Our future income, cash flows and fair values relevant to financial instruments depend upon prevalent market interest rates. Market risk refers to the risk of loss from adverse changes in market prices and interest rates. We do not use derivatives for trading or speculative purposes and only enter into contracts with major financial institutions based on their credit ratings and other factors. Analysis of Debt between Fixed and Variable Rate We use interest rate swap agreements and fixed rate debt to reduce our exposure to interest rate movements. As of June 30, 2026, our consolidated debt was as follows (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding ​ ​ ​ Estimated Fair ​ ​ Balance Value Fixed rate debt ​ $ 14,124 ​ $ 13,553 Variable rate debt subject to interest rate swaps ​ 3,442 ​ 3,442 Total fixed rate debt (including interest rate swaps) ​ 17,566 ​ 16,995 Variable rate debt ​ 1,202 ​ 1,202 Total outstanding debt ​ $ 18,768 ​ $ 18,197 ​ Sensitivity to Changes in Interest Rates The following table shows the effect if assumed changes in interest rates occurred, based on fair values and interest expense as of June 30, 2026: ​ ​ ​ ​ ​ ​ ​ ​ Change Assumed event ​ ($ millions) Increase in fair value of interest rate swaps following an assumed 10% increase in interest rates ​ $ 1 Decrease in fair value of interest rate swaps following an assumed 10% decrease in interest rates ​ (1) Increase in annual interest expense on our debt that is variable rate and not subject to swapped interest following a 10% increase in interest rates ​ 7 Decrease in annual interest expense on our debt that is variable rate and not subject to swapped interest following a 10% decrease in interest rates ​ (7) Increase in fair value of fixed rate debt following a 10% decrease in interest rates ​ (210) Decrease in fair value of fixed rate debt following a 10% increase in interest rates ​ (197) ​ Interest risk amounts were determined by considering the impact of hypothetical interest rates on our financial instruments. These analyses do not consider the effect of any change in overall economic activity that could occur in that environment. Further, in the event of a change of that magnitude, we may take actions to further mitigate our exposure to the change. However, due to the uncertainty of the specific actions that would be taken and their possible effects, these analyses assume no changes in our financial structure. 65 Table of Contents ​ Foreign Currency Exchange Risk We are subject to risk from the effects of exchange rate movements of a variety of foreign currencies, which may affect future costs and cash flows. Our primary currency exposures are to the Euro, Japanese yen, British pound sterling, Singapore dollar, South African rand and Brazilian real. Our exposure to foreign exchange risk related to the Brazilian real is limited to the impact that currency has on our share of the Ascenty entity’s operations and financial position. We attempt to mitigate a portion of the risk of currency fluctuations by financing our investments in local currency denominations in order to reduce our exposure to any foreign currency transaction gains or losses resulting from transactions entered into in currencies other than the functional currencies of the associated entities. We also utilize cross-currency interest rate swaps, designated as net investment hedges, which effectively convert a portion of our U.S. dollar-denominated fixed-rate debt to foreign currency-denominated fixed-rate debt, to hedge the currency exposure associated with our net investment in our foreign subsidiaries. In addition, we may also hedge well-defined transactional exposures with foreign currency forwards or options, although there can be no assurances that these will be effective. As a result, changes in the relation of any such foreign currency to U.S. dollar may affect our revenues, operating margins and distributions and may also affect the book value of our assets and the amount of stockholders’ equity.