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Digital Realty

Digital RealtyDLREarnings & Financial Report

NYSE · Real Estate · Data Center REITs

Digital Realty is a real estate investment trust that owns, operates and invests in carrier-neutral data centers across the world. The company offers data center, colocation, and interconnection services.

What changed in Digital Realty's 10-K — 2024 vs 2025

Top changes in Digital Realty's 2025 10-K

329 paragraphs added · 325 removed · 262 edited across 8 sections

Item 1. Business

Business — how the company describes what it does

56 edited+15 added−11 removed77 unchanged
We use our in-depth knowledge of requirements for trends impacting cloud and information technology service providers, content providers, network and communications providers, and other data center users, including enterprise customers, to market our data centers to meet these customers’ specific technology needs. Our customers are increasingly launching multi-regional deployments and growing with us globally.
We use our in-depth knowledge of requirements for and trends impacting cloud and information technology service providers, content providers, network and communications providers, and other data center users, including enterprise customers, to market our data centers to meet these customers’ specific technology needs. Our customers are increasingly launching multi-regional deployments and growing with us globally.
We continue to align our ESG Report with the recommendations of the Task Force on Climate-related Financial Disclosures to disclose specific climate-related financial risks and opportunities, mitigation strategies, and associated metrics and targets. ​ Competition We compete with numerous data center providers globally, many of whom own or operate properties similar to ours in some of the same metropolitan areas where our data centers are located, including Equinix, Inc. and NTT; various private operators in the U.S.; as well as Global Switch Holdings Limited and various regional operators in Europe, Asia, Latin America, Africa and Australia.
We continue to align our Impact Report with the recommendations of the Task Force on Climate-related Financial Disclosures to disclose specific climate-related financial risks and opportunities, mitigation strategies, and associated metrics and targets. ​ Competition We compete with numerous data center providers globally, many of whom own or operate properties similar to ours in some of the same metropolitan areas where our data centers are located, including Equinix, Inc. and NTT; various private operators in the U.S.; as well as Global Switch Holdings Limited and various regional operators in Europe, Asia, Latin America, Africa and Australia.
See "We face significant competition, which may adversely affect the occupancy and rental rates of our data centers." in Item 1A. Risk Factors. Regulation General Our properties are subject to various laws, ordinances and regulations, including regulations relating to common areas. We believe each of our properties as of December 31, 2024 has the necessary permits and approvals to operate.
See "We face significant competition, which may adversely affect the occupancy and rental rates of our data centers." in Item 1A. Risk Factors. Regulation General Our properties are subject to various laws, ordinances and regulations, including regulations relating to common areas. We believe each of our properties as of December 31, 2025 has the necessary permits and approvals to operate.
Drive Revenue Growth and Operating Efficiencies. We aggressively manage our properties to maximize cash flow and control costs by leveraging our scale to drive operating efficiencies. Leverage Strong Industry Relationships. Our global market leadership position and strong industry relationships provide us with a unique vantage point to detect and capitalize on secular trends as they emerge globally.
We aggressively manage our properties to maximize cash flow and control costs by leveraging our scale to drive operating efficiencies. Leverage Strong Industry Relationships. Our global market leadership position and strong industry relationships provide us with a unique vantage point to detect and capitalize on secular trends as they emerge globally.
In addition, as of December 31, 2024, we estimate that our land and other space held for, or actively under, construction could accommodate over 3,500 megawatts of additional data center capacity, including more than 1,000 additional megawatts developable in Northern Virginia.
In addition, as of December 31, 2025, we estimate that our land and other space held for, or actively under, construction could accommodate over 3,500 megawatts of additional data center capacity, including more than 1,000 additional megawatts developable in Northern Virginia.
We consider water availability, cost, and alternate supply solutions to potable water such as municipally supplied non-potable water, which accounted for 43% of our total water usage in 2024.
We consider water availability, cost, and alternate supply solutions to potable water such as municipally supplied non-potable water, which accounted for 42% of our total water usage in 2024.
Risk Factors for further discussion. 12 Table of Contents ​ Index to Financial Statements ​ Climate Change Legislation There continue to be numerous international, U.S. federal and state-level initiatives and proposals to address domestic and global climate issues.
Risk Factors for further discussion. 12 Table of Contents ​ Index to Financial Statements ​ Energy and Climate Change Legislation There continue to be numerous international, U.S. federal and state-level initiatives and proposals to address domestic and global energy climate priorities.
We believe our colocation facilities are effective solutions for customers who may lack the bandwidth, capital budget, expertise or desire to provide their own extensive data center infrastructure, management and security.
We believe our colocation and Turn-Key Flex® facilities are effective solutions for customers who may lack the bandwidth, capital budget, expertise or desire to provide their own extensive data center infrastructure, management and security.
In total, 37% of our total global managed portfolio by square feet had an energy rating as of December 31, 2024, excluding Powered Base Building ® space, space under active development, space held for development and non-managed assets. ​ c) Energy management considerations ​ Energy and resource management considerations are integrated into our business decisions and strategy.
In total, 35% of our total global managed portfolio by square feet had an energy rating as of December 31, 2025, excluding Powered Base Building ® space, space under active development, space held for development and non-managed assets. ​ c) Energy management considerations ​ Energy and resource management considerations are integrated into our business decisions and strategy.
At December 31, 2024, we owned or had investments in properties, on a wholly-owned basis or through unconsolidated entities, in the following geographies: ​ As of December 31, 2024, our portfolio, including investments in unconsolidated entities, contained a total of approximately 54.9 million rentable square feet, including approximately 8.9 million square feet of space under active development and 4.7 million square feet of space held for development.
At December 31, 2025, we owned or had investments in properties, on a wholly-owned basis or through unconsolidated entities, in the following geographies: ​ As of December 31, 2025, our portfolio, including investments in unconsolidated entities, contained a total of approximately 57.6 million rentable square feet, including approximately 9.7 million square feet of space under active development and 4.7 million square feet of space held for development.
We also consider cooling system designs to maximize ‘free cooling’ and reduce or eliminate reliance on water for cooling. ​ Climate Change Adaptation ​ a) Properties exposed in 100-Year Flood Plains ​ Two U.S. data centers totaling approximately 0.5 million square feet are exposed to 100-year flood zones designated by the U.S.
We consider cooling system designs to maximize ‘free cooling’ and reduce or eliminate reliance on water for cooling, and we utilize landscape irrigation monitoring solutions to reduce water consumption. ​ Climate Change Adaptation ​ a) Properties exposed in 100-Year Flood Plains ​ Two U.S. data centers totaling approximately 0.5 million square feet are exposed to 100-year flood zones designated by the U.S.
Forty-six of our data centers in EMEA participate in the European Union’s Code of Conduct for Energy Efficiency in Data Centers, a voluntary initiative which addresses airflow management, cooling system efficiency and capital plant replacement. ​ Globally, we conduct external technical building assessments as well as utilize ENERGY STAR Portfolio Manager scores to prioritize efficiency opportunities.
Many of our data centers located in the European Union (“EU”) participate in the European Union’s Code of Conduct for Energy Efficiency in Data Centers, a voluntary initiative which addresses airflow management, cooling system efficiency and capital plant replacement. ​ Globally, we conduct external technical building assessments as well as utilize ENERGY STAR Portfolio Manager scores to prioritize efficiency opportunities.
Digital Realty gives its customers access to the connected communities that matter to them with a global data center footprint of over 300 facilities with over 227,000 cross connects in over 50 metros across more than 25 countries on six continents.
Digital Realty gives its customers access to the connected communities that matter to them with a global data center footprint of over 300 facilities with over 232,000 cross connects in over 55 metros across more than 30 countries on six continents.
The geographic distribution of our global employee base as of December 31, 2024 is summarized in the following table. ​ ​ ​ ​ Region ​ North America 1,781 EMEA 1,922 Asia Pacific 233 Total 3,936 ​ Compensation, Benefits and Employee Wellbeing ​ To attract and retain the best-qualified talent and to help our employees maintain healthy and balanced lives, and meet their financial and retirement goals, we offer market-competitive compensation and competitive benefits, including healthcare, vacation benefits, parental leave, 401(k)/pension company match, an employee stock purchase plan, fitness reimbursement program, commuter benefits, tuition reimbursement, employee skills development and leadership development.
The geographic distribution of our global employee base as of December 31, 2025 is summarized in the following table. ​ ​ ​ ​ Region ​ ​ ​ ​ North America 1,948 EMEA 2,040 Asia Pacific 294 Total 4,282 ​ Compensation, Benefits and Employee Wellbeing ​ To attract and retain the best-qualified talent and to help our employees maintain healthy and balanced lives, and meet their financial and retirement goals, we offer market-competitive compensation and competitive benefits, including healthcare, vacation benefits, parental leave, 401(k)/pension company match, an employee stock purchase plan, fitness reimbursement program, commuter benefits, tuition reimbursement, employee skills development and leadership development.
In addition, we are investing in our consolidated and unconsolidated portfolio to organically expand our capacity. As of December 31, 2024, we had 644 megawatts of projects underway across multiple metropolitan areas around the world, and 70% percent of this data center activity was pre-leased.
In addition, we are investing in our consolidated and unconsolidated portfolio to organically expand our capacity. As of December 31, 2025, we had 769 megawatts of projects underway across multiple metropolitan areas around the world, and 64% of this data center activity was pre-leased.
We also believe that providing an even stronger value proposition to our customers, including new and more comprehensive product offerings, as well as continuing to improve operational efficiencies, will further drive improved returns for our business. Prudently Allocate Capital .
We also believe that providing an even stronger value proposition to our customers, including new and more comprehensive product offerings, as well as continuing to improve operational efficiencies, will further drive improved returns for our business. 7 Table of Contents ​ Index to Financial Statements ​ Prudently Allocate Capital .
Our goal is to average through business cycles the following financial ratios: 1) a debt-to-Adjusted EBITDA ratio around 5.5x, 2) a fixed charge coverage of greater than three times, and 3) floating rate debt at less than 20% of total outstanding debt.
We are committed to maintaining a conservative capital structure. Our goal is to average through business cycles the following financial ratios: 1) a debt-to-Adjusted EBITDA ratio of 5.5x, 2) a fixed charge coverage of greater than three times, and 3) floating rate debt at less than 20% of total outstanding debt.
Our six operational U.S. renewable energy purchase agreements produced 1,209 GWh of renewable energy credits in 2023. ​ We implement ISO 14001 (Environmental Management) and ISO 50001 (Energy Management) to measure, manage and improve the energy and environmental performance of our data centers.
Our six operational U.S. renewable energy purchase agreements produced 1,240 GWh of energy attribute certificates in 2024. ​ We implement ISO 14001 (Environmental Management) and ISO 50001 (Energy Management) to measure, manage and improve the energy and environmental performance of our data centers.
Additionally, 100% of our Singapore portfolio was certified under the SS564 Green Data Centres standard for Energy and Environmental Management Systems. ​ Water Management ​ a) 2023 Water Data (1) ​ ​ Water Withdrawal Data Coverage as % of Floor Area % of Floor Area with 40% or Greater Baseline Water Stress (2) Total Water Withdrawn by Portfolio Area with Data Coverage (cubic meters, in thousands) (3) % of Water Withdrawn with 40% or Greater Baseline Water Stress (2) Like-for-Like Change in Water Withdrawals (4) 92% 15% 5,685 12% 18% (1) The most recent full year for which water data is available is 2023.
Additionally, 100% of our Singapore portfolio was certified under the SS564 Green Data Centres standard for Energy and Environmental Management Systems. ​ Water Management ​ a) 2024 Water Data (1) ​ ​ Water Withdrawal Data Coverage as % of Floor Area % of Floor Area with 40% or Greater Baseline Water Stress (2) Total Water Withdrawn by Portfolio Area with Data Coverage (cubic meters, in thousands) (3) % of Water Withdrawn with 40% or Greater Baseline Water Stress (2) ​ 93% 40% 5,586 32% ​ (1) The most recent full year for which water data is available is 2024.
Our Global Customers Our portfolio has attracted a high-quality, diversified mix of customers. We have more than 5,000 customers, and no single customer represented more than approximately 11.5% of the aggregate annualized recurring revenue of our portfolio as of December 31, 2024. Global Customer Base across a Wide Variety of Industry Sectors .
We have more than 5,000 customers, and no single customer represented more than approximately 11.7% of the aggregate annualized recurring revenue of our portfolio as of December 31, 2025. Global Customer Base across a Wide Variety of Industry Sectors .
The scope of data coverage includes managed and non-managed assets. In 2023, 99% of the Company’s portfolio consisted of data center space along with limited accessory uses, predominantly office space. These secondary space types are not broken out by subsector.
The scope of data coverage includes only managed assets. In 2024, 99% of the Company’s operational portfolio consisted of data center space along with limited accessory uses. These secondary space types are not broken out by subsector.
Since Digital Realty Trust, Inc.’s initial public offering in 2004, we have raised approximately $74 billion of capital through common (excluding forward contracts), preferred and convertible preferred equity offerings, exchangeable debt offerings, non-exchangeable bond offerings, our Global Revolving Credit Facilities, our term loan facilities, a senior notes shelf facility, secured mortgage financings and re-financings, joint venture partnerships and the sale of non-core assets.
Since Digital Realty Trust, Inc.’s initial public offering in 2004, we have raised approximately $81 billion (including approximately $3.4 billion of private capital and $4.8 billion of equity capital raised from the beginning of 2024 through December 31, 2025) of capital through common (excluding forward contracts), preferred and convertible preferred equity offerings, exchangeable debt offerings, non-exchangeable bond offerings, our global revolving credit facilities, our Euro term facility, a senior notes shelf facility, secured mortgage financings and re-financings, joint venture partnerships and the sale of non-core assets.
As of December 31, 2024, the 78 data centers held as investments in unconsolidated entities had an aggregate of approximately 9.2 million rentable square feet.
As of December 31, 2025, the 89 data centers held as investments in unconsolidated entities had an aggregate of approximately 11.2 million rentable square feet.
As of December 31, 2024, our portfolio, including the 78 data centers held as investments in unconsolidated entities, was approximately 84.1% leased.
As of December 31, 2025, our portfolio, including the 89 data centers held as investments in unconsolidated entities, was approximately 84.7% leased.
The power requirements and financial costs to support this growth in data, traffic and storage are substantial and growing accordingly. We believe data centers will continue to play a critical role in the digital economy and enabling business transformation strategies. We believe cloud solutions and hybrid cloud solutions will remain significant drivers of demand for data center infrastructure.
The power requirements and financial costs to support this growth in data, traffic and storage are substantial and growing accordingly. We believe data centers will continue to play a critical role in the digital economy and enabling business transformation strategies.
Our largest customer accounted for approximately 11.5% of our aggregate annualized recurring revenue as of December 31, 2024. No other single customer accounted for more than approximately 6.4% of the aggregate annualized recurring revenue of our portfolio.
Our largest customer accounted for approximately 11.7% of our aggregate annualized recurring revenue as of December 31, 2025. No other single customer accounted for more than approximately 9.0% of the aggregate annualized recurring revenue of our portfolio.
Additionally, we are a signatory to the EU Climate Neutral Data Centre Pact, a Self-Regulatory Initiative committing to climate neutrality by 2030 and setting additional goals around energy efficiency, carbon-free energy sourcing, water conservation and waste heat recycling. We continue to match the energy consumption of our European portfolio and the U.S. colocation business unit with renewable energy.
Additionally, we are a signatory to the EU Climate Neutral Data Centre Pact, a Self-Regulatory Initiative committing to climate neutrality by 2030 and setting additional goals around energy efficiency, carbon-free energy sourcing, water conservation and waste heat recycling.
As of December 31, 2024, our portfolio consisted of 308 data centers (including 78 data centers held as investments in unconsolidated entities), of which 121 are located in the United States, 112 are located in Europe, 36 are located in Latin America, 16 are located in Africa, 16 are located in Asia, six are located in Australia and three are located in Canada.
As of December 31, 2025, our portfolio included 310 data centers (including 89 data centers held as investments in unconsolidated entities), of which 118 are located in the United States, 113 are located in Europe, 36 are located in Latin America, 16 are located in Africa, 18 are located in Asia, six are located in Australia and three are located in Canada.
Energy Management a) 2023 Energy Data (1) a Energy Consumption Data Coverage as % of Floor Area Total Energy Consumed by Portfolio Area with Data Coverage (MWh) (2) Grid electricity consumption as a % of Energy Consumption Renewable Energy as a % of Energy Consumption (3) Like-for-Like Change in Energy Consumption for Portfolio Area with Data Coverage (4) 97% 11,368,215 97% 64% 9% ​ (1) The most recent full year for which energy data is available is 2023.
Energy Management a) 2024 Energy Data (1) a Energy Consumption Data Coverage as % of Floor Area Total Energy Consumed by Portfolio Area with Data Coverage (MWh) (2) Grid electricity consumption as a % of Energy Consumption Renewable Energy as a % of Energy Consumption (3) ​ 100% 11,649,837 97% 73% ​ ​ (1) The most recent full year for which energy data is available is 2024.
In 2023, 49% of our global portfolio had ISO 14001 certifications and 31% of our global portfolio was covered under ISO 50001.
In 2024, 50% of our global portfolio had ISO 14001 certifications and 32% of our global portfolio was covered under ISO 50001.
In 2023, we showed a 38% reduction in Scope 1 and 2 emissions and 58% reduction in Scope 3 emissions against our baseline.
In 2024, we showed a 62% reduction in Scope 1 and 2 emissions and 51% reduction in Scope 3 emissions against our prior baseline.
We often acquire operating properties with substantial in-place cash flow and some vacancy, which enables us to create upside through lease-up. We control our costs by negotiating expense pass-through provisions in customer agreements for operating expenses, including power costs and certain capital expenditure. We have also focused on centralizing functions and optimizing operations as well as improving processes and technologies.
We control our costs by negotiating expense pass-through provisions in customer agreements for operating expenses, including power costs and certain capital expenditure. We have also focused on centralizing functions and optimizing operations as well as improving processes and technologies.
Risk Factors for further discussion. Utilizing our innovative modular data center design, we deliver what we believe to be a technically superior data center environment at significant cost savings and reduced time frames.
Risk Factors for further discussion. Utilizing our innovative modular data center design, we deliver what we believe to be a technically superior data center environment at significant cost savings and reduced time frames. Our access to capital and investment-grade ratings allow us to provide data center solutions for customers who do not want to invest their own capital.
Data center providers that can solve global coverage, capacity and connectivity needs, and coordinate and aggregate diverse customer and application demand, are poised to benefit from these cloud-specific industry drivers. 1 Table of Contents ​ Index to Financial Statements ​ These diverse and secular industry dynamics are driving greater demand for data center capacity not only from global cloud service providers, but also from businesses across other industries, including IT service firms, social media, content providers and the financial services sector.
These diverse and secular industry dynamics are driving greater demand for data center capacity not only from global cloud service providers, but also from businesses across other industries, including IT service firms, social media, content providers and the financial services sector.
Climate change effects, if they occur, and governmental initiatives, laws and regulations to address potential climate concerns, could increase our costs and have a long-term adverse effect on our business and results of operations. Future legislation or regulatory activity in this area remains uncertain, and its effect on our operations is unclear at this time.
Energy supply and delivery, carbon intensity of energy, climate change effects, if they occur, and governmental initiatives, laws and regulations to address potential energy and climate concerns, could increase our costs and have a long-term adverse effect on our business and results of operations.
Our access to capital and investment-grade ratings allow us to provide data center solutions for customers who do not want to invest their own capital. 6 Table of Contents ​ Index to Financial Statements ​ Our Investment Approach We have developed detailed, standardized procedures for evaluating acquisitions and investments, including income-producing properties as well as vacant buildings and land suitable for development, to ensure that they meet our strategic, financial, technical and other criteria.
Our Investment Approach We have developed detailed, standardized procedures for evaluating acquisitions and investments, including income-producing properties as well as vacant buildings and land suitable for development, to ensure that they meet our strategic, financial, technical and other criteria.
In addition, the specialized nature of data centers makes these investment opportunities more difficult for traditional real estate investors to underwrite, resulting in reduced competition for investments relative to other property types.
In addition, the specialized nature of data centers makes these investment opportunities more difficult for traditional real estate investors to underwrite, resulting in reduced competition for investments relative to other property types. We believe this dynamic creates an opportunity for us to generate attractive risk-adjusted returns on our capital. Preserve the Flexibility of Our Balance Sheet.
We select coverages, policy specifications and insured limits which we believe to be appropriate given the relative risk of loss, the cost of coverage, and industry practice. Insurance is maintained through a combination of commercial insurance, self-insurance and wholly-owned captive insurance entity. We believe the properties in our portfolio are adequately insured.
Insurance We carry commercial general liability, property and business interruption insurance, and other insurance coverage on all of the properties in our portfolio. We select coverages, policy specifications and insured limits which we believe to be appropriate given the relative risk of loss, the cost of coverage, and industry practice.
Customers and competitors are recognizing the value of interconnected scale, which aligns with our connected campus strategy that enables customers to “land and expand” with us. We expect to continue to source and execute strategic and complementary transactions to strengthen our data center portfolio, expand our global footprint and product mix, and enhance our scale.
Customers and competitors are recognizing the value of interconnected scale, which aligns with our connected campus strategy that enables customers to “land and expand” with us.
These relationships help us forge new product capabilities, inform investment decisions, develop new routes to market and create differentiated value for customers and drive long-term growth and yield for stockholders. 8 Table of Contents ​ Index to Financial Statements ​ Maximize Cash Flow.
These relationships help us forge new product capabilities, inform investment decisions, develop new routes to market and create differentiated value for customers and drive long-term growth and yield for stockholders. Maximize Cash Flow. We often acquire operating properties with substantial in-place cash flow and some vacancy, which enables us to create upside through lease-up.
We do not carry insurance for generally uninsured exposures such as loss from war or nuclear reaction. In addition, we carry earthquake insurance on our properties in an amount and with deductibles we believe are commercially reasonable. See “Potential losses may not be covered by insurance.” in Item 1A. Risk Factors.
In addition, we carry earthquake insurance on our properties in an amount and with deductibles we believe are commercially reasonable. See “Potential losses may not be covered by insurance.” in Item 1A. Risk Factors. Human Capital Resource Management ​ As of December 31, 2025, we had 4,282 full-time employees.
See "We could incur significant costs related to environmental matters, including from government regulation, private litigation, and existing conditions at some of our properties." in Item 1A. Risk Factors for further discussion. Insurance We carry commercial general liability, property and business interruption insurance, and other insurance coverage on all of the properties in our portfolio.
Future legislation or regulatory activity in this area remains uncertain, and its effect on our operations is unclear at this time. See "We could incur significant costs related to environmental matters, including from government regulation, private litigation, and existing conditions at some of our properties." in Item 1A. Risk Factors for further discussion.
In 2024, we achieved ENERGY STAR for Data Centers recognition for 39 data centers, representing 52% of our U.S. managed data center portfolio by square feet.
In 2025, we achieved ENERGY STAR for Data Centers recognition for 39 data centers, representing 53% of our U.S. managed data center portfolio by square feet. We may also certify certain properties outside the U.S. in accordance with regionally recognized energy performance rating standards.
(4) Scope of data is aligned with the 2023 GRESB Real Estate Assessment Reference Guide (“Like-for-like Comparison”). ​ b) Water Management Risks and Mitigation Strategies ​ Our global water strategy addresses the strategic role that water plays in our operations and regions where water quality and scarcity pose the greatest interruption risk to our business.
(3) The scope of water consumed includes potable water and non-potable water purchased from third-party suppliers and water reused. ​ b) Water Management Risks and Mitigation Strategies ​ Our global water strategy addresses the strategic role that water plays in our operations and regions where water quality and scarcity pose the greatest interruption risk to our business.
Green Building Council LEED rating system and the BREEAM rating scheme. We may also certify certain properties in accordance with recognized sustainable operations standards. Our data center space receiving third-party sustainable ratings in 2024 totaled 1.2 million square feet.
We may also certify certain properties in accordance with recognized sustainable operational standards. Our data center space receiving third-party sustainable ratings in 2025 totaled 1.795 million square feet, encompassing the following sites: ​ Data Center Metropolitan Area Rating System Level Achieved 9905 Godwin Drive Northern Virginia LEED (1) Gold 805 E.
Oracle Corporation ​ Meta Platforms, Inc. ​ Verizon ​ Proven Experience Attracting and Retaining Customers .
Oracle Corporation ​ Meta Platforms, Inc. ​ Zayo Group ​ 6 Table of Contents ​ Index to Financial Statements ​ Proven Experience Attracting and Retaining Customers .
In 2023, energy efficiency measures implemented totaled over 19,800MWh in projected energy saving. ​ 10 Table of Contents ​ Index to Financial Statements ​ We set a global carbon reduction target that has been validated by the Science-Based Target Initiative to reduce our Scope 1 and 2 emissions 68% per square foot and Scope 3 emissions from purchased goods and services and fuel- and energy-related activities 24% per square foot by 2030, from a 2018 baseline.
In 2024, energy efficiency measures implemented totaled over 42,400MWh in projected energy saving. ​ 10 Table of Contents ​ Index to Financial Statements ​ We updated our global carbon reduction target in 2025 and it received validation by the Science-Based Target Initiative, with goals to reduce our absolute Scope 1 and 2 emissions 42% by 2030 from a 2023 base year and to reduce Scope 3 emissions from purchased goods and services, upstream transportation and distribution, downstream leased assets and investments 25% within the same time frame.
Our Product Offerings We provide a flexible, global data center platform that allows our customers to achieve infrastructure deployments and controls matched to their business needs. Our data centers and comprehensive suite of product offerings are conceived to scale, from a single cabinet up to multi-megawatt data halls, complemented by connectivity and partnered solutions to support their requirements.
Our data centers and comprehensive suite of product offerings are scalable to meet our customers’ needs, from a single cabinet up to multi-megawatt deployments, along with connectivity, connected data communities and solutions to support their architecture requirements.
Additionally, our Donate 8 Program grants paid time off each year to employees for the purpose of volunteering for eligible organizations. ​ We prioritize providing programs and benefits that promote healthy and productive lifestyles.
Additionally, our Donate 8 Program grants paid time off each year to employees for the purpose of volunteering for eligible organizations. ​ During 2025, we sought to play an active role in supporting the communities we operate in across North America, EMEA and APAC.
The scope of data coverage includes managed and non-managed assets. The scope of water withdrawals is aligned with the 2023 GRESB Real Estate Assessment Reference Guide. In 2023, 99% of the Company’s portfolio consisted of data center space along with limited accessory uses, predominantly office. These secondary space types are not broken out by subsector.
The scope of data coverage includes only managed assets. In 2024, 99% of the Company’s portfolio consisted of data center space along with limited accessory uses. These secondary space types are not broken out by subsector. (2) Based on properties classified as High or Extremely High Baseline Water Stress determined by the World Resources Institute’s Water Risk Atlas tool, Aqueduct.
We provide data on energy and water management metrics that we believe best correlate with our business and industry as indicated in the following sections. Energy and water data receive third party assurance as part of our annual environmental, social, and governance (“ESG”) report development process.
In 2025, for the ninth consecutive year, we received the Nareit “Leader in the Light” award for data centers, recognizing our sustainability and energy-efficiency achievements. We provide data on energy and water management metrics that we believe best correlate with our business and industry as indicated in the following sections.
We strive to provide a product mix that appeals to leading technology companies and enterprises, especially those seeking to support a greater portion of their data center requirements through a single provider. Our Critical Facilities Management® services and team of engineers and data center operations experts provide 24/7 support for these mission-critical facilities. ​ PlatformDIGITAL® Solution Model .
Our Critical Facilities Management® services and team of engineers and data center operations experts provide 24/7 support for these mission-critical facilities. ​ 4 Table of Contents ​ Index to Financial Statements ​ PlatformDIGITAL® .
Together@Digital also runs a philanthropic program with charitable giving to non-profit groups that support a range of programs from veterans to cultural institutions. ​ In 2023, we published our EEO-1 report, providing transparency on the racial and gender composition of our U.S. workforce.
Together@Digital also runs a philanthropic program with charitable giving to non-profit groups that support a range of programs from veterans to cultural institutions. ​ Available Information All reports we file with the SEC are available free of charge via EDGAR through the SEC website at www.sec.gov.
Includes above-baseline utility renewables (e.g., green tariffs), Energy Attribute Certificate (“EAC”) purchases, customer-sourced renewable energy and EACs generated by the Company.
Includes above-baseline utility renewables (e.g., green tariffs), Energy Attribute Certificate (“EAC”) purchases, power purchase agreements, customer-sourced renewable energy and EACs generated by the Company. ​ 9 Table of Contents ​ Index to Financial Statements ​ b) Sustainable Data Center Ratings We seek to certify new construction and major redevelopment projects in accordance with widely recognized sustainable building standards.
The PlatformDIGITAL® solution model is based on our patented Pervasive Data Center Architecture (PDx®) methodology, which brings users, networks, clouds, controls and systems to the data, removing barriers, creating centers of data exchange to accommodate distributed workflows and scaling digital business.
PlatformDIGITAL® brings together users, networks, clouds, controls and systems to the data, removing barriers, creating centers of data exchange to accommodate distributed workflows and scaling digital business. PlatformDIGITAL® offers solutions for service providers and enterprises supporting their IT architecture requirements with capabilities such as: ​ Coverage We enable our customers to deploy their workloads in their preferred locations.
PlatformDIGITAL® offers solutions for service providers and enterprises supporting their IT architecture requirements with features such as: Network Consolidates and localizes traffic into ingress/egress points to optimize network performance and cost Control Hosts adjacent security and IT controls to improve security posture and Hybrid-IT operations Data Localizes data aggregation, staging, analytics, streaming and data management to optimize data exchange and Private AI workloads ​ High Density ​ Supports advances in mechanical cooling for next generation chipsets / infrastructure, maximizing performance of customer data center infrastructure 4 Table of Contents ​ Index to Financial Statements ​ Capacity ​ Product Types Description 0 to 1 MW (Colocation) ​ Small (one cabinet) to medium (150 cabinets) deployments Provides agility to quickly deploy in days Contract length generally 2-5 years Consistent designs, operational environment, power expenses > 1 MW (Scale & Hyperscale Powered Base Building ® ) Scale from medium to very large deployments Solution can be executed in weeks Contract length generally 5-10+ years Customized data center environment for specific deployment needs ​ The PlatformDIGITAL ® solution model is available in our colocation and scale data centers, which are move-in ready, physically secure facilities with the power, cooling and interconnection capabilities to support customers requiring a cabinet, cage, suite or entire hall or building.
For customers who possess the ability to build and operate their own infrastructure, our Powered Base Building® solution provides the physical location, requisite power and network access necessary to support a state-of-the-art data center. ​ Additionally, our data center campuses offer our customers the opportunity to expand in or near their existing deployments within our data center campuses. ​ Data Center Solution Types Description (0 to 1 MW) ​ Small (one cabinet) to medium (75 cabinets) deployments Provides agility to quickly deploy in days Contract length generally 2-5 years Consistent designs, operational environment, power expenses (> 1 MW) Scale from medium to very large deployments Solution can be executed in weeks Contract length generally 5-10+ years Customized data center environment for specific deployment needs 5 Table of Contents ​ Index to Financial Statements ​ ​ Through investments and strategic partnerships, we have significantly expanded our capabilities as a leading provider of interconnection and cloud-enablement services globally.
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For customers who possess the ability to build and operate their own facility, our Powered Base Building® solution provides the physical location, requisite power and network access necessary to support a state-of-the-art data center. ​ Additionally, our data center campuses offer our customers the opportunity to expand in or near their existing deployments within our data center campuses. ​ Connectivity ​ Product Description Cross Connect A physical connection between two customer defined end points in a Digital Realty facility enabling customers to directly exchange data traffic Campus Connect Local, dedicated connectivity solution within Digital Realty campus environments located in hyperconnected metros around the world enabling multiple facilities on a single campus to exchange data traffic and therefore operate as a virtual single data center Metro Connect Dedicated connection between multiple Digital Realty facilities located in the same metro area enabling fast connectivity for data traffic between them ServiceFabric™ A global open orchestration platform enabling customers to easily provision global connectivity and orchestrate connected services across Digital Realty’s worldwide data center footprint and in third party locations IP Bandwidth Dedicated Internet Access using blend of ISPs.
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We believe cloud and hybrid cloud solutions and artificial intelligence technologies, along with other digital transformation initiatives, will remain significant drivers of demand for data center infrastructure.
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Provides customer with highly resilient customer dedicated connections including Fixed and Burstable Service options Pathway Conduit based access to support bulk fiber interconnection, typically terminating into the POP or Meet Me Room within a given facility ​ 5 Table of Contents ​ Index to Financial Statements ​ Through investments and strategic partnerships, we have significantly expanded our capabilities as a leading provider of interconnection and cloud-enablement services globally.
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Data center providers that can solve global coverage, capacity and 1 Table of Contents ​ Index to Financial Statements ​ connectivity needs, and coordinate and aggregate diverse customer and application demand, are poised to benefit from these cloud-specific industry drivers.
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We believe this dynamic creates an opportunity for us to generate attractive risk-adjusted returns on our capital. 7 Table of Contents ​ Index to Financial Statements ​ Preserve the Flexibility of Our Balance Sheet. We are committed to maintaining a conservative capital structure.
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Our Product Offerings We provide an extensible, global data center platform that enables our customers to tailor infrastructure deployments and controls matched to their business needs.
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In 2024, for the eighth consecutive year, we received the Nareit “Leader in the Light” award for data centers, recognizing our sustainability and energy-efficiency achievements. The Real Estate Sustainability Accounting Standard guidance, issued by the Sustainability Accounting Standards Board, outlines proposed disclosure topics and accounting metrics for the real estate industry.
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Over the past few years, we have expanded our product mix to appeal to a broader spectrum of data center customers, especially those seeking to support a greater portion of their data center requirements through a single provider.
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(4) Scope of data is aligned with the 2023 GRESB Real Estate Assessment Reference Guide (“Like-for-like Comparison”). ​ 9 Table of Contents ​ Index to Financial Statements ​ b) Sustainable Data Center Ratings We seek to certify new construction and major redevelopment projects in accordance with recognized sustainable building standards including the U.S.
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Our global data center portfolio spans 300+ data centers in 55+ metros on 6 continents Capacity We offer ~2.9 GW of total in-place IT capacity to meet growing demand, with ~770 MW under construction and >5 GW of future development capacity, providing long-term scale to our customers Connectivity We provide an extensive Interconnection portfolio to support the movement of data across customers, service providers, and networks; ServiceFabric® offers virtual network orchestration to 305+ cloud on-ramps and 700 data centers globally to enable quick, secure, and reliable private connections Control ​ We own and operate our data centers, delivering secure, resilient infrastructure so customers can maintain control of their data, workloads, and long-term outcomes Capacity PlatformDIGITAL® is available in our global data centers, which are move-in ready, physically secure facilities with the power, cooling and interconnection capabilities to support customers requiring a single cabinet, cage suite or entire hall.
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We received the following sustainable data center ratings for the following sites: ​ Data Center Metropolitan Area Rating System Level Achieved 22588 Relocation Drive Ashburn LEED (1) Gold 5870 NE Schaaf Street Portland LEED (1) Silver Calle Alfonso Gomez 4 Madrid LEED (1) Gold Enceinte Portuaire—Building 4 Marseille BREEAM (2) Very Good Ifestoy Street 72-74 Athens LEED (1) Gold ​ (1) LEED TM : Leadership in Energy and Environmental Design (2) BREEAM: Building Research Establishment Environmental Assessment Method ​ For existing buildings, we seek to benchmark 100% of applicable U.S. properties in ENERGY STAR Portfolio Manager and pursue EPA ENERGY STAR certification for eligible U.S. properties.
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Product Description Cross Connect A physical connection between two customer defined end points in a Digital Realty facility enabling customers to directly exchange data. Metro Connect Dedicated connection enabling rapid data movement between multiple Digital Realty facilities located in the same metro area.
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We may also certify certain properties outside the U.S. in accordance with regionally recognized energy performance rating standards, such as the NABERS rating scheme in Australia, the Switzerland Data Center Efficiency Association rating scheme and others.
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ServiceFabric ® A global open orchestration platform enabling customers to easily provision global connectivity and orchestrate connected services across Digital Realty’s worldwide data center footprint and in third party locations. Internet Services Private internet connections providing high-speed and resilient internet access to diverse ISPs, delivered on a multi-service port.
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(2) Based on properties classified as High or Extremely High Baseline Water Stress determined by the World Resources Institute’s Water Risk Atlas tool, Aqueduct. Includes properties that have complete water withdrawal data coverage. (3) The scope of water consumed includes potable water and non-potable water purchased from third-party suppliers and water reused.
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Precabling ​ Predetermined fiber connectivity providing direct connection between customers and providers in a central Meet-Me-Room (MRR), reducing installation complexity and ideal for low-latency and high-density deployments. Pathway Secure, conduit-based connectivity supporting bulk-fiber interconnection enabling two parties to directly connect within or between facilities. ​ Our Global Customers Our portfolio has attracted a high-quality, diversified mix of customers.
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Human Capital Resource Management ​ As of December 31, 2024, we had 3,936 full-time employees.
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For example, in connection with the Digital DC Partners NA Fund, we raised over $3 billion of equity commitments that can support approximately $10 billion of total data center investment.
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We offer a company-wide wellness program that invests in the health, fitness, financial wellness and overall quality of life for our employees through education, challenges, incentives and reimbursements. ​ During 2024, we sought to play an active role in supporting the communities we operate in across North America, EMEA and APAC.
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We expect to continue to source and execute strategic and complementary transactions to strengthen our data center portfolio, expand our global footprint and product mix, and enhance our scale. 8 Table of Contents ​ Index to Financial Statements ​ Drive Revenue Growth and Operating Efficiencies.
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We disclose our inclusion strategy and initiatives annually in our ESG Report. ​ Available Information All reports we file with the SEC are available free of charge via EDGAR through the SEC website at www.sec.gov.
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Energy and water data receive third party assurance as part of our annual Impact Report development process.
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Holford Road Dallas LEED (1) Gold 10051 Brickyard Way Northern Virginia LEED (1) Gold 2 Avenue Marcel Cachin (PAR10) Paris, France LEED (1) Silver Mercuriusstraat 27 (BRU4) Brussels, Belgium LEED (1) Silver 2 Avenue Marcel Cachin (PAR11) Paris, France LEED (1) Gold ​ (1) LEED TM : Leadership in Energy and Environmental Design ​ For existing buildings, we seek to benchmark 100% of applicable U.S. properties in ENERGY STAR Portfolio Manager and pursue EPA ENERGY STAR certification for eligible U.S. properties.
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We continue to match the energy consumption of our European portfolio, and portions of our North American and Asia Pacific portfolios with clean and renewable energy.

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Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

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Partners may have economic, tax or other business interests or goals which are inconsistent with our business interests or goals, and may be in a position to take actions contrary to our policies or objectives.
Our partners may have economic, tax or other business interests or goals which are inconsistent with our business interests or goals, and may be in a position to take actions contrary to our policies or objectives.
Digital Realty Trust, L.P.’s partnership agreement provides that Digital Realty Trust, Inc. may not engage in any merger, consolidation or other combination with or into another person, any sale of all or substantially all of its assets or any reclassification, recapitalization or change of its outstanding equity interests unless the transaction is approved by the holders of common units and long-term incentive units representing at least 35% of the aggregate percentage interests of all holders of common units and long-term incentive units and either: ● all limited partners will receive, or have the right to elect to receive, for each common unit an amount of cash, securities or other property equal to the product of the number of shares of Digital Realty Trust, Inc. common stock into which a common unit is then exchangeable and the greatest amount of cash, securities or other property paid in consideration of each share of Digital Realty Trust, Inc.’s common stock in connection with the transaction (provided that, if, in connection with the transaction, a purchase, tender or exchange offer is made to and accepted by the holders of more than 50% of the shares of Digital Realty Trust, Inc. common stock, each holder of common units will receive, or have the right to elect to receive, the greatest amount of cash, securities or other property which such holder would have received if it exercised its right to redemption and received shares of Digital Realty Trust, Inc. common stock in exchange for its common units immediately prior to the expiration of such purchase, tender or exchange offer and thereupon accepted such purchase, tender or exchange offer and the transaction was then consummated); or ● the following conditions are met: o substantially all of the assets directly or indirectly owned by the surviving entity in the transaction are held directly or indirectly by Digital Realty Trust, L.P. or another limited partnership or limited liability company which is the survivor of a merger, consolidation or combination of assets with Digital Realty Trust, L.P., which we refer to as the surviving partnership; o the holders of common units and long-term incentive units own a percentage interest of the surviving partnership based on the relative fair market value of Digital Realty Trust, L.P.’s net assets and the other net assets of the surviving partnership immediately prior to the consummation of such transaction; 40 Table of Contents ​ Index to Financial Statements ​ o the rights, preferences and privileges of the holders of interests in the surviving partnership are at least as favorable as those in effect immediately prior to the consummation of such transaction and as those applicable to any other limited partners or non-managing members of the surviving partnership; and o the rights of the limited partners or non-managing members of the surviving partnership include at least one of the following: (i) the right to redeem their interests in the surviving partnership for the consideration available to such persons pursuant to Digital Realty Trust, L.P.’s partnership agreement; or (ii) the right to redeem their interests for cash on terms equivalent to those in effect with respect to their common units immediately prior to the consummation of such transaction (or, if the ultimate controlling person of the surviving partnership has publicly traded common equity securities, for such common equity securities, with an exchange ratio based on the determination of relative fair market value of such securities and the shares of Digital Realty Trust, Inc. common stock). ​ These provisions may discourage others from trying to acquire control of Digital Realty Trust, Inc. and may delay, defer or prevent a change of control transaction that might be in the best interests of Digital Realty Trust, Inc.’s stockholders and Digital Realty Trust, L.P.’s unitholders.
Digital Realty Trust, L.P.’s partnership agreement provides that Digital Realty Trust, Inc. may not engage in any merger, consolidation or other combination with or into another person, any sale of all or substantially all of its assets or any reclassification, recapitalization or change of its outstanding equity interests unless the transaction is approved by the holders of common units and long-term incentive units representing at least 35% of the aggregate percentage interests of all holders of common units and long-term incentive units and either: ● all limited partners will receive, or have the right to elect to receive, for each common unit an amount of cash, securities or other property equal to the product of the number of shares of Digital Realty Trust, Inc.’s common stock into which a common unit is then exchangeable and the greatest amount of cash, securities or other property paid in consideration of each share of Digital Realty Trust, Inc.’s common stock in connection with the transaction (provided that, if, in connection with the transaction, a purchase, tender or exchange offer is made to and accepted by the holders of more than 50% of the shares of Digital Realty Trust, Inc.’s common stock, each holder of common units will receive, or have the right to elect to receive, the greatest amount of cash, securities or other property which such holder would have received if it exercised its right to redemption and received shares of Digital Realty Trust, Inc.’s common stock in exchange for its common units immediately prior to the expiration of such purchase, tender or exchange offer and thereupon accepted such purchase, tender or exchange offer and the transaction was then consummated); or ● the following conditions are met: o substantially all of the assets directly or indirectly owned by the surviving entity in the transaction are held directly or indirectly by Digital Realty Trust, L.P. or another limited partnership or limited liability company which is the survivor of a merger, consolidation or combination of assets with Digital Realty Trust, L.P., which we refer to as the surviving partnership; o the holders of common units and long-term incentive units own a percentage interest of the surviving partnership based on the relative fair market value of Digital Realty Trust, L.P.’s net assets and the other net assets of the surviving partnership immediately prior to the consummation of such transaction; 40 Table of Contents ​ Index to Financial Statements ​ o the rights, preferences and privileges of the holders of interests in the surviving partnership are at least as favorable as those in effect immediately prior to the consummation of such transaction and as those applicable to any other limited partners or non-managing members of the surviving partnership; and o the rights of the limited partners or non-managing members of the surviving partnership include at least one of the following: (i) the right to redeem their interests in the surviving partnership for the consideration available to such persons pursuant to Digital Realty Trust, L.P.’s partnership agreement; or (ii) the right to redeem their interests for cash on terms equivalent to those in effect with respect to their common units immediately prior to the consummation of such transaction (or, if the ultimate controlling person of the surviving partnership has publicly traded common equity securities, for such common equity securities, with an exchange ratio based on the determination of relative fair market value of such securities and the shares of Digital Realty Trust, Inc. common stock). ​ These provisions may discourage others from trying to acquire control of Digital Realty Trust, Inc. and may delay, defer or prevent a change of control transaction that might be in the best interests of Digital Realty Trust, Inc.’s stockholders and Digital Realty Trust, L.P.’s unitholders.
The following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: ● reduced demand for data centers or decreases in information technology spending; ● decreased rental rates, increased operating costs or increased vacancy rates; ● increased competition or available supply of data center space; ● the suitability of our data centers and data center infrastructure, delays or disruptions in connectivity or availability of power, or failures or breaches of our physical and information security infrastructure or services; ● breaches of our obligations or restrictions under our contracts with our customers; ● our inability to successfully develop and lease new properties and development space, and delays or unexpected costs in development of properties; ● the impact of current global and local economic, credit and market conditions; ● global supply chain or procurement disruptions, or increased supply chain costs; ● the impact from periods of heightened inflation on our costs, such as operating and general and administrative expenses, interest expense and real estate acquisition and construction costs; ● the impact on our customers’ and our suppliers’ operations during an epidemic, pandemic, or other global events; ● our dependence upon significant customers, bankruptcy or insolvency of a major customer or a significant number of smaller customers, or defaults on or non-renewal of leases by customers; ● changes in political conditions, geopolitical turmoil, political instability, civil disturbances, restrictive governmental actions or nationalization in the countries in which we operate; ● our inability to retain data center space that we lease or sublease from third parties; ● information security and data privacy breaches; ● difficulties managing an international business and acquiring or operating properties in foreign jurisdictions and unfamiliar metropolitan areas; 46 Table of Contents ​ Index to Financial Statements ​ ● our failure to realize the intended benefits from, or disruptions to our plans and operations or unknown or contingent liabilities related to, our recent and future acquisitions; ● our failure to successfully integrate and operate acquired or developed properties or businesses; ● difficulties in identifying properties to acquire and completing acquisitions; ● risks related to joint venture investments, including as a result of our lack of control of such investments; ● risks associated with using debt to fund our business activities, including re-financing and interest rate risks, our failure to repay debt when due, adverse changes in our credit ratings or our breach of covenants or other terms contained in our loan facilities and agreements; ● our failure to obtain necessary debt and equity financing, and our dependence on external sources of capital; ● financial market fluctuations and changes in foreign currency exchange rates; ● adverse economic or real estate developments in our industry or the industry sectors that we sell to, including risks relating to decreasing real estate valuations and impairment charges and goodwill and other intangible asset impairment charges; ● our inability to manage our growth effectively; ● losses in excess of our insurance coverage; ● our inability to attract and retain talent; ● environmental liabilities, risks related to natural disasters and our inability to achieve our sustainability goals; ● the expected operating performance of anticipated near-term acquisitions and descriptions relating to these expectations; ● our inability to comply with rules and regulations applicable to our Company; ● Digital Realty Trust, Inc.’s failure to maintain its status as a REIT for U.S. federal income tax purposes; ● Digital Realty Trust, L.P.’s failure to qualify as a partnership for U.S. federal income tax purposes; ● restrictions on our ability to engage in certain business activities; ● changes in local, state, federal and international laws and regulations, including related to taxation, real estate and zoning laws, and increases in real property tax rates; and ● the impact of any financial, accounting, legal or regulatory issues or litigation that may affect us. ​ The risks included here are not exhaustive, and additional factors could adversely affect our business and financial performance, including factors and risks included in other sections of this report, including under Part I, Item 1A, Risk Factors.
The following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: ● reduced demand for data centers or decreases in information technology spending; ● decreased rental rates, increased operating costs or increased vacancy rates; ● increased competition or available supply of data center space; ● the suitability of our data centers and data center infrastructure, delays or disruptions in connectivity or availability of power, or failures or breaches of our physical and information security infrastructure or services; ● breaches of our obligations or restrictions under our contracts with our customers; ● our inability to successfully develop and lease new properties and development space, and delays or unexpected costs in development of properties; ● the impact of current global and local economic, credit and market conditions; ● global supply chain or procurement disruptions, or increased supply chain costs; ● the impact from periods of heightened inflation on our costs, such as operating and general and administrative expenses, interest expense and real estate acquisition and construction costs; ● the impact on our customers’ and our suppliers’ operations during an epidemic, pandemic, or other global events; ● our dependence upon significant customers, bankruptcy or insolvency of a major customer or a significant number of smaller customers, or defaults on or non-renewal of leases by customers; ● changes in political conditions, geopolitical turmoil, political instability, civil disturbances, restrictive governmental actions or nationalization in the countries in which we operate; ● our inability to retain data center space that we lease or sublease from third parties; ● information security, cyberattacks, security breaches and data privacy breaches; ● difficulties managing an international business and acquiring or operating properties in foreign jurisdictions and unfamiliar metropolitan areas; ● our failure to realize the intended benefits from, or disruptions to our plans and operations or unknown or contingent liabilities related to, our recent and future acquisitions; ● our failure to successfully integrate and operate acquired or developed properties or businesses; ● difficulties in identifying properties to acquire and completing acquisitions; ● risks related to joint venture investments, including as a result of our lack of control of such investments; ● risks associated with using debt to fund our business activities, including re-financing and interest rate risks, our failure to repay debt when due, adverse changes in our credit ratings or our breach of covenants or other terms contained in our loan facilities and agreements; ● our failure to obtain necessary debt and equity financing, and our dependence on external sources of capital; ● financial market fluctuations and changes in foreign currency exchange rates; ● adverse economic or real estate developments in our industry or the industry sectors that we sell to, including risks relating to decreasing real estate valuations and impairment charges and goodwill and other intangible asset impairment charges; ● our inability to manage our growth effectively; ● losses in excess of our insurance coverage; ● our inability to attract and retain talent; ● environmental liabilities, risks related to natural disasters and our inability to achieve our sustainability goals; ● the expected operating performance of anticipated near-term acquisitions and descriptions relating to these expectations; ● our inability to comply with rules and regulations applicable to our Company; ● Digital Realty Trust, Inc.’s failure to maintain its status as a REIT for U.S. federal income tax purposes; ● Digital Realty Trust, L.P.’s failure to qualify as a partnership for U.S. federal income tax purposes; ● restrictions on our ability to engage in certain business activities; 47 Table of Contents ​ Index to Financial Statements ​ ● changes in local, state, federal and international laws and regulations, including related to taxation, real estate and zoning laws, and increases in real property tax rates; and ● the impact of any financial, accounting, legal or regulatory issues or litigation that may affect us. ​ The risks included here are not exhaustive, and additional factors could adversely affect our business and financial performance, including factors and risks included in other sections of this report, including under Part I, Item 1A, Risk Factors.
Also, Digital Realty Trust, Inc. must make distributions to stockholders aggregating annually at least 90% of its REIT taxable income, excluding any net capital gains. Furthermore, we own and may acquire direct or indirect interests in one or more entities that have elected or will elect to be taxed as REITs under the Code, or a subsidiary REIT.
Also, Digital Realty Trust, Inc. must make distributions to stockholders aggregating annually at least 90% of its REIT taxable income, excluding any net capital gains. Furthermore, we own and may acquire direct or indirect interests in one or more entities that have elected or will elect to be taxed as REITs under the Code (each, a subsidiary REIT).
We cannot assure you that the operating performance of these data centers will not decline under our management. 28 Table of Contents ​ Index to Financial Statements ​ We may be subject to unknown or contingent liabilities related to our recent acquisitions, for which we may have no or limited recourse against the sellers.
We cannot assure you that the operating performance of these data centers will not decline under our management. 28 Table of Contents ​ Index to Financial Statements ​ We may be subject to unknown or contingent liabilities related to our acquisitions, for which we may have no or limited recourse against the sellers.
Investments in partnerships, joint ventures, or other entities may, under certain circumstances, involve risks not present when a third party is not involved, including the possibility that partners might become bankrupt or fail to fund their share of required capital contributions.
Investments in partnerships, joint ventures, funds or other entities may, under certain circumstances, involve risks not present when a third party is not involved, including the possibility that partners might become bankrupt or fail to fund their share of required capital contributions.
We could be held jointly and severally liable under CERCLA and various state, local and national laws for the investigation and remediation of environmental contamination on our properties caused by previous owners or operators.
We could be held jointly and severally liable under CERCLA and various state, local and national laws for the investigation and remediation of environmental contamination on our properties, including contamination caused by previous owners or operators.
Tax liabilities and attributes inherited in connection with acquisitions may adversely impact our business. From time to time, we may acquire other corporations or entities and, in connection with such acquisitions, we may succeed to the historic tax attributes and liabilities of such entities.
Tax liabilities and attributes inherited in connection with acquisitions may adversely impact our business. From time to time, we may acquire other corporations or entities and, in connection with such acquisitions, we may succeed to the tax attributes and liabilities of such entities.
See “Risks Related to Our Organizational Structure—Digital Realty Trust, Inc.’s duty to its stockholders may conflict with the interests of Digital Realty Trust, L.P.’s unitholders—Tax consequences upon sale or refinancing.” While Digital Realty Trust, Inc. has exclusive authority under Digital Realty Trust, L.P.’s limited partnership agreement to determine whether, when, and on what terms to sell a property, such decisions may require the approval of Digital Realty Trust, Inc.’s Board of Directors.
See “Risks Related to Our Organizational Structure— The interests of Digital Realty Trust, Inc.’s stockholders may conflict with the interests of Digital Realty Trust, L.P.’s unitholders—Tax consequences upon sale or refinancing.” While Digital Realty Trust, Inc. has exclusive authority under Digital Realty Trust, L.P.’s limited partnership agreement to determine whether, when, and on what terms to sell a property, such decisions may require the approval of Digital Realty Trust, Inc.’s Board of Directors.
We lease or sublease certain of our data center space from third parties and the ability to retain these leases or subleases could be a significant risk to our ongoing operations. We do not own all the buildings in our portfolio. These leased buildings accounted for approximately 14% of our total revenue for the year ended December 31, 2024.
We lease or sublease certain of our data center space from third parties and the ability to retain these leases or subleases could be a significant risk to our ongoing operations. We do not own all the buildings in our portfolio. These leased buildings accounted for approximately 14% of our total revenue for the year ended December 31, 2025.
In these events, we are not in a position to exercise sole decision-making authority regarding the properties, partnership, joint venture or other entity.
In these events, we are not in a position to exercise sole decision- making authority regarding the properties, fund, partnership, joint venture or other entity.
We are not a telecommunications carrier. Although our customers generally are responsible for providing their own network connectivity, we still depend upon the presence of telecommunications carriers’ fiber networks serving our data centers in order to attract and retain customers. We believe that the availability of carrier capacity will directly affect our ability to achieve our projected results.
Although our customers generally are responsible for providing their own network connectivity, we still depend upon the presence of telecommunications carriers’ fiber networks serving our data centers in order to attract and retain customers. We believe that the availability of carrier capacity will directly affect our ability to achieve our projected results.
While forward-looking statements reflect our good faith beliefs, they are not guaranties of future performance. We disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events or other changes. ITEM 1B. UNRESOLVED STAFF COMMENTS None. ​
While forward-looking statements reflect our good faith beliefs, they are not guarantees of future performance. We disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events or other changes. ​ ITEM 1B. UNRESOLVED STAFF COMMENTS None. ​
Our successful development of these projects is subject to many risks, including those associated with: ● delays in construction, or changes to the plans or specifications; ● budget overruns, increased prices for raw materials or building supplies, or lack of availability and/or increased costs for specialized data center components, including long lead time items such as generators; ● construction site accidents and other casualties; ● financing availability, including our ability to obtain construction financing and permanent financing, or increases in interest rates or credit spreads; ● labor availability, costs, disputes and work stoppages with contractors, subcontractors or others that are constructing the project; ● failure of contractors to perform on a timely basis or at all, or other misconduct on the part of contractors; ● access to sufficient power and related costs of providing such power to our customers; ● environmental issues; ● supply chain constraints; ● fire, flooding, earthquakes and other natural disasters; ● pandemics; ● geological, construction, excavation and equipment problems; and ● delays or denials of entitlements or permits, including zoning and related permits, or other delays resulting from requirements of public agencies and utility companies. ​ In addition, while we intend to develop data centers primarily in metropolitan areas we are familiar with, we may in the future develop data centers in new geographic regions where we expect the development to result in favorable risk-adjusted returns on our investment.
Our successful development of these projects is subject to many risks, including those associated with: ● delays in construction, or changes to the plans or specifications; ● budget overruns, increased prices for raw materials or building supplies, or lack of availability and/or increased costs for specialized data center components, including long lead time items such as generators; ● construction site accidents and other casualties; ● financing availability, including our ability to obtain construction financing and permanent financing, or increases in interest rates or credit spreads; ● labor availability, costs, disputes and work stoppages with contractors, subcontractors or others that are constructing the project; ● failure of contractors to perform on a timely basis or at all, or other misconduct on the part of contractors; ● access to sufficient power and related costs of providing such power to our customers; ● environmental issues; ● supply chain constraints; ● fire, flooding, earthquakes and other natural disasters; ● epidemics, pandemics and other outbreaks; ● geological, construction, excavation and equipment problems; and ● delays or denials of entitlements or permits, including zoning and related permits, or other delays resulting from requirements of public agencies and utility companies, public or government opposition, or other third-party challenges. ​ In addition, while we intend to develop data centers primarily in metropolitan areas we are familiar with, we may in the future develop data centers in new geographic regions where we expect the development to result in favorable risk-adjusted returns on our investment.
We currently, and may in the future, co-invest with third parties through partnerships, joint ventures or other entities, acquiring non-controlling interests in or sharing responsibility for managing the affairs of a property or portfolio of properties, partnership, joint venture or other entity.
We currently, and may in the future, co-invest with third parties through partnerships, joint ventures, funds or other entities, acquiring non-controlling interests in or sharing responsibility for managing the affairs of a property or portfolio of properties, partnership, joint venture, fund or other entity.
Risk Factors Summary The following is a summary of the principal risks that could adversely affect our business, operations and financial results. 14 Table of Contents ​ Index to Financial Statements ​ Risk Related to Our Business and Operations ● Our business depends upon the demand for data centers. ● We depend upon third-party suppliers for power and we are vulnerable to service failures and price increases by such suppliers and to volatility in the supply and price of power in the open market. ● We face significant competition, which may adversely affect the occupancy and rental rates of our data centers. ● Any failure of our physical or information technology or operational technology infrastructure or services could lead to significant costs and disruptions. ● We and our third-party providers are vulnerable to cyberattacks and security breaches that could materially disrupt or compromise our operations, data and results. ● We depend on significant customers, and many of our data centers are single-tenant properties or are currently occupied by single tenants. ● Failure to attract, grow and retain a diverse and balanced customer base, including key magnet customers, could harm our business and operating results. ● Our contracts with our customers could subject us to significant liability. ● Certain of our customer agreements may include restrictions on the sale of our properties to certain third parties, which could have a material adverse effect on us. ● Our data centers may not be suitable for re-leasing without significant expenditures or renovations. ● We may be unable to lease vacant or development space, renew leases, or re-lease space as leases expire. ● Even if we have additional space available for lease at any one of our data centers, our ability to lease this space to existing or new customers could be constrained by our ability to provide sufficient electrical power. ● Our portfolio depends upon local economic conditions and is geographically concentrated in certain locations. ● Our business and operations, and our customers, suppliers and business partners may be adversely affected by epidemics, pandemics or other outbreaks. ● We lease or sublease certain of our data center space from third parties and the ability to retain these leases or subleases could be a significant risk to our ongoing operations. ● We and our customers may experience supply chain or procurement disruptions, or increased supply chain costs, which may lead to delays. ● We may not be able to adapt to changing technologies and customer requirements, and our data center infrastructure may become obsolete. ● We depend on third parties to provide network connectivity to the customers in our data centers and any delays or disruptions in connectivity may materially adversely affect our operating results and cash flow. ● Our international activities, including acquisition, ownership and operation of data centers located outside of the United States, subject us to risks different than those we face in the United States and we may not be able to effectively manage our international business. ● Our recent acquisitions may not achieve the intended benefits or may disrupt our plans and operations. ● We may be subject to unknown or contingent liabilities related to our recent acquisitions, for which we may have no or limited recourse against the sellers. ● Joint venture (JV) investments could be adversely affected by our lack of sole decision-making authority, our reliance on our JV partners’ financial condition and disputes between us and our JV partners. ● Any delays or unexpected costs in the development of our existing space and developable land and new properties acquired for development may delay and harm our growth prospects, future operating results and financial condition. ● Many of our costs, such as operating and general and administrative expenses, interest expense and real estate acquisition and construction costs, could be adversely impacted by periods of heightened inflation. ● We have substantial debt and face risks associated with the use of debt to fund our business activities, including refinancing and interest rate risks. ● Our growth depends on external sources of capital which are outside of our control. ● Declining real estate valuations, impairment charges and illiquidity of real estate investments could adversely affect our earnings and financial condition. ● Our success depends on key personnel whose continued service is not guaranteed. ● We may have difficulty managing our growth. 15 Table of Contents ​ Index to Financial Statements ​ ● Potential losses may not be covered by insurance. ● We could incur significant costs related to environmental matters, including from government regulation, private litigation, and existing conditions at some of our properties. ● We may incur significant costs complying with applicable laws and governmental regulations, including the Americans with Disabilities Act. ● Our business could be adversely impacted if there are deficiencies in our disclosure controls and procedures or internal control over financial reporting. ​ Risks Related to the Organizational Structure ● The interests of Digital Realty Trust, Inc.’s stockholders may conflict with the interests of Digital Realty Trust, L.P.’s unitholders. ● Digital Realty Trust, Inc.’s charter, Digital Realty Trust, L.P.’s partnership agreement and Maryland law contain provisions that may delay, defer or prevent a change of control transaction. ● The conversion rights of Digital Realty Trust, Inc.’s preferred stock may be detrimental to holders of Digital Realty Trust, Inc.’s common stock. ● Digital Realty Trust, Inc.’s rights and the rights of its stockholders to take action against its directors and officers are limited. ​ Risks Related to Taxes and Digital Realty Trust, Inc.’s Status as a REIT ● Failure to qualify as a REIT would have significant adverse consequences to Digital Realty Trust, Inc. and its stockholders and to Digital Realty Trust, L.P. and its unitholders. ● In certain circumstances, Digital Realty Trust, Inc. may be subject to federal and state taxes as a REIT, which would reduce its cash available for distribution to its stockholders. ● Dividends payable by REITs do not qualify for the reduced tax rates available for some dividends. ● The tax imposed on REITs engaging in “prohibited transactions” may limit our ability to engage in transactions which would be treated as sales for U.S. federal income tax purposes. ● Complying with REIT requirements may cause us to forgo otherwise attractive opportunities or liquidate otherwise attractive investments. ● The power of Digital Realty Trust, Inc.’s Board of Directors to revoke Digital Realty Trust, Inc.’s REIT election without stockholder approval may cause adverse consequences to Digital Realty Trust, Inc.’s stockholders and Digital Realty Trust, L.P.’s unitholders. ● If Digital Realty Trust, L.P. were to fail to qualify as a partnership for U.S. federal income tax purposes, Digital Realty Trust, Inc. would fail to qualify as a REIT and suffer other adverse consequences. ● Tax liabilities and attributes inherited in connection with acquisitions may adversely impact our business. ● Changes in U.S. or foreign tax laws and regulations, including changes to tax rates, legislation and other actions may adversely affect our results of operations, our stockholders, Digital Realty Trust, L.P.’s unitholders and us. ​ Risks Related to Our Business and Operations Our business depends upon the demand for data centers.
Risk Related to Our Business and Operations ● Our business depends upon the demand for data centers. 14 Table of Contents ​ Index to Financial Statements ​ ● We depend upon third-party suppliers for power and we are vulnerable to service failures and price increases by such suppliers and to volatility in the supply and price of power in the open market. ● We face significant competition, which may adversely affect the occupancy and rental rates of our data centers. ● Any failure of our physical or information technology or operational technology infrastructure or services could lead to significant costs and disruptions. ● We and our third-party providers are vulnerable to cyberattacks and security breaches that could materially disrupt or compromise our operations, data and results. ● We depend on significant customers, and many of our data centers are single-tenant properties or are currently occupied by single tenants. ● Failure to attract, grow and retain a diverse and balanced customer base, including key magnet customers, could harm our business and operating results. ● Our contracts with our customers could subject us to significant liability. ● Certain of our customer agreements may include restrictions on the sale of our properties to certain third parties, which could have a material adverse effect on us. ● Our data centers may not be suitable for re-leasing without significant expenditures or renovations. ● We may be unable to lease vacant or development space, renew leases, or re-lease space as leases expire. ● Even if we have additional space available for lease at any one of our data centers, our ability to lease this space to existing or new customers could be constrained by our ability to provide sufficient electrical power. ● Our portfolio depends upon local economic conditions and is geographically concentrated in certain locations. ● Our business and operations, and our customers, suppliers and business partners may be adversely affected by epidemics, pandemics or other outbreaks. ● We lease or sublease certain of our data center space from third parties and the ability to retain these leases or subleases could be a significant risk to our ongoing operations. ● We and our customers may experience supply chain or procurement disruptions, or increased supply chain costs, which may lead to delays. ● We may not be able to adapt to changing technologies and customer requirements, and our data center infrastructure may become obsolete. ● We depend on third parties to provide network connectivity to the customers in our data centers and any delays or disruptions in connectivity may materially adversely affect our operating results and cash flow. ● Our international activities, including acquisition, ownership and operation of data centers located outside of the United States, subject us to risks different than those we face in the United States and we may not be able to effectively manage our international business. ● Our acquisitions may not achieve the intended benefits or may disrupt our plans and operations. ● We may be subject to unknown or contingent liabilities related to our acquisitions, for which we may have no or limited recourse against the sellers. ● Joint venture (JV), fund and other investments could be adversely affected by our lack of sole decision-making authority, our reliance on our JV partners’ financial condition and disputes between us and our partners. ● Any delays or unexpected costs in the development of our existing space and developable land and new properties acquired for development may delay and harm our growth prospects, future operating results and financial condition. ● Many of our costs, such as operating and general and administrative expenses, interest expense and real estate acquisition and construction costs, could be adversely impacted by periods of heightened inflation. ● We have substantial debt and face risks associated with the use of debt to fund our business activities, including refinancing and interest rate risks. ● Our growth depends on external sources of capital which are outside of our control. ● Declining real estate valuations, impairment charges and illiquidity of real estate investments could adversely affect our earnings and financial condition. ● Our success depends on key personnel whose continued service is not guaranteed. ● As artificial intelligence becomes more prevalent in the workplace, it may present new considerations that could affect our business and operating results. ● We may have difficulty managing our growth. ● Potential losses may not be covered by insurance. 15 Table of Contents ​ Index to Financial Statements ​ ● We could incur significant costs related to environmental matters, including from government regulation, private litigation, and existing conditions at some of our properties. ● We may incur significant costs complying with applicable laws and governmental regulations, including the Americans with Disabilities Act. ● Our business could be adversely impacted if there are deficiencies in our disclosure controls and procedures or internal control over financial reporting. ● Volatility in market and economic conditions may impact the accuracy of the various estimates used in the preparation of our financial statements and footnotes to the financial statements. ​ Risks Related to the Organizational Structure ● The interests of Digital Realty Trust, Inc.’s stockholders may conflict with the interests of Digital Realty Trust, L.P.’s unitholders. ● Digital Realty Trust, Inc.’s charter, Digital Realty Trust, L.P.’s partnership agreement and Maryland law contain provisions that may delay, defer or prevent a change of control transaction. ● The conversion rights of Digital Realty Trust, Inc.’s preferred stock may be detrimental to holders of Digital Realty Trust, Inc.’s common stock. ● Digital Realty Trust, Inc.’s rights and the rights of its stockholders to take action against its directors and officers are limited. ​ Risks Related to Taxes and Digital Realty Trust, Inc.’s Status as a REIT ● Failure to qualify as a REIT would have significant adverse consequences to Digital Realty Trust, Inc. and its stockholders and to Digital Realty Trust, L.P. and its unitholders. ● Even if Digital Realty Trust, Inc. qualifies as a REIT, it may be subject to federal and state taxes in certain circumstances and its foreign properties and companies are subject to foreign taxes, which would reduce its cash available for distribution to its stockholders. ● Dividends payable by REITs do not qualify for the reduced tax rates available for some dividends. ● The tax imposed on REITs engaging in “prohibited transactions” may limit our ability to engage in transactions which would be treated as sales for U.S. federal income tax purposes. ● Complying with REIT requirements may cause us to forgo otherwise attractive opportunities or liquidate otherwise attractive investments. ● The power of Digital Realty Trust, Inc.’s Board of Directors to revoke Digital Realty Trust, Inc.’s REIT election without stockholder approval may cause adverse consequences to Digital Realty Trust, Inc.’s stockholders and Digital Realty Trust, L.P.’s unitholders. ● If Digital Realty Trust, L.P. were to fail to qualify as a partnership for U.S. federal income tax purposes, Digital Realty Trust, Inc. would fail to qualify as a REIT and suffer other adverse consequences. ● Tax liabilities and attributes inherited in connection with acquisitions may adversely impact our business. ● Changes in U.S. or foreign tax laws and regulations, including changes to tax rates, legislation and other actions may adversely affect our results of operations, our stockholders, Digital Realty Trust, L.P.’s unitholders and us. ​ 16 Table of Contents ​ Index to Financial Statements ​ Risks Related to Our Business and Operations Our business depends upon the demand for data centers.
There can also be no assurance that our cybersecurity risk management processes will be fully implemented as currently anticipated, complied with or effective in protecting our or our customers’ Information Systems and data, particularly because threat actors are increasingly sophisticated and using tools such as artificial intelligence that circumvent controls and evade detection, making mitigation and recovery challenging and uncertain.
There can also be no assurance that our cybersecurity risk management processes will be fully implemented as currently anticipated, complied with or effective in protecting our or our customers’ Information Systems and data, particularly because threat actors are increasingly sophisticated and using tools such as AI that circumvent controls and evade detection, making detection, mitigation and recovery challenging and uncertain.
As of February 18, 2025, we had approximately $3.3 billion available under the Global Revolving Credit Facility, net of outstanding letters of credit. 31 Table of Contents ​ Index to Financial Statements ​ Our substantial indebtedness currently requires us to dedicate a significant portion of our cash flow from operations to debt service payments, which reduces the availability of our cash flow to fund working capital, capital expenditures, expansion efforts, distributions and other general corporate purposes.
As of February 9, 2026, we had approximately $3.3 billion available under the Global Revolving Credit Facility, net of outstanding letters of credit. 31 Table of Contents ​ Index to Financial Statements ​ Our substantial indebtedness currently requires us to dedicate a significant portion of our cash flow from operations to debt service payments, which reduces the availability of our cash flow to fund working capital, capital expenditures, expansion efforts, distributions and other general corporate purposes.
Any such material loss of customers, liability or additional costs could adversely affect our business, financial condition and results of operations. 22 Table of Contents ​ Index to Financial Statements ​ ​ Our portfolio depends upon local economic conditions and is geographically concentrated in certain locations. Our portfolio is located in 60 metropolitan areas.
Any such material loss of customers, liability or additional costs could adversely affect our business, financial condition and results of operations. 22 Table of Contents ​ Index to Financial Statements ​ ​ Our portfolio depends upon local economic conditions and is geographically concentrated in certain locations. Our portfolio is located in over 50 metropolitan areas.
Joint venture (JV) investments could be adversely affected by our lack of sole decision-making authority, our reliance on our JV partners’ financial condition and disputes between us and our JV partners.
Joint venture (JV), fund and other investments could be adversely affected by our lack of sole decision-making authority, our reliance on our JV partners’ financial condition and disputes between us and our partners.
At December 31, 2024, we had approximately 8.9 million square feet of space under active development and approximately 4.7 million square feet of space held for future development. We have built and may continue to build out a large portion of this space on a speculative basis at significant cost.
At December 31, 2025, we had approximately 9.7 million square feet of space under active development and approximately 4.7 million square feet of space held for future development. We have built and may continue to build out a large portion of this space on a speculative basis at significant cost.
The change of control conversion features of the series J preferred stock, series K preferred stock and series L preferred stock may have the effect of discouraging a third party from making an acquisition proposal for our Company or of delaying, deferring or preventing certain change of control transactions of our Company under circumstances that otherwise could provide the holders of our common stock, series J preferred stock, series K preferred stock and series L preferred stock with the opportunity to realize a premium over the then-current market price or that stockholders may otherwise believe is in their best interests.
The change of control conversion features of the series J preferred stock, series K preferred stock and series L preferred stock may have the effect of discouraging a third party from making an acquisition proposal for our Company or of delaying, deferring or preventing certain change of control transactions of our Company under circumstances that otherwise could provide the holders of Digital Realty Trust, Inc.’s common stock, series J preferred stock, series K preferred stock and series L preferred stock with the opportunity to realize a premium over the then-current market price or that stockholders may otherwise believe is in their best interests.
Our revenue and cash available for distribution could be materially adversely affected if any of our significant customers were to become bankrupt or insolvent, suffer a downturn in their businesses, fail to renew their contracts or renew on terms less favorable to us than their current terms. As of February 18, 2025, we had no material customers in bankruptcy.
Our revenue and cash available for distribution could be materially adversely affected if any of our significant customers were to become bankrupt or insolvent, suffer a downturn in their businesses, fail to renew their contracts or renew on terms less favorable to us than their current terms. As of February 9, 2026, we had no material customers in bankruptcy.
If we are not able to complete development in a timely manner or successfully lease the space that we develop, if development costs are higher than we currently estimate, or if rental rates are lower than expected when we began the project or are otherwise undesirable, our financial condition, results of operations, cash flow, cash available for distribution and ability to satisfy our debt service obligations could be materially adversely affected.
If we are not able to complete development in a timely manner or successfully lease the space that we develop, if development costs are higher than we currently estimate, or if rental rates are lower than expected when we began the project or are otherwise undesirable, our financial condition, results of operations, cash flow, cash available for distribution and ability to satisfy our debt service obligations could be materially adversely 21 Table of Contents ​ Index to Financial Statements ​ affected.
We may face higher costs from any laws requiring enhanced energy efficiency measures, changes to cooling systems, caps on energy usage, land use restrictions, limitations on back-up power sources, or other environmental requirements. Moratoria on data center construction could hinder our ability to construct new data centers.
We may face higher costs from any laws requiring enhanced energy efficiency measures, changes to cooling systems, caps on energy usage, land use restrictions, limitations on back-up power sources, or other environmental requirements. Moratoria on data center construction could hinder our ability to upgrade, expand or rebuild existing data centers or construct new data centers.
We have the ability from time to time to increase the size of the Global Revolving Credit Facility by up to $1.8 billion, subject to receipt of lender commitments and other conditions precedent. At December 31, 2024, approximately $2.8 billion was available under this facility, net of outstanding letters of credit.
We have the ability from time to time to increase the size of the Global Revolving Credit Facility by up to $1.8 billion, subject to receipt of lender commitments and other conditions precedent. At December 31, 2025, approximately $3.3 billion was available under this facility, net of outstanding letters of credit.
Our joint venture partners may take actions that are not within our control, which would require us to dispose of the joint venture asset or transfer it to a taxable REIT subsidiary in order for Digital Realty Trust, Inc. to maintain its status as a REIT.
Our partners may also take actions that are not within our control, which would require us to dispose of the investment asset or transfer it to a taxable REIT subsidiary in order for Digital Realty Trust, Inc. to maintain its status as a REIT.
If the amount of power available to us is inadequate to support our customer requirements, we may be unable to satisfy our obligations to our customers or grow our business. In addition, our data centers may be susceptible to power shortages and planned or unplanned outages caused by these shortages.
If the amount of power available to us is inadequate to support our customer requirements, we may be unable to satisfy our obligations to our customers or grow our business. In addition, our data centers may be susceptible to power shortages and planned or unplanned outages caused by these shortages or load-shedding requirements by governmental or quasi-governmental entities.
As a result of all these factors, Digital Realty Trust, Inc.’s failure to qualify as a REIT could impair our ability to expand our business and raise capital, and could materially adversely affect the value of Digital Realty Trust, Inc.’s stock and Digital Realty Trust, L.P.’s units. 43 Table of Contents ​ Index to Financial Statements ​ In certain circumstances, Digital Realty Trust, Inc. may be subject to federal and state taxes as a REIT, which would reduce its cash available for distribution to its stockholders.
As a result of all these factors, Digital Realty Trust, Inc.’s failure to qualify as a REIT could impair our ability to expand our business and raise capital, and could materially adversely affect the value of Digital Realty Trust, Inc.’s stock and Digital Realty Trust, L.P.’s units. 43 Table of Contents ​ Index to Financial Statements ​ Even if Digital Realty Trust, Inc. qualifies as a REIT, it may be subject to federal and state taxes in certain circumstances and its foreign properties and companies are subject to foreign taxes, which would reduce its cash available for distribution to its stockholders.
Even if Digital Realty Trust, Inc. qualifies as a REIT for U.S. federal income tax purposes, it may be subject to some federal, state and local taxes on its income or property and, in certain cases, a 100% penalty tax, in the event it sells property as a dealer.
However, even if Digital Realty Trust, Inc. qualifies as a REIT, it may be subject to some federal, state and local taxes on its income or property and, in certain cases, a 100% penalty tax, in the event it sells property as a dealer.
As of December 31, 2024, our portfolio, including the 78 data centers held as investments in unconsolidated entities, was geographically concentrated in the following metropolitan areas: ​ ​ ​ ​ ​ ​ Percentage of ​ ​ December 31, 2024 Metropolitan Area ​ Total annualized rent (1) Northern Virginia 19.6 % Chicago 7.7 % Frankfurt 5.9 % Dallas 5.3 % London 5.0 % Singapore 4.6 % New York ​ 4.4 % Amsterdam 4.0 % Silicon Valley 4.0 % Sao Paulo 3.9 % Portland 3.4 % Johannesburg 3.2 % Paris 2.9 % Tokyo 2.0 % Phoenix ​ 1.7 % Other 22.4 % Total 100.0 % (1) Annualized rent is monthly contractual rent (defined as cash base rent before abatements) under existing leases as of December 31, 2024 multiplied by 12.
As of December 31, 2025, our portfolio, including the 89 data centers held as investments in unconsolidated entities, was geographically concentrated in the following metropolitan areas: ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of ​ ​ December 31, 2025 Metropolitan Area ​ Total annualized rent (1) Northern Virginia 21.4 % Chicago 7.1 % Frankfurt 6.1 % London 4.5 % Singapore 4.5 % Dallas 4.3 % Paris ​ 4.1 % Amsterdam 4.1 % New York 4.0 % Sao Paulo 3.8 % Johannesburg 3.5 % Silicon Valley 3.5 % Portland 3.0 % Tokyo 2.3 % Zurich ​ 1.7 % Other 22.1 % Total 100.0 % (1) Annualized rent is monthly contractual rent (defined as cash base rent before abatements) under existing leases as of December 31, 2025 multiplied by 12.
Risks related to epidemics, pandemics or other outbreaks of an illness, disease or virus could also lead to the complete or partial closure of one or more of our offices or properties or our 23 Table of Contents ​ Index to Financial Statements ​ customers’, suppliers’ or business partners’ businesses, or otherwise result in significant disruptions to our business and operations or theirs.
Risks related to epidemics, pandemics or other outbreaks of an illness, disease or virus could also lead to the complete or partial closure of one or more of our offices or properties or our customers’, suppliers’ or business partners’ businesses, or otherwise result in significant disruptions to our business and operations or theirs.
If our competitors offer space that our customers or potential customers perceive to be superior to ours based on factors such as available power, security, location, or connectivity, or if they offer rental rates below current market rates, or below the rental rates we are offering, we may lose customers or potential customers or be required to incur costs to 17 Table of Contents ​ Index to Financial Statements ​ improve our data centers or reduce our rental rates.
If our competitors offer space that our customers or potential customers perceive to be superior to ours based on factors such as available power, security, location, or connectivity, or if they offer rental rates below current market rates, or below the rental rates we are offering, we may lose customers or potential customers or be required to incur costs to improve our data centers or reduce our rental rates.
As of December 31, 2024, the 20 largest customers in our portfolio represented approximately 51% of the total annualized recurring revenue generated by our properties. Our top three customers represented approximately 23% of the total annualized recurring revenue generated by our properties as of December 31, 2024.
As of December 31, 2025, the 20 largest customers in our portfolio represented approximately 51% of the total annualized recurring revenue generated by our properties. Our top three customers represented approximately 26% of the total annualized recurring revenue generated by our properties as of December 31, 2025.
Includes consolidated portfolio and unconsolidated entities at the entities’ 100% ownership level. The aggregate amount of abatements for the year ended December 31, 2024 was approximately $44.3 million. Some of these areas have experienced downturns in recent years.
Includes consolidated portfolio and unconsolidated entities at the entities’ 100% ownership level. The aggregate amount of abatements for the year ended December 31, 2025 was approximately $35.6 million. Some of these areas have experienced downturns in recent years.
Epidemics, pandemics or other outbreaks of an illness, disease or virus that affect countries or regions in which we or our customers, suppliers or business partners operate, and actions taken to contain or prevent their further spread, may have a material and adverse impact on general commercial activity and on our financial condition, results of operations, liquidity and creditworthiness.
Our business and operations, and our customers, suppliers and business partners may be adversely affected by epidemics, pandemics or other outbreaks. 23 Table of Contents ​ Index to Financial Statements ​ Epidemics, pandemics or other outbreaks of an illness, disease or virus that affect countries or regions in which we or our customers, suppliers or business partners operate, and actions taken to contain or prevent their further spread, may have a material and adverse impact on general commercial activity and on our financial condition, results of operations, liquidity and creditworthiness.
However, the full extent and impact of global 24 Table of Contents ​ Index to Financial Statements ​ supply chain constraints on our future supply chain and procurement process cannot be reasonably estimated at this time and it could have a material adverse impact on our business and financial condition.
However, the full extent and impact of global supply chain constraints on our future supply chain and procurement process cannot be reasonably estimated at this time and it could have a material adverse impact on our business and financial condition.
We are continuing to evaluate the impacts of these developments in the jurisdictions in which we operate, including our qualification for certain exceptions to the application of these rules. 45 Table of Contents ​ Index to Financial Statements ​ Additionally, each of our properties is subject to real property and personal property taxes.
We are continuing to evaluate the impacts of these developments in the jurisdictions in which we operate, including our qualification for certain exceptions to the application of these rules. Additionally, each of our properties is subject to real property and personal property taxes.
We have a Global Revolving Credit Facility and the Yen Revolving Credit Facility, which provide for borrowings of up to $4.4 billion (including approximately $0.3 billion available to be drawn on the Yen Revolving Credit Facility) based on currency commitments and foreign exchange rates as of December 31, 2024.
We have a Global Revolving Credit Facility and the Yen Revolving Credit Facility, which provide for borrowings of up to $4.5 billion (including approximately $0.3 billion under the Yen Revolving Credit Facility) based on currency commitments and foreign exchange rates as of December 31, 2025.
In addition, our power and cooling systems are difficult and expensive to upgrade, especially as we design our data centers to the specifications of new and evolving technologies, such as Artificial Intelligence (“AI”), which are more power-intensive.
In addition, our power and cooling systems are difficult and expensive to upgrade or expand, especially as we design our data centers to the specifications of new and evolving technologies, such as AI, which are more power-intensive.
Upon the occurrence of specified change of control transactions, holders of our series J preferred stock, series K preferred stock and series L preferred stock will have the right (unless, prior to the change of control conversion date, we have provided or provide notice of our election to redeem such preferred stock) to convert some or all of their series J preferred stock, series K preferred stock or series L preferred stock, as applicable, into shares of our common stock (or equivalent value of alternative consideration), subject to caps set forth in the articles supplementary governing the applicable series of preferred stock.
Upon the occurrence of specified change of control transactions, holders of Digital Realty Trust, Inc.’s series J preferred stock, series K preferred stock and series L preferred stock will have the right (unless, prior to the change of control conversion date, Digital Realty Trust, Inc. has provided or provides notice of its election to redeem such preferred stock) to convert some or all of their series J preferred stock, series K preferred stock or series L preferred stock, as applicable, into shares of Digital Realty Trust, Inc.’s common stock (or equivalent value of alternative consideration), subject to caps set forth in the articles supplementary governing the applicable series of preferred stock.
Approximately 91% of our total indebtedness as of December 31, 2024 was subject to fixed interest rates or variable rates subject to interest rate swaps.
Approximately 92% of our total indebtedness as of December 31, 2025 was subject to fixed interest rates or variable rates subject to interest rate swaps.
We may also engage in direct hedging activities to mitigate the risks of exchange rate fluctuations in a manner consistent with our qualification as a REIT, although we cannot assure you that we will be able to do so or that this will be effective. 26 Table of Contents ​ Index to Financial Statements ​ Our foreign operations involve additional risks not generally associated with or different from operations in the United States, including: ● our limited knowledge of and relationships with sellers, customers, contractors, suppliers or other parties in these metropolitan areas; ● complexity and costs associated with managing international development and operations; ● difficulty in hiring qualified management, sales and construction personnel and service providers in a timely fashion; ● the adoption and expansion of trade restrictions or tariffs or the occurrence of trade wars; ● differing employment practices and labor issues, including related to works councils, employee committees, labor unions and collective rights of action; ● multiple, conflicting and changing legal, regulatory, entitlement and permitting, and tax and treaty environments; ● unexpected changes in political environments, such as the United Kingdom’s withdrawal from the European Union; ● exposure to increased taxation, confiscation or expropriation; ● currency transfer restrictions and limitations on our ability to distribute cash earned in foreign jurisdictions to the United States; ● difficulty in enforcing agreements in non-U.S. jurisdictions, including those entered into in connection with our acquisitions or in the event of a default by one or more of our customers, suppliers or contractors; ● local business and cultural factors; ● geographic, political and economic instability, including sovereign credit risk and rapid and unpredictable changes in economic policy and regulatory environments, in certain geographic regions and emerging markets; and ● risks related to bribery and corruption. ​ The likelihood of such occurrences and their potential effect on us vary from country to country and are unpredictable.
Our foreign operations involve additional risks not generally associated with or different from operations in the United States, including: ● our limited knowledge of and relationships with sellers, customers, contractors, suppliers or other parties in these metropolitan areas; ● complexity and costs associated with managing international development and operations; ● difficulty in hiring qualified management, sales and construction personnel and service providers in a timely fashion; ● the adoption and expansion of trade restrictions or tariffs or the occurrence of trade wars; ● differing employment practices and labor issues, including related to works councils, employee committees, labor unions and collective rights of action; ● multiple, conflicting and changing legal, regulatory, entitlement and permitting, and tax and treaty environments; ● unexpected changes in political environments, such as the United Kingdom’s withdrawal from the European Union; ● exposure to increased taxation, confiscation or expropriation; ● currency transfer restrictions and limitations on our ability to distribute cash earned in foreign jurisdictions to the United States; ● difficulty in enforcing agreements in non-U.S. jurisdictions, including those entered into in connection with our acquisitions or in the event of a default by one or more of our customers, suppliers or contractors; ● local business and cultural factors; ● geographic, political and economic instability, including sovereign credit risk and rapid and unpredictable changes in economic policy and regulatory environments, in certain geographic regions and emerging markets; and ● risks related to bribery and corruption. ​ The likelihood of such occurrences and their potential effect on us vary from country to country and are unpredictable.
We cannot predict how changes in the tax laws might affect our investors and us. New legislation, Treasury Regulations, administrative interpretations or court decisions could significantly and adversely affect Digital Realty Trust, Inc.’s ability to qualify as a REIT, the U.S. federal income tax consequences of such qualification, or the U.S. federal income tax consequences of an investment in us.
New legislation, Treasury Regulations, administrative interpretations or court decisions could significantly and adversely affect Digital Realty Trust, Inc.’s ability to qualify as a REIT, the U.S. federal income tax consequences of such qualification, or the U.S. federal income tax consequences of an investment in us.
In the event that the market price for energy decreases, we may be required to pay more under the power purchase agreements than we would otherwise if we were to purchase environmental attribute certificate on the open market, which could adversely affect our results of operations.
In the event that the market price for energy and/or environmental attribute certificates decreases, we may be required to pay more than we would otherwise if we were to purchase them on the open market, which could adversely affect our results of operations.
U.S. stockholders that are individuals, trusts and estates generally may deduct up to 20% of the ordinary dividends (i.e., dividends not designated as capital gain dividends or qualified dividend income) received from a REIT for taxable years beginning before January 1, 2026.
U.S. stockholders that are individuals, trusts and estates generally may deduct up to 20% of the ordinary dividends (i.e., dividends not designated as capital gain dividends or qualified dividend income) received from a REIT.
Our total consolidated indebtedness at December 31, 2024 was approximately $16.8 billion, and we may incur significant additional debt to finance future acquisition, investment and development activities.
Our total consolidated indebtedness at December 31, 2025 was approximately $18.6 billion, and we may incur significant additional debt to finance future acquisition, investment and development activities.
In addition, 31 of our 308 data centers are occupied by single customers, including data centers occupied solely by our top three customers.
In addition, 20 of our 310 data centers are occupied by single customers, including data centers occupied solely by our top three customers.
Such investments may also lead to impasses, for example, as to whether to sell a property, because neither we nor our partner would have full control over the partnership or joint venture.
Such investments may also lead to impasses, for example, as to whether to sell a property, because neither we nor our partners would have full control over the investment vehicle.
Additional risks and uncertainties not presently known to us, or that we currently consider immaterial, also may materially adversely affect our business, financial condition, and results of operations.
Additional risks and uncertainties not presently known to us, or that we currently consider immaterial, also may materially adversely affect our business, financial condition, and results of operations. Risk Factors Summary The following is a summary of the principal risks that could adversely affect our business, operations and financial results.
Regulators around the world are increasingly focusing on, and investigating, cybersecurity matters. For example, as we disclosed in our Quarterly Report on Form 10-Q filed on November 9, 2023, the Division of Enforcement of the U.S.
Regulators around the world are increasingly focusing on, and investigating, cybersecurity matters. For example, as we most recently disclosed in our Quarterly Report on Form 10-Q filed on October 31, 2025, we cooperated with the Division of Enforcement of the U.S.
In addition, the price of these fuels and the total cost of delivered electricity could increase as a result of: regulations intended to regulate carbon emissions and other pollutants, ratepayer surcharges related to recovering the cost of extreme weather events and natural disasters, geopolitical conflicts, military conflicts, grid modernization charges, renewable energy adoption, as well as other charges borne by ratepayers.
In addition, the price of these fuels and the total cost of delivered electricity could increase as a result of: grid modernization charges, ratepayer surcharges related to recovering the cost of extreme weather events and natural disasters, increased demand from utilities from credit support and other obligations, minimum demand charges, geopolitical conflicts, military conflicts, energy market structure and/or regulatory changes, the adoption of modified and/or new energy tariffs, regulations intended to regulate carbon emissions and other pollutants, renewable energy adoption, and other obligations, as well as by the addition of other charges borne by ratepayers.
We may fail to provide such services because our operations are vulnerable to, among other things, mechanical or telecommunications failure, power outage, human error, physical or electronic security breaches, cyberattacks, war, terrorism, fire, earthquake, pandemics, hurricane, flood and other natural disasters, sabotage and vandalism. Substantially all of our customer agreements include terms requiring us to meet certain service level commitments.
We may fail to provide such services because our operations are vulnerable to, among other things, mechanical or telecommunications failure, power outage, human error, physical or electronic security breaches, cyberattacks, war, terrorism, fire, earthquake, pandemics, hurricane, flood and other natural disasters, sabotage and vandalism.
In addition, as of December 31, 2024, customer agreements representing 23.3% of the square footage of the properties in 21 Table of Contents ​ Index to Financial Statements ​ our portfolio, excluding month-to-month leases and space held for development, were scheduled to expire through 2026, and an additional 17.2% of the net rentable square footage, excluding space held for development, was available to be leased.
In addition, as of December 31, 2025, customer agreements representing 23.3% of the square footage of the properties in our portfolio, excluding month-to-month leases and space held for development, were scheduled to expire through 2027, and an additional 16.8% of the net rentable square footage, excluding space held for development, was available to be leased.
Federal policies and recent global events, such as the rising price of oil and the conflict between Russia and Ukraine, may have exacerbated, and may continue to exacerbate, inflation and increases in the consumer price index. 30 Table of Contents ​ Index to Financial Statements ​ A sustained or further increase in inflation could have an adverse impact on our operating expenses incurred in connection with, among others, the property-related contracted services such as repairs and maintenance, utilities, security and insurance.
Many of our costs, such as operating and general and administrative expenses, interest expense and real estate acquisition and construction costs, could be adversely impacted by periods of heightened inflation. ​ Federal policies, including the imposition of tariffs and the adoption of reciprocal tariffs by affected countries, and recent global events, such as the rising price of oil and the conflict between Russia and Ukraine, may have exacerbated, and may continue to exacerbate, inflation and increases in the consumer price index. 30 Table of Contents ​ Index to Financial Statements ​ A sustained or further increase in inflation could have an adverse impact on our operating expenses incurred in connection with, among others, the property-related contracted services such as repairs and maintenance, utilities, security and insurance.
We rely on third parties to provide the equipment, materials and services needed for our construction and development needs.
The development of our data centers requires the timely delivery of required equipment and materials. We rely on third parties to provide the equipment, materials and services needed for our construction and development needs.
We regularly experience cyberattacks and security incidents, and we expect such attacks and incidents to continue in the future. For example, we have experienced, and may in the future experience, sophisticated social engineering/phishing attacks that involve unauthorized access to our information.
We are subject to ongoing cyberattacks and other security incidents, including attempts to gain unauthorized access to our systems, and we expect such attempts to continue. For example, we have experienced, and are likely in the future to experience, sophisticated social engineering/phishing attacks that involve unauthorized access to our information.
For these reasons, any lease that cannot be renewed could adversely affect our business, financial condition and results of operations. We and our customers may experience supply chain or procurement disruptions, or increased supply chain costs, which may lead to delays. The development of our data centers requires the timely delivery of required equipment and materials.
For these reasons, any lease that cannot be renewed could adversely affect our business, financial condition and results of operations. 24 Table of Contents ​ Index to Financial Statements ​ We and our customers may experience supply chain or procurement disruptions, or increased supply chain costs, which may lead to delays.
Disputes between us and our partners may result in litigation or arbitration that would increase our expenses and prevent our management from focusing their time and effort on our day-to-day business. Consequently, actions by or disputes with our partners may subject properties owned by the partnership or joint venture to additional risk.
Disputes between us and our partners may result in litigation or arbitration that would increase our expenses and prevent our management from focusing their time and effort on our day-to-day business.
The combination of two independent businesses can be a complex, costly and time-consuming process, which requires significant time and focus from our management team and may divert attention from the day-to-day operations of our business.
Acquisitions present many risks, and we may not realize the financial or strategic goals that were contemplated at the time of the transaction. The combination of two independent businesses can be a complex, costly and time-consuming process, which requires significant time and focus from our management team and may divert attention from the day-to-day operations of our business.
The ownership and operation of data centers located outside of the United States subject us to risks from fluctuations in exchange rates between foreign currencies and the U.S. dollar.
We have acquired and developed, and may continue to acquire and develop, and operate data centers outside the United States. 26 Table of Contents ​ Index to Financial Statements ​ The ownership and operation of data centers located outside of the United States subject us to risks from fluctuations in exchange rates between foreign currencies and the U.S. dollar.
You can also identify forward-looking statements by discussions of strategy, plans or intentions. Forward-looking statements involve numerous risks and uncertainties and you should not rely on them as predictions of future events. Forward-looking statements depend on assumptions, data or methods that may be incorrect or imprecise and that we may not be able to realize.
You can also identify forward-looking statements by discussions of strategy, plans or intentions. 46 Table of Contents ​ Index to Financial Statements ​ Forward-looking statements involve numerous risks and uncertainties and you should not rely on them as predictions of future events.
If any of our key customers were to do so, it could result in a loss of business to us or put pressure on our pricing.
If any of our key customers were to do so, it could result in a loss of business to us or put pressure on our pricing. Mergers or consolidations of technology companies could reduce further the number of our customers and potential customers and make us more dependent on a more limited number of customers.
As a result, if we acquire a C corporation, we must distribute the corporation’s earnings and profits accumulated prior to the acquisition before the end of the taxable year in which we acquire the corporation. We also could be required to pay the acquired entity’s unpaid taxes even though such liabilities arose prior to the time we acquired the entity.
As a result, if we acquire a C corporation, we must distribute the corporation’s earnings and profits accumulated prior to the acquisition before the end of the taxable year in which we acquire the corporation.
For the same reason, our properties also may not be suitable for leasing to traditional office customers without significant expenditures or renovations. As a result, we may be required to invest significant amounts or offer significant discounts to customers in order to lease or re-lease that space, either of which could adversely affect our financial and operating results.
As a result, we may be required to invest significant amounts or offer significant discounts to customers in order to lease or re-lease that space, either of which could adversely affect our financial and operating results. We may be unable to lease vacant or development space, renew leases, or re-lease space as leases expire.
Our inability to overcome these risks could adversely affect our international activities, including our foreign operations and could harm our business and results of operations. 27 Table of Contents ​ Index to Financial Statements ​ Our recent acquisitions may not achieve the intended benefits or may disrupt our plans and operations.
Our inability to overcome these risks could adversely affect our international activities, including our foreign operations and could harm our business and results of operations. Our acquisitions may not achieve the intended benefits or may disrupt our plans and operations. We have in the past and may continue in the future to acquire businesses as part of our growth strategy.
We may not be able to adapt to changing technologies or meet customer demands for new processes or technologies in a timely and cost-effective manner, if at all, which would adversely impact our ability to sustain and grow our business. Further, our inability to adapt to changing customer requirements may make our data centers obsolete or unmarketable to such customers.
We may not be able to adapt to changing technologies or meet customer demands for new processes or technologies in a timely and cost-effective manner, if at all, which would adversely impact our ability to sustain and grow our business. Continued AI adoption could result in evolving infrastructure needs, particularly around power density for advanced computing.
Disruptions in the oil and gas and electric power markets have caused, and could continue to cause, significant increases in energy prices, which could have a material effect on our business.
Disruptions in the oil and gas and electric power markets have caused, and could continue to cause, significant increases in energy prices, which could have a material effect on our business. 17 Table of Contents ​ Index to Financial Statements ​ We face significant competition, which may adversely affect the occupancy and rental rates of our data centers.
If new or different regulations or standards are adopted or such extra requirements are demanded by our customers, we could lose some customers or be unable to attract new customers in certain industries, which could materially and adversely affect our operations. ​ 25 Table of Contents ​ Index to Financial Statements ​ We depend on third parties to provide network connectivity to the customers in our data centers and any delays or disruptions in connectivity may materially adversely affect our operating results and cash flow.
If new or different regulations or standards are adopted or such extra requirements are demanded by our customers, we could lose some customers or be unable to attract new customers in certain industries, which could materially and adversely affect our operations.
Any negative changes in real estate, technology or economic conditions in these metropolitan areas in particular could negatively impact our performance. Our business and operations, and our customers, suppliers and business partners may be adversely affected by epidemics, pandemics or other outbreaks.
Any negative changes in real estate, technology or economic conditions in these metropolitan areas in particular could negatively impact our performance.
While the United States has not yet adopted the Pillar Two rules, various other governments around the world have enacted or are enacting such legislation.
While the United States has not yet adopted the Pillar Two rules and the U.S. Department of the Treasury has recently announced an agreement with other countries in the OECD to exempt U.S.-headquartered companies from the Pillar Two rules, various other governments around the world have enacted or are enacting such legislation.
Over the past few years, we have completed a number of new joint ventures, including development joint ventures, and such investments may increase the risks described herein. 29 Table of Contents ​ Index to Financial Statements ​ Any delays or unexpected costs in the development of our existing space and developable land and new properties acquired for development may delay and harm our growth prospects, future operating results and financial condition.
Any delays or unexpected costs in the development of our existing space and developable land and new properties acquired for development may delay and harm our growth prospects, future operating results and financial condition.
In addition, we may in certain circumstances be liable for the actions of our third-party partners. Each of these factors may result in returns on these investments being less than we expect or in losses and our financial and operating results may be adversely affected.
Any of these factors may result in returns on these investments being less than we expect or in losses and our financial and operating results may be adversely affected. In addition, we cannot assure you that we will be able to close investments, on the anticipated schedule or at all.
We do not guarantee that the transactions and events described will happen as described or that they will happen at all.
Forward-looking statements depend on assumptions, data or methods that may be incorrect or imprecise and that we may not be able to realize. We do not guarantee that the transactions and events described will happen as described or that they will happen at all.
Our portfolio included 187 data centers, including 56 held in unconsolidated entities, located outside of the United States as of December 31, 2024. We have acquired and developed, and may continue to acquire and develop, and operate data centers outside the United States.
Our portfolio included 192 data centers, including 60 held in unconsolidated entities, located outside of the United States as of December 31, 2025.
Deficiencies, including any material weakness, in our internal control over financial reporting which may occur in the future could result in misstatements of our results of operations, restatements of our financial statements, a decline in Digital Realty Trust, Inc.’s stock price, or otherwise materially adversely affect our business, reputation, results of operations, financial condition or liquidity . ​ 38 Table of Contents ​ Index to Financial Statements ​ Risks Related to Our Organizational Structure ​ The interests of Digital Realty Trust, Inc.’s stockholders may conflict with the interests of Digital Realty Trust, L.P.’s unitholders. ​ Conflicts of interest may exist or could arise in the future as a result of the relationships between Digital Realty Trust, Inc. and its stockholders, on the one hand, and Digital Realty Trust, L.P. and its partners, on the other.
Although management believes it has been prudent and used reasonable judgment in making these estimates, it is possible actual results may differ from these estimates. ​ 38 Table of Contents ​ Index to Financial Statements ​ Risks Related to Our Organizational Structure ​ The interests of Digital Realty Trust, Inc.’s stockholders may conflict with the interests of Digital Realty Trust, L.P.’s unitholders. ​ Conflicts of interest may exist or could arise in the future as a result of the relationships between Digital Realty Trust, Inc. and its stockholders, on the one hand, and Digital Realty Trust, L.P. and its partners, on the other.
Changes in U.S. or foreign tax laws and regulations, including changes to tax rates, legislation and other actions may adversely affect our results of operations, our stockholders, Digital Realty Trust, L.P.’s unitholders and us. We are headquartered in the United States with subsidiaries and operations globally and are subject to income taxes in these jurisdictions.
We also could be required to pay the acquired entity’s unpaid taxes even though such liabilities arose prior to the time we acquired the entity. 45 Table of Contents ​ Index to Financial Statements ​ Changes in U.S. or foreign tax laws and regulations, including changes to tax rates, legislation and other actions may adversely affect our results of operations, our stockholders, Digital Realty Trust, L.P.’s unitholders and us.
Competition in our industry for qualified technical employees is intense, and the availability of qualified technical personnel is not guaranteed. 34 Table of Contents ​ Index to Financial Statements ​ We may have difficulty managing our growth. We have significantly and rapidly expanded the size of our Company.
Competition in our industry for qualified technical employees is intense, and the availability of qualified technical personnel is not guaranteed. ​ 34 Table of Contents ​ Index to Financial Statements ​ As artificial intelligence becomes more prevalent in the workplace, it may present new considerations that could affect our business and operating results.
We may be unable to lease vacant or development space, renew leases, or re-lease space as leases expire. At December 31, 2024, we owned approximately 8.9 million square feet of space under active development and approximately 4.7 million square feet of space held for future development.
At December 31, 2025, we owned approximately 9.7 million square feet of space under active development and approximately 4.7 million square feet of space held for future development. We intend to continue to add new space to our development inventory and to continue to develop additional space from this inventory.
If the SEC believes that violations occurred, it could seek remedies including, but not limited to, civil monetary penalties and injunctive relief, and/or file litigation against the Company. 19 Table of Contents ​ Index to Financial Statements ​ We have made, and expect to continue to make, investments to update and modernize both existing and newly acquired Information Systems.
We are not aware of any cybersecurity issue or event that caused the Staff to open this matter. 19 Table of Contents ​ Index to Financial Statements ​ We have made, and expect to continue to make, investments to update and modernize both existing and newly acquired Information Systems.

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Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

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The Board receives briefings from management on our cyber risk management processes, and it receives presentations on cybersecurity topics from our Chief Technology Officer, Chief Information Security Officer and Chief Information Officer, internal security staff or external experts as part of the Board’s continuing education on topics that impact public companies. ​ Our management team has overall responsibility for assessing and managing material risks from cybersecurity threats, and for executing on our cybersecurity risk management processes.
The Board receives briefings from management on our cyber risk management processes, and it receives presentations on cybersecurity topics from our Chief Technology Officer, Chief Information Security Officer and Chief Information Officer, internal security staff or external experts as part of the Board’s risk oversight function and continuing education on topics that impact public companies. ​ Our Chief Technology Officer, Chief Information Security Officer and Chief Information Officer have primary responsibility for assessing and managing material risks from cybersecurity threats , and for executing on our cybersecurity risk management processes.
Our management team works closely with our cybersecurity operations team to stay informed about and monitor efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, which may include briefings from internal security personnel, threat intelligence and other information obtained from governmental, public or private sources, including external consultants engaged by us, and alerts and reports produced by security tools deployed in the IT, Operational Technology (OT), and products and services environments . 48 Table of Contents ​ Index to Financial Statements ​
Our Chief Technology Officer is a member of the management team , and works closely with the Chief Information Security Officer, Chief Information Officer and cybersecurity operations team to stay informed about and monitor efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, which may include briefings from internal security personnel, threat intelligence and other information obtained from governmental, public or private sources, including external consultants engaged by us, and alerts and reports produced by security tools deployed in the IT, Operational Technology (OT), and products and services environments .
This does not imply that we meet any particular technical standards, specifications, or requirements, only that we use the NIST CSF as a guide to help us identify, assess, and manage cybersecurity risks relevant to our business. ​ 47 Table of Contents ​ Index to Financial Statements ​ We have integrated aspects of our cybersecurity risk management processes into our overall risk management program through, for example, common methodologies, reporting channels and governance processes that apply across the overall risk management program to other risk areas. ​ Our cybersecurity risk management processes include, but are not limited to: ​ ● independent maturity assessments designed to help identify significant cybersecurity risks to our IT environment and systems; ​ ● a cyber resilience team jointly responsible for managing (1) our cybersecurity risk assessment processes, (2) our security controls, and (3) our response to cybersecurity incidents; ​ ● the use of external service providers , where appropriate, to assess, test or otherwise assist with aspects of our security controls; ​ ● cybersecurity awareness training of our employees, incident response personnel, and senior management; ​ ● a cybersecurity incident response plan that includes procedures for responding to cybersecurity incidents; and ​ ● a risk management process for service providers, suppliers, and vendors that aligns to our compliance requirements. ​ We have not identified risks from known cybersecurity threats as a result of any prior cybersecurity incidents that have materially affected us, including our operations, business strategy, results of operations, or financial condition.
This does not imply that we meet any particular technical standards, specifications, or requirements, only that we use the NIST CSF as a guide to help us identify, assess, and manage cybersecurity risks relevant to our business. ​ We have integrated aspects of our cybersecurity risk management processes into our overall risk management program through, for example, common methodologies, reporting channels and governance processes that apply across the overall risk management program to other risk areas. ​ Our cybersecurity risk management processes include, but are not limited to: ​ ● independent maturity assessments designed to help identify significant cybersecurity risks to our IT environment and systems; ​ ● a cyber resilience team jointly responsible for managing (1) our cybersecurity risk assessment processes, (2) our security controls, and (3) our response to cybersecurity incidents; ​ ● the use of external service providers , where appropriate, to assess, test or otherwise assist with aspects of our security controls and responses to cybersecurity incidents; ​ ● cybersecurity awareness training of our employees, incident response personnel, and senior management; ​ ● a cybersecurity incident response plan that includes procedures for responding to cybersecurity incidents; and ​ ● a risk management process for third party service providers that aligns to our compliance standards and calibrated to our assessment of each provider’s operational criticality and risk profile. ​ 48 Table of Contents ​ Index to Financial Statements ​ To date, we have not identified risks from known cybersecurity threats resulting from prior cybersecurity incidents.
The Board oversees management’s implementation of our cybersecurity risk management processes and receives reports from management on our cybersecurity risks at least twice a year. In addition, management updates the Board, as necessary, regarding any material cybersecurity incidents, as well as any incidents with lesser impact potential.
The Board oversees management’s implementation of our cybersecurity risk management processes and receives reports from management on our cybersecurity risks at least twice a year. In addition, management updates the Board, as necessary, regarding any significant cybersecurity incidents.
We face complex risks from cybersecurity threats that, if realized, are reasonably likely to materially affect us, including our operations, business strategy, results of operations, or financial condition .
Such incidents have not materially affected our operations, business strategy, results of operations, or financial condition. On an ongoing basis, we face complex risks from cybersecurity threats that, if realized, are reasonably likely to materially affect us, including our operations, business strategy, results of operations, or financial condition .
Our Chief Technology Officer, Chief Information Officer and Chief Information Security Officer , among others, have decades of combined experience in areas such as information technology, compliance, and cybersecurity program design and management. Additionally, certain leaders and personnel within the cybersecurity operations team hold industry certifications, such as Certified Information Systems Security Professional or Certified Information Security Manager.
Our Chief Information Officer also reports to the Chief Technology Officer and has two engineering degrees along with decades of experience in managing technology operations and investments, as well as software and applications development . Additionally, certain leaders and personnel within the cybersecurity operations team hold industry certifications, such as Certified Information Systems Security Professional or Certified Information Security Manager.
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Our Chief Technology Officer has decades of experience in technology strategies across global markets, the design and operation of resilient data center capacity, and the deployment of enterprise cloud strategies and data-driven applications.
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Our Chief Information Security Officer reports to the Chief Technology Officer and has decades of experience advising large corporations and the U.S. government on cyber resiliency, cyber operations and cyber risk management programs.

Item 2. Properties

Properties — owned and leased real estate

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We estimate the total net rentable square feet available for lease based on a number of factors in addition to contractually leased square feet, including available power, required support space and common area. (2) Annualized rent represents the monthly contractual base rent (defined as cash base rent before abatements) under existing leases as of December 31, 2024 multiplied by 12.
We estimate the total net rentable square feet available for lease based on a number of factors in addition to contractually leased square feet, including available power, required support space and common area. (2) Annualized rent represents the monthly contractual base rent (defined as cash base rent before abatements) under existing leases as of December 31, 2025 multiplied by 12.
(2) Annualized rent represents the monthly contractual base rent (defined as cash base rent before abatements) under existing leases as of December 31, 2024 multiplied by 12. (3) Other includes unimproved building shell capacity as well as storage and office space within fully improved data center facilities.
(2) Annualized rent represents the monthly contractual base rent (defined as cash base rent before abatements) under existing leases as of December 31, 2025 multiplied by 12. (3) Other includes unimproved building shell capacity as well as storage and office space within fully improved data center facilities.
Lease Expirations The following table sets forth a summary schedule of the lease expirations for leases in place as of December 31, 2024 plus available space for ten calendar years and thereafter at the properties in our portfolio. The table excludes space that is currently under active development or held for development.
Lease Expirations The following table sets forth a summary schedule of the lease expirations for leases in place as of December 31, 2025 plus available space for ten calendar years and thereafter at the properties in our portfolio. The table excludes space that is currently under active development or held for development.
Our Portfolio The following table presents an overview of our portfolio of properties, including the 78 data centers held as investments in unconsolidated entities and developable land, based on information as of December 31, 2024 (amounts in thousands). All data centers are held in fee simple except as otherwise indicated. Please refer to Note 11.
Our Portfolio The following table presents an overview of our portfolio of properties, including the 89 data centers held as investments in unconsolidated entities and developable land, based on information as of December 31, 2025 (amounts in thousands). All data centers are held in fee simple except as otherwise indicated. Please refer to Note 11.
Individual items may not add up to total due to rounding. 52 Table of Contents ​ Index to Financial Statements ​ (1) For some of our properties, we calculate square footage based on factors in addition to contractually leased square feet, including available power, required support space and common area.
Total amounts may differ due to rounding. 52 Table of Contents ​ Index to Financial Statements ​ (1) For some of our properties, we calculate square footage based on factors in addition to contractually leased square feet, including available power, required support space and common area.
Individual items may not add up to total due to rounding. (1) Net rentable square feet at a building represents the current square feet at that building under lease as specified in the lease agreements plus management’s estimate of space available for lease.
Total amounts may differ due to rounding. (1) Net rentable square feet at a building represents the current square feet at that building under lease as specified in the lease agreements plus management’s estimate of space available for lease.
(1) Annualized recurring revenue represents the monthly contractual base rent (defined as cash base rent before abatements), and interconnection revenue under existing leases as of December 31, 2024 multiplied by 12. ​ 51 Table of Contents ​ Index to Financial Statements ​ Lease Distribution The following table sets forth information relating to the distribution of leases in the properties in our portfolio, based on size (in megawatts), excluding approximately 8.9 million square feet of space under active development and approximately 4.7 million square feet of space held for development at December 31, 2024, under lease as of December 31, 2024 (dollar and square feet amounts in thousands). ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Net ​ Percentage of Net ​ ​ ​ ​ ​ ​ ​ Rentable Square ​ Rentable Square ​ Annualized ​ Percentage of Size ​ Feet (1) ​ Feet (1) ​ Rent (2) ​ Annualized Rent Available 5,680 17.2 % ​ — — ​ 0 - 1 MW 5,029 15.2 % $ 1,316,096 35.5 % > 1 MW 14,819 44.9 % 2,149,122 57.9 % Other (3) 7,471 22.7 % 243,541 6.6 % Total 32,999 100.0 % $ 3,708,758 100.0 % Note: Represents consolidated portfolio in addition to our managed portfolio of unconsolidated entities based on our ownership percentage. ​ (1) We estimate the total net rentable square feet available for lease based on a number of factors in addition to contractually leased square feet, including available power, required support space and common area.
(1) Annualized recurring revenue represents the monthly contractual base rent (defined as cash base rent before abatements), and interconnection revenue under existing leases as of December 31, 2025 multiplied by 12. ​ 51 Table of Contents ​ Index to Financial Statements ​ Lease Distribution The following table sets forth information relating to the distribution of leases in the properties in our portfolio, based on size (in megawatts), excluding approximately 9.7 million square feet of space under active development and approximately 4.7 million square feet of space held for development at December 31, 2025, under lease as of December 31, 2025 (dollar and square feet amounts in thousands). ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Net ​ Percentage of Net ​ ​ ​ ​ ​ ​ ​ Rentable Square ​ Rentable Square ​ Annualized ​ Percentage of Size ​ Feet (1) ​ Feet (1) ​ Rent (2) ​ Annualized Rent Available 5,536 16.8 % ​ — — ​ 0 - 1 MW 5,266 16.0 % $ 1,462,012 34.9 % > 1 MW 15,783 48.1 % 2,505,977 59.7 % Other (3) 6,273 19.1 % 225,915 5.4 % Total 32,858 100.0 % $ 4,193,904 100.0 % Note: Represents consolidated portfolio in addition to our managed portfolio of unconsolidated entities based on our ownership percentage. ​ (1) We estimate the total net rentable square feet available for lease based on a number of factors in addition to contractually leased square feet, including available power, required support space and common area.
“Debt of the Operating Partnership” in the Notes to the Consolidated Financial Statements included in Part II, Item 8 of this Annual Report on Form 10-K for a description of all applicable encumbrances as of December 31, 2024. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Space Under ​ ​ ​ ​ ​ ​ Data Center ​ Net Rentable ​ Active ​ Space Held for ​ Occupancy Metropolitan Area ​ Buildings ​ Square Feet (1) ​ Development (Sq Ft) (2) ​ Development (Sq Ft) (3) ​ Percentage (4) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ North America ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Northern Virginia ​ 18 ​ 5,372 ​ 1,571 ​ 254 ​ 92.8 % Dallas ​ 19 ​ 3,126 ​ 408 ​ 110 ​ 84.0 % Chicago ​ 7 ​ 2,262 ​ 553 ​ 48 ​ 92.6 % New York ​ 11 ​ 1,553 ​ 87 ​ 100 ​ 73.7 % Silicon Valley ​ 13 ​ 1,524 ​ — ​ — ​ 87.9 % Portland ​ 3 ​ 1,147 ​ — ​ — ​ 98.9 % San Francisco ​ 4 ​ 844 ​ — ​ — ​ 61.6 % Phoenix ​ 2 ​ 796 ​ — ​ — ​ 76.7 % Los Angeles ​ 2 ​ 611 ​ 11 ​ — ​ 79.4 % Toronto ​ 2 ​ 593 ​ 130 ​ 135 ​ 96.1 % Atlanta ​ 4 ​ 542 ​ 15 ​ 314 ​ 96.7 % Boston ​ 3 ​ 437 ​ — ​ 51 ​ 38.1 % Seattle ​ 1 ​ 397 ​ — ​ — ​ 73.8 % Houston ​ 6 ​ 393 ​ — ​ 14 ​ 69.7 % Miami ​ 2 ​ 226 ​ — ​ — ​ 86.0 % Charlotte ​ 3 ​ 95 ​ — ​ — ​ 92.4 % Austin ​ 1 ​ 86 ​ — ​ — ​ 59.7 % North America Total ​ 101 ​ 20,004 ​ 2,775 ​ 1,025 ​ 85.5 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ EMEA ​ ​ ​ ​ ​ ​ Frankfurt ​ 24 ​ 1,722 ​ 1,488 ​ — ​ 87.2 % London ​ 13 ​ 1,412 ​ 13 ​ 76 ​ 61.0 % Amsterdam ​ 13 ​ 1,332 ​ 222 ​ 92 ​ 86.2 % Johannesburg ​ 5 ​ 1,263 ​ 945 ​ — ​ 81.7 % Paris ​ 12 ​ 977 ​ 285 ​ — ​ 82.8 % Marseille ​ 4 ​ 558 ​ 237 ​ 378 ​ 75.4 % Dublin ​ 9 ​ 553 ​ — ​ — ​ 71.3 % Zurich ​ 3 ​ 496 ​ 92 ​ — ​ 85.2 ​ Vienna ​ 3 ​ 356 ​ 133 ​ — ​ 82.6 ​ Brussels ​ 3 ​ 338 ​ — ​ — ​ 69.7 ​ Cape Town ​ 2 ​ 326 ​ 402 ​ — ​ 87.3 ​ Madrid ​ 4 ​ 308 ​ 100 ​ — ​ 76.4 % Stockholm ​ 6 ​ 245 ​ — ​ — ​ 57.7 % Copenhagen ​ 3 ​ 226 ​ — ​ 99 ​ 69.2 % Athens ​ 4 ​ 148 ​ 61 ​ — ​ 81.9 % Dusseldorf ​ 3 ​ 142 ​ — ​ 71 ​ 59.8 % Durban ​ 1 ​ 59 ​ — ​ — ​ 69.7 % Mombasa ​ 2 ​ 37 ​ — ​ 21 ​ 39.6 % Zagreb ​ 1 ​ 24 ​ 10 ​ — ​ 94.6 % Nairobi ​ 1 ​ 16 ​ 75 ​ — ​ 64.6 % Maputo ​ 1 ​ 3 ​ — ​ — ​ 41.6 % Rome ​ 1 ​ 0 ​ 37 ​ — ​ 100.0 % Barcelona ​ — ​ — ​ 144 ​ — ​ — % Crete ​ — ​ — ​ 11 ​ — ​ — % EMEA Total ​ 118 ​ 10,540 ​ 4,254 ​ 738 ​ 78.1 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asia Pacific ​ ​ ​ ​ ​ ​ Singapore ​ 3 ​ 793 ​ — ​ 97 ​ 91.1 % Sydney ​ 4 ​ 361 ​ — ​ 88 ​ 83.3 % Melbourne ​ 2 ​ 147 ​ — ​ — ​ 90.6 % Seoul ​ 1 ​ 162 ​ — ​ — ​ 25.2 % Hong Kong ​ 1 ​ 114 ​ 66 ​ 104 ​ 73.3 % Asia Pacific Total ​ 11 ​ 1,577 ​ 66 ​ 289 ​ 81.2 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-Data Center Properties ​ — ​ — ​ — ​ — ​ — % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Managed Unconsolidated Entities ​ ​ ​ ​ ​ ​ 49 Table of Contents ​ Index to Financial Statements ​ Northern Virginia ​ 12 ​ 2,793 ​ 792 ​ — ​ 97.0 % Chicago ​ 3 ​ 1,118 ​ — ​ — ​ 96.3 % Frankfurt ​ 5 ​ 551 ​ — ​ — ​ 81.0 % Dallas ​ 2 ​ 364 ​ — ​ — ​ 100.0 % Los Angeles ​ 2 ​ 197 ​ — ​ — ​ 80.0 % Hong Kong ​ 1 ​ 186 ​ — ​ — ​ 44.3 % Silicon Valley ​ 2 ​ 142 ​ — ​ 400 ​ 100.0 % Toronto ​ 1 ​ 104 ​ — ​ — ​ 54.5 % Paris ​ 1 ​ 91 ​ 179 ​ — ​ 60.1 % Lagos ​ 2 ​ 5 ​ 26 ​ — ​ 93.3 % Accra ​ — ​ — ​ 24 ​ — ​ — % Abuja ​ — ​ — ​ — ​ — ​ — % ​ ​ 31 ​ 5,552 ​ 1,022 ​ 400 ​ 91.8 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-Managed Unconsolidated Entities ​ ​ ​ ​ ​ ​ Sao Paulo ​ 25 ​ 1,416 ​ 75 ​ 1,198 ​ 92.0 % Tokyo ​ 5 ​ 1,118 ​ 479 ​ — ​ 76.2 % Osaka ​ 4 ​ 583 ​ 116 ​ 80 ​ 82.0 % Santiago ​ 3 ​ 119 ​ 118 ​ 71 ​ 90.1 % Rio De Janeiro ​ 2 ​ 112 ​ — ​ — ​ 100.0 % Queretaro ​ 3 ​ 105 ​ — ​ 583 ​ 100.0 % Fortaleza ​ 1 ​ 94 ​ — ​ — ​ 22.0 % Chennai ​ 1 ​ 55 ​ — ​ 104 ​ 2.5 % Seattle ​ 1 ​ 51 ​ — ​ — ​ 100.0 % Bogota ​ 2 ​ — ​ — ​ 197 ​ — % ​ ​ 47 ​ 3,654 ​ 787 ​ 2,234 ​ 83.0 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ 308 ​ 41,326 ​ 8,904 ​ 4,686 ​ 84.1 % Note: Table excludes data centers held for sale.
“Debt of the Operating Partnership” in the Notes to the Consolidated Financial Statements included in Part II, Item 8 of this Annual Report on Form 10-K for a description of all applicable encumbrances as of December 31, 2025. 49 Table of Contents ​ Index to Financial Statements ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Space Under ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Data Center ​ Net Rentable ​ Active ​ Space Held for ​ Occupancy Metropolitan Area ​ Buildings ​ Square Feet (1) ​ Development (Sq Ft) (2) ​ Development (Sq Ft) (3) ​ Percentage (4) North America ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Northern Virginia ​ 16 ​ 5,200 ​ 309 ​ 283 ​ 95.1 % Chicago ​ 7 ​ 2,230 ​ 565 ​ 68 ​ 93.9 % New York ​ 10 ​ 1,497 ​ 70 ​ 28 ​ 72.2 % Dallas ​ 16 ​ 2,660 ​ 408 ​ 246 ​ 82.6 % Portland ​ 3 ​ 1,147 ​ — ​ — ​ 99.9 % Silicon Valley ​ 11 ​ 1,175 ​ 13 ​ 37 ​ 81.7 % Phoenix ​ 2 ​ 783 ​ 19 ​ — ​ 75.6 % Toronto ​ 2 ​ 593 ​ — ​ 135 ​ 96.5 % San Francisco ​ 5 ​ 844 ​ — ​ — ​ 60.1 % Seattle ​ 1 ​ 412 ​ — ​ — ​ 67.5 % Atlanta ​ 3 ​ 154 ​ 68 ​ 314 ​ 76.7 % Los Angeles ​ 2 ​ 750 ​ — ​ 104 ​ 86.6 % Houston ​ 6 ​ 393 ​ — ​ 14 ​ 69.7 % Boston ​ 2 ​ 336 ​ — ​ 51 ​ 39.4 % Austin ​ 1 ​ 86 ​ — ​ — ​ 60.9 % Miami ​ 1 ​ 150 ​ — ​ 12 ​ 85.4 % Charlotte ​ 3 ​ 95 ​ — ​ — ​ 94.4 % North America Total ​ 91 ​ 18,504 ​ 1,452 ​ 1,290 ​ 85.5 % EMEA ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Frankfurt ​ 24 ​ 2,102 ​ 1,071 ​ — ​ 81.9 % London ​ 13 ​ 1,348 ​ 77 ​ 76 ​ 65.4 % Amsterdam ​ 13 ​ 1,425 ​ 202 ​ 19 ​ 81.4 % Paris ​ 12 ​ 1,262 ​ 622 ​ — ​ 84.4 % Johannesburg ​ 5 ​ 1,681 ​ 530 ​ — ​ 83.3 % Zurich ​ 3 ​ 596 ​ — ​ — ​ 78.2 % Marseille ​ 4 ​ 558 ​ 237 ​ 378 ​ 78.1 % Dublin ​ 9 ​ 555 ​ — ​ — ​ 76.1 % Madrid ​ 4 ​ 352 ​ 56 ​ — ​ 79.1 % Vienna ​ 3 ​ 356 ​ 133 ​ — ​ 82.2 % Cape Town ​ 2 ​ 326 ​ 402 ​ — ​ 89.3 % Brussels ​ 3 ​ 338 ​ — ​ — ​ 70.0 % Copenhagen ​ 3 ​ 226 ​ — ​ 99 ​ 72.7 % Stockholm ​ 6 ​ 245 ​ — ​ — ​ 46.4 % Dusseldorf ​ 3 ​ 181 ​ 55 ​ — ​ 50.8 % Athens ​ 4 ​ 148 ​ 61 ​ — ​ 82.8 % Durban ​ 1 ​ 59 ​ — ​ — ​ 69.6 % Mombasa ​ 2 ​ 37 ​ — ​ 21 ​ 47.3 % Nairobi ​ 1 ​ 16 ​ 75 ​ — ​ 66.7 % Zagreb ​ 1 ​ 34 ​ — ​ — ​ 66.8 % Maputo ​ 1 ​ 3 ​ — ​ — ​ 45.7 % Crete ​ 1 ​ 11 ​ — ​ — ​ 6.1 % Rome ​ 1 ​ 0 ​ 37 ​ — ​ 100.0 % Lisbon ​ — ​ — ​ — ​ 44 ​ — % Barcelona ​ — ​ — ​ 144 ​ — ​ — % EMEA Total ​ 119 ​ 11,858 ​ 3,701 ​ 638 ​ 77.9 % Asia Pacific ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Singapore ​ 3 ​ 810 ​ — ​ 80 ​ 89.9 % Sydney ​ 4 ​ 361 ​ — ​ 88 ​ 83.3 % Hong Kong ​ 1 ​ 180 ​ — ​ 104 ​ 88.2 % Melbourne ​ 2 ​ 147 ​ — ​ — ​ 90.3 % Seoul ​ 1 ​ 162 ​ 1,025 ​ — ​ 51.5 % Asia Pacific Total ​ 11 ​ 1,660 ​ 1,025 ​ 272 ​ 84.6 % Non-Data Center Properties ​ — ​ — ​ — ​ — ​ — % Managed Unconsolidated Entities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Northern Virginia ​ 15 ​ 3,581 ​ 2,325 ​ — ​ 97.4 % Chicago ​ 3 ​ 1,118 ​ — ​ — ​ 97.0 % Frankfurt ​ 5 ​ 551 ​ — ​ — ​ 86.3 % Dallas ​ 3 ​ 463 ​ — ​ 10 ​ 99.9 % Silicon Valley ​ 4 ​ 442 ​ — ​ 400 ​ 100.0 % Paris ​ 1 ​ 181 ​ 90 ​ — ​ 80.5 % New York ​ 1 ​ 144 ​ — ​ — ​ 100.0 % Toronto ​ 1 ​ 104 ​ — ​ — ​ 81.4 % Los Angeles ​ 2 ​ 196 ​ — ​ — ​ 81.9 % Hong Kong ​ 1 ​ 186 ​ — ​ — ​ 32.7 % Lagos ​ 3 ​ 8 ​ 26 ​ — ​ 61.9 % Accra ​ 1 ​ 24 ​ — ​ — ​ 1.1 % ​ ​ 40 ​ 7,000 ​ 2,441 ​ 409 ​ 93.7 % Non-Managed Unconsolidated Entities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Sao Paulo ​ 25 ​ 1,508 ​ 64 ​ 1,117 ​ 98.8 % Tokyo ​ 5 ​ 1,261 ​ 336 ​ — ​ 77.7 % Osaka ​ 4 ​ 644 ​ 113 ​ 23 ​ 86.3 % Santiago ​ 3 ​ 214 ​ 47 ​ 47 ​ 95.4 % Queretaro ​ 3 ​ 105 ​ — ​ 583 ​ 100.0 % Rio De Janeiro ​ 2 ​ 112 ​ — ​ — ​ 100.0 % Seattle ​ 1 ​ 51 ​ — ​ — ​ 100.0 % Jakarta ​ 2 ​ 135 ​ — ​ — ​ 38.3 % Fortaleza ​ 1 ​ 94 ​ — ​ — ​ 15.9 % Chennai ​ 1 ​ 61 ​ — ​ 119 ​ 8.5 % Mumbai ​ — ​ — ​ 501 ​ — ​ — % Bogota ​ 2 ​ — ​ — ​ 197 ​ — % ​ ​ 49 ​ 4,186 ​ 1,061 ​ 2,087 ​ 85.3 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ 310 ​ 43,208 ​ 9,679 ​ 4,696 ​ 84.7 % 50 Table of Contents ​ Index to Financial Statements ​ Note: Table excludes data centers held for sale.
In addition, we are subject to ground leases at certain data centers primarily in Europe and Singapore. ​ 50 Table of Contents ​ Index to Financial Statements ​ Customer Diversification The following table sets forth information regarding the 20 largest customers in our portfolio based on annualized recurring revenue as of December 31, 2024 (dollar amounts in thousands). ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number ​ Annualized ​ % of Annualized ​ Weighted Average ​ ​ ​ ​ of ​ Recurring ​ Recurring ​ Remaining Lease ​ ​ Tenant ​ Locations ​ Revenue (1) ​ Revenue ​ Term in Years 1 Fortune 50 Software Company 73 $ 475,081 11.5 % 8.9 2 Oracle Corporation 39 266,603 6.4 % 9.7 3 Social Content Platform 30 229,771 5.5 % 3.7 4 Global Cloud Provider ​ 63 189,147 4.6 % 4.8 5 IBM 36 119,145 2.9 % 2.8 6 Equinix 17 98,128 2.4 % 5.0 7 LinkedIn Corporation 7 84,509 2.0 % 3.2 8 Fortune 25 Investment Grade-Rated Company 29 64,371 1.6 % 1.9 9 Meta Platforms, Inc. 49 64,157 1.5 % 3.6 10 Social Media Platform 5 63,168 1.5 % 6.4 11 Specialized Cloud Provider 2 58,322 1.4 % 4.7 12 Lumen Technologies, Inc. 130 55,529 1.3 % 8.2 13 Fortune 25 Tech Company 54 54,008 1.3 % 3.3 14 Cyxtera 77 49,890 1.2 % 2.5 15 Comcast Corporation 44 43,900 1.1 % 3.5 16 Fortune 500 SaaS Provider 10 42,462 1.0 % 2.8 17 JPMorgan Chase & Co. 19 40,101 1.0 % 3.4 18 Rackspace 23 37,599 0.9 % 8.9 19 Morgan Stanley 13 37,276 0.9 % 4.4 20 Verizon 88 33,554 0.8 % 12.1 ​ Total / Weighted Average ​ ​ $ 2,106,721 50.8 % 6.1 Note: Represents consolidated portfolio in addition to our managed portfolio of unconsolidated entities based on our ownership percentage.
In addition, we are subject to ground leases at certain data centers primarily in Europe and Singapore. ​ Customer Diversification The following table sets forth information regarding the 20 largest customers in our portfolio based on annualized recurring revenue as of December 31, 2025 (dollar amounts in thousands). ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number ​ Annualized ​ % of Annualized ​ Weighted Average ​ ​ ​ ​ of ​ Recurring ​ Recurring ​ Remaining Lease ​ ​ Tenant ​ Locations ​ Revenue (1) ​ Revenue ​ Term in Years 1 Fortune 50 Software Company 76 $ 547,189 11.7 % 9.4 2 Oracle Corporation 42 424,130 9.0 % 10.2 3 Social Content Platform 33 246,602 5.3 % 2.9 4 Global Cloud Provider ​ 64 212,744 4.5 % 3.6 5 IBM 34 109,596 2.3 % 2.6 6 Equinix 14 95,641 2.0 % 4.6 7 LinkedIn Corporation 8 77,088 1.6 % 2.5 8 Meta Platforms, Inc. 49 73,494 1.6 % 2.8 9 Fortune 25 Investment Grade-Rated Company 29 67,366 1.4 % 2.1 10 Social Media Platform 2 63,572 1.4 % 5.4 11 Fortune 25 Tech Company 57 62,971 1.3 % 4.1 12 Specialized Cloud Provider 4 61,554 1.3 % 3.7 13 Lumen Technologies, Inc. 112 56,649 1.2 % 8.2 14 AT&T 75 48,802 1.0 % 2.4 15 Comcast Corporation 43 47,235 1.0 % 2.5 16 JPMorgan Chase & Co. 21 44,326 0.9 % 2.5 17 Quantitative Research and Investment Firm 2 41,524 0.9 % 5.5 18 Morgan Stanley 13 39,944 0.9 % 3.9 19 Rackspace 23 39,768 0.8 % 9.1 20 Global Commerce Platform 13 39,500 0.8 % 5.6 ​ Total / Weighted Average ​ ​ $ 2,399,695 50.9 % 6.1 Note: Represents consolidated portfolio in addition to our managed portfolio of unconsolidated entities based on our ownership percentage.
Unless otherwise stated in the footnotes to the table below, the information set forth in the table assumes that tenants exercise no renewal options and early termination rights (amounts in thousands, except per square foot amounts). ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Annualized ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Annualized ​ Rent Per ​ ​ ​ ​ ​ ​ ​ Percentage ​ ​ ​ ​ Percentage of ​ Rent Per ​ Occupied ​ ​ ​ ​ ​ Square Footage of ​ of Net Rentable ​ Annualized ​ Annualized ​ Occupied ​ Square Foot ​ Annualized Rent Year ​ Expiring Leases (1) ​ Square Feet (1) ​ Rent (2) ​ Rent (2) ​ Square Foot ​ at Expiration ​ at Expiration Available 5,680 17.2 % ​ ​ ​ ​ ​ ​ ​ Month to Month (3) 380 1.2 % ​ $ 70,085 1.9 % ​ $ 184 ​ $ 184 ​ $ 69,917 2025 4,330 13.1 % ​ 947,948 25.6 % ​ 219 ​ 220 ​ 950,561 2026 3,359 10.2 % ​ 469,943 12.7 % ​ 140 ​ 144 ​ 483,057 2027 2,600 7.9 % ​ 401,463 10.8 % ​ 154 ​ 163 ​ 423,610 2028 2,318 7.0 % ​ 265,374 7.2 % ​ 114 ​ 123 ​ 285,176 2029 2,950 8.9 % ​ 371,322 10.0 % ​ 126 ​ 139 ​ 409,651 2030 2,240 6.8 % ​ 257,889 7.0 % ​ 115 ​ 130 ​ 291,802 2031 1,169 3.5 % ​ 171,662 4.6 % ​ 147 ​ 171 ​ 200,498 2032 1,013 3.1 % ​ 132,461 3.6 % ​ 131 ​ 149 ​ 150,482 2033 710 2.2 % ​ 103,000 2.8 % ​ 145 ​ 171 ​ 121,367 2034 1,902 5.8 % ​ 176,901 4.8 % ​ 93 ​ 110 ​ 208,656 Thereafter 4,347 13.1 % ​ 340,711 9.2 % ​ 78 ​ 100 ​ 436,675 Portfolio Total / Weighted Average 32,999 100.0 % ​ $ 3,708,758 100.0 % ​ $ 136 ​ $ 148 ​ $ 4,031,452 Note: Represents consolidated portfolio in addition to our managed portfolio of unconsolidated entities based on our ownership percentage.
Unless otherwise stated in the footnotes to the table below, the information set forth in the table assumes that tenants exercise no renewal options and early termination rights (amounts in thousands, except per square foot amounts). ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Annualized ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Annualized ​ Rent Per ​ ​ ​ ​ ​ ​ ​ Percentage ​ ​ ​ ​ Percentage of ​ Rent Per ​ Occupied ​ ​ ​ ​ ​ Square Footage of ​ of Net Rentable ​ Annualized ​ Annualized ​ Occupied ​ Square Foot ​ Annualized Rent Year ​ Expiring Leases (1) ​ Square Feet (1) ​ Rent (2) ​ Rent (2) ​ Square Foot ​ at Expiration ​ at Expiration Available 5,536 16.9 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Month to Month (3) 443 1.3 % ​ $ 98,605 2.4 % ​ $ 222 ​ $ 224 ​ $ 99,496 2026 4,939 15.0 % ​ 1,085,764 25.9 % ​ 220 ​ 220 ​ 1,087,655 2027 2,730 8.3 % ​ 477,097 11.4 % ​ 175 ​ 180 ​ 490,429 2028 2,858 8.7 % ​ 411,637 9.8 % ​ 144 ​ 153 ​ 436,190 2029 2,819 8.6 % ​ 413,855 9.9 % ​ 147 ​ 158 ​ 445,997 2030 2,934 8.9 % ​ 398,188 9.5 % ​ 136 ​ 147 ​ 432,662 2031 1,510 4.6 % ​ 226,417 5.4 % ​ 150 ​ 172 ​ 260,147 2032 1,274 3.9 % ​ 196,770 4.7 % ​ 154 ​ 175 ​ 222,773 2033 643 2.0 % ​ 100,207 2.4 % ​ 156 ​ 180 ​ 115,358 2034 1,821 5.5 % ​ 182,486 4.4 % ​ 100 ​ 116 ​ 210,614 2035 1,060 3.2 % ​ 101,160 2.4 % ​ 95 ​ 107 ​ 113,741 Thereafter 4,292 13.1 % ​ 501,718 12.0 % ​ 117 ​ 160 ​ 687,420 Portfolio Total / Weighted Average 32,858 100.0 % ​ $ 4,193,904 100.0 % ​ $ 153 ​ $ 168 ​ $ 4,602,483 Note: Represents consolidated portfolio in addition to our managed portfolio of unconsolidated entities based on our ownership percentage.

Item 3. Legal Proceedings

Legal Proceedings — active lawsuits and investigations

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ITEM 3. LEGAL PROCEEDINGS In the ordinary course of our business, we may become subject to various legal proceedings. As of December 31, 2024, we were not a party to any legal proceedings which we believe would have a material adverse effect on our operations or financial position. ​ ITEM 4. MINE SAFETY DISCLOSURES Not applicable. PART II
ITEM 3. LEGAL PROCEEDINGS In the ordinary course of our business, we may become subject to various legal proceedings. As of December 31, 2025, we were not a party to any legal proceedings which we believe would have a material adverse effect on our operations or financial position. ​ ITEM 4. MINE SAFETY DISCLOSURES Not applicable. PART II

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

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For all issuances of units to Digital Realty Trust, Inc., our Operating Partnership relied on Digital Realty Trust, Inc.’s status as a publicly traded NYSE-listed company with over $45 billion in total consolidated assets and as our Operating Partnership’s majority owner and general partner as the basis for the exemption under Section 4(a)(2) of the Securities Act.
For all issuances of units to Digital Realty Trust, Inc., our Operating Partnership relied on Digital Realty Trust, Inc.’s status as a publicly traded NYSE-listed company with over $49 billion in total consolidated assets and as our Operating Partnership’s majority owner and general partner as the basis for the exemption under Section 4(a)(2) of the Securities Act.
Any future distributions will be declared at the discretion of the Board of Directors of Digital Realty Trust, L.P.’s general partner, Digital Realty Trust, Inc., and will depend on our actual cash flow, financial condition, capital requirements, the annual distribution requirements under the REIT provisions of the Code, and such other factors as the Board of Directors may deem relevant. 53 Table of Contents ​ Index to Financial Statements ​ STOCK PERFORMANCE GRAPH The following graph compares the yearly change in the cumulative total stockholder return on Digital Realty Trust, Inc.’s common stock during the period from December 31, 2019 through December 31, 2024, with the cumulative total returns on the MSCI US REIT Index (RMS) and the S&P 500 Market Index.
Any future distributions will be declared at the discretion of the Board of Directors of Digital Realty Trust, L.P.’s general partner, Digital Realty Trust, Inc., and will depend on our actual cash flow, financial condition, capital requirements, the annual distribution requirements under the REIT provisions of the Code, and such other factors as the Board of Directors may deem relevant. 53 Table of Contents ​ Index to Financial Statements ​ STOCK PERFORMANCE GRAPH The following graph compares the yearly change in the cumulative total stockholder return on Digital Realty Trust, Inc.’s common stock during the period from December 31, 2020 through December 31, 2025, with the cumulative total returns on the MSCI US REIT Index (RMS) and the S&P 500 Market Index.
The comparison assumes that $100 was invested on December 31, 2019 in Digital Realty Trust, Inc.’s common stock and in each of these indices and assumes reinvestment of dividends, if any.
The comparison assumes that $100 was invested on December 31, 2020 in Digital Realty Trust, Inc.’s common stock and in each of these indices and assumes reinvestment of dividends, if any.
All other issuances of unregistered equity securities of our Operating Partnership during the year ended December 31, 2024 have been disclosed previously in filings with the SEC.
All other issuances of unregistered equity securities of our Operating Partnership during the year ended December 31, 2025 have been disclosed previously in filings with the SEC.
Such dividends, if any, will be made at the discretion of Digital Realty Trust, Inc.’s Board of Directors. As of February 18, 2025, there were approximately 66 holders of record of Digital Realty Trust, Inc.’s common stock. This figure does not reflect the beneficial ownership of shares held in nominee name. Digital Realty Trust, L.P.
Such dividends, if any, will be made at the discretion of Digital Realty Trust, Inc.’s Board of Directors. As of February 9, 2026, there were approximately 66 holders of record of Digital Realty Trust, Inc.’s common stock. This figure does not reflect the beneficial ownership of shares held in nominee name. Digital Realty Trust, L.P.
During the year ended December 31, 2024, our Operating Partnership issued partnership units in private placements in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act, in the amounts and for the consideration set forth below: During the year ended December 31, 2024, Digital Realty Trust, Inc. issued an aggregate of 392,050 shares of its common stock in connection with restricted stock awards for no cash consideration.
During the year ended December 31, 2025, our Operating Partnership issued partnership units in private placements in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act, in the amounts and for the consideration set forth below: During the year ended December 31, 2025, Digital Realty Trust, Inc. issued an aggregate of 427,309 shares of its common stock in connection with restricted stock awards for no cash consideration.
For each share of common stock issued by Digital Realty Trust, Inc. in connection with such awards, our Operating Partnership issued a restricted common unit to Digital Realty Trust, Inc. During the year ended December 31, 2024, our Operating Partnership issued an aggregate of 392,050 common units to Digital Realty Trust, Inc., as required by our Operating Partnership’s partnership agreement.
For each share of common stock issued by Digital Realty Trust, Inc. in connection with such awards, our Operating Partnership issued a restricted common unit to Digital Realty Trust, Inc. During the year ended December 31, 2025, our Operating Partnership issued an aggregate of 427,309 common units to Digital Realty Trust, Inc., as required by our Operating Partnership’s partnership agreement.
There is no established trading market for Digital Realty Trust, L.P.’s common units of limited partnership. As of February 18, 2025, there were 65 holders of record of common units, including Digital Realty Trust, L.P.’s general partner, Digital Realty Trust, Inc. Digital Realty Trust, L.P. currently intends to continue to make regular quarterly distributions to holders of its common units.
There is no established trading market for Digital Realty Trust, L.P.’s common units of limited partnership. As of February 9, 2026, there were 63 holders of record of common units, including Digital Realty Trust, L.P.’s general partner, Digital Realty Trust, Inc. Digital Realty Trust, L.P. currently intends to continue to make regular quarterly distributions to holders of its common units.
COMPARISON OF CUMULATIVE TOTAL RETURNS AMONG DIGITAL REALTY TRUST, INC., S&P 500 INDEX AND RMS INDEX Assumes $100 invested on December 31, 2019 and dividends reinvested ​ To fiscal year ending December 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ Pricing Date DLR($) S&P 500($) RMS($) December 31, 2019 100.0 100.0 100.0 December 31, 2020 120.5 118.4 92.4 December 31, 2021 157.4 152.4 132.2 December 31, 2022 93.0 124.8 99.8 December 31, 2023 130.1 157.6 113.5 December 31, 2024 176.7 197.0 123.5 ● This graph and the accompanying text are not “soliciting material,” are not deemed filed with the SEC and are not to be incorporated by reference in any filing by us under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date hereof and irrespective of any general incorporation language in any such filing. ● The stock price performance shown on the graph is not necessarily indicative of future price performance. ● The hypothetical investment in Digital Realty Trust, Inc.’s common stock presented in the stock performance graph above is based on the closing price of the common stock on December 31, 2019. 54 Table of Contents ​ Index to Financial Statements ​ SALES OF UNREGISTERED EQUITY SECURITIES Digital Realty Trust, Inc.
COMPARISON OF CUMULATIVE TOTAL RETURNS AMONG DIGITAL REALTY TRUST, INC., S&P 500 INDEX AND RMS INDEX Assumes $100 invested on December 31, 2020 and dividends reinvested ​ To fiscal year ending December 31, 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ Pricing Date ​ ​ ​ DLR($) ​ ​ ​ S&P 500($) ​ ​ ​ RMS($) December 31, 2020 100.0 100.0 100.0 December 31, 2021 130.7 128.7 143.1 December 31, 2022 77.2 105.4 108.0 December 31, 2023 108.0 133.1 122.8 December 31, 2024 146.7 166.4 133.6 December 31, 2025 131.9 196.2 137.5 ● This graph and the accompanying text are not “soliciting material,” are not deemed filed with the SEC and are not to be incorporated by reference in any filing by us under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date hereof and irrespective of any general incorporation language in any such filing. ● The stock price performance shown on the graph is not necessarily indicative of future price performance. ● The hypothetical investment in Digital Realty Trust, Inc.’s common stock presented in the stock performance graph above is based on the closing price of the common stock on December 31, 2020. 54 Table of Contents ​ Index to Financial Statements ​ SALES OF UNREGISTERED EQUITY SECURITIES Digital Realty Trust, Inc.
During the year ended December 31, 2024, an aggregate of 117,271 shares of its common stock were forfeited to Digital Realty Trust, Inc. in connection with restricted stock awards for a net issuance of 274,779 shares of common stock.
During the year ended December 31, 2025, an aggregate of 62,945 shares of its common stock were forfeited to Digital Realty Trust, Inc. in connection with restricted stock awards for a net issuance of 364,364 shares of common stock.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

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We determined that certain non-core properties in secondary U.S. markets had carrying amounts that may not be fully recoverable as we determined that we no longer intend to hold these properties long-term. Accordingly, the recorded amounts were reduced to reflect management’s estimate of fair value principally based on sales of similar properties and ongoing negotiations with third parties.
We determined that certain non-core properties in secondary U.S. markets had carrying amounts that may not be fully recoverable as we determined that we no longer intend to hold these properties long-term. Accordingly, the recorded amounts were reduced to reflect management’s estimate of fair value based principally on sales of similar properties and ongoing negotiations with third parties.
Further, re-leased/renewed rental rates in a particular metropolitan area may not be consistent with rental rates across our portfolio as a whole and may fluctuate from one period to another due to a number of factors, including local economic conditions, local supply and demand for data center space, competition from other data center developers or operators, the condition of the property and whether the property, or space within the property, has been developed. 60 Table of Contents ​ Index to Financial Statements ​ Geographic concentration ​ We depend on the market for data centers in specific geographic regions and significant changes in these regional or metropolitan areas can impact our future results.
Further, re-leased/renewed rental rates in a particular metropolitan area may not be consistent with rental rates across our portfolio as a whole and may fluctuate from one period to another due to a number of factors, including local economic conditions, local supply and demand for data center space, competition from other data center developers or operators, the condition of the property and whether the property, or space within the property, has been developed. 59 Table of Contents ​ Index to Financial Statements ​ Geographic concentration ​ We depend on the market for data centers in specific geographic regions and significant changes in these regional or metropolitan areas can impact our future results.
(6) Other includes Powered Base Building shell capacity as well as storage and office space within fully improved data center facilities. ​ We continue to see strong demand in most of our key metropolitan areas for data center space and, subject to the supply of available data center space in these metropolitan areas, we expect average aggregate rental rates on renewed data center leases for 2025 expirations to be positive as compared with the rates currently being paid for the same space on a GAAP basis and on a cash basis.
(6) Other includes Powered Base Building shell capacity as well as storage and office space within fully improved data center facilities. ​ We continue to see strong demand in most of our key metropolitan areas for data center space and, subject to the supply of available data center space in these metropolitan areas, we expect average aggregate rental rates on renewed data center leases for 2026 expirations to be positive as compared with the rates currently being paid for the same space on a GAAP basis and on a cash basis.
We received approximately $153 million of gross proceeds from the contribution of our data centers to the joint venture and retained a 35% interest in the joint venture. Mitsubishi contributed such cash in exchange for a 65% interest in the joint venture.
In 2024, we received approximately $153 million of gross proceeds from the contribution of our data centers to the joint venture and retained a 35% interest in the joint venture. Mitsubishi contributed such cash in exchange for a 65% interest in the joint venture.
All rates were calculated in the local currency of each contract and then converted to USD based on average exchange rates for the period December 31, 2024. (3) Excludes short-term leases (less than 12 months). (4) Commencement dates for the leases signed range from 2024 to 2025. (5) Includes leases signed for new and re-leased space.
All rates were calculated in the local currency of each contract and then converted to USD based on average exchange rates for the period December 31, 2025. (3) Excludes short-term leases (less than 12 months). (4) Commencement dates for the leases signed range from 2025 to 2026. (5) Includes leases signed for new and re-leased space.
We estimate fair value using available market information and valuation methods we believe to be appropriate for these purposes. Given the significant amount of judgement and subjectivity involved in the determination of fair value, estimated fair value is not necessarily indicative of amounts that would be realized on disposition. Refer to Note 2.
We estimate fair value using available market information and valuation methods we believe to be appropriate for these purposes. Given the significant amount of judgment and subjectivity involved in the determination of fair value, estimated fair value is not necessarily indicative of amounts that would be realized on disposition. Refer to Note 2.
We make statements in this section that are forward-looking statements within the meaning of the federal securities laws. For a complete discussion of forward-looking statements, see the section in this report entitled “Forward-Looking Statements.” A discussion regarding our financial condition and results of operations for 2024 as compared to 2023 is presented herein.
We make statements in this section that are forward-looking statements within the meaning of the federal securities laws. For a complete discussion of forward-looking statements, see the section in this report entitled “Forward-Looking Statements.” A discussion regarding our financial condition and results of operations for 2025 as compared to 2024 is presented herein.
Other key components of operating expenses include: depreciation of our fixed assets, amortization of intangible assets, and transaction and integration costs. 61 Table of Contents ​ Index to Financial Statements ​ Other Income / (Expenses) Equity in earnings of unconsolidated entities, gain on disposition of properties, interest expense, and income tax expense make up the majority of Other income/(expenses).
Other key components of operating expenses include: depreciation of our fixed assets, amortization of intangible assets, and transaction and integration costs. 60 Table of Contents ​ Index to Financial Statements ​ Other Income / (Expenses) Equity in earnings of unconsolidated entities, gain on disposition of properties, interest expense, and income tax expense make up the majority of Other income/(expenses).
The variable rate debt shown above bears interest based on various one-month SOFR, EURIBOR, HIBOR, TIBOR, Base CD Rate, CDOR and JIBAR rates, depending on the respective agreement governing the debt, including our Global Revolving Credit Facilities, unsecured term loans, Teraco loans and ICN10 Facilities.
The variable rate debt shown above bears interest based on various one-month SOFR, EURIBOR, TIBOR, Base CD Rate and JIBAR rates, depending on the respective agreement governing the debt, including our Global Revolving Credit Facilities, unsecured term loans, Teraco loans and ICN10 Facilities.
Information on 2022 is presented in graphs and other tables only to show year-over-year trends in our results of operations and operating metrics. Our financial condition for 2022 and results of operations for 2022 – and also 2022 as compared to 2023 – can be found under Item 7.
Information on 2023 is presented in graphs and other tables only to show year-over-year trends in our results of operations and operating metrics. Our financial condition for 2023 and results of operations for 2023 – and also 2023 as compared to 2024 – can be found under Item 7.
The expected tax treatment of distributions on our Parent’s common stock and preferred stock paid in 2024 is as follows: approximately 77% ordinary income and 23% as capital gain distribution. The tax treatment of distributions on our Parent’s common stock and preferred stock paid in 2023 was as follows: approximately 40% ordinary income and 60% as capital gain distribution.
The tax treatment of distributions on our Parent’s common stock and preferred stock paid in 2024 was as follows: approximately 77% ordinary income and 23% as capital gain distribution. The tax treatment of distributions on our Parent’s common stock paid in 2023 was as follows: approximately 40% ordinary income and 60% as capital gain distribution.
Amounts accumulated for distribution to stockholders are invested primarily in interest-bearing accounts and short-term interest-bearing securities, which are consistent with our intention to maintain our Parent’s status as a REIT.
Amounts accumulated for distribution to stockholders are invested primarily in interest-bearing accounts and short-term interest-bearing securities, in a manner consistent with our intention to maintain our Parent’s status as a REIT.
A period of inflation, however, could cause an increase in the cost of our variable-rate borrowings, including borrowings under our Global Revolving Credit Facilities, borrowings under our Euro Term Loan Facilities and USD Term Loan Facility and issuances of unsecured senior notes. In addition, refer to “Item 1A.
A period of inflation, however, could cause an increase in the cost of our variable-rate borrowings, including borrowings under our Global Revolving Credit Facilities, borrowings under our Euro Term Loan Agreement and issuances of unsecured senior notes. In addition, refer to “Item 1A.
For additional information regarding distributions paid on our common and preferred units for the years ended December 31, 2024 and 2023, see Item 8, Note 14.
For additional information regarding distributions paid on our common and preferred units for the years ended December 31, 2025 and 2024, see Item 8, Note 14.
“Debt of the Operating Partnership” to Consolidated Financial Statements contained herein. ​ On September 13, 2024, Digital Dutch Finco B.V., an indirect wholly owned finance subsidiary of the Operating Partnership, issued and sold €850 million aggregate principal amount of 3.875% Guaranteed Notes due 2033.
“Debt of the Operating Partnership” to Consolidated Financial Statements contained herein. 71 Table of Contents ​ Index to Financial Statements ​ On September 13, 2024, Digital Dutch Finco B.V., an indirect wholly owned finance subsidiary of the Operating Partnership, issued and sold €850 million aggregate principal amount of 3.875% Guaranteed Notes due 2033.
The following table shows the geographic concentration based on annualized rent from our portfolio, including data centers held as investments in unconsolidated entities. ​ ​ ​ ​ ​ ​ Percentage of ​ ​ December 31, 2024 Metropolitan Area ​ Total annualized rent (1) Northern Virginia 19.6 % Chicago 7.7 % Frankfurt 5.9 % Dallas 5.3 % London 5.0 % Singapore 4.6 % New York ​ 4.4 % Amsterdam 4.0 % Silicon Valley 4.0 % Sao Paulo 3.9 % Portland 3.4 % Johannesburg 3.2 % Paris 2.9 % Tokyo 2.0 % Phoenix ​ 1.7 % Other 22.4 % Total 100.0 % (1) Annualized rent is monthly contractual rent (defined as cash base rent before abatements) under existing leases as of the end of the period presented multiplied by 12.
The following table shows the geographic concentration based on annualized rent from our portfolio, including data centers held as investments in unconsolidated entities. ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of ​ ​ December 31, 2025 Metropolitan Area ​ Total annualized rent (1) Northern Virginia 21.4 % Chicago 7.1 % Frankfurt 6.1 % London 4.5 % Singapore 4.5 % Dallas 4.3 % Paris ​ 4.1 % Amsterdam 4.1 % New York 4.0 % Sao Paulo 3.8 % Johannesburg 3.5 % Silicon Valley 3.5 % Portland 3.0 % Tokyo 2.3 % Zurich ​ 1.7 % Other 22.1 % Total 100.0 % (1) Annualized rent is monthly contractual rent (defined as cash base rent before abatements) under existing leases as of the end of the period presented multiplied by 12.
We also may fund future short-term and long-term liquidity requirements, including acquisitions and non-recurring capital improvements, using our Global Revolving Credit Facilities pending permanent financing. As of February 18, 2025, we had approximately $3.4 billion of borrowings available under our Global Revolving Credit Facilities.
We also may fund future short-term and long-term liquidity requirements, including acquisitions and non-recurring capital improvements, using our Global Revolving Credit Facilities pending permanent financing. As of February 9, 2026, we had approximately $3.4 billion of borrowings available under our Global Revolving Credit Facilities.
Includes consolidated portfolio and unconsolidated entities at the entities’ 100% ownership level. The aggregate amount of abatements for the year ended December 31, 2024 was approximately $44.3 million. ​ Operating Expenses Operating expenses primarily consist of utilities, property and ad valorem taxes, property management fees, insurance and site maintenance costs, and rental expenses on our ground and building leases.
Includes consolidated portfolio and unconsolidated entities at the entities’ 100% ownership level. The aggregate amount of abatements for the year ended December 31, 2025 was approximately $35.6 million. ​ Operating Expenses Operating expenses primarily consist of utilities, property and ad valorem taxes, property management fees, insurance and site maintenance costs, and rental expenses on our ground and building leases.
Management’s Discussion and Analysis of Financial Condition and Results of Operations, of our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed with the SEC on February 23, 2024.
Management’s Discussion and Analysis of Financial Condition and Results of Operations, of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on February 25, 2025.
Changes to the estimates and assumptions we make regarding these matters could affect our financial position and specific items in our 77 Table of Contents ​ Index to Financial Statements ​ results of operations used by stockholders, potential investors, industry analysts and lenders in the evaluation of our performance.
Changes to the estimates and assumptions we make regarding these matters could affect our financial position and specific items in our results of operations used by stockholders, potential investors, industry analysts and lenders in the evaluation of our performance.
Our Global Revolving Credit Facilities provides for borrowings up to $4.4 billion (including approximately $0.3 billion available to be drawn on the Yen Revolving Credit Facility). We have the ability from time to time to increase the size of the Global Revolving Credit Facility by up to $1.8 billion, subject to the receipt of lender commitments and other conditions precedent.
Our Global Revolving Credit Facilities provides for borrowings up to $4.5 billion (including approximately $0.3 billion under the Yen Revolving Credit Facility). We have the ability from time to time to increase the size of the Global Revolving Credit Facility by up to $1.8 billion, subject to the receipt of lender commitments and other conditions precedent.
“Summary of Significant Accounting Policies” the Consolidated Financial Statements for additional information. Recoverability of Real Estate Assets. We assess the carrying value of our properties whenever events or circumstances indicate carrying amounts of these assets may not be fully recoverable (“triggering events").
“Summary of Significant Accounting Policies” in the Consolidated Financial Statements for additional information. 78 Table of Contents ​ Index to Financial Statements ​ Recoverability of Real Estate Assets. We assess the carrying value of our properties whenever events or circumstances indicate carrying amounts of these assets may not be fully recoverable (“triggering events").
During the year ending December 31, 2025, we expect to incur approximately $3.0 billion to $3.5 billion of capital expenditures, which includes our share of joint venture contributions and is net of partner contributions for our development programs.
During the year ending December 31, 2026, we expect to incur approximately $3.25 billion to $3.75 billion of capital expenditures, which includes our share of joint venture contributions and is net of partner contributions for our development programs.
This amount could go up or down, potentially materially, based on numerous factors, including changes in demand, leasing results and availability of debt or equity capital. 70 Table of Contents ​ Index to Financial Statements ​ Development Projects The costs we incur to develop our properties is a key component of our liquidity requirements.
This amount could go up or down, potentially materially, based on numerous factors, including changes in demand, leasing results and availability of debt or equity capital. Development Projects The costs we incur to develop our properties are a key component of our liquidity requirements.
Our development capital expenditures are generally funded by our available cash and equity and debt capital. ​ Indirect costs, including interest, capitalized in the years ended December 31, 2024 and 2023 were $230.1 million and $216.0 million, respectively.
Our development capital expenditures are generally funded by our available cash and equity and debt capital. ​ Indirect costs, including interest, capitalized in the years ended December 31, 2025 and 2024 were $267.8 million and $230.1 million, respectively.
On December 23, 2024, our Parent and our Operating Partnership entered into a new an ATM Equity Offering SM Sales Agreement (the “2024 Sales Agreement”), pursuant to which, Digital Realty Trust, Inc. can issue and sell common stock having an aggregate offering price of up to $3.0 billion through various named agents from time to time.
Our Parent and our Operating Partnership are parties to an ATM Equity Offering SM Sales Agreement dated December 23, 2024 (the “2024 Sales Agreement”). Pursuant to the 2024 Sales Agreement, Digital Realty Trust, Inc. can issue and sell common stock having an aggregate offering price of up to $3.0 billion through various named agents from time to time.
As of December 31, 2024, approximately 0.2 million common units and incentive units of the Operating Partnership are classified within equity, except for certain common units issued to certain former DuPont Fabros Technology, L.P. unitholders in the Company’s acquisition of DuPont Fabros Technology, Inc., which are subject to certain restrictions and, accordingly, are not presented as permanent equity in the consolidated balance sheet.
As of December 31, 2025, common units and incentive units of Digital Realty Trust, L.P. are classified within equity, except for certain common units of approximately 0.2 million issued to certain former DuPont Fabros Technology, L.P. unitholders in the Company’s acquisition of DuPont Fabros Technology, Inc., which are subject to certain restrictions and, accordingly, are not presented as permanent equity in the consolidated balance sheets.
The Global Revolving Credit Facilities provide for borrowings up to $4.4 billion (including approximately $0.3 billion available to be drawn on the Yen Revolving Credit Facility) based on currency commitments and foreign exchange rates as of December 31, 2024.
The Global Revolving Credit Facilities provide for borrowings up to $4.5 billion (including approximately $0.3 billion under the Yen Revolving Credit Facility) based on currency commitments and foreign exchange rates as of December 31, 2025.
As of December 31, 2023, our debt had a weighted average term to initial maturity of approximately 4.2 years (or approximately 4.4 years assuming exercise of extension options). Off-Balance Sheet Arrangements As of December 31, 2024, our pro-rata share of secured debt of unconsolidated entities was approximately $1.4 billion.
As of December 31, 2025, our debt had a weighted average term to initial maturity of approximately 5.0 years (or approximately 5.0 years assuming exercise of extension options). Off-Balance Sheet Arrangements As of December 31, 2025, our pro-rata share of secured debt of unconsolidated entities was approximately $1.9 billion.
For additional information on the current and future investment for space under active development, see “Liquidity and Capital Resources—Development Projects”. (3) Space held for development includes space held for future data center development and excludes space under active development.
(2) Space under active development includes current base building and data center projects in progress, and excludes space held for development. For additional information on the current and future investment for space under active development, see “Liquidity and Capital Resources—Development Projects”. (3) Space held for development includes space held for future data center development and excludes space under active development.
(3) The €375.0 million 2025-27 Term Facility is subject to two maturity extension options of one year each, provided that the Operating Partnership must pay a 0.125% extension fee based on the then-outstanding principal amount of such facility commitments then outstanding.
(3) The €375.0 million Euro Term Loan Facility is subject to a maturity extension option of one year, provided that the Operating Partnership must pay a 0.125% extension fee based on the then-outstanding principal amount of such facility commitments then outstanding.
Such repurchases, redemptions or exchanges, if any, will depend on prevailing market conditions, our liquidity requirements, contractual restrictions or other factors.
Such repurchases, redemptions or exchanges, if any, will depend on prevailing market conditions, our liquidity requirements, contractual restrictions or other factors. The amounts involved may be material.
The Teraco noncontrolling share of FFO was $46,953, $39,386, and $11,919 for the years ended December 31, 2024, 2023 and 2022, respectively.
The Teraco noncontrolling share of FFO was $63,566, $46,953, and $39,386 for the years ended December 31, 2025, 2024 and 2023, respectively.
New Accounting Pronouncements See Note 2. “Summary of Significant Accounting Policies” of the Consolidated Financial Statements. Funds From Operations We calculate funds from operations, or FFO, in accordance with the standards established by the National Association of Real Estate Investment Trusts (Nareit) in the Nareit Funds From Operations White Paper - 2018 Restatement.
“Summary of Significant Accounting Policies” of the Consolidated Financial Statements. 79 Table of Contents ​ Index to Financial Statements ​ Funds From Operations We calculate funds from operations, or FFO, in accordance with the standards established by the National Association of Real Estate Investment Trusts (Nareit) in the Nareit Funds From Operations White Paper - 2018 Restatement.
(3) For all periods presented, we have excluded the effect of the series J, series K and series L preferred stock, as applicable, that may be converted into common stock upon the occurrence of specified change in control transactions as described in the articles supplementary governing the series J, series K and series L preferred stock, as applicable, as they would be anti-dilutive. ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2024 2023 2022 Weighted average common stock and units outstanding 329,485 304,651 292,123 Add: Effect of dilutive securities 8,211 10,462 11,585 Weighted average common stock and units outstanding—diluted 337,696 315,113 303,708 ​ ​ ​ ​ 80 Table of Contents ​ Index to Financial Statements ​
(3) For all periods presented, we have excluded the effect of the series J, series K and series L preferred stock, as applicable, that may be converted into common stock upon the occurrence of specified change in control transactions as described in the articles supplementary governing the series J, series K and series L preferred stock, as applicable, as they would be anti-dilutive. ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 Weighted average common stock and units outstanding 345,717 329,485 304,651 Add: Effect of dilutive securities 8,003 8,211 10,462 Weighted average common stock and units outstanding—diluted 353,720 337,696 315,113 ​ ​ ​ ​
We received approximately $386 million of net proceeds from the contribution of our data center to the joint venture and the associated financing and retained a 25% interest in the joint venture. On January 11, 2024, we formed a joint venture with Blackstone Inc. to develop four hyperscale data center campuses across Frankfurt, Paris and Northern Virginia.
In January 2024, we formed a joint venture with Blackstone Inc. to develop four hyperscale data center campuses across Frankfurt, Paris and Northern Virginia. We received approximately $231 million of net proceeds from the contribution of our data centers to the first phase of the joint venture and retained a 20% interest in the joint venture.
For the year ended December 31, 2023, Digital Realty Trust, Inc. generated net proceeds of approximately $1.1 billion from the issuance of approximately 8.7 million common shares under the 2023 Sales Agreement at an average price of $133.21 per share after payment of approximately $11.4 million of commissions to the agents.
During the year ended December 31, 2025, Digital Realty Trust, Inc. generated net proceeds of approximately $1.1 billion from the issuance of approximately 6.4 million common shares under the 2024 Sales Agreement at an average price of $173.09 per share after payment of approximately $6.8 million of commissions to the agents.
Capital expenditures on our development projects plus our enhancement and improvements projects for the year ended December 31, 2024 were approximately $2.3 billion, which reflects a decrease of approximately 23% from the same period in 2023.
Capital expenditures on our development projects plus our enhancement and improvements projects for the year ended December 31, 2025 were approximately $2.6 billion, which reflects an increase of approximately 12% from the same period in 2024.
The amounts involved may be material. 68 Table of Contents ​ Index to Financial Statements ​ Dividends and Distributions — Parent Our Parent is required to distribute 90% of its taxable income (excluding capital gains) on an annual basis to continue to qualify as a REIT for U.S. federal income tax purposes.
Dividends and Distributions — Parent Our Parent is required to distribute 90% of its taxable income (excluding capital gains) on an annual basis to continue to qualify as a REIT for U.S. federal income tax purposes.
Distributions in excess of a stockholder’s U.S. federal income tax basis in our Parent’s stock are generally characterized as capital gain. Cash provided by operating activities has been generally sufficient to fund distributions on an annual basis. However, we may also need to utilize borrowings under the Global Revolving Credit Facility to fund distributions.
Distributions in excess of a stockholder’s U.S. federal income tax basis in our Parent’s stock are generally characterized as capital gain. Cash provided by operating activities has been generally sufficient to fund distributions on an annual basis.
The offering closed on May 10, 2024, and we received net proceeds of approximately $1.7 billion. ​ We believe our Operating Partnership’s sources of working capital, specifically its cash flow from operations, and funds available under its Global Revolving Credit Facility are adequate for it to make its distribution payments to our Parent and, in turn, for our Parent to make its dividend payments to its stockholders.
We believe our Operating Partnership’s sources of working capital, specifically its cash flow from operations, and funds available under its Global Revolving Credit Facility are adequate for it to make its distribution payments to our Parent and, in turn, for our Parent to make its dividend payments to its stockholders.
We have used and intend to use available borrowings under the Global Revolving Credit Facilities to fund our liquidity requirements from time to time. For additional information regarding our Global Revolving Credit Facility, see Note 11. “Debt of the Operating Partnership” to Consolidated Financial Statements contained herein.
We have used and intend to use available borrowings under the Global Revolving Credit Facilities to fund our liquidity requirements from time to time. For additional information regarding our Global Revolving Credit Facility, see Note 10.
FFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance. 79 Table of Contents ​ Index to Financial Statements ​ Reconciliation of Net Income Available to Common Stockholders to Funds From Operations (FFO) (in thousands, except per share and unit data) (unaudited) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2024 2023 2022 GAAP Net Income Available to Common Stockholders ​ $ 561,766 ​ $ 908,114 ​ $ 336,960 Non-GAAP Adjustments: ​ ​ ​ Net income attributable to non-controlling interests in operating partnership ​ 12,700 ​ 20,710 ​ 7,914 Real estate related depreciation and amortization (1) ​ 1,730,058 ​ 1,657,240 ​ 1,547,865 Depreciation related to non-controlling interests ​ ​ (64,612) ​ ​ (57,477) ​ ​ (22,110) Unconsolidated JV real estate related depreciation and amortization ​ ​ 192,931 ​ ​ 177,153 ​ ​ 123,099 Gain from the disposition of real estate assets ​ ​ (596,904) ​ ​ (908,356) ​ ​ (177,332) Provision for impairment ​ ​ 191,185 ​ ​ 118,363 ​ ​ 3,000 FFO available to common stockholders and unitholders (2) ​ $ 2,027,124 ​ $ 1,915,747 ​ $ 1,819,395 Basic FFO per share and unit ​ $ 6.15 ​ $ 6.29 ​ $ 6.23 Diluted FFO per share and unit (2)(3) ​ $ 6.14 ​ $ 6.20 ​ $ 6.03 Weighted average common stock and units outstanding ​ ​ ​ Basic ​ 329,485 ​ 304,651 ​ 292,123 Diluted (2)(3) ​ 337,696 ​ 315,113 ​ 303,708 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Real estate related depreciation and amortization was computed as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciation and amortization per income statement ​ $ 1,771,797 $ 1,694,859 $ 1,577,933 Non-real estate depreciation ​ ​ (41,739) ​ ​ (37,619) ​ ​ (30,068) ​ ​ $ 1,730,058 ​ $ 1,657,240 ​ $ 1,547,865 ​ (2) As part of the acquisition of Teraco in 2022, certain of Teraco's minority indirect shareholders have the right to put their shares in an upstream parent company of Teraco to the Company in exchange for cash or the equivalent value of shares of the Company common stock, or a combination thereof.
Reconciliation of Net Income Available to Common Stockholders to Funds From Operations (FFO) (in thousands, except per share and unit data) (unaudited) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 GAAP Net Income Available to Common Stockholders ​ $ 1,267,865 ​ $ 561,766 ​ $ 908,114 Non-GAAP Adjustments: ​ ​ ​ ​ ​ ​ Net income attributable to non-controlling interests in operating partnership ​ 28,000 ​ 12,700 ​ 20,710 Real estate related depreciation and amortization (1) ​ 1,855,144 ​ 1,730,058 ​ 1,657,240 Depreciation related to non-controlling interests ​ ​ (86,159) ​ ​ (64,612) ​ ​ (57,477) Unconsolidated JV real estate related depreciation and amortization ​ ​ 251,215 ​ ​ 192,931 ​ ​ 177,153 Gain from the disposition of real estate assets ​ ​ (995,586) ​ ​ (596,904) ​ ​ (908,356) Provision for impairment ​ ​ 78,553 ​ ​ 191,185 ​ ​ 118,363 FFO available to common stockholders and unitholders (2) ​ $ 2,399,032 ​ $ 2,027,124 ​ $ 1,915,747 Basic FFO per share and unit ​ $ 6.94 ​ $ 6.15 ​ $ 6.29 Diluted FFO per share and unit (2)(3) ​ $ 6.96 ​ $ 6.14 ​ $ 6.20 Weighted average common stock and units outstanding ​ ​ ​ ​ ​ ​ Basic ​ 345,717 ​ 329,485 ​ 304,651 Diluted (2)(3) ​ 353,720 ​ 337,696 ​ 315,113 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Real estate related depreciation and amortization was computed as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciation and amortization per income statements ​ $ 1,894,636 ​ ​ ​ $ 1,771,797 ​ ​ ​ $ 1,694,859 Non-real estate depreciation ​ ​ (39,492) ​ ​ (41,739) ​ ​ (37,619) ​ ​ $ 1,855,144 ​ $ 1,730,058 ​ $ 1,657,240 ​ 80 Table of Contents ​ Index to Financial Statements ​ (2) As part of the acquisition of Teraco in 2022, certain of Teraco's minority indirect shareholders have the right to put their shares in an upstream parent company of Teraco to the Company in exchange for cash or the equivalent value of shares of the Company common stock, or a combination thereof.
For additional information on the current investment for space held for development, see “Liquidity and Capital Resources—Development Projects”. ​ Leasing Activities Due to the capital-intensive and long-term nature of the operations we support, our lease terms with customers are generally longer than standard commercial leases. As of December 31, 2024, our average remaining lease term was approximately five years.
For additional information on the current investment for space held for development, see “Liquidity and Capital Resources—Development Projects”. 58 Table of Contents ​ Index to Financial Statements ​ Leasing Activities Due to the capital-intensive and long-term nature of the operations we support, our lease terms with customers are generally longer than standard commercial leases.
For additional information regarding dividends declared and paid by our Parent on its common and preferred stock for the years ended December 31, 2024, 2023 and 2022, see Item 8, Note 14.
For additional information regarding dividends declared and paid by our Parent on its common and preferred stock for the years ended December 31, 2025, 2024 and 2023, see Item 8, Note 14. “Equity and Capital” in the Notes to the Consolidated Financial Statements contained herein.
Total non-stabilized utilities expenses increased by approximately $44.9 million compared to the same period in 2023 primarily due to: (i) an increase of approximately $75.9 million due to higher utility consumption in a growing portfolio of recently completed development sites (with the biggest contributions in Northern Virginia, Portland, Zurich, Cape Town and Johannesburg); the markets with the biggest contributions were Northern Virginia, Portland, Frankfurt, London and Paris); (ii) a decrease in power agreement credits by $28.7 million; and (iii) offset by a decrease of $59.7 million related to properties sold or contributed in 2023 and 2024. ​ The cost of electric power comprises a significant component of our operating expenses.
Total non-stabilized utilities expenses increased by approximately $63.8 million compared to the same period in 2024 primarily due to: (i) an increase of approximately $129.2 million due to higher utility consumption in a growing portfolio of recently completed development sites (with the biggest contributions in Northern Virginia, Johannesburg and Portland); offset by (ii) a decrease in power agreement charges by $13.1 million; and (iii) a decrease of $52.3 million related to properties sold or contributed in 2024 and 2025. ​ The cost of electric power comprises a significant component of our operating expenses.
We received approximately $386 million of net proceeds and retained a 25% interest in the joint venture; ii. cash provided by the contribution of data centers to our joint ventures with Blackstone and Mitsubishi, for gross proceeds of approximately $707 million and $153 million, respectively; and iii. the sale of four data centers to Brookfield for gross proceeds of approximately $271 million, the sale of non-core assets for gross proceeds of approximately $91 million, the sale to DCREIT of an additional 15.1% interest in a data center located in Frankfurt, Germany for approximately $77 million and the sale of a land parcel in Sydney for gross proceeds of approximately $68 million. ​ The changes in the activities that comprise net cash provided by financing activities for the year ended December 31, 2024 as compared to the year ended December 31, 2023 consisted of the following amounts (in thousands). ​ ​ ​ ​ ​ Change ​ 2024 vs 2023 Increase in cash provided by short-term borrowings $ 344,110 Increase in cash provided by proceeds from secured / unsecured debt ​ 1,365,867 Increase in cash used for repayment on secured / unsecured debt ​ (2,007,028) Increase in cash provided by proceeds from issuance of common stock, net of costs ​ 1,443,512 Increase in cash used for dividend and distribution payments (112,603) Other changes, net ​ 66,101 Increase in net cash provided by financing activities $ 1,099,959 ​ The increase in net cash provided by financing activities as compared to the same period in 2023 was primarily due to: ​ (i) a decrease in cash payments on short-term borrowings; (ii) an increase in cash provided by proceeds from secured / unsecured debt: 76 Table of Contents ​ Index to Financial Statements ​ a. $933 million on the issuance of the 3.875% Guaranteed Notes due 2033 in September 2024; b. $1.1 billion on the issuance of the 1.875% Exchangeable Notes due 2029 in November 2024; c. offset by $740 million on the closing of the U.S. term loan facility in January 2023; (iii) an increase in cash used for repayment on secured / unsecured debt: a. $740 million on the U.S. term loan facility; b. $637 million on the Euro notes (2.625% notes due 2024); c. $323 million on the 2.750% notes due 2024; d. $415 million on the Euro Term Loan Facilities; (iv) an increase in cash provided by proceeds from the issuance of: a. approximately 12.0 million shares of common stock, net of costs, for approximately $2.0 billion under our ATM program; b. approximately 12.1 million shares of common stock, net of costs, for approximately $1.7 billion from our equity offering; c. offset by the issuance of approximately 20.0 million shares of common stock, net of costs, for approximately $2.2 billion under our ATM program in 2023; and (v) an increase in dividend and distribution payments due to an increased number of common shares and common units outstanding. ​ Noncontrolling Interests in Operating Partnership Noncontrolling interests relate to the common units in our Operating Partnership that are not owned by Digital Realty Trust, Inc., which, as of December 31, 2024, amounted to 1.8% of our Operating Partnership common units.
We received approximately $386 million of net proceeds and retained a 25% interest in the joint venture; ii. cash provided by the contribution of data centers to our joint ventures with Blackstone and Mitsubishi, for gross proceeds of approximately $707 million and $153 million, respectively; and iii. the sale of four data centers to Brookfield for gross proceeds of approximately $271 million, the sale of non-core assets for gross proceeds of approximately $91 million, the sale to DCREIT of an additional 15.1% interest in a data center located in Frankfurt, Germany for approximately $77 million and the sale of a land parcel in Sydney for gross proceeds of approximately $68 million. ● offset by approximately $1.6 billion provided for from 2025 transactions consisting of: i. a $62 million cash contribution made by Mitsubishi in January 2025, which increased their ownership in the joint venture from 65% to 80%; ii. cash provided by the contribution of development projects at the Digital Dulles campus to the joint venture with Blackstone in April 2025, for gross proceeds of approximately $77 million; iii. cash provided by the contribution of data centers and development projects to the Fund for total gross proceeds of approximately $1.4 billion; and iv. cash provided by the sale of non-core data centers during the year 2025, for gross proceeds of approximately $124 million. ​ 76 Table of Contents ​ Index to Financial Statements ​ The changes in the activities that comprise net cash provided by financing activities for the year ended December 31, 2025 as compared to the same period in 2024 consisted of the following amounts (in thousands). ​ ​ ​ ​ ​ Change ​ 2025 vs 2024 Decrease in cash provided by short-term borrowings $ (705,249) Increase in cash provided by proceeds from secured / unsecured debt ​ 1,253,909 Increase in cash used for repayment on secured / unsecured debt ​ (395,381) Decrease in cash provided by proceeds from issuance of common stock, net of costs ​ (2,544,740) Increase in cash used for dividend and distribution payments (95,219) Other changes, net ​ (63,491) Increase in net cash used in financing activities $ (2,550,171) ​ The increase in net cash used in financing activities as compared to the same period in 2024 was primarily due to: (i) a decrease in cash provided by short-term borrowings; (ii) an increase in cash provided by proceeds from secured / unsecured debt: ● the issuances of the 3.875% Guaranteed Notes due 2035 in January 2025, the 3.875% Guaranteed Notes due 2034 in June 2025, the 3.750% Guaranteed Notes due 2033 and the 4.250% Guaranteed Notes due 2037 in November 2025 ; compared to ● the issuance of the 3.875% Guaranteed Notes due 2033 in September 2024 and the issuance of the 1.875% Exchangeable Senior Notes due 2029 in November 2024; (iii) an increase in cash used for repayment on secured / unsecured debt: ● $496 million on the GBP notes (4.250% notes due 2025) in January 2025; ● $754 million on the €650 million 0.625% unsecured senior notes paid at maturity in July 2025; ● $1.3 billion on the redemption on the 2.500% notes due 2026 prior to maturity on December 18, 2025; compared to ● repayment of $740 million on the U.S. term loan facility, $637 million on the Euro notes (2.625% notes due 2024), $324 million on the 2.750% notes due 2024 and $415 million on the Euro Term Loan Facilities in 2024; (iv) a decrease in cash provided by proceeds from the issuance of: ● approximately 6.4 million shares of common stock, net of costs, of approximately $1.1 billion under our ATM program in 2025; compared to ● approximately 12.0 million shares of common stock, net of costs, for approximately $2.0 billion under our ATM program and approximately 12.1 million shares of common stock, net of costs, of approximately $1.7 billion from our equity offering in 2024; and (v) an increase in dividend and distribution payments due to an increased number of common shares and common units outstanding. ​ Noncontrolling Interests in Operating Partnership Noncontrolling interests relate to the common units in our Operating Partnership that are not owned by Digital Realty Trust, Inc., which, as of December 31, 2025, amounted to 1.8% of our Operating Partnership common units.
We evaluate whether or not an entity is a VIE (and we are the primary beneficiary) through consideration of substantive terms in the arrangement to identify which enterprise has the power to direct the activities of the entity that most significantly impact the entity’s economic performance and the obligation to absorb losses/receive benefits from the entity. 78 Table of Contents ​ Index to Financial Statements ​ For entities that do not meet the definition of VIEs, we first consider if we are the general partner or a limited partner (or the equivalent in investments not structured as partnerships).
We evaluate whether or not an entity is a VIE (and we are the primary beneficiary) through consideration of substantive terms in the arrangement to identify which enterprise has the power to direct the activities of the entity that most significantly impact the entity’s economic performance and the obligation to absorb losses/receive benefits from the entity.
Our ability to re-lease expiring space at rental rates equal to or in excess of current rental rates will impact our results of operations.
As of December 31, 2025, our average remaining lease term was approximately five years. Our ability to re-lease expiring space at rental rates equal to or in excess of current rental rates will impact our results of operations.
The year-over-year increase was driven by: (i) an increase in revenues due to the completion of our global development pipeline and related lease up operating activities; (ii) an increase in interest income as a result of carrying higher cash balances; (iii) a decrease in property level operating expenses; (iv) offset by the net impact of properties sold and contributed in 2023 and 2024. ​ 75 Table of Contents ​ Index to Financial Statements ​ ​ The changes in the activities that comprise net cash used in investing activities for the year ended December 31, 2024 as compared to the year ended December 31, 2023 consisted of the following amounts (in thousands). ​ ​ ​ ​ ​ Change ​ 2024 vs 2023 Increase in net cash used in business combinations / asset acquisitions $ (455,704) Decrease in cash used for improvements to investments in real estate ​ 693,858 Decrease in cash distributed from investments in unconsolidated entities, net ​ (121,287) Decrease in net cash provided by proceeds from sale of real estate ​ (854,943) Other changes (52,970) Increase in net cash used in investing activities $ (791,046) ​ The increase in net cash used in investing activities as compared to the same period in 2023 was primarily due to: ​ (i) an increase in spend due to acquisitions of land parcels in Paris and Charlotte and two data centers located in the Slough Trading Estate; (ii) a decrease in spend on development projects of approximately $694 million; (iii) an increase in cash contributed to various investments in unconsolidated entities; (iv) a decrease in cash provided by the sale or contributions of data centers in 2024 compared to 2023 as follows: a. $2.6 billion from 2023 transactions comprised mainly of: i. contributions of data centers to our joint ventures with GI Partners and TPG Real Estate for gross proceeds of approximately $0.7 billion and $1.4 billion, respectively; ii. the sale of three non-core assets for gross proceeds of approximately $341 million; offset by ● $1.8 billion from 2024 transactions consisting of: i. the sale to GI Partners of a 75% interest in a third facility in Chicago.
The year-over-year increase was driven by: (i) an increase in revenues due to the completion of our global development pipeline and related lease up operating activities; (ii) an increase in interest income as a result of carrying higher cash balances; and (iii) a decrease in interest expense due to lower average balances on our Global Revolving Credit Facilities and unsecured term loans; (iv) offset by the net impact of properties sold and contributed in 2024 and 2025. 75 Table of Contents ​ Index to Financial Statements ​ The changes in the activities that comprise net cash used in investing activities for the year ended December 31, 2025 as compared to the year ended December 31, 2024 consisted of the following amounts (in thousands). ​ ​ ​ ​ ​ Change ​ 2025 vs 2024 Decrease in net cash used in business combinations / asset acquisitions $ 186,755 Increase in cash used for improvements to investments in real estate ​ (349,439) Increase in cash contributed to investments in unconsolidated entities, net ​ (149,921) Decrease in net cash provided by proceeds from sale of real estate ​ (145,211) Other changes 133,501 Increase in net cash used in investing activities $ (324,315) ​ The increase in net cash used in investing activities as compared to the same period in 2024 was primarily due to: (i) a decrease in spending due to the acquisition of land parcels for $309 million in 2025 compared to the acquisition of land parcels in Paris and two data centers located in the Slough Trading Estate in 2024; (ii) an increase in spend on development projects of approximately $349 million; (iii) an increase in cash contributed to various investments in unconsolidated entities; (iv) a decrease in cash provided by the sale or contributions of data centers due to: ● approximately $1.8 billion provided for from 2024 transactions consisting of: i. the sale to GI Partners of a 75% interest in a third facility in Chicago.
As a result of transferring control, we derecognized the Frankfurt facility and recognized a gain on disposition of approximately $101 million. In May 2023, we disposed of a non-core asset, resulting in a net gain on sale of $87 million.
As a result of transferring control, we derecognized the Frankfurt facility and recognized a gain on disposition of approximately $101 million.
Capital Expenditures (Cash Basis) The table below summarizes our capital expenditure activity for the year ended December 31, 2024 and 2023 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2024 2023 Development projects ​ $ 2,260,692 ​ $ 2,966,898 Enhancement and improvements ​ 35,243 ​ 15,705 Recurring capital expenditures ​ 305,712 ​ 327,022 Total capital expenditures (excluding indirect costs) ​ $ 2,601,647 ​ $ 3,309,625 ​ For the year ended December 31, 2024, total capital expenditures decreased approximately $0.7 billion as compared to the same period in 2023.
Capital Expenditures (Cash Basis) The table below summarizes our capital expenditure activity for the years ended December 31, 2025 and 2024 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ ​ 2025 ​ ​ ​ 2024 Development projects ​ $ 2,541,138 ​ $ 2,260,692 Enhancement and improvements ​ 28,321 ​ 35,243 Recurring capital expenditures ​ 343,925 ​ 305,712 Total capital expenditures (excluding indirect costs) ​ $ 2,913,384 ​ $ 2,601,647 ​ 70 Table of Contents ​ Index to Financial Statements ​ For the year ended December 31, 2025, total capital expenditures increased approximately $0.3 billion as compared to the same period in 2024.
As a result of the sale, we recognized a total gain on disposition of approximately $191.6 million. In March 2024, we formed a joint venture with Mitsubishi Corporation, or Mitsubishi, to support the development of two data centers in the Dallas metro area.
As a result of transferring control, we derecognized the data centers and recognized a loss on disposition of approximately $0.3 million. 65 Table of Contents ​ Index to Financial Statements ​ In March 2024, we formed a joint venture with Mitsubishi Corporation, or Mitsubishi, to support the development of two data centers in the Dallas metro area.
Entities for which we do not provide such services are shown as Non-Managed Unconsolidated Portfolio. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2024 ​ As of December 31, 2023 Region ​ Data Center Buildings Net Rentable Square Feet (1) Space Under Active Development (2) Space Held for Development (3) Occupancy ​ Data Center Buildings Net Rentable Square Feet (1) Space Under Active Development (2) Space Held for Development (3) Occupancy North America ​ 101 20,004 2,775 1,025 85.5 % ​ 107 20,150 2,590 1,335 83.8 % Europe ​ 106 8,836 2,833 717 77.3 % ​ 112 8,873 3,291 319 75.8 % Asia Pacific ​ 11 1,577 66 289 81.2 % ​ 11 1,652 73 207 76.7 % Africa ​ 12 1,704 1,422 21 82.8 % ​ 12 1,528 1,581 23 71.0 % Consolidated Portfolio ​ 230 32,120 7,096 2,052 82.9 % ​ 242 32,203 7,535 1,884 79.8 % Managed Unconsolidated Portfolio ​ 31 5,552 1,022 400 91.8 % ​ 22 3,843 364 — 93.7 % Non-Managed Unconsolidated Portfolio ​ 47 3,654 787 2,234 83.0 % ​ 45 3,641 571 2,246 85.3 % Total Portfolio ​ 308 41,326 8,904 4,686 84.1 % ​ 309 39,688 8,470 4,130 81.7 % Note: Table excludes data centers held for sale.
Entities for which we do not provide such services are shown as Non-Managed Unconsolidated Portfolio. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2025 ​ As of December 31, 2024 Region ​ Data Center Buildings Net Rentable Square Feet (1) Space Under Active Development (2) Space Held for Development (3) Occupancy ​ Data Center Buildings Net Rentable Square Feet (1) Space Under Active Development (2) Space Held for Development (3) Occupancy North America ​ 91 18,504 1,452 1,290 85.5 % ​ 101 20,004 2,775 1,025 85.5 % Europe ​ 107 9,736 2,694 617 76.8 % ​ 106 8,836 2,833 717 77.3 % Asia Pacific ​ 11 1,660 1,025 272 84.6 % ​ 11 1,577 66 289 81.2 % Africa ​ 12 2,122 1,007 21 83.0 % ​ 12 1,704 1,422 21 82.8 % Consolidated Portfolio ​ 221 32,022 6,178 2,200 82.6 % ​ 230 32,120 7,096 2,052 82.9 % Managed Unconsolidated Portfolio ​ 40 7,000 2,441 409 93.7 % ​ 31 5,552 1,022 400 91.8 % Non-Managed Unconsolidated Portfolio ​ 49 4,186 1,061 2,087 85.3 % ​ 47 3,654 787 2,234 83.0 % Total Portfolio ​ 310 43,208 9,679 4,696 84.7 % ​ 308 41,326 8,904 4,686 84.1 % Note: Table excludes data centers held for sale.
(2) Represents estimated cost to complete scope of work pursuant to approved development budget. (3) Represents costs incurred through December 31, 2023. (4) Includes land and space held or actively under construction in preparation for future data center fit-out. (5) Represents long-lead equipment and materials required for timely deployment and delivery of data center fit-out.
(4) Includes land and space held or actively under construction in preparation for future data center fit-out. (5) Represents long-lead equipment and materials required for timely deployment and delivery of data center fit-out.
(6) Represents improvements in progress, which benefit space recently converted to our operating portfolio and is composed primarily of shared infrastructure projects and first-generation tenant improvements.
(6) Represents improvements in progress, which benefit space recently converted to our operating portfolio and is composed primarily of shared infrastructure projects and first-generation tenant improvements. ​ Future development reflects cumulative cost spent pending future development and includes ongoing improvements to building infrastructure in preparation for future data center fit-out.
“Debt of the Operating Partnership” in the Notes to the Consolidated Financial Statements. Future Uses of Cash Our properties require periodic investments of capital for customer-related capital expenditures and for general capital improvements. Depending upon customer demand, we expect to incur significant improvement costs to build out and develop additional capacity.
“Debt of the Operating Partnership” in the Notes to the Consolidated Financial Statements. 69 Table of Contents ​ Index to Financial Statements ​ Future Uses of Cash Our properties require periodic investments of capital for customer-related capital expenditures and for general capital improvements.
Individual items may not add up to total due to rounding. (1) Net rentable square feet represent the current square feet under lease as specified in the applicable lease agreement plus management’s estimate of space available for lease based on engineering drawings.
Total amounts may differ due to rounding. (1) Net rentable square feet represent the current square feet under lease as specified in the applicable lease agreement plus management’s estimate of space available for lease based on engineering drawings. The amount includes customers’ proportional share of common areas but excludes space held for the intent of or under active development.
Consistent with our growth strategy, we actively pursue potential acquisition opportunities, with due diligence and negotiations often at different stages at different times. The dollar value of acquisitions for the year ending December 31, 2025 will depend upon numerous factors, including customer demand, leasing results, availability of debt or equity capital and acquisition opportunities.
The dollar value of acquisitions for the year ending December 31, 2026 will depend upon numerous factors, including customer demand, leasing results, availability of debt or equity capital and acquisition opportunities.
Other REITs may not calculate FFO in accordance with the Nareit definition and, accordingly, our FFO may not be comparable to other REITs’ FFO.
Other REITs may not calculate FFO in accordance with the Nareit definition and, accordingly, our FFO may not be comparable to other REITs’ FFO. FFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance.
Limited partners have the right to require the Operating Partnership to redeem part or all of their common units for cash based on the fair market value of an equivalent number of shares of Digital Realty Trust, Inc. common stock at the time of redemption.
Historically, our Operating Partnership has issued common units to third party sellers in connection with our acquisition of real estate interests from such third parties. 77 Table of Contents ​ Index to Financial Statements ​ Limited partners have the right to require Digital Realty Trust, L.P. to redeem part or all of their common units for cash based on the fair market value of an equivalent number of shares of Digital Realty Trust, Inc. common stock at the time of redemption.
Unconsolidated portfolios shown below consist of assets owned by unconsolidated entities in which we have invested. We often provide management services for these entities under management agreements and receive management fees. These are shown as Managed Unconsolidated Portfolio.
A summary of our data center portfolio and related occupied square feet (in thousands) (excluding space under development or held for development) is shown below. Unconsolidated portfolios shown below consist of assets owned by unconsolidated entities in which we have invested. We often provide management services for these entities under management agreements and receive management fees.
Critical Accounting Policies A critical accounting policy is one that involves management’s use of judgement regarding expected outcomes of uncertain events in order to make estimates and assumptions that are material to an entity’s financial condition and results of operations.
Risk Factors” in this Annual Report on Form 10-K for a discussion about risks that inflation directly or indirectly may pose to our business. ​ Critical Accounting Policies A critical accounting policy is one that involves management’s use of judgment regarding expected outcomes of uncertain events in order to make estimates and assumptions that are material to an entity’s financial condition and results of operations.
Comparison of Year Ended December 31, 2024 to Year Ended December 31, 2023 The following table shows cash flows and ending cash, cash equivalents and restricted cash balances for the respective periods (in thousands). ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2024 2023 Change Net cash provided by operating activities $ 2,261,477 ​ $ 1,634,780 ​ $ 626,697 Net cash used in investing activities (1,906,157) ​ (1,115,111) ​ (791,046) Net cash provided by financing activities 2,063,433 ​ 963,474 ​ 1,099,959 Net increase in cash, cash equivalents and restricted cash $ 2,418,753 ​ $ 1,483,143 ​ $ 935,610 ​ ​ Cash provided by operating activities in 2024 increased $626.7 million over 2023.
Comparison of Year Ended December 31, 2025 to Year Ended December 31, 2024 The following table shows cash flows and ending cash, cash equivalents and restricted cash balances for the respective periods (in thousands). ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2025 ​ ​ ​ 2024 ​ ​ ​ Change Net cash provided by operating activities $ 2,412,136 ​ $ 2,261,477 ​ $ 150,659 Net cash used in investing activities (2,230,472) ​ (1,906,157) ​ (324,315) Net cash (used in) provided by financing activities (486,738) ​ 2,063,433 ​ (2,550,171) Net (decrease) increase in cash, cash equivalents and restricted cash $ (305,074) ​ $ 2,418,753 ​ $ (2,723,827) ​ Cash provided by operating activities in 2025 increased $150.7 million over 2024.
We consolidate entities in which we are the general partner and the limited partners do not have rights that would preclude control.
For entities that do not meet the definition of VIEs, we first consider if we are the general partner or a limited partner (or the equivalent in investments not structured as partnerships). We consolidate entities in which we are the general partner and the limited partners do not have rights that would preclude control.
Mitsubishi contributed such cash in exchange for a 65% interest in the joint venture. As a result of transferring control, we derecognized the data centers and recognized a gain on disposition of approximately $7.0 million.
As a result of transferring control, we derecognized the data centers and recognized a gain on disposition of approximately $7.0 million. On January 31, 2025, Mitsubishi made an additional cash capital contribution in the amount of $62 million, resulting in an additional 15% ownership in the joint venture.
The following table summarizes our cumulative investments in current development projects as well as expected future investments in these projects as of the periods presented, excluding square feet held in and costs incurred or to be incurred by unconsolidated entities. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Construction Projects in Progress ​ As of December 31, 2024 ​ As of December 31, 2023 ​ ​ Current ​ Future ​ ​ ​ Current ​ Future ​ ​ ​ (in thousands) Investment (1) Investment (2) Total Cost Investment (3) Investment (2) Total Cost Future Development Capacity (4) $ 2,129,342 ​ $ 1,550,645 $ 3,679,987 $ 2,222,062 ​ $ 337,681 ​ $ 2,559,743 Data Center Construction ​ 2,610,305 ​ 2,857,313 ​ 5,467,618 2,116,335 ​ 2,231,747 ​ 4,348,082 Equipment Pool and Other Inventory (5) ​ 192,429 ​ — ​ 192,429 203,821 ​ — ​ 203,821 Campus, Tenant Improvements and Other (6) ​ 271,042 ​ 157,976 ​ 429,018 211,187 ​ 130,260 ​ 341,447 Consolidated Land Held and Development Construction in Progress $ 5,203,119 ​ $ 4,565,934 ​ $ 9,769,053 $ 4,753,405 ​ $ 2,699,688 ​ $ 7,453,093 (1) Represents costs incurred through December 31, 2024.
The following table summarizes our cumulative investments in current development projects as well as expected future investments in these projects as of the periods presented, excluding square feet held in and costs incurred or to be incurred by unconsolidated entities. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Construction Projects in Progress ​ As of December 31, 2025 ​ As of December 31, 2024 ​ ​ Current ​ Future ​ ​ ​ Current ​ Future ​ ​ ​ (in thousands) ​ ​ ​ Investment (1) ​ ​ ​ Investment (2) ​ ​ ​ Total Cost ​ ​ ​ Investment (3) ​ ​ ​ Investment (2) ​ ​ ​ Total Cost Future Development Capacity (4) $ 2,758,950 ​ $ 2,948,899 $ 5,707,849 $ 2,129,342 ​ $ 1,550,645 $ 3,679,987 Data Center Construction ​ 2,102,068 ​ 2,568,611 ​ 4,670,679 2,610,305 ​ 2,857,313 ​ 5,467,618 Equipment Pool and Other Inventory (5) ​ 279,942 ​ — ​ 279,942 192,429 ​ — ​ 192,429 Campus, Tenant Improvements and Other (6) ​ 263,408 ​ 257,176 ​ 520,584 271,042 ​ 157,976 ​ 429,018 Consolidated Land Held and Development Construction in Progress $ 5,404,368 ​ $ 5,774,686 ​ $ 11,179,054 $ 5,203,119 ​ $ 4,565,934 ​ $ 9,769,052 Note: Total amounts may differ due to rounding.
During the year ended December 31, 2024, Digital Realty Trust, Inc. generated net proceeds of approximately $1.9 billion from the issuance of approximately 11.4 million common shares under the 2023 Sales Agreement at an average price, net of commissions, of $166.85 per share. Commissions to the agents amounted to approximately $17.4 million.
After this contribution, Digital Realty owns a 20% stake in each of the assets held in the Fund. ● For the year ended December 31, 2025, Digital Realty Trust, Inc. generated net proceeds of approximately $1.1 billion from the issuance of approximately 6.4 million common shares under the 2024 Sales Agreement at an average price of $173.09 per share after payment of approximately $6.8 million of commissions to the agents.
Total Rental Property Operating and Maintenance (Excluding Utilities) Total stabilized rental property operating and maintenance expenses (excluding utilities) increased by approximately $50.9 million compared to the same period in 2023 primarily due to an increase in data center labor and common area maintenance expense. 64 Table of Contents ​ Index to Financial Statements ​ Total non-stabilized rental property operating and maintenance expenses (excluding utilities) increased by approximately $24.2 million compared to the same period in 2023 primarily due to higher lease and common area maintenance expense in a growing portfolio of recently completed development sites.
Total Rental Property Operating and Maintenance (Excluding Utilities) Total stabilized rental property operating and maintenance expenses (excluding utilities) increased by approximately $60.5 million compared to the same period in 2024 primarily due to an increase in data center labor and common area maintenance expense. 63 Table of Contents ​ Index to Financial Statements ​ Total non-stabilized rental property operating and maintenance expenses (excluding utilities) increased by approximately $35.2 million compared to the same period in 2024 primarily due to: (i) an increase of approximately $78.7 million mainly due to higher data center labor and repairs and maintenance expense throughout the portfolio; offset by (ii) a decrease of $43.5 million related to properties sold or contributed in 2024 and 2025.
(4) The £400 million 4.250% unsecured senior note was paid at maturity on January 17, 2025. ​ 74 Table of Contents ​ Index to Financial Statements ​ Our ratio of debt to total enterprise value was approximately 21.4% (based on the closing price of Digital Realty Trust, Inc.’s common stock on December 31, 2024 of $177.33).
The current maturity date is August 11, 2026. ​ 74 Table of Contents ​ Index to Financial Statements ​ Our ratio of debt to total enterprise value was approximately 25.1% (based on the closing price of Digital Realty Trust, Inc.’s common stock on December 31, 2025 of $154.71).
The sales of common stock made under the 2024 Sales Agreement will be made in “at the market” offerings as defined in Rule 415 of the Securities Act.
As of December 31, 2025, $1.9 billion remains available for future sales under the 2024 Sales Agreement. ​ 67 Table of Contents ​ Index to Financial Statements ​ The sales of common stock made under the 2024 Sales Agreement will be made in “at the market” offerings as defined in Rule 415 of the Securities Act.
Total Property Taxes and Insurance Total stabilized property taxes and insurance increased by approximately $21.2 million compared to the same period in 2023 due to a favorable property tax assessment at one of our North American properties realized in early 2023.
Total Property Taxes and Insurance Total stabilized property taxes and insurance increased by approximately $10.9 million compared to the same period in 2024 primarily due to timing of property tax assessments throughout our North American portfolio.
The subsequent table summarizes our leasing activity in the year ended December 31, 2024 (square feet in thousands): 59 Table of Contents ​ Index to Financial Statements ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ TI’s/Lease Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commissions ​ Average Lease ​ ​ Rentable ​ Expiring ​ New ​ Rental Rate ​ Per Square ​ Terms ​ ​ Square Feet (1) ​ Rates (2) ​ Rates (2) ​ Changes ​ Foot ​ (years) Leasing Activity (3)(4) ​ ​ ​ ​ Renewals Signed ​ ​ ​ ​ 0 — 1 MW 2,082 ​ $ 251 ​ $ 264 5.0 % ​ $ 1 1.5 > 1 MW 2,513 ​ $ 129 ​ $ 164 27.4 % ​ $ 1 5.5 Other (6) 404 ​ $ 46 ​ $ 68 47.1 % ​ $ 2 5.4 New Leases Signed (5) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 0 — 1 MW 649 ​ — ​ $ 294 — ​ ​ $ 10 3.9 > 1 MW 2,581 ​ — ​ $ 302 — ​ ​ $ — 11.6 Other (6) 105 ​ — ​ $ 63 — ​ ​ $ 10 12.2 Leasing Activity Summary ​ ​ ​ ​ ​ ​ ​ 0 — 1 MW 2,731 ​ ​ ​ $ 271 ​ ​ ​ ​ > 1 MW 5,094 ​ ​ ​ $ 234 ​ ​ ​ ​ Other (6) 509 ​ ​ ​ $ 67 ​ ​ ​ ​ (1) For some of our properties, we calculate square footage based on factors in addition to contractually leased square feet, including power, required support space and common area.
The subsequent table summarizes our leasing activity in the year ended December 31, 2025 (square feet in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tenant ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Improvements ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ / Lease ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commissions ​ Average Lease ​ ​ Rentable ​ Expiring ​ New ​ Rental Rate ​ Per Square ​ Terms ​ ​ Square Feet (1) ​ Rates (2) ​ Rates (2) ​ Changes ​ Foot ​ (years) Leasing Activity (3)(4) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Renewals Signed ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 0 — 1 MW 2,039 ​ $ 268 ​ $ 280 4.6 % ​ $ 1 1.4 > 1 MW 1,008 ​ $ 146 ​ $ 186 27.0 % ​ $ 4 5.1 Other (6) 471 ​ $ 49 ​ $ 71 43.0 % ​ $ 2 4.2 New Leases Signed (5) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 0 — 1 MW 845 ​ — ​ $ 318 — ​ ​ $ 14 4.5 > 1 MW 1,188 ​ — ​ $ 313 — ​ ​ $ — 10.0 Other (6) 61 ​ — ​ $ 60 — ​ ​ $ 1 8.3 Leasing Activity Summary ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 0 — 1 MW 2,884 ​ ​ ​ $ 291 ​ ​ ​ ​ ​ > 1 MW 2,196 ​ ​ ​ $ 254 ​ ​ ​ ​ ​ Other (6) 532 ​ ​ ​ $ 69 ​ ​ ​ ​ ​ (1) For some of our properties, we calculate square footage based on factors in addition to contractually leased square feet, including power, required support space and common area.
Equity in earnings of unconsolidated entities represents our share of the income/(loss) of entities in which we invest, but do not consolidate under U.S. GAAP. The largest of these investments is currently our investment in Ascenty, which is located primarily in Latin America.
Equity in earnings of unconsolidated entities represents our share of the income/(loss) of entities in which we invest, but do not consolidate under U.S. GAAP. Refer to additional discussion of Digital Core REIT and Ascenty in the Notes to the Consolidated Financial Statements.
We used the net proceeds from the offering to pay down a portion of our Euro Term Loan Facilities, temporarily repay borrowings under our Global Revolving Credit Facility and for general corporate purposes. 72 Table of Contents ​ Index to Financial Statements ​ On July 13, 2023, we formed a joint venture with GI Partners, and GI Partners acquired a 65% interest in two stabilized hyperscale data center buildings in the Chicago metro area that we contributed.
We used the net proceeds from the offering to pay down a portion of our Euro Term Loan Facilities, temporarily repay borrowings under our Global Revolving Credit Facility and for general corporate purposes. On January 11, 2024, we formed a joint venture with Blackstone Inc. to develop four hyperscale data center campuses across Frankfurt, Paris and Northern Virginia.
Our Operating Partnership may use the proceeds from such dispositions to acquire additional properties, to fund development opportunities and for general working capital purposes, including the repayment of indebtedness.
As circumstances warrant, our Operating Partnership may dispose of stabilized assets or enter into joint venture arrangements with institutional investors or strategic partners, on an opportunistic basis dependent upon market conditions. Our Operating Partnership may use the proceeds from such dispositions to acquire additional properties, to fund development opportunities and for general working capital purposes, including the repayment of indebtedness.
Capitalized interest comprised approximately $118.9 million and $116.8 million of the total indirect costs capitalized for the years ended December 31, 2024 and 2023, respectively.
Capitalized interest comprised approximately $127.2 million and $118.9 million of the total indirect costs capitalized for the years ended December 31, 2025 and 2024, respectively. Capitalized interest in the year ended December 31, 2025 increased compared to the same period in 2024 due to an increase in qualifying activities and higher interest rates.
Capitalized interest in the year ended December 31, 2024 increased compared to the same period in 2023 due to an increase in qualifying activities and higher interest rates. 71 Table of Contents ​ Index to Financial Statements ​ Excluding capitalized interest, indirect costs in the year ended December 31, 2024 increased compared to the same period in 2023 due primarily to capitalized amounts relating to compensation expense of employees directly engaged in construction activities.
Excluding capitalized interest, indirect costs in the year ended December 31, 2025 increased compared to the same period in 2024 due primarily to capitalized amounts relating to compensation expense of employees directly engaged in construction activities. Consistent with our growth strategy, we actively pursue potential acquisition opportunities, with due diligence and negotiations often at different stages at different times.
The offering closed on May 10, 2024, and we received net proceeds of approximately $1.7 billion. ● In September 2024: o Digital Dutch Finco B.V., an indirect wholly owned finance subsidiary of the Operating Partnership, issued and sold €850 million aggregate principal amount of 3.875% Guaranteed Notes due 2033 (the “2033 Notes”).
Summary of 2025 Significant Activities We completed the following significant activities in 2025 as described in the Notes to the Consolidated Financial Statements: ● In January 2025, Digital Dutch Finco B.V., an indirect wholly owned finance subsidiary of the Operating Partnership, issued and sold €850 million aggregate principal amount of 3.875% Guaranteed Notes due 2035.
At December 31, 2024, we had open commitments, related to construction contracts of approximately $2.0 billion, including amounts reimbursable of approximately $102.5 million.
Depending upon customer demand, we expect to incur significant improvement costs to build out and develop additional capacity. At December 31, 2025, we had open commitments, related to construction contracts of approximately $2.6 billion, including amounts reimbursable of approximately $110.6 million.

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

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As of December 31, 2024, our consolidated debt was as follows (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding Estimated Fair ​ ​ Balance Value Fixed rate debt ​ $ 12,160 ​ $ 11,463 Variable rate debt subject to interest rate swaps ​ 3,103 ​ 3,103 Total fixed rate debt (including interest rate swaps) ​ 15,263 ​ 14,566 Variable rate debt ​ 1,584 ​ 1,584 Total outstanding debt ​ $ 16,847 ​ $ 16,150 ​ 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 December 31, 2024: ​ ​ ​ ​ ​ ​ 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 ​ 4 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 ​ (4) Increase in fair value of fixed rate debt following a 10% decrease in interest rates ​ (139) Decrease in fair value of fixed rate debt following a 10% increase in interest rates ​ (131) ​ 81 Table of Contents ​ Index to Financial Statements ​ Interest risk amounts were determined by considering the impact of hypothetical interest rates on our financial instruments.
As of December 31, 2025, our consolidated debt was as follows (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding ​ ​ ​ Estimated Fair ​ ​ Balance Value Fixed rate debt ​ $ 14,424 ​ $ 13,746 Variable rate debt subject to interest rate swaps ​ 2,686 ​ 2,686 Total fixed rate debt (including interest rate swaps) ​ 17,110 ​ 16,432 Variable rate debt ​ 1,447 ​ 1,447 Total outstanding debt ​ $ 18,557 ​ $ 17,879 ​ 81 Table of Contents ​ Index to Financial Statements ​ 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 December 31, 2025: ​ ​ ​ ​ ​ ​ ​ ​ ​ Change Assumed event ​ ($ millions) Increase in fair value of interest rate swaps following an assumed 10% increase in interest rates ​ $ 0 Decrease in fair value of interest rate swaps following an assumed 10% decrease in interest rates ​ (0) 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 ​ 4 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 ​ (4) Increase in fair value of fixed rate debt following a 10% decrease in interest rates ​ (202) Decrease in fair value of fixed rate debt following a 10% increase in interest rates ​ (190) ​ Interest risk amounts were determined by considering the impact of hypothetical interest rates on our financial instruments.