Risk Factors Update Summary

• Added properties in Pennsylvania to the portfolio, increasing exposure to economic cycles and risks.
• A termination fee of up to four times the compensation paid to the Advisor could be incurred.
• Cash distributions on common stock not paid since 2020, uncertainty on future payments.
• The Estimated Per-Share NAV will be adjusted from early April 2023 to late March 2024.
• Cybersecurity measures and training are continuously developed to mitigate unauthorized access risks.
• Increased total outstanding indebtedness to $1.2 billion as of December 31, 2023.
• The limit on share ownership reduced from 9% to 10% to prevent a change in control.
• Stockholder rights plan adopted in December 2020 could make acquisition more challenging.
• Estimated Per-Share NAV to be updated in late March 2024, based on subjective judgments.
• A transition fee of up to 4.5 times the compensation paid to the Advisor may be required.
• Compliance with REIT requirements may force the company to forgo attractive investment opportunities.
• Increased borrowing costs on variable-rate debt due to the rise in the federal funds rate.
• Transitioning from LIBOR to SOFR, monitoring risks related to changes in LIBOR availability.
• Increased borrowing costs on variable-rate debt due to the rise in the federal funds rate.