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−Removed: (a) Fixed rate debt consisted of:
−Removed: Securities issued in the Trust Securitizations;
−Removed: Securities issued in the 2015 Securitization;
−Removed: our senior unsecured notes (see note 8 to our consolidated financial statements included in this Annual Report for a detailed description of all such senior unsecured notes);
−Removed: and other debt including finance leases.
−Removed: (b) Variable rate debt consisted of the 2021 Term Loan, which matures on January 31, 2027.
+Added: (a) Fixed rate debt consisted of (i) Securities issued in the Trust Securitization, (ii) our senior unsecured notes (see note 8 to our consolidated financial statements included in this Annual Report for a detailed description of all such senior unsecured notes) and (iii) other debt, including finance leases.
+Added: (b) Variable rate debt consisted of (i) the 2021 Multicurrency Credit Facility, which matures on January 28, 2028, (ii) the 2021 Term Loan, which matures on January 28, 2028, (iii) the CoreSite DE1 Note and (iv) the Bangladesh Term Loan.
(c) Based on rates effective as of December 31, 2025.
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Changes in interest rates can cause interest charges to fluctuate on our variable rate debt.
−Removed: Variable rate debt as of December 31, 2024 consisted of $1.0 billion under the 2021 Term Loan.
+Added: Variable rate debt as of December 31, 2025 primarily consisted of $380.0 million under the 2021 Multicurrency Credit Facility, $1.0 billion under the 2021 Term Loan, $4.0 million under the CoreSite DE1 Note and $1.2 million under the Bangladesh Term Loan.
A 10% increase in current interest rates would result in an additional $6.7 million of interest expense for the year ended December 31, 2025.
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For the year ended December 31, 2025, 31% of our revenues and 40% of our total operating expenses were denominated in foreign currencies.
−Removed: As of December 31, 2024, we have incurred intercompany debt that is not considered to be permanently reinvested, and similar unaffiliated balances that were denominated in a currency other than the functional currency of the subsidiary in which it is
+Added: As of December 31, 2025, we have incurred intercompany debt that is not considered to be permanently reinvested, and similar unaffiliated balances that were denominated in a currency other than the functional currency of the subsidiary in which it is recorded.
As this debt had not been designated as being a long-term investment in nature, any changes in the foreign currency exchange rates will result in unrealized gains or losses, which will be included in our determination of net income.
An adverse change of 10% in the underlying exchange rates of our unsettled intercompany debt and similar unaffiliated balances would result in $12.6 million of unrealized losses that would be included in Other expense in our consolidated statements of operations for the year ended December 31, 2025.
−Removed: As of December 31, 2024, we have 7.5 billion EUR (approximately $7.8 billion) denominated debt outstanding.
−Removed: An adverse change of 10% in the underlying exchange rates of our outstanding EUR debt would result in $0.9 billion of foreign currency losses that would be included in Other expense in our consolidated statements of operations for the year ended December 31, 2024.
+Added: As of December 31, 2025, we have 7.5 billion EUR (approximately $8.8 billion) denominated debt outstanding, of which approximately 4.7 billion EUR (approximately $5.5 billion) is designated as a non-derivative net investment hedge.
+Added: An adverse change of 10% in the underlying exchange rates of our outstanding EUR debt not designated as a non-derivative net investment hedge would result in $0.4 billion of foreign currency losses that would be included in Other expense in our consolidated statements of operations for the year ended December 31, 2025.
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.