Financial Analysis

18. Commitments and Contingencies Construction Commitments Our properties require periodic investments of capital for tenant-related capital expenditures and for general capital improvements and from time to time in the normal course of our business, we enter into various construction contracts with third parties that may obligate us to make payments. At December 31, 2025, we had open commitments, including amounts reimbursable of approximately $110.6 million, related to construction contracts of approximately $2.6 billion. Legal Proceedings Although the Company is involved in legal proceedings arising in the ordinary course of business, as of December 31, 2025, the Company is not currently a party to any legal proceedings nor, to its knowledge, is any legal proceeding threatened against it that it believes would have a material adverse effect on its financial position, results of operations or liquidity . 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. Securities and Exchange Commission (SEC) in their investigation into the adequacy of our disclosures of cybersecurity risks and our related disclosure controls and procedures. By letter dated December 22, 2025, the SEC Division of Enforcement informed us that based on the information it had as of that date, it had concluded the investigation and did not intend to recommend an enforcement action by the SEC against the Compan …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

15. Incentive Plans 2014 Incentive Award Plan The Company provides incentive awards in the form of common stock or awards convertible into common stock pursuant to the Digital Realty Trust, Inc., Digital Services, Inc. and Digital Realty Trust, L.P. 2014 Incentive Award Plan, as amended (the Incentive Plan). The major categories of awards that can be issued under the Incentive Plan include: Long-Term Incentive Units (LTIP Units) : LTIP Units, in the form of profits interest units of the Operating Partnership, may be issued to eligible participants for the performance of services to or for the benefit of the Operating Partnership. LTIP Units (other than Class D units), whether vested or not, receive the same quarterly per-unit distributions as Operating Partnership common units. Initially, LTIP Units do not have full parity with common units with respect to liquidating distributions. However, if such parity is reached, vested LTIP Units may be converted into an equal number of common units of the Operating Partnership at any time. The awards generally vest over periods between two and four years. Service-Based Restricted Stock Units : Service-based restricted stock units covering shares of Digital Realty Trust, Inc. common stock (Restricted Stock Units), which vest over periods between two and four years, are settled in shares of Digital Realty Trust, Inc.s common stock upon vesting. Performance-Based Awards (the Performance Awards) : Performance-based Class D units of the Ope …

CompensationAndEmployeeBenefitPlansTextBlock · excerpt; the full note is in the filing

10. Debt of the Operating Partnership All debt is currently owed by the OP or its consolidated subsidiaries, and the Parent is the guarantor or co-guarantor of the Global Revolving Credit Facility and the Yen Revolving Credit Facility, the unsecured term loans and the unsecured senior notes. A summary of outstanding indebtedness is as follows (in thousands): December 31, 2025 December 31, 2024 Weighted- Weighted- average Amount average Amount interest rate Outstanding interest rate Outstanding Global Revolving Credit Facilities 2.63 % $ 918,540 3.81 % $ 1,637,922 Unsecured term loans 2.73 % 440,475 3.23 % 388,275 Unsecured senior notes 2.60 % 16,321,227 2.26 % 14,059,415 Secured and other debt 9.02 % 876,528 8.52 % 761,263 Total 2.90 % $ 18,556,770 2.72 % $ 16,846,875 The weighted-average interest rates shown represent interest rates at the end of the periods for the debt outstanding and include the impact of designated interest rate swaps, which effectively fix the interest rates on certain variable rate debt, along with cross-currency interest rate swaps, which effectively convert a portion of our U.S. dollar-denominated fixed-rate debt to foreign currency-denominated fixed-rate debt in order to hedge the currency exposure associated with our net investment in foreign subsidiaries. We primarily borrow in the functional currencies of the countries where we invest. Included in the outstanding balances were borrowings denominated in the following currencies (in thousands, U.S. …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

"17. Fair Value We disclose fair value information for all financial instruments, whether or not recognized in the consolidated balance sheets, for which it is practicable to estimate fair value. Considerable judgment is necessary to interpret market data in order to estimate the fair value of financial instruments. The use of different market assumptions or estimation methods may have a material effect on the estimated fair value amounts. The carrying amounts for cash and cash equivalents, restricted cash, accounts and other receivables, accounts payable and other accrued liabilities, accrued dividends and distributions, security deposits and prepaid rents approximate fair value because of the short-term nature of these instruments. The carrying value of our Global Revolving Credit Facilities and the Euro Term Loan Facility approximates the estimated fair value, because these liabilities have variable interest rates and our credit ratings have remained stable. Differences between the carrying value and the fair value of our unsecured senior notes and secured and other debt are caused by differences in interest rates or borrowing spreads that were available to us on December 31, 2025 and 2024 as compared to those in effect when the debt was issued or assumed. As described in Note 17. ""Derivative Instruments"", outstanding derivative contracts are recorded at fair value. We calculate the fair value of our secured and other debt and unsecured senior notes based on currently av …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

12. Income Taxes Digital Realty Trust, Inc. has elected to be treated and believes that it has been organized and has operated in a manner that has enabled it to qualify as a REIT for U.S. federal income tax purposes. As a REIT, Digital Realty Trust, Inc. is generally not subject to corporate level U.S. federal income taxes on taxable income distributed currently to its stockholders. Since inception, Digital Realty Trust, Inc. has distributed at least 100% of its taxable income annually. As such, no provision for U.S. federal income taxes has been included in the Companys accompanying Consolidated Financial Statements for the years ended December 31, 2025, 2024 and 2023. The Operating Partnership is a partnership and is generally not required to pay U.S. federal income tax. Instead, taxable income is allocated to its partners, who include such amounts on their U.S. federal income tax returns. As such, no provision for U.S. federal income taxes has been included in the Operating Partnerships accompanying Consolidated Financial Statements. We have elected taxable REIT subsidiary (TRS) status for some of our consolidated subsidiaries. In general, a TRS may provide services that would otherwise be considered impermissible for REITs to provide and may hold assets that REITs cannot hold directly. Income taxes for TRS entities were accrued, as necessary, for the years ended December 31, 2025, 2024 and 2023. For our TRS entities and foreign subsidiaries that are subject to U.S. feder …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

3. Leases Lessor Accounting We generate the majority of our revenue by leasing operating properties to customers under operating lease agreements. The manner in which we recognize these transactions in our financial statements is described in Note 2. Summary of Significant Accounting PoliciesRevenue Recognition to these Consolidated Financial Statements. Our largest customers total revenue is approximately 12% of our total revenue base. No other individual customer makes up more than approximately 10% of our total revenue. A summary of minimum lease payments due from our customers under operating leases of land, prestabilized development properties, and operating properties with lease periods of greater than one year at December 31, 2025 is shown below. These amounts do not reflect future rental revenues from renewal or replacement of existing leases unless we are reasonably certain we will exercise the option or the lessee has the sole ability to exercise the option. Reimbursements of operating expenses and variable rent increases are excluded from the table below. (Amounts in thousands) Operating leases 2026 $ 3,503,924 2027 2,747,964 2028 2,349,926 2029 1,960,418 2030 1,549,211 Thereafter 6,439,048 Total $ 18,550,491 Lessee Accounting We lease space and equipment at certain of our data centers from third parties under noncancelable lease agreements. Leases for our data centers expire on various dates through 2069. Certain of our data centers, primarily in Europe and Singap …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

"New Accounting Pronouncements. Income Taxes. In December 2023, FASB issued ASU 2023-09, Income Taxes (""Topic 740""): Improvements to Income Tax Disclosures. This ASU is intended to enhance the transparency and decision usefulness of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. The ASU is effective for fiscal years beginning after December 15, 2024 and to be applied prospectively, with retrospective application and early adoption both permitted. During 2025, we adopted this ASU. See Note 12. Income Taxes for further discussion. Income Statement. In November 2024, the FASB issued an ASU 2024-03, Disaggregation of Income Statement Expenses, that will require entities to provide enhanced disclosures related to certain expense categories included in income statement captions. The ASU aims to increase transparency and provide investors with more detailed information about the nature of expenses reported on the face of the income statement. The new standard does not change the requirements for the presentation of expenses on the face of the income statement. Under this ASU, entities are required to disaggregate, in a tabular format, expense captions presented on the face of the income statement - excluding earnings or losses from equity method investments - if they include any of the following expense categories: purchases of inventory, emp …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

20. Segment and Geographic Information A majority of the Companys largest customers are global entities that transact with the Company across multiple geographies worldwide. In order to better address the needs of these global customers, the Company manages critical decisions around development, operations, and leasing globally based on customer demand considerations. In this regard, the Company manages customer relationships globally in order to achieve consistent sales and delivery experience of our products for our customers throughout the global portfolio. The Company has reiterated its commitment to and implemented strategies to align itself as one global team to help power customers digital ambitions. In order to best accommodate the needs of global customers (and customers that might one day become global), the Company manages its operations as a single global business with one operating segment and therefore one reporting segment. The Companys chief operating decision maker (CODM) is the Chief Executive Officer, who uses net income as a primary measure of operating results on a consolidated basis in making decisions. Net income is computed in accordance with U.S. GAAP. Significant expense categories, including Rental property operating and maintenance, Property taxes and insurance, General and administrative and Interest expense, are regularly provided to the Companys CODM as components of net income, which are reflected on the consolidated income statements. The fina …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

"2. Summary of Significant Accounting Policies Consolidation . We consolidate all entities that are wholly owned as well as all partially-owned entities that we control. In addition, we consolidate any variable interest entities (VIEs) for which we are the primary beneficiary. 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 entitys economic performance and the obligation to absorb losses/receive benefits from the entity. 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. For entities in which we are the general partner, but the limited partners hold substantive participating or kick-out rights that prohibit our ability to control the entity, we apply the equity method of accounting since, as the general partner, we have the ability to exercise significant influence over the operating and financial policies of the entities. For entities in which we are a limited partner, or that are not structured similar to a partnership, we consider factors such as ownership interest, voting control, authority to m …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

13. Equity and Capital Equity Distribution Agreement Digital Realty Trust, Inc. and Digital Realty Trust, L.P. 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. 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. The proceeds from the issuances under the 2024 Sales Agreement for the year ended December 31, 2025, were contributed to our Operating Partnership in exchange for the issuance of approximately 6.4 million common units to our Parent Company. As of December 31, 2025, $1.9 billion remains available for future sales under the 2024 Sales Agreement. Digital Realty Trust, Inc. and Digital Realty Trust, L.P. were parties to an ATM Equity Offering SM Sales Agreement dated August 4, 2023 (the 2023 Sales Agreement). Pursuant to the 2023 Sales Agreement, Digital Realty Trust, Inc. could issue and sell common stock having an aggregate offering price of up to $1.5 billion through various named agents from time to time. From January 1, 2024 through Februa …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

15. Commitments and Contingencies Our properties require periodic investments of capital for tenant-related capital expenditures and for general capital improvements and from time to time in the normal course of our business, we enter into various construction contracts with third parties that may obligate us to make payments. At June 30, 2026, we had open commitments, including amounts reimbursable by customers of approximately $320.1 million, related to construction contracts of approximately $4.1 billion. Legal Proceedings Although the Company is involved in legal proceedings arising in the ordinary course of business, as of June 30, 2026, the Company is not currently a party to any legal proceedings nor, to its knowledge, is any legal proceeding threatened against it that it believes would have a material adverse effect on its financial position, results of operations or liquidity. Insurance In September 2024, an incident at one of our Singapore data centers resulted in damages to the facility. During the three months ended June 30, 2026, we received final insurance settlement proceeds of approximately $120.4 million, which includes $112.8 million recognized in Other income, net in the condensed consolidated income statement. The remaining $7.6 million was applied against the insurance receivable balance included in Other assets in the condensed consolidated balance sheets as of December 31, 2025. …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

12. Incentive Plans The Company provides incentive awards in the form of common stock or awards convertible into common stock pursuant to the Digital Realty Trust, Inc., Digital Services, Inc. and Digital Realty Trust, L.P. 2014 Incentive Award Plan, as amended. For the three months ended June 30, 2026, the Talent and Compensation Committee of our Board of Directors granted an aggregate of 42,265 service-based restricted stock units covering shares of Digital Realty Trust, Inc. common stock and long-term incentive units of the Operating Partnership to certain employees, including executive officers. These awards are subject to vesting provisions and have a weighted-average grant date fair value of $186.93 per share and a weighted-average requisite service period of 3 years. The awards are subject to either (i) a service-vesting condition (the service awards) or (ii) both service- and performance-vesting conditions (the performance awards). The service awards generally vest over periods between two and four years. The performance awards generally vest based on continued service and either a financial performance condition (Financial-Based Performance Awards) or a market performance condition (Market-Based Performance Awards). The valuation of service awards and Financial-Based Performance Awards is based solely on the fair value of our stock price on the date of grant. We use growth in core funds from operations per share as the performance measurement in the Financial-Based P …

CompensationAndEmployeeBenefitPlansTextBlock · excerpt; the full note is in the filing

8. Debt of the Operating Partnership All debt is currently held by the OP or its consolidated subsidiaries, and the Parent is the guarantor or co-guarantor of the Global Revolving Credit Facility and the Yen Revolving Credit Facility, the unsecured term loans and the unsecured senior notes. A summary of outstanding indebtedness is as follows (in thousands): June 30, 2026 December 31, 2025 Weighted- Weighted- average Amount average Amount interest rate Outstanding interest rate Outstanding Global Revolving Credit Facilities 1.70 % $ 726,207 2.63 % $ 918,540 Unsecured term loans 3.08 % 428,325 2.73 % 440,475 Unsecured senior notes 2.60 % 16,019,337 2.60 % 16,321,227 Secured and other debt (1)(2) 7.49 % 1,593,735 9.02 % 876,528 Total 2.99 % $ 18,767,604 2.90 % $ 18,556,770 (1) In March 2026, we voluntarily paid down Teraco debt of $53 million. The paydown resulted in a loss on debt extinguishment and modifications of approximately $4.1 million. (2) As part of the June 2026 Acquisition, we assumed a construction loan in the amount of $726 million. The current maturity date for the loan is December 24, 2027, and is subject to two 12-month extension options exercisable by us. The weighted-average interest rates shown represent interest rates at the end of the periods for the debt outstanding and include the impact of designated interest rate swaps, which effectively fix the interest rates on certain variable rate debt, along with cross-currency interest rate swaps, which effectivel …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

"14. Fair Value There have been no significant changes in our policy for fair value measurements from what was disclosed in our 2025 Form 10-K. The carrying amounts for cash and cash equivalents, restricted cash, accounts and other receivables, accounts payable and other accrued liabilities, accrued dividends and distributions, security deposits and prepaid rents approximate fair value because of the short-term nature of these instruments. The carrying value of our Global Revolving Credit Facilities and the Euro Term Loan Facility approximates the estimated fair value, because these liabilities have variable interest rates and our credit ratings have remained stable. Differences between the carrying value and the fair value of our unsecured senior notes and secured and other debt are caused by differences in interest rates or borrowing spreads that were available to us on June 30, 2026 and December 31, 2025 as compared to those in effect when the debt was issued or assumed. As described in Note 13. ""Derivative Instruments"", outstanding derivative contracts are recorded at fair value. We calculate the fair value of our secured and other debt and unsecured senior notes based on currently available market rates assuming the loans are outstanding through maturity and considering the collateral and other loan terms. In determining the current market rate for fixed rate debt, a market spread is added to the quoted yields on federal government treasury securities with similar matu …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

3. Leases Lessor Accounting We generate most of our revenue by leasing operating properties to customers under operating lease agreements. We recognize the total minimum lease payments provided for under the leases on a straight-line basis over the lease term if we determine that it is probable that substantially all of the lease payments will be collected over the lease term. Otherwise, rental revenue is recognized based on the amount contractually due. Generally, under the terms of our leases, some of our rental expenses, including common area maintenance, real estate taxes and insurance, are recovered from our customers. We record amounts reimbursed by customers in the period the applicable expenses are incurred, which is generally ratably throughout the term of the lease. Reimbursements are recognized in rental and other services revenue in the condensed consolidated income statements as we are the primary obligor with respect to purchasing and selecting goods and services from third party vendors and bearing the associated credit risk. As of June 30, 2026, our two largest customers accounted for approximately 11% and 10%, respectively, of our total revenue. No other individual customer makes up more than 10% of our total revenue. Lessee Accounting We lease space at certain of our data centers from third parties and certain equipment under noncancelable lease agreements. Leases for our data centers expire at various dates through 2069. As of June 30, 2026, certain of our …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

New Accounting Pronouncements. Recently issued accounting pronouncements that have yet to be adopted by the Company are not expected to have a material impact to the condensed consolidated financial statements.

NewAccountingPronouncementsPolicyPolicyTextBlock

17. Segment and Geographic Information A majority of the Companys largest customers are global entities that transact with the Company across multiple geographies worldwide. In order to better address the needs of these global customers, the Company manages critical decisions around development, operations, and leasing globally based on customer demand considerations. In this regard, the Company manages customer relationships globally in order to achieve consistent sales and delivery experience of our products for our customers throughout the global portfolio. The Company has reiterated its commitment to and implemented strategies to align itself as one global team to help power customers digital ambitions. In order to best accommodate the needs of global customers (and customers that might one day become global), the Company manages its operations as a single global business with one operating segment and therefore one reporting segment. The Companys chief operating decision maker (CODM) is the Chief Executive Officer, who uses net income as a primary measure of operating results on a consolidated basis in making decisions. Net income is computed in accordance with U.S. GAAP. Significant expense categories, including Rental property operating and maintenance, Property taxes and insurance, General and administrative and Interest expense, are regularly provided to the Companys CODM as components of net income, which are reflected on the condensed consolidated income statements …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

10. Equity and Capital Equity Distribution Agreement Digital Realty Trust, Inc. and Digital Realty Trust, L.P. were 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. could issue and sell common stock having an aggregate offering price of up to $3.0 billion through various named agents from time to time. From April 1, 2026 through May 3, 2026, Digital Realty Trust, Inc. generated net proceeds of approximately $435.2 million from the issuance of approximately 2.4 million common shares under the 2024 Sales Agreement at an average price of $181.21 per share after payment of approximately $2.2 million of commissions to the agents. On May 4, 2026, our Parent and our Operating Partnership entered into a new ATM Equity Offering SM Sales Agreement (the 2026 Sales Agreement), pursuant to which, Digital Realty Trust, Inc. can issue and sell common stock having an aggregate offering price of up to $7.5 billion through various named agents from time to time. The 2024 Sales Agreement was terminated in connection with entry into the 2026 Sales Agreement, and at the time of such termination, $569.9 million remained unsold under the 2024 Sales Agreement. From May 4, 2026 through June 30, 2026, Digital Realty Trust, Inc. generated net proceeds of approximately $1.2 billion from the issuance of approximately 6.2 million common shares under the 2026 Sales Agreement at an averag …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing