Market risk includes risks that arise from changes in interest rates, foreign currency exchange rates, commodity prices, equity prices and other market changes that affect market sensitive instruments. In pursuing our business plan, we expect that the primary market risk to which we will be exposed is foreign currency risk and, to a lesser extent, interest rate risk. We may enter into derivative financial instruments such as foreign currency forward derivatives in order to mitigate foreign currency risks. We have significant exposure related to the $700.0 million CAD, or approximately $492.3 million USD as of June 30, 2026, of Canadian Dollar denominated senior unsecured notes issued by our Operating Partnership. From an economic perspective, we believe the fair value of the net equity in our foreign subsidiaries generally acts as a partial natural hedge. However, from a U.S. GAAP perspective, we will experience foreign currency gains/losses related to changes in the Canadian Dollar related to such exposure. We have not and currently do not plan to enter into derivative or interest rate transactions for speculative purposes. We may be exposed to the effects of interest rate changes primarily as a result of borrowings used to maintain liquidity and fund acquisition, expansion, and financing of our real estate investment portfolio and operations. Our interest rate risk management objectives will be to limit the impact of interest rate changes on earnings and cash flows and to lower overall borrowing costs. To achieve our objectives, we may borrow at fixed rates or variable rates. We may also enter into derivative financial instruments such as interest rate swaps and caps in order to mitigate our interest rate risk on a related financial instrument. 93 As of June 30, 2026, our net debt was approximately $1,119.6 million, which included approximately $1,020.7 million in fixed rate debt and approximately $103.9 million in variable rate debt, less approximately $3.6 million in net debt issuance costs and approximately $1.4 million in net debt discount. As of June 30, 2026, we had outstanding approximately $585.6 million USD equivalent debt denominated in Canadian Dollars. See Note 7 – Debt of the Notes to the Consolidated Financial Statements for more information about our indebtedness. As of December 31, 2025, our net debt was approximately $1,098.2 million, which included approximately $1,044.5 million in fixed rate debt and approximately $59.8 million in variable rate debt, less approximately $4.4 million in net debt issuance costs and approximately $1.7 million in net debt discount. As of December 31, 2025, we had outstanding approximately $608.3 million USD equivalent debt denominated in Canadian Dollars. Changes in interest rates have different impacts on fixed and variable debt. A change in interest rates on fixed rate debt impacts its fair value but has no impact on interest incurred or cash flows. A change in interest rates on variable debt could impact the interest incurred and cash flows and its fair value. If the underlying rate of the related index on our variable rate debt were to increase by 100 basis points, the increase in interest would decrease future earnings and cash flows by approximately $1.0 million annually. We have significant foreign exchange risk related to our Canadian dollar denominated debt issued by our Operating Partnership. Based on the balances as of June 30, 2026, an assumed 1%, 5% and 10% adverse change to foreign exchange rates on such debt would result in an immediate non-cash translation loss of approximately $4.9 million, $24.6 million and $49.2 million, respectively, recorded to other, net in our consolidated statements of operations. Interest rate risk amounts were determined by considering the impact of hypothetical interest rates on our financial instruments. These analyses do not consider the effect of any change in overall economic activity that could occur. Further, in the event of a change of that magnitude, we may take actions to further mitigate our exposure to the change. However, due to the uncertainty of the specific actions that would be taken and their possible effects, these analyses assume no changes in our financial structure. The following table summarizes annual debt maturities and average interest rates on our outstanding debt as of June 30, 2026 (in thousands): 2026 (1) 2027 2028 2029 2030 (1) Thereafter Total Fixed rate debt $ 90,976 $ 44,124 $ 442,483 $ 104,289 $ 181,464 $ 157,338 $ 1,020,674 Average interest rate (2) 4.36 % 4.37 % 4.44 % 4.18 % 4.29 % N/A Variable rate debt $ — $ — $ — $ — $ 103,923 $ — $ 103,923 Average interest rate (2) 4.73 % 4.73 % 4.73 % 4.73 % 4.73 % N/A (1)Subsequent to June 30, 2026, we fully repaid the KeyBank CMBS Loan with proceeds from our Credit Facility. As a result, $86.4 million of fixed rate debt due in 2026 above is subsequently now variable rate debt due in 2030. (2)The interest rates for fixed rate debt were calculated based upon the contractual rate and the interest rates on variable rate debt was calculated based on the rate in effect on June 30, 2026. Debt denominated in a foreign currency has been converted based on the foreign exchange rate in effect as of June 30, 2026. As a result of fluctuations in currency exchange, our cash flows and results of operations could be affected. Currently, our only foreign exchange rate risk comes from the Canadian Dollar (“CAD”) due primarily to our Canadian properties and Canadian denominated debt financing. With respect to the Canadian debt issued and serviced by our Canadian properties, the properties generate all of their revenues and expend essentially all of their operating expenses, including third party CAD-denominated debt service costs as applicable, thus significantly reducing the foreign currency risk. 94