| Schedule III - Real Estate and Accumulated Depreciation |
As of December 31, 2025 (in millions) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Initial Costs to Company (1) | | Costs Capitalized Subsequent to Acquisition or Lease (2) | | Total Costs | | | | Encumbrances | | Land | | Buildings and Improvements (3) | | Land | | Buildings and Improvements (3) | | Land | | Buildings and Improvements (3) | | Accumulated Depreciation (4) | | Date of Acquisition or Lease (5) | | Americas: | | | | | | | | | | | | | | | | | | | Brazil | $— | | $21 | | $156 | | $12 | | $601 | | $33 | | $757 | | $(279) | | 2011 - 2025 | | Canada | 18 | | 32 | | 583 | | 138 | | 714 | | 170 | | 1,297 | | (369) | | 2010 - 2022 | | Chile | — | | 5 | | 52 | | — | | 93 | | 5 | | 145 | | (24) | | 2022 | | Colombia | — | | 4 | | 9 | | 2 | | 87 | | 6 | | 96 | | (17) | | 2017 - 2021 | | Mexico | — | | 7 | | 146 | | — | | 195 | | 7 | | 341 | | (55) | | 2020 - 2025 | | Peru | — | | 5 | | 9 | | — | | 9 | | 5 | | 18 | | (3) | | 2022 | | United States Metros: | | | | | | | | | | | | | | | | | | | Atlanta | — | | 5 | | 20 | | — | | 334 | | 5 | | 354 | | (145) | | 2010 - 2017 | | Boston | — | | 3 | | 30 | | — | | 46 | | 3 | | 76 | | (28) | | 2017 | | Chicago | — | | 14 | | 203 | | — | | 838 | | 14 | | 1,041 | | (387) | | 1999 - 2025 | | Culpeper | — | | 4 | | 151 | | 1 | | 86 | | 5 | | 237 | | (110) | | 2017 | | Dallas | — | | 25 | | 374 | | 72 | | 1,123 | | 97 | | 1,497 | | (455) | | 2000 - 2018 | | Denver | — | | 5 | | 23 | | — | | 56 | | 5 | | 79 | | (38) | | 2010 - 2017 | | Houston | — | | 1 | | 24 | | — | | 42 | | 1 | | 66 | | (27) | | 2017 | | Los Angeles | — | | 27 | | 207 | | 4 | | 254 | | 31 | | 461 | | (286) | | 1999 - 2017 | | Miami | — | | 24 | | 150 | | — | | 348 | | 24 | | 498 | | (202) | | 2010 - 2017 | | New York | — | | 2 | | 116 | | 65 | | 2,097 | | 67 | | 2,213 | | (944) | | 1999 - 2017 | | Philadelphia | — | | — | | — | | — | | 49 | | — | | 49 | | (30) | | 2010 | | Seattle | — | | 4 | | 15 | | — | | 248 | | 4 | | 263 | | (145) | | 2010 - 2017 | | Silicon Valley | — | | 35 | | 267 | | 15 | | 1,155 | | 50 | | 1,422 | | (690) | | 1999 - 2019 | | Washington, D.C. | — | | 18 | | 510 | | 7 | | 1,747 | | 25 | | 2,257 | | (776) | | 1999 - 2025 | Others (6) | — | | 188 | | 70 | | 248 | | 759 | | 436 | | 829 | | (53) | | Various | | | | | | | | | | | | | | | | | | | | EMEA: | | | | | | | | | | | | | | | | | | | Bulgaria | — | | 3 | | 5 | | — | | 39 | | 3 | | 44 | | (13) | | 2016 - 2017 | | Côte d'Ivoire | — | | — | | 1 | | — | | 6 | | — | | 7 | | (2) | | 2022 | | Finland | — | | 7 | | 61 | | 9 | | 175 | | 16 | | 236 | | (113) | | 2016 - 2018 | | France | — | | 3 | | 61 | | 25 | | 1,104 | | 28 | | 1,165 | | (465) | | 2007 - 2021 | | Germany | — | | 45 | | 151 | | 52 | | 2,156 | | 97 | | 2,307 | | (696) | | 2000 - 2021 | | Ghana | — | | — | | 1 | | — | | 7 | | — | | 8 | | (3) | | 2022 | | Ireland | — | | 3 | | 110 | | 13 | | 136 | | 16 | | 246 | | (92) | | 2016 - 2025 | | Italy | — | | 6 | | 23 | | 5 | | 242 | | 11 | | 265 | | (77) | | 2016 - 2020 | | Nigeria | — | | 1 | | 15 | | — | | 61 | | 1 | | 76 | | (10) | | 2022 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Initial Costs to Company (1) | | Costs Capitalized Subsequent to Acquisition or Lease (2) | | Total Costs | | | | Encumbrances | | Land | | Buildings and Improvements (3) | | Land | | Buildings and Improvements (3) | | Land | | Buildings and Improvements (3) | | Accumulated Depreciation (4) | | Date of Acquisition or Lease (5) | | Poland | — | | 2 | | 11 | | 1 | | 124 | | 3 | | 135 | | (50) | | 2016 - 2017 | | Portugal | — | | 2 | | 64 | | 3 | | 45 | | 5 | | 109 | | (14) | | 2017 - 2025 | | South Africa | — | | — | | — | | — | | 11 | | — | | 11 | | (2) | | 2024 | | Spain | — | | 8 | | 110 | | 23 | | 235 | | 31 | | 345 | | (127) | | 2017 - 2022 | | Sweden | — | | — | | 95 | | 4 | | 228 | | 4 | | 323 | | (114) | | 2016 | | Switzerland | — | | — | | 11 | | 9 | | 511 | | 9 | | 522 | | (199) | | 2002 - 2009 | | The Netherlands | — | | 7 | | 183 | | 4 | | 971 | | 11 | | 1,154 | | (536) | | 2008 - 2019 | | Turkey | — | | 4 | | 99 | | — | | 54 | | 4 | | 153 | | (24) | | 2017 | | United Arab Emirates | — | | 7 | | — | | — | | 309 | | 7 | | 309 | | (126) | | 2008 - 2020 | | United Kingdom Metros | | | | | | | | | | | | | | | | | | | London | — | | — | | 368 | | 63 | | 1,660 | | 63 | | 2,028 | | (734) | | 2000 - 2018 | | Manchester | — | | 4 | | 59 | | — | | 213 | | 4 | | 272 | | (91) | | 2016 - 2020 | Others (6) | — | | 55 | | 15 | | 1,065 | | 638 | | 1,120 | | 653 | | (65) | | Various | | | | | | | | | | | | | | | | | | | | Asia-Pacific: | | | | | | | | | | | | | | | | | | | Australia | — | | 110 | | 248 | | 89 | | 1,178 | | 199 | | 1,426 | | (539) | | 2003 - 2020 | | China | — | | — | | 105 | | — | | 864 | | — | | 969 | | (556) | | 2003 - 2017 | | India | — | | 35 | | 163 | | 15 | | 78 | | 50 | | 241 | | (32) | | 2021 - 2025 | | Indonesia | — | | — | | 58 | | — | | 10 | | — | | 68 | | (3) | | 2025 | | Japan | — | | — | | 508 | | — | | 1,065 | | — | | 1,573 | | (568) | | 2000 - 2025 | | Malaysia | — | | 3 | | 68 | | — | | 77 | | 3 | | 145 | | (12) | | 2023 - 2024 | | Philippines | — | | 7 | | — | | — | | 35 | | 7 | | 35 | | (2) | | 2025 | | Singapore | — | | — | | 90 | | — | | 1,579 | | — | | 1,669 | | (766) | | 2003 - 2019 | | South Korea | — | | — | | 51 | | — | | 36 | | — | | 87 | | (41) | | 2019 - 2024 | Others (6) | — | | — | | 2 | | 72 | | 421 | | 72 | | 423 | | (35) | | Various | | TOTAL LOCATIONS | $18 | | $741 | | $5,851 | | $2,016 | | $25,149 | | $2,757 | | $31,000 | | $(11,170) | | |
(1) The initial cost was $0 if the lease of the respective IBX was classified as an operating lease. (2) Costs capitalized subsequent to acquisition or lease are net of impairments and include the impact of allocations between land and buildings and improvements following the purchase of previously leased assets. (3) Buildings and improvements include all fixed assets except for land. (4) Buildings and improvements are depreciated on a straight-line basis over estimated useful lives as described in Note 1 within the Consolidated Financial Statements. (5) Date of lease or acquisition represents the date we leased the facility or acquired the facility through purchase or acquisition. (6) Includes various IBXs that are under initial development and costs incurred at certain central locations supporting various IBX functions. The aggregate gross cost of our properties for federal income tax purpose approximated $39.0 billion (unaudited) as of December 31, 2025. The following table reconciles the historical cost of our properties for financial reporting purposes for each of the years ended December 31, 2025, 2024 and 2023 (in millions): | | | | | | | | | | | | | | | | | | | 2025 | | 2024 | | 2023 | | Gross Fixed Assets: | | | | | | | Balance, beginning of period | $ | 27,909 | | | $ | 26,614 | | | $ | 23,803 | | | Additions (including acquisitions and improvements) | 4,989 | | | 3,266 | | | 3,117 | | | Disposals | (339) | | | (626) | | | (589) | | Impairment charges (1) | (101) | | | (302) | | | — | | | Foreign currency translation adjustments and others | 1,299 | | | (1,043) | | | 283 | | | Balance, end of year | $ | 33,757 | | | $ | 27,909 | | | $ | 26,614 | | | | | | | | | Accumulated Depreciation: | | | | | | | Balance, beginning of period | $ | (9,639) | | | $ | (9,089) | | | $ | (8,095) | | | Additions (depreciation expense) | (1,464) | | | (1,413) | | | (1,317) | | | Disposals | 333 | | | 317 | | | 413 | | Impairment charges (1) | 57 | | | 186 | | | — | | | Foreign currency translation adjustments and others | (457) | | | 360 | | | (90) | | | Balance, end of year | $ | (11,170) | | | $ | (9,639) | | | $ | (9,089) | |
(1) Refer to Note 17 within the Consolidated Financial Statements.
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