, gain on sales of real estate, and non-cash credit losses $0.14 $0.14 Straight-line rent and amortization of above and below-market leases, net $(0.11) $(0.09) Amortization of deferred financing costs $0.08 $0.06 Amortization of share-based compensation $0.04 $0.03 Merger, transaction, and other costs, net $0.02 $0.02 Other adjustments $0.00 $0.02 AFFO per share $4.45 - $4.46 $3.35 Amounts represent year-to-date actual results. The company does not forecast impairment, gain on sales of real estate, and non-cashcredit losses. (1) (2) (3)(4) (5) (1) (2) (3) (4) (5) (1) (1) - 6 -
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Conference Call Information In conjunction with the release of our operating results, we will host a conference call on November 2, 2026 at 2:00 p.m. PST to discuss the operating results. To access the conference call, dial (833) 816-1264 (United States) or (412) 317-5632 (International). When prompted, please ask for the Realty Income conference call. A telephone replay of the conference call can also be accessed by calling (855) 669-9658 (United States) or (412) 317-0088 (International) and entering the conference ID 2991704. The telephone replay will be available through November 9, 2026. A live webcast will be available in listen-only mode by clicking on the webcast link on the company’s home page at www.realtyincome.com. A replay of the conference call webcast will be available approximately one hour after the conclusion of the live broadcast. No access code is required for this replay. Supplemental Materials Supplemental Operating and Financial Data for the three and nine months ended September 30, 2026 is available on our corporate website at www.realtyincome.com/investors/quarterly-and-annual-results. About Realty Income Realty Income (NYSE: O), an S&P 500 company, is real estate partner to the world's leading companies . Founded in 1969, we serve our clients as a full-service real estate capital provider. As of September 30, 2026, we have a portfolio of over 15,500 properties in all 50 U.S. states, the United Kingdom ("U.K."), and eight other countries in Europe. We are known as “The Monthly Dividend Company ” and have a mission to invest in people and places to deliver dependable monthly dividends that increase over time. Since our founding, we have declared 676 consecutive monthly dividends and are a member of the S&P 500 Dividend Aristocrats index for having increased our dividend for over 32 consecutive years. Additional information about the company can be found at www.realtyincome.com. Investors and others should note that we announce material financial and operational information to our investors using our investor relations website (www.realtyincome.com/investors), press releases, SEC filings and public conference calls and webcasts. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. When used in this press release, the words “estimate,” “anticipate,” “assume,” “expect,” “believe,” “intend,” “continue,” “should,” “may,” “likely,” “plan,” “seek,” and similar expressions are intended to identify forward-looking statements. Forward-looking statements include discussions of our business, strategy, plans, and the intentions of management; joint ventures, partnerships, and portfolio including management thereof; our platform; growth and capital strategies including our private capital business, investment pipeline and intentions to acquire or dispose of properties (including geographies, timing, partners, clients and terms); re-leases, re-development and speculative development of properties and expenditures related thereto; operations and results; guidance; our share repurchase program; settlement of shares of common stock sold pursuant to forward sale confirmations under our ATM program; dividends, including the amount, timing and payments of dividends; and macroeconomic and other business trends, including interest rates and trends in the market for real estate or long-term leases of freestanding, single-client properties. Forward-looking statements are subject to risks, uncertainties, and assumptions about us which may cause our actual future results to differ materially from expected results. Some of the factors that could cause actual results to differ materially are, among others, our continued qualification as a real estate investment trust; general domestic and foreign business, economic, or financial conditions; competition; fluctuating interest and currency rates; inflation and its impact on our clients and us; access to debt and equity capital markets and other sources of funding (including the terms, structure and partners of such funding); volatility and uncertainty in the credit and financial markets; other risks inherent in real estate, private capital, credit and mezzanine investments, and joint ventures or co-investment ventures, including solvency, defaults under leases, bankruptcies, potential liability relating to environmental matters, illiquidity of real estate investments (including rights of first refusal or rights of first offer), and potential damages from natural disasters; impairments in the value of our real estate assets; volatility and changes in domestic and foreign laws and the application, enforcement or interpretation thereof (including with respect to tax laws and rates); property ownership through co-investment ventures, funds, joint ventures, partnerships and other arrangements which, among other things, may transfer or limit our control of the underlying investments; epidemics or pandemics; the loss of key personnel; the threat and outcome of any legal proceedings to which we are a party or which may occur in the future; acts of terrorism and war; the anticipated benefits from mergers, acquisitions, co-investment ventures, funds, joint ventures, partnerships and other arrangements; and those additional risks and factors discussed in our reports filed with the U.S. Securities and Exchange Commission. Readers are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements are not guarantees of future plans and performance and speak only as of the date of this press release. Past operating results and performance are provided for informational purposes and are not a guarantee of future results. There can be no ® ® ® - 7 -
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assurance that historical trends will continue. Actual plans and results may differ materially from what is expressed or forecasted in this press release and forecasts made in the forward-looking statements discussed in this press release may not materialize. We do not undertake any obligation to update forward-looking statements or publicly release the results of any forward-looking statements that may be made to reflect events or circumstances after the date these statements were made or to reflect the occurrence of unanticipated events. Investor Relations: Alex Waters Vice President, Investor Relations +1 858 284 4965 awaters@realtyincome.com - 8 -
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CONSOLIDATED STATEMENTS OF INCOME (in thousands, except per share amounts) (unaudited) Three months endedSeptember 30, Nine months endedSeptember 30, 2026 2025 2026 2025 REVENUE Rental (including reimbursements) $ 1,483,799 $ 1,386,502 $ 4,351,083 $ 4,037,747 Interest income on financing receivables 32,248 32,635 96,402 97,652 Interest and dividend income on loans and preferred equityinvestments 104,982 51,058 263,609 125,274 Other 553 357 6,926 762 Total revenue 1,621,582 1,470,552 4,718,020 4,261,435 EXPENSES Depreciation and amortization 647,555 631,981 1,922,507 1,888,765 Interest 333,564 294,482 937,587 846,680 Property (including reimbursements) 122,393 106,621 351,675 320,724 General and administrative 54,315 55,039 170,805 148,412 Provisions for impairment of real estate 111,645 75,391 255,995 315,063 Provisions for credit losses on loans and financing receivables14,212 11,581 60,573 31,861 Merger, transaction, and other costs, net 2,694 13,343 15,539 13,953 Total expenses 1,286,378 1,188,438 3,714,681 3,565,458 Gain on sales of real estate 113,865 49,107 187,767 110,210 Foreign currency and derivative loss, net (2,513) (2,818) (28,357) (9,751) Equity in earnings of unconsolidated entities 2,927 3,080 7,800 10,706 Other income, net 6,225 10,015 28,610 24,551 Income before income taxes 455,708 341,498 1,199,159 831,693 Income taxes (23,568) (23,824) (75,571) (63,546) Net income 432,140 317,674 1,123,588 768,147 Net income attributable to noncontrolling interests (28,198) (1,903) (63,925) (5,642) Net income available to common stockholders $ 403,942 $ 315,771 $ 1,059,663 $ 762,505 Funds from operations available to common stockholders (FFO)$ 1,041,026 $ 981,050 $ 3,031,227 $ 2,874,453 Normalized funds from operations available to commonstockholders (Normalized FFO) $ 1,043,720 $ 994,393 $ 3,046,766 $ 2,888,406 Adjusted funds from operations available to common stockholders(AFFO) $ 1,061,097 $ 991,988 $ 3,140,770 $ 2,889,195 Amounts available to common stockholders per common share: Net income per common share, basic and diluted$ 0.43 $ 0.35 $ 1.13 $ 0.84 FFO per common share: Basic $ 1.10 $ 1.07 $ 3.24 $ 3.18 Diluted $ 1.10 $ 1.07 $ 3.23 $ 3.18 Normalized FFO per common share: Basic $ 1.11 $ 1.09 $ 3.25 $ 3.20 Diluted $ 1.10 $ 1.09 $ 3.25 $ 3.19 AFFO per common share: Basic $ 1.12 $ 1.09 $ 3.35 $ 3.20 Diluted $ 1.12 $ 1.08 $ 3.35 $ 3.19 Cash dividends paid per common share $ 0.8130 $ 0.8070 $ 2.4345 $ 2.4085 Includes client reimbursements of $104.9 million and $82.5 million for the three months ended September 30, 2026 and 2025, respectively, and $293.6 million and $257.3 million for the nine months ended September 30, 2026 and 2025, respectively. Additionally, includes reserves to rental revenue, exclusive of non-cash reserves, of $2.5 million and $4.0 million for the three months ended September 30, 2026 and 2025, respectively, and $13.5 million and $21.1 million for the nine months ended September 30, 2026 and 2025, respectively. (1) (1) - 9 -
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FUNDS FROM OPERATIONS (FFO) AND NORMALIZED FUNDS FROM OPERATIONS (Normalized FFO) (in thousands, except per share amounts) (unaudited) FFO and Normalized FFO are non-GAAP financial measures. Please see the Glossary for our definitions and explanations of how we utilize these metrics. Three months endedSeptember 30, Nine months endedSeptember 30, 2026 2025 2026 2025 Net income available to common stockholders $ 403,942 $ 315,771 $ 1,059,663 $ 762,505 Depreciation and amortization 647,555 631,981 1,922,507 1,888,765 Depreciation of furniture, fixtures and equipment (827) (711) (2,416) (1,853) Provisions for impairment of real estate 111,645 75,391 255,995 315,063 Gain on sales of real estate (113,865) (49,107) (187,767) (110,210) Proportionate share of adjustments for unconsolidated entities13,281 9,003 31,780 24,343 FFO adjustments allocable to noncontrolling interests (20,705) (1,278) (48,535) (4,160) FFO available to common stockholders $ 1,041,026 $ 981,050 $ 3,031,227 $ 2,874,453 FFO allocable to dilutive noncontrolling interests 2,420 2,346 6,797 7,188 Diluted FFO $ 1,043,446 $ 983,396 $ 3,038,024 $ 2,881,641 FFO available to common stockholders $ 1,041,026 $ 981,050 $ 3,031,227 $ 2,874,453 Merger, transaction, and other costs, net 2,694 13,343 15,539 13,953 Normalized FFO available to common stockholders$ 1,043,720 $ 994,393 $ 3,046,766 $ 2,888,406 Normalized FFO allocable to dilutive noncontrolling interests2,420 2,346 6,797 7,188 Diluted Normalized FFO $ 1,046,140 $ 996,739 $ 3,053,563 $ 2,895,594 FFO per common share: Basic $ 1.10 $ 1.07 $ 3.24 $ 3.18 Diluted $ 1.10 $ 1.07 $ 3.23 $ 3.18 Normalized FFO per common share: Basic $ 1.11 $ 1.09 $ 3.25 $ 3.20 Diluted $ 1.10 $ 1.09 $ 3.25 $ 3.19 Distributions paid to common stockholders $ 768,505 $ 737,859 $ 2,283,316 $ 2,177,133 FFO after distributions $ 272,521 $ 243,191 $ 747,911 $ 697,320 Normalized FFO after distributions $ 275,215 $ 256,534 $ 763,450 $ 711,273 Weighted average number of common shares used for FFO andNormalized FFO: Basic 944,261 913,949 936,219 902,935 Diluted 948,797 917,869 940,928 906,692 - 10 -
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ADJUSTED FUNDS FROM OPERATIONS (AFFO) (in thousands, except per share amounts) (unaudited) AFFO is a non-GAAP financial measure. Please see the Glossary for our definition and an explanation of how we utilize this metric. Certain prior period amounts have been reclassified to conform to the current period presentation. These reclassifications had no impact on previously reported AFFO. Three months endedSeptember 30, Nine months endedSeptember 30, 2026 2025 2026 2025 Net income available to common stockholders $ 403,942 $ 315,771 $ 1,059,663 $ 762,505 Cumulative adjustments to calculate Normalized FFO 639,778 678,622 1,987,103 2,125,901 Normalized FFO available to common stockholders 1,043,720 994,393 3,046,766 2,888,406 Debt-related non-cash items: Amortization of net debt discounts and deferred financing costs21,656 9,001 54,133 23,532 Amortization of acquired interest rate swap value 1,531 2,251 4,592 9,517 Capital expenditures from operating properties: Leasing costs and commissions (2,392) (1,754) (5,690) (4,619) Recurring capital expenditures (27) (42) (197) (282) Other non-cash items: Provisions for credit losses on loans and financing receivables14,212 11,581 60,573 31,861 Amortization of share-based compensation 6,461 7,719 27,112 21,728 Straight-line rent and expenses, net (50,732) (43,474) (129,778) (117,512) Amortization of above and below-market leases, net 17,742 10,462 48,505 32,075 Deferred tax expense — 3,829 1,718 4,138 Executive severance charge 1,473 — 3,319 — Derivative and unrealized foreign currency loss (gain), net 4,202 (1,941) 22,157 (730) Other adjustments 2,230 475 5,798 2,907 Proportionate share of adjustments for unconsolidated entities(987) (650) (1,761) (2,291) Adjustments allocable to noncontrolling interests 2,008 138 3,523 465 AFFO available to common stockholders $ 1,061,097 $ 991,988 $ 3,140,770 $ 2,889,195 AFFO allocable to dilutive noncontrolling interests 2,394 2,331 7,166 7,133 Diluted AFFO $ 1,063,491 $ 994,319 $ 3,147,936 $ 2,896,328 AFFO per common share: Basic $ 1.12 $ 1.09 $ 3.35 $ 3.20 Diluted $ 1.12 $ 1.08 $ 3.35 $ 3.19 Distributions paid to common stockholders $ 768,505 $ 737,859 $ 2,283,316 $ 2,177,133 AFFO after distributions $ 292,592 $ 254,129 $ 857,454 $ 712,062 Weighted average number of common shares used for AFFO: Basic 944,261 913,949 936,219 902,935 Diluted 948,797 917,869 940,928 906,692 See Normalized FFO calculations on page 10 for reconciling items. Represents non-cash foreign currency losses (gains) from remeasurement to USD and mark-to-market adjustments on investments and derivatives that are non-cash in nature. Includes primarily obligations related to financing lease liabilities. (1) (2) (3) (1) (2) (3) - 11 -
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HISTORICAL FFO AND AFFO (in thousands, except per share amounts) (unaudited) For the three months ended September 30,2026 2025 2024 2023 2022 Net income available to common stockholders$ 403,942 $ 315,771 $ 261,781 $ 233,473 $ 219,567 Depreciation and amortization, net of furniture,fixtures and equipment 646,728 631,270 601,667 494,749 418,505 Provisions for impairment of real estate 111,645 75,391 33,151 16,808 1,650 Gain on sales of real estate (113,865) (49,107) (50,563) (7,572) (42,883) Proportionate share of adjustments forunconsolidated entities 13,281 9,003 9,652 — 717 FFO adjustments allocable to noncontrolling interests(20,705) (1,278) (762) (1,312) (402) FFO available to common stockholders $ 1,041,026 $ 981,050 $ 854,926 $ 736,146 $ 597,154 Merger, transaction, and other costs, net 2,694 13,343 8,610 2,884 3,746 Normalized FFO available to common stockholders$ 1,043,720 $ 994,393 $ 863,536 $ 739,030 $ 600,900 FFO per diluted share $ 1.10 $ 1.07 $ 0.98 $ 1.04 $ 0.97 Normalized FFO per diluted share $ 1.10 $ 1.09 $ 0.99 $ 1.04 $ 0.97 AFFO available to common stockholders $ 1,061,097 $ 991,988 $ 915,572 $ 721,370 $ 603,566 AFFO per diluted share $ 1.12 $ 1.08 $ 1.05 $ 1.02 $ 0.98 Cash dividends paid per common share $ 0.8130 $ 0.8070 $ 0.7890 $ 0.7665 $ 0.7425 Weighted average diluted shares outstanding - FFO,Normalized FFO and AFFO 948,797 917,869 873,974 711,338 619,201 For the nine months ended September 30, 2026 2025 2024 2023 2022 Net income available to common stockholders$ 1,059,663 $ 762,505 $ 648,281 $ 653,904 $ 642,143 Depreciation and amortization, net of furniture,fixtures and equipment 1,920,091 1,886,912 1,787,068 1,417,665 1,230,737 Provisions for impairment of real estate 255,995 315,063 208,552 59,801 16,379 Gain on sales of real estate (187,767) (110,210) (92,290) (19,675) (93,611) Proportionate share of adjustments forunconsolidated entities 31,780 24,343 20,706 (465) 12,812 FFO adjustments allocable to noncontrolling interests(48,535) (4,160) (2,575) (2,808) (1,075) FFO available to common stockholders $ 3,031,227 $ 2,874,453 $ 2,569,742 $ 2,108,422 $ 1,807,385 Merger, transaction, and other costs, net 15,539 13,953 105,468 4,532 12,994 Normalized FFO available to common stockholders$ 3,046,766 $ 2,888,406 $ 2,675,210 $ 2,112,954 $ 1,820,379 FFO per diluted share $ 3.23 $ 3.18 $ 2.99 $ 3.09 $ 2.99 Normalized FFO per diluted share $ 3.25 $ 3.19 $ 3.11 $ 3.10 $ 3.01 AFFO available to common stockholders $ 3,140,770 $ 2,889,195 $ 2,699,517 $ 2,043,836 $ 1,767,392 AFFO per diluted share $ 3.35 $ 3.19 $ 3.14 $ 2.99 $ 2.92 Cash dividends paid per common share $ 2.4345 $ 2.4085 $ 2.3350 $ 2.2830 $ 2.2230 Weighted average diluted shares outstanding - FFO,Normalized FFO and AFFO 940,928 906,692 861,300 683,925 605,958 - 12 -
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ADJUSTED EBITDAre (dollars in thousands) (unaudited) Three months endedSeptember 30, 2026 Net income $ 432,140 Interest 333,564 Income taxes 23,568 Depreciation and amortization 647,555 Executive severance charge 1,473 Provisions for impairment of real estate 111,645 Provisions for credit losses on loans and financing receivables 14,212 Merger, transaction, and other costs, net 2,694 Gain on sales of real estate (113,865) Foreign currency and derivative loss, net 2,513 Equity in earnings of unconsolidated entities (2,927) Adjusted EBITDAre $ 1,452,572 Annualized Adjusted EBITDAre $ 5,810,288 Annualized Pro Forma Adjustments $ 32,601 Annualized Pro Forma Adjusted EBITDAre $ 5,842,889 Total debt per the consolidated balance sheet, excluding deferred financing costs and net discounts$ 31,738,055 Less: Cash and cash equivalents (368,534) Net Debt $ 31,369,521 Less: Expected proceeds from unsettled forward equity (1,090,080) Net Debt - Inclusive of Unsettled ATM Forward Equity $ 30,279,441 Net Debt/Annualized Pro Forma Adjusted EBITDAre 5.4 x Net Debt/Annualized Pro Forma Adjusted EBITDAre - Inclusive of Unsettled ATM Forward Equity 5.2 x Adjusted EBITDAre, Annualized Adjusted EBITDAre, Annualized Pro Forma Adjusted EBITDAre, Net Debt/Annualized Pro Forma Adjusted EBITDAre, and Net Debt/Annualized Pro Forma Adjusted EBITDAre - Inclusive of Unsettled ATM Forward Equity are non-GAAP financial measures. Please see the Glossary for our definitions of these terms and an explanation of how we utilize these metrics. As of September 30, 2026, we had outstanding forward sale agreements under our ATM program for a total of 18.5 million shares of common stock, which have been executed at a weighted average forward price of $58.97 per share (assuming full physical settlement of all outstanding shares of common stock, subject to such forward sale agreements and certain assumptions made with respect to settlement dates). The Annualized Pro Forma Adjustments, which include transaction accounting adjustments in accordance with U.S. GAAP, consist of adjustments to incorporate Adjusted EBITDAre from investments we acquired or stabilized during the applicable quarter and Adjusted EBITDAre from investments we disposed of during the applicable quarter, giving pro forma effect to all transactions as if they occurred at the beginning of the applicable quarter. Our calculation includes all adjustments consistent with the requirements to present Adjusted EBITDAre on a pro forma basis in accordance with Article 11 of Regulation S-X. The following table summarizes our Annualized Pro Forma Adjustments related to our Annualized Pro Forma Adjusted EBITDAre calculation for the period indicated below (in thousands): Three months endedSeptember 30, 2026 Annualized pro forma adjustments from investments acquired or stabilized $ 80,896 Annualized pro forma adjustments from investments disposed (48,295) Annualized Pro Forma Adjustments $ 32,601 (1) (1) (1) (2) (1) (1) (1) (2) - 13 -
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Adjusted Free Cash Flow (in thousands) (unaudited) Adjusted Free Cash Flow and Annualized Adjusted Free Cash Flow are non-GAAP financial measures. Please see the Glossary for our definitions and an explanation of how we utilize these metrics. Nine months ended September 30, 2026 2025 Net cash provided by operating activities $ 2,945,560 $ 2,791,320 Changes in net working capital 172,226 62,233 Capital expenditures (87,918) (57,716) Distributions paid to common stockholders (2,283,316) (2,177,133) Distributions paid to noncontrolling interests (53,276) (8,992) Merger, transaction, and other costs, net 15,539 13,953 Adjusted Free Cash Flow $ 708,815 $ 623,665 Annualized Adjusted Free Cash Flow $ 945,087 $ 831,553 Excludes capital expenditures which directly generate incremental rental revenue on our leases. Reconciliation of Same Store Rental Revenue to Rental Revenue (Including Reimbursements) (in thousands) (unaudited) Same Store Rental Revenue is a non-GAAP financial measure. Please see the Glossary for our definition and an explanation of how we utilize this metric. Three months endedSeptember 30, Nine months endedSeptember 30, 2026 2025 2026 2025 Rental revenue (including reimbursements) $ 1,483,799 $ 1,386,502 $ 4,351,083 $ 4,037,747 Constant currency adjustment (4,156) (4,804) (14,007) 5,312 Straight-line rent and other non-cash adjustments (6,293) (7,512) (1,928) (7,747) Contractually obligated reimbursements by our clients(104,360) (82,392) (285,682) (253,467) Revenue from excluded properties (174,572) (97,905) (444,326) (251,816) Other excluded revenue (5,155) (28,806) (47,267) (39,569) Revenue from unconsolidated entities 37,781 28,707 91,900 83,577 Revenue attributable to noncontrolling interests (65,038) (44,745) (174,613) (135,298) Same Store Rental Revenue $ 1,162,006 $ 1,149,045 $ 3,475,160 $ 3,438,739 For purposes of comparability, Same Store Rental Revenue is presented on a constant currency basis using the applicable exchange rate as of September 30, 2026. Please see the Glossary for our definitions of Same Store Pool and Same Store Rental Revenue. "Other excluded revenue" primarily consists of reimbursements related to lease termination fees and other settlement income. Represents our Pro-Rata Share of rental revenue from properties owned by unconsolidated joint ventures. Represents the portion of rental revenue attributable to noncontrolling interests based on their pro-rata ownership. (1) (1) (1) (2) (3) (4) (5) (1) (2) (3) (4) (5) - 14 -
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CONSOLIDATED BALANCE SHEETS (in thousands, except per share amounts) (unaudited)
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September 30, 2026 December 31, 2025 ASSETS Real estate held for investment, at cost: Land $ 19,119,185 $ 18,368,029 Buildings and improvements 46,719,476 43,824,410 Total real estate held for investment, at cost 65,838,661 62,192,439 Less accumulated depreciation and amortization (9,808,131) (8,778,536) Real estate held for investment, net 56,030,530 53,413,903 Real estate and lease intangibles held for sale, net 194,986 91,784 Cash and cash equivalents 368,534 434,842 Accounts receivable, net 1,217,817 1,053,487 Lease intangible assets, net 5,584,800 5,717,241 Goodwill 4,932,199 4,932,199 Investment in loans and financing receivables, net 5,030,205 3,271,002 Investment in unconsolidated entities 1,617,384 1,256,456 Other assets, net 2,973,959 2,624,698 Total assets $ 77,950,414 $ 72,795,612 LIABILITIES AND EQUITY Distributions payable $ 265,518 $ 255,171 Accounts payable and accrued expenses 1,094,942 1,060,969 Lease intangible liabilities, net 1,463,929 1,493,958 Other liabilities 1,062,753 1,066,809 Revolving credit facilities and commercial paper 2,127,928 2,023,414 Term loans, net 2,772,340 1,701,615 Mortgages payable, net 36,745 37,761 Notes payable, net 26,451,863 25,031,947 Total liabilities $ 35,276,018 $ 32,671,644 Redeemable noncontrolling interests $ 71,745 $ — Stockholders’ equity: Common stock and paid in capital, par value $0.01 per share, 1,300,000 shares authorized, 950,964 and 933,975 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively $ 51,149,067 $ 49,861,660 Distributions in excess of net income (11,761,979) (10,527,984) Accumulated other comprehensive income 104,861 105,019 Total stockholders’ equity $ 39,491,949 $ 39,438,695 Noncontrolling interests 3,110,702 685,273 Total equity $ 42,602,651 $ 40,123,968 Total liabilities and equity $ 77,950,414 $ 72,795,612
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GLOSSARY Adjusted EBITDAre. The National Association of Real Estate Investment Trusts ("Nareit") established an EBITDA metric for real estate companies (i.e., EBITDA for real estate, or EBITDAre) it believed would provide investors with a consistent measure to help make investment decisions among certain REITs. Our definition of “Adjusted EBITDAre” is generally consistent with the Nareit definition, other than our adjustment to remove foreign currency and derivative gain and loss and merger, transaction, and other costs, net. We define Adjusted EBITDAre, a non-GAAP financial measure, for the most recent quarter as earnings (net income) before (i) interest expense, (ii) income taxes, (iii) depreciation and amortization, (iv) executive severance charge, (v) provisions for impairment of real estate, (vi) provisions for credit losses on loans and financing receivables, (vii) merger, transaction, and other costs, net, (viii) gain on sales of real estate, (ix) foreign currency and derivative gain and loss, net, and (x) equity in earnings of unconsolidated entities. Our Adjusted EBITDAre may not be comparable to Adjusted EBITDAre reported by other companies or as defined by Nareit, and other companies may interpret or define Adjusted EBITDAre differently than we do. Management believes Adjusted EBITDAre to be a meaningful measure of a REIT’s performance because it provides a view of our operating performance, analyzes our ability to meet interest payment obligations before the effects of income tax, depreciation and amortization expense, provisions for impairment, provisions for credit losses on loans and financing receivables, gain on sales of real estate and other items, as defined above, that affect comparability, including the removal of non-recurring and non-cash items that industry observers believe are less relevant to evaluating the operating performance of a company. In addition, EBITDAre is widely followed by industry analysts, lenders, investors, rating agencies, and others as a means of evaluating the operating performance of business activities prior to servicing debt obligations. Adjusted EBITDAre should be considered along with, but not as an alternative to, net income as a measure of our operating performance. Adjusted Free Cash Flow, a non-GAAP financial measure, is defined as net cash provided by operating activities, less certain capital expenditures and distributions paid to common stockholders and noncontrolling interests, plus merger, transaction, and other costs, net, and adjusted for changes in net working capital. We believe adjusted free cash flow to be a useful liquidity measure for us and our investors by helping to evaluate our ability to generate cash beyond what is needed to fund capital expenditures, debt service and other obligations. Notwithstanding cash on hand and incremental borrowing capacity, adjusted free cash flow reflects our ability to grow our business through investments and acquisitions, as well as our ability to return cash to shareholders through dividends. Adjusted free cash flow is not considered under generally accepted accounting principles to be a primary measure of an entity’s residual cash flow available for discretionary spending, and accordingly should not be considered an alternative to operating income, net income, or amounts shown in our consolidated statements of cash flows. Adjusted Funds From Operations (AFFO), a non-GAAP financial measure, is defined as FFO adjusted for unique revenue and expense items, which we believe are not as pertinent to the measurement of our ongoing operating performance. Most companies in our industry use a similar measurement to AFFO, but they may use the term "CAD" (for Cash Available for Distribution) or "FAD" (for Funds Available for Distribution). We believe AFFO provides useful information to investors because it is a widely accepted industry measure of the operating performance of real estate companies used by the investment community. In particular, AFFO provides an additional measure to compare the operating performance of different REITs without having to account for differing depreciation assumptions and other unique revenue and expense items which are not pertinent to measuring a particular company’s ongoing operating performance. Therefore, we believe that AFFO is an appropriate supplemental performance metric, and that the most appropriate GAAP performance metric to which AFFO should be reconciled is net income available to common stockholders. Annualized Adjusted EBITDAre, a non-GAAP financial measure, is calculated by multiplying Adjusted EBITDAre for the applicable quarter by four. Management believes the use of an Annualized Adjusted EBITDAre metric is meaningful because it represents our run rate operating performance for the period presented. Annualized Adjusted Free Cash Flow, a non-GAAP financial measure, is calculated by annualizing Adjusted Free Cash Flow. Annualized Base Rent represents our Pro-Rata Share of contractual monthly base rent for all leases in place and exchange rates as of the balance sheet date, multiplied by 12, and excludes percentage rent and income on loans and preferred equity investments. If there is a rent abatement, we annualize the first monthly contractual base rent following the free rent period. Total annualized base rent has not been reduced to reflect reserves recorded as reductions to GAAP rental revenue in the periods presented. We believe total annualized base rent is a useful supplemental operating measure, as it excludes properties that were no longer owned at the balance sheet date and includes the annualized rent from properties acquired during the quarter. Annualized Pro Forma Adjusted EBITDAre, a non-GAAP financial measure, is defined as Annualized Adjusted EBITDAre, which includes transaction accounting adjustments in accordance with U.S. GAAP, adjusted to incorporate Adjusted EBITDAre from investments we acquired or stabilized during the applicable quarter and Adjusted EBITDAre from investments we disposed of during the applicable quarter, giving pro forma effect to all transactions as if they occurred at the beginning of the applicable quarter. Our calculation includes all adjustments consistent with the requirements to present Annualized Adjusted EBITDAre on a pro forma basis in accordance with Article 11 of Regulation S-X. The ratio of our net debt to our Annualized Pro Forma Adjusted EBITDAre is also used to determine the vesting of performance share awards granted to our executive officers. Cash Income represents expected rent for real estate acquisitions as well as rent to be received upon completion of the properties under development. For unconsolidated entities and consolidated entities with noncontrolling interests, this represents our Pro-Rata Share of the cash income. For loans receivable and preferred equity investments, this represents earned interest income and preferred dividend income, respectively. Funds From Operations (FFO), a non-GAAP financial measure, consistent with the Nareit definition, is net income available to common stockholders, plus depreciation and amortization of real estate assets, plus provisions for impairments of depreciable real estate assets, and reduced by gain on property sales. Presentation of the information regarding FFO and AFFO is intended to assist the reader in comparing the operating performance of different REITs, although it should be noted that not all REITs calculate FFO and AFFO in the same way, so comparisons with other REITs may not be meaningful. FFO and AFFO should not be considered alternatives to reviewing our cash flows from operating, investing, and financing activities. In addition, FFO and AFFO should not be considered measures of liquidity, of our ability to make cash distributions, or of our ability to pay interest payments. We consider FFO to be an appropriate supplemental measure of a REIT’s operating performance as it is based on a net income analysis of property portfolio performance that adds back items such as depreciation and impairments for FFO. The historical accounting convention used for real estate assets requires straight-line depreciation of buildings and improvements, which implies that the value of real estate assets diminishes predictably over time. Since real estate values historically rise and fall with market conditions, presentations of operating results for a REIT using historical accounting for depreciation could be less informative. The use of FFO is recommended by the REIT industry as a supplemental performance measure. In addition, FFO is used as a measure of our compliance with the financial covenants of our credit facility. Gross Asset Value is total assets before accumulated depreciation and amortization. Initial Weighted Average Cash Yield for acquisitions and properties under development is computed as Cash Income for the first twelve months following the acquisition date, divided by the total cost of the property (including all expenses borne by us), and includes our Pro-Rata Share of Cash Income from unconsolidated joint ventures and consolidated entities with noncontrolling interests. Initial weighted average cash yield for loans receivable and preferred equity investments is computed using the Cash Income for the first twelve months following the acquisition date, divided by the total cost of the investment. - 16 -
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Investment Grade Clients are our clients, our clients that are subsidiaries or affiliates of companies, and credit investments secured with a real estate property leased to a tenant that, as of the balance sheet date, have a credit rating of Baa3/BBB- or higher from one of the three major rating agencies (Moody’s/S&P/Fitch). Net Debt/Annualized Pro Forma Adjusted EBITDAre, a ratio used by management as a measure of leverage, is calculated as net debt (which we define as total debt, excluding deferred financing costs and net discounts, less cash and cash equivalents), divided by Annualized Pro Forma Adjusted EBITDAre. Net Debt/Annualized Pro Forma Adjusted EBITDAre - Inclusive of Unsettled ATM Forward Equity, a ratio used by management as a measure of leverage, is calculated as net debt inclusive of unsettled ATM forward equity (which we define as total debt, excluding deferred financing costs and net discounts, less cash and cash equivalents, less expected proceeds from unsettled ATM forward equity as of the balance sheet date), divided by Annualized Pro Forma Adjusted EBITDAre. Normalized Funds from Operations Available to Common Stockholders (Normalized FFO), a non-GAAP financial measure, is FFO excluding merger, transaction, and other costs, net. Pro-Rata Share represents our proportionate economic ownership of our joint ventures, which is derived by applying our economic ownership percentage of each such joint venture to calculate our proportionate share of the relevant line item information being presented, and aggregating that information for all such joint ventures. For balance sheet information and other capital-based metrics, we apply our economic ownership percentage as of the end of the applicable period being presented, and for activity- and earnings-based metrics, we apply our weighted average economic ownership percentage for the applicable period being presented, unless otherwise specified. We believe this form of presentation offers insights into the financial performance and condition of our company as a whole, given the significance of our joint ventures that are accounted for either under the equity method or consolidated with the third parties' share included in noncontrolling interest, although the presentation of such information may not accurately depict the legal and economic implications of holding a noncontrolling interest in the joint venture. We do not control the unconsolidated joint ventures in which we are invested for purposes of GAAP and do not represent legal claim to such items. The operating agreements of the joint ventures may contain provisions that would cause us to receive a different economic percentage of distributions from the joint venture under certain circumstances, such as the amount of capital contributed by each investor and whether any contributions are entitled to priority distributions. Similarly, upon a liquidation of any such joint venture, subject to the applicable terms of the operating agreement of such joint venture, we generally would be entitled to the applicable percentage of residual cash or other assets that remain only after repayment of all liabilities, priority distributions, and initial equity contributions. In addition, the economic interests in any joint venture may be different than our other legal interests or rights in such joint venture. We provide pro-rata financial information because we believe it assists investors and analysts in estimating our economic interest in our joint ventures when read in conjunction with our reported results under GAAP. Other companies may calculate their proportionate interest differently than we do, limiting the usefulness as a comparative measure. Due to these limitations, the non-GAAP pro-rata financial information should not be considered in isolation or as a substitute for our consolidated financial statements as reported under GAAP. Rent Recapture Rate is calculated by comparing our Pro-Rata Share of new cash rents to our Pro-Rata Share of prior cash rents for renewals to the same client and leases to new clients with at least 12 months of new term. New cash rents represent the first month of contractual monthly base rent of the new lease or renewal, multiplied by 12. If there is a rent abatement, we annualize the first monthly contractual base rent following the free rent period. Prior cash rents represent the last month of contractual monthly base rent for the most recent expiring lease, multiplied by 12. Same Store Pool, for purposes of determining the properties used to calculate our same store rental revenue, includes all properties that we owned for the entire year-to-date period, for both the current and prior year except for properties during the current or prior year that were: (i) vacant at any time, (ii) under development or redevelopment, or (iii) involved in eminent domain and rent was reduced. Same Store Rental Revenue excludes straight-line rent, the amortization of above and below-market leases, and reimbursements from clients for recoverable real estate taxes and operating expenses. For purposes of comparability, same store rental revenue is presented on a constant currency basis by applying the exchange rate as of the balance sheet date to base currency rental revenue. We present same store rental revenue on a pro-rata basis to account for our share of same store rental revenue related to unconsolidated and consolidated joint ventures. For purposes of comparability, we calculate our Pro-Rata Share using our ownership percentage as of September 30, 2026 to same store rental revenue for the three and nine months ended September 30, 2026 and 2025. - 17 -