Debt of the Operating Partnership (Tables)

6 Months Ended

Jun. 30, 2026

Debt of the Operating Partnership

Summary of Outstanding Indebtedness of the Operating Partnership

A summary of outstanding indebtedness is as follows (in thousands):

	June 30, 2026				December 31, 2025
	Weighted-				Weighted-
	average		Amount		average		Amount
	interest rate		Outstanding		interest rate		Outstanding
Global Revolving Credit Facilities	1.70	%	$	726,207	2.63	%	$	918,540
Unsecured term loans	3.08	%		428,325	2.73	%		440,475
Unsecured senior notes	2.60	%		16,019,337	2.60	%		16,321,227
Secured and other debt(1)(2)	7.49	%		1,593,735	9.02	%		876,528
Total	2.99	%	$	18,767,604	2.90	%	$	18,556,770

(1) In March 2026, we voluntarily paid down Teraco debt of $53 million. The paydown resulted in a loss on debt extinguishment and modifications of approximately $4.1 million.

(2) As part of the June 2026 Acquisition, we assumed a construction loan in the amount of $726 million. The current maturity date for the loan is December 24, 2027, and is subject to two 12-month extension options exercisable by us.

Schedule of Debt In Functional Currencies

Included in the outstanding balances were borrowings denominated in the following currencies (in thousands, U.S. dollars):

	June 30, 2026				December 31, 2025
	Amount				Amount
Denomination of Draw	Outstanding		% of Total		Outstanding		% of Total
U.S. dollar ($)	$	3,430,016	18.3	%	$	2,922,170	15.8	%
British pound sterling (£)		1,193,580	6.4	%		1,212,750	6.5	%
Euro (€)		11,804,765	62.9	%		12,199,575	65.7	%
Other		2,339,243	12.4	%		2,222,275	12.0	%
Total	$	18,767,604			$	18,556,770

Schedule of Debt Maturities and Principal Maturities

The table below summarizes debt maturities and principal payments as of June 30, 2026 (in thousands):

	Global Revolving		Unsecured		Unsecured		Secured and
	Credit Facilities (1)(2)		Term Loans(3)		Senior Notes		Other Debt		Total Debt
2026	$	—	$	428,325	$	340,176	$	56,668	$	825,169
2027		—		—		1,185,550		979,147		2,164,697
2028		—		—		2,121,100		408,815		2,529,915
2029		726,207		—		2,848,161		26,706		3,601,074
2030		—		—		1,586,060		81,225		1,667,285
Thereafter		—		—		7,938,290		41,174		7,979,464
Subtotal	$	726,207	$	428,325	$	16,019,337	$	1,593,735	$	18,767,604
Unamortized net discounts		—		—		(41,661)		—		(41,661)
Unamortized deferred financing costs		(16,451)		(644)		(70,882)		(2,617)		(90,594)
Total	$	709,756	$	427,681	$	15,906,794	$	1,591,118	$	18,635,349

(1) Includes amounts outstanding for the Global Revolving Credit Facilities.

(2) The Global Revolving Credit Facilities are subject to two six-month extension options exercisable by us; provided that the Operating Partnership must pay a 0.0625% extension fee based on each lender’s revolving commitments then outstanding (whether funded or unfunded).

(3) The €375.0 million Euro Term Loan Facility is subject to a maturity extension option of one year, provided that the Operating Partnership must pay a 0.125% extension fee based on the then outstanding principal amount of such facility commitments then outstanding. In July 2026, we exercised the one-year maturity extension option; the current maturity date is August 11, 2027.

Schedule of Unsecured Senior Notes

The following table provides details of our unsecured senior notes (balances in thousands):

	Aggregate Principal Amount at Issuance					Balance as of
	Borrowing Currency		USD		Maturity Date	June 30, 2026		December 31, 2025
0.200% notes due 2026	CHF	275,000	$	298,404	Dec 15, 2026		340,176		346,918
1.700% notes due 2027	CHF	150,000	$	162,465	Mar 30, 2027		185,550		189,228
3.700% notes due 2027(1)	$	1,000,000	$	1,000,000	Aug 15, 2027		1,000,000		1,000,000
5.550% notes due 2028(1)	$	900,000	$	900,000	Jan 15, 2028		900,000		900,000
1.125% notes due 2028	€	500,000	$	548,550	Apr 09, 2028		571,100		587,300
4.450% notes due 2028	$	650,000	$	650,000	Jul 15, 2028		650,000		650,000
0.550% notes due 2029	CHF	270,000	$	292,478	Apr 16, 2029		333,991		340,611
3.600% notes due 2029	$	900,000	$	900,000	Jul 01, 2029		900,000		900,000
3.300% notes due 2029	£	350,000	$	454,895	Jul 19, 2029		464,170		471,625
1.875% Exchangeable Notes due 2029(1)	$	1,150,000	$	1,150,000	Nov 15, 2029		1,150,000		1,150,000
1.500% notes due 2030	€	750,000	$	831,900	Mar 15, 2030		856,650		880,950
3.750% notes due 2030	£	550,000	$	719,825	Oct 17, 2030		729,410		741,125
1.250% notes due 2031	€	500,000	$	560,950	Feb 01, 2031		571,100		587,300
0.625% notes due 2031	€	1,000,000	$	1,220,700	Jul 15, 2031		1,142,200		1,174,600
1.000% notes due 2032	€	750,000	$	874,500	Jan 15, 2032		856,650		880,950
1.375% notes due 2032	€	750,000	$	849,375	Jul 18, 2032		856,650		880,950
3.750% notes due 2033	€	600,000	$	691,680	Jan 15, 2033		685,320		704,760
3.875% notes due 2033	€	850,000	$	941,375	Sep 13, 2033		970,870		998,410
3.875% notes due 2034	€	850,000	$	-	Jul 15, 2034		970,870		998,410
3.875% notes due 2035	€	850,000	$	876,180	Mar 15, 2035		970,870		998,410
4.250% notes due 2037	€	800,000	$	922,240	Nov 20, 2037		913,760		939,680
						$	16,019,337	$	16,321,227
Unamortized discounts, net of premiums							(41,661)		(46,316)
Deferred financing costs, net							(70,882)		(80,470)
Total unsecured senior notes, net of discount and deferred financing costs						$	15,906,794	$	16,194,441

(1) Subject to cross-currency swaps.