Our future income, cash flows, and estimated fair values of our financial instruments depend in part upon prevailing market interest rates. Market risk is the exposure to loss resulting from changes in interest rates, foreign currency, exchange rates, commodity prices, and equity prices. As of June 30, 2026, our primary market risk is our exposure to interest rate fluctuations in connection with any future borrowings under our $600 Million Unsecured 2022 Line of Credit and $200 million of our $400 Million Unsecured 2026 Term Loan. Many factors, including governmental monetary and tax policies, domestic and international economic and political considerations, and other factors that are beyond our control contribute to interest rate risk, including changes in the method pursuant to which SOFR rates are determined. Our interest rate risk management objectives are to limit the impact of interest rate changes on earnings and cash flow primarily through a low-to-moderate level of overall borrowings, as well as managing the portion of our outstanding debt that is subject to interest rate fluctuations. As such, all of our debt as of June 30, 2026, other than our line of credit facility and a portion of the term loan mentioned above, is currently based on fixed, or effectively fixed, interest rates to hedge against volatility in the credit markets. We may periodically enter into additional interest rate hedging arrangements to manage our interest rate exposure associated with variable-rate borrowings. The timing and amount of any future hedging activity will depend on several factors, including market conditions, our view of interest rate risk, and our overall financing strategy. We do not enter into derivative or interest rate transactions for speculative purposes. The estimated fair value of our debt was approximately $2.3 billion and $2.3 billion as of June 30, 2026 and December 31, 2025, respectively. Our interest rate swap agreements in place as of June 30, 2026 and December 31, 2025 carried a notional amount totaling $200 million and $325 million, respectively, with a weighted-average fixed interest rate of 4.94% and 5.38%, respectively. As of June 30, 2026, our total outstanding debt subject to fixed, or effectively fixed, interest rates totaled approximately $2.1 billion and had an average effective interest rate of approximately 5.57% per annum with contractual expirations, not including extension options, ranging from 2028 to 2033. A change in the market interest rate would impact the relative fair value of our fixed-rate debt portfolio but has no impact on interest incurred or cash flows for that portfolio. As of June 30, 2026, no amount was outstanding under our $600 Million Unsecured 2022 Line of Credit which has a stated variable rate of SOFR plus 1.05% per annum (based on our current credit rating as defined in the credit agreement). Additionally, the unhedged portion of our $400 Million Unsecured 2026 Term Loan currently has a stated variable rate of SOFR plus 1.15% per annum (based on our current credit rating as defined in the term loan agreement). These two facilities currently comprise our exposure to increases in interest rates, which would potentially increase our cost of debt. A 1.0% increase in variable interest rates on our existing outstanding borrowings as of June 30, 2026 would increase interest expense approximately $2.0 million on a per annum basis. 38 Table of Contents