0001104659-26-015365 | 10-K | XBRL Viewer

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Leases - Summary of Minimum Lease Payments Operating Leases (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Future Minimum Payments Receivable on 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

Summary of Significant Accounting Policies - Cash, Cash Equivalents and Restricted Cash (Details) 10K	12 Months Ended
	Dec. 31, 2025
Summary of Significant Accounting Policies
Period in which short-term investment become cash equivalents	90 days

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Segment and Geographic Information (Tables)

12 Months Ended

Dec. 31, 2025

Segment and Geographic Information

Schedule of Investment and operating revenues of geographical areas


	Operating Revenues
	Year Ended December 31,
(Amounts in millions)	2025			2024			2023
Inside the United States	$	3,167.7		$	2,910.5		$	2,836.0
Outside the United States		2,945.0			2,644.5			2,641.1
Revenue Outside of U.S. %		48.2	%		47.6	%		48.2	%


	Investments in Properties, net				Operating lease right-of-use assets, net
	As of December 31,		As of December 31,		As of December 31,		As of December 31,
(Amounts in millions)	2025		2024		2025		2024
Inside the United States	$	10,221.1	$	10,592.3	$	489.2	$	552.3
Outside the United States		16,212.5		13,528.5		646.4		626.6

Net Assets in Foreign Operations	$	9,274.4	$	7,744.8

Earnings per Common Share or Unit - Impact of Earnings Per Share (Details) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Diluted (in dollars per share)	$ 3.58	$ 1.61	$ 2.88
Conversion of spread value	229,000	271,000	112,000
Convertible Debt Securities [Member]
Class of Stock [Line Items]
Conversion of spread value	0
Digital Realty Trust, L.P.
Class of Stock [Line Items]
Diluted (in dollars per share)	$ 3.6	$ 1.62	$ 2.89

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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Earnings per Common Share or Unit (Tables)

12 Months Ended

Dec. 31, 2025

Earnings per Common Share or Unit

Summary of Basic and Diluted Earnings Per Share and Unit

The following is a summary of basic and diluted income per share/unit (in thousands, except per share/unit amounts):

Digital Realty Trust, Inc. Earnings per Common Share


	Year Ended December 31,
	2025			2024			2023
Numerator:
Net income available to common stockholders	$	1,267,865		$	561,766		$	908,114
Loss attributable to redeemable noncontrolling interest ⁽¹⁾		(22,593)			(27,059)			(18,093)
Net income available to common stockholders - diluted EPS		1,245,272			534,707			890,021

Denominator:
Weighted average shares outstanding—basic		339,807			323,336			298,603
Potentially dilutive common shares:
Unvested incentive units		110			98			118
Unvested restricted stock		30			44			9
Forward equity offering		—			—			248
Market performance-based awards		229			271			112
Redeemable noncontrolling interest shares⁽¹⁾		7,634			7,798			9,975
Weighted average shares outstanding—diluted		347,810			331,547			309,065
Income per share:
Basic	$	3.73		$	1.74		$	3.04
Diluted	$	3.58		$	1.61		$	2.88

Digital Realty Trust, L.P. Earnings per Unit


	Year Ended December 31,
	2025			2024			2023
Numerator:
Net income available to common unitholders	$	1,295,865		$	574,466		$	928,824
Loss attributable to redeemable noncontrolling interest ⁽¹⁾		(22,593)			(27,059)			(18,093)
Net income available to common unitholders - diluted EPS		1,273,272			547,407			910,731

Denominator:
Weighted average units outstanding—basic		345,717			329,485			304,651
Potentially dilutive common units:
Unvested incentive units		110			98			118
Unvested restricted units		30			44			9
Forward equity offering		—			—			248
Market performance-based awards		229			271			112
Redeemable noncontrolling interest shares⁽¹⁾		7,634			7,798			9,975
Weighted average units outstanding—diluted		353,720			337,696			315,113
Income per unit:
Basic	$	3.75		$	1.74		$	3.05
Diluted	$	3.60		$	1.62		$	2.89

(1)

Pursuant to the Put/Call Agreement with the Rollover Shareholders who remained after the Teraco Acquisition, the Rollover Shareholders have a put right on the Remaining Interest of Teraco that can be settled by the Company in Digital Realty Trust, Inc. shares, in cash, or a combination of cash and shares. Under U.S. GAAP, diluted earnings per share must be reflected in a manner that assumes such put right was exercised at the beginning of the respective periods and settled entirely in shares. The amounts shown represent the redemption value of the Remaining Interest of Teraco divided by Digital Realty Trust, Inc.’s average share price for the respective periods. The put right is exercisable by the Rollover Shareholders for a two-year period commencing on February 1, 2026. For additional information regarding the defined terms used above, see Note 13. “Equity and Capital” to Consolidated Financial Statements contained herein.

Schedule of Antidilutive Securities Excluded from Calculations


	Year Ended December 31,
	2025		2024		2023
Exchangeable Notes	6,624		6,624		—
Weighted average of Operating Partnership common units not owned by Digital Realty Trust, Inc.	5,910		6,149		6,048
Potentially dilutive Series J Cumulative Redeemable Preferred Stock	1,254		1,298		1,794
Potentially dilutive Series K Cumulative Redeemable Preferred Stock	1,319		1,365		1,887
Potentially dilutive Series L Cumulative Redeemable Preferred Stock	2,164		2,238		3,095
Total	17,271		17,674		12,824

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Net income	$ 1,313,165	$ 588,327	$ 950,312
Other comprehensive income (loss):
Foreign currency translation adjustments	898,531	(605,636)	(209,973)
Increase (decrease) in fair value of derivatives	42,479	162,721	(21,406)
Reclassification to interest expense from derivatives	(26,052)	(40,072)	(32,789)
Other comprehensive income (loss)	914,958	(482,987)	(264,168)
Comprehensive income	2,228,123	105,340	686,144
Comprehensive (income) loss attributable to noncontrolling interests	(206,449)	68,353	105,911
Comprehensive income attributable to Digital Realty Trust, L.P.	2,021,674	173,693	792,055
Digital Realty Trust, L.P.
Net income	1,313,165	588,327	950,312
Other comprehensive income (loss):
Foreign currency translation adjustments	898,531	(605,636)	(209,973)
Increase (decrease) in fair value of derivatives	42,479	162,721	(21,406)
Reclassification to interest expense from derivatives	(26,052)	(40,072)	(32,789)
Other comprehensive income (loss)	914,958	(482,987)	(264,168)
Comprehensive income	2,228,123	105,340	686,144
Comprehensive (income) loss attributable to noncontrolling interests	(164,509)	69,942	122,972
Comprehensive income attributable to Digital Realty Trust, L.P.	$ 2,063,614	$ 175,282	$ 809,116

Receivables

12 Months Ended

Dec. 31, 2025

Receivables

Receivables

4. Receivables

Refer to Note 2 “Summary of Significant Accounting Policies—Revenue Recognition” for discussion of our accounting policies related to accounts receivable, deferred rent and related allowances.

Accounts and Other Receivables, Net

Accounts and Other Receivables, net is primarily comprised of contractual rents and other lease-related obligations currently due from customers. These amounts (net of an allowance for estimated uncollectible amounts) are shown in the subsequent table as Accounts receivable – trade, net. The other receivables shown separately from Accounts receivable – trade, net consist primarily of value-added tax receivables, various management fees for functions provided to managed joint ventures, as well as amounts that have not yet been billed to customers, such as for utility reimbursements and installation fees.


	Balance as of		Balance as of
(Amounts in thousands):	December 31, 2025		December 31, 2024
Accounts receivable – trade	$	815,146	$	629,250
Allowance for doubtful accounts		(86,351)		(59,224)
Accounts receivable – trade, net		728,795		570,026

Accounts receivable – customer recoveries		213,023		178,827
Value-added tax receivables		109,816		160,369
Accounts receivable – installation fees		119,295		157,409
Other receivables		187,966		190,833
Accounts and other receivables, net	$	1,358,895	$	1,257,464

Deferred Rent, Net

Deferred rent, net represents rental income that has been recognized as revenue under ASC 842, but which is not yet due from customers under their existing rental agreements. The Company recognizes an allowance against deferred rent receivables to the extent it becomes no longer probable that a customer or group of customers will be able to make substantially all of their required cash rental payments over the entirety of their respective lease terms.


	Balance as of		Balance as of
(Amounts in thousands):	December 31, 2025		December 31, 2024
Deferred rent receivables	$	752,531	$	644,566
Allowance for deferred rent receivables		(1,624)		(2,110)
Deferred rent, net	$	750,907	$	642,456

Fair Value (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value

Estimated Fair Value And Carrying Amounts

The aggregate estimated fair value and carrying value of our Global Revolving Credit Facilities, Euro Term Loan Facilities, unsecured senior notes and secured and other debt as of the respective periods are shown below (in thousands):


		Categorization		As of December 31, 2025						As of December 31, 2024
		under the fair value		Estimated Fair			Amount			Estimated Fair			Amount
		hierarchy		Value			Outstanding			Value			Outstanding
Global Revolving Credit Facilities⁽¹⁾		Level 2		$	918,540		$	918,540		$	1,637,922		$	1,637,922
Unsecured term loans ⁽¹⁾		Level 2			440,475			440,475			388,275			388,275
Unsecured senior notes ⁽²⁾		Level 2			15,646,232			16,321,227			13,370,897			14,059,415
Secured and other debt ⁽²⁾		Level 2			873,504			876,528			752,732			761,263
				$	17,878,751		$	18,556,770		$	16,149,826		$	16,846,875

(1)	The carrying value of our Global Revolving Credit Facilities and unsecured term loans approximates estimated fair value, due to the variability of interest rates and the stability of our credit ratings.

(2)	Valuations for our unsecured senior notes and secured and other debt are determined based on the expected future payments discounted at risk-adjusted rates and quoted market prices.

Income Taxes - geographic locations (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)
Income Taxes
Domestic	$ 1,518,286
Foreign	(173,079)
Income from continuing operations before provision for income taxes	$ 1,345,207

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

Incentive Plans - Schedule of Compensation Expense (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Long-term incentive units
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Deferred compensation, expensed	$ 20.0	$ 15.5	$ 14.5
Deferred compensation, capitalized	0.2	0.1	$ 0.2
Unearned Compensation	$ 29.0	$ 22.1
Expected period to recognize unearned compensation (in years)	2 years 2 months 12 days
Weighted Average Fair Value at Date of Grant	$ 164.88	$ 137.44	$ 104.82
Performance-based awards
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Deferred compensation, expensed	$ 8.0	$ 12.8	$ 12.9
Deferred compensation, capitalized	0.5	0.2	$ 0.2
Unearned Compensation	$ 30.3	$ 24.1
Expected period to recognize unearned compensation (in years)	2 years 2 months 12 days
Weighted Average Fair Value at Date of Grant	$ 176.79	$ 134.58	$ 97.06
Service Based Restricted Stock Units
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Deferred compensation, expensed	$ 40.2	$ 33.5	$ 27.1
Deferred compensation, capitalized	7.9	5.9	$ 7.6
Unearned Compensation	$ 80.7	$ 70.3
Expected period to recognize unearned compensation (in years)	2 years 6 months
Restricted stock
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Weighted Average Fair Value at Date of Grant	$ 159.24	$ 143.98	$ 122.25

CONSOLIDATED INCOME STATEMENTS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating Revenues:
Total operating revenues	$ 6,112,692	$ 5,554,968	$ 5,477,061
Operating Expenses:
Rental property operating and maintenance	2,507,049	2,318,337	2,381,666
Property taxes and insurance	219,688	200,778	216,405
Depreciation and amortization	1,894,636	1,771,797	1,694,859
General and administrative	565,482	480,023	449,056
Transactions and integration	185,090	93,902	84,722
Provision for impairment	78,553	191,184	118,363
Other	3,702	27,083	7,529
Total operating expenses	5,454,200	5,083,104	4,952,600
Operating income	658,492	471,864	524,461
Other Income (Expenses):
Equity in loss of unconsolidated entities	(31,987)	(120,138)	(29,791)
Gain on disposition of properties, net	995,586	595,825	900,531
Other income, net	161,052	154,243	68,431
Interest expense	(437,947)	(452,836)	(437,741)
Gain (loss) on debt extinguishment and modifications	9	(5,871)
Income tax expense	(32,040)	(54,760)	(75,579)
Net income	1,313,165	588,327	950,312
Net (income) loss attributable to noncontrolling interests	(4,576)	14,163	(1,474)
Net income attributable to Digital Realty Trust, L.P.	1,308,589	602,490	948,838
Preferred stock dividends	(40,724)	(40,724)	(40,724)
Net income available to common unitholders	$ 1,267,865	$ 561,766	$ 908,114
Net income per share available to common stockholders:
Basic (in dollars per share)	$ 3.73	$ 1.74	$ 3.04
Diluted (in dollars per share)	$ 3.58	$ 1.61	$ 2.88
Weighted average common shares outstanding:
Basic (in shares)	339,807	323,336	298,603
Diluted (in shares)	347,810	331,547	309,065
Digital Realty Trust, L.P.
Operating Revenues:
Total operating revenues	$ 6,112,692	$ 5,554,968	$ 5,477,061
Operating Expenses:
Rental property operating and maintenance	2,507,049	2,318,337	2,381,666
Property taxes and insurance	219,688	200,778	216,405
Depreciation and amortization	1,894,636	1,771,797	1,694,859
General and administrative	565,482	480,023	449,056
Transactions and integration	185,090	93,902	84,722
Provision for impairment	78,553	191,184	118,363
Other	3,702	27,083	7,529
Total operating expenses	5,454,200	5,083,104	4,952,600
Operating income	658,492	471,864	524,461
Other Income (Expenses):
Equity in loss of unconsolidated entities	(31,987)	(120,138)	(29,791)
Gain on disposition of properties, net	995,586	595,825	900,531
Other income, net	161,052	154,243	68,431
Interest expense	(437,947)	(452,836)	(437,741)
Gain (loss) on debt extinguishment and modifications	9	(5,871)
Income tax expense	(32,040)	(54,760)	(75,579)
Net income	1,313,165	588,327	950,312
Net (income) loss attributable to noncontrolling interests	23,424	26,863	19,236
Net income attributable to Digital Realty Trust, L.P.	1,336,589	615,190	969,548
Preferred stock dividends	(40,724)	(40,724)	(40,724)
Net income available to common unitholders	$ 1,295,865	$ 574,466	$ 928,824
Net income per share available to common stockholders:
Basic (in dollars per share)	$ 3.75	$ 1.74	$ 3.05
Diluted (in dollars per share)	$ 3.6	$ 1.62	$ 2.89
Weighted average common shares outstanding:
Basic (in shares)	345,717	329,485	304,651
Diluted (in shares)	353,720	337,696	315,113
Rental and other services
Operating Revenues:
Total operating revenues	$ 5,968,918	$ 5,482,472	$ 5,430,173
Rental and other services \| Digital Realty Trust, L.P.
Operating Revenues:
Total operating revenues	5,968,918	5,482,472	5,430,173
Fee income and other
Operating Revenues:
Total operating revenues	143,774	72,496	46,888
Fee income and other \| Digital Realty Trust, L.P.
Operating Revenues:
Total operating revenues	$ 143,774	$ 72,496	$ 46,888

Incentive Plans

12 Months Ended

Dec. 31, 2025

Incentive Plans

Incentive Plans

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 Operating Partnership and performance-based Restricted Stock Units may be issued to officers and employees of the Company. The Performance Awards include performance-based and time-based vesting criteria. Depending on the type of award, the total number of units that qualify to fully vest is determined based on either a market performance criterion (“Market-Based Performance Awards”) or financial performance criterion (“Financial-Based Performance Awards”), in each case, subject to time-based vesting.

Market-Based Performance Awards.

The market performance criterion compares Digital Realty Trust, Inc.’s total stockholder return (“TSR”) relative to the MSCI US REIT Index (“RMS”) over a three-year performance period (“Market Performance Period”), subject to continued service, in order to determine the percentage of the total eligible pool of units that qualifies to be awarded. Following the completion of the Market Performance Period, the awards then have a time-based vesting element pursuant to which 50% of the performance-vested units will fully vest in the February immediately following the end of the Market Performance Period and 50% of the performance-vested units will fully vest in the subsequent February.

Vesting with respect to the market condition is measured based on the difference between Digital Realty Trust, Inc.’s TSR percentage and the TSR percentage of the RMS as is shown in the subsequent table (the “RMS Relative Market Performance”).


		Market
		Performance
	RMS Relative	Vesting
Level	Market Performance	Percentage
Below Threshold Level	≤ -500 basis points	0	%
Threshold Level	-500 basis points	25	%
Target Level	0 basis points	50	%
High Level	≥ 500 basis points	100	%

If the RMS Relative Market Performance falls between the levels specified in the above table, the percentage of the award that will vest with respect to the market condition will be determined using straight-line linear interpolation between such levels.

Following the completion of the applicable Market Performance Period, the Talent and Compensation Committee made the following determinations regarding the vesting of these awards.

2023 Awards

●

In January 2026 the RMS Relative Market Performance was achieved at the high level of performance and, accordingly, 93,116 Class D units and 5,450 Restricted Stock Units performance vested and qualified for time-based vesting.

●

The Class D units included 9,820 distribution equivalent units that immediately vested on December 31, 2025.

●

On February 27, 2026, 50% of the 2023 awards will vest and the remaining 50% will vest on February 27, 2027, subject to continued employment through the applicable vesting date.

2022 Awards

●

In January 2025 the RMS Relative Market Performance was achieved at the high level of performance and, accordingly, 61,661 Class D units and 5,654 Restricted Stock Units performance vested and qualified for time-based vesting.

●

The Class D units included 6,997 distribution equivalent units that immediately vested on December 31, 2024.

●

On February 27, 2025, 50% of the 2022 awards vested and the remaining 50% will vest on February 27, 2026, subject to continued employment through the applicable vesting date.

2021 Awards

●

In January 2024, the RMS Relative Market Performance fell between the threshold and target level for the 2021 awards and, accordingly, 71,926 Class D units and 7,066 Restricted Stock Units performance vested and qualified for time-based vesting.

●

The Class D units included 5,131 distribution equivalent units that immediately vested on December 31, 2023.

●

On February 27, 2024, 50% of the 2021 awards vested and the remaining 50% vested on February 27, 2025, subject to continued employment through the applicable vesting date.

Financial-Based Performance Awards.

On January 1, 2025, the Company granted Financial-Based Performance Awards, which vest based on growth in same-store cash net operating income during the three-year period commencing on January 1, 2025. The awards have a time-based vesting element consistent with the Market-Based Performance Awards discussed above. For these awards, fair value is based on market value on the date of grant and compensation cost is recognized based on the probable achievement of the performance condition at each reporting period. The grant date fair value of these awards was $12.3 million, based on Digital Realty Trust, Inc.’s closing stock price at the grant date.

On January 1, 2024, the Company granted Financial-Based Performance Awards, which vest based on growth in same-store cash net operating income during the three-year period commencing on January 1, 2024. The awards have a time-based vesting element consistent with the Market-Based Performance Awards discussed above. For these awards, fair value is based on market value on the date of grant and compensation cost is recognized based on the probable achievement of the performance condition at each reporting period. The grant date fair value of these awards was $9.8 million, based on Digital Realty Trust, Inc.’s closing stock price at the grant date.

On April 8, 2023, the Company granted Financial-Based Performance Awards, which vest based on growth in same-store cash net operating income during the three-year period commencing on January 1, 2023. The awards have a time-based vesting element consistent with the Market-Based Performance Awards discussed above. For these awards, fair value is based on market value on the date of grant and compensation cost is recognized based on the probable achievement of the performance condition at each reporting period. The grant date fair value of these awards was $8.1 million, based on Digital Realty Trust, Inc.’s closing stock price at the grant date.

Fair Value of Market Performance-Based Awards

The fair values of the Performance Awards granted were measured using a Monte Carlo simulation to estimate the probability of the market vesting condition being satisfied. The Monte Carlo simulation is a probabilistic technique based on the underlying theory of the Black-Scholes formula, which was run for 100,000 trials to determine the fair value of the awards. For each trial, the payoff to an award is calculated at the settlement date and is then discounted to the grant date at a risk-free interest rate. The total expected value of the awards on the grant date was determined by multiplying the average value per award over all trials by the number of awards granted. Assumptions used in the valuations are summarized as follows:


		Expected Stock Price		Risk-Free Interest
Award Date		Volatility		rate
January 1, 2023		32	%	4.18	%
January 1, 2024		29	%	3.97	%
January 1, 2025		31	%	4.23	%

The expected stock price volatility assumption is calculated based on our historical volatility, which is calculated over a period of time commensurate with the expected term of the awards being valued. The expected dividend yield assumption used in the Monte Carlo simulation represents the percent of return to a stock that is available to the holder of an award. Because the holders of the awards receive dividend equivalents, an expected dividend yield assumption of 0.00% was used in the valuation. These valuations were performed in a risk-neutral framework, and no assumption was made with respect to an equity risk premium.

●

The grant date fair value of the Performance Awards was approximately $12.3 million, $9.8 million and $8.2 million for years ended December 31, 2025, 2024 and 2023, respectively. We recognize compensation expense on a straight-line basis over the expected service period of approximately four years.

The aggregate intrinsic value of the Performance Awards that vested in 2025, 2024 and 2023 was $13.9 million, $18.5 million and $36.4 million, respectively.

As of December 31, 2025, approximately 2.9 million shares of common stock, including awards that can be converted to or exchanged for shares of common stock, remained available for future issuance under the Incentive Plan.

Each LTIP unit and each Class D unit issued under the Incentive Plan counts as one share of common stock for purposes of calculating the limit on shares that may be issued under the Incentive Plan and the individual award limits set forth therein.

Below is a summary of compensation expense and unearned compensation (in millions):


																										Expected
																										period to
		Deferred Compensation																		Unearned Compensation						recognize
		Expensed									Capitalized									As of			As of			unearned

		Year Ended December 31,																		December 31,			December 31,			compensation
Type of incentive award		2025			2024			2023			2025			2024			2023			2025			2024			(in years)
Long-term incentive units		$	20.0		$	15.5		$	14.5		$	0.2		$	0.1		$	0.2		$	29.0		$	22.1		2.2
Performance-based awards			8.0			12.8			12.9			0.5			0.2			0.2			30.3			24.1		2.2
Service-based restricted stock units			40.2			33.5			27.1			7.9			5.9			7.6			80.7			70.3		2.5

The following table sets forth the weighted-average fair value per share/unit for each type of incentive award at the date of grant for the years ended December 31, 2025, 2024 and 2023:


		Weighted Average Fair Value at Date of Grant
Type of incentive award		2025			2024			2023
Long-term incentive units		$	164.88		$	137.44		$	104.82
Performance-based awards			176.79			134.58			97.06
Restricted stock			159.24			143.98			122.25

Activity for LTIP Units and service-based Restricted Stock Units for the year ended December 31, 2025 is shown below.


				Weighted-Average		Weighted-Average		Aggregate
				Grant Date Fair		Remaining Contractual		Intrinsic Value ⁽¹⁾
Unvested LTIP Units		Units		Value		Life (Years)		(in millions)
Unvested, beginning of period		263,130		$	129.93
Granted		164,541			164.88
Vested		(120,216)			143.26
Cancelled or expired		(3,628)			155.19
Unvested, end of period		303,827		$	148.28		2.2	$	47.0

(1)	The intrinsic value is calculated based on the market value of our common stock as of December 31, 2025.

The grant date fair values, which equal the market price of Digital Realty Trust, Inc. common stock on the applicable grant date(s), are being expensed on a straight-line basis for service awards between two and four years, the current vesting periods of the long-term incentive units.

The aggregate intrinsic value of long-term incentive units that vested in 2025, 2024 and 2023 was $19.1 million, $15.6 million and $18.3 million, respectively. As of December 31, 2025, we had approximately 1.2 million long-term incentive units that were outstanding and exercisable with an aggregate intrinsic value of approximately $189.1 million (based on the market price of our common stock as of December 31, 2025).


				Weighted-Average		Weighted-Average			Aggregate
				Grant Date Fair		Remaining Contractual			Intrinsic Value ⁽¹⁾
Unvested Restricted Stock Units		Shares		Value		Life (Years)			(in millions)
Unvested, beginning of period		591,797		$	145.15
Granted		427,309			159.24
Vested		(341,504)			133.77
Cancelled or expired		(62,945)			136.31
Unvested, end of period		614,657		$	145.77		2.5	$		95.1

(1)	The intrinsic value is calculated based on the market value of our common stock as of December 31, 2025.

The grant date fair values, which equal the market price of Digital Realty Trust, Inc. common stock on the grant date, are expensed on a straight-line basis for service awards over the vesting period of the restricted stock, which is generally four years.

The aggregate intrinsic value of restricted stock that vested in 2025, 2024 and 2023 was $55.3 million, $39.1 million and $41.5 million, respectively.

2025 Carried Interest Plan

On August 27, 2025, the Board of Directors of Digital Realty Trust, Inc. approved the Digital Realty 2025 Carried Interest Plan (the “Carried Interest Plan”), pursuant to which certain employees of the Company, including our named executive officers, will be eligible to receive certain awards with respect to certain strategic capital ventures of the Company (each, a “Vehicle”). The purpose of the Carried Interest Plan is to attract, retain and incentivize certain executives and other employees of the Company in connection with, and to recognize the success of, such investments.

Types of Awards. The Carried Interest Plan provides for the grant of carried interest awards and appreciation interest awards.

●

Carried Interest Awards. Awards of carried interests under the Carried Interest Plan consist of interests in one or more Vehicles (a “carry vehicle”) holding the right to receive a portion of the carried interest or promote distributions generated from each of the Vehicles. When a carry vehicle receives, directly or indirectly, a distribution of the carried interest or promote (a “Carried Interest Payment Date”), the carry vehicle will distribute the net proceeds to participants holding fully vested carried interest awards in accordance with the Carried Interest Plan and applicable award agreement. The carried interest awards are intended to be treated as “profits interests” for U.S. federal income tax purposes.

●

Appreciation Interest Awards. Awards of appreciation interests are notional interests granted under the Carried Interest Plan that track the value of a corresponding carried interest award.

Vesting. Awards under the Plan will vest in full upon the satisfaction of both a service condition and a performance condition.

The service condition will be satisfied with respect to 25% of an award on each of the first four anniversaries of the applicable vesting commencement date, subject to the participant’s continued service through the applicable vesting date. The performance condition will be satisfied with respect to 100% of an award on the first Carried Interest Payment Date on which the applicable performance hurdles for the Vehicle are satisfied (the “Initial Carried Interest Payment Date”).

In the event that the performance condition is satisfied prior to the full satisfaction of the service condition, (i) with respect to any carried interest award, the service condition will accelerate and be deemed fully satisfied upon the date the performance condition is satisfied, subject to the participant’s continued service through such date; and (ii) with respect to any appreciation interest award, the service condition will continue to be eligible to be satisfied on the applicable service condition satisfaction date(s) following the Initial Carried Interest Payment Date, subject to the participant’s continued service through the applicable vesting date.

Payment. Any participant holding a fully vested carried interest award on any Carried Interest Payment Date that occurs with respect to the carry vehicle to which the award relates will be entitled to cash distributions of the carried interest or promote from such carry vehicle. Payments in respect of fully vested appreciation interest awards may be in the form of cash, fully-vested shares of our common stock, fully-vested units in our Operating Partnership or a combination thereof, as determined by the plan administrator. Any shares issued may (or, to the extent required by applicable stock exchange rules, will) be issued under the Incentive Plan or any successor plan. As of December 31, 2025, no amount is anticipated to be paid in the next 12 months.

Individual Payment Limit. In no event may any participant receive aggregate payments or distributions pursuant to awards under the Carried Interest Plan in any calendar year in excess of three times the sum of the participant’s annual base salary rate, target annual bonus and target annual equity award value at the time of payment (or, if a participant is not employed on the payment date, three times the participant’s annual base salary rate, target annual bonus and target annual equity award value as of the day immediately prior to the date on which the participant’s employment terminated).

Award Limit. In no event will more than 50% of the aggregate carried interest or promote distributions made with respect to any Vehicle be paid to participants in respect of awards in the applicable carry vehicle under the Carried Interest Plan. During the year ended December 31, 2025, we have granted 13.75% of the 50% permitted to be granted under the Carried Interest Plan.

Defined Contribution Plans

We have a 401(k) plan whereby our U.S. employees may contribute a portion of their compensation to their respective retirement accounts, in an amount not to exceed the maximum allowed under the Code. The 401(k) plan complies with Internal Revenue Service requirements as a 401(k) safe harbor plan whereby matching contributions made by us are 100% vested. The aggregate cost of our contributions to the 401(k) plan was approximately $10.2 million, $9.4 million, and $6.8 million for the years ended December 31, 2025, 2024 and 2023, respectively. In addition, Interxion has a defined contribution pension plan for most of its employees. Contributions are made in accordance with the terms of such defined contribution pension plan and are expensed as incurred.

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:
Net income	$ 1,313,165	$ 588,327	$ 950,312
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on disposition of properties, net	(995,586)	(595,825)	(900,531)
Provision for impairment	78,553	191,184	118,363
Equity in loss of unconsolidated entities	31,987	120,138	29,791
Distributions from unconsolidated entities	122,402	78,269	73,518
Depreciation and amortization	1,894,636	1,771,797	1,694,859
Amortization of share-based compensation	93,766	75,606	80,532
(Gain) loss on debt extinguishment and modifications	(9)	5,871
Straight-lined rents and amortization of above and below market leases	(119,720)	(56,465)	(50,931)
Amortization of deferred financing costs and debt discount / premium	32,180	28,666	26,834
Other operating activities, net	(76,494)	29,237	(8,216)
Changes in assets and liabilities:
Increase in accounts receivable and other assets	(339,094)	(342,061)	(155,317)
Increase in accounts payable and other liabilities	376,350	366,733	(224,434)
Net cash provided by operating activities	2,412,136	2,261,477	1,634,780
Cash flows from investing activities:
Improvements to investments in real estate	(3,181,179)	(2,831,740)	(3,525,598)
Cash paid for business combination / asset acquisitions, net of cash acquired	(321,246)	(508,001)	(52,297)
Investments in and advances to unconsolidated entities	(519,098)	(315,623)	(336,456)
Return of investment from unconsolidated entities	153,418	99,864	241,984
Proceeds from sale of assets	1,619,624	1,764,835	2,619,778
Other investing activities, net	18,009	(115,492)	(62,522)
Net cash used in investing activities	(2,230,472)	(1,906,157)	(1,115,111)
Cash flows from financing activities:
Proceeds from credit facilities	1,802,807	1,636,351	2,870,841
Payments on credit facilities	(2,586,749)	(1,715,044)	(3,293,644)
Borrowings on secured / unsecured debt	3,488,908	2,234,999	869,132
Repayments on secured / unsecured debt	(2,514,388)	(2,119,007)	(111,979)
Capital (distribution to) contributions from noncontrolling interests, net	3,574	(21,418)	4,474
Proceeds from issuance of common stock, net	1,106,031	3,650,771	2,207,259
Payments of dividends and distributions	(1,728,466)	(1,633,247)	(1,520,644)
Other financing activities, net	(58,455)	30,028	(61,965)
Net cash (used in) provided by financing activities	(486,738)	2,063,433	963,474
Net (decrease) increase in cash, cash equivalents and restricted cash	(305,074)	2,418,753	1,483,143
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(113,336)	(178,523)	2,631
Cash, cash equivalents and restricted cash at beginning of period	3,876,700	1,636,470	150,696
Cash, cash equivalents and restricted cash at end of period	3,458,290	3,876,700	1,636,470
Digital Realty Trust, L.P.
Cash flows from operating activities:
Net income	1,313,165	588,327	950,312
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on disposition of properties, net	(995,586)	(595,825)	(900,531)
Provision for impairment	78,553	191,184	118,363
Equity in loss of unconsolidated entities	31,987	120,138	29,791
Distributions from unconsolidated entities	122,402	78,269	73,518
Depreciation and amortization	1,894,636	1,771,797	1,694,859
Amortization of share-based compensation	93,766	75,606	80,532
(Gain) loss on debt extinguishment and modifications	(9)	5,871
Straight-lined rents and amortization of above and below market leases	(119,720)	(56,465)	(50,931)
Amortization of deferred financing costs and debt discount / premium	32,180	28,666	26,834
Other operating activities, net	(76,494)	29,237	(8,216)
Changes in assets and liabilities:
Increase in accounts receivable and other assets	(339,094)	(342,061)	(155,317)
Increase in accounts payable and other liabilities	376,350	366,733	(224,434)
Net cash provided by operating activities	2,412,136	2,261,477	1,634,780
Cash flows from investing activities:
Improvements to investments in real estate	(3,181,179)	(2,831,740)	(3,525,598)
Cash paid for business combination / asset acquisitions, net of cash acquired	(321,246)	(508,001)	(52,297)
Investments in and advances to unconsolidated entities	(519,098)	(315,623)	(336,456)
Return of investment from unconsolidated entities	153,418	99,864	241,984
Proceeds from sale of assets	1,619,624	1,764,835	2,619,778
Other investing activities, net	18,009	(115,492)	(62,522)
Net cash used in investing activities	(2,230,472)	(1,906,157)	(1,115,111)
Cash flows from financing activities:
Proceeds from credit facilities	1,802,807	1,636,351	2,870,841
Payments on credit facilities	(2,586,749)	(1,715,044)	(3,293,644)
Borrowings on secured / unsecured debt	3,488,908	2,234,999	869,132
Repayments on secured / unsecured debt	(2,514,388)	(2,119,007)	(111,979)
Capital (distribution to) contributions from noncontrolling interests, net	3,574	(21,418)	4,474
General partner contributions	1,106,031	3,650,771	2,207,259
Payments of dividends and distributions	(1,728,466)	(1,633,247)	(1,520,644)
Other financing activities, net	(58,455)	30,028	(61,965)
Net cash (used in) provided by financing activities	(486,738)	2,063,433	963,474
Net (decrease) increase in cash, cash equivalents and restricted cash	(305,074)	2,418,753	1,483,143
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(113,336)	(178,523)	2,631
Cash, cash equivalents and restricted cash at beginning of period	3,876,700	1,636,470	150,696
Cash, cash equivalents and restricted cash at end of period	$ 3,458,290	$ 3,876,700	$ 1,636,470

Fair Value - Additional Information (Details) $ in Millions	12 Months Ended
Fair Value - Additional Information (Details) $ in Millions	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($) $ / ft²
Fair Value
Recorded impairment charge \| $	$ 78.6	$ 191.2
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Asset Impairment Charges	Asset Impairment Charges
Comparable sales value, lower range		69
Comparable Sales Values, Upper Range		151

CONSOLIDATED STATEMENT OF EQUITY - USD ($) $ in Thousands	Redeemable Noncontrolling Interests	Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Dividends in Excess of Earnings	Accumulated Other Comprehensive Loss, Net	Noncontrolling Interests	Total
Beginning balance at Dec. 31, 2022	$ 1,514,679	$ 731,690	$ 2,887	$ 22,142,868	$ (4,698,313)	$ (595,798)	$ 524,131	$ 18,107,465
Beginning balance (shares) at Dec. 31, 2022			291,148,222
CONSOLIDATED STATEMENT OF EQUITY
Conversion of common units to common stock			$ 2	8,232			(8,234)
Conversion of common units to common stock (shares)			112,607
Vesting of restricted stock, net (shares)			265,671
Partial settlement of forward sale agreements, net of costs			$ 198	2,207,061				2,207,259
Partial settlement of forward sale agreements, net of costs (shares)			19,957,541
Shares issued under equity plans, net of share settlement to satisfy tax withholding upon vesting			$ 1	(1,945)				(1,944)
Shares issued under equity plans, net of share settlement to satisfy tax withholding upon vesting (shares)			123,539
Reclassification of vested share-based awards				(41,396)			41,396
Amortization of unearned compensation regarding share-based awards				88,518				88,518
Adjustment to redeemable noncontrolling interests	5,354			(5,354)				(5,354)
Dividends declared on preferred stock					(40,724)			(40,724)
Dividends and distributions on common stock and common and incentive units	(760)				(1,472,449)		(30,983)	(1,503,432)
Redeemable noncontrolling interests associated with acquisition of Teraco	129						4,345	4,345
Contributions from (distributions to) noncontrolling interests							(65,358)	(65,358)
Net income (loss)	(17,618)				948,838		19,092	967,930
Other comprehensive income (loss)	(106,970)			(1,187)		(155,595)	(416)	(157,198)
Ending balance at Dec. 31, 2023	1,394,814	731,690	$ 3,088	24,396,797	(5,262,648)	(751,393)	483,973	19,601,507
Ending balance (shares) at Dec. 31, 2023			311,607,580
CONSOLIDATED STATEMENT OF EQUITY
Conversion of common units to common stock				39,573			(39,573)	0
Conversion of common units to common stock (shares)			552,869
Vesting of restricted stock, net (shares)			217,478
Issuance of common stock, net of costs			$ 249	3,650,421	101			3,650,771
Issuance of common stock, net of costs (shares)			24,138,787
Shares issued under equity plans, net of share settlement to satisfy tax withholding upon vesting				2,757				2,757
Shares issued under equity plans, net of share settlement to satisfy tax withholding upon vesting (shares)			(120,028)
Reclassification of vested share-based awards				(27,424)			27,424
Amortization of unearned compensation regarding share-based awards				81,803				81,803
Adjustment to redeemable noncontrolling interests	98,601			(98,601)				(98,601)
Dividends declared on preferred stock					(40,724)			(40,724)
Dividends and distributions on common stock and common and incentive units	(760)				(1,591,304)		(31,132)	(1,622,436)
Sale of noncontrolling interest in property to DCRU				32,319			12,115	44,434
Contributions from (distributions to) noncontrolling interests							(21,418)	(21,418)
Deconsolidation of noncontrolling interest in consolidated entities							(20,308)	(20,308)
Net income (loss)	(26,769)				602,490		12,606	615,096
Other comprehensive income (loss)	(32,701)			2,093		(430,890)	(21,489)	(450,286)
Ending balance at Dec. 31, 2024	1,433,185	731,690	$ 3,337	28,079,738	(6,292,085)	(1,182,283)	402,198	21,742,595
Ending balance (shares) at Dec. 31, 2024			336,636,742
CONSOLIDATED STATEMENT OF EQUITY
Conversion of common units to common stock				14,609			(14,609)
Conversion of common units to common stock (shares)			174,860
Vesting of restricted stock, net (shares)			229,386
Issuance of common stock, net of costs			$ 67	1,105,964				1,106,031
Issuance of common stock, net of costs (shares)			6,394,820
Shares issued under equity plans, net of share settlement to satisfy tax withholding upon vesting			$ 2	(15,814)				(15,812)
Shares issued under equity plans, net of share settlement to satisfy tax withholding upon vesting (shares)			121,622
Reclassification of vested share-based awards				(22,773)			22,773
Amortization of unearned compensation regarding share-based awards				102,310				102,310
Adjustment to redeemable noncontrolling interests	(95,646)			95,646				95,646
Dividends declared on preferred stock					(40,724)			(40,724)
Dividends and distributions on common stock and common and incentive units	(760)				(1,666,502)		(30,156)	(1,696,658)
Purchase of noncontrolling interests				(9,193)			(1,468)	(10,661)
Contributions from (distributions to) noncontrolling interests	2						3,572	3,572
Deconsolidation of noncontrolling interest in consolidated entities							(5,229)	(5,229)
Net income (loss)	(21,983)				1,308,589		26,559	1,335,148
Other comprehensive income (loss)	184,177					713,085	17,696	730,781
Ending balance at Dec. 31, 2025	$ 1,498,975	$ 731,690	$ 3,406	$ 29,350,487	$ (6,690,722)	$ (469,198)	$ 421,336	$ 23,346,999
Ending balance (shares) at Dec. 31, 2025			343,557,430

Goodwill (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill.

Schedule of Goodwill

The following is a summary of goodwill activity for the years ended December 31, 2025 and 2024 (in thousands):


		Balance as of									Impact of Change			Balance as of
		December 31,						Goodwill			in Foreign			December 31,
Merger / Portfolio Acquisition		2024			Acquisition			Adjustments			Exchange Rates			2025
Telx Acquisition		$	330,845		$	—		$	—		$	—		$	330,845
European Portfolio Acquisition			414,977			—			—			40,537			455,514
DFT Merger			2,592,147			—			—			—			2,592,147
Interxion Combination			4,153,316			—			—			545,566			4,698,882
Teraco Combination			1,425,628			—			—			196,419			1,622,047
Other Combination			12,518			—			—			—			12,518
Total		$	8,929,431		$	—		$	—		$	782,522		$	9,711,953

		Balance as of									Impact of Change			Balance as of
		December 31,						Goodwill			in Foreign			December 31,
Merger / Portfolio Acquisition		2023			Acquisition			Adjustments			Exchange Rates			2024
Telx Acquisition		$	330,845		$	—		$	—		$	—		$	330,845
European Portfolio Acquisition			429,510			—			—			(14,533)			414,977
DFT Merger			2,592,147			—			—			—			2,592,147
Interxion Combination			4,411,857			598			—			(259,139)			4,153,316
Teraco Combination			1,462,994			—			—			(37,366)			1,425,628
Other Combination			12,518			—			—			—			12,518
Total		$	9,239,871		$	598		$	—		$	(311,038)		$	8,929,431

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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+ Details

Acquisitions and Dispositions of Properties - Acquisitions (Details) $ in Millions	1 Months Ended		12 Months Ended
	Jul. 31, 2024 USD ($) Center MW	Jan. 31, 2024 USD ($) a Center	Dec. 31, 2025 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Payment for acquisition			$ 309
Number of data centers \| Center		2
Number of data centers under construction \| Center		2
Site in Paris
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area of land acquired \| a		16
Payments to acquire real estate		$ 80
Right-of-use assets derecognized		145
Lease liabilities derecognized		$ 150
Slough Trading Estate
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Payments to acquire real estate	$ 200
Number of data centers acquired \| Center	2
Combined capacity of data centers \| MW	15

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 1,308,589	$ 602,490	$ 948,838

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Reference 41: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 42: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 43: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 44: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 45: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 46: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 47: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 48: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

Reference 49: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Schedule III Properties And Accumulated Depreciation - Summary Of Accumulated Depreciation And Amortization (Details) 10K - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance, beginning of year	$ 8,641,331	$ 7,823,685	$ 7,268,981
Additions during period (depreciation and amortization expense)	1,755,133	1,228,311	1,338,912
Deductions during period (dispositions and assets held for sale)	(402,868)	(410,665)	(784,208)
Balance, end of year	$ 9,993,596	$ 8,641,331	$ 7,823,685

Incentive Plans - Performance Based Awards (Details) - USD ($) $ in Millions								1 Months Ended		12 Months Ended
	Feb. 27, 2027	Feb. 27, 2026	Feb. 27, 2025	Jan. 01, 2025	Feb. 27, 2024	Jan. 01, 2024	Apr. 08, 2023	Jan. 31, 2026	Jan. 31, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award requisite service period										4 years
Market-based performance awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period										3 years
Market-based performance awards \| Share-Based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage										0.00%
Performance Threshold										(500.00%)
Market-based performance awards \| Share-Based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage										25.00%
Performance Threshold										(500.00%)
Market-based performance awards \| Share-Based Payment Arrangement, Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage										50.00%
Performance Threshold										0.00%
Market-based performance awards \| High Level
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage										100.00%
Performance Threshold											500.00%	500.00%
Market-based performance awards \| First Vesting Period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage										50.00%
Market-based performance awards \| First Vesting Period \| 2021 Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage					50.00%
Market-based performance awards \| First Vesting Period \| 2022 Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			50.00%
Market-based performance awards \| Second Vesting Period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage										50.00%
Market-based performance awards \| Second Vesting Period \| 2021 Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			50.00%
Class D Units \| 2021 Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting of restricted common units, net (units)									71,926
Class D Units \| 2022 Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting of restricted common units, net (units)									61,661
Restricted Stock Units (RSUs) \| 2021 Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting of restricted common units, net (units)									7,066
Restricted Stock Units (RSUs) \| 2022 Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting of restricted common units, net (units)									5,654
Distribution Equivalent Unit \| 2021 Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting of restricted common units, net (units)												5,131
Distribution Equivalent Unit \| 2022 Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting of restricted common units, net (units)											6,997
Distribution Equivalent Unit \| 2023 Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting of restricted common units, net (units)										9,820
Financial-based performance awards \| 2019 Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award requisite service period				3 years		3 years	3 years
Share-based compensation arrangement by share-based payment award, grant date fair value				$ 12.3		$ 9.8	$ 8.1
Subsequent Event \| Market-based performance awards \| First Vesting Period \| 2023 Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		50.00%
Subsequent Event \| Market-based performance awards \| Second Vesting Period \| 2022 Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		50.00%
Subsequent Event \| Market-based performance awards \| Second Vesting Period \| 2023 Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	50.00%
Subsequent Event \| Class D Units \| 2023 Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting of restricted common units, net (units)								93,116
Subsequent Event \| Restricted Stock Units (RSUs) \| 2023 Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting of restricted common units, net (units)								5,450

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Summary of Significant Accounting Policies

Schedule of property and equipment

Investments in Real Estate. Investments in real estate are stated at cost, less accumulated depreciation and amortization. Land is not depreciated. Depreciation and amortization is recorded on a straight-line basis over the estimated useful lives of the respective assets. Depreciable lives of assets are stated below. Vestments in Real Estate. Investments in real estate are stated at cost, less accumulated depreciation and amortization. Land is not depreciated. Depreciation and amortization is recorded on a straight-line basis over the estimated useful lives of the respective assets. Depreciable lives of assets are stated below.
Acquired ground leases		Terms of the related lease
Buildings and improvements		5-39 years
Machinery and equipment		7-15 years
Furniture and fixtures		3-5 years
Leasehold improvements		Shorter of the estimated useful lives or the terms of the related leases
Tenant improvements		Shorter of the estimated useful lives or the terms of the related leases

Income Taxes - Income taxes paid (Details) $ in Thousands	12 Months Ended
Income Taxes - Income taxes paid (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Income Taxes
State	$ 1,630
Foreign	111,398
Total	113,028
Austria
Income Taxes
Foreign	6,463
Germany
Income Taxes
Foreign	60,006
Singapore
Income Taxes
Foreign	14,690
South Africa
Income Taxes
Foreign	8,089
Spain
Income Taxes
Foreign	$ 6,076

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
Document and Entity Information - USD ($) $ in Billions	Dec. 31, 2025	Feb. 09, 2026	Jun. 30, 2025
Document and Entity Information
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Document Transition Report	false
Entity File Number	001-32336
Entity Registrant Name	DIGITAL REALTY TRUST, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	26-0081711
Entity Address, Address Line One	2323 Bryan Street, Suite 1800
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75201
City Area Code	214
Local Phone Number	231-1350
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	true
Document Financial Statement Restatement Recovery Analysis [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 59
Entity Common Stock, Shares Outstanding		343,615,444
Documents Incorporated by Reference [Text Block]	Part III incorporates by reference portions of Digital Realty Trust, Inc.’s Proxy Statement for its 2026 Annual Meeting of Stockholders which the registrants anticipate will be filed no later than 120 days after the end of their fiscal year pursuant to Regulation 14A
Entity Central Index Key	0001297996
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Name	KPMG LLP
Auditor Firm ID	185
Auditor Location	Chicago, Illinois
Digital Realty Trust, L.P.
Document and Entity Information
Document Type	10-K
Document Period End Date	Dec. 31, 2025
Entity File Number	000-54023
Entity Registrant Name	DIGITAL REALTY TRUST, L.P.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	20-2402955
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	true
Document Financial Statement Restatement Recovery Analysis [Flag]	false
Entity Shell Company	false
Entity Central Index Key	0001494877
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Common Stock
Document and Entity Information
Title of 12(b) Security	Common Stock
Trading Symbol	DLR
Security Exchange Name	NYSE
Series J Cumulative Redeemable Preferred Stock
Document and Entity Information
Title of 12(b) Security	Series J Cumulative Redeemable PreferredStock
Trading Symbol	DLR Pr J
Security Exchange Name	NYSE
Series K Cumulative Redeemable Preferred Stock
Document and Entity Information
Title of 12(b) Security	Series K Cumulative Redeemable PreferredStock
Trading Symbol	DLR Pr K
Security Exchange Name	NYSE
Series L Cumulative Redeemable Preferred Stock
Document and Entity Information
Title of 12(b) Security	Series L Cumulative Redeemable PreferredStock
Trading Symbol	DLR Pr L
Security Exchange Name	NYSE

Investments in Unconsolidated Entities - Additional Information (Details) $ / shares in Units, $ in Thousands, shares in Millions														1 Months Ended		3 Months Ended		12 Months Ended
	Apr. 03, 2025 USD ($) Center	Mar. 18, 2025 USD ($) a building item MW	Jan. 31, 2025 USD ($)	Dec. 05, 2024 USD ($)	Apr. 19, 2024 USD ($)	Apr. 16, 2024 USD ($)	Apr. 03, 2024 project	Mar. 01, 2024 USD ($) Center	Jan. 12, 2024 USD ($)	Jan. 11, 2024 Center item MW	Nov. 10, 2023 USD ($) Center property	Jul. 25, 2023 USD ($) property	Jul. 13, 2023 USD ($) property	May 31, 2025 USD ($)	Jan. 31, 2024 Center	Dec. 31, 2025 USD ($) $ / shares shares	Sep. 30, 2023 USD ($)	Dec. 31, 2025 USD ($) Center property site $ / shares shares	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($)	Jul. 23, 2023 USD ($)
Schedule of Equity Method Investments [Line Items]
Investment in the assets and Fund																$ 29,861,520		$ 29,861,520	$ 26,760,582
Planned campuses to support the construction of data centers \| item										10
Potential IT load capacity \| MW										500
Payments to acquire equity method investments																		519,098	$ 315,623	$ 336,456
Number of data centers \| Center															2
Ownership interest held in operating properties sold				15.10%
Impairment charge																	$ 95,000	$ 78,600
Data center facility in Frankfurt, Germany
Schedule of Equity Method Investments [Line Items]
Ownership interest held in operating properties sold					24.90%
Consideration on sale of ownership				$ 77,000	$ 126,000
Gain on sale					0
Realty Income
Schedule of Equity Method Investments [Line Items]
Percentage of interest in partnership											80.00%
Remaining development cost to be funded by each partner in pro rata share											$ 150,000
Number of properties sold \| property											2
Percentage of property pre- leased prior to construction											100.00%
Proceeds from Partnership Contribution											$ 148,000
Realty Income \| Hyperscale data center buildings in the Northern Virginia
Schedule of Equity Method Investments [Line Items]
Percentage of interest in partnership											80.00%
Remaining development cost to be funded by each partner in pro rata share											$ 150,000
Number of data centers \| Center											2
Proceeds from Partnership Contribution											$ 148,000
TPG Real Estate Joint Venture \| Hyperscale data center buildings in the Northern Virginia
Schedule of Equity Method Investments [Line Items]
Gain (loss) on disposition												$ 576,000
Number of properties sold \| property												3
Percentage of interest in property sold												80.00%
Fair value of the retained interest												$ 121,000
Proceeds from Partnership Contribution												$ 1,400,000
Ascenty \| Subsidiary of Operating Partnership subsidiary
Schedule of Equity Method Investments [Line Items]
Ownership interest by noncontrolling interest																2.00%		2.00%	2.00%	2.00%
Noncontrolling interests in consolidated entities																$ 23,000		$ 23,000
Digital Core REIT
Schedule of Equity Method Investments [Line Items]
Closing price per unit \| $ / shares																$ 0.51		$ 0.51	$ 0.58
Fair value of shares																$ 214,000		$ 214,000	$ 242,000
Joint Venture With Mitsubishi Joint Venture
Schedule of Equity Method Investments [Line Items]
Percentage of Interest Acquired in Joint Venture			15.00%															80.00%
Additional cash contribution by Joint Venture partner			$ 62,000
Joint Venture With Mitsubishi Joint Venture \| Data Centers in Dallas Metro Area
Schedule of Equity Method Investments [Line Items]
Percentage of interest in partnership								65.00%
Gain (loss) on disposition								$ 7,000
Planned campuses to support the construction of data centers \| Center								2
Number of data centers \| Center								2
Percentage of property pre- leased prior to construction								100.00%
TPG Real Estate Joint Venture \| Hyperscale data center buildings in the Northern Virginia
Schedule of Equity Method Investments [Line Items]
Ownership percentage in joint ventures												20.00%
GI Partners Joint Venture
Schedule of Equity Method Investments [Line Items]
Ownership percentage in joint ventures						25.00%
GI Partners Joint Venture \| Hyperscale data center buildings in the Chicago metro area
Schedule of Equity Method Investments [Line Items]
Percentage of interest in partnership									80.00%				65.00%
Gain (loss) on disposition						$ 172,000							$ 238,000
Percentage of Interest Acquired in Joint Venture									15.00%
Ownership percentage in joint ventures													35.00%
Additional cash contribution by Joint Venture partner									$ 68,000
Number of properties sold \| property													2
Call option to increase ownership interest in joint venture													80.00%
Percentage of interest in property sold						75.00%
Fair value of the retained interest																					$ 157,000
Proceeds from Partnership Contribution						$ 386,000							$ 700,000
Digital Core REIT
Schedule of Equity Method Investments [Line Items]
Ownership percentage in joint ventures																32.00%		32.00%
Digital Core REIT \| Subsidiary of Operating Partnership subsidiary
Schedule of Equity Method Investments [Line Items]
Ownership interest by noncontrolling interest																35.00%		35.00%
Digital Core REIT \| Data center facility in Frankfurt, Germany
Schedule of Equity Method Investments [Line Items]
Amount loaned to the consolidated subsidiary that owns the data center					$ 80,000
Ownership interest in DCRU operating properties \| Hyperscale data center buildings in the Chicago metro area
Schedule of Equity Method Investments [Line Items]
Ownership percentage in joint ventures									20.00%				35.00%			20.00%		20.00%
Ownership interest in DCRU operating properties \| Hyperscale data center buildings in the Northern Virginia
Schedule of Equity Method Investments [Line Items]
Ownership percentage in joint ventures											20.00%	20.00%
Joint Venture With Blackstone Joint Venture
Schedule of Equity Method Investments [Line Items]
Gain (loss) on disposition	$ 58,000
Number of hyperscale data center campuses develop through joint venture \| Center	4
Number of additional development projects \| project							3
Gross proceeds	$ 77,000
Percentage of Interest Acquired in Joint Venture							50.00%
Joint Venture With Blackstone Joint Venture \| Hyperscale Data Center Campuses across Frankfurt, Paris and Northern Virginia
Schedule of Equity Method Investments [Line Items]
Gain (loss) on disposition																			$ 44,200
Number of hyperscale data center campuses develop through joint venture \| Center										4
Ownership percentage in joint ventures																			20.00%
Proceeds from Partnership Contribution																			$ 616,000
Digital realty bersama joint venture
Schedule of Equity Method Investments [Line Items]
Potential IT load capacity \| MW		32
Number Of land parcels \| item		2
Number Of buildings \| building		2
Payments to acquire equity method investments		$ 94,700
Area of land \| a		6
Joint Venture With Mitsubishi Joint Venture
Schedule of Equity Method Investments [Line Items]
Ownership percentage in joint ventures																20.00%		20.00%
Gain on disposal			$ 5,100
Joint Venture With Mitsubishi Joint Venture \| Data Centers in Dallas Metro Area
Schedule of Equity Method Investments [Line Items]
Ownership percentage in joint ventures								35.00%
Digital Realty Bersama Joint Venture
Schedule of Equity Method Investments [Line Items]
Ownership percentage in joint ventures		50.00%
North America \| Digital Core REIT
Schedule of Equity Method Investments [Line Items]
Ownership percentage in joint ventures																10.00%		10.00%
Unconsolidated Joint Ventures \| Digital Realty DC Partners NA Fund
Schedule of Equity Method Investments [Line Items]
Ownership percentage in joint ventures																20.00%		20.00%
Unconsolidated Joint Ventures \| Ascenty
Schedule of Equity Method Investments [Line Items]
Ownership percentage in joint ventures																49.00%		49.00%
Unconsolidated Joint Ventures \| Digital Core REIT
Schedule of Equity Method Investments [Line Items]
Ownership percentage in joint ventures																39.00%		39.00%
Digital Core REIT
Schedule of Equity Method Investments [Line Items]
Number of data centers \| property																		12
Number of units owned \| shares																420		420	418
Digital Core REIT \| Frankfurt data center
Schedule of Equity Method Investments [Line Items]
Ownership interest by noncontrolling interest					49.90%
Minority interest ownership percentage by parent				65.00%
Digital Core REIT \| Fee income and other
Schedule of Equity Method Investments [Line Items]
Fees earned pursuant to these contractual agreements																		$ 11,700	$ 9,100
TPG Real Estate \| TPG Real Estate Joint Venture \| Hyperscale data center buildings in the Northern Virginia
Schedule of Equity Method Investments [Line Items]
Percentage of interest in partnership												80.00%
Digital Realty Trust, L.P.
Schedule of Equity Method Investments [Line Items]
Investment in the assets and Fund																$ 29,861,520		29,861,520	26,760,582
Payments to acquire equity method investments																		519,098	315,623	$ 336,456
Noncontrolling interests in consolidated entities																5,880		5,880	$ 6,099
Digital Realty Trust, L.P. \| Digital Realty DC Partners NA Fund
Schedule of Equity Method Investments [Line Items]
Equity commitments raised																$ 3,000,000		$ 3,000,000
Percentage of ownership interest																20.00%		20.00%
Number of data centers included in portfolio \| Center																		5
Number of land sites included in portfolio \| site																		3
Net proceeds																$ 427,000		$ 427,000
Gain (loss) on disposition														$ 873,000		30,200		30,200
Investment in the assets and Fund														661,000		$ 661,000		$ 661,000
Gross proceeds														$ 937,000
Digital Realty Trust, L.P. \| Minimum \| Digital Realty DC Partners NA Fund
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest																		20.00%
Digital Realty Trust, L.P. \| Maximum \| Digital Realty DC Partners NA Fund
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest																		60.00%
Percentage of direct interest																		2.00%
Limited Partners \| Minimum \| Digital Realty DC Partners NA Fund
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest																		40.00%
Limited Partners \| Maximum \| Digital Realty DC Partners NA Fund
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest																		80.00%

Summary of Significant Accounting Policies - PPE (Details)	Dec. 31, 2025
Machinery and Equipment \| Minimum
Summary Of Significant Accounting Policies [Line Items]
Estimated useful life	7 years
Machinery and Equipment \| Maximum
Summary Of Significant Accounting Policies [Line Items]
Estimated useful life	15 years
Furniture and Fixtures \| Minimum
Summary Of Significant Accounting Policies [Line Items]
Estimated useful life	3 years
Furniture and Fixtures \| Maximum
Summary Of Significant Accounting Policies [Line Items]
Estimated useful life	5 years
Buildings and Improvements \| Minimum
Summary Of Significant Accounting Policies [Line Items]
Estimated useful life	5 years
Buildings and Improvements \| Maximum
Summary Of Significant Accounting Policies [Line Items]
Estimated useful life	39 years

Cybersecurity Risk Management and Strategy Disclosure

12 Months Ended

Dec. 31, 2025

Cybersecurity Risk Management, Strategy, and Governance [Line Items]

Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]

Cybersecurity Risk Management and Strategy

We have developed and implemented cybersecurity risk management processes intended to protect the confidentiality, integrity, and availability of our information systems.

We utilize the United States National Institute of Standards and Technology, Cybersecurity Framework (NIST CSF) in considering the design and in assessing our processes. 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.

To date, we have not identified risks from known cybersecurity threats resulting from prior cybersecurity incidents. 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. See “Risk Factors—We and our third-party providers are vulnerable to cyberattacks and security breaches that could materially disrupt or compromise our operations, data and results.” There can be no assurance that our cybersecurity risk management processes, including our policies, controls or procedures, will be fully implemented as currently anticipated, complied with or effective in protecting our systems and information or in allowing us to recover from a cybersecurity incident.

Cybersecurity Risk Management Processes Integrated [Flag]

true

Cybersecurity Risk Management Processes Integrated [Text Block]

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.

Cybersecurity Risk Management Third Party Engaged [Flag]

true

Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]

true

Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]

false

Cybersecurity Risk Board of Directors Oversight [Text Block]

Cybersecurity Governance

Our Board considers cybersecurity and other information technology risks as part of its risk management and compliance oversight function. 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. 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 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. 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. 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. 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.

Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]

The Board

Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]

In addition, management updates the Board, as necessary, regarding any significant cybersecurity incidents. 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.

Cybersecurity Risk Role of Management [Text Block]

Cybersecurity Risk Management Positions or Committees Responsible [Flag]

true

Cybersecurity Risk Management Positions or Committees Responsible [Text Block]

Chief Technology Officer, Chief Information Security Officer and Chief Information Officer

Cybersecurity Risk Management Expertise of Management Responsible [Text Block]

Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]

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

Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]

true

Investments in Properties

12 Months Ended

Dec. 31, 2025

Investments in Properties

Investments in Properties

5. Investments in Properties

A summary of our investments in properties is below (in thousands):


Property Type	As of December 31, 2025		As of December 31, 2024
Land	$	1,247,624	$	1,108,251
Acquired ground lease		97		86
Buildings and improvements		29,152,994		25,567,155
Tenant improvements		958,583		883,502
		31,359,298		27,558,994
Accumulated depreciation and amortization		(9,993,596)		(8,641,331)
Investments in operating properties, net		21,365,702		18,917,663
Construction in progress and space held for development		4,976,785		5,164,334
Land held for future development		91,130		38,785
Investments in properties, net	$	26,433,617	$	24,120,782

During 2025 we determined that certain non-core properties in secondary U.S. markets had carrying amounts that may not be fully recoverable. Accordingly, the recorded amounts were reduced to reflect management’s estimate of fair value based on a forecast of cash flows and market capitalization rates. During the year ended December 31, 2025, we recorded a provision for impairment on real estate investments of $78.6 million.

During 2024 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. During the year ended December 31, 2024, we recorded a provision for impairment on real estate investments of $191.2 million.

Earnings per Common Share or Unit

12 Months Ended

Dec. 31, 2025

Earnings per Common Share or Unit

Earnings per Common Share or Unit

11. Earnings per Common Share or Unit

The following is a summary of basic and diluted income per share/unit (in thousands, except per share/unit amounts):

Digital Realty Trust, Inc. Earnings per Common Share


	Year Ended December 31,
	2025			2024			2023
Numerator:
Net income available to common stockholders	$	1,267,865		$	561,766		$	908,114
Loss attributable to redeemable noncontrolling interest ⁽¹⁾		(22,593)			(27,059)			(18,093)
Net income available to common stockholders - diluted EPS		1,245,272			534,707			890,021

Denominator:
Weighted average shares outstanding—basic		339,807			323,336			298,603
Potentially dilutive common shares:
Unvested incentive units		110			98			118
Unvested restricted stock		30			44			9
Forward equity offering		—			—			248
Market performance-based awards		229			271			112
Redeemable noncontrolling interest shares⁽¹⁾		7,634			7,798			9,975
Weighted average shares outstanding—diluted		347,810			331,547			309,065
Income per share:
Basic	$	3.73		$	1.74		$	3.04
Diluted	$	3.58		$	1.61		$	2.88

Digital Realty Trust, L.P. Earnings per Unit


	Year Ended December 31,
	2025			2024			2023
Numerator:
Net income available to common unitholders	$	1,295,865		$	574,466		$	928,824
Loss attributable to redeemable noncontrolling interest ⁽¹⁾		(22,593)			(27,059)			(18,093)
Net income available to common unitholders - diluted EPS		1,273,272			547,407			910,731

Denominator:
Weighted average units outstanding—basic		345,717			329,485			304,651
Potentially dilutive common units:
Unvested incentive units		110			98			118
Unvested restricted units		30			44			9
Forward equity offering		—			—			248
Market performance-based awards		229			271			112
Redeemable noncontrolling interest shares⁽¹⁾		7,634			7,798			9,975
Weighted average units outstanding—diluted		353,720			337,696			315,113
Income per unit:
Basic	$	3.75		$	1.74		$	3.05
Diluted	$	3.60		$	1.62		$	2.89

(1)

In November 2024, Digital Realty Trust, L.P. issued $1.2 billion principal amount of its 1.875% Exchangeable Senior Notes due 2029 (the “Exchangeable Notes”). Net proceeds from the offering were approximately $1.1 billion after deducting managers’ discounts and offering expenses. As of December 31, 2025, the holders of the Exchangeable Notes will have an option on or after August 15, 2029, or at an earlier date under certain circumstances, to exchange the notes. The Company must always cash settle the principal amount of the Exchangeable Notes, while any excess may be settled via cash, common shares or a combination at the election of the Company. Accordingly, the Company applies the if converted method to determine the dilutive impact on EPS related to the Exchangeable Notes. There is no interest expense adjustment to the numerator as the principal will always be cash settled. In order to compute the dilutive effect, the number of shares included in the denominator of diluted EPS is determined by dividing the “conversion spread value” of the share-settled portion (value above principal and interest component) of the instrument by the average share price during the period. The “conversion spread value” is the value that would be delivered to the holders in shares based on the terms of the Exchangeable Notes upon an assumed conversion. As of December 31, 2025, the conversion spread value is currently zero, since the weighted average price of our common stock does not exceed the conversion rate (strike price) and is “out-of-the-money”, resulting in no impact on diluted EPS.

The table below shows the securities that would be antidilutive or not dilutive to the calculation of earnings per share and unit. Common units of the Operating Partnership not owned by Digital Realty Trust, Inc. were excluded only from the calculation of earnings per share as they are not applicable to the calculation of earnings per unit. All other securities shown below were excluded from the calculation of both earnings per share and earnings per unit (in thousands).


	Year Ended December 31,
	2025		2024		2023
Exchangeable Notes	6,624		6,624		—
Weighted average of Operating Partnership common units not owned by Digital Realty Trust, Inc.	5,910		6,149		6,048
Potentially dilutive Series J Cumulative Redeemable Preferred Stock	1,254		1,298		1,794
Potentially dilutive Series K Cumulative Redeemable Preferred Stock	1,319		1,365		1,887
Potentially dilutive Series L Cumulative Redeemable Preferred Stock	2,164		2,238		3,095
Total	17,271		17,674		12,824

Summary of Significant Accounting Policies - Goodwill and Other Acquired Intangible Assets (Details) $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($) item segment
Summary of Significant Accounting Policies
Number of reportable segments \| segment	1
Number of reporting units \| item	1
Indefinite-lived intangible assets other than goodwill \| $	$ 0.0

Derivative Instruments - Effect of Investment Hedges (Details) - Interest Rate Swap - Net Investment Hedging - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Derivative Instruments
Cross-currency interest rate swaps (included component)	$ (240,789)	$ 136,880	$ (22,703)
Cross-currency interest rate swaps (excluded component)	51,053	(22,841)	(25,428)
Total	(189,736)	114,039	(48,131)
Cross-currency interest rate swaps (excluded component)	$ 26,944	$ 25,037	$ 21,836
Derivative, Excluded Component, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest Expense, Operating and Nonoperating	Interest Expense, Operating and Nonoperating	Interest Expense, Operating and Nonoperating

Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
Goodwill (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Goodwill [Line Items]
Goodwill - Beginning Balance	$ 8,929,431	$ 9,239,871
Acquisition		598
Impact of Change in Foreign Exchange Rates	782,522	(311,038)
Goodwill - Ending Balance	9,711,953	8,929,431
Telx Acquisition
Goodwill [Line Items]
Goodwill - Beginning Balance	330,845	330,845
Goodwill - Ending Balance	330,845	330,845
European Portfolio Acquisition
Goodwill [Line Items]
Goodwill - Beginning Balance	414,977	429,510
Impact of Change in Foreign Exchange Rates	40,537	(14,533)
Goodwill - Ending Balance	455,514	414,977
DFT Merger
Goodwill [Line Items]
Goodwill - Beginning Balance	2,592,147	2,592,147
Goodwill - Ending Balance	2,592,147	2,592,147
Interxion Combination
Goodwill [Line Items]
Goodwill - Beginning Balance	4,153,316	4,411,857
Acquisition		598
Impact of Change in Foreign Exchange Rates	545,566	(259,139)
Goodwill - Ending Balance	4,698,882	4,153,316
Teraco
Goodwill [Line Items]
Goodwill - Beginning Balance	1,425,628	1,462,994
Impact of Change in Foreign Exchange Rates	196,419	(37,366)
Goodwill - Ending Balance	1,622,047	1,425,628
Other Combinations
Goodwill [Line Items]
Goodwill - Beginning Balance	12,518	12,518
Goodwill - Ending Balance	$ 12,518	$ 12,518

Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Taxes
Percentage of income distributed (at least)	100.00%
Provision for income taxes	$ 32,040	$ 54,760	$ 75,579
Deferred tax liabilities net of deferred tax assets	(13,800)	(3,500)
Net deferred income tax liabilities	1,110,934	1,081,094
Unrecognized Tax Benefits	$ 64,524	40,026
Effective Income Tax Rate	21.00%
Unrecognized tax benefit would affect the effective tax rate	$ 19,000
Income tax penalties and interest expense	4,000
Unrecognized accrued interest and penalties	5,000
Deferred tax liability for foreign subsidiaries	0
Digital Realty Trust, L.P.
Income Taxes
Provision for income taxes	32,040	54,760	75,579
Federal
Income Taxes
Provision for income taxes	0	$ 0	$ 0
Federal \| Digital Realty Trust, L.P.
Income Taxes
Provision for income taxes	$ 0

Schedule III Properties And Accumulated Depreciation - Narrative (Details) $ in Billions	12 Months Ended
	Dec. 31, 2025 USD ($)
Schedule III Properties And Accumulated Depreciation
Aggregate gross cost of properties for U.S. federal income tax purposes	$ 47.5
Difference in gross carrying value	$ 7.7

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Loss Contingencies [Line Items]
Reimbursable amount of commitments related to construction contracts	$ 110.6
Commitments related to construction contracts	2,600.0
Insurance
Loss Contingencies [Line Items]
Estimated write-off of damage		$ 16.0
Net expense		5.0
Proceeds from insurance	36.8
Insurance receivable	14.6	$ 11.6
Property damage and initial direct costs
Loss Contingencies [Line Items]
Proceeds from insurance	15.2
Business interruption losses
Loss Contingencies [Line Items]
Proceeds from insurance	$ 21.6

Acquired Intangible Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2025

Acquired Intangible Assets and Liabilities

Summary of Acquired Intangible Assets and Liabilities


	Balance as of
	December 31, 2025						December 31, 2024
(Amounts in thousands)		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Customer relationship value	$	2,921,841	$	(1,271,137)	$	1,650,704	$	2,783,428	$	(1,080,547)	$	1,702,881
Acquired in-place lease value		987,495		(853,333)		134,162		1,043,706		(863,021)		180,685
Other		114,397		(61,403)		52,994		122,638		(36,038)		86,600
Acquired above-market leases		111,036		(109,352)		1,684		126,322		(122,714)		3,608
Acquired below-market leases		(241,779)		209,607		(32,172)		(258,243)		219,672		(38,571)
Total	$	3,892,990	$	(2,085,618)	$	1,807,372	$	3,817,851	$	(1,882,648)	$	1,935,203

Schedule of Estimated Annual Amortization of Acquired of Intangible Assets


(Amounts in thousands)		Customer relationship value		Acquired in-place lease value		Other		Acquired above-market leases		Acquired below-market leases
2026	$	249,361	$	54,809	$	6,456	$	380	$	(5,454)
2027		252,941		44,596		6,456		380		(5,624)
2028		237,229		23,636		6,475		380		(5,544)
2029		213,109		10,490		6,529		348		(5,544)
2030		213,109		534		6,529		196		(5,544)
Thereafter		484,955		97		20,549		—		(4,462)
Total	$	1,650,704	$	134,162	$	52,994	$	1,684	$	(32,172)

Remaining Contractual Life (in years)		10.9		2.8		9.4		1.2		5.1

Segment and Geographic Information (Details) $ in Thousands	12 Months Ended
Segment and Geographic Information (Details) $ in Thousands	Dec. 31, 2025 USD ($) segment	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Segment Reporting Information [Line Items]
Number of operating segments \| segment	1
Number of reportable segments \| segment	1
Total operating revenues	$ 6,112,692	$ 5,554,968	$ 5,477,061
Investments in Properties, net	29,861,520	26,760,582
Net Assets in Foreign Operations	9,274,400	7,744,800
Operating lease right-of-use assets, net	1,135,645	1,178,853
Inside the United States
Segment Reporting Information [Line Items]
Total operating revenues	3,167,700	2,910,500	2,836,000
Investments in Properties, net	10,221,100	10,592,300
Operating lease right-of-use assets, net	489,200	552,300
Outside the United States
Segment Reporting Information [Line Items]
Total operating revenues	2,945,000	2,644,500	$ 2,641,100
Investments in Properties, net	16,212,500	13,528,500
Operating lease right-of-use assets, net	$ 646,400	$ 626,600
Outside the United States \| Revenue Outside of U.S. % \| Geographic Concentration Risk
Segment Reporting Information [Line Items]
Concentration risk	48.20%	47.60%	48.20%

Schedule III Properties And Accumulated Depreciation

12 Months Ended

Dec. 31, 2025

Schedule III Properties And Accumulated Depreciation

Schedule III Properties And Accumulated Depreciation


																	Costs capitalized
								Initial costs									subsequent to acquisition						Total costs
																																			Accumulated		Date of
											Acquired			Buildings												Acquired			Buildings						depreciation		acquisition
		Data Center									ground			and						Carrying						ground			and						and		or
		Buildings			Encumbrances			Land			lease			improvements			Improvements			costs			Land			lease			improvements			Total			amortization		construction
North American Markets
Northern Virginia		16		$	—		$	84,993		$	—		$	184,798		$	3,858,471		$	—		$	163,908		$	—		$	3,964,354		$	4,128,262		$	(1,268,529)		2005 - 2019
Dallas		16			—			40,820			—			225,938			1,022,550			—			46,532			—			1,242,776			1,289,308			(657,066)		2002 - 2015
Chicago		7			—			54,382			—			408,801			1,076,166			—			54,343			—			1,485,006			1,539,349			(716,447)		2005 - 2017
New York		10			—			8,743			—			354,361			900,223			—			8,754			—			1,254,573			1,263,327			(740,867)		2002 - 2015
Silicon Valley		11			—			120,030			—			775,868			498,574			—			120,421			—			1,274,051			1,394,472			(687,342)		2002 - 2018
Portland		3			—			1,689			—			3,131			1,218,712			—			16,699			—			1,206,833			1,223,532			(246,633)		2011 - 2015
Phoenix		2			—			11,859			—			399,122			407,052			—			11,859			—			806,174			818,033			(464,960)		2006 - 2015
San Francisco		5			—			41,165			—			358,066			346,737			(65,936)			41,478			—			638,554			680,032			(369,398)		2004 - 2015
Toronto		2			—			26,600			—			116,863			500,190			—			28,977			—			614,676			643,653			(129,265)		2013 - 2017
Atlanta		3			—			6,537			—			264,948			107,610			—			1,715			—			377,380			379,095			(154,601)		2011 - 2017
Boston		2			—			7,851			—			185,348			63,941			—			6,626			—			250,514			257,140			(164,483)		2006 - 2011
Los Angeles		2			—			29,531			—			105,910			242,083			—			30,018			—			347,506			377,524			(182,011)		2004 - 2015
Houston		6			—			6,965			—			23,492			163,853			—			6,965			—			187,345			194,310			(131,335)		2006
Austin		1			—			1,177			—			4,877			90,706			—			1,177			—			95,583			96,760			(34,225)		2005
Miami		1			—			1,942			—			26,026			54,300			—			1,943			—			80,325			82,268			(47,110)		2002 - 2015
Seattle		1			135,000			43,110			—			329,283			(302,298)			—			—			—			70,095			70,095			—		2020
North America - Other		3			—			4,117			—			13,068			391,285			—			4,118			—			404,352			408,470			(96,369)
Total North America		91			135,000			491,511			—			3,779,900			10,640,155			(65,936)			545,533			—			14,300,097			14,845,630			(6,090,641)

EMEA Markets
London		13			—			76,906			—			1,273,661			619,103			—			38,155			—			1,931,515			1,969,670			(666,351)		2007 - 2024
Frankfurt		24			—			25,717			—			876,342			1,600,121			(6,041)			143,736			—			2,352,403			2,496,139			(445,045)		2016 - 2020
Paris		12			—			82,789			—			355,386			1,699,030			—			143,486			—			1,993,719			2,137,205			(280,159)		2012 - 2024
Johannesburg		5			—			10,099			—			1,008,751			641,116			—			10,072			—			1,649,894			1,659,966			(343,023)		2022
Amsterdam		13			—			87,674			—			975,654			510,850			—			97,345			—			1,476,833			1,574,178			(416,863)		2005 - 2024
Marseille		4			—			1,121			—			220,737			526,163			—			1,150			—			746,872			748,022			(155,983)		2020
Zurich		3			—			20,605			—			48,325			794,925			—			58,872			—			804,983			863,855			(119,715)		2020
Cape Town		2			—			5,100			—			276,021			264,102			—			5,086			—			540,137			545,223			(76,527)		2022
Dublin		9			—			11,722			90			89,597			458,882			—			8,290			97			551,904			560,291			(194,104)		2006 - 2020
Vienna		3			—			14,159			—			364,949			64,077			—			14,331			—			428,854			443,185			(127,486)		2020
Brussels		3			—			3,874			—			118,034			210,338			—			12,235			—			320,011			332,246			(61,454)		2020
Madrid		4			—			8,456			—			134,817			166,985			—			20,758			—			289,500			310,258			(56,768)		2020
Copenhagen		3			—			11,665			—			107,529			86,288			—			4,868			—			200,614			205,482			(48,859)		2020
Stockholm		6			—			—			—			93,861			96,604			—			151			—			190,314			190,465			(55,521)		2020
Dusseldorf		3			—			—			—			30,093			145,351			—			—			—			175,444			175,444			(36,661)		2020
Durban		1			—			900			—			66,646			13,914			—			898			—			80,562			81,460			(13,697)		2022
Europe - Other		7			—			3,144			—			43,046			599,681			—			99,566			—			546,305			645,871			(230,122)
Africa - Other		4			—			—			—			—			42,285			—			3,694			—			38,591			42,285			(7,116)
Total EMEA		119			—			363,931			90			6,083,448			8,539,817			(6,041)			662,693			97			14,318,455			14,981,245			(3,335,454)


																	Costs capitalized
								Initial costs									subsequent to acquisition						Total costs
																																			Accumulated		Date of
											Acquired			Buildings												Acquired			Buildings						depreciation		acquisition
		Data Center									ground			and						Carrying						ground			and						and		or
		Buildings			Encumbrances			Land			lease			improvements			Improvements			costs			Land			lease			improvements			Total			amortization		construction
APAC Markets
Singapore		3			—			—			—			137,545			788,100			—			—			—			925,645			925,645			(401,591)		2010 - 2015
Sydney		4			—			18,285			—			3,868			191,047			—			20,728			—			192,472			213,200			(63,429)		2011 - 2012
Seoul		1			—			—			—			—			119,910			—			15,746			—			104,164			119,910			(16,976)		2022
Melbourne		2			—			4,467			—			—			104,425			—			2,924			—			105,968			108,892			(58,348)		2011
Hong Kong		1			—			—			—			—			158,394			—			—			—			158,394			158,394			(23,620)		2021
Asia Pacific - Other		—			—			—			—			—			6,382			—			—			—			6,382			6,382			(3,537)
Total APAC		11			—			22,752			—			141,413			1,368,258			—			39,398			—			1,493,025			1,532,423			(567,501)

Total Portfolio		221		$	135,000		$	878,194		$	90		$	10,004,761		$	20,548,230		$	(71,977)		$	1,247,624		$	97		$	30,111,577		$	31,359,298		$	(9,993,596)

(1) Tax Cost

The aggregate gross cost of the Company’s properties for U.S. federal income tax purposes approximated $47.5 billion (unaudited) as of December 31, 2025. That amount is less than the amount reported for gross assets in the accompanying consolidated balance sheets by approximately $7.7 billion as of December 31, 2025.

(2) Historical Cost and Accumulated Depreciation and Amortization

The following table reconciles the historical cost of the Company’s properties for financial reporting purposes for each of the years in the three-year period ended December 31, 2025.


		Year Ended December 31,
		2025			2024			2023
Balance, beginning of year		$	27,558,994		$	27,306,368		$	26,136,057
Additions during period (acquisitions and improvements)			4,981,128			2,051,279			3,494,450
Deductions during period (dispositions, impairments and assets held for sale)			(1,180,824)			(1,798,653)			(2,324,139)
Balance, end of year		$	31,359,298		$	27,558,994		$	27,306,368

The following table reconciles accumulated depreciation and amortization of the Company’s properties for financial reporting purposes for each of the years in the three-year period ended December 31, 2025.


		Year Ended December 31,
		2025			2024			2023
Balance, beginning of year		$	8,641,331		$	7,823,685		$	7,268,981
Additions during period (depreciation and amortization expense)			1,755,133			1,228,311			1,338,912
Deductions during period (dispositions and assets held for sale)			(402,868)			(410,665)			(784,208)
Balance, end of year		$	9,993,596		$	8,641,331		$	7,823,685

Schedules other than those listed above are omitted because they are not applicable or the information required is included in the Consolidated Financial Statements or the notes thereto.

Fair Value

12 Months Ended

Dec. 31, 2025

Fair Value

Fair Value

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 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 maturity dates to our debt.


		Categorization		As of December 31, 2025						As of December 31, 2024
		under the fair value		Estimated Fair			Amount			Estimated Fair			Amount
		hierarchy		Value			Outstanding			Value			Outstanding
Global Revolving Credit Facilities⁽¹⁾		Level 2		$	918,540		$	918,540		$	1,637,922		$	1,637,922
Unsecured term loans ⁽¹⁾		Level 2			440,475			440,475			388,275			388,275
Unsecured senior notes ⁽²⁾		Level 2			15,646,232			16,321,227			13,370,897			14,059,415
Secured and other debt ⁽²⁾		Level 2			873,504			876,528			752,732			761,263
				$	17,878,751		$	18,556,770		$	16,149,826		$	16,846,875

(1)	The carrying value of our Global Revolving Credit Facilities and unsecured term loans approximates estimated fair value, due to the variability of interest rates and the stability of our credit ratings.

(2)	Valuations for our unsecured senior notes and secured and other debt are determined based on the expected future payments discounted at risk-adjusted rates and quoted market prices.

During the year ended December 31, 2025, we recorded an impairment charge of $78.6 million related to Investments in properties, net, on certain non-core properties in secondary U.S. markets. We identified indicators of impairment at four properties, due to declines in the current and forecasted cash flows. We performed a test of recoverability and determined that the carrying value for each property exceeded the estimated undiscounted future cash flows. The significant inputs and assumptions used in the estimate of fair value included a forecast of cash flows over the remaining useful life and market capitalization rates.

During the year ended December 31, 2024, we recorded an impairment charge of $191.2 million related to Investments in properties, net, on certain non-core properties in secondary U.S. markets. Management estimated the fair values of these investments principally based on sales of similar properties and ongoing negotiations with third parties. The significant inputs and assumptions used in the estimate of fair value included comparable sales values ranging from $69 per square foot to $151 per square foot. These measurements were classified within Level 3 of the fair value hierarchy as they are not observable.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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+ Details

Income Taxes - Deferred income tax assets and liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Gross deferred income tax assets:
Net operating loss carryforwards	$ 262,543	$ 197,039
Basis difference - real estate property	28,776	17,363
Basis difference - intangibles	14,008	12,561
Tax credit carryforward	2,899	2,407
Capital loss carryforward	124
Other - temporary differences	295,316	237,342
Total gross deferred income tax assets	603,666	466,711
Valuation allowance	(296,590)	(213,984)
Total deferred income tax assets, net of valuation allowance	307,076	252,728
Gross deferred income tax liabilities:
Basis difference - real estate property	1,217,185	1,138,120
Basis difference - intangibles	171,407	175,267
Basis difference - equity investments	3
Straight-line rent	13,664	9,970
Other - temporary differences	15,751	10,466
Total gross deferred income tax liabilities	1,418,010	1,333,822
Net deferred income tax liabilities	1,110,934	1,081,094
Net of deferred tax assets	$ 13,800	$ 3,500

Schedule III Properties And Accumulated Depreciation - Summary Of Historical Cost (Details) 10K - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Balance, beginning of year	$ 27,558,994	$ 27,306,368	$ 26,136,057
Additions during period (acquisitions and improvements)	4,981,128	2,051,279	3,494,450
Deductions during period (dispositions, impairments and assets held for sale)	(1,180,824)	(1,798,653)	(2,324,139)
Balance, end of year	$ 31,359,298	$ 27,558,994	$ 27,306,368

Derivative Instruments - Fair Value of Financial Instruments (Details) - Designated as Hedging Instrument - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Derivative Instruments
Assets	$ 35,958	$ 39,013
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets	Other Assets
Liabilities	$ 291,986	$ 86,850
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Accounts Payable and Accrued Liabilities	Accounts Payable and Accrued Liabilities
Cross-currency interest rate swaps
Derivative Instruments
Assets	$ 30,093	$ 32,883
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets	Other Assets
Liabilities	$ 262,543	$ 75,597
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Accounts Payable and Accrued Liabilities	Accounts Payable and Accrued Liabilities
Interest rate swaps
Derivative Instruments
Assets	$ 5,865	$ 6,130
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets	Other Assets
Liabilities	$ 29,443	$ 11,253
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Accounts Payable and Accrued Liabilities	Accounts Payable and Accrued Liabilities

- Definition

Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.

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- Definition

Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities not subject to a master netting arrangement and not elected to be offset.

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+ Details

Incentive Plans - Assumptions Used (Details) $ in Millions				12 Months Ended
Incentive Plans - Assumptions Used (Details) $ in Millions	Jan. 01, 2025	Jan. 01, 2024	Jan. 01, 2023	Dec. 31, 2025 USD ($) item	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Market-based performance awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of trials \| item				100,000
Expected Stock Price Volatility	31.00%	29.00%	32.00%
Risk-Free Interest rate	4.23%	3.97%	4.18%
Expected dividend yield				0.00%
Class D And Rsu Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of performance awards				$ 12.3	$ 9.8	$ 8.2
Intrinsic value of units				$ 13.9	$ 18.5	$ 36.4

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Earnings per Common Share or Unit - Schedule of Antidilutive Securities Excluded from Computation of Earnings per Share (Details) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (shares)	17,271	17,674	12,824
Exchangeable Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (shares)	6,624	6,624
Weighted average of Operating Partnership common units not owned by Digital Realty Trust, Inc.
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (shares)	5,910	6,149	6,048
Series J Cumulative Redeemable Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (shares)	1,254	1,298	1,794
Series K Cumulative Redeemable Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (shares)	1,319	1,365	1,887
Series L Cumulative Redeemable Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (shares)	2,164	2,238	3,095

Income Taxes - unrecognized tax benefits (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)
Income Taxes
Balance at January 1	$ 40,026
Additions based on tax positions related to the current year	20,838
Additions based on tax positions related to the prior year	5,411
Settlements with taxing authorities	(1,751)
Balance at December 31	$ 64,524

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

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 entity’s 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 make decisions and contractual and substantive participating rights of the partners. When factors indicate we have a controlling financial interest in an entity, we consolidate the entity.

Foreign Operations and Foreign Currencies. The functional currency of each of our consolidated subsidiaries and unconsolidated entities operating in other countries is the principal currency in which each entity’s assets, liabilities, income and expenses are denominated, which may be different from the local currency of incorporation or the currency with which the entities conduct their operations. The primary functional currencies impacting our business include the Euro, Japanese yen, British pound sterling, Singapore dollar, South African rand and Brazilian real.

For our consolidated subsidiaries whose functional currency is not the U.S. dollar, we translate financial statements into U.S. dollars at the time we consolidate these subsidiaries’ financial statements. Generally, assets and liabilities are translated at the exchange rate in effect at the balance sheet date. Certain balance sheet items, such as equity and capital-related accounts are reflected at historical exchange rates. Income statement accounts are generally translated at the average exchange rates for the reporting periods.

We and certain of our consolidated subsidiaries have intercompany and third-party debt that is not denominated in the functional currency of the entities. When debt is denominated in a currency other than the functional currency of an entity, a gain or loss can result. The associated adjustment is reflected in Other income, net, in the consolidated income statements, unless it is intercompany debt that is deemed to be long-term in nature or third-party debt that has been designated as a nonderivative net investment hedge – in which case the associated adjustments are reflected as a cumulative translation adjustment as a component of other comprehensive income. In the statement of cash flows, cash flows denominated in foreign currencies are translated using the exchange rates in effect at the time of the respective cash flows or at average exchange rates for the period, depending on the nature of the cash flow items.

Acquisition Accounting. We evaluate whether or not substantially all of the value of acquired assets is concentrated in a single identifiable asset or group of identifiable assets to determine whether a transaction is accounted for as an asset acquisition or a business combination. For asset acquisitions: (1) transaction costs are included in the total costs of the acquisition and are allocated on a pro-rata basis to the carrying value of the assets and liabilities acquired, (2) real estate assets acquired are measured based on their cost or total consideration exchanged with any excess consideration or bargain purchase amount allocated to real estate properties and their associated intangibles such as above and below-market leases, in-place leases, acquired ground leases, and customer relationship value and (3) all other assets and liabilities assumed, including any debt, are recorded at fair value. For business combinations: (1) transaction costs are expensed as incurred, (2) all acquired tangible and identifiable intangible assets are recognized at fair value, (3) the amount of any purchase consideration that exceeds the fair value of the tangible and identifiable intangible assets acquired is recognized as goodwill, and (4) to the extent the purchase consideration is less than the fair value of the tangible and identifiable intangible assets acquired, a gain on bargain purchase is recognized.

When we obtain control of an unconsolidated entity that we previously held as an equity method investment and the acquisition qualifies as a business combination, we remeasure our previously held interest in the unconsolidated entity at its acquisition-date fair value, derecognize the book value associated with that interest, and recognize any resulting gain or loss in earnings.

We allocate purchase price primarily using Level 2 and Level 3 inputs (further defined in Fair Value Measurements) as follows:

Real Estate. The fair value of acquired land is determined based on relevant market data, such as comparable land sales. The fair value of acquired improvements is determined based on replacement cost as adjusted for any physical and/or market obsolescence. Operating properties are valued as if they are vacant (“as-if-vacant”) by applying an income approach methodology using either a discounted cash flow analysis or by applying a capitalization rate to the estimated Net Operating Income (“NOI”) of a property. As-if-vacant values consider estimated carrying costs during expected lease-up periods and costs to execute similar leases (based on current market conditions). Carrying costs during expected lease up periods include real estate taxes, insurance and other operating expenses as well as estimates of lost rental revenue during the expected lease-up periods. Costs to execute similar leases include lease commissions, tenant improvements, legal and other related costs.

Lease Intangibles. The portion of the purchase price related to acquired in-place leases is recorded as intangible assets and liabilities as follows:

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Above and below market leases: We use a discounted cash flow approach to determine the estimated present value of any difference between contractual rents for acquired in-place leases as compared to current market rents. If rents on acquired in-place leases are higher than current market rents, we record an intangible asset for the favorable rents. If rents on acquired in-place leases are lower than current market rents, we record a liability for the unfavorable rents. Favorable rent assets are amortized as a reduction to rental income over the remaining non-cancelable term of the lease. Unfavorable rent liabilities are amortized as an increase to rental income over the initial lease term plus any below-market fixed rate renewal periods.

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In-place lease value: Since the as-if-vacant model is used to determine the value of acquired operating properties, the value of such properties does not include the value associated with having existing tenants who are leasing space in the purchased properties. Having in-place tenants allows buyers to avoid costs associated with leasing the property as well as any rent losses and unreimbursed operating expenses during the lease-up period. An asset for such benefits is recorded separately as in-place lease value. In-place lease value is determined based on estimated carrying costs during hypothetical expected lease-up periods as well as costs to execute similar leases. We determine expected carrying costs and costs to execute similar leases in the same manner as described in the previous discussion of the valuation of operating properties using the as-if-vacant model. The value of in-place leases is amortized to expense over the remaining initial terms of the respective leases.

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Customer relationship value: In some transactions, customers acquired are expected to generate recurring revenues beyond existing in-place lease terms. We utilize the multi-period excess earnings method to determine customer relationship value, if any. Key factors reflected in this approach include: (1) projected revenue growth from existing customers, (2) historical customer lease renewals and attrition rates, (3) rental renewal probabilities and related market terms, (4) estimated operating costs, and (5) discount rate. Customer relationship value is amortized to expense ratably over the anticipated life of substantially all of the acquired customer relationships that are expected to generate excess earnings.

Debt. We recognize the fair value of any acquired debt based on contractual future cash flows discounted using borrowing spreads and market interest rates that would be available to us for issuance of debt with similar terms and remaining maturities. If acquired debt is publicly traded, we utilize available market data to determine fair value of the debt. Any discount or premium on the principal is included in the carrying value of the debt and amortized to interest expense over the remaining term of the debt using the effective interest method.

Noncontrolling interests. The fair value of the ownership percentage of acquired entities held by third parties is determined based on the fair value of the consolidated net assets acquired, adjusted for any put or call options or other such features associated with the noncontrolling interests.

Other acquired assets and liabilities. The fair value of other acquired assets and liabilities is determined using the best information available. For working capital items that are short-term in nature, fair value is generally presumed to equal the seller’s carrying value, unless facts and circumstances suggest otherwise.

Fair Value Measurements. Fair value is intended to reflect the price that would be received for the sale of an asset or paid for the transfer of a liability in an orderly transaction between market participants at the measurement date (the exit price). 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. There are three levels in the fair value hierarchy under U.S. GAAP, which are:

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Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities that an entity can access at the measurement date.

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Level 2 – Inputs that are directly or indirectly observable for the associated asset or liability, but which do not qualify as Level 1 inputs.

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Level 3 – Unobservable inputs for the asset or liability.

In instances where inputs from multiple different levels of the fair value hierarchy are used to determine fair value, the lowest level input that is significant is used to determine the fair-value measurement in its entirety. Our assessment of the significance of a particular input to a fair-value measurement requires judgment and considers factors specific to the asset or liability. We utilize fair value measurements on a recurring basis to determine the fair value of: marketable equity securities, share-based compensation awards, derivative instruments, and outstanding debt. Such measurements are also regularly utilized in assessing whether or not impairments may exist on intangible assets (including goodwill). In addition, we utilize fair value measurements on a non-recurring basis to determine the fair value associated with assets held for sale, acquisitions of assets, and acquisitions of businesses.

Investments in Unconsolidated Entities. Investments in unconsolidated entities as reflected on the consolidated balance sheets includes all investments accounted for using the equity method. We use the equity method to account for these investments, because we have the ability to exercise significant influence over their operating and financial policies, but do not control them. Equity method investments are initially recognized at our cost. Transaction costs related to the formation of equity method investments are also capitalized. We subsequently adjust these balances to reflect: (1) our proportionate share of net earnings/losses of the entities and accumulated other comprehensive income or loss, (2) distributions received, (3) contributions made, (4) sales and redemptions of our investments, and (5) certain other adjustments, as appropriate. When circumstances indicate there may have been a reduction in the value of an equity method investment, we evaluate whether or not the loss in value is other than temporary. If we determine that a loss in value is other than temporary, we recognize an impairment charge to reflect the equity investment at fair value.

With regard to the cash flow classifications of distributions from unconsolidated entities, we have elected the nature of the distribution approach as the information is available to us to determine the nature of the underlying activity that generated the distributions. In accordance with this approach, cash flows generated from the operations of an unconsolidated entity are classified as a return on investment (cash inflow from operating activities) and cash flows that are generated from property sales, debt refinancing or sales and redemptions of our investments are classified as a return of investment (cash inflow from investing activities).

The Company has a negligible value of investments accounted for under the cost-method. These investments are included in Other assets on the consolidated balance sheets.

Cash and Cash Equivalents. We consider all cash on hand, demand deposits with financial institutions, and short-term highly liquid investments with original maturities of 90 days or less to be cash and cash equivalents. Our cash and cash equivalents are financial instruments exposed to concentrations of credit risk. We invest our cash with high-credit quality institutions. We may invest our cash balances in money market accounts that are not insured. We do not believe we are exposed to any significant credit risk associated with our cash and cash equivalents and have not realized any losses associated with cash investments or accounts.

Restricted Cash. Cash that is held for a specific purpose and thus not available to us for immediate or general business use is categorized separately from cash and cash equivalents and is included in Other assets on the consolidated balance sheets. Restricted cash primarily consists of contractual capital expenditures and other deposits.

Assets Held for Sale. We classify an asset as held for sale when the following criteria are met: (1) management that has the proper authority has approved and committed to a plan to sell, (2) the asset is available for immediate sale, (3) an active program to locate a buyer has commenced, (4) the sale of the asset is probable, and (5) transfer of the asset is expected to occur within one year. Assets classified as held for sale are recorded at the lower of carrying value or fair value less costs to sell and are no longer depreciated.

Investments in Real Estate. Investments in real estate are stated at cost, less accumulated depreciation and amortization. Land is not depreciated. Depreciation and amortization are recorded on a straight-line basis over the estimated useful lives of the respective assets. Depreciable lives of assets are stated below.

Investments in Real Estate. Investments in real estate are stated at cost, less accumulated depreciation and amortization. Land is not depreciated. Depreciation and amortization is recorded on a straight-line basis over the estimated useful lives of the respective assets. Depreciable lives of assets are stated below. Vestments in Real Estate. Investments in real estate are stated at cost, less accumulated depreciation and amortization. Land is not depreciated. Depreciation and amortization is recorded on a straight-line basis over the estimated useful lives of the respective assets. Depreciable lives of assets are stated below.
Acquired ground leases		Terms of the related lease
Buildings and improvements		5-39 years
Machinery and equipment		7-15 years
Furniture and fixtures		3-5 years
Leasehold improvements		Shorter of the estimated useful lives or the terms of the related leases
Tenant improvements		Shorter of the estimated useful lives or the terms of the related leases

Improvements and replacements are capitalized when they extend the useful life, increase capacity, or improve the efficiency of the asset. Repairs and maintenance are charged to expense as incurred.

Capitalization of Costs.

Development costs – During the land development and construction periods of qualifying projects, we capitalize direct and indirect project costs that are clearly associated with the development of properties. Capitalized project costs include all costs associated with the development of a property. Such costs include the cost of land and buildings, improvements and fixed equipment, design and engineering, other construction costs, interest, property taxes, insurance, legal fees, personnel working on the project, and corporate supervision. Capitalization of costs ceases when development projects are substantially complete and ready for their intended use. We generally consider development projects to be substantially complete and ready for intended use upon receipt of a certificate of occupancy.

Leasing commissions – Leasing commissions and other direct costs associated with the acquisition of tenants are capitalized and amortized on a straight-line basis over the terms of the related leases. During the years ended December 31, 2025, 2024 and 2023, we capitalized deferred leasing costs of approximately $36.4 million, $49.3 million and $43.1 million, respectively. Deferred leasing costs are included in Customer relationship value, deferred leasing costs and intangibles on the consolidated balance sheets and amounted to approximately $279.4 million and $207.9 million, net of accumulated amortization of $670.9 million and $605.1 million, as of December 31, 2025 and 2024, respectively. Amortization expense on leasing costs was approximately $76.1 million, $74.3 million, and $76.8 million for the years ended December 31, 2025, 2024 and 2023, respectively.

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"). Triggering events typically relate to a change in the expected holding period of a property, an adverse change in expected future cash flows of the property, or a trend of past cash flow losses that is expected to continue in the future. If our assessment of triggering events indicates the carrying value of a property or asset group might not be recoverable, we estimate the future undiscounted net cash flows expected to be generated by the assets and compare that amount to the book value of the assets. If our future undiscounted net cash flow evaluation indicates we are unable to recover the carrying value of a property or asset group, we record an impairment loss to provision for impairment in our consolidated income statements to the extent the carrying value of the property or asset group exceeds fair value.

We generally estimate fair value of rental properties using a discounted cash flow analysis that includes projections of future revenues, expenses, and capital improvements that a market participant would use. In certain cases, we may supplement this analysis by obtaining outside broker opinions of value. When determining undiscounted future cash flows, we consider factors such as future operating income trends and prospects as well as the effects of leasing demand, competition and other factors.

Goodwill and Other Acquired Intangible Assets. Goodwill represents the excess of the purchase price over the fair value of net tangible and intangible assets acquired in a business combination. Goodwill is not amortized. Goodwill is evaluated for impairment at the reporting unit level. The Company has one reportable segment and one reporting unit. We evaluate goodwill for impairment whenever events or changes in circumstances occur that would more likely than not reduce the fair value of the reporting unit below its carrying value. In addition to monitoring for impactful events and circumstances, we perform an annual one-step quantitative test in which we compare the reporting unit’s carrying value to its fair value. We determine the fair value of the reporting unit based on quoted market prices of the Company’s publicly traded shares. To the extent the fair value of the reporting unit is less than its carrying value, we would record an impairment charge equal to the amount by which the carrying value of the reporting unit exceeds its fair value. We have not recognized any goodwill impairments since our inception. Since a significant aspect of our goodwill is denominated in foreign currencies, changes to our goodwill balance can occur over time due to changes in foreign currency exchange rates.

Other acquired intangible assets consist primarily of customer relationship value and in-place lease value. All of our other acquired intangible assets have finite useful lives. If impairment indicators arise with respect to these finite-lived intangible assets, we evaluate for impairment by comparing the carrying amount of the assets to the estimated future undiscounted net cash flows expected to be generated by the assets. If estimated future undiscounted cash flows exceed the carrying value of the assets, we record an impairment charge equal to the amount by which the carrying value exceeds the estimated fair value of the assets. We have no indefinite-lived intangible assets other than goodwill.

Share-Based Compensation. The Company provides a variety of share-based compensation awards to employees and directors, including awards that contain time-based vesting criteria and a combination of time-based and performance-based criteria. The Company measures all share-based compensation awards at grant date fair value. The fair value of awards that include only a time-based service condition (“time-based awards”) and / or a performance-based condition is the closing price of the Company’s publicly traded shares at the grant date – and is expensed over the requisite service period. The fair value of awards that include a combination of market-based criteria and time-based vesting is measured using a Monte Carlo simulation method. The fair value of these awards is expensed over the requisite service period – and is not adjusted based on actual achievement of the market performance condition.

Derivative Instruments. As part of the Company’s risk management program, a variety of financial instruments, such as interest rate swaps and foreign exchange contracts, may be used to mitigate interest rate and foreign currency exposures. The Company utilizes derivative instruments to manage risks, and not for trading or speculative purposes. All derivatives are recorded at fair value. The majority of inputs used to value our derivatives fall within Level 2 of the fair value hierarchy. However, credit valuation adjustments utilize Level 3 inputs (such as estimates of current credit spreads). Based on the insignificance of credit valuation adjustments to the overall valuation of our derivatives, we have determined that valuation of our outstanding derivatives is properly categorized in Level 2 of the fair value hierarchy.

Changes in the fair value of derivatives are recognized periodically either in earnings or in other comprehensive income (loss), depending on whether the derivative financial instrument is undesignated or qualifies for hedge accounting, and if so, whether it represents a fair value, cash flow, or net investment hedge. Gains and losses on derivatives designated as cash flow hedges, to the extent they are included in the assessment of effectiveness, are recorded in other comprehensive income (loss) and subsequently reclassified to earnings to offset the impact of the hedged items when they occur. In the event it becomes probable the forecasted transaction to which a cash flow hedge relates will not occur, the derivative would be terminated and the amount in other comprehensive income (loss) would be recognized in earnings.

Gains and losses representing components excluded from the assessment of effectiveness for cash flow and fair value hedges are recognized in earnings on a straight-line basis in the same caption as the hedged item over the term of the hedge. Gains and losses representing components excluded from the assessment of effectiveness for net investment hedges are recognized in earnings on a straight-line basis over the term of the hedge.

Interest Rate Swaps – The Company uses interest rate swaps to add stability to interest expense and to manage our exposure to interest rate movements related to certain floating rate debt obligations. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. We record all interest rate swaps on the consolidated balance sheets at fair value. The fair value of interest rate swaps is determined using the market standard methodology of netting discounted future fixed cash receipts (or payments) and discounted expected variable cash payments (or receipts). Variable cash payments (or receipts) are based on expected future interest rates derived from observable market interest rate curves. We incorporate credit valuation adjustments to appropriately reflect nonperformance risk for the Company and for the respective counterparties. The counterparties of interest rate swaps are generally larger financial institutions engaged in providing a variety of financial services.

Interest rate derivatives are presented on a gross basis on the consolidated balance sheets – with interest rate swap assets presented in other assets, and interest rate swap liabilities presented in accounts payable and other accrued liabilities. As of December 31, 2025, there was no impact from netting arrangements, because it is the Company’s policy to not offset our derivative contracts in presenting the fair value of these contracts as assets and liabilities in our consolidated balance sheets. Net interest paid or received on interest rate swaps is recognized as interest expense. Gains and losses resulting from the early termination of interest rate swap agreements are deferred and amortized as adjustments to interest expense over the remaining period of the debt originally covered by the terminated swap.

Foreign Currency Contracts – The Company may, from time to time, enter into forward contracts pursuant to which we agree to sell an amount of one currency in exchange for an agreed-upon amount of another currency. These agreements are typically entered into to manage exposures related to transactions that are settled in currencies other than the functional currency of the legal entity that is party to the transactions. To the extent the Company does not designate such instruments as hedges, changes in the fair value of these instruments are reflected in earnings. The Company had no outstanding derivative foreign currency contracts as of December 31, 2025.

Hedge of Net Investment in Foreign Operations – The Company has no outstanding derivatives that function as hedges of net investments in foreign operations. However, notes denominated in the Swiss franc with a total outstanding principal balance of 545 million Swiss francs (“CHF”) issued by Digital Intrepid Holding B.V. (“DIH”, a wholly-owned subsidiary of the OP with Euro functional currency) are designated as non-derivative hedges of DIH’s net investment in certain of its subsidiaries that have CHF as the functional currency. Changes in the fair value of these hedges, to the extent they are included in the assessment of effectiveness, are reported in other comprehensive income (loss) and will be deferred until disposal of the underlying assets (which is currently not expected to occur). Any amounts excluded from the assessment of effectiveness are reflected as foreign-currency transaction gains/losses which are included as Other (expense) income, net in the consolidated income statements.

Cross-Currency Interest Rate Swaps – The Company's cross-currency interest rate swap agreements synthetically swap U.S. dollar-denominated fixed rate debt for foreign currency-denominated fixed rate debt and are designated as net investment hedges for accounting purposes. The gain or loss on the net investment hedge derivative instruments is included in the foreign currency translation component of other comprehensive income until the net investment is sold, diluted, or liquidated. Interest payments received from the cross-currency swaps are excluded from the net investment hedge effectiveness assessment and are recorded in interest expense on the consolidated income statements.

See Note 16. “Derivative Instruments” for further discussion on the Company’s outstanding derivative instruments.

Income Taxes. Digital Realty Trust, Inc. has elected to be treated as a real estate investment trust (a “REIT”) for U.S. federal income tax purposes. As a REIT, Digital Realty Trust, Inc. generally is not required to pay U.S. federal corporate income tax to the extent taxable income is currently distributed to its stockholders. If Digital Realty Trust, Inc. were to fail to qualify as a REIT in any taxable year, it would be subject to U.S. federal and state income taxes (including any applicable alternative minimum tax) on its taxable income.

The Company is subject to foreign, state and local income taxes in the jurisdictions in which it conducts business. The Company’s taxable REIT subsidiaries are subject to federal, state, local and foreign income taxes to the extent there is taxable income. Accordingly, the Company recognizes current and deferred income taxes for the Company and its taxable REIT subsidiaries, including for U.S. federal, state, local and foreign jurisdictions, as applicable.

We assess our significant tax positions in accordance with U.S. GAAP for all open tax years and determine whether we have any material unrecognized liabilities from uncertain tax benefits. If a tax position is not considered “more-likely-than-not” to be sustained solely on its technical merits, no benefits of the tax position are to be recognized (for financial statement purposes). We classify interest and penalties from significant uncertain tax positions as current tax expense in our consolidated income statements. We are open to examination by the major taxing jurisdictions for the tax years that are within the statute of limitations for those jurisdictions. For further discussion related to tax reserves, see Note 12. “Income Taxes”.

Transactional-based Taxes. We account for transactional-based taxes, such as value added tax, or VAT, for our international properties on a net basis.

Noncontrolling Interests and Redeemable Noncontrolling Interests. Noncontrolling interests represent the share of consolidated entities owned by third parties. We recognize each noncontrolling holder’s share of the fair value of the respective entity’s net assets as noncontrolling interest on our consolidated balance sheets at the date of formation or acquisition. Noncontrolling interest balances are adjusted for the noncontrolling holder’s share of additional contributions, distributions, net earnings or losses, and other comprehensive income or loss.

Partnership units which are contingently redeemable for cash are classified as redeemable noncontrolling interests and presented in the mezzanine section of the Company’s consolidated balance sheets between total liabilities and stockholder’s equity. Redeemable noncontrolling interests include amounts related to partnership units issued by consolidated subsidiaries of the Company in which redemption for equity is outside the control of the Company.

The amounts of consolidated net income attributable to noncontrolling interests and redeemable noncontrolling interests are presented on the Company’s consolidated income statements as income (or loss) attributable to noncontrolling interests.

Revenue Recognition.

Rental and Other Services Revenue – We generate the majority of our revenue by leasing our properties to customers under operating lease agreements, which are accounted for under Accounting Standards Codification 842, Leases (“ASC 842”). We recognize the total minimum lease payments provided for under the leases on a straight-line basis over the lease term if we determine it is probable that substantially all of the lease payments will be collected over the lease term. We commence recognition of revenue from rentals at the date the property is ready for its intended use by the tenant and the tenant takes possession or controls the physical use of the leased asset. The excess of rents recognized as revenue over amounts contractually due pursuant to the underlying leases is included in Deferred rent, net on the consolidated balance sheets. Rental payments received in excess of revenue recognized are classified as Accounts payable and other accrued liabilities on the consolidated balance sheets. Unpaid rents that are contractually due are included in Accounts and other receivables, net on the consolidated balance sheets.

We estimate the probability of collection of lease payments based on customer creditworthiness, outstanding accounts receivable balances, and historical bad debts – as well as current economic trends. If collection of substantially all lease payments over the lease term is not probable, rental revenue is recognized when payment is received, and we record a reduction to rental revenue equal to the balance of any deferred rent and rent receivable, less the balance of any security deposits or letters of credit. If collection is subsequently determined to be probable, we: (1) resume recognizing rental revenue on a straight-line basis, (2) record incremental revenue such that the cumulative amount recognized is equal to the amount that would have been recorded on a straight-line basis since inception of the lease, and (3) reverse the allowance for bad debt recorded on outstanding receivables.

Generally, under the terms of our leases, the majority of our rental expenses, including common area maintenance, real estate taxes and insurance, are recovered from our customers. We record amounts reimbursable by customers (“tenant recoveries”) as revenue in the period the applicable expenses are incurred – which is generally on a ratable basis through the term of the lease.

We account for and present rental revenue and tenant recoveries as a single component under rental and other services as the timing of recognition is the same, the pattern with which we transfer the right of use of the property and related services to the lessee are both on a straight-line basis and our leases qualify as operating leases.

Interconnection services include port and cross-connect services generally provided on a month-to-month, one-year or multi-year term. We bill for these services on a monthly basis and recognize the revenue over the period the service is provided. Revenue for cross-connect installations is generally recognized in the period the cross-connect is installed. Interconnection services that are not specific to a particular leased space are accounted for under Topic 606 and have terms that are generally one year or less.

Fee Income and Other – Fee income arises primarily from contractual management agreements with entities in which we have a noncontrolling interest. Management fees are recognized as earned under the respective agreements. The Company also provides property and construction management services. Depending on the nature of the agreements, revenue for these services is recognized either on a ratable monthly basis as the service is provided, or when certain performance milestones are met. Service revenues are typically recognized on an equal monthly basis based on the minimum fee to be earned. The monthly amounts could be adjusted depending on whether certain performance milestones are met.

We utilize the practical expedient in ASC 842 that allows us to account for lease and non-lease components associated with each lease as a single lease component recorded within rental and other services, instead of accounting for such items separately under Accounting Standards Codification 606, Revenue (“ASC 606”). We recognize revenue for items that do not qualify for revenue recognition under ASC 842 under ASC 606. Revenue recognized as a result of applying ASC 606 was less than 11% of total rental and other services revenue for the years ended December 31, 2025, 2024 and 2023.

Transaction and Integration Expense. Transaction expenses include closing costs, broker commissions and other

professional fees, including legal and accounting fees related to business combinations or acquisitions that were not consummated. Integration costs include transition costs associated with organizational restructuring (such as severance and retention payments and recruiting expenses), third-party consulting expenses directly related to the integration of acquired companies (in areas such as cost savings and synergy realization, technology and systems work), and internal costs such as training, travel and labor, reflecting time spent by Company personnel on integration activities and projects. Recurring costs are recorded in general and administrative expense.

Gains on Disposition of Properties. We recognize gains on the disposition of real estate when the recognition criteria have been met, generally at the time the risks and rewards and title have transferred, and we no longer have control of the real estate sold. We recognize losses from the disposition of real estate when known.

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, employee compensation, depreciation, intangible asset amortization, and depreciation or depletion. For any remaining items within each relevant expense caption, entities must provide a qualitative description of the nature of those expenses. The new ASU is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. We expect to adopt this ASU on January 1, 2027. While the adoption is not expected to have an impact on our financial statements, it is expected to result in incremental disclosures within the footnotes to our Consolidated Financial Statements.

We determined that all other recently issued accounting pronouncements that have yet to be adopted by the Company will not have a material impact on our Consolidated Financial Statements or do not apply to our operations.

Investments in Unconsolidated Entities

12 Months Ended

Dec. 31, 2025

Investments in Unconsolidated Entities.

Investments in Unconsolidated Entities

7. Investments in Unconsolidated Entities

A summary of the Company’s investments in unconsolidated entities accounted for under the equity method of accounting is shown below (in thousands):


	Balance as of		Balance as of
		December 31, 2025		December 31, 2024
Americas⁽¹⁾	$	1,995,074	$	1,311,950
APAC⁽²⁾		707,368		615,687
EMEA⁽³⁾		269,344		252,791
Global⁽⁴⁾		456,117		459,372
Total	$	3,427,903	$	2,639,800

Includes the following unconsolidated entities along with our ownership percentage as of December 31, 2025:

(1)

Ascenty (49%), Blackstone (ranging from 20% to 50%), Clise (50%), GI Partners (ranging from 20% to 25%), Mapletree (20%), Menlo (20%), Mitsubishi (20%), Realty Income (20%), TPG Real Estate (20%), Fund (20%), and Walsh (88%).

(2)

Digital Connexion (33%), Digital Realty Bersama (50%), Lumen (50%), and MC Digital Realty (50%).

(3)

Blackstone (20%), Medallion (60%), and Mivne (50%).

(4)

Digital Core REIT (39%).

Generally, we serve as the managing member responsible for operations in the ordinary course of business of the unconsolidated entities. We perform the day-to-day accounting and property management functions for the unconsolidated entities and, as such, will earn management fees. In certain unconsolidated entities, we may also earn incentive fees upon liquidation of individual unconsolidated entities’ assets based primarily on the total return of the investments over certain financial hurdles. The incentive fee and financial hurdle vary by each entity. However, certain approval rights are granted through the terms of the operating agreements and require unanimous consent of both members with respect to any major decisions. Generally, major decisions are defined to include the annual plan which sets out unconsolidated entity and property level budgets, including lease revenues, operating expenses, and capital expenditures. As such, we concluded we do not own a controlling interest and accounted for our interest in the unconsolidated entities under the equity method of accounting.

Digital Realty DC Partners NA Fund – During the first half of 2025, the Company launched the Fund, successfully raising more than $3 billion of equity commitments to date. At inception, Fund commitments represented a 40% to 80% ownership interest in each individual asset, while the Company maintained the remaining 20% to 60% stake in the assets and less than a 2% direct interest in the Fund. Upon contribution of the assets into the Fund, the Company recognized an investment in the assets of $661 million. In the three months ended December 31, 2025, Digital Realty contributed an additional 40% of its interest in five operating data centers to the Fund for approximately $427 million. The transaction resulted in a gain of approximately $30.2 million. After this contribution, Digital Realty owns a 20% stake in each of the assets held in the Fund. The Company will continue to serve as general partner, maintaining operational and management responsibilities for the assets. However, certain governance rights are granted to the limited partners. As such, we continue to conclude we do not own a controlling interest and account for our interest in the assets under the equity method of accounting.

Blackstone 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. The campuses are planned to support the construction of 10 data centers with approximately 500 megawatts of potential IT load capacity. As a result of transferring control, we derecognized the data centers. On April 3, 2025, we contributed an additional three development projects at Digital Dulles campus to the joint venture with Blackstone. After the April contribution, we maintained a 50% interest in all four Blackstone joint venture properties at Digital Dulles campus.

Digital Realty Bersama Joint Venture – On March 18, 2025, we formed a joint venture with Bersama Digital Infrastructure Asia (BDIA) to develop and operate data centers across Indonesia. We acquired a 50% interest in the joint venture, which consists of two land parcels and two buildings in Jakarta, Indonesia for approximately $94.7 million. The 6 acres of land and two buildings can support up to approximately 32 megawatts of IT load.

Mitsubishi Joint Venture - On March 1, 2024, we formed a joint venture with Mitsubishi Corporation, or Mitsubishi, to support the development of two data centers in the Dallas metro area. We retained a 35% interest in the joint venture. 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. Currently, Mitsubishi has an 80% interest in the joint venture, and we have retained a 20% interest.

GI Partners Joint Venture – 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 retained a 35% interest in the joint venture. As a result of transferring control, we derecognized the data centers. In addition, GI Partners had a call option to increase their ownership interest in the joint venture from 65% to 80%. The call option top-up election notice was delivered to the Company on December 21, 2023. On January 12, 2024, GI Partners made an additional cash capital contribution, pursuant to the exercise of such call option, in the amount of $68 million, resulting in such additional 15% ownership in the joint venture. Currently, GI Partners has an 80% interest in the joint venture, and we have retained a 20% interest. We also granted GI Partners an option to purchase an interest in the third facility on the same hyperscale data center campus in Chicago. On April 16, 2024, we expanded our existing joint venture with GI Partners with the sale to GI Partners of a 75% interest in this third facility, see Note 6. “Acquisitions and Dispositions of Properties”.

As of the date of the joint venture formation, we used a discounted cash flow model to calculate the fair value of our retained equity interest. The fair value of the retained interest was $157 million and is classified as a Level 3 investment in the fair value hierarchy. The primary inputs to the valuation included volatility, hold period, and dividend yield.

TPG Real Estate Joint Venture – On July 25, 2023, we formed a joint venture with TPG Real Estate. We contributed three stabilized hyperscale data center buildings in Northern Virginia, at a purchase price of $1.5 billion, to the new joint venture. We received approximately $1.4 billion of gross proceeds from the contribution of our data centers to the joint venture and the associated financing and retained a 20% interest in the joint venture. TPG Real Estate contributed such cash to the joint venture in exchange for an 80% interest in the joint venture. We perform the day-to-day accounting and property management functions for the joint venture and, as such, will earn a management fee. We serve as the managing member responsible for operations in the ordinary course of business. However, certain approval rights are granted through the terms of the joint venture agreement and require unanimous consent of both members with respect to any major decisions. Major decisions are defined to include the annual plan which sets out joint venture and property level budgets, including lease revenues, operating expenses, and capital expenditures. As such, we concluded we do not own a controlling interest and accounted for our interest in the joint venture under the equity method of accounting.

As of the date of the joint venture formation, we used a discounted cash flow model to calculate the fair value of our retained equity interest. The fair value of the retained interest was $121 million and is classified as a Level 3 investment in the fair value hierarchy. The primary inputs to the valuation included volatility, hold period, and dividend yield.

Realty Income Joint Venture – On November 10, 2023, we formed a joint venture with Realty Income to support the development of two data centers in Northern Virginia. The facilities were 100% pre-leased prior to construction. We contributed the two data center buildings at a purchase price of $185 million, which represented costs spent through November 10, 2023, to the new joint venture. We received approximately $148 million of gross proceeds from the contribution of our data centers to the joint venture and retained a 20% interest in the joint venture. Realty Income contributed such cash to the joint venture in exchange for an 80% interest in the joint venture. Each partner will fund its pro rata share of the remaining $150 million estimated development cost for the first phase of the project, which was completed in mid-2024. We perform the day-to-day accounting and property management functions for the joint venture and, as such, will earn a management fee. We serve as the managing member responsible for operations in the ordinary course of business. However, certain approval rights are granted through the terms of the joint venture agreement and require unanimous consent of both members with respect to any major decisions. Major decisions are defined to include the annual plan which sets out joint venture and property level budgets, including lease revenues, operating expenses, and capital expenditures. As such, we concluded we do not own a controlling interest and accounted for our interest in the joint venture under the equity method of accounting.

DCREIT – Digital Core REIT is a standalone real estate investment trust formed under Singapore law, which is publicly traded on the Singapore Exchange under the ticker symbol “DCRU”. DCREIT owns 12 operating data center properties. The Company has ownership interest in the units of DCREIT, as well as ownership interests in the operating properties of DCREIT.

As of December 31, 2025, the Company held 32% of the outstanding DCREIT units and separately owned a 10% direct retained interest in the underlying North American operating properties and a 35% direct retained interest in a Frankfurt asset.

The Company’s 32% interest in DCREIT consisted of 420 million units and 418 million units as of December 31, 2025 and 2024, respectively. Based on the closing price per unit of $0.51 and $0.58 as of December 31, 2025 and 2024, respectively, the fair value of the units the Company owned in DCREIT was approximately $214 million and $242 million as of December 31, 2025 and 2024, respectively.

Pursuant to contractual agreements with DCREIT and its operating properties, the Company will earn fees for asset and property management services as well as fees for aiding in future acquisition, disposition and development activities. Certain of these fees are payable to the Company in the form of additional units in DCREIT or in cash. During the years ended December 31, 2025 and 2024, the Company earned fees pursuant to these contractual agreements of approximately $11.7 million and $9.1 million, respectively, which is recorded as fee income and other on the consolidated income statements.

On April 19, 2024, we completed the sale of an additional 24.9% interest in a data center facility in Frankfurt, Germany to DCREIT for total consideration of approximately $126 million, and DCREIT then had a 49.9% interest in the Frankfurt data center. Because the Company still controlled this asset, no gain or loss was recorded on this 49.9% interest. In connection with this transaction, DCREIT loaned the consolidated subsidiary that owns the data center approximately $80 million. In addition, on December 5, 2024, we completed the sale of an additional 15.1% interest in the data center facility in Frankfurt for total consideration of approximately $77 million, and DCREIT now owns a 65.0% interest in the Frankfurt data center. As a result, the Company accounts for its retained ownership interest in accordance with the equity method of accounting.

During the year ended December 31, 2023, we concluded that the decline in fair value of our equity investment in DCREIT was other than temporary due to the length of time and extent to which the fair value of our investment has been less than the carrying value. As a result, we recorded an impairment charge of $95 million for the three months ended September 30, 2023, which was recorded to provision for impairment in our consolidated income statements. The charge reflected the difference between the fair value of our equity investment in DCREIT using DCREIT's unit price as of September 30, 2023 and the carrying value of our equity investment in DCREIT at September 30, 2023.

Ascenty – The Company’s ownership percentage in Ascenty includes an approximate 2% interest held by one of the Company’s non-controlling interest holders. This 2% interest had a carrying value of approximately $23 million as of December 31, 2025 and 2024. Ascenty is a variable interest entity (“VIE”) and the Company’s maximum exposure to loss related to this VIE is limited to our equity investment in the entity.

Summarized Financial Information of Investments in Unconsolidated Entities

The subsequent tables provide summarized financial information for all of our investments in unconsolidated entities accounted for using the equity method. Amounts are shown in thousands.


														Net			Net
		Total			Total									Operating			Income
December 31, 2025		Assets			Liabilities			Equity			Revenues			Income			(Loss)
Unconsolidated entities
Americas		$	10,782,799		$	4,886,672		$	5,896,128		$	1,065,673		$	607,184		$	(114,843)
APAC			2,615,038			1,127,446			1,487,592			340,147			181,802			61,164
EMEA			1,269,336			703,538			565,798			54,408			36,234			(6,938)
Global			2,074,290			1,182,273			892,017			189,166			103,019			(87,856)
Total Unconsolidated entities		$	16,741,463		$	7,899,929		$	8,841,534		$	1,649,394		$	928,239		$	(148,473)
Our investment in and share of equity in earnings of unconsolidated entities								$	3,427,903								$	(31,987)


														Net			Net
		Total			Total									Operating			Income
December 31, 2024		Assets			Liabilities			Equity			Revenues			Income			(Loss)
Unconsolidated entities
Americas		$	7,473,799		$	3,532,248		$	3,941,551		$	824,027		$	464,637		$	(336,627)
APAC			2,127,166			823,921			1,303,245			273,833			140,594			55,376
EMEA			1,009,055			740,433			268,622			11,976			5,108			(14,016)
Global			2,007,082			995,721			1,011,361			106,705			66,258			(17,785)
Total Unconsolidated entities		$	12,617,102		$	6,092,323		$	6,524,779		$	1,216,541		$	676,597		$	(313,052)
Our investment in and share of equity in loss of unconsolidated entities								$	2,639,800								$	(120,138)


														Net			Net
		Total			Total									Operating			Income
December 31, 2023		Assets			Liabilities			Equity			Revenues						(Loss)
Unconsolidated entities
Americas		$	6,627,520		$	3,105,127		$	3,522,393		$	590,264		$	326,042		$	(13,097)
APAC			2,097,115			880,972			1,216,143			257,905			121,053			42,244
EMEA			80,525			83,819			(3,294)			1,601			939			(8,225)
Global			1,542,331			591,470			950,861			112,931			73,390			(60,867)
Total Unconsolidated entities		$	10,347,491		$	4,661,388		$	5,686,103		$	962,701		$	521,424		$	(39,945)
Our investment in and share of equity in earnings of unconsolidated entities								$	2,295,889								$	(29,791)

The amounts reflected in the previous tables on this topic are based on the historical financial information of the respective individual entities and have not been adjusted to show only the portion that is owned by the Company. The debt of our unconsolidated entities generally is non-recourse to us, except for customary exceptions pertaining to such matters as intentional misuse of funds, environmental conditions, and material misrepresentations.

Receivables (Tables)

12 Months Ended

Dec. 31, 2025

Receivables

Schedule of accounts and other receivables, net is primarily comprised of contractual rents and other lease-related obligations


	Balance as of		Balance as of
(Amounts in thousands):	December 31, 2025		December 31, 2024
Accounts receivable – trade	$	815,146	$	629,250
Allowance for doubtful accounts		(86,351)		(59,224)
Accounts receivable – trade, net		728,795		570,026

Accounts receivable – customer recoveries		213,023		178,827
Value-added tax receivables		109,816		160,369
Accounts receivable – installation fees		119,295		157,409
Other receivables		187,966		190,833
Accounts and other receivables, net	$	1,358,895	$	1,257,464

Schedule of deferred rent receivables


	Balance as of		Balance as of
(Amounts in thousands):	December 31, 2025		December 31, 2024
Deferred rent receivables	$	752,531	$	644,566
Allowance for deferred rent receivables		(1,624)		(2,110)
Deferred rent, net	$	750,907	$	642,456

Acquired Intangible Assets and Liabilities - Summary of Acquired Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 3,892,990	$ 3,817,851
Accumulated Amortization	(2,085,618)	(1,882,648)
Total	1,807,372	1,935,203
Customer relationship value
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	2,921,841	2,783,428
Accumulated Amortization	(1,271,137)	(1,080,547)
Total	1,650,704	1,702,881
Acquired in-place lease value
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	987,495	1,043,706
Accumulated Amortization	(853,333)	(863,021)
Total	134,162	180,685
Other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	114,397	122,638
Accumulated Amortization	(61,403)	(36,038)
Total	52,994	86,600
Acquired above-market leases
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	111,036	126,322
Accumulated Amortization	(109,352)	(122,714)
Total	1,684	3,608
Acquired below-market leases
Finite-Lived Intangible Assets [Line Items]
Below-market lease, Gross Carrying Amount	(241,779)	(258,243)
Below-market lease, Accumulated Amortization	209,607	219,672
Total	$ (32,172)	$ (38,571)

Investments in Properties (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2025	Dec. 31, 2024
Investments in Properties
Land		$ 1,247,624	$ 1,108,251
Acquired ground lease		97	86
Buildings and improvements		29,152,994	25,567,155
Tenant improvements		958,583	883,502
Total investments in operating properties		31,359,298	27,558,994
Accumulated depreciation and amortization		(9,993,596)	(8,641,331)
Investments in operating properties, net		21,365,702	18,917,663
Construction in progress and space held for development		4,976,785	5,164,334
Land held for future development		91,130	38,785
Investments in properties, net		26,433,617	$ 24,120,782
Impairment of Real Estate	$ 95,000	$ 78,600

Acquired Intangible Assets and Liabilities

12 Months Ended

Dec. 31, 2025

Acquired Intangible Assets and Liabilities

Acquired Intangible Assets and Liabilities

9. Acquired Intangible Assets and Liabilities

The following table summarizes our acquired intangible assets and liabilities:


	Balance as of
	December 31, 2025						December 31, 2024
(Amounts in thousands)		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Customer relationship value	$	2,921,841	$	(1,271,137)	$	1,650,704	$	2,783,428	$	(1,080,547)	$	1,702,881
Acquired in-place lease value		987,495		(853,333)		134,162		1,043,706		(863,021)		180,685
Other		114,397		(61,403)		52,994		122,638		(36,038)		86,600
Acquired above-market leases		111,036		(109,352)		1,684		126,322		(122,714)		3,608
Acquired below-market leases		(241,779)		209,607		(32,172)		(258,243)		219,672		(38,571)
Total	$	3,892,990	$	(2,085,618)	$	1,807,372	$	3,817,851	$	(1,882,648)	$	1,935,203

Amortization of customer relationship value, acquired in-place lease value and other intangibles (a component of depreciation and amortization expense) was approximately $231.3 million, $240.4 million and $252.0 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Amortization of acquired below-market leases, net of acquired above-market leases, resulted in an increase in rental and other services revenue of $5.2 million, $5.2 million and $6.5 million for the years ended December 31, 2025, 2024 and 2023, respectively. Estimated annual amortization for each of the five succeeding years and thereafter, commencing January 1, 2026 is as follows:


(Amounts in thousands)		Customer relationship value		Acquired in-place lease value		Other		Acquired above-market leases		Acquired below-market leases
2026	$	249,361	$	54,809	$	6,456	$	380	$	(5,454)
2027		252,941		44,596		6,456		380		(5,624)
2028		237,229		23,636		6,475		380		(5,544)
2029		213,109		10,490		6,529		348		(5,544)
2030		213,109		534		6,529		196		(5,544)
Thereafter		484,955		97		20,549		—		(4,462)
Total	$	1,650,704	$	134,162	$	52,994	$	1,684	$	(32,172)

Remaining Contractual Life (in years)		10.9		2.8		9.4		1.2		5.1

Fair Value - Estimated Fair Value And Carrying Amounts (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of long-term debt	$ 17,878,751	$ 16,149,826
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of long-term debt	18,556,770	16,846,875
Level 2 \| Global Revolving Credit Facilities \| Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Lines of credit	918,540	1,637,922
Level 2 \| Global Revolving Credit Facilities \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Lines of credit	918,540	1,637,922
Level 2 \| Unsecured term loans \| Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Lines of credit	440,475	388,275
Level 2 \| Unsecured term loans \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Lines of credit	440,475	388,275
Level 2 \| Unsecured senior notes \| Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unsecured senior notes	15,646,232	13,370,897
Level 2 \| Unsecured senior notes \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unsecured senior notes	16,321,227	14,059,415
Level 2 \| Secured and Other Debt \| Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Secured and other debt	873,504	752,732
Level 2 \| Secured and Other Debt \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Secured and other debt	$ 876,528	$ 761,263

Debt of the Operating Partnership (Tables)

12 Months Ended

Dec. 31, 2025

Debt of the Operating Partnership

Summary of Outstanding Indebtedness 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

Schedule of Debt In Functional Currencies

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. dollars):


		December 31, 2025				December 31, 2024
		Amount				Amount
Denomination of Draw		Outstanding		% of Total		Outstanding		% of Total
U.S. dollar ($)		$	2,922,170	15.8	%	$	2,852,102	16.9	%
British pound sterling (£)			1,212,750	6.5	%		1,627,080	9.7	%
Euro (€)			12,199,575	65.7	%		10,327,404	61.3	%
Other			2,222,275	12.0	%		2,040,289	12.1	%
Total		$	18,556,770			$	16,846,875

Schedule of Debt Maturities and Principal Maturities

The table below summarizes our debt maturities and principal payments as of December 31, 2025 (in thousands):


		Global Revolving			Unsecured			Unsecured			Secured and
		Credit Facilities ⁽¹⁾⁽²⁾			Term Loans⁽³⁾			Senior Notes			Other Debt			Total Debt
2026		$	—		$	440,475		$	346,918		$	117,290		$	904,683
2027			—			—			1,189,228			252,026			1,441,254
2028			—			—			2,137,300			421,924			2,559,224
2029			918,540			—			2,862,236			20,756			3,801,532
2030			—			—			1,622,075			64,532			1,686,607
Thereafter			—			—			8,163,470			—			8,163,470
Subtotal		$	918,540		$	440,475		$	16,321,227		$	876,528		$	18,556,770
Unamortized net discounts			—			—			(46,316)			(4,162)			(50,478)
Unamortized deferred financing costs			(19,450)			(939)			(80,470)			(3,298)			(104,157)
Total		$	899,090		$	439,536		$	16,194,441		$	869,068		$	18,402,135

(1)	Includes amounts outstanding for the Global Revolving Credit Facilities.

(2)	The Global Revolving Credit Facilities are subject to two six-month extension options exercisable by us; provided that the Operating Partnership must pay a 0.0625% extension fee based on each lender’s revolving commitments then outstanding (whether funded or unfunded).

(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. The current maturity date is August 11, 2026. Upon maturity, we intend to either exercise the one-year extension option or refinance the loan.

Schedule of Unsecured Senior Notes

The following table provides details of our unsecured senior notes (balances in thousands):


	Aggregate Principal Amount at Issuance					Balance as of
	Borrowing Currency		USD		Maturity Date	December 31, 2025		December 31, 2024
4.250% notes due 2025⁽¹⁾	£	400,000	$	634,480	Jan 17, 2025	$	—		500,640
0.625% notes due 2025⁽²⁾	€	650,000	$	720,980	Jul 15, 2025		—		673,010
2.500% notes due 2026⁽³⁾	€	1,075,000	$	1,224,640	Jan 16, 2026		—		1,113,055
0.200% notes due 2026	CHF	275,000	$	298,404	Dec 15, 2026		346,918		302,987
1.700% notes due 2027	CHF	150,000	$	162,465	Mar 30, 2027		189,228		165,265
3.700% notes due 2027⁽⁴⁾	$	1,000,000	$	1,000,000	Aug 15, 2027		1,000,000		1,000,000
5.550% notes due 2028⁽⁴⁾	$	900,000	$	900,000	Jan 15, 2028		900,000		900,000
1.125% notes due 2028	€	500,000	$	548,550	Apr 09, 2028		587,300		517,700
4.450% notes due 2028	$	650,000	$	650,000	Jul 15, 2028		650,000		650,000
0.550% notes due 2029	CHF	270,000	$	292,478	Apr 16, 2029		340,611		297,478
3.600% notes due 2029	$	900,000	$	900,000	Jul 01, 2029		900,000		900,000
3.300% notes due 2029	£	350,000	$	454,895	Jul 19, 2029		471,625		438,060
1.875% Exchangeable Notes due 2029⁽⁴⁾	$	1,150,000	$	1,150,000	Nov 15, 2029		1,150,000		1,150,000
1.500% notes due 2030	€	750,000	$	831,900	Mar 15, 2030		880,950		776,550
3.750% notes due 2030	£	550,000	$	719,825	Oct 17, 2030		741,125		688,380
1.250% notes due 2031	€	500,000	$	560,950	Feb 01, 2031		587,300		517,700
0.625% notes due 2031	€	1,000,000	$	1,220,700	Jul 15, 2031		1,174,600		1,035,400
1.000% notes due 2032	€	750,000	$	874,500	Jan 15, 2032		880,950		776,550
1.375% notes due 2032	€	750,000	$	849,375	Jul 18, 2032		880,950		776,550
3.750% notes due 2033	€	600,000	$	691,680	Jan 15, 2033		704,760		—
3.875% notes due 2033	€	850,000	$	941,375	Sep 13, 2033		998,410		880,090
3.875% notes due 2034	€	850,000	$	991,015	Jul 15, 2034		998,410		—
3.875% notes due 2035	€	850,000	$	876,180	Mar 15, 2035		998,410		—
4.250% notes due 2037	€	800,000	$	922,240	Nov 20, 2037		939,680		—
						$	16,321,227	$	14,059,415
Unamortized discounts, net of premiums							(46,316)		(27,476)
Deferred financing costs, net							(80,470)		(69,087)
Total unsecured senior notes, net of discount and deferred financing costs						$	16,194,441	$	13,962,852

(1)	Paid at maturity on January 17, 2025.

(2)	Paid at maturity on July 15, 2025.

(3)	Redeemed prior to maturity on December 18, 2025.

(4)	Subject to cross-currency swaps.

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Investments in real estate:
Investments in properties, net	$ 26,433,617	$ 24,120,782
Investments in unconsolidated entities	3,427,903	2,639,800
Net investments in real estate	29,861,520	26,760,582
Operating lease right-of-use assets, net	1,135,645	1,178,853
Cash and cash equivalents	3,451,647	3,870,891
Accounts and other receivables, net	1,358,895	1,257,464
Deferred rent, net	750,907	642,456
Goodwill	9,711,953	8,929,431
Customer relationship value, deferred leasing costs and other intangibles, net	2,134,698	2,178,054
Assets held for sale and contribution	349,826
Other assets	655,377	465,885
Total assets	49,410,468	45,283,616
LIABILITIES AND EQUITY
Global revolving credit facilities, net	899,090	1,611,308
Unsecured term loans, net	439,536	386,903
Unsecured senior notes, net of discount	16,194,441	13,962,852
Secured and other debt, net of discount	869,068	753,314
Operating lease liabilities	1,253,217	1,294,219
Accounts payable and other accrued liabilities	2,600,979	2,056,215
Deferred tax liabilities	1,124,724	1,084,562
Accrued dividends and distributions	428,337	418,661
Security deposits and prepaid rents	754,920	539,802
Obligations associated with assets held for sale and contribution	182
Total liabilities	24,564,494	22,107,836
Redeemable noncontrolling interests	1,498,975	1,433,185
Commitments and contingencies
Stockholders' Equity:
Preferred Stock: $0.01 par value per share, 110,000 shares authorized; $755,000 liquidation preference ($25.00 per share), 30,200 shares issued and outstanding as of December 31, 2025 and December 31, 2024	731,690	731,690
Common Stock: $0.01 par value per share, 502,000 shares authorized; 343,557 and 336,637 issued and outstanding as of December 31, 2025 and December 31, 2024, respectively	3,406	3,337
Partners' capital:
Additional paid-in capital	29,350,487	28,079,738
Accumulated dividends in excess of earnings	(6,690,722)	(6,292,085)
Accumulated other comprehensive loss, net	(469,198)	(1,182,283)
Total stockholders' equity	22,925,663	21,340,397
Noncontrolling interests	421,336	402,198
Total equity	23,346,999	21,742,595
Total liabilities and equity	49,410,468	45,283,616
Digital Realty Trust, L.P.
Investments in real estate:
Investments in properties, net	26,433,617	24,120,782
Investments in unconsolidated entities	3,427,903	2,639,800
Net investments in real estate	29,861,520	26,760,582
Operating lease right-of-use assets, net	1,135,645	1,178,853
Cash and cash equivalents	3,451,647	3,870,891
Accounts and other receivables, net	1,358,895	1,257,464
Deferred rent, net	750,907	642,456
Goodwill	9,711,953	8,929,431
Customer relationship value, deferred leasing costs and other intangibles, net	2,134,698	2,178,054
Assets held for sale and contribution	349,826
Other assets	655,377	465,885
Total assets	49,410,468	45,283,616
LIABILITIES AND EQUITY
Global revolving credit facilities, net	899,090	1,611,308
Unsecured term loans, net	439,536	386,903
Unsecured senior notes, net of discount	16,194,441	13,962,852
Secured and other debt, net of discount	869,068	753,314
Operating lease liabilities	1,253,217	1,294,219
Accounts payable and other accrued liabilities	2,600,979	2,056,215
Deferred tax liabilities	1,124,724	1,084,562
Accrued dividends and distributions	428,337	418,661
Security deposits and prepaid rents	754,920	539,802
Obligations associated with assets held for sale and contribution	182
Total liabilities	24,564,494	22,107,836
Redeemable noncontrolling interests	1,498,975	1,433,185
Commitments and contingencies
Partners' capital:
Preferred units, $755,000 liquidation preference ($25.00 per unit), 30,200 units issued and outstanding as of December 31, 2025 and December 31, 2024	731,690	731,690
Common units, 343,557 and 336,637 issued and outstanding as of December 31, 2025 and December 31, 2024, respectively	22,663,171	21,790,990
Limited Partners, 6,189 and 6,135 units issued and outstanding as of December 31, 2025 and December 31, 2024, respectively	431,600	426,183
Accumulated other comprehensive loss, net	(485,342)	(1,212,367)
Total partners' capital	23,341,119	21,736,496
Noncontrolling interests in consolidated entities	5,880	6,099
Total capital	23,346,999	21,742,595
Total liabilities and equity	$ 49,410,468	$ 45,283,616

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Taxes

Income Taxes

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 Company’s 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 Partnership’s 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. federal, state, local and foreign income taxes, deferred tax assets and liabilities are established for temporary differences between the financial reporting basis and the tax basis of assets and liabilities at the enacted tax rates expected to be in effect when the temporary differences reverse. A valuation allowance for deferred tax assets is provided if we believe it is more likely than not that the deferred tax asset may not be realized, based on available evidence at the time the determination is made. An increase or decrease in the valuation allowance that results from the change in circumstances that causes a change in our judgment about the realizability of the related deferred tax asset is included in the income statement. Deferred tax assets (net of valuation allowance) and liabilities for our TRS entities and foreign subsidiaries were accrued, as necessary, for the years ended December 31, 2025, 2024 and 2023.

Income (loss) from continuing operations before income taxes is attributable to the following geographic locations (in thousands):


	Year Ended December 31,
	2025
Domestic	$	1,518,286
Foreign		(173,079)
Income from continuing operations before provision for income taxes	$	1,345,207

Income tax expense (benefit) from continuing operations consists of the following components (in thousands):


	Year Ended December 31,
	2025
Current:
Federal	$	—
State and local		2,564
Foreign		130,561
Total current income tax expense (benefit)		133,125

Deferred:
Federal		(34)
State and local		—
Foreign		(101,051)
Total deferred income tax expense (benefit)		(101,085)

Total income tax expense (benefit)	$	32,040

The reconciliation of the tax provision at the U.S. federal statutory rate to income tax expense is as follows (in thousands):


	Year Ended December 31,
	2025
Earnings from continuing operations, before income tax expense	$	1,345,207

U. S. Federal Statutory Tax Rate		282,493	21.00	%
United States
State and Local Income Taxes⁽¹⁾		2,482	0.18	%
Nontaxable or Nondeductible Items
US REIT Status		(318,874)	(23.70)	%
Other Adjustments		21	—	%
Germany		—	—
Changes in tax laws or rates enacted in the current period		(22,820)	(1.70)	%
Other		27,500	2.04	%
Netherlands
Valuation Allowance		16,210	1.21	%
Other		(1,729)	(0.13)	%
Other Foreign Jurisdictions		18,088	1.35	%
Changes in Unrecognized Tax Benefits		28,669	2.13	%
Income Tax Expense	$	32,040	2.38	%

(1)	State taxes in Oregon made up the majority (greater than 50%) of the tax effect in this category.

Income taxes paid (net of refunds) consist of the following components (in thousands):


	Year Ended December 31,
	2025
Federal	$	—
State		1,630
Foreign		111,398
Total	$	113,028

Income taxes paid (net of refunds) exceeded 5% of total in the following jurisdictions (in thousands):


	Year Ended December 31,
	2025
Foreign
Austria	$	6,463
Germany⁽¹⁾		60,006
Singapore		14,690
South Africa		8,089
Spain		6,076

(1)	Germany income tax paid mainly represents prior year tax liability, net of refunds that were paid during the current year..

As of December 31, 2025 and 2024, we had deferred tax liabilities net of deferred tax assets of approximately $1,110.9 million and $1,081.1 million, respectively, primarily related to our foreign properties, classified within Other assets (deferred tax assets) and separately stated Deferred tax liabilities in the consolidated balance sheets. The majority of our net deferred tax liability relates to differences between foreign tax basis and book basis of the assets acquired in the Teraco Acquisition in August 2022 and Interxion Combination in March 2020. The valuation allowance against the deferred tax assets as of December 31, 2025 and 2024 relate primarily to net operating loss carryforwards, nondeductible interest expense carryforwards and hybrid attributes that we do not expect to utilize attributable to certain foreign jurisdictions.

Deferred income tax assets and liabilities as of December 31, 2025 and 2024 were as follows (in thousands):


		2025			2024
Gross deferred income tax assets:
Net operating loss carryforwards		$	262,543		$	197,039
Basis difference - real estate property			28,776			17,363
Basis difference - intangibles			14,008			12,561
Tax credit carryforward			2,899			2,407
Capital loss carryforward			124			—
Other - temporary differences			295,316			237,342
Total gross deferred income tax assets			603,666			466,711
Valuation allowance			(296,590)			(213,984)
Total deferred income tax assets, net of valuation allowance			307,076			252,728
Gross deferred income tax liabilities:
Basis difference - real estate property			1,217,185			1,138,120
Basis difference - intangibles			171,407			175,267
Basis difference - equity investments			3			—
Straight line rent			13,664			9,970
Other - temporary differences			15,751			10,466
Total gross deferred income tax liabilities			1,418,010			1,333,822
Net deferred income tax liabilities⁽¹⁾		$	1,110,934		$	1,081,094

(1)	Net of deferred tax assets of $13.8 million and $3.5 million for the years ended December 31, 2025 and 2024, respectively.

A reconciliation of the beginning and ending amount of unrecognized tax benefits are as follows (in thousands):


	Year Ended December 31,
	2025
Balance at January 1	$	40,026
Additions based on tax positions related to the current year		20,838
Additions based on tax positions related to the prior year		5,411
Reductions for tax positions of prior years		—
Lapse of statue of limitation		—
Settlements with taxing authorities		(1,751)
Balance at December 31	$	64,524

There is approximately $19 million of unrecognized tax benefit that if recognized would affect the effective tax rate.

We recognize interest and penalties related to unrecognized tax benefits within income tax expense in the consolidated statements of operations. During the year ended December 31, 2025, we recorded approximately $4 million of interest and penalties through the income tax provision, prior to any reversals for lapses of statutes of limitations and settlements. As of the year ended December 31, 2025, we had accumulated interest and penalties of approximately $5 million attributable to the unrecognized tax benefits.

As of December 31, 2025, we are under examination for taxable year ended 2021 within the United States. Additionally, we are under examination for various taxable years ended 2017 onward within various foreign jurisdictions.

As a result of operating as a REIT, we conduct business through domestic and foreign TRSs, as well as other foreign subsidiaries and foreign corporate joint ventures. For foreign subsidiaries, no deferred tax liability has been recorded on potential basis difference as the Company expects any U.S. federal tax liability to be immaterial. We continue to assess foreign withholding taxes but do not expect future distributions to trigger significant withholding tax liabilities. The amount of the unrecognized deferred tax liabilities is not practicably determinable due to ongoing decisions regarding future distribution treatment.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Commitments and Contingencies

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies.

Commitments and Contingencies

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 Company. We are not aware of any cybersecurity issue or event that caused the Staff to open this matter.

Insurance – As previously disclosed, in September 2024, an incident at one of our Singapore data centers resulted in damages to the facility. We believe this incident is substantially covered by our insurance policies, including coverage for the repair cost of the building, business interruption loss and potential third-party claims, subject to deductibles. Initial costs, including direct costs related to the incident and an estimated write-off of damage caused to existing fixed assets, totaling approximately $16 million were incurred during 2024. After factoring our expected insurance coverage and related deductible, we reported net expenses of approximately $5.0 million related to this incident for 2024.

As of December 31, 2025, we have received total insurance proceeds of $36.8 million which includes $15.2 million received for property damage and initial direct costs and $21.6 million received for business interruption losses.

We had insurance receivable balances of $14.6 million and $11.6 million, respectively, as of December 31, 2025 and 2024 for known losses for which insurance reimbursement is probable, which is included in Other assets in the consolidated balance sheets. Insurance proceeds for business interruption losses are recognized in Other income, net in the consolidated income statements as received. No gain contingencies have been recognized as our ability to realize those gains remain uncertain.

Earnings per Common Share or Unit - Summary of Basic and Diluted Earnings per Share and Unit (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Numerator:
Net income available to common unitholders	$ 1,267,865	$ 561,766	$ 908,114
Loss attributable to redeemable noncontrolling interest	(22,593)	(27,059)	(18,093)
Net income available to common unitholders - diluted EPS	$ 1,245,272	$ 534,707	$ 890,021
Denominator:
Weighted average units outstanding-basic (shares/units)	339,807	323,336	298,603
Potentially dilutive common shares/units:
Unvested incentive units (shares/units)	110	98	118
Unvested restricted units (shares/units)	30	44	9
Forward equity offering			248
Redeemable noncontrolling interest shares (shares/units)	7,634	7,798	9,975
Weighted average units outstanding-diluted (shares/units)	347,810	331,547	309,065
Income per unit:
Basic (in dollars per share)	$ 3.73	$ 1.74	$ 3.04
Diluted (in dollars per share)	$ 3.58	$ 1.61	$ 2.88
Digital Realty Trust, L.P.
Numerator:
Net income available to common unitholders	$ 1,295,865	$ 574,466	$ 928,824
Loss attributable to redeemable noncontrolling interest	(22,593)	(27,059)	(18,093)
Net income available to common unitholders - diluted EPS	$ 1,273,272	$ 547,407	$ 910,731
Denominator:
Weighted average units outstanding-basic (shares/units)	345,717	329,485	304,651
Potentially dilutive common shares/units:
Unvested incentive units (shares/units)	110	98	118
Unvested restricted units (shares/units)	30	44	9
Market performance-based awards (shares/units)	229	271	112
Forward equity offering			248
Redeemable noncontrolling interest shares (shares/units)	7,634	7,798	9,975
Weighted average units outstanding-diluted (shares/units)	353,720	337,696	315,113
Income per unit:
Basic (in dollars per share)	$ 3.75	$ 1.74	$ 3.05
Diluted (in dollars per share)	$ 3.6	$ 1.62	$ 2.89
Teraco
Income per unit:
Period for right to sell all or a portion of interest to company, beginning on February 1, 2026 (in years)	2 years

Income Taxes - Reconciliation of the tax provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]
Earnings from continuing operations, before income tax expense	$ 1,345,207
U. S. Federal Statutory Tax Rate	282,493
Nontaxable or Nondeductible Items
Changes in Unrecognized Tax Benefits	28,669
Total income tax expense (benefit)	$ 32,040	$ 54,760	$ 75,579
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Effective Income Tax Rate	21.00%
Nontaxable or Nondeductible Items
Changes in Unrecognized Tax Benefits	2.13%
Income Tax Expense	2.38%
Effective Income Tax Rate Reconciliation, State and Local Jurisdiction, Contribution Greater than 50 Percent, Tax Effect [Extensible Enumeration]	stpr:OR
Federal
Nontaxable or Nondeductible Items
Total income tax expense (benefit)	$ 0	$ 0	$ 0
United States
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]
State and Local Income Taxes	2,482
Nontaxable or Nondeductible Items
US REIT Status	(318,874)
Other Adjustments	$ 21
Effective Income Tax Rate Reconciliation, Percent [Abstract]
State and Local Income Taxes	0.18%
Nontaxable or Nondeductible Items
US REIT Status	(23.70%)
Germany
Nontaxable or Nondeductible Items
Other Adjustments	$ 27,500
Changes in tax laws or rates enacted in the current period	$ (22,820)
Nontaxable or Nondeductible Items
Other Adjustments	2.04%
Changes in tax laws or rates enacted in the current period	(1.70%)
Netherlands
Nontaxable or Nondeductible Items
Other Adjustments	$ (1,729)
Valuation Allowance	$ 16,210
Nontaxable or Nondeductible Items
Other Adjustments	(0.13%)
Valuation Allowance	1.21%
Other Foreign Jurisdictions
Nontaxable or Nondeductible Items
Other Adjustments	$ 18,088
Nontaxable or Nondeductible Items
Other Adjustments	1.35%

Debt of the Operating Partnership - Schedule of Debt Functional Currencies (Details) - Digital Realty Trust, L.P. - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Amount Outstanding	$ 18,556,770	$ 16,846,875
% of Total	2.90%	2.72%
U.S. dollar
Debt Instrument [Line Items]
Amount Outstanding	$ 2,922,170	$ 2,852,102
% of Total	15.80%	16.90%
British pound sterling
Debt Instrument [Line Items]
Amount Outstanding	$ 1,212,750	$ 1,627,080
% of Total	6.50%	9.70%
Euro
Debt Instrument [Line Items]
Amount Outstanding	$ 12,199,575	$ 10,327,404
% of Total	65.70%	61.30%
Other
Debt Instrument [Line Items]
Amount Outstanding	$ 2,222,275	$ 2,040,289
% of Total	12.00%	12.10%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (SX 210.12-04(a))
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 9: http://www.xbrl.org/2003/role/exampleRef
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Reference 10: http://www.xbrl.org/2003/role/exampleRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 31: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Investments in Properties (Tables)

12 Months Ended

Dec. 31, 2025

Investments in Properties

Schedule of Investments in Properties

A summary of our investments in properties is below (in thousands):


Property Type	As of December 31, 2025		As of December 31, 2024
Land	$	1,247,624	$	1,108,251
Acquired ground lease		97		86
Buildings and improvements		29,152,994		25,567,155
Tenant improvements		958,583		883,502
		31,359,298		27,558,994
Accumulated depreciation and amortization		(9,993,596)		(8,641,331)
Investments in operating properties, net		21,365,702		18,917,663
Construction in progress and space held for development		4,976,785		5,164,334
Land held for future development		91,130		38,785
Investments in properties, net	$	26,433,617	$	24,120,782

Debt of the Operating Partnership - Summary of Outstanding Indebtedness (Details) - Digital Realty Trust, L.P. - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Weighted-average interest rate	2.90%	2.72%
Amount Outstanding	$ 18,556,770	$ 16,846,875
Global Revolving Credit Facilities
Debt Instrument [Line Items]
Weighted-average interest rate	2.63%	3.81%
Amount Outstanding	$ 918,540	$ 1,637,922
Unsecured term loans
Debt Instrument [Line Items]
Weighted-average interest rate	2.73%	3.23%
Amount Outstanding	$ 440,475	$ 388,275
Unsecured senior notes
Debt Instrument [Line Items]
Weighted-average interest rate	2.60%	2.26%
Amount Outstanding	$ 16,321,227	$ 14,059,415
Secured and other debt
Debt Instrument [Line Items]
Weighted-average interest rate	9.02%	8.52%
Amount Outstanding	$ 876,528	$ 761,263

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Receivables - Deferred Rent, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Receivables
Deferred rent receivables	$ 752,531	$ 644,566
Allowance for deferred rent receivables	(1,624)	(2,110)
Deferred rent, net	$ 750,907	$ 642,456

Acquisitions and Dispositions of Properties - Additional Information (Details) $ in Millions			1 Months Ended
	Nov. 10, 2023 USD ($) Center property	Jul. 25, 2023 USD ($) property	Jan. 31, 2024 Center	Dec. 31, 2025	Jan. 12, 2024	Jul. 13, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of data centers \| Center			2
Ownership interest in DCRU operating properties \| Hyperscale data center buildings in the Chicago metro area
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership percentage in joint ventures				20.00%	20.00%	35.00%
Ownership interest in DCRU operating properties \| Hyperscale data center buildings in the Northern Virginia
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership percentage in joint ventures	20.00%	20.00%
Joint Venture with TPG Real Estate \| Hyperscale data center buildings in the Northern Virginia
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Percentage of interest in property sold		80.00%
Number Of Properties Sold \| property		3
Gross Proceeds from sale		$ 1,400
Gain (loss) on disposition		576
Proceeds from Partnership Contribution		1,400
Purchase Price		$ 1,500
Joint Venture With Realty Income
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number Of Properties Sold \| property	2
Percentage of ownership Interest in partnership	80.00%
Proceeds from Partnership Contribution	$ 148
Development cost	150
Purchase Price	$ 185
Joint Venture With Realty Income \| Hyperscale data center buildings in the Northern Virginia
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of data centers \| Center	2
Pre leased	100.00%
Percentage of ownership Interest in partnership	80.00%
Proceeds from Partnership Contribution	$ 148
Development cost	150
Purchase Price	$ 185

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases

Lessor Operating Minimum Lease Payments


(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

Operating Lease Maturity

Maturities of lease liabilities as of December 31, 2025 were as follows (in thousands):


		Operating			Finance
		lease liabilities			lease liabilities⁽¹⁾
2026		$	164,355		$	78,390
2027			167,000			22,168
2028			159,626			96,013
2029			159,701			13,739
2030			149,969			13,358
Thereafter			723,775			186,227
Total undiscounted future cash flows			1,524,426			409,895
Less: Imputed interest			(271,209)			(69,265)
Present value of undiscounted future cash flows		$	1,253,217		$	340,630

(1) Included in Accounts payable and other accrued liabilities on the consolidated balance sheets.

Finance Leases Maturity

Maturities of lease liabilities as of December 31, 2025 were as follows (in thousands):


		Operating			Finance
		lease liabilities			lease liabilities⁽¹⁾
2026		$	164,355		$	78,390
2027			167,000			22,168
2028			159,626			96,013
2029			159,701			13,739
2030			149,969			13,358
Thereafter			723,775			186,227
Total undiscounted future cash flows			1,524,426			409,895
Less: Imputed interest			(271,209)			(69,265)
Present value of undiscounted future cash flows		$	1,253,217		$	340,630

(1) Included in Accounts payable and other accrued liabilities on the consolidated balance sheets.

Accumulated Other Comprehensive Income (Loss), Net

12 Months Ended

Dec. 31, 2025

Accumulated Other Comprehensive Income (Loss), Net.

Accumulated Other Comprehensive Income (Loss), Net

14. Accumulated Other Comprehensive Income (Loss), Net

The accumulated balances for each item within Accumulated other comprehensive income (loss) are shown below (in thousands) for Digital Realty Trust, Inc. and separately for Digital Realty Trust, L.P:

Digital Realty Trust, Inc.


		Foreign currency			Increase (decrease) in			Accumulated other
		translation			fair value of derivatives,			comprehensive
		adjustments			net of reclassification			income (loss), net
Balance as of December 31, 2023		$	(638,583)		$	(112,810)		$	(751,393)
Net current period change			(551,066)			120,176			(430,890)
Balance as of December 31, 2024		$	(1,189,649)		$	7,366		$	(1,182,283)
Net current period change			696,975			16,110			713,085
Balance as of December 31, 2025		$	(492,674)		$	23,476		$	(469,198)

Digital Realty Trust, L.P.


		Foreign currency			Increase (decrease) in			Accumulated other
		translation			fair value of derivatives,			comprehensive
		adjustments			net of reclassification			income (loss)
Balance as of December 31, 2023		$	(656,063)		$	(116,605)		$	(772,668)
Net current period change			(562,349)			122,650			(439,699)
Balance as of December 31, 2024		$	(1,218,412)		$	6,045		$	(1,212,367)
Net current period change			710,599			16,426			727,025
Balance as of December 31, 2025		$	(507,813)		$	22,471		$	(485,342)

Accumulated Other Comprehensive Income (Loss), Net (Tables)

12 Months Ended

Dec. 31, 2025

Accumulated Other Comprehensive Income (Loss), Net.

Schedule of Accumulated Other Comprehensive Income (Loss), Net

The accumulated balances for each item within Accumulated other comprehensive income (loss) are shown below (in thousands) for Digital Realty Trust, Inc. and separately for Digital Realty Trust, L.P:

Digital Realty Trust, Inc.


		Foreign currency			Increase (decrease) in			Accumulated other
		translation			fair value of derivatives,			comprehensive
		adjustments			net of reclassification			income (loss), net
Balance as of December 31, 2023		$	(638,583)		$	(112,810)		$	(751,393)
Net current period change			(551,066)			120,176			(430,890)
Balance as of December 31, 2024		$	(1,189,649)		$	7,366		$	(1,182,283)
Net current period change			696,975			16,110			713,085
Balance as of December 31, 2025		$	(492,674)		$	23,476		$	(469,198)

Digital Realty Trust, L.P.


		Foreign currency			Increase (decrease) in			Accumulated other
		translation			fair value of derivatives,			comprehensive
		adjustments			net of reclassification			income (loss)
Balance as of December 31, 2023		$	(656,063)		$	(116,605)		$	(772,668)
Net current period change			(562,349)			122,650			(439,699)
Balance as of December 31, 2024		$	(1,218,412)		$	6,045		$	(1,212,367)
Net current period change			710,599			16,426			727,025
Balance as of December 31, 2025		$	(507,813)		$	22,471		$	(485,342)

General (Policies)

12 Months Ended

Dec. 31, 2025

General

Organization and Description of Business

Organization and Description of Business. Digital Realty Trust, Inc. (the Parent), through its controlling interest in Digital Realty Trust, L.P. (the Operating Partnership or the OP) and the subsidiaries of the OP (collectively, we, our, us or the Company), is a leading global provider of data center (including colocation and interconnection) solutions for customers across a variety of industry verticals ranging from cloud and information technology services, social networking and communications to financial services, manufacturing, energy, healthcare, and consumer products. The OP, a Maryland limited partnership, is the entity through which the Parent, a Maryland corporation, conducts its business of owning, acquiring, developing and operating data centers. The Parent operates as a real estate investment trust (“REIT”) for U.S. federal income tax purposes.

The Parent’s only material asset is its ownership of partnership interests of the OP. The Parent generally does not conduct business itself, other than acting as the sole general partner of the OP, issuing public securities from time to time and guaranteeing certain unsecured debt of the OP and certain of its subsidiaries and affiliates. The Parent has not issued any debt but guarantees the unsecured debt of the OP and certain of its subsidiaries and affiliates.

The OP holds substantially all the assets of the Company. The OP conducts the operations of the business and has no publicly traded equity. Except for net proceeds from public equity issuances by the Parent, which are generally contributed to the OP in exchange for partnership units, the OP generally generates the capital required by the Company’s business primarily through the OP’s operations, by the OP’s or its affiliates’ direct or indirect incurrence of indebtedness or through the issuance of partnership units.

Accounting Principles and Basis of Presentation

Accounting Principles and Basis of Presentation. The accompanying consolidated financial statements and accompanying notes (the “Consolidated Financial Statements”) are prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) and are presented in our reporting currency, the U.S. dollar. All of the accounts of the Parent, the OP, and the subsidiaries of the OP are included in the Consolidated Financial Statements. All material intercompany transactions with consolidated entities have been eliminated.

Management Estimates and Assumptions

Management Estimates and Assumptions. U.S. GAAP requires us to make estimates and assumptions that affect reported amounts of revenue and expenses during the reporting period, reported amounts for assets and liabilities as of the date of the financial statements, and disclosures of contingent assets and liabilities as of the date of the financial statements. Although we believe the estimates and assumptions we made are reasonable and appropriate, as discussed in the applicable sections throughout the Consolidated Financial Statements, different assumptions and estimates could materially impact our reported results. Actual results and outcomes may differ from our assumptions.

Consolidation

Foreign Operations and Foreign Currencies

Acquisition Accounting

We allocate purchase price primarily using Level 2 and Level 3 inputs (further defined in Fair Value Measurements) as follows:

Lease Intangibles. The portion of the purchase price related to acquired in-place leases is recorded as intangible assets and liabilities as follows:

●

Fair Value Measurements

●

Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities that an entity can access at the measurement date.

●

Level 2 – Inputs that are directly or indirectly observable for the associated asset or liability, but which do not qualify as Level 1 inputs.

●

Level 3 – Unobservable inputs for the asset or liability.

Investments in Unconsolidated Entities

The Company has a negligible value of investments accounted for under the cost-method. These investments are included in Other assets on the consolidated balance sheets.

Cash, Cash Equivalents and Restricted Cash

Assets Held for Sale

Investments in Real Estate

Investments in Real Estate. Investments in real estate are stated at cost, less accumulated depreciation and amortization. Land is not depreciated. Depreciation and amortization is recorded on a straight-line basis over the estimated useful lives of the respective assets. Depreciable lives of assets are stated below. Vestments in Real Estate. Investments in real estate are stated at cost, less accumulated depreciation and amortization. Land is not depreciated. Depreciation and amortization is recorded on a straight-line basis over the estimated useful lives of the respective assets. Depreciable lives of assets are stated below.
Acquired ground leases		Terms of the related lease
Buildings and improvements		5-39 years
Machinery and equipment		7-15 years
Furniture and fixtures		3-5 years
Leasehold improvements		Shorter of the estimated useful lives or the terms of the related leases
Tenant improvements		Shorter of the estimated useful lives or the terms of the related leases

Improvements and replacements are capitalized when they extend the useful life, increase capacity, or improve the efficiency of the asset. Repairs and maintenance are charged to expense as incurred.

Capitalization of Costs

Capitalization of Costs.

Recoverability of Real Estate Assets

Goodwill and Other Acquired Intangible Assets

Share-Based Compensation

Derivative Instruments

See Note 16. “Derivative Instruments” for further discussion on the Company’s outstanding derivative instruments.

Income Taxes

Transactional-based Taxes

Transactional-based Taxes. We account for transactional-based taxes, such as value added tax, or VAT, for our international properties on a net basis.

Noncontrolling Interests and Redeemable Noncontrolling Interests

Revenue Recognition

Revenue Recognition.

Transaction and Integration Expense

Transaction and Integration Expense. Transaction expenses include closing costs, broker commissions and other

Gains on Disposition of Properties

New Accounting Pronouncements

New Accounting Pronouncements.

Income Taxes - Income tax expense (benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Current:
State and local	$ 2,564
Foreign	130,561
Total current income tax expense (benefit)	133,125
Deferred:
Federal	(34)
Foreign	(101,051)
Total deferred income tax expense (benefit)	(101,085)
Total income tax expense (benefit)	$ 32,040	$ 54,760	$ 75,579

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
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+ Details

Incentive Plans - Summary of activity for Service-Based Restricted Stock Units (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Units
Granted (shares)	165,000	155,000
Restricted stock
Units
Unvested beginning of period (shares)	591,797
Granted (shares)	427,309
Vested (shares)	(341,504)
Cancelled or expired (shares)	(62,945)
Unvested end of period (shares)	614,657	591,797
Weighted-Average Grant Date Fair Value
Unvested, beginning of period (in dollars per share)	$ 145.15
Granted (in dollars per share)	159.24
Vested (in dollars per share)	133.77
Cancelled or expired (in dollars per share)	136.31
Unvested, end of period (in dollars per share)	$ 145.77	$ 145.15
Weighted-Average Remaining Contractual Life (Years)	2 years 6 months
Aggregate Intrinsic Value, unvested	$ 95.1
Intrinsic value of units	$ 55.3	$ 39.1	$ 41.5

Investments in Unconsolidated Entities - Summarized Financial Information of Investments in Unconsolidated Entities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Net Investment in Properties	$ 26,433,617	$ 24,120,782
Total Assets	49,410,468	45,283,616
Mortgage Loans	869,068	753,314
Liabilities	24,564,494	22,107,836
Equity / (Deficit)	22,925,663	21,340,397
Investments in unconsolidated entities	3,427,903	2,639,800	$ 2,295,889
Revenues	6,112,692	5,554,968	5,477,061
Net Income (Loss)	1,313,165	588,327	950,312
Equity in (earnings) loss of unconsolidated entities	(31,987)	(120,138)	(29,791)
Unconsolidated entities
Schedule of Equity Method Investments [Line Items]
Total Assets	16,741,463	12,617,102	10,347,491
Liabilities	7,899,929	6,092,323	4,661,388
Equity / (Deficit)	8,841,534	6,524,779	5,686,103
Revenues	1,649,394	1,216,541	962,701
Net Operating Income	928,239	676,597	521,424
Net Income (Loss)	(148,473)	(313,052)	(39,945)
Unconsolidated Joint Ventures in Americas
Schedule of Equity Method Investments [Line Items]
Total Assets	10,782,799	7,473,799	6,627,520
Liabilities	4,886,672	3,532,248	3,105,127
Equity / (Deficit)	5,896,128	3,941,551	3,522,393
Revenues	1,065,673	824,027	590,264
Net Operating Income	607,184	464,637	326,042
Net Income (Loss)	(114,843)	(336,627)	(13,097)
Unconsolidated Joint Ventures in APAC
Schedule of Equity Method Investments [Line Items]
Total Assets	2,615,038	2,127,166	2,097,115
Liabilities	1,127,446	823,921	880,972
Equity / (Deficit)	1,487,592	1,303,245	1,216,143
Revenues	340,147	273,833	257,905
Net Operating Income	181,802	140,594	121,053
Net Income (Loss)	61,164	55,376	42,244
Unconsolidated Joint Ventures in EMEA
Schedule of Equity Method Investments [Line Items]
Total Assets	1,269,336	1,009,055	80,525
Liabilities	703,538	740,433	83,819
Equity / (Deficit)	565,798	268,622	(3,294)
Revenues	54,408	11,976	1,601
Net Operating Income	36,234	5,108	939
Net Income (Loss)	(6,938)	(14,016)	(8,225)
Unconsolidated Joint Ventures in Global
Schedule of Equity Method Investments [Line Items]
Total Assets	2,074,290	2,007,082	1,542,331
Liabilities	1,182,273	995,721	591,470
Equity / (Deficit)	892,017	1,011,361	950,861
Revenues	189,166	106,705	112,931
Net Operating Income	103,019	66,258	73,390
Net Income (Loss)	$ (87,856)	$ (17,785)	$ (60,867)

Acquisitions and Dispositions of Properties (Tables)

12 Months Ended

Dec. 31, 2025

Acquisitions and Dispositions of Properties

Schedule of acquisitions and dispositions of properties

The Company sold or contributed the following other real estate properties during the years ended December 31, 2025, 2024 and 2023:


		Date Sold /	Gross Proceeds / Fair Value			Gain on Sale / contribution
Property Type	Metro Area	contributed	(in millions)			(in millions)
Digital Realty DC Partners NA Fund	Various	2025	$	1,364.3		$	903.5
Joint venture contributions	Northern Virginia	2025		139.4			58.8
Non-core assets	Various	2025		123.7			33.2
Joint venture contributions	Various	2024		1,246.4	⁽¹⁾		304.1
Brookfield transaction	Various	2024		271.0			191.6
Non-core assets	Various	2024		158.7			(1.0)
Sale of noncontrolling interest in property	Frankfurt	2024		497.5	⁽²⁾		101.1
Joint venture contributions	Various	2023		2,278.5	⁽³⁾		814.0
Non-core assets	Various	2023		341.3			86.6

(1)

Includes Blackstone Inc., GI Partners, and Mitsubishi Corporation.

(2)

Includes sale of noncontrolling interest in DCREIT (see Note 7. “Investments in Unconsolidated Entities”).

(3)

Includes GI Partners, Realty Income, and TPG Real Estate.

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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+ Details

Incentive Plans - Narrative (Details)	12 Months Ended
Incentive Plans - Narrative (Details)	Dec. 31, 2025 shares
2014 Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares remaining for issuance under Incentive Plan (shares)	2,900,000
Long-term incentive units \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	2 years
Long-term incentive units \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	4 years
Long-term incentive units \| 2014 Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of common shares per unit	1
Service Based Restricted Stock Units \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	2 years
Service Based Restricted Stock Units \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	4 years
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	4 years
Carried interest awards and appreciation interest awards \| 2025 Carried Interest Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Limit on Awards	50.00%
Award limit that has been utilized	13.75%

Incentive Plans - Defined Contribution Plans Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Incentive Plans
Vesting percentage of discretionary contributions	100.00%
Aggregate cost of contributions to the 401(k) Plan	$ 10.2	$ 9.4	$ 6.8

Supplemental Cash Flow Information (Tables)

12 Months Ended

Dec. 31, 2025

Supplemental Cash Flow Information

Schedule of cash, cash equivalents, and restricted cash


		Balance as of
(Amounts in thousands)		December 31, 2025			December 31, 2024		December 31, 2023
Cash and cash equivalents		$	3,451,647		$	3,870,891	$	1,625,495
Restricted cash (included in Other assets)			6,643			5,809		10,975
Total		$	3,458,290		$	3,876,700	$	1,636,470

Leases - Narrative (Details) $ in Millions	12 Months Ended
Leases - Narrative (Details) $ in Millions	Dec. 31, 2025 USD ($) customer	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Leases
Weighted average remaining lease term, operating lease	12 years
Weighted average remaining lease term, finance lease	17 years
Percentage of total revenue from our largest customer (approximates)	12.00%
Number of other customers that makes up more than 8% of our total revenue \| customer	0
Percent of total revenue from other individual customers	10.00%
Rent expense \| $	$ 158.7	$ 153.5	$ 153.2
Incremental borrowing rate, operating lease	3.50%
Incremental borrowing rate, finance lease	2.40%

Acquisitions and Dispositions of Properties

12 Months Ended

Dec. 31, 2025

Acquisitions and Dispositions of Properties

Acquisitions and Dispositions of Properties

6. Acquisitions and Dispositions of Properties

Acquisitions of Properties

For the years ended December 31, 2025, 2024 and 2023, acquisitions of properties that did not qualify as business combinations were immaterial to our financial statements – both individually and in the aggregate.

During the year ended December 31, 2025, we closed on acquisitions of land parcels for approximately $309 million.

In January 2024, we acquired a 16-acre site in Paris for $80 million. Prior to the acquisition, we leased the land, which consisted of two completed data centers and two data centers under construction. As a result of the land acquisition, we derecognized the right-of-use assets and lease liabilities of $145 million and $150 million, respectively.

In July 2024, the Company acquired two data centers located in the Slough Trading Estate for $200 million. The newly acquired campus features two individual data centers with a combined capacity of 15 megawatts (MW).

Disposition of Other Properties

The Company sold or contributed the following other real estate properties during the years ended December 31, 2025, 2024 and 2023:


		Date Sold /	Gross Proceeds / Fair Value			Gain on Sale / contribution
Property Type	Metro Area	contributed	(in millions)			(in millions)
Digital Realty DC Partners NA Fund	Various	2025	$	1,364.3		$	903.5
Joint venture contributions	Northern Virginia	2025		139.4			58.8
Non-core assets	Various	2025		123.7			33.2
Joint venture contributions	Various	2024		1,246.4	⁽¹⁾		304.1
Brookfield transaction	Various	2024		271.0			191.6
Non-core assets	Various	2024		158.7			(1.0)
Sale of noncontrolling interest in property	Frankfurt	2024		497.5	⁽²⁾		101.1
Joint venture contributions	Various	2023		2,278.5	⁽³⁾		814.0
Non-core assets	Various	2023		341.3			86.6

(1)

Includes Blackstone Inc., GI Partners, and Mitsubishi Corporation.

(2)

Includes sale of noncontrolling interest in DCREIT (see Note 7. “Investments in Unconsolidated Entities”).

(3)

Includes GI Partners, Realty Income, and TPG Real Estate.

2025 Dispositions and Contributions

Digital Realty DC Partners NA Fund – During the first half of 2025, the Company launched its Digital Realty DC Partners NA Fund (the “Fund”), successfully raising more than $3 billion of equity commitments to date. At inception, Fund commitments represented a 40% to 80% ownership interest in each individual asset, while the Company maintained the remaining 20% to 60% stake in the assets and less than a 2% direct interest in the Fund. The initial portfolio included five operating data centers plus three land sites with access to power for data center development. In May 2025, we received approximately $937 million of gross proceeds from the contribution of operating data centers and development projects to the Fund, recognized a gain on disposition of approximately $873 million, and recognized an investment in the assets of $661 million. The Company will serve as general partner, maintaining operational and management responsibilities for the assets. However, certain governance rights are granted to the limited partners. As such, we concluded we do not own a controlling interest and account for our interest in the assets under the equity method of accounting. These real estate assets were previously classified as held for sale and contribution. Additionally, as of December 31, 2025, two additional development projects were classified within Assets held for sale and contribution on our consolidated balance sheet as it is probable they will be contributed to the Fund within one year. As of December 31, 2025, real estate assets for the two development projects that qualified as held for sale had an aggregate carrying value of $336.4 million. The disposition of a portion of our interest in the remaining development projects met the criteria under ASC 360 for the assets to qualify as held for sale and contribution. However, the operations are not classified as discontinued operations as a result of our continuing interest in the assets. This development project was not representative of a significant component of our portfolio, nor will the contribution represent a significant shift in our strategy.

During the year, Digital Realty contributed an additional 40% of its interest in five operating data centers to the Fund for approximately $427 million. The transaction resulted in a gain of approximately $30.2 million, which is included within Gain on disposition of properties, net on the consolidated income statements. As a result of this transaction, Digital Realty owns a 20% stake in each of the assets held in the Fund. The Company will continue to serve as general partner, maintaining operational and management responsibilities for the assets. However, certain governance rights are granted to the limited partners. As such, we continue to conclude we do not own a controlling interest and account for our interest in the assets under the equity method of accounting.

On April 3, 2025, we received approximately $77 million of gross proceeds from the contribution of our data centers to the joint venture with Blackstone. As a result of transferring control, we derecognized the data centers and recognized a gain on disposition of approximately $58 million.

In 2025, we sold non-core data centers in the Atlanta, Miami, Boston and Dallas metro areas for gross proceeds of approximately $124 million and recognized a gain on disposition of approximately $33 million.

As of December 31, 2025, in addition to the real estate assets mentioned above that qualified as held for contribution to the Fund, a non-core asset in Texas is anticipated to be sold to a third party within one year. The non-core asset has an aggregate carrying value of $13.4 million within total assets and $0.2 million within total liabilities and is shown within Assets held for sale and contribution and Obligations associated with assets held for sale and contribution, respectively, on the consolidated balance sheets.

2024 Dispositions and Contributions

Blackstone Inc. 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. During 2024, we received approximately $616 million of net proceeds from the contribution of our data centers to the joint venture and retained a 20% interest in the joint venture. As a result of transferring control, we derecognized the data centers and recognized a gain on disposition of approximately $44.2 million.

Brookfield Transaction – In January 2024, we closed on the sale of our interest in four data centers to Brookfield Infrastructure Partners L.P., or Brookfield, for approximately $271 million. Two of the data centers were consolidated by us; while two of the data centers were owned by Digital Core REIT (see Note 7. “Investments in Unconsolidated Entities”). The sale was completed subsequent to Brookfield’s November 2023 acquisition of one of our customers, Cyxtera Technologies. The acquisition was part of Cyxtera’s plan of reorganization under its Chapter 11 bankruptcy proceedings. In conjunction with the sale, we bought out Cyxtera’s leases in three data centers located in Singapore and Frankfurt for approximately $57 million. In addition, Brookfield assumed the leases on three facilities previously leased to Cyxtera and amended the leases on three additional data centers in North America, accelerating the expiration date to September 2024. As a result of the sale, we recognized a total gain on disposition of approximately $200.5 million, of which $191.6 million is included within Gain on disposition of properties, net and $8.9 million is included within Equity in (loss) earnings of unconsolidated entities on our condensed consolidated income statements.

Mitsubishi Joint Venture – On March 1, 2024, we formed a joint venture with Mitsubishi Corporation, or Mitsubishi, to support the development of two data centers in the Dallas metro area. The facilities were 100% pre-leased prior to construction. We contributed the two data center buildings at a contribution value of approximately $261 million. 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 paid 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. 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 transaction resulted in a gain of approximately $5.1 million. Currently, Mitsubishi has an 80% interest in the joint venture, and we have retained a 20% interest.

GI Partners Joint Venture – On April 16, 2024, we expanded our existing joint venture with GI Partners with the sale to GI Partners of a 75% interest in an additional facility in Chicago. We contributed the data center at a value of approximately $453 million. 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. As a result of transferring control, we derecognized the data center and recognized a gain on disposition of approximately $172 million.

2023 Dispositions and Contributions

GI Partners Joint Venture – 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 received approximately $0.7 billion of gross proceeds from the contribution of our data centers to the joint venture and the associated financing and retained a 35% interest in the joint venture. As a result of transferring control, we derecognized the data centers and recognized a gain on disposition of approximately $238 million. We also granted GI Partners an option to purchase an interest in the third facility on the same hyperscale data center campus in Chicago. In addition, GI Partners has a call option to increase their ownership interest in the joint venture from 65% to 80%. The call option top-up election notice was delivered to the Company on December 21, 2023. On January 12, 2024, GI Partners made an additional cash capital contribution in the amount of $68 million, resulting in an additional 15% ownership in the joint venture. Currently, GI Partners has an 80% interest in the joint venture, and we have retained a 20% interest. We perform the day-to-day accounting and property management functions for the joint venture and, as such, will earn a management fee.

TPG Real Estate Joint Venture – On July 25, 2023, we formed a joint venture with TPG Real Estate, and TPG Real Estate acquired an 80% interest in three stabilized hyperscale data center buildings in Northern Virginia that we contributed. We received approximately $1.4 billion of gross proceeds from the contribution of our data centers to the joint venture and the associated financing and retained a 20% interest in the joint venture. As a result of transferring control, we derecognized the data centers and recognized a gain on disposition of approximately $576 million. We perform the day-to-day accounting and property management functions for the joint venture and, as such, will earn a management fee.

Realty Income Joint Venture - On November 10, 2023, we formed a joint venture with Realty Income to support the development of two data centers in Northern Virginia. The facilities were 100% pre-leased prior to construction. We contributed the two data center buildings at a purchase price of $185 million, which represented costs spent through November 10, 2023, to the new joint venture. We received approximately $148 million of gross proceeds from the contribution of our data centers to the joint venture and retained a 20% interest in the joint venture. Realty Income contributed such cash to the joint venture in exchange for an 80% interest in the joint venture. Each partner will fund its pro rata share of the remaining $150 million estimated development cost for the first phase of the project, which was completed in mid-2024. We perform the day-to-day accounting and property management functions for the joint venture and, as such, will earn a management fee.

Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2025

Derivative Instruments

Schedule of effective portion of gains and losses on derivative instruments

The effect of these net investment hedges on accumulated other comprehensive loss and the consolidated income statements for the years ended December 31, 2025, 2024 and 2023 was as follows (in thousands):


		Year Ended December 31,
		2025			2024			2023
Cross-currency interest rate swaps (included component)⁽¹⁾		$	(240,789)		$	136,880		$	(22,703)
Cross-currency interest rate swaps (excluded component)⁽²⁾			51,053			(22,841)			(25,428)
Total		$	(189,736)		$	114,039		$	(48,131)

	Location of	Year Ended December 31,
	gain or (loss)	2025			2024			2023
Cross-currency interest rate swaps (excluded component)⁽²⁾	Interest expense	$	26,944		$	25,037		$	21,836

(1)	Included component represents foreign exchange spot rates.

(2)	Excluded component represents cross-currency basis spread and interest rates.

Schedule of effect of cash flow hedges on accumulated other comprehensive income and the consolidated income statements

The effect of these cash flow hedges on accumulated other comprehensive loss and the consolidated income statements for the years ended December 31, 2025, 2024 and 2023, was as follows (in thousands):


	Year Ended December 31,
	2025			2024			2023
Interest rate swaps	$	(3,805)		$	(5,439)		$	(7,221)


	Location of	Year Ended December 31,
	gain or (loss)	2025			2024			2023
Interest rate swaps	Interest expense	$	(893)		$	15,027		$	10,953

Schedule of fair value of derivative instruments in Balance sheets

The subsequent table presents the fair value of derivative instruments recognized in our consolidated balance sheets as of December 31, 2025 and 2024 (in thousands):


		December 31, 2025						December 31, 2024
		Assets ⁽¹⁾			Liabilities ⁽²⁾			Assets ⁽¹⁾			Liabilities ⁽²⁾
Cross-currency interest rate swaps		$	30,093		$	262,543		$	32,883		$	75,597
Interest rate swaps			5,865			29,443			6,130			11,253
		$	35,958		$	291,986		$	39,013		$	86,850

(1)	As presented in our consolidated balance sheets within Other assets.

(2)	As presented in our consolidated balance sheets within Accounts payable and other accrued liabilities.

Acquired Intangible Assets and Liabilities - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Customer relationship value, acquired in-place lease value and other intangibles
Finite-Lived Intangible Assets [Line Items]
Amortization of Intangible assets	$ 231.3	$ 240.4	$ 252.0
Below-market leases, net of above-market leases \| Rental and other services
Finite-Lived Intangible Assets [Line Items]
Increase in revenue	$ 5.2	$ 5.2	$ 6.5

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

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+ Details

Accumulated Other Comprehensive Income (Loss), Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Accumulated Other Comprehensive Income (Loss), Net
Beginning balance	$ 21,742,595	$ 19,601,507
Ending balance	23,346,999	21,742,595
Foreign currency translation adjustments
Accumulated Other Comprehensive Income (Loss), Net
Beginning balance	(1,189,649)	(638,583)
Net current period change	696,975	(551,066)
Ending balance	(492,674)	(1,189,649)
Increase (decrease) in fair value of derivatives, net of reclassification
Accumulated Other Comprehensive Income (Loss), Net
Beginning balance	7,366	(112,810)
Net current period change	16,110	120,176
Ending balance	23,476	7,366
Accumulated Other Comprehensive Loss, Net
Accumulated Other Comprehensive Income (Loss), Net
Beginning balance	(1,182,283)	(751,393)
Net current period change	713,085	(430,890)
Ending balance	(469,198)	(1,182,283)
Digital Realty Trust, L.P.
Accumulated Other Comprehensive Income (Loss), Net
Beginning balance	21,742,595	19,601,507
Ending balance	23,346,999	21,742,595
Digital Realty Trust, L.P. \| Foreign currency translation adjustments
Accumulated Other Comprehensive Income (Loss), Net
Beginning balance	(1,218,412)	(656,063)
Net current period change	710,599	(562,349)
Ending balance	(507,813)	(1,218,412)
Digital Realty Trust, L.P. \| Increase (decrease) in fair value of derivatives, net of reclassification
Accumulated Other Comprehensive Income (Loss), Net
Beginning balance	6,045	(116,605)
Net current period change	16,426	122,650
Ending balance	22,471	6,045
Digital Realty Trust, L.P. \| Accumulated Other Comprehensive Loss, Net
Accumulated Other Comprehensive Income (Loss), Net
Beginning balance	(1,212,367)	(772,668)
Net current period change	727,025	(439,699)
Ending balance	$ (485,342)	$ (1,212,367)

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Amount after tax, before reclassification adjustments of other comprehensive income (loss).

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-Name Accounting Standards Codification
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-Topic 350
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Reference 57: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 65
-Paragraph 4
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

+ Details

Equity and Capital - Equity Distribution Agreement (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	2 Months Ended	12 Months Ended
	Feb. 29, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 23, 2024	Feb. 23, 2024	Aug. 04, 2023
Equity and Capital
Proceeds from issuance of common stock, net		$ 1,106,031	$ 3,650,771	$ 2,207,259
Teraco
Equity and Capital
Period for right to sell all or a portion of interest to company, beginning on February 1, 2026 (in years)		2 years
Right to purchase all or a portion of the Remaining Teraco Interest from the Rollover Shareholders beginning on February 1, 2028 (in years)		1 year
Net loss associated with properties acquired		$ 22,600	27,100
Contractual redemption value		91,900	91,900	$ 0
2023 Sales Agreement
Equity and Capital
Aggregate maximum offering price					$ 3,000,000	$ 2,000,000	$ 1,500,000
Net proceeds from sale of stock	$ 99,000		$ 1,900,000
Issuance of common stock, net of costs (shares)	0.6		11.4
Average price per share	$ 133.43		$ 166.85
Payment of stock issuance costs	$ 600		$ 17,400
Value of shares remain unsold at the time of termination						$ 258,300
Issuance of limited partner common units			11.4
2024 Sales Agreement
Equity and Capital
Proceeds from issuance of common stock, net		$ 1,100,000
Issuance of common stock, net of costs (shares)		6.4
Shares price		$ 173.09
Payment of stock issuance costs		$ 6,800
Amount of shares reserved for future issuance		$ 1,900,000
Issuance of limited partner common units		6.4

Schedule III Properties And Accumulated Depreciation (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) property	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Real Estate and Accumulated Depreciation [Line Items]
Total	$ 31,359,298	$ 27,558,994	$ 27,306,368	$ 26,136,057
Accumulated depreciation and amortization	$ (9,993,596)	$ (8,641,331)	$ (7,823,685)	$ (7,268,981)
Operating
Real Estate and Accumulated Depreciation [Line Items]
Number of Data Centers \| property	221
Encumbrances	$ 135,000
Land, Initial costs	878,194
Acquired ground lease, Initial costs	90
Buildings and improvements, Initial costs	10,004,761
Improvements, Costs capitalized subsequent to acquisition	20,548,230
Carry costs, Costs capitalized subsequent to acquisition	(71,977)
Land, Total costs	1,247,624
Acquired ground lease, Total costs	97
Buildings and improvements, Total costs	30,111,577
Total	31,359,298
Accumulated depreciation and amortization	$ (9,993,596)
North America
Real Estate and Accumulated Depreciation [Line Items]
Number of Data Centers \| property	91
Encumbrances	$ 135,000
Land, Initial costs	491,511
Buildings and improvements, Initial costs	3,779,900
Improvements, Costs capitalized subsequent to acquisition	10,640,155
Carry costs, Costs capitalized subsequent to acquisition	(65,936)
Land, Total costs	545,533
Buildings and improvements, Total costs	14,300,097
Total	14,845,630
Accumulated depreciation and amortization	$ (6,090,641)
Northern Virginia
Real Estate and Accumulated Depreciation [Line Items]
Number of Data Centers \| property	16
Land, Initial costs	$ 84,993
Buildings and improvements, Initial costs	184,798
Improvements, Costs capitalized subsequent to acquisition	3,858,471
Land, Total costs	163,908
Buildings and improvements, Total costs	3,964,354
Total	4,128,262
Accumulated depreciation and amortization	$ (1,268,529)
Dallas
Real Estate and Accumulated Depreciation [Line Items]
Number of Data Centers \| property	16
Land, Initial costs	$ 40,820
Buildings and improvements, Initial costs	225,938
Improvements, Costs capitalized subsequent to acquisition	1,022,550
Land, Total costs	46,532
Buildings and improvements, Total costs	1,242,776
Total	1,289,308
Accumulated depreciation and amortization	$ (657,066)
Chicago
Real Estate and Accumulated Depreciation [Line Items]
Number of Data Centers \| property	7
Land, Initial costs	$ 54,382
Buildings and improvements, Initial costs	408,801
Improvements, Costs capitalized subsequent to acquisition	1,076,166
Land, Total costs	54,343
Buildings and improvements, Total costs	1,485,006
Total	1,539,349
Accumulated depreciation and amortization	$ (716,447)
New York
Real Estate and Accumulated Depreciation [Line Items]
Number of Data Centers \| property	10
Land, Initial costs	$ 8,743
Buildings and improvements, Initial costs	354,361
Improvements, Costs capitalized subsequent to acquisition	900,223
Land, Total costs	8,754
Buildings and improvements, Total costs	1,254,573
Total	1,263,327
Accumulated depreciation and amortization	$ (740,867)
Silicon Valley
Real Estate and Accumulated Depreciation [Line Items]
Number of Data Centers \| property	11
Land, Initial costs	$ 120,030
Buildings and improvements, Initial costs	775,868
Improvements, Costs capitalized subsequent to acquisition	498,574
Land, Total costs	120,421
Buildings and improvements, Total costs	1,274,051
Total	1,394,472
Accumulated depreciation and amortization	$ (687,342)
Portland
Real Estate and Accumulated Depreciation [Line Items]
Number of Data Centers \| property	3
Land, Initial costs	$ 1,689
Buildings and improvements, Initial costs	3,131
Improvements, Costs capitalized subsequent to acquisition	1,218,712
Land, Total costs	16,699
Buildings and improvements, Total costs	1,206,833
Total	1,223,532
Accumulated depreciation and amortization	$ (246,633)
Phoenix
Real Estate and Accumulated Depreciation [Line Items]
Number of Data Centers \| property	2
Land, Initial costs	$ 11,859
Buildings and improvements, Initial costs	399,122
Improvements, Costs capitalized subsequent to acquisition	407,052
Land, Total costs	11,859
Buildings and improvements, Total costs	806,174
Total	818,033
Accumulated depreciation and amortization	$ (464,960)
San Francisco
Real Estate and Accumulated Depreciation [Line Items]
Number of Data Centers \| property	5
Land, Initial costs	$ 41,165
Buildings and improvements, Initial costs	358,066
Improvements, Costs capitalized subsequent to acquisition	346,737
Carry costs, Costs capitalized subsequent to acquisition	(65,936)
Land, Total costs	41,478
Buildings and improvements, Total costs	638,554
Total	680,032
Accumulated depreciation and amortization	$ (369,398)
Toronto
Real Estate and Accumulated Depreciation [Line Items]
Number of Data Centers \| property	2
Land, Initial costs	$ 26,600
Buildings and improvements, Initial costs	116,863
Improvements, Costs capitalized subsequent to acquisition	500,190
Land, Total costs	28,977
Buildings and improvements, Total costs	614,676
Total	643,653
Accumulated depreciation and amortization	$ (129,265)
Atlanta
Real Estate and Accumulated Depreciation [Line Items]
Number of Data Centers \| property	3
Land, Initial costs	$ 6,537
Buildings and improvements, Initial costs	264,948
Improvements, Costs capitalized subsequent to acquisition	107,610
Land, Total costs	1,715
Buildings and improvements, Total costs	377,380
Total	379,095
Accumulated depreciation and amortization	$ (154,601)
Boston
Real Estate and Accumulated Depreciation [Line Items]
Number of Data Centers \| property	2
Land, Initial costs	$ 7,851
Buildings and improvements, Initial costs	185,348
Improvements, Costs capitalized subsequent to acquisition	63,941
Land, Total costs	6,626
Buildings and improvements, Total costs	250,514
Total	257,140
Accumulated depreciation and amortization	$ (164,483)
Los Angeles
Real Estate and Accumulated Depreciation [Line Items]
Number of Data Centers \| property	2
Land, Initial costs	$ 29,531
Buildings and improvements, Initial costs	105,910
Improvements, Costs capitalized subsequent to acquisition	242,083
Land, Total costs	30,018
Buildings and improvements, Total costs	347,506
Total	377,524
Accumulated depreciation and amortization	$ (182,011)
Houston
Real Estate and Accumulated Depreciation [Line Items]
Number of Data Centers \| property	6
Land, Initial costs	$ 6,965
Buildings and improvements, Initial costs	23,492
Improvements, Costs capitalized subsequent to acquisition	163,853
Land, Total costs	6,965
Buildings and improvements, Total costs	187,345
Total	194,310
Accumulated depreciation and amortization	$ (131,335)
Austin
Real Estate and Accumulated Depreciation [Line Items]
Number of Data Centers \| property	1
Land, Initial costs	$ 1,177
Buildings and improvements, Initial costs	4,877
Improvements, Costs capitalized subsequent to acquisition	90,706
Land, Total costs	1,177
Buildings and improvements, Total costs	95,583
Total	96,760
Accumulated depreciation and amortization	$ (34,225)
Miami
Real Estate and Accumulated Depreciation [Line Items]
Number of Data Centers \| property	1
Land, Initial costs	$ 1,942
Buildings and improvements, Initial costs	26,026
Improvements, Costs capitalized subsequent to acquisition	54,300
Land, Total costs	1,943
Buildings and improvements, Total costs	80,325
Total	82,268
Accumulated depreciation and amortization	$ (47,110)
Seattle
Real Estate and Accumulated Depreciation [Line Items]
Number of Data Centers \| property	1
Encumbrances	$ 135,000
Land, Initial costs	43,110
Buildings and improvements, Initial costs	329,283
Improvements, Costs capitalized subsequent to acquisition	(302,298)
Buildings and improvements, Total costs	70,095
Total	$ 70,095
North America - Other
Real Estate and Accumulated Depreciation [Line Items]
Number of Data Centers \| property	3
Land, Initial costs	$ 4,117
Buildings and improvements, Initial costs	13,068
Improvements, Costs capitalized subsequent to acquisition	391,285
Land, Total costs	4,118
Buildings and improvements, Total costs	404,352
Total	408,470
Accumulated depreciation and amortization	$ (96,369)
EMEA
Real Estate and Accumulated Depreciation [Line Items]
Number of Data Centers \| property	119
Land, Initial costs	$ 363,931
Acquired ground lease, Initial costs	90
Buildings and improvements, Initial costs	6,083,448
Improvements, Costs capitalized subsequent to acquisition	8,539,817
Carry costs, Costs capitalized subsequent to acquisition	(6,041)
Land, Total costs	662,693
Acquired ground lease, Total costs	97
Buildings and improvements, Total costs	14,318,455
Total	14,981,245
Accumulated depreciation and amortization	$ (3,335,454)
London
Real Estate and Accumulated Depreciation [Line Items]
Number of Data Centers \| property	13
Land, Initial costs	$ 76,906
Buildings and improvements, Initial costs	1,273,661
Improvements, Costs capitalized subsequent to acquisition	619,103
Land, Total costs	38,155
Buildings and improvements, Total costs	1,931,515
Total	1,969,670
Accumulated depreciation and amortization	$ (666,351)
Frankfurt
Real Estate and Accumulated Depreciation [Line Items]
Number of Data Centers \| property	24
Land, Initial costs	$ 25,717
Buildings and improvements, Initial costs	876,342
Improvements, Costs capitalized subsequent to acquisition	1,600,121
Carry costs, Costs capitalized subsequent to acquisition	(6,041)
Land, Total costs	143,736
Buildings and improvements, Total costs	2,352,403
Total	2,496,139
Accumulated depreciation and amortization	$ (445,045)
Paris
Real Estate and Accumulated Depreciation [Line Items]
Number of Data Centers \| property	12
Land, Initial costs	$ 82,789
Buildings and improvements, Initial costs	355,386
Improvements, Costs capitalized subsequent to acquisition	1,699,030
Land, Total costs	143,486
Buildings and improvements, Total costs	1,993,719
Total	2,137,205
Accumulated depreciation and amortization	$ (280,159)
Johannesburg
Real Estate and Accumulated Depreciation [Line Items]
Number of Data Centers \| property	5
Land, Initial costs	$ 10,099
Buildings and improvements, Initial costs	1,008,751
Improvements, Costs capitalized subsequent to acquisition	641,116
Land, Total costs	10,072
Buildings and improvements, Total costs	1,649,894
Total	1,659,966
Accumulated depreciation and amortization	$ (343,023)
Amsterdam
Real Estate and Accumulated Depreciation [Line Items]
Number of Data Centers \| property	13
Land, Initial costs	$ 87,674
Buildings and improvements, Initial costs	975,654
Improvements, Costs capitalized subsequent to acquisition	510,850
Land, Total costs	97,345
Buildings and improvements, Total costs	1,476,833
Total	1,574,178
Accumulated depreciation and amortization	$ (416,863)
Marseille
Real Estate and Accumulated Depreciation [Line Items]
Number of Data Centers \| property	4
Land, Initial costs	$ 1,121
Buildings and improvements, Initial costs	220,737
Improvements, Costs capitalized subsequent to acquisition	526,163
Land, Total costs	1,150
Buildings and improvements, Total costs	746,872
Total	748,022
Accumulated depreciation and amortization	$ (155,983)
Zurich
Real Estate and Accumulated Depreciation [Line Items]
Number of Data Centers \| property	3
Land, Initial costs	$ 20,605
Buildings and improvements, Initial costs	48,325
Improvements, Costs capitalized subsequent to acquisition	794,925
Land, Total costs	58,872
Buildings and improvements, Total costs	804,983
Total	863,855
Accumulated depreciation and amortization	$ (119,715)
Cape Town
Real Estate and Accumulated Depreciation [Line Items]
Number of Data Centers \| property	2
Land, Initial costs	$ 5,100
Buildings and improvements, Initial costs	276,021
Improvements, Costs capitalized subsequent to acquisition	264,102
Land, Total costs	5,086
Buildings and improvements, Total costs	540,137
Total	545,223
Accumulated depreciation and amortization	$ (76,527)
Dublin
Real Estate and Accumulated Depreciation [Line Items]
Number of Data Centers \| property	9
Land, Initial costs	$ 11,722
Acquired ground lease, Initial costs	90
Buildings and improvements, Initial costs	89,597
Improvements, Costs capitalized subsequent to acquisition	458,882
Land, Total costs	8,290
Acquired ground lease, Total costs	97
Buildings and improvements, Total costs	551,904
Total	560,291
Accumulated depreciation and amortization	$ (194,104)
Vienna
Real Estate and Accumulated Depreciation [Line Items]
Number of Data Centers \| property	3
Land, Initial costs	$ 14,159
Buildings and improvements, Initial costs	364,949
Improvements, Costs capitalized subsequent to acquisition	64,077
Land, Total costs	14,331
Buildings and improvements, Total costs	428,854
Total	443,185
Accumulated depreciation and amortization	$ (127,486)
Brussels
Real Estate and Accumulated Depreciation [Line Items]
Number of Data Centers \| property	3
Land, Initial costs	$ 3,874
Buildings and improvements, Initial costs	118,034
Improvements, Costs capitalized subsequent to acquisition	210,338
Land, Total costs	12,235
Buildings and improvements, Total costs	320,011
Total	332,246
Accumulated depreciation and amortization	$ (61,454)
Madrid
Real Estate and Accumulated Depreciation [Line Items]
Number of Data Centers \| property	4
Land, Initial costs	$ 8,456
Buildings and improvements, Initial costs	134,817
Improvements, Costs capitalized subsequent to acquisition	166,985
Land, Total costs	20,758
Buildings and improvements, Total costs	289,500
Total	310,258
Accumulated depreciation and amortization	$ (56,768)
Copenhagen
Real Estate and Accumulated Depreciation [Line Items]
Number of Data Centers \| property	3
Land, Initial costs	$ 11,665
Buildings and improvements, Initial costs	107,529
Improvements, Costs capitalized subsequent to acquisition	86,288
Land, Total costs	4,868
Buildings and improvements, Total costs	200,614
Total	205,482
Accumulated depreciation and amortization	$ (48,859)
Stockholm
Real Estate and Accumulated Depreciation [Line Items]
Number of Data Centers \| property	6
Buildings and improvements, Initial costs	$ 93,861
Improvements, Costs capitalized subsequent to acquisition	96,604
Land, Total costs	151
Buildings and improvements, Total costs	190,314
Total	190,465
Accumulated depreciation and amortization	$ (55,521)
Dusseldorf
Real Estate and Accumulated Depreciation [Line Items]
Number of Data Centers \| property	3
Buildings and improvements, Initial costs	$ 30,093
Improvements, Costs capitalized subsequent to acquisition	145,351
Buildings and improvements, Total costs	175,444
Total	175,444
Accumulated depreciation and amortization	$ (36,661)
Durban
Real Estate and Accumulated Depreciation [Line Items]
Number of Data Centers \| property	1
Land, Initial costs	$ 900
Buildings and improvements, Initial costs	66,646
Improvements, Costs capitalized subsequent to acquisition	13,914
Land, Total costs	898
Buildings and improvements, Total costs	80,562
Total	81,460
Accumulated depreciation and amortization	$ (13,697)
Europe - Other
Real Estate and Accumulated Depreciation [Line Items]
Number of Data Centers \| property	7
Land, Initial costs	$ 3,144
Buildings and improvements, Initial costs	43,046
Improvements, Costs capitalized subsequent to acquisition	599,681
Land, Total costs	99,566
Buildings and improvements, Total costs	546,305
Total	645,871
Accumulated depreciation and amortization	$ (230,122)
Africa - Other
Real Estate and Accumulated Depreciation [Line Items]
Number of Data Centers \| property	4
Improvements, Costs capitalized subsequent to acquisition	$ 42,285
Land, Total costs	3,694
Buildings and improvements, Total costs	38,591
Total	42,285
Accumulated depreciation and amortization	$ (7,116)
Asia Pacific
Real Estate and Accumulated Depreciation [Line Items]
Number of Data Centers \| property	11
Land, Initial costs	$ 22,752
Buildings and improvements, Initial costs	141,413
Improvements, Costs capitalized subsequent to acquisition	1,368,258
Land, Total costs	39,398
Buildings and improvements, Total costs	1,493,025
Total	1,532,423
Accumulated depreciation and amortization	$ (567,501)
SINGAPORE
Real Estate and Accumulated Depreciation [Line Items]
Number of Data Centers \| property	3
Buildings and improvements, Initial costs	$ 137,545
Improvements, Costs capitalized subsequent to acquisition	788,100
Buildings and improvements, Total costs	925,645
Total	925,645
Accumulated depreciation and amortization	$ (401,591)
Sydney
Real Estate and Accumulated Depreciation [Line Items]
Number of Data Centers \| property	4
Land, Initial costs	$ 18,285
Buildings and improvements, Initial costs	3,868
Improvements, Costs capitalized subsequent to acquisition	191,047
Land, Total costs	20,728
Buildings and improvements, Total costs	192,472
Total	213,200
Accumulated depreciation and amortization	$ (63,429)
Seoul
Real Estate and Accumulated Depreciation [Line Items]
Number of Data Centers \| property	1
Improvements, Costs capitalized subsequent to acquisition	$ 119,910
Land, Total costs	15,746
Buildings and improvements, Total costs	104,164
Total	119,910
Accumulated depreciation and amortization	$ (16,976)
Melbourne
Real Estate and Accumulated Depreciation [Line Items]
Number of Data Centers \| property	2
Land, Initial costs	$ 4,467
Improvements, Costs capitalized subsequent to acquisition	104,425
Land, Total costs	2,924
Buildings and improvements, Total costs	105,968
Total	108,892
Accumulated depreciation and amortization	$ (58,348)
Hong Kong
Real Estate and Accumulated Depreciation [Line Items]
Number of Data Centers \| property	1
Improvements, Costs capitalized subsequent to acquisition	$ 158,394
Buildings and improvements, Total costs	158,394
Total	158,394
Accumulated depreciation and amortization	(23,620)
Asia Pacific - Other
Real Estate and Accumulated Depreciation [Line Items]
Improvements, Costs capitalized subsequent to acquisition	6,382
Buildings and improvements, Total costs	6,382
Total	6,382
Accumulated depreciation and amortization	$ (3,537)

Incentive Plans - Summary of Long-Term Incentive Units (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Units
Granted (shares)	165,000	155,000
Long-term incentive units
Units
Unvested beginning of period (shares)	263,130
Granted (shares)	164,541
Vested (shares)	(120,216)
Cancelled or expired (shares)	(3,628)
Unvested end of period (shares)	303,827	263,130
Weighted-Average Grant Date Fair Value
Unvested, beginning of period (in dollars per share)	$ 129.93
Granted (in dollars per share)	164.88
Vested (in dollars per share)	143.26
Cancelled or expired (in dollars per share)	155.19
Unvested, end of period (in dollars per share)	$ 148.28	$ 129.93
Weighted-Average Remaining Contractual Life (Years)	2 years 2 months 12 days
Aggregate Intrinsic Value, unvested	$ 47.0
Intrinsic value of units	$ 19.1	$ 15.6	$ 18.3
Long term incentive units outstanding and exercisable	1,200,000
Intrinsic value outstanding and exercisable	$ 189.1

Debt of the Operating Partnership

12 Months Ended

Dec. 31, 2025

Debt of the Operating Partnership

Debt of the Operating Partnership

10. Debt of the Operating Partnership


		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.


		December 31, 2025				December 31, 2024
		Amount				Amount
Denomination of Draw		Outstanding		% of Total		Outstanding		% of Total
U.S. dollar ($)		$	2,922,170	15.8	%	$	2,852,102	16.9	%
British pound sterling (£)			1,212,750	6.5	%		1,627,080	9.7	%
Euro (€)			12,199,575	65.7	%		10,327,404	61.3	%
Other			2,222,275	12.0	%		2,040,289	12.1	%
Total		$	18,556,770			$	16,846,875

The table below summarizes our debt maturities and principal payments as of December 31, 2025 (in thousands):


		Global Revolving			Unsecured			Unsecured			Secured and
		Credit Facilities ⁽¹⁾⁽²⁾			Term Loans⁽³⁾			Senior Notes			Other Debt			Total Debt
2026		$	—		$	440,475		$	346,918		$	117,290		$	904,683
2027			—			—			1,189,228			252,026			1,441,254
2028			—			—			2,137,300			421,924			2,559,224
2029			918,540			—			2,862,236			20,756			3,801,532
2030			—			—			1,622,075			64,532			1,686,607
Thereafter			—			—			8,163,470			—			8,163,470
Subtotal		$	918,540		$	440,475		$	16,321,227		$	876,528		$	18,556,770
Unamortized net discounts			—			—			(46,316)			(4,162)			(50,478)
Unamortized deferred financing costs			(19,450)			(939)			(80,470)			(3,298)			(104,157)
Total		$	899,090		$	439,536		$	16,194,441		$	869,068		$	18,402,135

(1)	Includes amounts outstanding for the Global Revolving Credit Facilities.

(2)	The Global Revolving Credit Facilities are subject to two six-month extension options exercisable by us; provided that the Operating Partnership must pay a 0.0625% extension fee based on each lender’s revolving commitments then outstanding (whether funded or unfunded).

(3)

On September 24, 2024, we refinanced our Global Revolving Credit Facilities. Below are key terms for our Global Revolving Credit Facility and Yen Revolving Credit Facility.

Global Revolving Credit Facility

We have a Global Revolving Credit Facility under which we may draw up to $4.2 billion equivalent on a revolving basis (subject to currency fluctuations). The Global Revolving Credit Facility can be drawn in Australian dollars, British pound sterling, Canadian dollars, Euros, Hong Kong dollars, Indonesian rupiah, Japanese yen, Korean won, Singapore dollars, Swiss francs and U.S. dollars (with the ability to add other currencies in the future). As of December 31, 2025, approximately $94.2 million of letters of credit were issued.

We have the ability to increase the size of the Global Revolving Credit Facility by up to $1.8 billion, subject to the receipt of lender commitments and the satisfaction of certain customary conditions precedent. Other key terms of the Global Revolving Credit Facility are as follows:

●

Maturity date: January 24, 2029, with two six-month extension options available. The bank group is obligated to grant the extension options provided we give proper notice, we make certain representations and warranties and no default exists under the Global Revolving Credit Facility.

●

Interest rate: the applicable index plus a margin which is based on the credit ratings of our long-term debt and is currently 77.5 basis points (subject to a sustainability-linked pricing component).

●

Annual facility fee: based on the total commitment amount of the facility and the credit ratings of our long-term debt is currently 15 basis points (subject to a sustainability-linked pricing component) and is payable quarterly.

●

Sustainability-linked pricing component: pricing can increase by up to 5 basis points or decrease by up to 5 basis points depending on whether or not the OP or its subsidiaries meet certain sustainability performance targets.

Yen Revolving Credit Facility

In addition to the Global Revolving Credit Facility, we have a revolving credit facility that provides for borrowings in Japanese Yen of up to ¥42.5 billion (approximately $271.3 million based on the exchange rate on December 31, 2025), hereafter referred to as the “Yen Revolving Credit Facility”). We have the ability from time to time to increase the size of the Yen Revolving Credit Facility to up to ¥102.5 billion, subject to receipt of lender commitments and other conditions precedent. Other key terms of the Yen Revolving Credit Facility are as follows:

●

Interest rate: the applicable index plus a margin which is based on the credit ratings of our long-term debt and is currently 45 basis points (subject to a sustainability-linked pricing component).

●

Quarterly unused commitment fee: currently is 10 basis points (subject to a sustainability-linked pricing component), calculated using the average daily unused revolving credit commitment and is based on the credit ratings of our long-term debt.

●

Restrictive Covenants in Global Revolving Credit Facility and Yen Revolving Credit Facility

The Global Revolving Credit Facility and the Yen Revolving Credit Facility both contain various restrictive covenants, including limitations on our ability to incur additional indebtedness, make certain investments, or merge with another company. In addition, we are required to maintain financial coverage ratios, including with respect to unencumbered assets. After the occurrence of and during the continuance of any event of default, these credit facilities restrict the Parent’s ability to make distributions to stockholders or redeem or otherwise repurchase shares of its capital stock, except in limited circumstances (such as those necessary to enable Digital Realty Trust, Inc. to maintain its qualification as a REIT and to minimize the payment of income or excise tax). As of December 31, 2025, we were in compliance with all of such covenants for both of these revolving credit facilities.

Unsecured Term Loans

Euro Term Loan Agreement

On August 11, 2022, the Company, the Operating Partnership, and certain of the Operating Partnership’s subsidiaries entered into a term loan agreement (the “Euro Term Loan Agreement”) which governs (i) a €375,000,000 three-year senior unsecured term loan facility (the “2025 Term Facility”), the entire amount of which was funded on such date, and (ii) a €375,000,000 five-year senior unsecured term loan facility (the “2025-27 Term Facility” and, together with the 2025 Term Facility, collectively, the “Euro Term Loan Facilities”), comprised of €125,000,000 of initial term loans, the entire amount of which was funded on such date, and €250,000,000 of delayed draw term loan commitments that were funded on September 9, 2023. The Euro Term Loan Facilities provide for borrowings in Euros. On September 13, 2024, we paid off the 2025 Term Facility on the Euro Term Loan Facilities, leaving the 2025-27 Term Facility outstanding. The paydown resulted in an early extinguishment charge of approximately $1.6 million during the year ended December 31, 2024. The 2025-27 Term Facility matures on August 11, 2026, 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 the 2025-27 Term Facility commitments then outstanding. Upon maturity, we intend to either exercise the one-year extension option or refinance the loan.

Unsecured Senior Notes

The following table provides details of our unsecured senior notes (balances in thousands):


	Aggregate Principal Amount at Issuance					Balance as of
	Borrowing Currency		USD		Maturity Date	December 31, 2025		December 31, 2024
4.250% notes due 2025⁽¹⁾	£	400,000	$	634,480	Jan 17, 2025	$	—		500,640
0.625% notes due 2025⁽²⁾	€	650,000	$	720,980	Jul 15, 2025		—		673,010
2.500% notes due 2026⁽³⁾	€	1,075,000	$	1,224,640	Jan 16, 2026		—		1,113,055
0.200% notes due 2026	CHF	275,000	$	298,404	Dec 15, 2026		346,918		302,987
1.700% notes due 2027	CHF	150,000	$	162,465	Mar 30, 2027		189,228		165,265
3.700% notes due 2027⁽⁴⁾	$	1,000,000	$	1,000,000	Aug 15, 2027		1,000,000		1,000,000
5.550% notes due 2028⁽⁴⁾	$	900,000	$	900,000	Jan 15, 2028		900,000		900,000
1.125% notes due 2028	€	500,000	$	548,550	Apr 09, 2028		587,300		517,700
4.450% notes due 2028	$	650,000	$	650,000	Jul 15, 2028		650,000		650,000
0.550% notes due 2029	CHF	270,000	$	292,478	Apr 16, 2029		340,611		297,478
3.600% notes due 2029	$	900,000	$	900,000	Jul 01, 2029		900,000		900,000
3.300% notes due 2029	£	350,000	$	454,895	Jul 19, 2029		471,625		438,060
1.875% Exchangeable Notes due 2029⁽⁴⁾	$	1,150,000	$	1,150,000	Nov 15, 2029		1,150,000		1,150,000
1.500% notes due 2030	€	750,000	$	831,900	Mar 15, 2030		880,950		776,550
3.750% notes due 2030	£	550,000	$	719,825	Oct 17, 2030		741,125		688,380
1.250% notes due 2031	€	500,000	$	560,950	Feb 01, 2031		587,300		517,700
0.625% notes due 2031	€	1,000,000	$	1,220,700	Jul 15, 2031		1,174,600		1,035,400
1.000% notes due 2032	€	750,000	$	874,500	Jan 15, 2032		880,950		776,550
1.375% notes due 2032	€	750,000	$	849,375	Jul 18, 2032		880,950		776,550
3.750% notes due 2033	€	600,000	$	691,680	Jan 15, 2033		704,760		—
3.875% notes due 2033	€	850,000	$	941,375	Sep 13, 2033		998,410		880,090
3.875% notes due 2034	€	850,000	$	991,015	Jul 15, 2034		998,410		—
3.875% notes due 2035	€	850,000	$	876,180	Mar 15, 2035		998,410		—
4.250% notes due 2037	€	800,000	$	922,240	Nov 20, 2037		939,680		—
						$	16,321,227	$	14,059,415
Unamortized discounts, net of premiums							(46,316)		(27,476)
Deferred financing costs, net							(80,470)		(69,087)
Total unsecured senior notes, net of discount and deferred financing costs						$	16,194,441	$	13,962,852

(1)	Paid at maturity on January 17, 2025.

(2)	Paid at maturity on July 15, 2025.

(3)	Redeemed prior to maturity on December 18, 2025.

(4)	Subject to cross-currency swaps.

Restrictive Covenants in Unsecured Senior Notes

The indentures governing our senior notes contain certain covenants, including (1) a leverage ratio not to exceed 60%, (2) a secured debt leverage ratio not to exceed 40% and (3) an interest coverage ratio of greater than 1.50. The covenants also require us to maintain total unencumbered assets of not less than 150% of the aggregate principal amount of unsecured debt. At December 31, 2025, we were in compliance with each of these financial covenants.

Issuance of Unsecured Senior Notes

On January 14, 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. Net proceeds from the offering were approximately €838 million (approximately $864 million based on the exchange rate on January 14, 2025) after deducting managers’ discounts and estimated offering expenses.

On June 25, 2025, Digital Dutch Finco B.V. issued and sold €850 million aggregate principal amount of 3.875% Guaranteed Notes due 2034. Net proceeds from the offering were approximately €836.6 million (approximately $975 million based on the exchange rate on June 25, 2025) after deducting managers’ discounts and estimated offering expenses.

On November 20, 2025, Digital Euro Finco, LLC, a wholly owned indirect finance subsidiary of the Operating Partnership, issued and sold €600 million aggregate principal amount of 3.750% Guaranteed Notes due 2033 and €800 million aggregate principal amount of 4.250% Guaranteed Notes due 2037. Net proceeds from the offering were approximately €1,384.7 million (approximately $1,596 million based on the exchange rate on November 20, 2025) after deducting managers’ discounts and estimated offering expenses.

On September 13, 2024, Digital Dutch Finco B.V. issued and sold €850 million aggregate principal amount of 3.875% Guaranteed Notes due 2033. Net proceeds from the offering were approximately €843 million (approximately $933 million based on the exchange rate on September 13, 2024) after deducting managers’ discounts and estimated offering expenses.

On November 12, 2024, Digital Realty Trust, L.P. issued $1.2 billion principal amount of its 1.875% Exchangeable Senior Notes due 2029 (the “Exchangeable Notes”). Net proceeds from the offering were approximately $1.13 billion after deducting managers’ discounts and offering expenses. The holders of the Exchangeable Notes will have the right to exchange their notes on or after August 15, 2029 and in certain other circumstances prior to this date. Upon exchange, the Company may choose to pay or deliver cash or a combination of cash and shares of the Company’s common stock. Pursuant to the terms of the Exchangeable Notes, the principal of the notes must always be cash settled, while the excess may be settled via cash, shares, or a combination at the Company’s election. The Exchangeable Notes will also be subject to redemption at the Company’s option, on or after November 22, 2027, through September 19, 2029, but only if the last reported sale price per share of the Company’s common stock exceeds 130% of the exchange price for a specified period of time and certain other conditions are satisfied. The initial exchange rate is 4.7998 shares of our common stock per $1,000 principal amount of the Exchangeable Notes, which represents an initial exchange price of approximately $208.34 per share of our common stock. The initial exchange price represents a premium of approximately 20.0% over the last reported sale price of $173.62 per share of our common stock on November 6, 2024. We account for our Exchangeable Notes in accordance with ASC 470-20, Debt with Conversion and Other Options (Subtopic 470-20) and ASC 815-40, Derivatives and Hedging - Contracts in Entity's Own Equity. The embedded exchange feature is eligible for an exception from derivative accounting because it is indexed to our own stock and meets the equity classification under ASC 815-40; therefore, the exchange feature is not bifurcated. At each reporting period, we calculate the effect of the Exchangeable Notes on our dilutive earnings per common share and per common unit using the if-converted method.

In connection with the offering of Exchangeable Notes, we entered into a registration rights agreement pursuant to which we agreed to register the resale of the shares of our common stock, if any, deliverable upon exchange of the Exchangeable Notes. If certain conditions relating to our obligations under the registration rights agreement are not satisfied, then we will pay additional interest on the Exchangeable Notes, in certain circumstances, at a rate per annum not exceeding 0.5%. In addition, if those conditions are not satisfied after the regular record date immediately preceding the maturity date of Exchangeable Notes, then we will pay an additional interest payment at maturity for an amount equal to 3% of principal of Exchangeable Notes. We account for such additional interest amounts as contingent obligations in accordance with ASC Subtopic 825-20: Financial Instrument - Registration Payment Arrangements, which are measured separately in accordance with ASC Subtopic 450-20: Loss Contingencies. Because payment of such additional interest amounts is not probable as of December 31, 2025, they have not been recognized or included in the allocation of the proceeds from Exchangeable Notes as of December 31, 2025.

Secured and Other Debt

This amount consists of a variety of loans at fixed and floating rates ranging from 3.29% to 14.50%. The largest component of the balance is Teraco debt facilities in the amount of $657.3 million, with an effective interest rate of 10.15%, along with a $135.0 million mortgage loan for the Company’s Westin building in Seattle – which bears interest at 3.29%. The loan bearing interest ranging from 11.65% to 14.50% is an unsecured loan with a balance of approximately $18.2 million.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Equity and Capital (Tables)

12 Months Ended

Dec. 31, 2025

Class of Stock

Schedule of stock by class

The Company has issued and outstanding the following series of cumulative redeemable preferred stock, which are governed by the articles supplementary for the applicable series of preferred stock as of December 31, 2025 and 2024 (in thousands, except for share cap and annual dividend rate).



								Total			Annual			Shares Outstanding as of				Balance (net of issuance costs)
		Date(s)		Initial Date to				Liquidation			Dividend			December 31,				as of December 31,
Preferred Stock ⁽¹⁾		Issued		Redeem ⁽²⁾		Share Cap ⁽³⁾		Value ⁽⁴⁾			Rate ⁽⁵⁾			2025		2024		2025			2024
5.250% Series J Cumulative Redeemable Preferred Stock		Aug 7, 2017		Aug 7, 2022		0.4252100		$	200,000			1.31250		8,000		8,000		$	193,540		$	193,540
5.850% Series K Cumulative Redeemable Preferred Stock		Mar 13, 2019		Mar 13, 2024		0.4361100			210,000			1.46250		8,400		8,400			203,264			203,264
5.200% Series L Cumulative Redeemable Preferred Stock		Oct 10, 2019		Oct 10, 2024		0.3851800			345,000			1.30000		13,800		13,800			334,886			334,886
								$	755,000					30,200		30,200		$	731,690		$	731,690

(1)

All series of preferred stock do not have a stated maturity date and are not subject to any sinking fund or mandatory redemption provisions. Upon liquidation, dissolution or winding up, each series of preferred stock will rank senior to Digital Realty Trust, Inc. common stock and on parity with the other series of preferred stock. Holders of each series of preferred stock generally have no voting rights except for limited voting rights if Digital Realty Trust, Inc. fails to pay dividends for six or more quarterly periods (whether or not consecutive) and in certain other circumstances.

(2)	Except in limited circumstances, reflects earliest date that Digital Realty Trust, Inc. may exercise its option to redeem the preferred stock, at a redemption price of $25.00 per share, plus accrued and unpaid dividends up to but excluding the date of redemption.

(3)

Upon the occurrence of specified changes of control, as a result of which neither Digital Realty Trust, Inc.’s common stock nor the common securities of the acquiring or surviving entity (or American Depositary Receipts representing such securities) is listed on the New York Stock Exchange, the NYSE MKT, LLC or the NASDAQ Stock Market or listed or quoted on a successor exchange or quotation system, each holder of preferred stock will have the right (unless, prior to the change of control conversion date specified in the applicable Articles Supplementary governing the preferred stock, Digital Realty Trust, Inc. has provided or provides notice of its election to redeem the preferred stock) to convert some or all of the preferred stock held by it into a number of shares of Digital Realty Trust, Inc.’s common stock per share of preferred stock to be converted equal to the lesser of (i) the quotient obtained by dividing (a) the sum of the $25.00 liquidation preference plus the amount of any accrued and unpaid dividends to, but not including, the change of control conversion date (unless the change of control conversion date is after a record date for a preferred stock dividend payment and prior to the corresponding dividend payment date, in which case no additional amount for such accrued and unpaid dividend will be included in this sum) by (b) the common stock price specified in the applicable Articles Supplementary governing the preferred stock; and (ii) the Share Cap, subject to certain adjustments; subject, in each case, to provisions for the receipt of alternative consideration as described in the applicable Articles Supplementary governing the preferred stock. Except in connection with specified change of control transactions, the preferred stock is not convertible into or exchangeable for any other property or securities of Digital Realty Trust, Inc.

(4)	Liquidation preference is $25.00 per share.

(5)	Dividends on preferred shares are cumulative and payable quarterly in arrears.

Ownership Interest In The Operating Partnership


		December 31, 2025				December 31, 2024
		Number of		Percentage of		Number of		Percentage of
(Units in thousands)		units		total		units		total
Digital Realty Trust, Inc.		343,557		98.2	%	336,637		98.2	%
Noncontrolling interests consist of:
Common units held by third parties		4,045		1.2	%	4,049		1.2	%
Incentive units held by employees and directors (see Note 15. ''Incentive Plans'')		2,144		0.6	%	2,086		0.6	%
		349,746		100.0	%	342,772		100.0	%

Summary of Activity for Noncontrolling Interests in the Operating Partnership


(Units in thousands)		Common Units		Incentive Units		Total
As of December 31, 2023		4,343		2,106		6,449
Conversion of incentive units held by employees and directors for shares of Digital Realty Trust, Inc. common stock ⁽¹⁾		(294)		(259)		(553)
Incentive units issued upon achievement of market performance condition		—		88		88
Grant of incentive units to employees and directors		—		155		155
Cancellation / forfeitures of incentive units held by employees and directors		—		(4)		(4)
As of December 31, 2024		4,049		2,086		6,135
Conversion of incentive units held by employees and directors for shares of Digital Realty Trust, Inc. common stock ⁽¹⁾		(4)		(171)		(175)
Incentive units issued upon achievement of market performance condition		—		68		68
Grant of incentive units to employees and directors		—		165		165
Cancellation / forfeitures of incentive units held by employees and directors		—		(4)		(4)
As of December 31, 2025		4,045		2,144		6,189

(1)	These redemptions and conversions were recorded as a reduction to noncontrolling interests in the Operating Partnership and an increase to common stock and additional paid in capital based on the book value per unit in the accompanying consolidated balance sheets of Digital Realty Trust, Inc.

Schedule of Dividends and Distributions

Dividends and Distributions

Digital Realty Trust, Inc. Dividends

We have declared and paid the following dividends on our common and preferred stock for the years ended December 31, 2025, 2024 and 2023 (in thousands, except per share data):


				Series J			Series K			Series L
				Preferred			Preferred			Preferred		Common
Date dividend declared		Dividend payment date		Stock			Stock			Stock		Stock⁽¹⁾

February 22, 2023		March 31, 2023		$	2,625		$	3,071		$	4,485	$	356,214
May 24, 2023		June 30, 2023			2,625			3,071			4,485		365,937
August 8, 2023		September 29, 2023			2,625			3,071			4,485		370,278
November 28, 2023		December 29, 2023 for Preferred Stock; January 19, 2024 for Common Stock			2,625			3,071			4,485		380,019
				$	10,500		$	12,284		$	17,940	$	1,472,448

February 28, 2024		March 28, 2024		$	2,625		$	3,071		$	4,485	$	382,208
May 8, 2024		June 28, 2024			2,625			3,071			4,485		397,429
August 7, 2024		September 30, 2024			2,625			3,071			4,485		400,659
November 4, 2024		December 31, 2024 for Preferred Stock; January 17, 2025 for Common Stock			2,625			3,071			4,485		410,831
				$	10,500		$	12,284		$	17,940	$	1,591,127

February 26, 2025		March 31, 2025		$	2,625		$	3,071		$	4,485	$	411,925
May 29, 2025		June 30, 2025			2,625			3,071			4,485		415,365
August 11, 2025		September 30, 2025			2,625			3,071			4,485		418,525
November 3, 2025		December 31, 2025 for Preferred Stock; January 16, 2026 for Common Stock			2,625			3,071			4,485		420,687
				$	10,500		$	12,284		$	17,940	$	1,666,502
Annual rate of dividend per share				$	1.31250		$	1.46250		$	1.30000	$	4.88000

(1)	$4.880 annual rate of dividend per share.

Digital Realty Trust, L.P.

Class of Stock

Schedule of Dividends and Distributions

Digital Realty Trust, L.P. Distributions

All distributions on the Operating Partnership’s units are at the discretion of Digital Realty Trust, Inc.’s Board of Directors. The table below shows the distributions declared and paid by the Operating Partnership on its common and preferred units for years ended December 31, 2025, 2024 and 2023, (in thousands, except for per unit data):


				Series J			Series K		Series L
				Preferred			Preferred		Preferred		Common
Date distribution declared		Distribution payment date		Units			Units		Units		Units⁽¹⁾

February 22, 2023		March 31, 2023		$	2,625		$	3,071	$	4,485	$	364,204
May 24, 2023		June 30, 2023			2,625			3,071		4,485		373,833
August 8, 2023		September 29, 2023			2,625			3,071		4,485		378,352
November 28, 2023		December 29, 2023 for Preferred Units; January 19, 2024 for Common Units			2,625			3,071		4,485		387,988
				$	10,500		$	12,284	$	17,940	$	1,504,377

February 28, 2024		March 28, 2024		$	2,625		$	3,071	$	4,485	$	390,356
May 8, 2024		June 28, 2024			2,625			3,071		4,485		405,421
August 7, 2024		September 30, 2024			2,625			3,071		4,485		408,577
November 4, 2024		December 31, 2024 for Preferred Units; January 17, 2025 for Common Units			2,625			3,071		4,485		418,665
				$	10,500		$	12,284	$	17,940	$	1,623,019

February 26, 2025		March 31, 2025		$	2,625		$	3,071	$	4,485	$	419,771
May 29, 2025		June 30, 2025			2,625			3,071		4,485		423,116
August 11, 2025		September 30, 2025			2,625			3,071		4,485		426,194
November 3, 2025		December 31, 2025 for Preferred Units; January 16, 2026 for Common Units			2,625			3,071		4,485		428,337
				$	10,500		$	12,284	$	17,940	$	1,697,418
Annual rate of distribution per unit				$	1.31250		$	1.46250	$	1.30000	$	4.88000

(1)	$4.880 annual rate of distribution per unit.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

+ References

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+ Details

Debt of the Operating Partnership - Schedule of Debt Maturities And Principal Payments (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) Option	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Nov. 12, 2024 USD ($)
Debt Instrument
Repayments on secured / unsecured debt	$ 2,514,388	$ 2,119,007	$ 111,979
Digital Realty Trust, L.P.
Debt Instrument
2026	904,683
2027	1,441,254
2028	2,559,224
2029	3,801,532
2030	1,686,607
Thereafter	8,163,470
Subtotal	18,556,770	16,846,875
Unamortized net discounts	(50,478)
Unamortized deferred financing costs	(104,157)
Total	18,402,135
Repayments on secured / unsecured debt	2,514,388	2,119,007	$ 111,979
Digital Realty Trust, L.P. \| Global Revolving Credit Facilities
Debt Instrument
2029	918,540
Subtotal	918,540	1,637,922
Unamortized deferred financing costs	(19,450)
Total	$ 899,090
Number of extension option \| Option	2
Percentage of extension fee	0.0625%
Digital Realty Trust, L.P. \| Unsecured Term Loans
Debt Instrument
2026	$ 440,475
Subtotal	440,475	388,275
Unamortized deferred financing costs	(939)
Total	439,536
Digital Realty Trust, L.P. \| Unsecured Senior Note
Debt Instrument
2026	346,918
2027	1,189,228
2028	2,137,300
2029	2,862,236
2030	1,622,075
Thereafter	8,163,470
Subtotal	16,321,227	14,059,415
Unamortized net discounts	(46,316)
Unamortized deferred financing costs	(80,470)	$ (69,087)
Total	16,194,441
Aggregate principal amount				$ 1,000
Digital Realty Trust, L.P. \| Secured and Other Debt
Debt Instrument
2026	117,290
2027	252,026
2028	421,924
2029	20,756
2030	64,532
Subtotal	876,528
Unamortized net discounts	(4,162)
Unamortized deferred financing costs	(3,298)
Total	$ 869,068
Digital Realty Trust, L.P. \| Euro term loan
Debt Instrument
Number of extension option \| Option	1
Maturity extension option term	1 year
Percentage of extension fee	0.125%
Aggregate principal amount	$ 375,000

Acquired Intangible Assets and Liabilities - Schedule of Estimated Annual Amortization of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Total	$ 1,807,372	$ 1,935,203
Customer relationship value
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2026	249,361
2027	252,941
2028	237,229
2029	213,109
2030	213,109
Thereafter	484,955
Total	$ 1,650,704	1,702,881
Remaining Contractual Life (in years)	10 years 10 months 24 days
Acquired in-place lease value
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2026	$ 54,809
2027	44,596
2028	23,636
2029	10,490
2030	534
Thereafter	97
Total	$ 134,162	180,685
Remaining Contractual Life (in years)	2 years 9 months 18 days
Other
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2026	$ 6,456
2027	6,456
2028	6,475
2029	6,529
2030	6,529
Thereafter	20,549
Total	$ 52,994
Remaining Contractual Life (in years)	9 years 4 months 24 days
Acquired above-market leases
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2026	$ 380
2027	380
2028	380
2029	348
2030	196
Total	$ 1,684	$ 3,608
Remaining Contractual Life (in years)	1 year 2 months 12 days
Acquired below-market leases
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2026	$ (5,454)
2027	(5,624)
2028	(5,544)
2029	(5,544)
2030	(5,544)
Thereafter	(4,462)
Total	$ (32,172)
Remaining Contractual Life (in years)	5 years 1 month 6 days

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Debt of the Operating Partnership - Unsecured Senior Notes (Details) - Digital Realty Trust, L.P. € in Thousands, £ in Thousands, SFr in Thousands, $ in Thousands	Dec. 31, 2025 EUR (€)	Dec. 31, 2025 GBP (£)	Dec. 31, 2025 CHF (SFr)	Dec. 31, 2025 USD ($)	Jan. 25, 2025 EUR (€)	Dec. 31, 2024 USD ($)	Nov. 30, 2024 USD ($)	Nov. 12, 2024 USD ($)
Debt of the Operating Partnership [Line Items]
Long-term debt, gross				$ 18,556,770		$ 16,846,875
Deferred financing costs, net				(104,157)
Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Aggregate principal amount								$ 1,000
Long-term debt, gross				16,321,227		14,059,415
Unamortized discounts, net of premiums				(46,316)		(27,476)
Deferred financing costs, net				(80,470)		(69,087)
Total unsecured senior notes, net of discount and deferred financing costs				$ 16,194,441		13,962,852
Mortgage loan for Westin building
Debt of the Operating Partnership [Line Items]
Stated interest rate	3.29%	3.29%	3.29%	3.29%
Long-term debt, gross				$ 135,000
4.250% notes due 2025 \| Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	4.25%	4.25%	4.25%	4.25%
Aggregate principal amount		£ 400,000		$ 634,480
Long-term debt, gross						500,640
0.625% notes due 2025 \| Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	0.625%	0.625%	0.625%	0.625%
Aggregate principal amount	€ 650,000			$ 720,980
Long-term debt, gross						673,010
2.500% notes due 2026 \| Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	2.50%	2.50%	2.50%	2.50%
Aggregate principal amount	€ 1,075,000			$ 1,224,640
Long-term debt, gross						1,113,055
0.200% notes due 2026 \| Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	0.20%	0.20%	0.20%	0.20%
Aggregate principal amount			SFr 275,000	$ 298,404
Long-term debt, gross				$ 346,918		302,987
1.700% notes due 2027 \| Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	1.70%	1.70%	1.70%	1.70%
Aggregate principal amount			SFr 150,000	$ 162,465
Long-term debt, gross				$ 189,228		165,265
3.700% notes due 2027 \| Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	3.70%	3.70%	3.70%	3.70%
Aggregate principal amount				$ 1,000,000
Long-term debt, gross				$ 1,000,000		1,000,000
5.550% notes due 2028 \| Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	5.55%	5.55%	5.55%	5.55%
Aggregate principal amount				$ 900,000
Long-term debt, gross				$ 900,000		900,000
1.125% notes due 2028 \| Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	1.125%	1.125%	1.125%	1.125%
Aggregate principal amount	€ 500,000			$ 548,550
Long-term debt, gross				$ 587,300		517,700
4.450% notes due 2028 \| Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	4.45%	4.45%	4.45%	4.45%
Aggregate principal amount				$ 650,000
Long-term debt, gross				$ 650,000		650,000
0.550% notes due 2029 \| Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	0.55%	0.55%	0.55%	0.55%
Aggregate principal amount			SFr 270,000	$ 292,478
Long-term debt, gross				$ 340,611		297,478
3.600% notes due 2029 \| Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	3.60%	3.60%	3.60%	3.60%
Aggregate principal amount				$ 900,000
Long-term debt, gross				$ 900,000		900,000
3.300% notes due 2029 \| Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	3.30%	3.30%	3.30%	3.30%
Aggregate principal amount		£ 350,000		$ 454,895
Long-term debt, gross				$ 471,625		438,060
1.875% notes due 2029 \| Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	1.875%	1.875%	1.875%	1.875%			1.875%	1.875%
Aggregate principal amount				$ 1,150,000			$ 1,200,000	$ 1,200,000
Long-term debt, gross				$ 1,150,000		1,150,000
1.500% notes due 2030 \| Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	1.50%	1.50%	1.50%	1.50%
Aggregate principal amount	€ 750,000			$ 831,900
Long-term debt, gross				$ 880,950		776,550
3.750% notes due 2030 \| Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	3.75%	3.75%	3.75%	3.75%
Aggregate principal amount		£ 550,000		$ 719,825
Long-term debt, gross				$ 741,125		688,380
3.750% notes due 2033 \| Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	3.75%	3.75%	3.75%	3.75%
Aggregate principal amount		£ 600,000		$ 691,680
Long-term debt, gross				$ 704,760
1.250% notes due 2031 \| Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	1.25%	1.25%	1.25%	1.25%
Aggregate principal amount	€ 500,000			$ 560,950
Long-term debt, gross				$ 587,300		517,700
0.625% notes due 2031 \| Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	0.625%	0.625%	0.625%	0.625%
Aggregate principal amount	€ 1,000,000			$ 1,220,700
Long-term debt, gross				$ 1,174,600		1,035,400
1.000% notes due 2032 \| Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	1.00%	1.00%	1.00%	1.00%
Aggregate principal amount	€ 750,000			$ 874,500
Long-term debt, gross				$ 880,950		776,550
1.375% notes due 2032 \| Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	1.375%	1.375%	1.375%	1.375%
Aggregate principal amount	€ 750,000			$ 849,375
Long-term debt, gross				$ 880,950		776,550
3.875% notes due 2033 \| Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	3.875%	3.875%	3.875%	3.875%
Aggregate principal amount		£ 850,000		$ 941,375	€ 850,000
Long-term debt, gross				$ 998,410		$ 880,090
3.875% notes due 2034 \| Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	3.875%	3.875%	3.875%	3.875%
Aggregate principal amount		£ 850,000		$ 991,015
Long-term debt, gross				$ 998,410
3.875% notes due 2035 \| Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	3.875%	3.875%	3.875%	3.875%
Aggregate principal amount		£ 850,000		$ 876,180
Long-term debt, gross				$ 998,410
4.250% notes due 2037 \| Unsecured senior notes
Debt of the Operating Partnership [Line Items]
Stated interest rate	4.25%	4.25%	4.25%	4.25%
Aggregate principal amount		£ 800,000		$ 922,240
Long-term debt, gross				$ 939,680

Investments in Unconsolidated Entities (Tables)

12 Months Ended

Dec. 31, 2025

Investments in Unconsolidated Entities.

Summary of Financial Information for Unconsolidated Entities

A summary of the Company’s investments in unconsolidated entities accounted for under the equity method of accounting is shown below (in thousands):


	Balance as of		Balance as of
		December 31, 2025		December 31, 2024
Americas⁽¹⁾	$	1,995,074	$	1,311,950
APAC⁽²⁾		707,368		615,687
EMEA⁽³⁾		269,344		252,791
Global⁽⁴⁾		456,117		459,372
Total	$	3,427,903	$	2,639,800

Includes the following unconsolidated entities along with our ownership percentage as of December 31, 2025:

(1)

(2)

Digital Connexion (33%), Digital Realty Bersama (50%), Lumen (50%), and MC Digital Realty (50%).

(3)

Blackstone (20%), Medallion (60%), and Mivne (50%).

(4)

Digital Core REIT (39%).

Summary of Financial Information of Investments in Unconsolidated Entities

The subsequent tables provide summarized financial information for all of our investments in unconsolidated entities accounted for using the equity method. Amounts are shown in thousands.


														Net			Net
		Total			Total									Operating			Income
December 31, 2025		Assets			Liabilities			Equity			Revenues			Income			(Loss)
Unconsolidated entities
Americas		$	10,782,799		$	4,886,672		$	5,896,128		$	1,065,673		$	607,184		$	(114,843)
APAC			2,615,038			1,127,446			1,487,592			340,147			181,802			61,164
EMEA			1,269,336			703,538			565,798			54,408			36,234			(6,938)
Global			2,074,290			1,182,273			892,017			189,166			103,019			(87,856)
Total Unconsolidated entities		$	16,741,463		$	7,899,929		$	8,841,534		$	1,649,394		$	928,239		$	(148,473)
Our investment in and share of equity in earnings of unconsolidated entities								$	3,427,903								$	(31,987)


														Net			Net
		Total			Total									Operating			Income
December 31, 2024		Assets			Liabilities			Equity			Revenues			Income			(Loss)
Unconsolidated entities
Americas		$	7,473,799		$	3,532,248		$	3,941,551		$	824,027		$	464,637		$	(336,627)
APAC			2,127,166			823,921			1,303,245			273,833			140,594			55,376
EMEA			1,009,055			740,433			268,622			11,976			5,108			(14,016)
Global			2,007,082			995,721			1,011,361			106,705			66,258			(17,785)
Total Unconsolidated entities		$	12,617,102		$	6,092,323		$	6,524,779		$	1,216,541		$	676,597		$	(313,052)
Our investment in and share of equity in loss of unconsolidated entities								$	2,639,800								$	(120,138)


														Net			Net
		Total			Total									Operating			Income
December 31, 2023		Assets			Liabilities			Equity			Revenues						(Loss)
Unconsolidated entities
Americas		$	6,627,520		$	3,105,127		$	3,522,393		$	590,264		$	326,042		$	(13,097)
APAC			2,097,115			880,972			1,216,143			257,905			121,053			42,244
EMEA			80,525			83,819			(3,294)			1,601			939			(8,225)
Global			1,542,331			591,470			950,861			112,931			73,390			(60,867)
Total Unconsolidated entities		$	10,347,491		$	4,661,388		$	5,686,103		$	962,701		$	521,424		$	(39,945)
Our investment in and share of equity in earnings of unconsolidated entities								$	2,295,889								$	(29,791)

CONSOLIDATED STATEMENTS OF CAPITAL - USD ($) $ in Thousands	12 Months Ended
CONSOLIDATED STATEMENTS OF CAPITAL - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance (units)	342,772,000
Redeemable noncontrolling interests associated with acquisition of Teraco			$ 4,345
Partial settlement of forward sale agreements, net of costs			2,207,259
Purchase of noncontrolling interests	$ (10,661)
Sale of noncontrolling interest in property to DCRU		$ 44,434
Contributions from (distributions to) noncontrolling interests in consolidated entities	3,572	(21,418)	(65,358)
Deconsolidation of noncontrolling interest in consolidated entities	(5,229)	(20,308)
Net income (loss)	1,335,148	615,096	967,930
Other comprehensive income (loss)	$ 730,781	$ (450,286)	(157,198)
Ending balance (units)	349,746,000	342,772,000
Digital Realty Trust, L.P.
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	$ 21,742,595	$ 19,601,507	18,107,465
Issuance of common units, net of costs	1,105,995	3,650,771	2,207,260
Units issued under equity plans, net of unit settlement to satisfy tax withholding upon vesting	(15,776)	2,757	(1,945)
Amortization of share-based compensation	102,310	81,803	88,518
Adjustment to redeemable partnership units	95,646	(98,601)	(5,354)
Distributions	(1,737,382)	(1,663,160)	(1,544,156)
Purchase of noncontrolling interests	(10,661)
Sale of noncontrolling interest in property to DCRU		44,434
Contributions from (distributions to) noncontrolling interests in consolidated entities	3,572	(21,418)	4,345
Deconsolidation of noncontrolling interest in consolidated entities	(5,229)	(20,308)	(65,358)
Net income (loss)	1,335,148	615,096	967,930
Other comprehensive income (loss)		(450,286)
Other comprehensive income (loss)	730,781		(157,198)
Ending balance	23,346,999	21,742,595	19,601,507
Redeemable Interests \| Digital Realty Trust, L.P.
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	1,433,185	1,394,814	1,514,679
Adjustment to redeemable partnership units	(95,646)	98,601	5,354
Distributions	(760)	(760)	(760)
Contributions from (distributions to) noncontrolling interests in consolidated entities	2		129
Net income (loss)	(21,983)	(26,769)	(17,618)
Other comprehensive income (loss)		(32,701)
Other comprehensive income (loss)	184,177		(106,970)
Ending balance	1,498,975	1,433,185	1,394,814
Accumulated Other Comprehensive Loss, Net \| Digital Realty Trust, L.P.
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	(1,212,367)	(772,668)	(613,423)
Other comprehensive income (loss)		(439,699)
Other comprehensive income (loss)	727,025		(159,245)
Ending balance	(485,342)	(1,212,367)	(772,668)
Noncontrolling Interests in Consolidated Joint Ventures \| Digital Realty Trust, L.P.
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	6,099	45,892	104,814
Purchase of noncontrolling interests	(1,468)
Sale of noncontrolling interest in property to DCRU		12,115
Contributions from (distributions to) noncontrolling interests in consolidated entities	3,553	(21,418)	4,345
Deconsolidation of noncontrolling interest in consolidated entities	(5,229)	(20,308)	(65,358)
Net income (loss)	(831)	196	(1,143)
Other comprehensive income (loss)		(10,378)
Other comprehensive income (loss)	3,756		3,234
Ending balance	5,880	6,099	45,892
General Partner \| Preferred Units \| Digital Realty Trust, L.P.
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	$ 731,690	$ 731,690	$ 731,690
Beginning balance (units)	30,200,000	30,200,000	30,200,000
Distributions	$ (40,724)	$ (40,724)	$ (40,724)
Net income (loss)	40,724	40,724	40,724
Ending balance	$ 731,690	$ 731,690	$ 731,690
Ending balance (units)	30,200,000	30,200,000	30,200,000
General Partner \| Common Units \| Digital Realty Trust, L.P.
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	$ 21,790,990	$ 19,137,237	$ 17,447,442
Beginning balance (units)	336,636,742	311,607,580	291,148,222
Conversion of limited partner common units to general partner common units	$ 14,609	$ 39,573	$ 8,234
Conversion of limited partner common units to general partner common units (units)	174,860	552,869	112,607
Vesting of restricted common units, net (units)	229,386	217,478	265,671
Issuance of common units, net of costs	$ 1,105,995	$ 3,650,771	$ 2,207,260
Issuance of common units, net of costs (in units)	6,394,820		19,957,541
Units issued under equity plans, net of unit settlement to satisfy tax withholding upon vesting	$ (15,776)	$ 2,757	$ (1,945)
Units issued under equity plans, net of unit settlement to satisfy tax withholding upon vesting (in units)	121,622	120,028	123,539
Amortization of share-based compensation	$ 102,310	$ 81,803	$ 88,518
Reclassification of vested share-based awards	(22,773)	$ (27,424)	(41,396)
Issuance of preferred units, net of offering costs (units)		24,138,787
Adjustment to redeemable partnership units	95,646	$ (98,601)	(5,354)
Distributions	(1,666,502)	(1,591,304)	(1,472,449)
Purchase of noncontrolling interests	(9,193)
Sale of noncontrolling interest in property to DCRU		32,319
Net income (loss)	1,267,865	561,766	908,114
Other comprehensive income (loss)		2,093
Other comprehensive income (loss)			(1,187)
Ending balance	$ 22,663,171	$ 21,790,990	$ 19,137,237
Ending balance (units)	343,557,430	336,636,742	311,607,580
Limited Partners \| Common Units \| Digital Realty Trust, L.P.
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance	$ 426,183	$ 459,356	$ 436,942
Beginning balance (units)	6,134,812	6,448,987	6,288,669
Conversion of limited partner common units to general partner common units	$ (14,609)	$ (39,573)	$ (8,234)
Conversion of limited partner common units to general partner common units (units)	(174,860)	(552,869)	(112,607)
Issuance of limited partner common units, net (in units)	228,909		272,925
Reclassification of vested share-based awards	$ 22,773	$ 27,424	$ 41,396
Issuance of preferred units, net of offering costs (units)		238,694
Distributions	(30,156)	$ (31,132)	(30,983)
Contributions from (distributions to) noncontrolling interests in consolidated entities	19
Net income (loss)	27,390	12,410	20,235
Other comprehensive income (loss)		(2,302)
Ending balance	$ 431,600	$ 426,183	$ 459,356
Ending balance (units)	6,188,861	6,134,812	6,448,987

General

12 Months Ended

Dec. 31, 2025

General

General

1. General

Equity and Capital - Noncontrolling Interests in Operating Partnership (Details) - USD ($) shares in Thousands, $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Equity and Capital
Number of units (units)	349,746	342,772
Percentage of total	100.00%	100.00%
Common stock conversion ratio	1
Digital Realty Trust, L.P.
Equity and Capital
Redeemable noncontrolling interests - operating partnership	$ 952.5	$ 1,090.4
Digital Realty Trust, Inc.
Equity and Capital
Number of units (units)	343,557	336,637
Percentage of total	98.20%	98.20%
Common units held by third parties
Equity and Capital
Common units held by third parties (units)	4,045	4,049
Percentage of total	1.20%	1.20%
Incentive units held by employees and directors (see Note 15. ''Incentive Plans'')
Equity and Capital
Incentive units held by employees and directors (units)	2,144	2,086
Percentage of total	0.60%	0.60%

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Preferred stock, par value (in dollars per share/unit)	$ 0.01	$ 0.01
Preferred stock, authorized (shares)	110,000,000	110,000,000
Liquidation preference	$ 755,000	$ 755,000
Preferred stock, liquidation preference per share (in dollars per share)	$ 25	$ 25
Preferred stock, issued (shares)	30,200,000	30,200,000
Preferred stock, outstanding (shares)	30,200,000	30,200,000
Common stock, par value (in dollars per share/unit)	$ 0.01	$ 0.01
Common stock, authorized (shares)	502,000,000	502,000,000
Common stock, shares, issued (shares)	343,557,000	336,337,000
Common stock, shares, outstanding (shares)	343,557,000	336,637
Limited Partners' units, issued (units)	6,189,000	6,135,000
Limited Partners' units outstanding (units)	6,189,000	6,135,000
Digital Realty Trust, L.P.
Liquidation preference	$ 755,000	$ 755,000
Preferred stock, liquidation preference per share (in dollars per share)	$ 25	$ 25
Preferred units, issued (units)	30,200,000	30,200,000
Preferred units, outstanding (units)	30,200,000	30,200,000
Common units, issued (units)	343,557,000	336,637,000
Common units, outstanding (units)	336,637,000	336,637,000

Equity and Capital - Summary of Activity For Noncontrolling Interests in The Operating Partnership (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Common And Incentive Unit Activity [Roll Forward]
Beginning balance (units)	6,135	6,449
Conversion of incentive units held by employees and directors for shares of Digital Realty Trust, Inc. common stock (units)	(175)	(553)
Incentive units issued upon achievement of market performance condition (units)	68	88
Grant of incentive units to employees and directors (units)	165	155
Cancellation / forfeitures of incentive units held by employees and directors (units)	(4)	(4)
Ending balance (units)	6,189	6,135
Common Units
Common And Incentive Unit Activity [Roll Forward]
Beginning balance (units)	4,049	4,343
Conversion of incentive units held by employees and directors for shares of Digital Realty Trust, Inc. common stock (units)	(4)	(294)
Ending balance (units)	4,045	4,049
Incentive Units
Common And Incentive Unit Activity [Roll Forward]
Beginning balance (units)	2,086	2,106
Conversion of incentive units held by employees and directors for shares of Digital Realty Trust, Inc. common stock (units)	(171)	(259)
Incentive units issued upon achievement of market performance condition (units)	68	88
Grant of incentive units to employees and directors (units)	165	155
Cancellation / forfeitures of incentive units held by employees and directors (units)	(4)	(4)
Ending balance (units)	2,144	2,086

Receivables - Accounts and Other Receivables, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Receivables
Accounts receivable - trade	$ 815,146	$ 629,250
Allowance for doubtful accounts	(86,351)	(59,224)
Accounts receivable - trade, net	728,795	570,026
Accounts receivable - customer recoveries	213,023	178,827
Value-added tax receivables	109,816	160,369
Accounts receivable - installation fees	119,295	157,409
Other receivables	187,966	190,833
Accounts and other receivables, net	$ 1,358,895	$ 1,257,464

Derivative Instruments - Cash Flow Hedges (Details) - Designated as Hedging Instrument $ in Thousands, € in Millions	12 Months Ended
	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2025 EUR (€)	Dec. 31, 2025 USD ($)
Cash Flow Hedging
Derivative Instruments
Gain (loss) to be reclassified within twelve months	$ 200
Interest rate swaps
Derivative Instruments
Notional Amount		$ 2,300,000			$ 2,300,000
Interest rate swaps \| Cash Flow Hedging
Derivative Instruments
Unrealized gain (loss)	(3,805)	(5,439)	$ (7,221)
Realized gain(loss)	$ (893)	$ 15,027	$ 10,953
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest Expense, Operating and Nonoperating	Interest Expense, Operating and Nonoperating	Interest Expense, Operating and Nonoperating
Euro term loan \| Cash Flow Hedging
Derivative Instruments
Percentage of loan held for derivative				100.00%	100.00%
Notional Amount \| €				€ 375

Equity and Capital

12 Months Ended

Dec. 31, 2025

Equity and Capital

Equity and Capital

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 February 23, 2024, Digital Realty Trust, Inc. generated net proceeds of approximately $99 million from the issuance of approximately 0.6 million common shares under the 2023 Sales Agreement at an average price of $133.43 per share after payment of approximately $0.6 million of commissions to the agents. The proceeds from the issuances under the 2023 Sales Agreement for the year ended December 31, 2024, were contributed to our Operating Partnership in exchange for the issuance of approximately 0.6 million common units to our Parent Company. The 2023 Sales Agreement was amended on February 23, 2024 (the “Sales Agreement Amendment”). At the time of the amendment, $258.3 million remained unsold under the 2023 Sales Agreement. Following the Sales Agreement Amendment, Digital Realty Trust, Inc. could issue and sell common stock having an aggregate offering price of up to $2.0 billion through various named agents from time to time pursuant to the 2023 Sales Agreement. 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. The proceeds from the issuances under the 2023 Sales Agreement for the year ended December 31, 2024, were contributed to our Operating Partnership in exchange for the issuance of approximately 11.4 million common units to our Parent Company.

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. Our Parent has used and intends to use the net proceeds from the program to temporarily repay borrowings under our Operating Partnership’s Global Revolving Credit Facilities, to acquire additional properties or businesses, to fund development opportunities and for working capital and other general corporate purposes, including potentially for the repayment of other debt or the repurchase, redemption or retirement of outstanding debt securities.

Redeemable Noncontrolling Interest

Redeemable Noncontrolling Interest (“Redeemable NCI”) — As part of the Teraco Acquisition, the Company and certain of its subsidiaries entered into a put/call agreement with the owners of the interest in Teraco that was not acquired by the Company (the “Put/Call Agreement”). The interest retained by these owners is hereafter referred to as the “Remaining Teraco Interest” and the owners of such interest are hereafter referred to as the “Rollover Shareholders”. Pursuant to the Put/Call Agreement, the Rollover Shareholders have the right to sell all or a portion of the Remaining Teraco Interest to the Company for a two-year period beginning on February 1, 2026, and the Company has the right to purchase all or a portion of the Remaining Teraco Interest from the Rollover Shareholders for a one-year period beginning on February 1, 2028. Per the terms of the agreement, the purchase price of the Remaining Teraco Interest for the put right and the call right can be settled by the Company with cash, shares in the Company, or a combination of cash and shares. In the event the Company elects to settle a put or call in whole or in part with shares of Digital Realty Trust, Inc.’s common stock, such shares will be issued in a private placement transaction with customary accompanying registration rights.

Since the Rollover Shareholders can redeem the put right at their discretion and such redemption, which could be in cash, is outside the Company’s control, the Company recorded the noncontrolling interest as Redeemable NCI and classified it in temporary equity within its consolidated balance sheets. The Redeemable NCI was initially recorded at its acquisition-date fair value and will be adjusted each reporting period for income (or loss) attributable to the noncontrolling interest ($22.6 million and $27.1 million net loss for the years ended December 31, 2025 and 2024, respectively). If the contractual redemption value of the Redeemable NCI is greater than its carrying value, an adjustment is made to reflect Redeemable NCI at the higher of its contractual redemption value or its carrying value each reporting period. Changes to the redemption value are recognized immediately in the period the change occurs. If the redemption value of the Redeemable NCI is equal to or less than the fair market value of the Remaining Teraco Interest, the change in the redemption value will be adjusted through Additional Paid in Capital. If the redemption value is greater than the fair market value of the Remaining Teraco Interest, the change in redemption value will be adjusted through Retained Earnings. These adjustments are not reflected on the Company’s income statement, but are instead reflected as adjustments to the net income component of the Company’s earnings per share calculations. When calculating earnings per share attributable to Digital Realty Trust, Inc., the Company adjusts net income attributable to Digital Realty Trust, Inc. to the extent the redemption value exceeds the fair value of the Redeemable NCI on a cumulative basis.

For the year ended December 31, 2024, we made an adjustment of approximately $91.9 million to Redeemable NCI as the contractual redemption value of the Redeemable NCI was greater than its carrying value. For the year ended December 31, 2025, we reversed the previous year's adjustment of $91.9 million as the carrying value was greater than the contractual redemption value. The change in the redemption value was adjusted through Additional Paid in Capital. For the year ended December 31, 2023, no such adjustment was required.

Redeemable Preferred Stock



								Total			Annual			Shares Outstanding as of				Balance (net of issuance costs)
		Date(s)		Initial Date to				Liquidation			Dividend			December 31,				as of December 31,
Preferred Stock ⁽¹⁾		Issued		Redeem ⁽²⁾		Share Cap ⁽³⁾		Value ⁽⁴⁾			Rate ⁽⁵⁾			2025		2024		2025			2024
5.250% Series J Cumulative Redeemable Preferred Stock		Aug 7, 2017		Aug 7, 2022		0.4252100		$	200,000			1.31250		8,000		8,000		$	193,540		$	193,540
5.850% Series K Cumulative Redeemable Preferred Stock		Mar 13, 2019		Mar 13, 2024		0.4361100			210,000			1.46250		8,400		8,400			203,264			203,264
5.200% Series L Cumulative Redeemable Preferred Stock		Oct 10, 2019		Oct 10, 2024		0.3851800			345,000			1.30000		13,800		13,800			334,886			334,886
								$	755,000					30,200		30,200		$	731,690		$	731,690

(1)

(2)	Except in limited circumstances, reflects earliest date that Digital Realty Trust, Inc. may exercise its option to redeem the preferred stock, at a redemption price of $25.00 per share, plus accrued and unpaid dividends up to but excluding the date of redemption.

(3)

(4)	Liquidation preference is $25.00 per share.

(5)	Dividends on preferred shares are cumulative and payable quarterly in arrears.

Noncontrolling Interests in Operating Partnership

Noncontrolling interests in the Operating Partnership relate to the proportion of entities consolidated by the Company that are owned by third parties. The following table shows the ownership interest in the Operating Partnership as of December 31, 2025 and 2024:


		December 31, 2025				December 31, 2024
		Number of		Percentage of		Number of		Percentage of
(Units in thousands)		units		total		units		total
Digital Realty Trust, Inc.		343,557		98.2	%	336,637		98.2	%
Noncontrolling interests consist of:
Common units held by third parties		4,045		1.2	%	4,049		1.2	%
Incentive units held by employees and directors (see Note 15. ''Incentive Plans'')		2,144		0.6	%	2,086		0.6	%
		349,746		100.0	%	342,772		100.0	%

Limited partners have the right to require the Operating Partnership to redeem all or a portion 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. Alternatively, Digital Realty Trust, Inc. may elect to acquire those common units in exchange for shares of its common stock on a one-for-one basis, subject to adjustment in the event of stock splits, stock dividends, issuance of stock rights, specified extraordinary distributions and similar events. The 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 sheets.

The redemption value of the noncontrolling Operating Partnership common units and the vested incentive units was approximately $952.5 million and $1,090.4 million based on the closing market price of Digital Realty Trust, Inc. common stock on December 31, 2025 and December 31, 2024, respectively.

The following table shows activity for the noncontrolling interests in the Operating Partnership for the years ended December 31, 2025 and 2024:


(Units in thousands)		Common Units		Incentive Units		Total
As of December 31, 2023		4,343		2,106		6,449
Conversion of incentive units held by employees and directors for shares of Digital Realty Trust, Inc. common stock ⁽¹⁾		(294)		(259)		(553)
Incentive units issued upon achievement of market performance condition		—		88		88
Grant of incentive units to employees and directors		—		155		155
Cancellation / forfeitures of incentive units held by employees and directors		—		(4)		(4)
As of December 31, 2024		4,049		2,086		6,135
Conversion of incentive units held by employees and directors for shares of Digital Realty Trust, Inc. common stock ⁽¹⁾		(4)		(171)		(175)
Incentive units issued upon achievement of market performance condition		—		68		68
Grant of incentive units to employees and directors		—		165		165
Cancellation / forfeitures of incentive units held by employees and directors		—		(4)		(4)
As of December 31, 2025		4,045		2,144		6,189

(1)	These redemptions and conversions were recorded as a reduction to noncontrolling interests in the Operating Partnership and an increase to common stock and additional paid in capital based on the book value per unit in the accompanying consolidated balance sheets of Digital Realty Trust, Inc.

Dividends and Distributions

Digital Realty Trust, Inc. Dividends

We have declared and paid the following dividends on our common and preferred stock for the years ended December 31, 2025, 2024 and 2023 (in thousands, except per share data):


				Series J			Series K			Series L
				Preferred			Preferred			Preferred		Common
Date dividend declared		Dividend payment date		Stock			Stock			Stock		Stock⁽¹⁾

February 22, 2023		March 31, 2023		$	2,625		$	3,071		$	4,485	$	356,214
May 24, 2023		June 30, 2023			2,625			3,071			4,485		365,937
August 8, 2023		September 29, 2023			2,625			3,071			4,485		370,278
November 28, 2023		December 29, 2023 for Preferred Stock; January 19, 2024 for Common Stock			2,625			3,071			4,485		380,019
				$	10,500		$	12,284		$	17,940	$	1,472,448

February 28, 2024		March 28, 2024		$	2,625		$	3,071		$	4,485	$	382,208
May 8, 2024		June 28, 2024			2,625			3,071			4,485		397,429
August 7, 2024		September 30, 2024			2,625			3,071			4,485		400,659
November 4, 2024		December 31, 2024 for Preferred Stock; January 17, 2025 for Common Stock			2,625			3,071			4,485		410,831
				$	10,500		$	12,284		$	17,940	$	1,591,127

February 26, 2025		March 31, 2025		$	2,625		$	3,071		$	4,485	$	411,925
May 29, 2025		June 30, 2025			2,625			3,071			4,485		415,365
August 11, 2025		September 30, 2025			2,625			3,071			4,485		418,525
November 3, 2025		December 31, 2025 for Preferred Stock; January 16, 2026 for Common Stock			2,625			3,071			4,485		420,687
				$	10,500		$	12,284		$	17,940	$	1,666,502
Annual rate of dividend per share				$	1.31250		$	1.46250		$	1.30000	$	4.88000

(1)	$4.880 annual rate of dividend per share.

Digital Realty Trust, L.P. Distributions


				Series J			Series K		Series L
				Preferred			Preferred		Preferred		Common
Date distribution declared		Distribution payment date		Units			Units		Units		Units⁽¹⁾

February 22, 2023		March 31, 2023		$	2,625		$	3,071	$	4,485	$	364,204
May 24, 2023		June 30, 2023			2,625			3,071		4,485		373,833
August 8, 2023		September 29, 2023			2,625			3,071		4,485		378,352
November 28, 2023		December 29, 2023 for Preferred Units; January 19, 2024 for Common Units			2,625			3,071		4,485		387,988
				$	10,500		$	12,284	$	17,940	$	1,504,377

February 28, 2024		March 28, 2024		$	2,625		$	3,071	$	4,485	$	390,356
May 8, 2024		June 28, 2024			2,625			3,071		4,485		405,421
August 7, 2024		September 30, 2024			2,625			3,071		4,485		408,577
November 4, 2024		December 31, 2024 for Preferred Units; January 17, 2025 for Common Units			2,625			3,071		4,485		418,665
				$	10,500		$	12,284	$	17,940	$	1,623,019

February 26, 2025		March 31, 2025		$	2,625		$	3,071	$	4,485	$	419,771
May 29, 2025		June 30, 2025			2,625			3,071		4,485		423,116
August 11, 2025		September 30, 2025			2,625			3,071		4,485		426,194
November 3, 2025		December 31, 2025 for Preferred Units; January 16, 2026 for Common Units			2,625			3,071		4,485		428,337
				$	10,500		$	12,284	$	17,940	$	1,697,418
Annual rate of distribution per unit				$	1.31250		$	1.46250	$	1.30000	$	4.88000

(1)	$4.880 annual rate of distribution per unit.

For U.S. federal income tax purposes, distributions out of Digital Realty Trust, Inc.’s current or accumulated earnings and profits are generally classified as dividends, whereas distributions in excess of its current and accumulated earnings and profits are generally classified as a return of capital to the extent of a stockholder’s tax basis in Digital Realty Trust, Inc.’s stock. Distributions in excess of a stockholder’s tax basis in Digital Realty Trust, Inc.’s stock are generally characterized as capital gain. Cash provided by operating activities has generally been sufficient to fund all distributions. However, in the future we may also need to utilize borrowings under the Global Revolving Credit Facility to fund all or a portion of distributions.

- Definition

The entire disclosure for equity.

+ References

+ Details

Incentive Plans (Tables)

12 Months Ended

Dec. 31, 2025

Incentive Plans

Market Performance Based Awards


		Market
		Performance
	RMS Relative	Vesting
Level	Market Performance	Percentage
Below Threshold Level	≤ -500 basis points	0	%
Threshold Level	-500 basis points	25	%
Target Level	0 basis points	50	%
High Level	≥ 500 basis points	100	%

Schedule of Valuation Assumptions


		Expected Stock Price		Risk-Free Interest
Award Date		Volatility		rate
January 1, 2023		32	%	4.18	%
January 1, 2024		29	%	3.97	%
January 1, 2025		31	%	4.23	%

Schedule of compensation expense and unearned compensation

Below is a summary of compensation expense and unearned compensation (in millions):


																										Expected
																										period to
		Deferred Compensation																		Unearned Compensation						recognize
		Expensed									Capitalized									As of			As of			unearned

		Year Ended December 31,																		December 31,			December 31,			compensation
Type of incentive award		2025			2024			2023			2025			2024			2023			2025			2024			(in years)
Long-term incentive units		$	20.0		$	15.5		$	14.5		$	0.2		$	0.1		$	0.2		$	29.0		$	22.1		2.2
Performance-based awards			8.0			12.8			12.9			0.5			0.2			0.2			30.3			24.1		2.2
Service-based restricted stock units			40.2			33.5			27.1			7.9			5.9			7.6			80.7			70.3		2.5

Schedule of weighted average fair value


		Weighted Average Fair Value at Date of Grant
Type of incentive award		2025			2024			2023
Long-term incentive units		$	164.88		$	137.44		$	104.82
Performance-based awards			176.79			134.58			97.06
Restricted stock			159.24			143.98			122.25

Summary of Long-Term Incentive Unit Activity


				Weighted-Average		Weighted-Average		Aggregate
				Grant Date Fair		Remaining Contractual		Intrinsic Value ⁽¹⁾
Unvested LTIP Units		Units		Value		Life (Years)		(in millions)
Unvested, beginning of period		263,130		$	129.93
Granted		164,541			164.88
Vested		(120,216)			143.26
Cancelled or expired		(3,628)			155.19
Unvested, end of period		303,827		$	148.28		2.2	$	47.0

(1)	The intrinsic value is calculated based on the market value of our common stock as of December 31, 2025.

Summary of Restricted Stock Activity


				Weighted-Average		Weighted-Average			Aggregate
				Grant Date Fair		Remaining Contractual			Intrinsic Value ⁽¹⁾
Unvested Restricted Stock Units		Shares		Value		Life (Years)			(in millions)
Unvested, beginning of period		591,797		$	145.15
Granted		427,309			159.24
Vested		(341,504)			133.77
Cancelled or expired		(62,945)			136.31
Unvested, end of period		614,657		$	145.77		2.5	$		95.1

(1)	The intrinsic value is calculated based on the market value of our common stock as of December 31, 2025.

Acquisitions and Dispositions of Properties - Dispositions and Contributions (Details) $ in Thousands									1 Months Ended		3 Months Ended	12 Months Ended
	Apr. 03, 2025 USD ($) Center	Jan. 31, 2025 USD ($)	Apr. 16, 2024 USD ($)	Apr. 03, 2024	Mar. 01, 2024 USD ($) Center	Jan. 12, 2024 USD ($)	Jan. 11, 2024 Center item	Jul. 13, 2023 USD ($) property	May 31, 2025 USD ($)	Jan. 31, 2024 USD ($) Center	Dec. 31, 2025 USD ($) Center	Dec. 31, 2025 USD ($) Center property site project	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Schedule of Equity Method Investments [Line Items]
Investment in the assets and Fund											$ 29,861,520	$ 29,861,520	$ 26,760,582
Assets held for sale and contribution											349,826	349,826
Obligations associated with assets held for sale and contribution											182	182
Planned campuses to support the construction of data centers \| item							10
Number of data centers \| Center										2
Equity in loss of unconsolidated entities												(31,987)	(120,138)	$ (29,791)
Joint Venture with Blackstone Inc
Schedule of Equity Method Investments [Line Items]
Gross proceeds	$ 77,000
Number of hyperscale data center campuses develop through joint venture \| Center	4
Gain (loss) on disposition	$ 58,000
Percentage of Interest Acquired in Joint Venture				50.00%
Non Core Data Center In Dallas
Schedule of Equity Method Investments [Line Items]
Gross proceeds												124,000
Gain (loss) on disposition												33,000
Non Core Assets In Texas
Schedule of Equity Method Investments [Line Items]
Assets held for sale and contribution											13,400	13,400
Obligations associated with assets held for sale and contribution											$ 200	$ 200
Joint Venture With Mitsubishi Joint Venture
Schedule of Equity Method Investments [Line Items]
Ownership percentage in joint ventures											20.00%	20.00%
Gain on disposal		$ 5,100
Joint Venture with GI Partners
Schedule of Equity Method Investments [Line Items]
Ownership percentage in joint ventures			25.00%
Digital Realty Trust, L.P.
Schedule of Equity Method Investments [Line Items]
Investment in the assets and Fund											$ 29,861,520	$ 29,861,520	26,760,582
Assets held for sale and contribution											349,826	349,826
Obligations associated with assets held for sale and contribution											182	182
Equity in loss of unconsolidated entities												(31,987)	(120,138)	$ (29,791)
Digital Realty Trust, L.P. \| Digital Realty DC Partners NA Fund
Schedule of Equity Method Investments [Line Items]
Equity Commitments Raised											$ 3,000,000	$ 3,000,000
Percentage Of Ownership Interest In Individual Asset											20.00%	20.00%
Number of data centers included in portfolio \| Center												5
Number of land sites included in portfolio \| site												3
Net proceeds											$ 427,000	$ 427,000
Investment in the assets and Fund									$ 661,000		$ 661,000	$ 661,000
Assets contribution, Number of development projects \| project												2
Percentage of ownership interest contributed											40.00%	40.00%
Number of data centers contributed \| Center											5	5
Gross proceeds									937,000
Gain (loss) on disposition									$ 873,000		$ 30,200	$ 30,200
Digital Realty Trust, L.P. \| Digital Realty DC Partners NA Fund \| Maximum
Schedule of Equity Method Investments [Line Items]
Percentage Of Ownership Interest In Individual Asset												60.00%
Percentage of direct interest												2.00%
Digital Realty Trust, L.P. \| Digital Realty DC Partners NA Fund \| Minimum
Schedule of Equity Method Investments [Line Items]
Percentage Of Ownership Interest In Individual Asset												20.00%
Limited Partners \| Digital Realty DC Partners NA Fund, Real Estate Assets For Two Additional Development Project
Schedule of Equity Method Investments [Line Items]
Assets held for sale and contribution											$ 336,400	$ 336,400
Limited Partners \| Digital Realty DC Partners NA Fund \| Maximum
Schedule of Equity Method Investments [Line Items]
Percentage Of Ownership Interest In Individual Asset												80.00%
Limited Partners \| Digital Realty DC Partners NA Fund \| Minimum
Schedule of Equity Method Investments [Line Items]
Percentage Of Ownership Interest In Individual Asset												40.00%
Digital Core REIT (DCRU)
Schedule of Equity Method Investments [Line Items]
Number of data centers \| property												12
Hyperscale Data Center Campuses across Frankfurt, Paris and Northern Virginia \| Joint Venture with Blackstone Inc
Schedule of Equity Method Investments [Line Items]
Number of hyperscale data center campuses develop through joint venture \| Center							4
Proceeds from partnership contribution													$ 616,000
Ownership percentage in joint ventures													20.00%
Gain (loss) on disposition													$ 44,200
Data Center Joint Venture \| Brookfield Infrastructure Partners L.P
Schedule of Equity Method Investments [Line Items]
Equity in loss of unconsolidated entities										$ 8,900
Data Centers in Dallas Metro Area \| Joint Venture With Mitsubishi Joint Venture
Schedule of Equity Method Investments [Line Items]
Ownership percentage in joint ventures					35.00%
Hyperscale data center buildings in the Chicago metro area \| Joint Venture with GI Partners
Schedule of Equity Method Investments [Line Items]
Proceeds from partnership contribution			$ 386,000					$ 700,000
Ownership percentage in joint ventures								35.00%
Gain (loss) on disposition			$ 172,000					$ 238,000
Number of properties sold \| property								2
Percentage of ownership Interest in partnership						80.00%		65.00%
Call option to increase their ownership interest in the joint venture								80.00%
Percentage of interest in property sold			75.00%
Contribution, value			$ 453,000
Additional cash contribution by Joint Venture partner						$ 68,000
Percentage of Interest Acquired in Joint Venture						15.00%
Brookfield Infrastructure Partners L.P \| Data Center Joint Venture
Schedule of Equity Method Investments [Line Items]
Proceeds from partnership contribution										271,000
Gain (loss) on disposition										$ 191,600
Number of properties sold \| Center										4
Number of data centers \| Center										2
Gain on sale of investments										$ 200,500
Brookfield Infrastructure Partners L.P \| Data Center Joint Venture \| Singapore and Frankfurt
Schedule of Equity Method Investments [Line Items]
Number of leased data centers acquired \| Center										3
Payments to acquire real estate										$ 57,000
Brookfield Infrastructure Partners L.P \| Data Center Joint Venture \| Americas
Schedule of Equity Method Investments [Line Items]
Number of properties for which lease is amended \| Center										3
Brookfield Infrastructure Partners L.P \| Data Center Joint Venture \| Digital Core REIT (DCRU)
Schedule of Equity Method Investments [Line Items]
Number of data centers \| Center										2
Joint Venture With Mitsubishi Joint Venture
Schedule of Equity Method Investments [Line Items]
Additional cash contribution by Joint Venture partner		$ 62,000
Percentage of Interest Acquired in Joint Venture		15.00%										80.00%
Joint Venture With Mitsubishi Joint Venture \| Data Centers in Dallas Metro Area
Schedule of Equity Method Investments [Line Items]
Planned campuses to support the construction of data centers \| Center					2
Gain (loss) on disposition					$ 7,000
Number of data centers \| Center					2
Percentage of property pre- leased prior to construction					100.00%
Purchase Price					$ 261,000
Gross Proceeds from sale					$ 153,000
Percentage of ownership Interest in partnership					65.00%

Derivative Instruments

12 Months Ended

Dec. 31, 2025

Derivative Instruments

Derivative Instruments

16. Derivative Instruments

Derivatives Designated as Hedging Instruments

Net Investment Hedges

In September 2022 and November 2024, we entered into 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. As of December 31, 2025 and 2024, we had cross-currency interest rate swaps outstanding with notional amounts of approximately $2.3 billion and maturity dates ranging through 2029.


		Year Ended December 31,
		2025			2024			2023
Cross-currency interest rate swaps (included component)⁽¹⁾		$	(240,789)		$	136,880		$	(22,703)
Cross-currency interest rate swaps (excluded component)⁽²⁾			51,053			(22,841)			(25,428)
Total		$	(189,736)		$	114,039		$	(48,131)

	Location of	Year Ended December 31,
	gain or (loss)	2025			2024			2023
Cross-currency interest rate swaps (excluded component)⁽²⁾	Interest expense	$	26,944		$	25,037		$	21,836

(1)	Included component represents foreign exchange spot rates.

(2)	Excluded component represents cross-currency basis spread and interest rates.

Cash Flow Hedges

As of December 31, 2025, we had derivatives designated as cash flow hedges on 100% of the Euro Term Loan Facilities (€375 million notional amount). Amounts reported in Accumulated other comprehensive loss related to interest rate swaps are reclassified to interest expense as interest payments are made on our debt. As of December 31, 2025, we estimate that an additional $0.2 million will be reclassified as a decrease to interest expense during the year ending December 31, 2026, when the hedged forecasted transactions impact earnings.


	Year Ended December 31,
	2025			2024			2023
Interest rate swaps	$	(3,805)		$	(5,439)		$	(7,221)


	Location of	Year Ended December 31,
	gain or (loss)	2025			2024			2023
Interest rate swaps	Interest expense	$	(893)		$	15,027		$	10,953

Fair Value of Derivative Instruments

The subsequent table presents the fair value of derivative instruments recognized in our consolidated balance sheets as of December 31, 2025 and 2024 (in thousands):


		December 31, 2025						December 31, 2024
		Assets ⁽¹⁾			Liabilities ⁽²⁾			Assets ⁽¹⁾			Liabilities ⁽²⁾
Cross-currency interest rate swaps		$	30,093		$	262,543		$	32,883		$	75,597
Interest rate swaps			5,865			29,443			6,130			11,253
		$	35,958		$	291,986		$	39,013		$	86,850

(1)	As presented in our consolidated balance sheets within Other assets.

(2)	As presented in our consolidated balance sheets within Accounts payable and other accrued liabilities.

Credit-Risk Related Contingent Features

Upon entering into derivatives, we have agreements with each of our derivative counterparties that contain a provision where we could be declared in default on our derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to our default on the indebtedness.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

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+ Details

Supplemental Cash Flow Information

12 Months Ended

Dec. 31, 2025

Supplemental Cash Flow Information

Supplemental Cash Flow Information

19. Supplemental Cash Flow Information

Cash, cash equivalents, and restricted cash balances as of December 31, 2025, 2024, and 2023:


		Balance as of
(Amounts in thousands)		December 31, 2025			December 31, 2024		December 31, 2023
Cash and cash equivalents		$	3,451,647		$	3,870,891	$	1,625,495
Restricted cash (included in Other assets)			6,643			5,809		10,975
Total		$	3,458,290		$	3,876,700	$	1,636,470

We paid $380.5 million, $438.2 million and $393.4 million for interest, net of amounts capitalized, for the years ended December 31, 2025, 2024 and 2023, respectively. During the years ended December 31, 2025, 2024 and 2023, we capitalized interest of approximately $127.2 million, $118.9 million and $116.8 million, respectively.

During the years ended December 31, 2025, 2024 and 2023, we capitalized amounts relating to compensation and other overhead expense of employees direct and incremental to construction activities of approximately $140.6 million, $111.2 million and $99.2 million, respectively.

Accrued construction related costs totaled $554.6 million, $521.5 million and $560.5 million as of years ended December 31, 2025, 2024 and 2023, respectively.

Summary of Significant Accounting Policies - Revenue Recognition and Gains (Details)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
ASU 2016-02
Summary Of Significant Accounting Policies [Line Items]
Revenue recognized as a percent of total revenue	11.00%	11.00%	11.00%

Acquisitions and Dispositions of Properties - Disposition of Other Properties (Details) - Disposal Group, Held-for-sale, Not Discontinued Operations - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Digital Realty DC Partners NA Fund
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross Proceeds from sale	$ 1,364.3
Gain on sale	$ 903.5
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration]	Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property
Joint venture contributions
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross Proceeds from sale	$ 139.4	$ 1,246.4	$ 2,278.5
Gain on sale	58.8	304.1	814.0
Non-core assets
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross Proceeds from sale	123.7	158.7	341.3
Gain on sale	$ 33.2	(1.0)	$ 86.6
Brookfield transaction
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross Proceeds from sale		271.0
Gain on sale		191.6
Sale of noncontrolling interest in property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross Proceeds from sale		497.5
Gain on sale		$ 101.1

Investments in Unconsolidated Entities - Equity Method of Accounting (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Nov. 10, 2023
Realty Income
Schedule of Equity Method Investments [Line Items]
% Ownership			20.00%
Digital Core REIT
Schedule of Equity Method Investments [Line Items]
% Ownership	32.00%
Unconsolidated Joint Ventures
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated joint ventures	$ 3,427,903	$ 2,639,800
Unconsolidated Joint Ventures \| Unconsolidated Joint Ventures in Americas
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated joint ventures	$ 1,995,074	1,311,950
Unconsolidated Joint Ventures \| Ascenty
Schedule of Equity Method Investments [Line Items]
% Ownership	49.00%
Unconsolidated Joint Ventures \| Blackstone
Schedule of Equity Method Investments [Line Items]
% Ownership	20.00%
Unconsolidated Joint Ventures \| Clise
Schedule of Equity Method Investments [Line Items]
% Ownership	50.00%
Unconsolidated Joint Ventures \| Mapletree
Schedule of Equity Method Investments [Line Items]
% Ownership	20.00%
Unconsolidated Joint Ventures \| Menlo
Schedule of Equity Method Investments [Line Items]
% Ownership	20.00%
Unconsolidated Joint Ventures \| Mitsubishi
Schedule of Equity Method Investments [Line Items]
% Ownership	20.00%
Unconsolidated Joint Ventures \| Realty Income
Schedule of Equity Method Investments [Line Items]
% Ownership	20.00%
Unconsolidated Joint Ventures \| TPG Real Estate
Schedule of Equity Method Investments [Line Items]
% Ownership	20.00%
Unconsolidated Joint Ventures \| Fund
Schedule of Equity Method Investments [Line Items]
% Ownership	20.00%
Unconsolidated Joint Ventures \| Walsh
Schedule of Equity Method Investments [Line Items]
% Ownership	88.00%
Unconsolidated Joint Ventures \| Unconsolidated Joint Ventures in APAC
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated joint ventures	$ 707,368	615,687
Unconsolidated Joint Ventures \| Digital Connexion
Schedule of Equity Method Investments [Line Items]
% Ownership	33.00%
Unconsolidated Joint Ventures \| Digital Realty Bersama
Schedule of Equity Method Investments [Line Items]
% Ownership	50.00%
Unconsolidated Joint Ventures \| Lumen
Schedule of Equity Method Investments [Line Items]
% Ownership	50.00%
Unconsolidated Joint Ventures \| MC Digital Realty
Schedule of Equity Method Investments [Line Items]
% Ownership	50.00%
Unconsolidated Joint Ventures \| Unconsolidated Joint Ventures in EMEA
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated joint ventures	$ 269,344	252,791
Unconsolidated Joint Ventures \| Medallion
Schedule of Equity Method Investments [Line Items]
% Ownership	60.00%
Unconsolidated Joint Ventures \| Mivne
Schedule of Equity Method Investments [Line Items]
% Ownership	50.00%
Unconsolidated Joint Ventures \| Unconsolidated Joint Ventures in Global
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated joint ventures	$ 456,117	$ 459,372
Unconsolidated Joint Ventures \| Digital Core REIT
Schedule of Equity Method Investments [Line Items]
% Ownership	39.00%
Unconsolidated Joint Ventures \| Minimum \| Blackstone
Schedule of Equity Method Investments [Line Items]
% Ownership	20.00%
Unconsolidated Joint Ventures \| Minimum \| GI Partners
Schedule of Equity Method Investments [Line Items]
% Ownership	20.00%
Unconsolidated Joint Ventures \| Maximum \| Blackstone
Schedule of Equity Method Investments [Line Items]
% Ownership	50.00%
Unconsolidated Joint Ventures \| Maximum \| GI Partners
Schedule of Equity Method Investments [Line Items]
% Ownership	25.00%

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Taxes

Schedule of geographic locations in Income (loss) from continuing operations

Income (loss) from continuing operations before income taxes is attributable to the following geographic locations (in thousands):


	Year Ended December 31,
	2025
Domestic	$	1,518,286
Foreign		(173,079)
Income from continuing operations before provision for income taxes	$	1,345,207

Schedule of Income tax expense (benefit) from continuing operations


	Year Ended December 31,
	2025
Domestic	$	1,518,286
Foreign		(173,079)
Income from continuing operations before provision for income taxes	$	1,345,207

Schedule of tax provision at the U.S. federal statutory rate to income tax expense

The reconciliation of the tax provision at the U.S. federal statutory rate to income tax expense is as follows (in thousands):


	Year Ended December 31,
	2025
Earnings from continuing operations, before income tax expense	$	1,345,207

U. S. Federal Statutory Tax Rate		282,493	21.00	%
United States
State and Local Income Taxes⁽¹⁾		2,482	0.18	%
Nontaxable or Nondeductible Items
US REIT Status		(318,874)	(23.70)	%
Other Adjustments		21	—	%
Germany		—	—
Changes in tax laws or rates enacted in the current period		(22,820)	(1.70)	%
Other		27,500	2.04	%
Netherlands
Valuation Allowance		16,210	1.21	%
Other		(1,729)	(0.13)	%
Other Foreign Jurisdictions		18,088	1.35	%
Changes in Unrecognized Tax Benefits		28,669	2.13	%
Income Tax Expense	$	32,040	2.38	%

(1)	State taxes in Oregon made up the majority (greater than 50%) of the tax effect in this category.

Schedule of Income taxes paid (net of refunds) consist of the following components

Income taxes paid (net of refunds) consist of the following components (in thousands):


	Year Ended December 31,
	2025
Federal	$	—
State		1,630
Foreign		111,398
Total	$	113,028

Income taxes paid (net of refunds) exceeded 5% of total in the following jurisdictions (in thousands):


	Year Ended December 31,
	2025
Foreign
Austria	$	6,463
Germany⁽¹⁾		60,006
Singapore		14,690
South Africa		8,089
Spain		6,076

(1)	Germany income tax paid mainly represents prior year tax liability, net of refunds that were paid during the current year..

Schedule of Deferred Tax Assets and Liabilities

Deferred income tax assets and liabilities as of December 31, 2025 and 2024 were as follows (in thousands):


		2025			2024
Gross deferred income tax assets:
Net operating loss carryforwards		$	262,543		$	197,039
Basis difference - real estate property			28,776			17,363
Basis difference - intangibles			14,008			12,561
Tax credit carryforward			2,899			2,407
Capital loss carryforward			124			—
Other - temporary differences			295,316			237,342
Total gross deferred income tax assets			603,666			466,711
Valuation allowance			(296,590)			(213,984)
Total deferred income tax assets, net of valuation allowance			307,076			252,728
Gross deferred income tax liabilities:
Basis difference - real estate property			1,217,185			1,138,120
Basis difference - intangibles			171,407			175,267
Basis difference - equity investments			3			—
Straight line rent			13,664			9,970
Other - temporary differences			15,751			10,466
Total gross deferred income tax liabilities			1,418,010			1,333,822
Net deferred income tax liabilities⁽¹⁾		$	1,110,934		$	1,081,094

(1)	Net of deferred tax assets of $13.8 million and $3.5 million for the years ended December 31, 2025 and 2024, respectively.

Schedule of amount of unrecognized tax benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits are as follows (in thousands):


	Year Ended December 31,
	2025
Balance at January 1	$	40,026
Additions based on tax positions related to the current year		20,838
Additions based on tax positions related to the prior year		5,411
Reductions for tax positions of prior years		—
Lapse of statue of limitation		—
Settlements with taxing authorities		(1,751)
Balance at December 31	$	64,524

Segment and Geographic Information

12 Months Ended

Dec. 31, 2025

Segment and Geographic Information

Segment and Geographic Information

20. Segment and Geographic Information

A majority of the Company’s 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 Company’s 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 Company’s CODM as components of net income, which are reflected on the consolidated income statements.

The financial information disclosed herein represents all of the financial information related to our one reportable segment, and the segmental presentation is consistent with the information provided to our CODM. These metrics are collectively used to evaluate the performance of the Company’s investments in real estate assets, its operating results and to allocate resources.


	Operating Revenues
	Year Ended December 31,
(Amounts in millions)	2025			2024			2023
Inside the United States	$	3,167.7		$	2,910.5		$	2,836.0
Outside the United States		2,945.0			2,644.5			2,641.1
Revenue Outside of U.S. %		48.2	%		47.6	%		48.2	%


	Investments in Properties, net				Operating lease right-of-use assets, net
	As of December 31,		As of December 31,		As of December 31,		As of December 31,
(Amounts in millions)	2025		2024		2025		2024
Inside the United States	$	10,221.1	$	10,592.3	$	489.2	$	552.3
Outside the United States		16,212.5		13,528.5		646.4		626.6

Net Assets in Foreign Operations	$	9,274.4	$	7,744.8

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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+ Details

Summary of Significant Accounting Policies - Capitalization of Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Summary of Significant Accounting Policies
Capitalized deferred leasing cost	$ 36.4	$ 49.3	$ 43.1
Deferred leasing costs	279.4	207.9
Accumulated amortization, deferred leasing costs and intangibles	670.9	605.1
Amortization expense on deferred leasing costs	$ 76.1	$ 74.3	$ 76.8

Summary of Significant Accounting Policies - Derivative Instruments (Details) $ in Millions	Dec. 31, 2025 USD ($) derivative
Summary Of Significant Accounting Policies [Line Items]
Total outstanding principle balance \| $	$ 545
Foreign Exchange Forward
Summary Of Significant Accounting Policies [Line Items]
Derivatives in asset positions	0
Foreign-currency transaction
Summary Of Significant Accounting Policies [Line Items]
Number of derivatives held	0

- Definition

The number of derivative instruments of a particular group held by the entity.

+ References + Details

Leases

12 Months Ended

Dec. 31, 2025

Leases

Leases

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 Policies—Revenue Recognition” to these Consolidated Financial Statements. Our largest customer’s 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 Singapore, are subject to ground leases. As of December 31, 2025, the termination dates of these ground leases ranged from 2038 to 2073. In addition, our corporate headquarters along with several regional office locations are subject to leases with termination dates ranging from 2026 to 2037.

The leases generally require us to make fixed rental payments that increase at defined intervals during the term of the lease, plus pay our share of common area, real estate and utility expenses as incurred. The leases neither contain residual value guarantees nor impose material restrictions or covenants on us. Further, the leases have been classified and accounted for as either operating or finance leases. Rent expense related to operating leases included in Rental property operating and maintenance expense in the consolidated income statements amounted to approximately $158.7 million, $153.5 million and $153.2 million for the years ended December 31, 2025, 2024 and 2023, respectively.

As of December 31, 2025, the weighted average remaining lease term for our operating leases and finance leases was 12 years and 17 years, respectively. We do not include renewal options in the lease term for calculating the lease liability unless we are reasonably certain we will exercise the option or the lessor has the sole ability to exercise the option. The weighted average incremental borrowing rate was 3.5% for operating leases and 2.4% for finance leases at December 31, 2025. We assigned a collateralized interest rate to each lease based on the term of the lease and the currency in which the lease is denominated.

Maturities of lease liabilities as of December 31, 2025 were as follows (in thousands):


		Operating			Finance
		lease liabilities			lease liabilities⁽¹⁾
2026		$	164,355		$	78,390
2027			167,000			22,168
2028			159,626			96,013
2029			159,701			13,739
2030			149,969			13,358
Thereafter			723,775			186,227
Total undiscounted future cash flows			1,524,426			409,895
Less: Imputed interest			(271,209)			(69,265)
Present value of undiscounted future cash flows		$	1,253,217		$	340,630

(1) Included in Accounts payable and other accrued liabilities on the consolidated balance sheets.

Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Operating lease liabilities
2026	$ 164,355
2027	167,000
2028	159,626
2029	159,701
2030	149,969
Thereafter	723,775
Total undiscounted future cash flows	1,524,426
Less: Imputed interest	(271,209)
Present value of undiscounted future cash flows	$ 1,253,217	$ 1,294,219
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Accounts Payable and Accrued Liabilities
Finance lease liabilities
2026	$ 78,390
2027	22,168
2028	96,013
2029	13,739
2030	13,358
Thereafter	186,227
Total undiscounted future cash flows	409,895
Less: Imputed interest	(69,265)
Present value of undiscounted future cash flows	$ 340,630
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Accounts Payable and Accrued Liabilities

Goodwill

12 Months Ended

Dec. 31, 2025

Goodwill.

Goodwill

8. Goodwill

Goodwill represents the excess of the purchase price over the fair value of net tangible and intangible assets acquired in a business combination. Changes in the value of goodwill at December 31, 2025 as compared to December 31, 2024 were primarily driven by changes in exchange rates associated with goodwill balances denominated in foreign currencies.

The following is a summary of goodwill activity for the years ended December 31, 2025 and 2024 (in thousands):


		Balance as of									Impact of Change			Balance as of
		December 31,						Goodwill			in Foreign			December 31,
Merger / Portfolio Acquisition		2024			Acquisition			Adjustments			Exchange Rates			2025
Telx Acquisition		$	330,845		$	—		$	—		$	—		$	330,845
European Portfolio Acquisition			414,977			—			—			40,537			455,514
DFT Merger			2,592,147			—			—			—			2,592,147
Interxion Combination			4,153,316			—			—			545,566			4,698,882
Teraco Combination			1,425,628			—			—			196,419			1,622,047
Other Combination			12,518			—			—			—			12,518
Total		$	8,929,431		$	—		$	—		$	782,522		$	9,711,953

		Balance as of									Impact of Change			Balance as of
		December 31,						Goodwill			in Foreign			December 31,
Merger / Portfolio Acquisition		2023			Acquisition			Adjustments			Exchange Rates			2024
Telx Acquisition		$	330,845		$	—		$	—		$	—		$	330,845
European Portfolio Acquisition			429,510			—			—			(14,533)			414,977
DFT Merger			2,592,147			—			—			—			2,592,147
Interxion Combination			4,411,857			598			—			(259,139)			4,153,316
Teraco Combination			1,462,994			—			—			(37,366)			1,425,628
Other Combination			12,518			—			—			—			12,518
Total		$	9,239,871		$	598		$	—		$	(311,038)		$	8,929,431

- Definition

The entire disclosure for goodwill.

+ References + Details

Equity and Capital - Redeemable Preferred Stock (Details) $ / shares in Units, $ in Thousands				12 Months Ended
	Oct. 10, 2019 shares	Mar. 13, 2019 shares	Aug. 07, 2017 $ / shares shares	Dec. 31, 2025 USD ($) item $ / shares shares	Dec. 31, 2024 USD ($) $ / shares shares
Equity and Capital
Total Liquidation Value				$ 755,000	$ 755,000
Preferred stock, issued (shares) \| shares				30,200,000	30,200,000
Balance (net of issuance costs)				$ 731,690	$ 731,690
Number of quarters with no dividends triggering voting rights \| item				6
Preferred stock, liquidation preference per share (in dollars per share) \| $ / shares				$ 25	$ 25
Preferred Stock, Redemption Price Per Share \| $ / shares				$ 25
Series J Cumulative Redeemable Preferred Stock
Equity and Capital
Share cap (in shares) \| shares			0.42521
Total Liquidation Value				$ 200,000
Annual Dividend Rate (in dollars per share) \| $ / shares			$ 1.3125
Preferred stock, issued (shares) \| shares				8,000,000	8,000,000
Balance (net of issuance costs)				$ 193,540	$ 193,540
Dividend rate percentage			5.25%
Series K Cumulative Redeemable Preferred Stock
Equity and Capital
Share cap (in shares) \| shares		0.43611
Total Liquidation Value				$ 210,000
Annual Dividend Rate (in dollars per share) \| $ / shares				$ 1.4625
Preferred stock, issued (shares) \| shares				8,400,000	8,400,000
Balance (net of issuance costs)				$ 203,264	$ 203,264
Dividend rate percentage		5.85%
Series L Cumulative Redeemable Preferred Stock
Equity and Capital
Share cap (in shares) \| shares	0.38518
Total Liquidation Value				$ 345,000
Annual Dividend Rate (in dollars per share) \| $ / shares				$ 1.3
Preferred stock, issued (shares) \| shares				13,800,000	13,800,000
Balance (net of issuance costs)				$ 334,886	$ 334,886
Dividend rate percentage	5.20%

Debt of the Operating Partnership - Narrative (Details) $ / shares in Units, £ in Thousands											1 Months Ended	12 Months Ended
	Nov. 20, 2025 EUR (€)	Nov. 20, 2025 USD ($)	Jun. 25, 2025 EUR (€)	Jun. 25, 2025 USD ($)	Jan. 14, 2025 EUR (€)	Jan. 14, 2025 USD ($)	Nov. 12, 2024 USD ($) $ / shares	Sep. 13, 2024 EUR (€)	Sep. 13, 2024 USD ($)	Aug. 11, 2022 EUR (€)	Nov. 30, 2024 USD ($)	Dec. 31, 2025 GBP (£)	Dec. 31, 2024 USD ($)	Dec. 31, 2025 USD ($)	Jan. 25, 2025 EUR (€)	Nov. 06, 2024 $ / shares	Sep. 09, 2023 EUR (€)	Aug. 11, 2022 USD ($)
Digital Realty Trust, L.P.
Debt Instrument
Amount Outstanding													$ 16,846,875,000	$ 18,556,770,000
Unsecured senior notes \| Digital Realty Trust, L.P.
Debt Instrument
Debt face amount							$ 1,000,000
Amount Outstanding													14,059,415,000	16,321,227,000
Unsecured senior notes \| Digital Realty Trust, L.P. \| Maximum
Debt Instrument
Leverage ratio												60.00%
Secured debt leverage ratio												40.00%
Unsecured senior notes \| Digital Realty Trust, L.P. \| Minimum
Debt Instrument
Interest coverage ratio												1.5
Total unencumbered assets												150.00%
Unsecured senior notes \| 1.875% notes due 2029 \| Digital Realty Trust, L.P.
Debt Instrument
Debt face amount							$ 1,200,000,000				$ 1,200,000,000			$ 1,150,000,000
Interest rate							1.875%				1.875%	1.875%		1.875%
Percentage of premium																20.00%
Net proceeds from offering							$ 1,130,000,000				$ 1,100,000,000
Shares price \| $ / shares																$ 173.62
Amount Outstanding													1,150,000,000	$ 1,150,000,000
Debt instrument, threshold percentage of stock price trigger							130.00%
Debt instrument, conversion Ratio							4.7998
Debt instrument, convertible, conversion price \| $ / shares							$ 208.34
Unsecured senior notes \| 3.875% notes due 2033 \| Digital Realty Trust, L.P.
Debt Instrument
Debt face amount												£ 850,000		$ 941,375,000	€ 850,000,000
Interest rate												3.875%		3.875%
Net proceeds from offering				$ 975,000,000
Amount Outstanding													880,090,000	$ 998,410,000
Unsecured senior notes \| 3.875% notes due 2033 \| Digital Dutch Finco B.V.
Debt Instrument
Debt face amount \| €					€ 850,000,000			€ 850,000,000
Interest rate			3.875%		3.875%			3.875%
Net proceeds from offering			€ 836,600,000		€ 838,000,000	$ 864,000,000		€ 843,000,000	$ 933,000,000
Unsecured senior notes \| 3.875% notes due 2034 \| Digital Realty Trust, L.P.
Debt Instrument
Debt face amount												£ 850,000		$ 991,015,000
Interest rate												3.875%		3.875%
Amount Outstanding														$ 998,410,000
Unsecured senior notes \| 3.875% notes due 2034 \| Digital Dutch Finco B.V.
Debt Instrument
Debt face amount \| €			€ 850,000,000
Unsecured senior notes \| 3.750% and 4.250% notes \| Digital Euro Finco, LLC
Debt Instrument
Net proceeds from offering	€ 1,384,700,000	$ 1,596,000,000
Unsecured senior notes \| 4.250% notes due 2037 \| Digital Euro Finco, LLC
Debt Instrument
Debt face amount \| €	€ 800,000,000
Interest rate	4.25%
Unsecured senior notes \| 3.750% notes due 2033 \| Digital Realty Trust, L.P.
Debt Instrument
Debt face amount												£ 600,000		$ 691,680,000
Interest rate												3.75%		3.75%
Amount Outstanding														$ 704,760,000
Unsecured senior notes \| 3.750% notes due 2033 \| Digital Euro Finco, LLC
Debt Instrument
Debt face amount \| €	€ 600,000,000
Interest rate	3.75%
Global Revolving Credit Facility Amendment
Debt Instrument
Debt instrument, extension term												6 months
Unsecured term loans \| Digital Realty Trust, L.P.
Debt Instrument
Amount Outstanding													388,275,000	440,475,000
Unsecured term loans \| 1.875% notes due 2029 \| Digital Realty Trust, L.P.
Debt Instrument
Maximum additional interest rate to be paid							0.50%
Additional interest rate							3.00%
Unsecured term loans \| 2025 Term Facility \| Digital Realty Trust, L.P.
Debt Instrument
Debt face amount \| €										€ 375,000,000
Debt instrument term										3 years
Unsecured term loans \| 2025-27 Term Facility \| Digital Realty Trust, L.P.
Debt Instrument
Debt face amount																		$ 375,000,000
Debt instrument term										5 years
Unsecured term loans \| 2025-27 Term Facility \| Digital Dutch Finco B.V.
Debt Instrument
Debt instrument, extension term										1 year
Percentage of extension fee										0.125%								0.125%
Unsecured term loans \| Debt delayed draw term loan
Debt Instrument
Debt face amount \| €																	€ 250,000,000
Unsecured term loans \| Initial term loan \| Digital Dutch Finco B.V.
Debt Instrument
Debt face amount \| €																	€ 125,000,000
Secured and Other Debt \| Digital Realty Trust, L.P.
Debt Instrument
Amount Outstanding													761,263,000	$ 876,528,000
Secured and Other Debt \| Digital Realty Trust, L.P. \| Maximum
Debt Instrument
Interest rate												14.50%		14.50%
Secured and Other Debt \| Digital Realty Trust, L.P. \| Minimum
Debt Instrument
Interest rate												3.29%		3.29%
Secured and Other Debt \| Teraco Term Loan \| Digital Realty Trust, L.P.
Debt Instrument
Debt face amount														$ 657,300,000
Interest rate												10.15%		10.15%
Euro term loan
Debt Instrument
Payment for debt extinguishment													$ 1,600,000
Euro term loan \| Digital Realty Trust, L.P.
Debt Instrument
Debt face amount														$ 375,000,000
Percentage of extension fee												0.125%		0.125%
Unsecured Debt In Greece \| Digital Realty Trust, L.P.
Debt Instrument
Amount Outstanding														$ 18,200,000
Unsecured Debt In Greece \| Digital Realty Trust, L.P. \| Maximum
Debt Instrument
Interest rate												14.50%		14.50%
Unsecured Debt In Greece \| Digital Realty Trust, L.P. \| Minimum
Debt Instrument
Interest rate												11.65%		11.65%

Debt of the Operating Partnership - Credit Facilities (Details) $ in Thousands, ¥ in Billions		12 Months Ended
	Aug. 11, 2022 Option	Dec. 31, 2025 USD ($) Option	Dec. 31, 2024 USD ($)	Sep. 24, 2024 JPY (¥)	Sep. 24, 2024 USD ($)
Debt Instrument
Letters of credit issued		$ 899,090	$ 1,611,308
Letter of Credit
Debt Instrument
Letters of credit issued		94,200
Global Revolving Credit Facilities
Debt Instrument
Maximum borrowing capacity		$ 4,200,000
Global Revolving Credit Facility Amendment
Debt Instrument
Maximum borrowing capacity					$ 1,800,000
Number of extension options \| Option		2
Debt instrument, extension term		6 months
Interest rate basis spread		0.775%
Commitment fee percentage		0.15%
Sustainability linking price threshold increase percentage		0.05%
Sustainability linking price threshold decrease percentage		0.05%
Yen Revolving Credit Facility
Debt Instrument
Maximum borrowing capacity		$ 102,500,000
Number of extension options \| Option		2
Debt instrument, extension term		6 months
Interest rate basis spread		0.45%
Commitment fee percentage		0.10%
Sustainability linking price threshold increase percentage		0.05%
Sustainability linking price threshold decrease percentage		0.05%
Digital Realty Trust, L.P.
Debt Instrument
Letters of credit issued		$ 899,090	$ 1,611,308
Digital Realty Trust, L.P. \| Global Revolving Credit Facilities
Debt Instrument
Debt instrument, extension term		6 months
Digital Realty Trust, L.P. \| Yen Revolving Credit Facility
Debt Instrument
Maximum borrowing capacity		$ 271,300		¥ 42.5
Digital Dutch Finco B.V. \| 2025-27 Term Facility \| Unsecured term loans
Debt Instrument
Number of extension options \| Option	1
Debt instrument, extension term	1 year

Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Supplemental Cash Flow Information
Cash and cash equivalents	$ 3,451,647	$ 3,870,891	$ 1,625,495
Restricted cash (included in Other assets)	$ 6,643	$ 5,809	$ 10,975
Restricted Cash, Statement of Financial Position [Extensible Enumeration]	Other Assets	Other Assets	Other Assets
Total	$ 3,458,290	$ 3,876,700	$ 1,636,470	$ 150,696
Interest, net of amounts capitalized	380,500	438,200	393,400
Interest capitalized	127,200	118,900	116,800
Capitalized employee expenses related to construction activities	140,600	111,200	99,200
Income taxes, net of refunds	113,028
Accrued construction related costs	$ 554,600	$ 521,500	$ 560,500