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 strategies, the primary market risk to which we are exposed is interest rate risk. All of our outstanding loans are now indexed to the Secured Overnight Financing Rate (“SOFR”), and therefore, our primary interest rate exposure is to SOFR. We primarily use derivative financial instruments to manage interest rate risk. At June 30, 2026, we were party to six interest rate derivative agreements, pursuant to which we received variable-rate payments in exchange for making fixed-rate payments (dollars in thousands): Contract Date Effective Date Expiration Date Average Annual Effective Fixed Rate Notional Amount Operating Partnership: July 26, 2022 January 31, 2023 January 31, 2027 2.60 % $ 100,000 July 26, 2022 January 31, 2023 January 31, 2029 2.56 % 100,000 June 5, 2025 June 2, 2025 May 15, 2028 3.57 % 58,000 November 17, 2025 December 31, 2025 December 31, 2027 3.31 % 125,000 Total Operating Partnership 383,000 GIC Joint Venture: August 25, 2025 January 13, 2026 January 13, 2028 3.26 % 150,000 August 25, 2025 January 13, 2026 January 13, 2028 3.27 % 150,000 Total GIC Joint Venture 300,000 Total 3.10 % (1) $ 683,000 (1) Represents the weighted-average effective interest rate of our current interest rate swaps at June 30, 2026. At June 30, 2026, after giving effect to our interest rate derivative agreements, $700.7 million, or 50%, of our consolidated debt had fixed interest rates and $688.4 million, or 50%, had variable interest rates. At June 30, 2026, debt related to our wholly-owned properties and our pro rata share of joint venture debt has a fixed-rate debt ratio of approximately 51% of our total pro rata indebtedness when taking into consideration interest rate swaps that are currently in effect. Taking into consideration our existing interest rate swaps, an increase or decrease in interest rates of 1.0% would decrease or increase, respectively, our cash flows by approximately $6.9 million per year. See “Note 7 - Derivative Financial Instruments and Hedging” to the accompanying Condensed Consolidated Financial Statements for additional information. As our fixed-rate debts mature, they will become subject to interest rate risk. In addition, as our variable-rate debts mature, lenders may impose interest rate floors on new financing arrangements because of the low interest rates experienced a few years ago. 51