Material Event (Form 8-K)

Senior Secured Notes Transaction

On September 26, 2025, we completed a private offering of $375,000,000 in aggregate principal amount of our 7.250% senior secured notes due 2030, or the Notes. The net proceeds from the offering were approximately $365.9 million, after deducting estimated discounts and commissions to the initial purchasers and other estimated fees and expenses. We used a portion of the net proceeds to fund the partial redemption of our senior secured notes due 2026, or the 2026 Notes, as further described below, and intend to use the remaining net proceeds to pay fees and expenses associated with such redemption and for general business purposes.

After purchasing the Notes from us, the initial purchasers offered and sold the Notes only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended, or the Securities Act, and outside the United States to non-United States persons in compliance with Regulation S under the Securities Act. The Notes have not been registered under the Securities Act or under any state securities law and may not be offered or sold in the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws.

The Notes are fully and unconditionally guaranteed (i) on a joint, several and senior secured basis, by certain of our subsidiaries that own 36 fee-owned real properties located in the United States, and (ii) on a joint, several and unsecured basis, by all of our subsidiaries that guarantee the 2026 Notes on an unsecured basis and all of our subsidiaries that currently guarantee our 4.375% senior notes due 2031, or such guarantors collectively, the Subsidiary Guarantors. The Notes and the guarantees provided by the Subsidiary Guarantors that own the 36 real properties are secured by a first-priority lien and security interest on 100% of the equity interests in each such Subsidiary Guarantor.

The Notes and the guarantees thereof were issued under our indenture, dated as of September 26, 2025, or the Indenture, among us, the Subsidiary Guarantors and U.S. Bank Trust Company, National Association, as trustee and collateral agent.

We may redeem some or all of the Notes at the redemption prices and on the terms specified in the Indenture. The Notes are subject to certain restrictive financial and operating covenants, including covenants that restrict our ability to incur debts in excess of calculated amounts, that require us to maintain certain financial ratios and that restrict certain activities of the Subsidiary Guarantors that own the 36 real properties.

The foregoing description of the Notes is not complete and is subject to and qualified in its entirety by reference to the copy of the Indenture attached hereto as Exhibit 4.1, which is incorporated by reference herein.

2026 Notes Redemption

In connection with the closing of the offering of the Notes, on September 26, 2025, we redeemed a portion of the outstanding 2026 Notes for a redemption price equal to the principal amount of approximately $307.0 million.

Warning Concerning Forward-Looking Statements

This Current Report on Form 8-K contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. Also, whenever we use words such as "believe," "expect," "anticipate," "intend," "plan," "estimate," "will," "may" and negatives or derivatives of these or similar expressions, we are making forward-looking statements. These forward-looking statements are based upon our present intent, beliefs or expectations, but forward-looking statements are not guaranteed to occur and may not occur. Actual results may differ materially from those contained in or implied by our forward-looking statements as a result of various factors. For example, the current intentions with respect to the use of remaining net proceeds from the offering of the Notes may not occur when or as expected or at all.