Business Description

Our Company We are a REIT formed in 1995 under the laws of the State of Maryland. As of December 31, 2025, we owned 760 service-focused retail net lease properties with an aggregate of 13,601,902 square feet located in 42 states and 94 hotels with an aggregate of 21,243 rooms or suites located in 31 states, the District of Columbia, Ontario, Canada, and San Juan, Puerto Rico. Our principal place of business is Two Newton Place, 255 Washington Street, Suite 300, Newton, Massachusetts 02458-1634, and our telephone number is (617) 964-8389. We seek to have a geographically diverse portfolio of real estate primarily in the United States. Our principal internal growth strategy is to actively manage our net lease portfolio by engaging in early lease renewal discussions to maintain occupancy and grow rental income while simultaneously monitoring the credit of our tenants and identifying asset recycling opportunities. We apply asset management strategies to aid our hotel operators in improving performance and operating income of our hotel properties. Our asset management teams also work closely with our tenants and managers to ensure our net lease properties and hotels are well maintained and that capital investments are well planned, prudent and executed efficiently in order to maximize the long term value of our properties. During 2025, we sold 112 hotels with a total of 14,631 keys and we acquired 29 net lease properties with a total of 283,759 square feet. We are currently marketing additional hotels for sale and may acquire additional net lease properties as part of our initiative to re-balance our portfolio. Our external growth strategy is defined by our acquisition, disposition and financing policies as described below. Our investment, financing and disposition policies and business strategies are established by our Board of Trustees and may be changed by our Board of Trustees at any time without shareholder approval. Net Lease Portfolio As of December 31, 2025, we owned 760 service-focused retail net lease properties with an aggregate of 13,601,902 square feet. As of December 31, 2025, our net lease portfolio was occupied by 181 tenants with a weighted average (by annual minimum rent) lease term of 7.4 years, operating under 140 brands in 21 distinct industries. Our net lease portfolio is leased to tenants that include travel centers, quick service restaurants, health and fitness centers, casual dining restaurants, grocery stores, medical and dental offices, automotive parts and services, and other businesses in service-focused and necessity-based industries across 42 states. The following table summarizes the brand affiliation and industries under which our net lease properties operate as of December 31, 2025 (dollars in thousands): 1 Table of Contents Brand Industry No. of Properties Square Feet Annualized Minimum Rent (1) Investment (2) 1. TravelCenters of America Inc. Travel Centers 131 3,683,923 $ 180,329 $ 2,254,950 2. Petro Stopping Centers Travel Centers 44 1,367,802 83,933 1,015,156 3. The Great Escape Home Goods and Leisure 14 542,666 7,711 98,242 4. Life Time Fitness Health and Fitness 3 420,335 6,347 92,617 5. Buehler's Fresh Foods Grocery Stores 5 502,727 6,223 76,469 6. Heartland Dental Medical, Dental Office 59 234,274 5,159 61,120 7. Pizza Hut Restaurants - Quick Service 45 179,216 4,353 54,248 8. Express Oil Change Automotive Equipment and Services 23 83,825 3,717 49,724 9. Norms Restaurants - Casual Dining 10 63,490 3,430 53,673 10. Flying J Travel Plaza Travel Centers 3 48,069 3,312 41,681 11. America's Auto Auction Automotive Dealers 6 72,338 3,216 38,314 12. Fleet Farm General Merchandise Stores 1 218,248 2,894 37,802 13. Big Al's Entertainment 2 111,912 2,569 35,214 14. AMC Theatres Movie Theaters 5 251,166 2,426 57,450 15. Mister Car Wash Car Washes 5 41,456 2,303 28,658 16. B&B Theatres Movie Theaters 4 261,300 2,260 37,619 17. Martin's Restaurants - Quick Service 16 81,909 2,252 32,017 18. Popeye's Restaurants - Quick Service 20 45,708 2,058 28,434 19. Courthouse Athletic Club Health and Fitness 4 193,659 1,954 39,688 20. Burger King Restaurants - Quick Service 17 55,127 1,941 29,204 21. Hardee's Restaurants - Quick Service 15 49,958 1,764 24,919 22. Church's Chicken Restaurants - Quick Service 32 43,399 1,763 26,326 23. KinderCare Educational Services 3 61,276 1,760 22,041 24. Regal Cinemas Movie Theaters 4 186,406 1,758 29,659 25.…