AUSTIN, Texas, July 23, 2026 (GLOBE NEWSWIRE) —
- Repo ted et i come available to commo stockholde s of $1.21 pe sha e i 2Q26, compa ed to $2.94 i 2Q25
- Repo ted FFO pe sha e of $2.73 i 2Q26, compa ed to $1.75 i 2Q25
- Repo ted Co e FFO pe sha e of $2.65 i 2Q26, compa ed to $1.87 i 2Q25; epo ted Co e FFO pe sha e (excludi g et p omote) of $2.13 i 2Q26
- Sig ed total booki gs du i g 2Q26 that a e expected to ge e ate $307 millio of a ualized GAAP base e t at 100% sha e; at Digital Realty’s sha e, booki gs we e $208 millio , i cludi g a $108 millio co t ibutio f om the 0-1 megawatt plus i te co ectio catego y
- I July, sig ed two hype scale leases, ep ese ti g $410 millio of a ualized GAAP base e t at 100% sha e, o $205 millio at Digital Realty’s sha e
- Repo ted e tal ate i c eases o e ewal leases of 25.4% o a cash basis i 2Q26
- Repo ted a eco d total backlog of $1.9 billio of a ualized GAAP base e t at 100% sha e, at the e d of 2Q26; at Digital Realty’s sha e, the backlog was $1.4 billio
- Raised 2026 Co e FFO pe sha e (excludi g et p omote) outlook to $8.15 – $8.20 a d 2026 Co sta t-Cu e cy Co e FFO pe sha e (excludi g et p omote) outlook to $8.10 – $8.15
Digital Realty epo ted total eve ues of $1.9 billio i the seco d qua te of 2026, a 18% i c ease f om the p evious qua te a d a 29% i c ease f om the same qua te last yea .
Du i g the seco d qua te , Digital Realty ecog ized $188 millio of et p omote i come i Co e FFO elated to the successful developme t a d leasi g of th ee data ce te s i its developme t joi t ve tu e. The compa y also ecog ized a $94 millio i su a ce settleme t, et of i come tax, elated to a p eviously disclosed 2024 matte , of which app oximately $27 millio was ecog ized i Co e FFO as busi ess i te uptio ecove y; the emai de elated to p ope ty damage ecove ies, was excluded f om Co e FFO.
The compa y delive ed et i come of $458 millio i the seco d qua te of 2026, as well as et i come available to commo stockholde s of $443 millio a d $1.21 pe sha e, compa ed to $0.46 pe sha e i the p evious qua te a d $2.94 pe sha e i the same qua te last yea .
Digital Realty ge e ated Adjusted EBITDA of $978 millio i the seco d qua te of 2026, a 6% i c ease f om the p evious qua te a d a 19% i c ease ove the same qua te last yea .
The compa y epo ted Fu ds F om Ope atio s (FFO) of $982 millio i the seco d qua te of 2026, o $2.73 pe sha e, compa ed to $1.99 pe sha e i the p evious qua te a d $1.75 pe sha e i the same qua te last yea .
Digital Realty delive ed Co e FFO pe sha e (excludi g et p omote) of $2.13 i the seco d qua te of 2026, compa ed to $2.04 pe sha e i the p evious qua te a d $1.87 pe sha e i the same qua te last yea . Digital Realty delive ed Co sta t-Cu e cy Co e FFO pe sha e (excludi g et p omote) of $2.11 i the seco d qua te of 2026 a d $4.07 pe sha e fo the six-mo th pe iod e ded Ju e 30, 2026.
“Digital Realty delive ed eco d Co e FFO pe sha e i the qua te , eflecti g obust custome dema d a d st o g executio ac oss ou co e pilla s of g owth,” said P eside t a d Chief Executive Office A dy Powe . “We sig ed mo e tha $100 millio of 0-1 MW plus I te co ectio booki gs fo the fi st time, demo st ati g the st e gth of ou co ectivity- ich po tfolio a d boosti g ea -te m g owth. We also co ti ued to make st ides i ou hype scale a d st ategic p ivate capital ve ticals, as we added powe ed la d i the Ka sas City met o, acc etively pu chased i te ests i th ee hype scale data ce te s i No the Vi gi ia, a d a ou ced the deal to acqui e Columbia Capital, a leadi g i vestme t fi m i the digital i f ast uctu e space. Togethe , these g owth vecto s a e d ivi g double-digit bottom li e g owth, a d we a e focused o exte di g this u way fo yea s to come.”
I the seco d qua te , Digital Realty sig ed total booki gs that a e expected to ge e ate $307 millio of a ualized GAAP e tal eve ue, at 100% sha e; at Digital Realty’s sha e, total booki gs we e $208 millio , i cludi g a $88 millio co t ibutio f om the 0-1 MW catego y a d a $20 millio co t ibutio f om i te co ectio .
The weighted-ave age lag betwee ew leases sig ed du i g the seco d qua te of 2026 a d the co t actual comme ceme t date was i e mo ths. The backlog of sig ed-but- ot-comme ced leases at qua te -e d was $1.9 billio of a ualized GAAP base e t at 100% sha e, a d $1.4 billio at Digital Realty’s sha e. I additio , Digital Realty also sig ed e ewal leases ep ese ti g $262 millio of a ualized cash e tal eve ue du i g the qua te . Re tal ates o e ewal leases sig ed du i g the seco d qua te of 2026 i c eased 25.4% o a cash basis a d 32.0% o a GAAP basis.
New leases sig ed du i g the seco d qua te of 2026, at Digital Realty’s sha e, a e summa ized by egio a d p oduct as follows:
| 0-1 MW | $ | 37,131 | 10.6 | $ | 293 | > 1 MW | 82,706 | 44.2 | 156 | Othe (1) | 142 | — | — | 0-1 MW | $ | 42,149 | 13.0 | $ | 269 | > 1 MW | 4,999 | 2.5 | 167 | Othe (1) | 21 | — | — | 0-1 MW | $ | 8,541 | 2.5 | $ | 286 | > 1 MW | 12,141 | 6.2 | 165 | Othe (1) | 170 | — | — | 0-1 MW | $ | 87,821 | 26.1 | $ | 280 | > 1 MW | 99,846 | 52.9 | 157 | Othe (1) | 332 | — | — |
Note: Totals may ot foot due to ou di g diffe e ces.
(1) Othe i cludes Powe ed Base Buildi g® shell capacity as well as sto age a d office space withi fully imp oved data ce te facilities.
(2) Based o qua te ly ave age excha ge ates du i g the th ee mo ths e ded Ju e 30, 2026.
Du i g the seco d qua te of 2026, Digital Realty acqui ed:
- La d i Ma seille, F a ce fo app oximately €46.5 millio , o $53.1 millio , that is expected to suppo t the developme t of up to 48 megawatts of IT capacity.
- La d i the Atla ta met o a ea fo app oximately $20 millio . Togethe with a adjace t pa cel that was acqui ed i the fi st qua te , this campus is expected to suppo t ove o e gigawatt of IT capacity.
As p eviously a ou ced, du i g the qua te , Digital Realty also acqui ed:
- La d i the Ka sas City met o a ea fo app oximately $475 millio to suppo t hype scale data ce te developme t fo up to two gigawatts of utility powe .
- Two data ce te s i Malaysia co tai i g 16.5 megawatts of IT capacity, a d a la d pa cel that is expected to suppo t the developme t of up to 14 megawatts of IT capacity, fo total co side atio of app oximately $134 millio .
- A 64% stake i th ee fully leased data ce te s i No the Vi gi ia co tai i g 288 megawatts of IT capacity, at a g oss value of app oximately $7.8 billio , eflecti g a expected i itial stabilized cap ate of ove 6.5%. The ewly developed assets a e expected to be fully stabilized i the fi st half of 2027 a d fi st half of 2028. Total co side atio fo ou joi t ve tu e pa t e s’ equity i te est i the assets was app oximately $3.5 billio , i cludi g $1.2 billio of cash a d 12.3 millio sha es of Digital Realty commo stock.
As p eviously disclosed, du i g the qua te , Digital Realty sold a o -co e asset i the Atla ta met o a ea fo $24 millio .
Digital Realty had app oximately $18.6 billio of total debt outsta di g as of Ju e 30, 2026, comp ised of $17.0 billio of u secu ed debt a d app oximately $1.6 billio of secu ed debt a d othe debt. At the e d of the seco d qua te of 2026, et debt-to-Adjusted EBITDA was 4.7x, debt-plus-p efe ed-to-total e te p ise value was 22.3% a d fixed cha ge cove age was 5.2x.
F om ou fi st qua te ea i gs epo t o Ap il 23, 2026 th ough Ju e 30, 2026, the compa y sold app oximately 6.2 millio sha es of commo stock u de its At-The-Ma ket (ATM) equity issua ce p og am at a weighted ave age p ice of $191.63 pe sha e, fo et p oceeds of app oximately $1.2 billio . Yea -to-date, the compa y has sold app oximately 13.5 millio sha es u de its ATM equity issua ce p og am at a weighted ave age p ice of $184.94 pe sha e, fo et p oceeds of app oximately $2.5 billio .
Digital Realty aised its 2026 Co e FFO pe sha e (excludi g et p omote) outlook to $8.15 – $8.20 a d its 2026 Co sta t-Cu e cy Co e FFO pe sha e (excludi g et p omote) outlook to $8.10 – $8.15. The assumptio s u de lyi g the outlook a e summa ized i the followi g table.
| Total eve ue (excludi g p omote i come) | $6.600 – $6.700 billio | $6.650 – $6.750 billio | $6.850 – $6.950 billio | Net o -cash e t adjustme ts(1) | ($90 – $95 millio ) | ($90 – $95 millio ) | ($145 – $150 millio ) | Adjusted EBITDA | $3.600 – $3.700 billio | $3.650 – $3.750 billio | $3.750 – $3.850 billio | G&A | $610 – $620 millio | $615 – $625 millio | $620 – $630 millio | Re tal ates o e ewal leases | Cash basis | 6.0% – 8.0% | 6.5% – 8.5% | 9.0% – 11.0% | GAAP basis | 8.5% – 10.5% | 9.5% – 11.5% | 12.0% – 14.0% | Yea -e d po tfolio occupa cy(2) | +50 – 100 bps | +50 – 100 bps | +75 – 125 bps | “Same-Capital” cash NOI g owth(3) | 4.0% – 5.0% | 4.0% – 5.0% | 4.25% – 5.25% | Fo eig Excha ge Rates | U.S. Dolla / Pou d Ste li g | $1.30 – $1.35 | $1.32 – $1.37 | $1.32 – $1.37 | U.S. Dolla / Eu o | $1.13 – $1.18 | $1.15 – $1.20 | $1.13 – $1.18 | Dispositio s / Joi t Ve tu e Capital | Dolla volume | $500 – $1,000 millio | $500 – $1,000 millio | $1,000 – $1,500 millio | Cap ate | 0.0% – 10.0% | 0.0% – 10.0% | 0.0% – 10.0% | Developme t | CapEx (Net of Pa t e Co t ibutio s)(4) | $3,250 – $3,750 millio | $3,500 – $4,000 millio | $4,250 – $4,750 millio | Ave age stabilized yields | 10.0%+ | 10.0%+ | 10.0%+ | E ha ceme ts a d othe o – ecu i g CapEx(5) | $30 – $35 millio | $30 – $35 millio | $30 – $35 millio | Recu i g CapEx + capitalized leasi g costs(6) | $400 – $425 millio | $400 – $425 millio | $400 – $425 millio | Lo g-te m debt issua ce | Dolla amou t | $1,000 – $1,500 millio | $1,500 – $2,000 millio | $1,500 – $2,000 millio | P ici g | 4.0% – 4.5% | 4.0% – 4.5% | 4.5% – 5.5% | Timi g | Mid-Yea | Mid-Yea | 2H-2026 | Real estate dep eciatio a d (gai ) / loss o sale | $4.90 – $4.90 | $4.95 – $4.95 | $5.30 – $5.30 | No -co e expe ses a d eve ue st eams | $0.45 – $0.45 | $0.40 – $0.40 | $0.25 – $0.25 | Net P omote | $0.0 – $0.0 | $0.0 – $0.0 | ($0.50) – ($0.50) | Fo eig cu e cy t a slatio adjustme ts | $0.00 – $0.00 | ($0.05) – ($0.05) | ($0.05) – ($0.05) |
(1) Net o -cash e t adjustme ts ep ese t the sum of st aight-li e e tal eve ue a d st aight-li e e tal expe se, as well as the amo tizatio of above- a d below-ma ket leases (i.e., ASC 805 adjustme ts).(2) Yea -e d po tfolio occupa cy guida ce based o IT load (kW).(3) The “Same-Capital” pool i cludes p ope ties ow ed as of Decembe 31, 2024 with less tha 5% of total e table squa e feet u de developme t. It excludes p ope ties that we e u de goi g, o we e expected to u de go, developme t activities i 2025-2026, p ope ties classified as held fo sale a d co t ibutio , a d p ope ties sold o co t ibuted to joi t ve tu es fo all pe iods p ese ted. The 2026 “Same-Capital” cash NOI g owth outlook is p ese ted o a co sta t cu e cy basis.(4) Excludes la d acquisitio s a d i cludes Digital Realty’s sha e of joi t ve tu e a d fu d co t ibutio s. Figu e is et of joi t ve tu e a d fu d pa t e s’ sha e of co t ibutio s.(5) Othe o – ecu i g CapEx ep ese ts costs i cu ed to e ha ce the capacity o ma ketability of ope ati g p ope ties, such as etwo k fibe i itiatives a d softwa e developme t costs.(6) Recu i g CapEx ep ese ts o -i c eme tal imp oveme ts equi ed to mai tai cu e t eve ues, i cludi g seco d-ge e atio te a t imp oveme ts a d leasi g commissio s.
Note: The compa y does ot p ovide a eco ciliatio fo o -GAAP estimates o a fo wa d-looki g basis, whe e it is u able to p ovide a mea i gful o accu ate calculatio o estimatio of eco cili g items, a d the i fo matio is ot available without u easo able effo t. Please see No -GAAP Fi a cial Measu es i this docume t fo fu the discussio .
This docume t co tai s o -GAAP fi a cial measu es, i cludi g FFO, Co e FFO, Co e FFO (excludi g et p omote), Co sta t Cu e cy Co e FFO (excludi g et p omote), Adjusted FFO, Net Ope ati g I come (NOI), “Same-Capital” Cash NOI a d Adjusted EBITDA. A eco ciliatio f om U.S. GAAP et i come available to commo stockholde s to FFO, a eco ciliatio f om FFO to Co e FFO, a eco ciliatio f om Co e FFO (excludi g et p omote) to Co sta t Cu e cy Co e FFO (excludi g et p omote), a eco ciliatio f om Co e FFO to Adjusted FFO, a eco ciliatio f om NOI to Cash NOI, a d defi itio s of FFO, Co e FFO, Co sta t Cu e cy Co e FFO, Co e FFO (excludi g et p omote), Adjusted FFO, NOI a d “Same-Capital” Cash NOI a e i cluded as a attachme t to this docume t. A eco ciliatio f om U.S. GAAP et i come available to commo stockholde s to Adjusted EBITDA, a defi itio of Adjusted EBITDA a d defi itio s of et debt-to-Adjusted EBITDA, debt-plus-p efe ed-to-total e te p ise value, cash NOI, a d fixed cha ge cove age atio a e i cluded as a attachme t to this docume t.
The compa y does ot p ovide a eco ciliatio fo o -GAAP estimates o a fo wa d-looki g basis, whe e it is u able to p ovide a mea i gful o accu ate calculatio o estimatio of eco cili g items a d the i fo matio is ot available without u easo able effo t. This is due to the i he e t difficulty of fo ecasti g the timi g a d/o amou t of va ious items that would impact et i come att ibutable to commo stockholde s pe diluted sha e, which is the most di ectly compa able fo wa d-looki g GAAP fi a cial measu e. This i cludes, fo example, exte al g owth facto s, such as dispositio s, a d bala ce sheet items such as debt issua ces, that have ot yet occu ed, a e out of the compa y’s co t ol a d/o ca ot be easo ably p edicted. Fo the same easo s, the compa y is u able to add ess the p obable sig ifica ce of the u available i fo matio . Fo wa d-looki g o -GAAP fi a cial measu es p ovided without the most di ectly compa able GAAP fi a cial measu es may va y mate ially f om the co espo di g GAAP fi a cial measu es.
P io to Digital Realty’s i vesto co fe e ce call at 5:00 p.m. ET / 4:00 p.m. CT o July 23, 2026, a p ese tatio will be posted to the I vesto s sectio of the compa y’s website at https://i vesto .digital ealty.com. The p ese tatio is desig ed to accompa y the discussio of the compa y’s seco d qua te 2026 fi a cial esults a d ope ati g pe fo ma ce. The co fe e ce call will featu e P eside t & Chief Executive Office A dy Powe a d Chief Fi a cial Office Matt Me cie .
A live webcast of the call will be available o the I vesto s sectio of Digital Realty’s website at https://i vesto .digital ealty.com. The webcast will be a chived fo o e yea a d the eplay will be available sho tly afte the co clusio of the live eve t.
Digital Realty b i gs compa ies a d data togethe by delive i g the full spect um of data ce te , colocatio a d i te co ectio solutio s. Platfo mDIGITAL®, the compa y’s global data ce te platfo m, p ovides custome s with a secu e data meeti g place a d a p ove Pe vasive Datace te A chitectu e (PDx®) solutio methodology fo powe i g i ovatio , f om cloud a d digital t a sfo matio to eme gi g tech ologies like a tificial i tellige ce (AI), a d efficie tly ma agi g Data G avity challe ges. Digital Realty gives its custome s access to the co ected data commu ities that matte to them with a global data ce te footp i t of 300+ facilities i 55+ met os ac oss 30+ cou t ies o six co ti e ts. To lea mo e about Digital Realty, please visit digital ealty.com o follow us o Li kedI a d X.
Matt Me cie Chief Fi a cial Office Digital Realty
Jo da Sadle / Jim HusebyI vesto Relatio sDigital RealtyI vesto Relatio s@digital ealty.com
| Re tal eve ues | $1,145,936 | $1,103,946 | $1,074,703 | $1,045,708 | $1,003,550 | $2,249,882 | $1,964,076 | Te a t eimbu seme ts – Utilities | 352,897 | 333,909 | 356,084 | 332,681 | 294,503 | 686,807 | 565,692 | Te a t eimbu seme ts – Othe | 45,391 | 38,093 | 34,406 | 37,302 | 37,355 | 83,484 | 79,532 | I te co ectio a d othe | 130,409 | 124,278 | 123,414 | 120,399 | 121,952 | 254,687 | 234,921 | Fee i come | 248,927 | 34,899 | 45,692 | 36,398 | 34,427 | 283,826 | 55,070 | Othe | 480 | 47 | 372 | 4,746 | 1,363 | 527 | 1,496 | Utilities | $396,454 | $372,385 | $398,185 | $375,627 | $339,288 | $768,839 | $652,673 | Re tal p ope ty ope ati g | 291,408 | 266,115 | 295,948 | 278,292 | 267,724 | 557,523 | 506,324 | P ope ty taxes | 55,160 | 54,964 | 50,791 | 51,823 | 49,570 | 110,124 | 98,426 | I su a ce | 4,744 | 4,799 | 4,711 | 4,508 | 4,946 | 9,543 | 9,429 | Dep eciatio a d amo tizatio | 507,106 | 499,511 | 493,458 | 497,002 | 461,167 | 1,006,617 | 904,176 | Ge e al a d admi ist atio | 153,316 | 151,923 | 159,283 | 139,911 | 133,755 | 305,239 | 254,867 | Seve a ce, equity accele atio a d legal expe ses | 4,384 | 2,835 | 4,937 | 1,794 | 2,262 | 7,219 | 4,690 | T a sactio a d i teg atio expe ses | 38,703 | 15,685 | 36,083 | 86,559 | 22,546 | 54,388 | 62,448 | P ovisio fo impai me t | — | — | 78,553 | — | — | — | — | Othe expe ses | 13,508 | 23 | 98 | 3,297 | 195 | 13,531 | 307 | Gai (loss) o dispositio of p ope ties, et | 7,988 | 873 | 42,865 | 19,780 | 931,830 | 8,861 | 932,941 | Equity i ea i gs (loss) of u co solidated e tities | 36 | (1,833 | ) | 4,659 | (16,944 | ) | (12,062 | ) | (1,797 | ) | (19,702 | ) | I te est a d othe i come (expe se), et | 137,944 | 45,342 | 42,797 | 47,735 | 37,747 | 183,286 | 70,520 | I te est (expe se) | (113,943 | ) | (116,384 | ) | (116,516 | ) | (113,584 | ) | (109,383 | ) | (230,327 | ) | (207,847 | ) | I come tax be efit (expe se) | (33,675 | ) | (16,008 | ) | 9,673 | (11,695 | ) | (12,883 | ) | (49,683 | ) | (30,018 | ) | Gai (loss) o debt exti guishme t a d modificatio s | — | (4,119 | ) | 9 | — | — | (4,119 | ) | — | Net (i come) loss att ibutable to o co t olli g i te ests | (4,318 | ) | 4,470 | 2,536 | 4,099 | (14,790 | ) | 152 | (11,211 | ) | P efe ed stock divide ds | (10,181 | ) | (10,181 | ) | (10,181 | ) | (10,181 | ) | (10,181 | ) | (20,362 | ) | (20,362 | ) | Weighted-ave age sha es outsta di g – basic | 354,118 | 345,013 | 343,493 | 341,370 | 337,589 | 349,591 | 337,139 | Weighted-ave age sha es outsta di g – diluted | 361,542 | 353,255 | 351,570 | 349,234 | 345,734 | 357,355 | 345,305 | Weighted-ave age fully diluted sha es a d u its | 367,605 | 359,300 | 357,430 | 355,165 | 351,691 | 363,462 | 351,239 | Net i come / (loss) pe sha e – basic | $1.25 | $0.49 | $0.26 | $0.17 | $3.03 | $1.75 | $3.33 | Net i come / (loss) pe sha e – diluted | $1.21 | $0.46 | $0.24 | $0.15 | $2.94 | $1.68 | $3.21 |
| Adjustme ts: | No co t olli g i te est i ope ati g pa t e ship | 9,000 | 4,000 | 2,000 | 2,000 | 21,000 | 13,000 | 24,000 | Real Estate Related Dep eciatio a d Amo tizatio (1) | 499,106 | 490,965 | 484,260 | 487,182 | 451,050 | 990,071 | 883,700 | Reco cili g items elated to o co t olli g i te ests | (24,292 | ) | (23,726 | ) | (22,753 | ) | (22,888 | ) | (21,038 | ) | (48,018 | ) | (40,518 | ) | U co solidated e tities eal estate elated dep eciatio a d amo tizatio | 62,972 | 60,291 | 70,260 | 65,922 | 59,172 | 123,263 | 115,033 | (Gai ) loss o eal estate t a sactio s | (7,988 | ) | (226 | ) | (42,865 | ) | (19,780 | ) | (931,830 | ) | (8,214 | ) | (932,941 | ) | P ovisio fo impai me t | — | — | 78,553 | — | — | — | — | Weighted-ave age sha es a d u its outsta di g – basic | 360,181 | 351,059 | 349,354 | 347,301 | 343,546 | 355,698 | 343,073 | Weighted-ave age sha es a d u its outsta di g – diluted(2) (3) | 367,605 | 359,300 | 357,430 | 355,165 | 351,691 | 363,462 | 351,239 | Othe o -co e eve ue adjustme ts(4) | (80,837 | ) | (29 | ) | (10,633 | ) | (4,746 | ) | 4,228 | (80,866 | ) | 2,303 | T a sactio a d i teg atio expe ses | 38,703 | 15,685 | 36,083 | 86,559 | 22,546 | 54,388 | 62,448 | Gai (loss) o debt exti guishme t a d modificatio s | — | 4,119 | (9 | ) | — | — | 4,119 | — | Seve a ce, equity accele atio a d legal expe ses(5) | 4,384 | 2,835 | 4,937 | 1,794 | 2,262 | 7,219 | 4,690 | (Gai ) loss o FX a d de ivatives evaluatio | (1,608 | ) | (4,398 | ) | (16,295 | ) | 252 | 8,827 | (6,006 | ) | 6,764 | Othe o -co e expe se adjustme ts(6) | 13,208 | (2,538 | ) | (21,794 | ) | 2,075 | 5,092 | 10,670 | 4,390 | Net p omote | (187,871 | ) | — | — | — | — | (187,871 | ) | — | Weighted-ave age sha es a d u its outsta di g – diluted(2) (3) | 360,648 | 351,293 | 349,740 | 347,700 | 343,909 | 356,113 | 343,436 | (1) Real Estate Related Dep eciatio & Amo tizatio | Dep eciatio a d amo tizatio pe i come stateme t | $507,106 | $499,511 | $493,458 | $497,002 | $461,167 | $1,006,617 | $904,175 | No – eal estate dep eciatio | (8,000 | ) | (8,546 | ) | (9,198 | ) | (9,820 | ) | (10,117 | ) | (16,546 | ) | (20,473 | ) |
(2) Ce tai of Te aco’s mi o ity i di ect sha eholde s have the ight to put thei sha es i a upst eam pa e t compa y of Te aco to Digital Realty i excha ge fo cash o the equivale t value of sha es of Digital Realty commo stock, o a combi atio the eof. U.S. GAAP equi es Digital Realty to assume the put ight is settled i sha es fo pu poses of calculati g diluted EPS. This same app oach was utilized to calculate FFO/sha e. The pote tial futu e dilutive impact associated with this put ight will be excluded f om Co e FFO a d AFFO u til settleme t occu s – causi g diluted sha e cou t to be highe fo FFO tha fo Co e FFO a d AFFO. Whe calculati g diluted FFO, Te aco elated o co t olli g i te est is added back to the FFO ume ato as the de omi ato assumes all sha es have bee put back to Digital Realty.
| Te aco o co t olli g sha e of FFO | $19,979 | $15,410 | $18,240 | $17,018 | $15,850 | $35,389 | $29,136 |
(3) Fo all pe iods p ese ted, we have excluded the effect of dilutive se ies J, se ies K a d se ies L p efe ed stock, as applicable, that may be co ve ted i to commo stock upo the occu e ce of specified cha ge i co t ol t a sactio s as desc ibed i the a ticles suppleme ta y gove i g the se ies J, se ies K a d se ies L p efe ed stock, as applicable, which we co side highly imp obable. See above fo calculatio s of FFO a d the sha e cou t detail sectio that follows the eco ciliatio of Co e FFO to AFFO fo calculatio s of weighted ave age commo stock a d u its outsta di g. Fo defi itio s a d discussio of FFO, Co e FFO a d Co e FFO (excludi g et p omote), see the Defi itio s sectio .
(4) I cludes developme t fees i cluded i gai s, lease te mi atio fees, gai o sale of equity i vestme t i cluded i othe i come, i su a ce p oceeds elated to p ope ty damage a d u co solidated e tities o -co e adjustme ts withi equity i ea i gs.
(5) Relates to seve a ce a d othe cha ges elated to the depa tu e of compa y executives a d i teg atio – elated seve a ce.
(6) I cludes w ite-offs associated with o – ecu i g legal a d i su a ce expe ses, impact of fo eig tax ate cha ges, o -co e adjustme ts att ibutable to o co t olli g i te ests, impact o tax expe se due to i su a ce p oceeds elated to p ope ty damage a d adjustme ts to eflect ou p opo tio ate sha e of t a sactio costs associated with o co t olli g i te ests.
| Adjustme ts: | No – eal estate dep eciatio | 8,000 | 8,546 | 9,198 | 9,820 | 10,117 | 16,546 | 20,473 | Amo tizatio of defe ed fi a ci g costs | 6,343 | 6,443 | 6,781 | 6,565 | 6,451 | 12,786 | 12,999 | Amo tizatio of debt discou t/p emium | 1,595 | 1,581 | 1,341 | 1,293 | 1,251 | 3,176 | 2,377 | No -cash stock-based compe satio expe se | 21,379 | 20,908 | 17,327 | 18,174 | 18,026 | 42,287 | 34,726 | St aight-li e e tal eve ue | (26,955 | ) | (21,741 | ) | (34,351 | ) | (33,351 | ) | (23,698 | ) | (48,696 | ) | (33,390 | ) | St aight-li e e tal expe se | (602 | ) | (1,410 | ) | (97 | ) | (271 | ) | (475 | ) | (2,012 | ) | (635 | ) | Above- a d below-ma ket e t amo tizatio | (962 | ) | (1,007 | ) | (972 | ) | (864 | ) | (752 | ) | (1,969 | ) | (1,458 | ) | Defe ed tax (be efit) / expe se | (12,681 | ) | (10,919 | ) | (26,184 | ) | 18,187 | (30,714 | ) | (23,600 | ) | (31,232 | ) | Leasi g compe satio a d i te al lease commissio s | 13,857 | 15,476 | 14,644 | 15,013 | 14,721 | 29,333 | 28,126 | Recu i g capital expe ditu es (1) | (76,674 | ) | (59,665 | ) | (168,539 | ) | (77,998 | ) | (62,083 | ) | (136,339 | ) | (97,388 | ) | Weighted-ave age sha es a d u its outsta di g – basic | 360,181 | 351,059 | 349,354 | 347,301 | 343,546 | 355,698 | 343,073 | Weighted-ave age sha es a d u its outsta di g – diluted (3) | 360,648 | 351,293 | 349,740 | 347,700 | 343,909 | 356,113 | 343,436 | Divide ds pe sha e a d commo u it | $1.22 | $1.22 | $1.22 | $1.22 | $1.22 | $2.44 | $2.44 |
| Add: Effect of dilutive secu ities | 467 | 234 | 386 | 399 | 362 | 415 | 363 |
(1) Recu i g capital expe ditu es ep ese t o -i c eme tal buildi g imp oveme ts equi ed to mai tai cu e t eve ues, i cludi g seco d-ge e atio te a t imp oveme ts a d exte al leasi g commissio s. Recu i g capital expe ditu es do ot i clude acquisitio costs co templated whe u de w iti g the pu chase of a buildi g, costs which a e i cu ed to b i g a buildi g up to Digital Realty’s ope ati g sta da ds, o i te al leasi g commissio s.
(2) Fo a defi itio a d discussio of AFFO, see the Defi itio s sectio . Fo a eco ciliatio of et i come (loss) available to commo stockholde s to FFO a d Co e FFO, see above.
(3) Fo all pe iods p ese ted, we have excluded the effect of dilutive se ies J, se ies K a d se ies L p efe ed stock, as applicable, that may be co ve ted i to commo stock upo the occu e ce of specified cha ge i co t ol t a sactio s as desc ibed i the a ticles suppleme ta y gove i g the se ies J, se ies K a d se ies L p efe ed stock, as applicable, which we co side highly imp obable. See above fo calculatio s of FFO a d fo calculatio s of weighted ave age commo stock a d u its outsta di g.
| I vestme ts i eal estate: | Real estate | $33,700,303 | $31,633,899 | $31,359,298 | $30,194,891 | $29,836,218 | Co st uctio i p og ess | 9,770,384 | 5,381,071 | 4,976,785 | 5,422,338 | 5,080,701 | La d held fo futu e developme t | 122,841 | 199,681 | 91,130 | 66,668 | 73,665 | Accumulated dep eciatio a d amo tizatio | (10,736,127 | ) | (10,355,181 | ) | (9,993,596 | ) | (9,665,380 | ) | (9,341,719 | ) | I vestme t i u co solidated e tities | 3,548,297 | 3,536,757 | 3,427,903 | 3,690,749 | 3,622,677 | Ope ati g lease ight-of-use assets, et | $1,093,015 | $1,105,080 | $1,135,645 | $1,167,398 | $1,180,657 | Cash a d cash equivale ts | 1,864,796 | 2,426,631 | 3,451,647 | 3,299,703 | 3,554,126 | Accou ts a d othe eceivables, et (1) | 1,564,955 | 1,430,242 | 1,358,895 | 1,496,105 | 1,586,146 | Defe ed e t, et | 792,045 | 765,198 | 750,907 | 710,624 | 681,375 | Goodwill | 9,592,127 | 9,591,250 | 9,711,953 | 9,647,754 | 9,636,513 | Custome elatio ship value, defe ed leasi g costs a d othe i ta gibles, et | 2,595,046 | 2,053,368 | 2,134,698 | 2,080,898 | 2,171,318 | Assets held fo sale a d co t ibutio | — | 441,064 | 349,826 | 116,624 | 139,993 | Othe assets | 610,232 | 650,913 | 655,377 | 500,262 | 493,325 | Global u secu ed evolvi g c edit facilities, et | $709,756 | $707,961 | $899,090 | $1,152,042 | $567,699 | U secu ed te m loa s, et | 427,681 | 432,450 | 439,536 | 438,933 | 440,788 | U secu ed se io otes, et of discou t | 15,906,794 | 16,013,977 | 16,194,441 | 15,808,565 | 16,641,367 | Secu ed a d othe debt, et of discou t | 1,591,118 | 842,245 | 869,068 | 825,894 | 802,294 | Ope ati g lease liabilities | 1,209,459 | 1,218,509 | 1,253,217 | 1,285,067 | 1,298,085 | Accou ts payable a d othe acc ued liabilities | 3,922,825 | 2,419,888 | 2,600,979 | 2,377,726 | 2,310,882 | Defe ed tax liabilities | 1,124,899 | 1,093,955 | 1,124,724 | 1,151,374 | 1,137,305 | Acc ued divide ds a d dist ibutio s | — | — | 428,337 | — | — | Secu ity deposits a d p epaid e ts | 759,979 | 733,974 | 754,920 | 699,528 | 653,640 | Obligatio s associated with assets held fo sale a d co t ibutio | — | — | 182 | 283 | 1,089 | Redeemable o co t olli g i te ests | 886,249 | 1,594,718 | 1,498,975 | 1,535,972 | 1,505,889 | P efe ed Stock: $0.01 pa value pe sha e, 110,000 sha es autho ized: | Se ies J Cumulative Redeemable P efe ed Stock (2) | $193,540 | $193,540 | $193,540 | $193,540 | $193,540 | Se ies K Cumulative Redeemable P efe ed Stock (3) | 203,264 | 203,264 | 203,264 | 203,264 | 203,264 | Se ies L Cumulative Redeemable P efe ed Stock (4) | 334,886 | 334,886 | 334,886 | 334,886 | 334,886 | Commo Stock: $0.01 pa value pe sha e, 502,000 sha es autho ized (5) | 3,669 | 3,459 | 3,406 | 3,400 | 3,374 | Additio al paid-i capital | 34,160,613 | 30,093,165 | 29,350,487 | 29,182,332 | 28,720,826 | Divide ds i excess of ea i gs | (6,939,476 | ) | (6,946,676 | ) | (6,690,722 | ) | (6,358,501 | ) | (5,997,607 | ) | Accumulated othe comp ehe sive loss, et | (522,024 | ) | (512,885 | ) | (469,198 | ) | (533,891 | ) | (543,756 | ) | No co t olli g i te est i ope ati g pa t e ship | $533,620 | $426,853 | $415,456 | $420,280 | $431,000 | No co t olli g i te est i co solidated e tities | 11,062 | 6,690 | 5,880 | 7,940 | 10,430 |
(1) Net of allowa ce fo doubtful accou ts of $73,428 a d $80,832 as of Ju e 30, 2026 a d Ju e 30, 2025, espectively.
(2) Se ies J Cumulative Redeemable P efe ed Stock, 5.250%, $200,000 liquidatio p efe e ce ($25.00 pe sha e), 8,000 sha es issued a d outsta di g as of Ju e 30, 2026 a d Ju e 30, 2025.
(3) Se ies K Cumulative Redeemable P efe ed Stock, 5.850%, $210,000 liquidatio p efe e ce ($25.00 pe sha e), 8,400 sha es issued a d outsta di g as of Ju e 30, 2026 a d Ju e 30, 2025.
(4) Se ies L Cumulative Redeemable P efe ed Stock, 5.200%, $345,000 liquidatio p efe e ce ($25.00 pe sha e), 13,800 sha es issued a d outsta di g as of Ju e 30, 2026 a d Ju e 30, 2025.
(5) Commo Stock: 370,010 a d 340,372 sha es issued a d outsta di g as of Ju e 30, 2026 a d Ju e 30, 2025, espectively.
| I te est expe se | 113,943 | 116,384 | 116,516 | 113,584 | 109,383 | (Gai ) loss o debt exti guishme t a d modificatio s | — | 4,119 | (9 | ) | — | — | I come tax expe se (be efit) | 33,675 | 16,008 | (9,673 | ) | 11,695 | 12,883 | Dep eciatio a d amo tizatio | 507,106 | 499,511 | 493,458 | 497,002 | 461,167 | U co solidated JV eal estate elated dep eciatio a d amo tizatio | 62,972 | 60,291 | 70,260 | 65,922 | 59,172 | U co solidated JV i te est expe se a d tax expe se | 37,142 | 35,814 | 38,498 | 44,795 | 31,243 | Seve a ce, equity accele atio a d legal expe ses | 4,384 | 2,835 | 4,937 | 1,794 | 2,262 | T a sactio a d i teg atio expe ses | 38,703 | 15,685 | 36,083 | 86,559 | 22,546 | (Gai ) loss o dispositio of p ope ties, et | (7,988 | ) | (873 | ) | (42,865 | ) | (19,780 | ) | (931,830 | ) | P ovisio fo impai me t | — | — | 78,553 | — | — | Othe o -co e adjustme ts, et (2) | (82,084 | ) | (4,270 | ) | (25,033 | ) | 2,523 | 9,545 | Net p omote | — | — | — | — | No co t olli g i te ests | 4,318 | (4,470 | ) | (2,536 | ) | (4,099 | ) | 14,790 | P efe ed stock divide ds | 10,181 | 10,181 | 10,181 | 10,181 | 10,181 |
(1) Fo defi itio s a d discussio of EBITDA a d Adjusted EBITDA, see the Defi itio s sectio .
(2) I cludes fo eig excha ge emeasu eme t (gai ) loss, et, impact of fo eig tax ate cha ges, o – ecu i g legal a d i su a ce expe ses, lease te mi atio fees, i su a ce p oceeds elated to p ope ty damage a d simila adjustme ts o u co solidated e tities.
| Total GAAP i te est expe se | $ | 113,943 | $ | 116,384 | $ | 116,516 | $ | 113,584 | $ | 109,383 | Capitalized i te est expe se | 37,102 | 35,637 | 34,783 | 32,923 | 29,393 | Cha ge i acc ued i te est a d othe o -cash amou ts | (104,924 | ) | 30,268 | (52,014 | ) | 41,265 | (92,065 | ) | P efe ed stock divide ds | 10,181 | 10,181 | 10,181 | 10,181 | 10,181 | I te est cove age atio(5) | 5.5x | 5.2x | 4.8x | 4.9x | 5.0x | Cash i te est cove age atio(6) | 13.2x | 4.4x | 6.8x | 3.9x | 11.2x | Fixed cha ge cove age atio(7) | 5.2x | 4.9x | 4.5x | 4.6x | 4.7x | Cash fixed cha ge cove age atio(8) | 11.6x | 4.2x | 6.3x | 3.8x | 9.9x | Debt to total e te p ise value(9)(10) | 21.4 | % | 21.7 | % | 25.1 | % | 23.0 | % | 23.2 | % | Debt-plus-p efe ed-stock-to-total-e te p ise-value(10)(11) | 22.3 | % | 22.7 | % | 26.1 | % | 23.9 | % | 24.1 | % | P e-tax i come to i te est expe se(12) | 5.0x | 2.5x | 1.8x | 1.6x | 10.6x | Net Debt-to-Adjusted EBITDA(13) | 4.7x | 4.7x | 4.9x | 4.9x | 5.1x |
(3) Cash i te est expe se is i te est expe se less amo tizatio of debt discou t a d defe ed fi a ci g fees a d i cludes i te est that we capitalized. We co side cash i te est expe se to be a useful measu e of i te est as it excludes o -cash-based i te est expe se.
(4) Fixed cha ges co sist of GAAP i te est expe se, capitalized i te est, scheduled debt p i cipal payme ts a d p efe ed stock divide ds.
(5) Adjusted EBITDA (i cludi g ou p o ata sha e of u co solidated e tities EBITDA), divided by GAAP i te est expe se plus capitalized i te est (i cludi g ou p o ata sha e of u co solidated e tities i te est expe se).
(6) Adjusted EBITDA (i cludi g ou p o ata sha e of u co solidated e tities EBITDA), divided by cash i te est expe se (i cludi g ou p o ata sha e of u co solidated e tities i te est expe se).
(7) Adjusted EBITDA (i cludi g ou p o ata sha e of u co solidated e tities EBITDA), divided by fixed cha ges (i cludi g ou p o ata sha e of u co solidated e tities fixed cha ges).
(8) Adjusted EBITDA (i cludi g ou p o ata sha e of u co solidated e tities EBITDA), divided by the sum of cash i te est expe se a d p efe ed stock divide ds (i cludi g ou p o ata sha e of u co solidated e tities cash fixed cha ges).
(9) Total debt divided by ma ket value of commo equity plus debt plus p efe ed stock.
(10) Total e te p ise value defi ed as ma ket value of commo equity plus debt plus p efe ed stock.
(11) Same as (9), except ume ato i cludes p efe ed stock.
(12) Calculated as et i come plus i te est expe se divided by GAAP i te est expe se.
(13) Calculated as total debt at bala ce sheet ca yi g value, plus fi a ce lease obligatio s, plus Digital Realty’s p o ata sha e of u co solidated e tities debt, less cash a d cash equivale ts (i cludi g Digital Realty’s p o ata sha e of u co solidated e tities cash) divided by the p oduct of Adjusted EBITDA (i cludi g Digital Realty’s p o ata sha e of u co solidated e tities EBITDA), multiplied by fou .
GAAP efe s to U ited States ge e ally accepted accou ti g p i ciples.
Net debt-to-Adjusted EBITDA atio is calculated as total debt at bala ce sheet ca yi g value, plus fi a ce lease obligatio s, plus Digital Realty’s p o ata sha e of u co solidated e tities debt, less cash a d cash equivale ts (i cludi g Digital Realty’s p o ata sha e of u co solidated e tities cash) divided by the p oduct of Adjusted EBITDA (i cludi g Digital Realty’s p o ata sha e of u co solidated e tities EBITDA), multiplied by fou .
Debt-plus-p efe ed-to-total e te p ise value is total debt plus p efe ed stock divided by total debt plus the liquidatio value of p efe ed stock a d the ma ket value of outsta di g Digital Realty T ust, I c. commo stock a d Digital Realty T ust, L.P. u its, assumi g the edemptio of Digital Realty T ust, L.P. u its fo sha es of Digital Realty T ust, I c. commo stock.
Fixed cha ge cove age atio is Adjusted EBITDA divided by the sum of GAAP i te est expe se, capitalized i te est a d p efe ed stock divide ds. Fo the qua te e ded Ju e 30, 2026, GAAP i te est expe se was $114 millio , capitalized i te est was $37 millio a d p efe ed stock divide ds we e $10 millio .
| Fee i come | (248,927 | ) | (34,899 | ) | (34,427 | ) | (283,826 | ) | (55,070 | ) | Othe i come | (480 | ) | (47 | ) | (1,363 | ) | (527 | ) | (1,496 | ) | Dep eciatio a d amo tizatio | 507,106 | 499,511 | 461,167 | 1,006,617 | 904,176 | Ge e al a d admi ist ative | 153,316 | 151,923 | 133,755 | 305,239 | 254,867 | Seve a ce, equity accele atio a d legal expe ses | 4,384 | 2,835 | 2,262 | 7,219 | 4,690 | T a sactio a d i teg atio expe ses | 38,703 | 15,685 | 22,546 | 54,388 | 62,448 | P ovisio fo impai me t | — | — | — | — | — | Othe expe ses | 13,508 | 23 | 195 | 13,531 | 307 | St aight-li e e tal eve ue | (26,955 | ) | (21,813 | ) | (24,015 | ) | (48,767 | ) | (33,708 | ) | St aight-li e e tal expe se | (617 | ) | (1,423 | ) | (469 | ) | (2,040 | ) | (445 | ) | Above- a d below-ma ket e t amo tizatio | (962 | ) | (1,007 | ) | (752 | ) | (1,969 | ) | (1,458 | ) | Co e FFO impact of holdi g ’25 Excha ge Rates Co sta t(2) | (7,720 | ) | — | (34,138 | ) | — | Weighted-ave age sha es a d u its outsta di g – diluted | 360,648 | 343,909 | 356,113 | 343,436 |
1) As eco ciled to et i come above.
2) Adjustme t calculated by holdi g cu e cy t a slatio ates fo 2026 co sta t with ave age cu e cy t a slatio ates that we e applicable to the same pe iods i 2025.
This docume t co tai s fo wa d-looki g stateme ts withi the mea i g of the fede al secu ities laws, which a e based o cu e t expectatio s, fo ecasts a d assumptio s that i volve isks a d u ce tai ties that could cause actual outcomes a d esults to diffe mate ially. Such fo wa d-looki g stateme ts i clude stateme ts elati g to: ou eco omic outlook, ou expected i vestme t a d expa sio activity, a ticipated co ti ued dema d fo ou p oducts a d se vice, ou liquidity, ou joi t ve tu es, supply a d dema d fo data ce te a d colocatio capacity, ou acquisitio a d dispositio activity, p ici g a d et effective leasi g eco omics, ma ket dy amics a d data ce te fu dame tals, ou st ategic p io ities, ou p oduct offe i gs, available i ve to y, e t f om leases that have bee sig ed but have ot yet comme ced a d othe co t acted e t to be eceived i futu e pe iods, e tal ates o futu e leases, lag betwee sig i g a d comme ceme t, cap ates a d yields, i vestme t activity, the compa y’s FFO, Co e FFO, co sta t cu e cy Co e FFO, Co e FFO (excludi g et p omote), adjusted FFO, adjusted EBITDA, et i come, 2026 outlook a d u de lyi g assumptio s, i fo matio elated to t e ds, ou st ategy a d pla s, leasi g expectatio s, weighted ave age lease te ms, the exe cise of lease exte sio s, lease expi atio s, debt matu ities, a ualized e t at expi atio of leases, the effect ew leases a d i c eases i e tal ates will have o ou e tal eve ue, ou c edit ati gs, co st uctio a d developme t activity a d pla s, p ojected co st uctio costs, estimated yields o i vestme t, expected occupa cy, expected squa e footage a d IT load capacity upo completio of developme t p ojects, backlog NOI, NAV compo e ts, a d othe fo wa d-looki g fi a cial data. Such stateme ts a e based o ma ageme t’s beliefs a d assumptio s made based o i fo matio cu e tly available to ma ageme t. Such stateme ts a e subject to isks, u ce tai ties a d assumptio s a d a e ot gua a tees of futu e pe fo ma ce a d may be affected by k ow a d u k ow isks, t e ds, u ce tai ties, a d facto s that a e beyo d ou co t ol. Should o e o mo e of these isks o u ce tai ties mate ialize, o should u de lyi g assumptio s p ove i co ect, actual esults may va y mate ially f om those a ticipated, estimated, o p ojected. Some of the isks a d u ce tai ties that may cause ou actual esults, pe fo ma ce, o achieveme ts to diffe mate ially f om those exp essed o implied by fo wa d-looki g stateme ts i clude, amo g othe s, the followi g:
- educed dema d fo data ce te s o dec eases i i fo matio tech ology spe di g;
- dec eased e tal ates, i c eased ope ati g costs o i c eased vaca cy ates;
- i c eased competitio o available supply of data ce te capacity;
- the suitability of ou data ce te s a d data ce te i f ast uctu e, delays o dis uptio s i co ectivity o availability of powe , o failu es o b eaches of ou physical a d i fo matio secu ity i f ast uctu e o se vices;
- b eaches of ou obligatio s o est ictio s u de ou co t acts with ou custome s;
- ou i ability to successfully develop a d lease ew p ope ties a d developme t capacity, a d delays o u expected costs i developme t of p ope ties;
- the impact of cu e t global a d local eco omic, c edit a d ma ket co ditio s;
- i c eased ta iffs, global supply chai o p ocu eme t dis uptio s, o i c eased supply chai costs;
- the impact f om pe iods of heighte ed i flatio o ou costs, such as ope ati g a d ge e al a d admi ist ative expe ses, i te est expe se a d eal estate acquisitio a d co st uctio costs;
- the impact o ou custome s’ a d ou supplie s’ ope atio s du i g a epidemic, pa demic, o othe global eve ts;
- ou depe de ce upo sig ifica t custome s, ba k uptcy o i solve cy of a majo custome o a sig ifica t umbe of smalle custome s, o defaults o o o – e ewal of leases by custome s;
- cha ges i political co ditio s, geopolitical tu moil, political i stability, civil distu ba ces, est ictive gove me tal actio s o atio alizatio i the cou t ies i which we ope ate;
- ou i ability to etai data ce te capacity that we lease o sublease f om thi d pa ties;
- i fo matio secu ity, cybe attacks, secu ity b eaches a d data p ivacy b eaches;
- difficulties ma agi g a i te atio al busi ess a d acqui i g o ope ati g p ope ties i fo eig ju isdictio s a d u familia met opolita a eas;
- ou failu e to ealize the i te ded be efits f om, o dis uptio s to ou pla s a d ope atio s o u k ow o co ti ge t liabilities elated to, ou ece t a d futu e acquisitio s;
- ou failu e to successfully i teg ate a d ope ate acqui ed o developed p ope ties o busi esses;
- difficulties i ide tifyi g p ope ties to acqui e a d completi g acquisitio s;
- isks elated to joi t ve tu e i vestme ts, i cludi g as a esult of ou lack of co t ol of such i vestme ts;
- isks associated with usi g debt to fu d ou busi ess activities, i cludi g e-fi a ci g a d i te est ate isks, ou failu e to epay debt whe due, adve se cha ges i ou c edit ati gs o ou b each of cove a ts o othe te ms co tai ed i ou loa facilities a d ag eeme ts;
- ou failu e to obtai ecessa y debt a d equity fi a ci g, a d ou depe de ce o exte al sou ces of capital;
- fi a cial ma ket fluctuatio s a d cha ges i fo eig cu e cy excha ge ates;
- adve se eco omic o eal estate developme ts i ou i dust y o the i dust y secto s that we sell to, i cludi g isks elati g to dec easi g eal estate valuatio s a d impai me t cha ges a d goodwill a d othe i ta gible asset impai me t cha ges;
- ou i ability to ma age ou g owth effectively;
- losses i excess of ou i su a ce cove age;
- ou i ability to att act a d etai tale t;
- e vi o me tal liabilities, isks elated to atu al disaste s a d ou i ability to achieve ou sustai ability goals;
- the expected ope ati g pe fo ma ce of a ticipated ea -te m acquisitio s a d desc iptio s elati g to these expectatio s;
- ou i ability to comply with ules a d egulatio s applicable to ou compa y;
- Digital Realty T ust, I c.’s failu e to mai tai its status as a REIT fo U.S. fede al i come tax pu poses;
- Digital Realty T ust, L.P.’s failu e to qualify as a pa t e ship fo U.S. fede al i come tax pu poses;
- est ictio s o ou ability to e gage i ce tai busi ess activities;
- cha ges i local, state, fede al a d i te atio al laws a d egulatio s, i cludi g elated to taxatio , eal estate a d zo i g laws, a d i c eases i eal p ope ty tax ates; a d
- the impact of a y fi a cial, accou ti g, legal o egulato y issues o litigatio that may affect us.
The isks i cluded he e a e ot exhaustive, a d additio al facto s could adve sely affect ou busi ess a d fi a cial pe fo ma ce. Seve al additio al mate ial isks a e discussed i ou a ual epo t o Fo m 10-K fo the yea e ded Decembe 31, 2025, a d othe fili gs with the U.S. Secu ities a d Excha ge Commissio . Those isks co ti ue to be eleva t to ou pe fo ma ce a d fi a cial co ditio . Mo eove , we ope ate i a competitive a d apidly cha gi g e vi o me t. New isk facto s eme ge f om time to time a d it is ot possible fo ma ageme t to p edict all such isk facto s, o ca it assess the impact of all such isk facto s o the busi ess o the exte t to which a y facto , o combi atio of facto s, may cause actual esults to diffe mate ially f om those co tai ed i a y fo wa d-looki g stateme ts. We exp essly disclaim a y espo sibility to update fo wa d-looki g stateme ts, whethe as a esult of ew i fo matio , futu e eve ts o othe wise. Digital Realty, Digital Realty T ust, the Digital Realty logo, I te xio , Tu -Key Flex, Powe ed Base Buildi g, Se viceFab ic, A yScale Colo, Pe vasive Data Ce te A chitectu e, Platfo mDIGITAL, PDx, Data G avity I dex a d Data G avity I dex DGx a e egiste ed t adema ks a d se vice ma ks of Digital Realty T ust, I c. i the U ited States a d/o othe cou t ies. All othe ames, t adema ks a d se vice ma ks a e the p ope ty of thei espective ow e s.
