Credit Facilities and Commercial Paper Programs

6 Months Ended

Jun. 30, 2026

Credit Facilities and Commercial Paper Programs

Debt

Debt

Credit Facilities and Commercial Paper Programs

A.RI Credit Facilities

We have $4.0 billion unsecured multicurrency revolving credit facilities, which include (a) a $2.0 billion unsecured

multicurrency revolving credit facility, consisting of two tranches, that will mature in April 2027 and (b) a $2.0 billion

unsecured multicurrency revolving credit facility, consisting of two tranches, that will mature in April 2029

(collectively, the “RI Credit Facilities”). The RI Credit Facilities also include two six-month extensions for each facility,

which can be exercised at our option.

The RI Credit Facilities allow us to borrow (a) under the two-year revolving credit facility (i) in up to four currencies

(including USD) under a $1.5 billion tranche thereunder and (ii) in up to 15 currencies (including USD) under a

$500.0 million tranche thereunder, and (b) under the four-year revolving credit facility (i) in up to four currencies

(including USD) under a $1.5 billion tranche thereunder and (ii) in up to 15 currencies (including USD) under a

$500.0 million tranche thereunder. The aggregate capacity of the RI Credit Facilities can be increased to up to $5.0

billion pursuant to an accordion expansion feature, which is subject to obtaining lender commitments.

Under the RI Credit Facilities, our investment grade credit ratings as of June 30, 2026 provide for (i) USD

borrowings at the Secured Overnight Financing Rate (“SOFR”) plus 0.725% and (ii) British Pound Sterling ("GBP")

borrowings at the Sterling Overnight Indexed Average (“SONIA”) plus 0.725%, and (iii) Euro ("EUR") borrowings at

Euro Interbank Offered Rate (“EURIBOR”) plus 0.725%. A revolving credit facility commitment fee of 0.125% is

payable on the total commitment amount. The credit agreement also provides flexibility to elect different interest rate

tenors or daily rate options for each currency tranche.

As of June 30, 2026, we had a borrowing capacity of $3.0 billion available on our RI Credit Facilities (subject to

customary conditions to borrowing) and an outstanding balance of $1.0 billion, including £189.0 million GBP and

€692.0 million EUR borrowings. As of December 31, 2025, we had a borrowing capacity of $2.7 billion and an

outstanding balance of $1.3 billion, including £597.0 million GBP and €444.0 million EUR borrowings.

The weighted average interest rate on outstanding borrowings under our RI Credit Facilities was 3.3% during the six

months ended June 30, 2026. The weighted average interest rate on outstanding borrowings was 4.3% during the

six months ended June 30, 2025. As of June 30, 2026, the weighted average interest rate on outstanding

borrowings under our RI Credit Facilities was 3.3%.

As of June 30, 2026, origination costs of $14.3 million for RI Credit Facilities are included in 'Other assets, net', as

compared to $19.0 million as of December 31, 2025, on our consolidated balance sheets. These costs are being

amortized over the remaining term of our RI Credit Facilities.

In July 2026, we amended our RI Credit Facilities. For further details, see note 19, Subsequent Events.

B.Fund Credit Facilities

The Fund has a $1.38 billion unsecured credit facility, which provides for (a) up to $1.0 billion unsecured revolving

credit facility and (b) up to $380.0 million unsecured delayed draw term loan (collectively, the “Fund Credit

Facilities”). During the second quarter of 2026, the Fund drew all $380.0 million available under its unsecured

delayed draw term loan and used the proceeds to repay borrowings under its unsecured revolving credit facility. For

further details on the delayed draw term loan, see note 7, Term Loans. The revolving credit facility under the Fund

Credit Facilities matures in April 2029 and includes two six-month extensions, which can be exercised at our option.

The amount under the unsecured revolving credit facility can be increased to up to $2.0 billion pursuant to an

accordion expansion feature, which is subject to obtaining lender commitments.

Borrowings under the unsecured revolving credit facility bear interest at one-month term SOFR plus 1.050%. A

revolving credit facility commitment fee of 0.150% is payable on the total commitment amount.

As of June 30, 2026, we had available borrowing capacity of $718.5 million under our unsecured revolving credit

facility (subject to customary conditions to borrowing) and an outstanding balance of $281.5 million. As of December

31, 2025, we had available borrowing capacity under our Fund Credit Facilities of $1.2 billion and an outstanding

balance of $182.0 million, which included the delayed draw term loan until fully drawn in the second quarter of 2026.

The weighted average interest rate on outstanding borrowings under our unsecured revolving credit facility was

4.8% during the six months ended June 30, 2026. As of June 30, 2026, the weighted average interest rate on

outstanding borrowings under our unsecured revolving credit facility was 4.7%.

As of June 30, 2026, origination costs of $5.3 million for the unsecured revolving credit facility are included in 'Other

assets, net' as compared to $6.2 million as of December 31, 2025, on our consolidated balance sheets, and are

being amortized over the remaining term of the facility. Prior to the second quarter of 2026, origination costs related

to the Fund Credit Facilities included costs for the delayed draw term loan.

C.Commercial Paper Programs

We have a USD-denominated unsecured commercial paper program, under which we may issue unsecured

commercial paper notes up to a maximum aggregate amount outstanding of $1.5 billion, as well as a EUR-

denominated unsecured commercial paper program, which permits us to issue additional unsecured commercial

notes up to a maximum aggregate amount of $1.5 billion (or foreign currency equivalent). Our EUR-denominated

unsecured commercial paper program may be issued in USD or various foreign currencies, including but not limited

to, EUR, GBP, Swiss Francs, Yen, Canadian Dollars, and Australian Dollars, in each case, pursuant to customary

terms in the European commercial paper market.

The commercial paper ranks pari passu in right of payment with all of our other unsecured senior indebtedness

outstanding, exclusive of unexchanged bonds from our merger with VEREIT, Inc. in 2021 and unexchanged Spirit

Realty Capital, Inc. (“Spirit”) bonds, including borrowings under our revolving credit facilities, our term loans and our

outstanding senior unsecured notes (and is structurally subordinated to all our subsidiary debt). Proceeds from

commercial paper borrowings are used for general corporate purposes.

As of June 30, 2026, the balance of borrowings outstanding under our commercial paper programs totaled $1.4

billion, including $961.1 million of USD borrowings and €421.0 million of EUR borrowings, compared to

$516.8 million outstanding commercial paper borrowings, including €407.0 million of EUR borrowings and $39.0

million of USD borrowings, as of December 31, 2025. The weighted average interest rate on outstanding borrowings

under our commercial paper programs was 3.0% for each of the six months ended June 30, 2026 and 2025. We

use our revolving credit facilities as a liquidity backstop for the repayment of the notes issued under the commercial

paper programs. The commercial paper borrowings generally carry a term of less than a year.

In July 2026, we amended our USD-denominated and EUR-denominated unsecured commercial paper programs.

For further details, see note 19, Subsequent Events.

D.Financial Covenants

Our credit facilities are subject to various leverage and interest coverage ratio limitations, and as of June 30, 2026,

we were in compliance with the covenants under our credit facilities.