The table below reflects cash and non-cash interest expense amounts recognized by debt instrument for the periods presented:

(1)On July 23, 2026, the Company repaid the aggregate principal amount outstanding on the then existing revolving credit facility and the 2024 Term Loan. The interest rate shown reflects the interest rate that would be paid on borrowings under the new Revolving Credit Facility entered into on July 23, 2026.

(2)The 2024-2C Tower Securities has an all-in fixed rate of 4.654%, which includes the impact of the Company’s treasury lock agreement which settled upon issuance of the notes. Excluding the impact of the treasury lock agreement, the 2024-2C Tower Securities accrues interest at 5.115%. Refer to Note 17 for more information on the Company’s treasury lock agreement.

(3)Other Cash interest expense for the three and nine months ended September 30, 2026 include $2.3 million of net cash receipts related to the Company’s interest rate swap agreements. Non-cash interest expense for the three and nine months ended September 30, 2026 include a $19.0 million gain related to the de-designation of the Company’s interest rate swaps. Refer to Note 17 for more information on the Company’s interest rate swaps.

Investment Grade Senior Notes and Unsecured Revolving Credit Facility

On July 23, 2026, the Company issued an aggregate $3.5 billion of unsecured senior notes (“2026 Senior Notes”) in three tranches: $1.35 billion of 4.875% senior notes due January 15, 2030 were issued at 99.333% of par value (“2026-1 Senior Notes”), $1.35 billion of 5.150% senior notes due July 15, 2031 were issued at 99.086% of par value (“2026-2 Senior Notes”), and $0.8 billion of 5.450% senior notes due July 15, 2033 were issued at 98.924% of par value (“2026-3 Senior Notes”). Interest on the 2026 Senior Notes is payable semi-annually beginning January 15, 2027. The 2026 Senior Notes have a blended coupon rate of 5.113% and a weighted average maturity of 4.9 years. The Company incurred financing fees of $24.2 million in relation to this transaction, which are being amortized through the maturity of the 2026 Senior Notes. Net proceeds from this offering were used to repay the aggregate principal amount outstanding on the then existing revolving credit facility ($1.0 billion), the 2024 Term Loan ($2.2 billion), and for general corporate purposes. In connection with the repayments, the Company expensed $16.1 million of net deferred financing fees and $4.0 million of discount related to the then existing revolving credit facility and the 2024 Term Loan.

Concurrently with the issuance of the 2026 Senior Notes, the Company terminated its then existing senior credit agreement and entered into the new Senior Credit Agreement providing for an expanded $2.5 billion senior unsecured Revolving Credit Facility. The Revolving Credit Facility has a maturity date of July 23, 2031. Amounts borrowed under the Revolving Credit Facility accrue interest, at the Company’s election, at either (1) Term SOFR plus a margin that ranges from 75.0 basis points to 137.5 basis points or (2) the Base Rate plus a margin that ranges from 0.0 basis points to 37.5 basis points, in each case based on the Company’s credit ratings. In addition, the Company is required to pay a commitment fee of between 0.08% to 0.20% per annum on the amount of unused commitments based on the Company’s credit ratings. Based on the Company’s current credit ratings, borrowings under the Revolving Credit Facility accrue interest at Term SOFR plus 100.0 basis points and the Company is required to pay a commitment fee of 0.11% per annum on the amount of unused commitments.

Obligations under the Senior Credit Agreement are unsecured. The Senior Credit Agreement requires the Company to maintain specific financial ratios, including (1) a consolidated total net leverage ratio not to exceed 7.50 to 1.00 as of the last day of any fiscal quarter (or up to 8.00 to 1.00 for four fiscal quarters following the consummation of certain qualified acquisitions) and (2) a consolidated senior secured leverage ratio not to exceed 3.50 to 1.00 as of the last day of any fiscal quarter. The Senior Credit Agreement contains customary affirmative and negative covenants that, among other things, limit the Company’s ability to incur indebtedness, grant certain liens, merge or consolidate, make certain restricted payments, enter into transactions with affiliates, and engage in certain asset disposals. The Senior Credit Agreement is also subject to customary events of default.

The Senior Credit Agreement permits the Company, without the consent of the other lenders, to request that one or more existing or new lenders provide it with increases to the Revolving Credit Facility in an amount not to exceed $1.0 billion, provided that, after giving effect to the proposed increase to the Revolving Credit Facility commitments, the Company would be in compliance with the financial ratios described above and other customary conditions set forth in the Senior Credit Agreement.

As of September 30, 2026, the Company was in compliance with the financial covenants contained in the Senior Credit Agreement.

Commercial Paper Program

On September 25, 2026, the Company established a commercial paper program (the “Commercial Paper Program”) pursuant to which it may issue from time to time short-term, unsecured, commercial paper notes (the “CP Notes”) in an aggregate principal amount outstanding at any one time not to exceed $2.5 billion. Amounts available under the Commercial Paper Program may be borrowed, repaid and reborrowed from time to time. The maturities of the CP Notes may vary, but will not exceed 397 days from the date of issue. The proceeds of the CP Notes will be used for general corporate purposes. The CP Notes will be sold on customary terms in the U.S. commercial paper market on a private placement basis. The Commercial Paper Program is backed by unused commitments under the Revolving Credit Facility under the Senior Credit Agreement. Accordingly, outstanding borrowings under the Commercial Paper Program reduce the amount available under the Revolving Credit Facility.

Revolving Credit Facility

The key terms of the Revolving Credit Facility are as follows:

The table below summarizes the activity of the Company’s revolving credit facilities during the three and nine months ended September 30, 2026 and 2025:

As of the date of this filing, the Company had no amounts outstanding under the Revolving Credit Facility or the Commercial Paper Program.

Term Loan

2024 Term Loan

On July 23, 2026, the Company repaid the aggregate principal amount ($2.2 billion) of the 2024 Term Loan using proceeds from the issuance of the 2026 Senior Notes.