Risk Factors Update Summary

• The company may be unable to integrate operations post-merger, affecting synergies and benefits realization.
• Future sales of Common Stock by selling stockholders affiliated with AR Global total 35,339,062 shares.
• Focus on disposing properties to reduce existing indebtedness, with $405.2 million of indebtedness incurred.
• Ownership limit reduced from 9.8% to 8.8% to prevent control change, affecting stockholder rights.
• The interest rate on borrowings increased from 2.7% to 6.0%, impacting borrowing costs.
• Board declassification process initiated, with full declassification expected by 2025 annual meeting.
• Approximately $249.5 million of debt matures in 2023, affecting financial obligations.
• The company relies on distributions from subsidiaries to pay obligations, with $2.4 billion of total gross indebtedness.
• The company faces risks related to stockholder activism, proxy contests, and potential stock price volatility.
• The company may issue equity securities, including Common Stock and Preferred Stock, impacting stock prices.