EX-99.12dlr-20251023xex99d1.htmEX-99.1
Table of Contents
Exhibit 99.1
Table of Contents
Financial Supplement
Table of Contents
Third Quarter 2025
Overview
PAGE
Corporate Information
3
Key Quarterly Financial Data
5
Consolidated Statements of Operations
Earnings Release
7
2025 Outlook
10
Consolidated Quarterly Statements of Operations
12
Funds From Operations and Core Funds From Operations
13
Adjusted Funds From Operations
14
Balance Sheet Information
Consolidated Balance Sheets
15
Components of Net Asset Value
16
Debt Maturities
17
Debt Analysis and Covenant Compliance
18
Internal Growth
Same-Capital Operating Trend Summary
19
Summary of Leasing Activity - Signed
20
Summary of Leasing Activity - Renewed
21
Lease Expirations - By Size
22
Top 20 Customers by Annualized Rent
23
Occupancy Analysis
24
External Growth
Development Lifecycle
25
Construction Projects in Progress
26
Historical Capital Expenditures and Investments in Real Estate
27
Acquisitions / Dispositions / Joint Ventures
28
Unconsolidated Entities
29
Additional Information
Reconciliation of Earnings Before Interest, Taxes, Depreciation & Amortization and Financial Ratios
30
Management Statements on Non-GAAP Measures
31
Forward-Looking Statements
33
Table of Contents
Financial Supplement
Corporate Information
Third Quarter 2025
Corporate Profile
Digital Realty Trust, Inc. (“Digital Realty” or the “company”) owns, acquires, develops, and operates data centers through its operating partnership subsidiary, Digital Realty Trust, L.P. (the “operating partnership”). The company is focused on providing data center, colocation, and interconnection solutions for domestic and international customers across a variety of industry verticals ranging from cloud and information technology services, communications and social networking to financial services, manufacturing, energy, healthcare, and consumer products. As of September 30, 2025, the company’s 311 data centers, including 89 data centers held as investments in unconsolidated entities, contain applications and operations critical to the day-to-day operations of technology industry and corporate enterprise data center customers.
Digital Realty’s portfolio is comprised of approximately 42.7 million square feet, excluding approximately 10.2 million square feet of space under active development and 4.8 million square feet of space held for future development, located throughout North America, Europe, South America, Asia, Australia, and Africa. For additional information, please visit the company’s website at digitalrealty.com.
Corporate Headquarters
Austin, TX
Website: digitalrealty.com
Senior Management
President & Chief Executive Officer: Andrew P. Power
Chief Financial Officer: Matthew R. Mercier
Chief Investment Officer: Gregory S. Wright
Chief Technology Officer: Christopher L. Sharp
Chief Revenue Officer: Colin M. McLean
Investor Relations
To request more information or to be added to our e-mail distribution list, please visit the Investor Relations section of our website at https://investor.digitalrealty.com.
Analyst Coverage
BMO
BMO Capital
BNP Paribas
Argus Research
BofA Securities
Barclays
Markets
Exane
Citigroup
Citizens JMP Securities
Marie Ferguson
Michael Funk
Brendan Lynch
Ari Klein
Nate Crossett
Michael Rollins
Greg Miller
(212) 425-7500
(646) 855-5664
(212) 526-9428
(212) 885-4103
(646) 725-3716
(212) 816-1116
(212) 699-2917
Evercore ISI
Goldman Sachs
Green Street Advisors
Guggenheim
HSBC
Jefferies
J.P. Morgan
Irvin Liu
Jim Schneider
David Guarino
Joseph Osha
Phani Kanumuri
Jonathan Petersen
Richard Choe
(415) 800-0183
(212) 357-2929
(949) 640-8780
(415) 852-6468
(240) 709-8135
(212) 284-1705
(212) 662-6708
KeyBanc
Mizuho Group
MoffettNathanson
Morningstar
Oppenheimer
Raymond James
RBC Capital Markets
Brandon Nispel
Vikram Malhotra
Nick Del Deo
Mark Giarelli
Timothy Horan
Frank Louthan
Jonathan Atkin
(503) 821-3871
(212) 282-3827
(212) 519-0025
(312) 244-7966
(212) 667-8137
(404) 442-5867
(415) 633-8589
Scotiabank
Stifel
TD Cowen
Truist Securities
UBS
Wells Fargo
Wolfe Research
Maher Yaghi
Erik Rasmussen
Michael Elias
Anthony Hau
John Hodulik
Eric Luebchow
Andrew Rosivach
(437) 995-5548
(212) 271-3461
(646) 562-1358
(212) 303-4176
(212) 713-4226
(312) 630-2386
(646) 582-9250
This Earnings Press Release and Supplemental Information package supplements the information provided in our quarterly and annual reports filed with the U.S. Securities and Exchange Commission. Additional information about Digital Realty and our business is also available on our website at digitalrealty.com.
Upcoming Conference Schedule
November 18, 2025
Jefferies Real Estate Conference
Miami, FL
December 9 - 11, 2025
REITworld: 2025 Annual Conference
Dallas, TX
Webcasts for these events are available through the Digital Realty Investor Relations website when possible. Please check our website for additional information.
3
Table of Contents
Financial Supplement
Corporate Information (Continued)
Third Quarter 2025
Stock Listing Information
The stock of Digital Realty Trust, Inc. is traded primarily on the New York Stock Exchange under the following symbols:
Common Stock:
DLR
Series J Preferred Stock:
DLRPRJ
Series K Preferred Stock:
DLRPRK
Series L Preferred Stock:
DLRPRL
Symbols may vary by stock quote provider.
Credit Ratings
Standard & Poor’s
Corporate Credit Rating:
BBB+
(Stable Outlook)
Preferred Stock:
BBB-
Moody’s
Issuer Rating:
Baa2
(Stable Outlook)
Preferred Stock:
Baa3
Fitch
Issuer Default Rating:
BBB
(Stable Outlook)
Preferred Stock:
BB+
These credit ratings may not reflect the potential impact of risks relating to the structure or trading of the company’s securities and are provided solely for informational purposes. Credit ratings are not recommendations to buy, hold or sell any security, and may be revised or withdrawn at any time by the issuing rating agency at its sole discretion. The company does not undertake any obligation to maintain the ratings or to advise of any change in ratings. Each agency’s rating should be evaluated independently of any other agency’s rating. An explanation of the significance of the ratings may be obtained from each of the rating agencies.
Common Stock Price Performance
The following summarizes recent activity of Digital Realty’s common stock (DLR):
Three Months Ended
30-Sep-25
30-Jun-25
31-Mar-25
31-Dec-24
30-Sep-24
High price
$182.00
$178.85
$187.74
$198.00
$165.17
Low price
$159.22
$129.95
$139.27
$155.16
$141.00
Closing price, end of quarter
$172.88
$174.33
$143.29
$177.33
$161.83
Average daily trading volume (1)
1,520
2,034
2,529
1,911
1,615
Indicated dividend per common share (2)
$4.88
$4.88
$4.88
$4.88
$4.88
Closing annual dividend yield, end of quarter
2.8%
2.8%
3.4%
2.8%
3.0%
Shares and units outstanding, end of quarter (1) (3)
349,244
346,644
343,092
342,772
337,744
Closing market value of shares and units outstanding (4)
$60,377,303
$60,430,449
$49,161,653
$60,783,759
$54,657,112
(1)
Shares or shares and units in thousands.
(2)
On an annualized basis.
(3)
As of September 30, 2025, the total number of shares and units includes 343,041 shares of common stock, 4,046 common units held by third parties and 2,157 common units and vested and unvested long-term incentive units held by directors, officers and others and excludes all shares of common stock potentially issuable upon conversion of our series J, series K and series L cumulative redeemable preferred stock upon certain change of control transactions.
(4)
Dollars in thousands as of the end of the quarter.
This Earnings Press Release and Supplemental Information package supplements the information provided in our quarterly and annual reports filed with the U.S. Securities and Exchange Commission. Additional information about us and our data centers is also available on our website at digitalrealty.com.
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Table of Contents
Key Quarterly Financial Data
Financial Supplement
Unaudited, Dollars (except per share data) and Square Feet in Thousands
Third Quarter 2025
Shares and Units at End of Quarter
30-Sep-25
30-Jun-25
31-Mar-25
31-Dec-24
30-Sep-24
Common shares outstanding
343,041
340,372
336,743
336,637
331,347
Common partnership units outstanding
6,203
6,272
6,349
6,135
6,397
Total Shares and Units
349,244
346,644
343,092
342,772
337,744
Enterprise Value
Market value of common equity (1)
$60,377,303
$60,430,449
$49,161,653
$60,783,759
$54,657,112
Liquidation value of preferred equity
755,000
755,000
755,000
755,000
755,000
Total debt at balance sheet carrying value
18,225,434
18,452,148
17,016,279
16,714,377
16,986,546
Total Enterprise Value
$79,357,737
$79,637,597
$66,932,932
$78,253,136
$72,398,658
Total debt / total enterprise value
23.0%
23.2%
25.4%
21.4%
23.5%
Debt-plus-preferred-to-total-enterprise-value
23.9%
24.1%
26.6%
22.3%
24.5%
Selected Balance Sheet Data
Investments in real estate (before depreciation)
$39,374,646
$38,613,260
$35,693,166
$35,401,912
$36,463,664
Total Assets
48,728,634
48,714,995
45,080,562
45,283,616
45,295,392
Total Liabilities
23,739,412
23,853,149
21,902,406
22,107,836
22,118,781
Selected Operating Data
Total operating revenues
$1,577,234
$1,493,150
$1,407,637
$1,435,862
$1,431,214
Total operating expenses
1,438,813
1,281,453
1,211,887
1,291,540
1,262,928
Net income
63,713
1,046,946
106,395
185,688
40,134
Net income / (loss) available to common stockholders
57,631
1,021,975
99,793
179,388
41,012
Financial Ratios
EBITDA (2)
$679,912
$1,605,408
$658,400
$746,578
$639,875
Adjusted EBITDA (3)
867,807
823,319
791,156
751,276
758,296
Net Debt-to-Adjusted EBITDA (4)
4.9x
5.1x
5.1x
4.8x
5.4x
Interest expense
113,584
109,383
98,464
104,742
123,803
Fixed charges (5)
156,687
148,957
138,739
149,364
162,296
Interest coverage ratio (6)
4.9x
5.0x
5.3x
4.5x
4.3x
Fixed charge coverage ratio (7)
4.6x
4.7x
4.9x
4.2x
4.1x
Profitability Measures
Net income / (loss) per common share - basic
$0.17
$3.03
$0.30
$0.54
$0.13
Net income / (loss) per common share - diluted
$0.15
$2.94
$0.27
$0.51
$0.09
Funds from operations (FFO) / diluted share and unit (8)
$1.65
$1.75
$1.67
$1.61
$1.55
Core funds from operations (Core FFO) / diluted share and unit (8)
$1.89
$1.87
$1.77
$1.73
$1.67
Adjusted funds from operations (AFFO) / diluted share and unit (9)
$1.76
$1.68
$1.78
$1.36
$1.52
Dividends per share and common unit
$1.22
$1.22
$1.22
$1.22
$1.22
Diluted FFO payout ratio (8) (10)
73.8%
69.6%
73.2%
75.6%
78.8%
Diluted Core FFO payout ratio (8) (11)
64.7%
65.2%
68.8%
70.7%
73.2%
Diluted AFFO payout ratio (9) (12)
69.2%
72.8%
68.6%
89.5%
80.4%
Portfolio Statistics
Buildings (13)
330
330
328
328
331
Data Centers (13)
311
310
308
308
312
Cross-connects (13) (14)
231,000
229,000
228,000
227,000
225,000
Net rentable square feet, excluding development space (13)
42,706
42,529
41,778
41,326
41,092
Occupancy at end of quarter (15)
84.8%
84.8%
84.0%
84.1%
83.9%
Occupied square footage (13)
36,197
36,073
35,100
34,741
34,479
Space under active development (16)
10,230
9,848
9,463
8,904
9,126
Space held for development (17)
4,758
4,616
5,062
4,686
4,862
Weighted average remaining lease term (years) (18)
5.0
5.1
4.9
4.8
4.8
Same-capital occupancy at end of quarter (15) (19)
83.7%
83.7%
83.4%
83.5%
83.7%
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Table of Contents
Key Quarterly Financial Data
Financial Supplement
Unaudited, Dollars (except per share data) and Square Feet in Thousands
Third Quarter 2025
(1)
The market value of common equity is based on the closing stock price at the end of the quarter and assumes 100% redemption of the limited partnership units in our operating partnership, including common units and vested and unvested long-term incentive units, for shares of our common stock on a one-for-one basis. Excludes shares of common stock potentially issuable upon conversion of our series J, series K and series L cumulative redeemable preferred stock upon certain change of control transactions, as applicable.
(2)
EBITDA is calculated as earnings before interest expense, loss on debt extinguishment and modifications, tax expense, and depreciation and amortization. For a discussion of EBITDA, see page 31. For a reconciliation of net income available to common stockholders to EBITDA, see page 30.
(3)
Adjusted EBITDA is EBITDA excluding (i) unconsolidated entities real estate related depreciation & amortization, (ii) unconsolidated entities interest and tax expense, (iii) severance, equity acceleration and legal expenses, (iv) transaction and integration expenses, (v) gain (loss) on sale / deconsolidation, (vi) provision for impairment, (vii) other non-core adjustments, net, (viii) noncontrolling interests, (ix) preferred stock dividends, and (x) gain on / issuance costs associated with redeemed preferred stock. For a discussion of Adjusted EBITDA, see page 31. For a reconciliation of net income available to common stockholders to Adjusted EBITDA, see page 30.
(4)
Net Debt to Adjusted EBITDA is calculated as total debt at balance sheet carrying value (see page 5), plus capital lease obligations, plus our share of unconsolidated entities debt at carrying value, less cash and cash equivalents (including our share of unconsolidated entities cash), divided by the product of Adjusted EBITDA (including our pro rata share of unconsolidated entities EBITDA), multiplied by four.
(5)
Fixed charges consist of GAAP interest expense, capitalized interest, scheduled debt principal payments and preferred stock dividends.
(6)
Interest coverage ratio is Adjusted EBITDA (including our pro rata share of unconsolidated entities EBITDA), divided by GAAP interest expense plus capitalized interest (including our share of unconsolidated entities interest expense).
(7)
Fixed charge coverage ratio is Adjusted EBITDA (including our pro rata share of unconsolidated entities EBITDA), divided by fixed charges (including our share of unconsolidated entities fixed charges).
(8)
For definitions and discussion of FFO and Core FFO, see page 31. For reconciliations of net income available to common stockholders to FFO and Core FFO, see page 13.
(9)
For a definition and discussion of AFFO, see page 31. For a reconciliation of Core FFO to AFFO, see page 14.
(10)
Diluted FFO payout ratio is dividends declared per common share and unit divided by diluted FFO per share and unit.
(11)
Diluted Core FFO payout ratio is dividends declared per common share and unit divided by diluted Core FFO per share and unit.
(12)
Diluted AFFO payout ratio is dividends declared per common share and unit divided by diluted AFFO per share and unit.
(13)
Includes buildings held as investments in unconsolidated entities. Excludes buildings held for sale and contribution.
(14)
Represents approximate amounts.
(15)
Occupancy and same-capital occupancy exclude space under active development and space held for development. Occupancy represents our consolidated portfolio in addition to our managed portfolio of unconsolidated entities and non-managed unconsolidated entities. For some of our buildings, we calculate occupancy based on factors in addition to contractually leased square feet, including available power, required support space and common area. Excludes buildings held for sale and contribution.
(16)
Space under active development includes current Base Building and Data Centers projects in progress. Excludes buildings held for sale and contribution.
(17)
Space held for development includes space held for future Data Center development and excludes space under active development. Excludes buildings held for sale and contribution.
(18)
Weighted average remaining lease term excludes renewal options and is weighted by net rentable square feet.
(19)
Represents buildings owned as of December 31, 2023, with less than 5% of total rentable square feet under development. Excludes buildings that were undergoing, or were expected to undergo, development activities in 2024-2025, buildings classified as held for sale and contribution, and buildings sold or contributed to joint ventures for all periods presented. Prior period results have been adjusted to reflect current same-capital pool.
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Table of Contents
Digital Realty Trust
Financial Supplement
Earnings Release
Third Quarter 2025
Digital Realty Reports Third Quarter 2025 Results
Austin, TX — October 23, 2025 — Digital Realty (NYSE: DLR), the largest global provider of cloud- and carrier-neutral data center, colocation and interconnection solutions, announced today financial results for the third quarter of 2025. All per share results are presented on a fully diluted basis.
Highlights
◾
Reported net income available to common stockholders of $0.15 per share in 3Q25, compared to $0.09 in 3Q24
◾
Reported FFO per share of $1.65 in 3Q25, compared to $1.55 in 3Q24
◾
Reported Core FFO per share of $1.89 in 3Q25, compared to $1.67 in 3Q24; reported Constant-Currency Core FFO per share of $1.85 in 3Q25
◾
Reported rental rate increases on renewal leases of 8.0% on a cash basis in 3Q25
◾
Signed total bookings during 3Q25 that are expected to generate $201 million of annualized GAAP rental revenue at 100% share; at Digital Realty’s share, total bookings were $162 million, including an $85 million contribution from the 0-1 megawatt plus interconnection category
◾
Reported a backlog of $852 million of annualized GAAP base rent at the end of 3Q25
◾
Raised 2025 Core FFO per share outlook to $7.32 - $7.38 and Constant-Currency Core FFO per share outlook to $7.25 - $7.30
Financial Results
Digital Realty reported revenues of $1.6 billion in the third quarter of 2025, a 6% increase from the previous quarter and a 10% increase from the same quarter last year.
The company delivered net income of $64 million in the third quarter of 2025, as well as net income available to common stockholders of $58 million and $0.15 per share, compared to $2.94 per share in the previous quarter and $0.09 per share in the same quarter last year.
Digital Realty generated Adjusted EBITDA of $868 million in the third quarter of 2025, a 5% increase from the previous quarter and a 14% increase over the same quarter last year.
The company reported Funds From Operations (FFO) of $570 million in the third quarter of 2025, or $1.65 per share, compared to $1.75 per share in the previous quarter and $1.55 per share in the same quarter last year.
Excluding certain items that do not represent core expenses or revenue streams, Digital Realty delivered Core FFO per share of $1.89 in the third quarter of 2025, compared to $1.87 per share in the previous quarter and $1.67 per share in the same quarter last year. Digital Realty delivered Constant-Currency Core FFO per share of $1.85 in the third quarter of 2025 and $5.48 per share for the nine-month period ended September 30, 2025.
"Digital Realty delivered strong financial results this quarter, featuring record Core FFO per share and double-digit revenue and Adjusted EBITDA growth. These achievements are supported by a substantial backlog, providing clear visibility into 2026," said Digital Realty President and CEO Andy Power. "Robust enterprise demand continues to drive our 0-1 megawatt plus interconnection offering, with companies expanding on PlatformDIGITAL®. With five gigawatts of buildable IT capacity worldwide, we are well-positioned to meet our customers' evolving needs."
Leasing Activity
In the third quarter, Digital Realty signed total bookings that are expected to generate $201 million of annualized GAAP rental revenue at 100% share; at Digital Realty’s share, total bookings were $162 million, including a $65 million contribution from the 0-1 megawatt category and a $20 million contribution from interconnection.
The weighted-average lag between new leases signed during the third quarter of 2025 and the contractual commencement date was eight months. The backlog of signed-but-not-commenced leases at quarter-end was $852 million of annualized GAAP base rent at Digital Realty’s share.
In addition to new leases signed, Digital Realty also signed renewal leases representing $192 million of annualized cash rental revenue during the quarter. Rental rates on renewal leases signed during the third quarter of 2025 increased 8.0% on a cash basis and 11.5% on a GAAP basis.
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Table of Contents
Digital Realty Trust
Financial Supplement
Earnings Release
Third Quarter 2025
New leases signed during the third quarter of 2025 at Digital Realty’s share are summarized by region and product as follows:
Annualized GAAP
Base Rent
Square Feet
GAAP Base Rent
GAAP Base Rent
Americas
(in thousands)
(in thousands)
per Square Foot
Megawatts
per Kilowatt
0-1 MW
$31,606
94
$338
7.7
$340
> 1 MW
35,688
101
353
16.2
184
Other (1)
551
10
53
—
—
Total
$67,844
205
$331
23.9
$235
EMEA (2)
0-1 MW
$28,518
80
$359
8.4
$283
> 1 MW
26,087
90
288
12.0
181
Other (1)
434
8
55
—
—
Total
$55,040
178
$310
20.4
$223
Asia Pacific (2)
0-1 MW
$4,756
27
$179
2.0
$194
> 1 MW
14,373
32
453
3.4
348
Other (1)
142
1
121
—
—
Total
$19,271
60
$324
5.5
$291
All Regions (2)
0-1 MW
$64,880
200
$325
18.2
$297
> 1 MW
76,148
223
341
31.6
201
Other (1)
1,127
19
58
—
—
Total
$142,155
442
$321
49.8
$236
Interconnection
$19,649
N/A
N/A
N/A
N/A
Grand Total at DLR Share
$161,804
442
$321
49.8
$236
Grand Total at 100% Share
$201,471
462
$387
71.4
$209
Note: Totals may not foot due to rounding differences.
(1)
Other includes Powered Base Building® shell capacity as well as storage and office space within fully improved data center facilities.
(2)
Based on quarterly average exchange rates during the three months ended September 30, 2025.
Investment Activity
During the third quarter, Digital Realty sold non-core data centers in the Atlanta, Boston and Miami metro areas for gross proceeds of approximately $90 million.
Digital Realty acquired a property containing approximately five acres of land in the Los Angeles metro area for approximately $49 million that is expected to support 32 megawatts of IT capacity. Additionally, Digital Realty acquired two land parcels near its Franklin Park campus for approximately $18 million that, together with previously acquired land parcels, are expected to support over 40 megawatts of incremental IT capacity in the Chicago metro area.
Subsequent to quarter end, Digital Realty sold a non-core data center in the Dallas metro area for gross proceeds of approximately $33 million.
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Table of Contents
Digital Realty Trust
Financial Supplement
Earnings Release
Third Quarter 2025
Balance Sheet
Digital Realty had approximately $18.2 billion of total debt outstanding as of September 30, 2025, comprised of $17.4 billion of unsecured debt and approximately $0.8 billion of secured debt and other debt. At the end of the third quarter of 2025, net debt-to-Adjusted EBITDA was 4.9x, debt-plus-preferred-to-total enterprise value was 23.9% and fixed charge coverage was 4.6x.
In July, Digital Realty repaid €650 million ($754 million) in aggregate principal amount of its 0.625% senior notes.
Since June 30, 2025, the company also sold 2.9 million shares of common stock under its At-The-Market (ATM) equity issuance program at a weighted average price of $172.46 per share, for net proceeds of approximately $501 million.
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Table of Contents
Digital Realty Trust
Financial Supplement
Earnings Release
Third Quarter 2025
2025 Outlook
Digital Realty raised its 2025 Core FFO per share outlook to $7.32 - $7.38 and Constant-Currency Core FFO per share outlook to $7.25 - $7.30. The assumptions underlying the outlook are summarized in the following table.
As of
As of
As of
As of
Top-Line and Cost Structure
February 13, 2025
April 24, 2025
July 24, 2025
October 23, 2025
G1Total revenue
$5.800 - $5.900 billion
$5.825 - $5.925 billion
$5.925 - $6.025 billion
$6.025 - $6.075 billion
Net non-cash rent adjustments (1)
($45 - $50 million)
($50 - $55 million)
($65 - $70 million)
($75 - $80 million)
G2Adjusted EBITDA
$3.100 - $3.200 billion
$3.125 - $3.225 billion
$3.200 - $3.300 billion
$3.300 - $3.350 billion
G3G&A
$500 - $510 million
$505 - $515 million
$520 - $530 million
$530 - $535 million
Internal Growth
Rental rates on renewal leases
Cash basis
4.0% - 6.0%
4.0% - 6.0%
5.0% - 6.0%
5.75% - 6.25%
GAAP basis
6.0% - 8.0%
6.0% - 8.0%
7.0% - 8.0%
7.75% - 8.25%
Year-end portfolio occupancy
+100 - 200 bps
+100 - 200 bps
+100 - 200 bps
+100 - 200 bps
G4"Same-Capital" cash NOI growth (2)
3.5% - 4.5%
3.5% - 4.5%
3.5% - 4.5%
4.25% - 4.75%
Foreign Exchange Rates
U.S. Dollar / Pound Sterling
$1.20 - $1.25
$1.25 - $1.35
$1.30 - $1.35
$1.30 - $1.35
U.S. Dollar / Euro
$1.00 - $1.05
$1.05 - $1.15
$1.10 - $1.15
$1.13 - $1.18
External Growth
G5Dispositions / Joint Venture Capital
Dollar volume
$500 - $1,000 million
$500 - $1,000 million
$700 - $1,000 million
$700 - $1,000 million
Cap rate
0.0% - 10.0%
0.0% - 10.0%
0.0% - 10.0%
0.0% - 10.0%
Development
G6CapEx (Net of Partner Contributions) (3)
$3,000 - $3,500 million
$3,000 - $3,500 million
$3,000 - $3,500 million
$3,000 - $3,500 million
Average stabilized yields
10.0%+
10.0%+
10.0%+
10.0%+
G7Enhancements and other non-recurring CapEx (4)
$30 - $35 million
$30 - $35 million
$30 - $35 million
$30 - $35 million
G8Recurring CapEx + capitalized leasing costs (5)
$320 - $335 million
$320 - $335 million
$320 - $335 million
$300 - $320 million
Balance Sheet
G9Long-term debt issuance
Dollar amount
$900 - $1,500 million
$900 - $1,500 million
~$2,000 million
~$2,000 million
Pricing
5.0% - 5.5%
4.0% - 5.5%
~4.0%
~4.0%
Timing
Mid-Year
Mid-Year
Mid-Year
Mid-Year
G10Net income per diluted share
$2.10 - $2.20
$2.15 - $2.25
$3.45 - $3.55
$3.57 - $3.62
Real estate depreciation and (gain) / loss on sale
$4.50 - $4.50
$4.50 - $4.50
$3.25 - $3.25
$3.20 - $3.20
G11Funds From Operations / share (NAREIT-Defined)
$6.60 - $6.70
$6.65 - $6.75
$6.70 - $6.80
$6.77 - $6.82
Non-core expenses and revenue streams
$0.40 - $0.40
$0.40 - $0.40
$0.45 - $0.45
$0.55 - $0.55
G12Core Funds From Operations / share
$7.00 - $7.10
$7.05 - $7.15
$7.15 - $7.25
$7.32 - $7.38
Foreign currency translation adjustments
$0.05 - $0.05
$0.00 - $0.00
($0.05) - ( $0.05)
($0.07) - ( $0.07)
G13Constant-Currency Core Funds From Operations / share
$7.05 - $7.15
$7.05 - $7.15
$7.10 - $7.20
$7.25 - $7.30
(1)
Net non-cash rent adjustments represent the sum of straight-line rental revenue and straight-line rental expense, as well as the amortization of above- and below-market leases (i.e., ASC 805 adjustments).
(2)
The “Same-Capital” pool includes properties owned as of December 31, 2023 with less than 5% of total rentable square feet under development. It excludes properties that were undergoing, or were expected to undergo, development activities in 2024-2025, properties classified as held for sale and contribution, and properties sold or contributed to joint ventures for all periods presented. The 2025 “Same-Capital” cash NOI growth outlook is presented on a constant currency basis.
(3)
Excludes land acquisitions and includes Digital Realty’s share of joint venture and fund contributions. Figure is net of joint venture and fund partners’ share of contributions.
(4)
Other non-recurring CapEx represents costs incurred to enhance the capacity or marketability of operating properties, such as network fiber initiatives and software development costs.
(5)
Recurring CapEx represents non-incremental improvements required to maintain current revenues, including second-generation tenant improvements and leasing commissions.
Note: The company does not provide a reconciliation for non-GAAP estimates on a forward-looking basis, where it is unable to provide a meaningful or accurate calculation or estimation of reconciling items, and the information is not available without unreasonable effort. Please see Non-GAAP Financial Measures in this document for further discussion.
10
Table of Contents
Digital Realty Trust
Financial Supplement
Earnings Release
Third Quarter 2025
Non-GAAP Financial Measures
This document contains non-GAAP financial measures, including FFO, Core FFO, Constant Currency Core FFO, Adjusted FFO, Net Operating Income (NOI), “Same-Capital” Cash NOI and Adjusted EBITDA. A reconciliation from U.S. GAAP net income available to common stockholders to FFO, a reconciliation from FFO to Core FFO, a reconciliation from Core FFO to Adjusted FFO, a reconciliation from NOI to Cash NOI, and definitions of FFO, Core FFO, Constant Currency Core FFO, Adjusted FFO, NOI and “Same-Capital” Cash NOI are included as an attachment to this document. A reconciliation from U.S. GAAP net income available to common stockholders to Adjusted EBITDA, a definition of Adjusted EBITDA and definitions of net debt-to-Adjusted EBITDA, debt-plus-preferred-to-total enterprise value, cash NOI, and fixed charge coverage ratio are included as an attachment to this document.
The company does not provide a reconciliation for non-GAAP estimates on a forward-looking basis, where it is unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and/or amount of various items that would impact net income attributable to common stockholders per diluted share, which is the most directly comparable forward-looking GAAP financial measure. This includes, for example, external growth factors, such as dispositions, and balance sheet items such as debt issuances, that have not yet occurred, are out of the company's control and/or cannot be reasonably predicted.
For the same reasons, the company is unable to address the probable significance of the unavailable information. Forward-looking non-GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures.
Investor Conference Call
Prior to Digital Realty’s investor conference call at 5:00 p.m. ET / 4:00 p.m. CT on October 23, 2025, a presentation will be posted to the Investors section of the company’s website at https://investor.digitalrealty.com. The presentation is designed to accompany the discussion of the company’s third quarter 2025 financial results and operating performance. The conference call will feature President & Chief Executive Officer Andy Power and Chief Financial Officer Matt Mercier.
To participate in the live call, investors are invited to dial +1 (888) 317-6003 (for domestic callers) or +1 (412) 317-6061 (for international callers) and reference the conference ID# 1402737 at least five minutes prior to start time. A live webcast of the call will be available via the Investors section of Digital Realty’s website at https://investor.digitalrealty.com.
Telephone and webcast replays will be available after the call until November 23, 2025. The telephone replay can be accessed by dialing +1 (877) 344-7529 (for domestic callers) or +1 (412) 317-0088 (for international callers) and providing the conference ID# 3414347. The webcast replay can be accessed on Digital Realty’s website.
About Digital Realty
Digital Realty brings companies and data together by delivering the full spectrum of data center, colocation and interconnection solutions. PlatformDIGITAL®, the company’s global data center platform, provides customers with a secure data meeting place and a proven Pervasive Datacenter Architecture (PDx®) solution methodology for powering innovation, from cloud and digital transformation to emerging technologies like artificial intelligence (AI), and efficiently managing Data Gravity challenges. Digital Realty gives its customers access to the connected data communities that matter to them with a global data center footprint of 300+ facilities in 50+ metros across 25+ countries on six continents. To learn more about Digital Realty, please visit digitalrealty.com or follow us on LinkedIn and X.
Contact Information
Matt Mercier
Chief Financial Officer
Digital Realty
Jordan Sadler / Jim Huseby
Investor Relations
Digital Realty
(415) 275-5344
11
Table of Contents
Consolidated Quarterly Statements of Operations
Financial Supplement
Unaudited and in Thousands, Except Per Share Data
Third Quarter 2025
Three Months Ended
Nine Months Ended
30-Sep-25
30-Jun-25
31-Mar-25
31-Dec-24
30-Sep-24
30-Sep-25
30-Sep-24
Rental revenues
$1,045,708
$1,003,550
$960,526
$958,892
$956,351
$3,009,784
$2,763,753
Tenant reimbursements - Utilities
332,681
294,503
271,189
302,664
305,097
898,373
855,959
Tenant reimbursements - Other
37,302
37,355
42,177
38,591
39,624
116,834
120,021
Interconnection and other
120,399
121,952
112,969
112,360
112,655
355,320
330,231
Fee income
36,398
34,427
20,643
23,316
12,907
91,468
41,572
Other
4,746
1,363
133
40
4,581
6,242
7,568
Total Operating Revenues
$1,577,234
$1,493,150
$1,407,637
$1,435,862
$1,431,214
$4,478,021
$4,119,106
Utilities
$375,627
$339,288
$313,385
$337,534
$356,063
$1,028,301
$995,882
Rental property operating
278,292
267,724
238,600
273,104
249,796
784,615
711,817
Property taxes
51,823
49,570
48,856
46,044
45,633
150,249
136,408
Insurance
4,508
4,946
4,483
6,007
4,869
13,937
12,318
Depreciation and amortization
497,002
461,167
443,009
455,355
459,997
1,401,178
1,316,442
General and administration
139,911
133,755
121,112
124,470
115,120
394,778
349,051
Severance, equity acceleration and legal expenses
1,794
2,262
2,428
2,346
2,481
6,484
4,156
Transaction and integration expenses
86,559
22,546
39,902
11,797
24,194
149,007
82,105
Provision for impairment
—
—
—
22,881
—
—
168,303
Other expenses
3,297
195
112
12,002
4,774
3,604
15,080
Total Operating Expenses
$1,438,813
$1,281,453
$1,211,887
$1,291,540
$1,262,928
$3,932,153
$3,791,564
Operating Income
$138,421
$211,697
$195,750
$144,322
$168,286
$545,868
$327,542
Equity in earnings / (loss) of unconsolidated entities
(16,944)
(12,062)
(7,640)
(36,201)
(26,486)
(36,646)
(83,936)
Gain / (loss) on sale of investments
19,780
931,830
1,111
144,885
(556)
952,721
450,940
Interest and other income / (expense), net
47,735
37,747
32,773
44,517
37,756
118,255
109,726
Interest (expense)
(113,584)
(109,383)
(98,464)
(104,742)
(123,803)
(321,431)
(348,095)
Income tax benefit / (expense)
(11,695)
(12,883)
(17,135)
(4,928)
(12,427)
(41,713)
(49,832)
Loss on debt extinguishment and modifications
—
—
—
(2,165)
(2,636)
—
(3,706)
Net Income
$63,713
$1,046,946
$106,395
$185,688
$40,134
$1,217,054
$402,639
Net (income) / loss attributable to noncontrolling interests
4,099
(14,790)
3,579
3,881
11,059
(7,112)
10,282
Net Income Attributable to Digital Realty Trust, Inc.
$67,812
$1,032,156
$109,974
$189,569
$51,193
$1,209,942
$412,921
Preferred stock dividends
(10,181)
(10,181)
(10,181)
(10,181)
(10,181)
(30,543)
(30,544)
Net Income / (Loss) Available to Common Stockholders
$57,631
$1,021,975
$99,793
$179,388
$41,012
$1,179,399
$382,377
Weighted-average shares outstanding - basic
341,370
337,589
336,683
333,376
327,977
338,565
319,965
Weighted-average shares outstanding - diluted
349,234
345,734
344,721
340,690
336,249
346,631
328,641
Weighted-average fully diluted shares and units
355,165
351,691
350,632
346,756
342,374
352,571
334,830
Net income / (loss) per share - basic
$0.17
$3.03
$0.30
$0.54
$0.13
$3.48
$1.20
Net income / (loss) per share - diluted
$0.15
$2.94
$0.27
$0.51
$0.09
$3.35
$1.10
12
Table of Contents
Funds From Operations and Core Funds From Operations
Financial Supplement
Unaudited and in Thousands, Except Per Share Data
Third Quarter 2025
Three Months Ended
Nine Months Ended
Reconciliation of Net Income to Funds From Operations (FFO)
30-Sep-25
30-Jun-25
31-Mar-25
31-Dec-24
30-Sep-24
30-Sep-25
30-Sep-24
Net Income / (Loss) Available to Common Stockholders
$57,631
$1,021,975
$99,793
$179,388
$41,012
$1,179,399
$382,377
Adjustments:
Noncontrolling interest in operating partnership
2,000
21,000
3,000
4,000
1,000
26,000
8,700
Real estate related depreciation and amortization (1)
487,182
451,050
432,652
445,462
449,086
1,370,884
1,284,597
Reconciling items related to noncontrolling interests
(22,888)
(21,038)
(19,480)
(19,531)
(19,746)
(63,406)
(45,081)
Unconsolidated entities real estate related depreciation and amortization
65,922
59,172
55,861
49,463
48,474
180,955
143,468
(Gain) / loss on real estate transactions
(19,780)
(931,830)
(1,111)
(137,047)
556
(952,721)
(459,857)
Provision for impairment
—
—
—
22,881
—
—
168,303
Funds From Operations
$570,067
$600,329
$570,715
$544,616
$520,382
$1,741,111
$1,482,506
Weighted-average shares and units outstanding - basic
347,301
343,546
342,594
339,442
334,103
344,504
326,154
Weighted-average shares and units outstanding - diluted (2) (3)
355,165
351,691
350,632
346,756
342,374
352,571
334,830
Funds From Operations per share - basic
$1.64
$1.75
$1.67
$1.60
$1.56
$5.05
$4.55
Funds From Operations per share - diluted (2) (3)
$1.65
$1.75
$1.67
$1.61
$1.55
$5.07
$4.52
Three Months Ended
Nine Months Ended
Reconciliation of FFO to Core FFO
30-Sep-25
30-Jun-25
31-Mar-25
31-Dec-24
30-Sep-24
30-Sep-25
30-Sep-24
Funds From Operations
$570,067
$600,329
$570,715
$544,616
$520,382
$1,741,111
$1,482,506
Other non-core revenue adjustments (4)
(4,746)
4,228
(1,925)
4,537
(4,583)
(2,443)
(34,876)
Transaction and integration expenses
86,559
22,546
39,902
11,797
24,194
149,007
82,105
Loss on debt extinguishment and modifications
—
—
—
2,165
2,636
—
3,706
Severance, equity acceleration and legal expenses (5)
1,794
2,262
2,428
2,346
2,481
6,484
4,156
(Gain) / Loss on FX and derivatives revaluation
252
8,827
(2,064)
7,127
1,513
7,015
67,337
Other non-core expense adjustments (6)
2,075
5,092
(702)
14,229
11,120
6,465
23,443
Core Funds From Operations
$656,001
$643,284
$608,354
$586,816
$557,744
$1,907,639
$1,628,377
Weighted-average shares and units outstanding - diluted (2) (3)
347,700
343,909
343,050
339,982
334,476
344,873
326,545
Core Funds From Operations per share - diluted (2)
$1.89
$1.87
$1.77
$1.73
$1.67
$5.53
$4.99
(1)
Three Months Ended
Nine Months Ended
Real Estate Related Depreciation & Amortization
30-Sep-25
30-Jun-25
31-Mar-25
31-Dec-24
30-Sep-24
30-Sep-25
30-Sep-24
Depreciation and amortization per income statement
$497,002
$461,167
$443,009
$455,355
$459,997
$1,401,178
$1,316,442
Non-real estate depreciation
(9,820)
(10,117)
(10,356)
(9,894)
(10,911)
(30,294)
(31,845)
Real Estate Related Depreciation & Amortization
$487,182
$451,050
$432,652
$445,462
$449,086
$1,370,884
$1,284,597
(2)
Certain of Teraco's minority indirect shareholders have the right to put their shares in an upstream parent company of Teraco to Digital Realty in exchange for cash or the equivalent value of shares of Digital Realty common stock, or a combination thereof. U.S. GAAP requires Digital Realty to assume the put right is settled in shares for purposes of calculating diluted EPS. This same approach was utilized to calculate FFO/share. The potential future dilutive impact associated with this put right will be excluded from Core FFO and AFFO until settlement occurs – causing diluted share count to be higher for FFO than for Core FFO and AFFO. When calculating diluted FFO, Teraco related noncontrolling interest is added back to the FFO numerator as the denominator assumes all shares have been put back to Digital Realty.
Three Months Ended
Nine Months Ended
30-Sep-25
30-Jun-25
31-Mar-25
31-Dec-24
30-Sep-24
30-Sep-25
30-Sep-24
Teraco noncontrolling share of FFO
$17,018
$15,850
$13,286
$14,905
$9,828
$46,154
$32,049
Teraco related minority interest
$17,018
$15,850
$13,286
$14,905
$9,828
$46,154
$32,049
(3)
For all periods presented, we have excluded the effect of dilutive series J, series K and series L preferred stock, as applicable, that may be converted into common stock upon the occurrence of specified change in control transactions as described in the articles supplementary governing the series J, series K and series L preferred stock, as applicable, which we consider highly improbable. See above for calculations of FFO and the share count detail section that follows the reconciliation of Core FFO to AFFO for calculations of weighted average common stock and units outstanding. For definitions and discussion of FFO and Core FFO, see the Definitions section.
(4)
Includes deferred rent adjustments related to a customer bankruptcy, development fees included in gains, lease termination fees and gain on sale of equity investment included in other income.
(5)
Relates to severance and other charges related to the departure of company executives and integration-related severance.
(6)
Includes write-offs associated with bankrupt or terminated customers, non-recurring legal and insurance expenses and adjustments to reflect our proportionate share of transaction costs associated with noncontrolling interests.
13
Table of Contents
Adjusted Funds From Operations (AFFO)
Financial Supplement
Unaudited and in Thousands, Except Per Share Data
Third Quarter 2025
Three Months Ended
Nine Months Ended
Reconciliation of Core FFO to AFFO
30-Sep-25
30-Jun-25
31-Mar-25
31-Dec-24
30-Sep-24
30-Sep-25
30-Sep-24
Core FFO available to common stockholders and unitholders
$656,001
$643,284
$608,354
$586,816
$557,744
$1,907,639
$1,628,377
Adjustments:
Non-real estate depreciation
9,820
10,117
10,356
9,894
10,911
30,293
31,845
Amortization of deferred financing costs
6,565
6,451
6,548
5,697
4,853
19,564
15,501
Amortization of debt discount/premium
1,293
1,251
1,125
1,324
1,329
3,669
4,481
Non-cash stock-based compensation expense
18,174
18,026
16,700
13,386
15,026
52,900
42,083
Straight-line rental revenue
(33,351)
(23,698)
(9,692)
(18,242)
(17,581)
(66,741)
(7,271)
Straight-line rental expense
(271)
(475)
(160)
(136)
1,690
(906)
3,583
Above- and below-market rent amortization
(864)
(752)
(706)
(269)
(742)
(2,322)
(3,287)
Deferred tax (benefit) / expense
18,187
(30,714)
(517)
(15,048)
(9,366)
(13,044)
(22,786)
Leasing compensation and internal lease commissions
15,013
14,721
13,405
10,505
10,918
43,139
34,728
Recurring capital expenditures (1)
(77,998)
(62,083)
(35,305)
(130,245)
(67,308)
(175,386)
(175,467)
AFFO available to common stockholders and unitholders (2)
$612,569
$576,127
$610,108
$463,682
$507,474
$1,798,805
$1,551,787
Weighted-average shares and units outstanding - basic
347,301
343,546
342,594
339,442
334,103
344,504
326,154
Weighted-average shares and units outstanding - diluted (3)
347,700
343,909
343,050
339,982
334,476
344,873
326,545
AFFO per share - diluted (3)
$1.76
$1.68
$1.78
$1.36
$1.52
$5.22
$4.75
Dividends per share and common unit
$1.22
$1.22
$1.22
$1.22
$1.22
$3.66
$3.66
Diluted AFFO Payout Ratio
69.2%
72.8%
68.6%
89.5%
80.4%
70.2%
77.0%
Three Months Ended
Nine Months Ended
Share Count Detail
30-Sep-25
30-Jun-25
31-Mar-25
31-Dec-24
30-Sep-24
30-Sep-25
30-Sep-24
Weighted Average Common Stock and Units Outstanding
347,301
343,546
342,594
339,442
334,103
344,504
326,154
Add: Effect of dilutive securities
399
362
456
540
373
369
391
Weighted Avg. Common Stock and Units Outstanding - diluted
347,700
343,909
343,050
339,982
334,476
344,873
326,545
(1)
Recurring capital expenditures represent non-incremental building improvements required to maintain current revenues, including second-generation tenant improvements and external leasing commissions. Recurring capital expenditures do not include acquisition costs contemplated when underwriting the purchase of a building, costs which are incurred to bring a building up to Digital Realty’s operating standards, or internal leasing commissions.
(2)
For a definition and discussion of AFFO, see the Definitions section. For a reconciliation of net income available to common stockholders to FFO and Core FFO, see above.
(3)
For all periods presented, we have excluded the effect of dilutive series J, series K and series L preferred stock, as applicable, that may be converted into common stock upon the occurrence of specified change in control transactions as described in the articles supplementary governing the series J, series K and series L preferred stock, as applicable, which we consider highly improbable. See above for calculations of FFO and for calculations of weighted average common stock and units outstanding.
14
Table of Contents
Consolidated Balance Sheets
Financial Supplement
Unaudited and in Thousands, Except Per Share Data
Third Quarter 2025
30-Sep-25
30-Jun-25
31-Mar-25
31-Dec-24
30-Sep-24
Assets
Investments in real estate:
Real estate
$30,194,891
$29,836,218
$27,947,964
$27,558,993
$28,808,770
Construction in progress
5,422,338
5,080,701
4,973,266
5,164,334
5,175,054
Land held for future development
66,668
73,665
69,089
38,785
23,392
Investments in Real Estate
$35,683,897
$34,990,583
$32,990,319
$32,762,112
$34,007,216
Accumulated depreciation and amortization
(9,665,380)
(9,341,719)
(8,856,535)
(8,641,331)
(8,777,002)
Net Investments in Properties
$26,018,517
$25,648,865
$24,133,784
$24,120,781
$25,230,214
Investment in unconsolidated entities
3,690,749
3,622,677
2,702,847
2,639,800
2,456,448
Net Investments in Real Estate
$29,709,266
$29,271,542
$26,836,631
$26,760,582
$27,686,662
Operating lease right-of-use assets, net
$1,167,398
$1,180,657
$1,165,924
$1,178,853
$1,228,507
Cash and cash equivalents
3,299,703
3,554,126
2,321,885
3,870,891
2,175,605
Accounts and other receivables, net (1)
1,496,105
1,586,146
1,373,521
1,257,464
1,274,460
Deferred rent, net
710,624
681,375
641,290
642,456
641,778
Goodwill
9,647,754
9,636,513
9,174,165
8,929,431
9,395,233
Customer relationship value, deferred leasing costs and other intangibles, net
2,080,898
2,171,318
2,124,989
2,178,054
2,367,467
Assets held for sale and contribution
116,624
139,993
953,236
—
—
Other assets
500,262
493,325
488,921
465,885
525,679
Total Assets
$48,728,634
$48,714,995
$45,080,562
$45,283,616
$45,295,392
Liabilities and Equity
Global unsecured revolving credit facilities, net
$1,152,042
$567,699
$1,096,931
$1,611,308
$1,786,921
Unsecured term loans, net
438,933
440,788
404,335
386,903
913,733
Unsecured senior notes, net of discount
15,808,565
16,641,367
14,744,063
13,962,852
13,528,061
Secured and other debt, net of discount
825,894
802,294
770,950
753,314
757,831
Operating lease liabilities
1,285,067
1,298,085
1,281,572
1,294,219
1,343,903
Accounts payable and other accrued liabilities
2,377,726
2,310,882
1,927,611
2,056,215
2,140,764
Deferred tax liabilities
1,151,374
1,137,305
1,109,294
1,084,562
1,223,771
Accrued dividends and distributions
—
—
—
418,661
—
Security deposits and prepaid rents
699,528
653,640
559,768
539,802
423,797
Obligations associated with assets held for sale and contribution
283
1,089
7,882
—
—
Total Liabilities
$23,739,412
$23,853,149
$21,902,406
$22,107,836
$22,118,781
Redeemable noncontrolling interests
1,535,972
1,505,889
1,459,322
1,433,185
1,465,636
Equity
Preferred Stock: $0.01 par value per share, 110,000 shares authorized:
Series J Cumulative Redeemable Preferred Stock (2)
$193,540
$193,540
$193,540
$193,540
$193,540
Series K Cumulative Redeemable Preferred Stock (3)
203,264
203,264
203,264
203,264
203,264
Series L Cumulative Redeemable Preferred Stock (4)
334,886
334,886
334,886
334,886
334,886
Common Stock: $0.01 par value per share, 502,000 shares authorized (5)
3,400
3,374
3,338
3,337
3,285
Additional paid-in capital
29,182,332
28,720,826
28,091,661
28,079,738
27,229,143
Dividends in excess of earnings
(6,358,501)
(5,997,607)
(6,604,217)
(6,292,085)
(6,060,642)
Accumulated other comprehensive (loss), net
(533,891)
(543,756)
(926,874)
(1,182,283)
(657,364)
Total Stockholders' Equity
$23,025,030
$22,914,527
$21,295,598
$21,340,397
$21,246,112
Noncontrolling Interests
Noncontrolling interest in operating partnership
$420,280
$431,000
$415,956
$396,099
$427,930
Noncontrolling interest in consolidated entities
7,940
10,430
7,280
6,099
36,933
Total Noncontrolling Interests
$428,220
$441,430
$423,236
$402,198
$464,863
Total Equity
$23,453,250
$23,355,957
$21,718,834
$21,742,595
$21,710,975
Total Liabilities and Equity
$48,728,634
$48,714,995
$45,080,562
$45,283,616
$45,295,392
(1)
Net of allowance for doubtful accounts of $85,274 and $56,353 as of September 30, 2025 and September 30, 2024, respectively.
(2)
Series J Cumulative Redeemable Preferred Stock, 5.250%, $200,000 liquidation preference ($25.00 per share), 8,000 shares issued and outstanding as of September 30, 2025 and September 30, 2024.
(3)
Series K Cumulative Redeemable Preferred Stock, 5.850%, $210,000 liquidation preference ($25.00 per share), 8,400 shares issued and outstanding as of September 30, 2025 and September 30, 2024.
(4)
Series L Cumulative Redeemable Preferred Stock, 5.200%, $345,000 liquidation preference ($25.00 per share), 13,800 shares issued and outstanding as of September 30, 2025 and September 30, 2024.
(5)
Common Stock: 343,041 and 331,347 shares issued and outstanding as of September 30, 2025 and September 30, 2024, respectively.
15
Table of Contents
Components of Net Asset Value (NAV) (1)
Financial Supplement
Unaudited and in Thousands
Third Quarter 2025
44
Consolidated Properties Cash Net Operating Income (NOI)(2), Annualized (3)
Network-Dense
$1,157,869
Campus
1,926,759
Other (4)
81,297
Total Cash NOI, Annualized
$3,165,925
less: Partners' share of consolidated JVs
(82,234)
Acquisitions / dispositions / expirations
(25,104)
FY 2025 backlog cash NOI and 3Q25 carry-over (stabilized) (5)
103,307
Total Consolidated Cash NOI, Annualized
$3,161,894
Digital Realty's Pro Rata Share of Unconsolidated Entities Cash NOI (3) (6)
$348,450
Other Income
Development and Management Fees (net), Annualized
$145,591
Other Assets
Pre-stabilized inventory, at cost (7)
$295,056
Land held for development
66,668
Development CIP (8)
5,422,338
less: Investment associated with FY25 Backlog NOI (9)
(454,243)
Cash and cash equivalents
3,299,703
Accounts and other receivables, net
1,496,105
Other assets
500,262
less: Partners' share of consolidated entities assets
(132,065)
Total Other Assets
$10,493,824
Liabilities
Global unsecured revolving credit facilities
$1,173,282
Unsecured term loans
440,025
Unsecured senior notes
15,923,345
Secured and other debt
833,431
Accounts payable and other accrued liabilities
2,377,726
Deferred tax liabilities
1,151,374
Security deposits and prepaid rents
699,528
Obligations associated with assets held for sale and contribution
283
Backlog NOI cost to complete (9)
78,616
Preferred stock
755,000
Digital Realty's share of unconsolidated entities debt
2,082,912
less: Partners' share of consolidated entities liabilities
(489,824)
Total Liabilities
$25,025,698
(1)
Backlog and associated financial line items include activity related to unconsolidated entities properties.
(2)
For definitions and discussion of NOI and cash NOI and a reconciliation of operating income to NOI and cash NOI, see page 32.
(3)
Annualized cash NOI is calculated by multiplying results for the most recent quarter by four. Annualized results may not be indicative of any four-quarter period and do not take into account scheduled lease expirations, among other things. Annualized data is presented for illustrative purposes only. Reflects annualized 3Q25 Cash NOI of $3.2 billion. NOI is allocated based on management’s estimates derived using contractual ABR and stabilized margins.
(4)
Other includes Powered Base Building shell capacity as well as storage and office space within fully improved data center facilities.
(5)
Estimated cash NOI related to signed leases that are expected to commence through December 31, 2025. Includes Digital Realty’s share of signed leases at unconsolidated entities properties.
(6)
For a reconciliation of Digital Realty’s pro rata share of unconsolidated entities operating income to cash NOI, see page 29.
(7)
Excludes Digital Realty’s share of cost at unconsolidated entities properties.
(8)
See page 26 for further details on the breakdown of the construction in progress balance.
(9)
Includes Digital Realty’s share of construction in progress and expected cost to complete at unconsolidated entities properties.
16
Table of Contents
Debt Maturities
Financial Supplement
Unaudited and Dollars in thousands
Third Quarter 2025
As of September 30, 2025
Interest Rate
Interest
Including
Rate
Swaps
2025
2026
2027
2028
2029
Thereafter
Total
Global Unsecured Revolving Credit Facilities (1)
Global unsecured revolving credit facility
2.894%
2.894%
—
—
—
—
—
$1,053,613
$1,053,613
Yen revolving credit facility
1.030%
1.030%
—
—
—
—
—
119,670
119,670
Deferred financing costs, net
—
—
—
—
—
—
—
—
(21,241)
Total Global Unsecured Revolving Credit Facilities
2.704%
2.704%
—
—
—
—
—
$1,173,282
$1,152,042
Unsecured Term Loans (1)
Euro term loan facility
2.746%
2.746%
—
—
$440,025
—
—
—
$440,025
Deferred financing costs, net
—
—
—
—
—
—
—
—
(1,092)
Total Unsecured Term Loans
2.746%
2.746%
—
—
$440,025
—
—
—
$438,933
Senior Notes
€1.08 billion 2.500% Notes due 2026
2.500%
2.500%
—
$1,261,405
—
—
—
—
$1,261,405
₣275 million 0.200% Notes due 2026
0.200%
0.200%
—
345,305
—
—
—
—
345,305
₣150 million 1.700% Notes due 2027
1.700%
1.700%
—
—
$188,348
—
—
—
188,348
$1.00 billion 3.700% Notes due 2027 (2)
3.700%
2.485%
—
—
1,000,000
—
—
—
1,000,000
€500 million 1.125% Notes due 2028
1.125%
1.125%
—
—
—
$586,700
—
—
586,700
$900 million 5.550% Notes due 2028 (2)
5.550%
3.996%
—
—
—
900,000
—
—
900,000
$650 million 4.450% Notes due 2028
4.450%
4.450%
—
—
—
650,000
—
—
650,000
₣270 million 0.550% Notes due 2029
0.550%
0.550%
—
—
—
—
$339,027
—
339,027
$900 million 3.600% Notes due 2029
3.600%
3.600%
—
—
—
—
900,000
—
900,000
£350 million 3.300% Notes due 2029
3.300%
3.300%
—
—
—
—
470,610
—
470,610
$1.15 billion 1.875% Exchangeable Notes due 2029 (2)
1.875%
1.263%
—
—
—
—
1,150,000
—
1,150,000
€750 million 1.500% Notes due 2030
1.500%
1.500%
—
—
—
—
—
$880,050
880,050
£550 million 3.750% Notes due 2030
3.750%
3.750%
—
—
—
—
—
739,530
739,530
€500 million 1.250% Notes due 2031
1.250%
1.250%
—
—
—
—
—
586,700
586,700
€1.00 billion 0.625% Notes due 2031
0.625%
0.625%
—
—
—
—
—
1,173,400
1,173,400
€750 million 1.000% Notes due 2032
1.000%
1.000%
—
—
—
—
—
880,050
880,050
€750 million 1.375% Notes due 2032
1.375%
1.375%
—
—
—
—
—
880,050
880,050
€850 million 3.875% Notes due 2033
3.875%
3.875%
—
—
—
—
—
997,390
997,390
€850 million 3.875% Notes due 2034
3.875%
3.875%
—
—
—
—
—
997,390
997,390
€850 million 3.875% Notes due 2035
3.875%
3.875%
—
—
—
—
—
997,390
997,390
Unamortized discounts, net
—
—
—
—
—
—
—
—
(41,302)
Deferred financing costs, net
—
—
—
—
—
—
—
—
(73,478)
Total Senior Notes
2.648%
2.440%
—
$1,606,710
$1,188,348
$2,136,700
$2,859,637
$8,131,950
$15,808,565
Secured Debt
ICN10 Facilities
4.720%
3.133%
—
—
—
—
—
$12,036
$12,036
Westin
3.290%
3.290%
—
—
$135,000
—
—
—
135,000
Teraco Loans
9.260%
9.891%
$216
$52,745
104,626
$392,462
$12,739
45,212
608,000
Deferred financing costs, net
—
—
—
—
—
—
—
—
(3,546)
Total Secured Debt
8.120%
8.603%
$216
$52,745
$239,626
$392,462
$12,739
$57,248
$751,490
Other Debt
Icolo loans
12.804%
12.804%
—
$5,965
$4,504
$1,129
$5,999
—
$17,597
Total Other Debt
12.804%
12.804%
—
$5,965
$4,504
$1,129
$5,999
—
$17,597
Mandatorily Redeemable Preferred Shares (Teraco)
Mandatorily Redeemable Preferred Shares (Teraco)
9.675%
9.675%
—
$60,798
—
—
—
—
$60,798
Unamortized discounts, net
—
—
—
—
—
—
—
—
(3,991)
Total Redeemable Preferred Shares
9.675%
9.675%
—
$60,798
—
—
—
—
$56,807
Total unhedged variable rate debt
—
—
$41
$61,883
$442,031
$10,806
—
$1,177,884
$1,692,645
Total fixed rate / hedged variable rate debt
—
—
175
1,664,335
1,430,473
2,519,485
$2,878,375
8,184,596
16,677,439
Total Debt
2.912%
2.751%
$216
$1,726,218
$1,872,504
$2,530,291
$2,878,375
$9,362,480
$18,370,084
Weighted Average Interest Rate
9.891%
2.554%
2.964%
4.365%
2.305%
2.446%
2.751%
Summary
Weighted Average Term to Initial Maturity
4.4 Years
Weighted Average Maturity (assuming exercise of extension options)
4.5 Years
Global Unsecured Revolving Credit Facilities Detail As of September 30, 2025
Maximum Available
Existing Capacity (3)
Currently Drawn
Global Unsecured Revolving Credit Facilities
$4,471,652
$3,200,994
$1,173,283
(1)
Assumes all extensions will be exercised.
(2)
Subject to cross-currency swaps.
(3)
Net of letters of credit issued of $97.4 million.
17
Table of Contents
Debt Analysis and Covenant Compliance
Financial Supplement
Unaudited
Third Quarter 2025
As of September 30, 2025
Global Unsecured
Unsecured Senior Notes
Credit Facilities
Debt Covenant Ratios (1)
Required
Actual (2)
Actual (3)
Required
Actual
Total outstanding debt / total assets (4)
Less than 60%
41%
35%
Less than 60% (5)
31%
Secured debt / total assets (6)
Less than 40%
5%
1%
Less than 40% (7)
4%
Total unencumbered assets / unsecured debt
Greater than 150%
254%
278%
N/A
N/A
Consolidated EBITDA / interest expense (8)
Greater than 1.50x
4.3x
4.3x
N/A
N/A
Fixed charge coverage
N/A
N/A
Greater than 1.50x
4.8x
Unsecured debt / total unencumbered asset value (9) (10)
N/A
N/A
Less than 60%
N/A
Unencumbered assets debt service coverage ratio (9)
N/A
N/A
Greater than 1.50x
5.4x
(1)
For definitions of the terms used in the table above and related footnotes, please refer to the indentures which govern the notes, the Third Amended and Restated Global Senior Credit Agreement dated as of September 24, 2024 and the Second Amended and Restated Yen facility Credit Agreement dated as of September 24, 2024, each as amended and which are filed as exhibits to our reports filed with the U.S. Securities and Exchange Commission.
(2)
Ratios for the Unsecured Senior Notes listed on page 17 except for the 0.20% notes due 2026, 1.70% notes due 2027, 5.550% notes due 2028, 0.55% notes due 2029, 1.875% notes due 2029, 1.250% notes due 2031, 0.625% notes due 2031, 1.00% notes due 2032, 1.375% notes due 2032, 3.875% notes due 2033, 3.875% notes due 2034 and 3.875% notes due 2035.
(3)
Ratios for the 0.20% notes due 2026, 1.70% notes due 2027, 5.550% notes due 2028, 0.55% notes due 2029, 1.875% notes due 2029, 1.250% notes due 2031, 0.625% notes due 2031, 1.00% notes due 2032, 1.375% notes due 2032, 3.875% notes due 2033, 3.875% notes due 2034 and 3.875% notes due 2035.
(4)
This ratio is referred to as the Leverage Ratio, defined as Consolidated Debt / Total Asset Value, under the global unsecured revolving credit facility and the Yen facility. For the calculation of Total Assets, please refer to the indentures which govern the notes, the Third Amended and Restated Global Senior Credit Agreement dated as of September 24, 2024 and the Second Amended and Restated Yen facility Credit Agreement dated as of September 24, 2024, each as amended and which are filed as exhibits to our reports filed with the U.S. Securities and Exchange Commission.
(5)
The company has the right to maintain a Leverage Ratio of greater than 60.0% but less than or equal to 65.0% for up to four consecutive fiscal quarters during the term of the facility following any acquisition of one or more Assets.
(6)
This ratio is referred to as the Secured Debt Leverage Ratio, defined as Secured Debt / Total Asset Value, under the global unsecured revolving credit facility and the Yen facility.
(7)
The company has the right to maintain a Secured Debt Leverage Ratio of greater than 40.0% but less than or equal to 45.0% for up to four consecutive fiscal quarters during the term of the facility following any acquisition of one or more Assets.
(8)
Calculated as current quarter annualized consolidated EBITDA to current quarter annualized Interest Expense (including capitalized interest and debt discounts).
(9)
Assets must satisfy certain conditions to qualify for inclusion as an Unencumbered Asset under the global unsecured revolving credit facility and the Yen facility.
(10)
The Unsecured Debt to Total Unencumbered Asset Value covenant under the Global Revolving Credit Facility currently is not applicable based on the company's debt rating of BBB+.
18
Table of Contents
Same-Capital Operating Trend Summary
Financial Supplement
Unaudited and in Thousands
Third Quarter 2025
Stabilized (“Same-Capital”) Portfolio (1)
Three Months Ended
Nine Months Ended
30-Sep-25
30-Sep-24
% Change
30-Jun-25
% Change
30-Sep-25
30-Sep-24
% Change
Rental revenues
$738,157
$686,016
7.6%
$708,370
4.2%
$2,144,448
$2,029,085
5.7%
Tenant reimbursements - Utilities
244,830
230,725
6.1%
226,623
8.0%
681,226
659,819
3.2%
Tenant reimbursements - Other
26,283
26,988
(2.6%)
26,255
0.1%
79,062
79,828
(1.0%)
Interconnection and other
91,126
83,143
9.6%
90,656
0.5%
266,569
241,891
10.2%
Total Revenue
$1,100,396
$1,026,872
7.2%
$1,051,904
4.6%
$3,171,304
$3,010,623
5.3%
Utilities
$275,180
$270,051
1.9%
$250,323
9.9%
$765,651
$757,885
1.0%
Rental property operating
199,350
175,037
13.9%
190,062
4.9%
561,119
514,581
9.0%
Property taxes
41,001
35,844
14.4%
36,267
13.1%
111,800
109,987
1.6%
Insurance
4,849
3,802
27.5%
4,876
(0.6%)
14,185
11,403
24.4%
Total Expenses
$520,380
$484,734
7.4%
$481,528
8.1%
$1,452,756
$1,393,856
4.2%
Net Operating Income (2)
$580,016
$542,138
7.0%
$570,377
1.7%
$1,718,549
$1,616,767
6.3%
Less:
Stabilized straight-line rent
$5,920
$10,542
(43.8%)
$4,843
22.3%
$8,739
$2,170
302.6%
Above- and below-market rent
580
550
5.5%
537
8.1%
1,682
1,704
(1.3%)
Cash Net Operating Income (3)
$573,516
$531,046
8.0%
$564,997
1.5%
$1,708,127
$1,612,893
5.9%
Cash NOI impact of holding '24 Exchange Rates Constant (4)
(14,968)
—
(22,865)
—
Constant Currency Cash Net Operating Income
$558,548
$531,046
5.2%
$1,685,262
$1,612,893
4.5%
Stabilized Portfolio occupancy at period end (5)
83.7%
83.7%
0.0%
83.7%
0.0%
83.7%
83.7%
0.0%
(1)
Represents buildings owned as of December 31, 2023 with less than 5% of total rentable square feet under development. Excludes buildings that were undergoing, or were expected to undergo, development activities in 2024-2025, buildings classified as held for sale and contribution, and buildings sold or contributed to joint ventures for all periods presented. Prior period numbers adjusted to reflect current same-capital pool.
(2)
For a definition and discussion of net operating income and a reconciliation of operating income to NOI, see page 32.
(3)
For a definition and discussion of cash net operating income and a reconciliation of operating income to cash NOI, see page 32.
(4)
Adjustment calculated by holding currency translation rates for 2025 constant with average currency translation rates that were applicable to the same periods in 2024.
(5)
Occupancy excludes space under active development and space held for development. For some of our buildings, we calculate occupancy based on factors in addition to contractually leased square feet, including available power, required support space and common areas.
19
Table of Contents
Summary of Leasing Activity
Financial Supplement
Leases Signed in the Quarter End September 30, 2025
Third Quarter 2025
0-1 MW
> 1 MW
Other (3)
Total
Leasing Activity - New (1) (2)
3Q25
LTM
3Q25
LTM
3Q25
LTM
3Q25
LTM
Annualized GAAP Rent (in thousands)
$64,880
$253,267
$76,148
$315,889
$1,127
$3,549
$142,155
$572,705
Kilowatt leased
18,187
75,117
31,613
130,261
—
—
49,800
205,377
NRSF (in thousands)
200
835
223
1,049
19
61
442
1,945
Weighted Average Lease Term (years)
4.7
4.5
7.2
9.7
6.9
7.7
6.2
7.5
Initial stabilized cash rent per Kilowatt
$291
$278
$185
$173
—
—
$224
$211
GAAP rent per Kilowatt
$297
$281
$201
$202
—
—
$236
$231
Leasing cost per Kilowatt
$45
$25
$4
$2
—
—
$19
$10
Net Effective Economics by Kilowatt (4)
Base rent by Kilowatt
$302
$284
$202
$204
—
—
$238
$234
Rental concessions by Kilowatt
$4
$3
$1
$2
—
—
$2
$3
Estimated operating expense by Kilowatt
$84
$80
$50
$51
—
—
$63
$62
Net rent per Kilowatt
$213
$201
$151
$151
—
—
$173
$169
Tenant improvements by Kilowatt
$10
$2
—
—
—
—
$4
$1
Leasing commissions by Kilowatt
$11
$8
$1
$0
—
—
$4
$3
Net effective rent per Kilowatt
$192
$190
$150
$150
—
—
$165
$165
Initial stabilized cash rent per NRSF
$319
$300
$314
$258
$54
$52
$305
$269
GAAP rent per NRSF
$325
$303
$341
$301
$58
$58
$321
$294
Leasing cost per NRSF
$49
$27
$7
$3
$3
$3
$26
$13
Net Effective Economics by NRSF (4)
Base rent by NRSF
$330
$307
$342
$304
$58
$58
$324
$298
Rental concessions by NRSF
$5
$4
$1
$3
—
$0
$3
$3
Estimated operating expense by NRSF
$92
$87
$85
$78
$8
$8
$85
$80
Net rent per NRSF
$233
$216
$256
$223
$50
$49
$236
$215
Tenant improvements by NRSF
$11
$3
—
—
—
—
$5
$1
Leasing commissions by NRSF
$12
$8
$1
—
$2
$1
$6
$4
Net effective rent per NRSF
$209
$205
$255
$223
$48
$48
$225
$210
(1)
Excludes short-term, roof, storage, and garage leases.
(2)
Includes leases for new and re-leased space.
(3)
Other includes Powered Base Building shell capacity as well as storage and office space within fully improved data center facilities.
(4)
All dollar amounts are per square foot averaged over lease term. Per Kilowatt amounts are presented in monthly values. Per NRSF amounts are presented in yearly values.
Note: LTM is last twelve months, including current quarter. Weighted average lease term excludes renewal options and is weighted by net rentable square feet.
20
Table of Contents
Summary of Leasing Activity
Financial Supplement
Leases Renewed in the Quarter Ended September 30, 2025
Third Quarter 2025
0-1 MW
> 1 MW
Other (4)
Total
Leasing Activity - Renewals (1) (2) (3)
3Q25
LTM
3Q25
LTM
3Q25
LTM
3Q25
LTM
Leases renewed (Kilowatt)
34,934
140,294
19,258
104,707
—
—
54,192
245,001
Leases renewed (NRSF in thousands)
486
1,957
223
1,215
65
443
774
3,616
Leasing cost per Kilowatt
$1
$1
—
$1
—
—
$1
$1
Leasing cost per NRSF
$1
$1
—
$1
—
$2
$1
$1
Weighted Term (years)
1.3
1.3
4.1
4.1
6.4
4.2
2.8
2.6
Cash Rent
Expiring cash rent per Kilowatt
$315
$312
$178
$138
—
—
$267
$237
Renewed cash rent per Kilowatt
$329
$325
$214
$151
—
—
$288
$251
% Change Cash Rent Per Kilowatt
4.2%
4.3%
19.9%
9.7%
—
—
7.9%
5.6%
Expiring cash rent per NRSF
$272
$268
$184
$142
$64
$51
$229
$199
Renewed cash rent per NRSF
$284
$280
$221
$156
$71
$65
$248
$212
% Change Cash Rent Per NRSF
4.2%
4.3%
19.9%
9.7%
11.2%
26.2%
8.0%
6.3%
GAAP Rent
Expiring GAAP rent per Kilowatt
$315
$311
$164
$128
—
—
$261
$232
Renewed GAAP rent per Kilowatt
$329
$326
$222
$154
—
—
$291
$252
% Change GAAP Rent Per Kilowatt
4.4%
4.8%
35.8%
20.8%
—
—
11.4%
8.5%
Expiring GAAP rent per NRSF
$272
$267
$169
$132
$61
$47
$224
$195
Renewed GAAP rent per NRSF
$284
$280
$230
$159
$72
$67
$250
$213
% Change GAAP Rent Per NRSF
4.4%
4.8%
35.8%
20.8%
17.5%
40.9%
11.5%
9.5%
Retention ratio (5)
85.7%
79.5%
49.8%
71.7%
73.0%
57.4%
70.1%
73.3%
Churn (6)
1.9%
8.8%
1.5%
3.4%
0.5%
7.1%
1.6%
5.8%
(1)
Excludes short-term, roof, storage, and garage leases.
(2)
Rental rates represent annual estimated cash rent per kilowatt and net rentable square feet, adjusted for straight-line rents in accordance with GAAP.
(3)
Per Kilowatt amounts are presented in monthly values. Per NRSF amounts are presented in yearly values.
(4)
Other includes Powered Base Building shell capacity as well as storage and office space within fully improved data center facilities.
(5)
Based on square feet.
(6)
Churn is defined as recurring revenue lost during the period due to leases terminated or not renewed, divided by recurring revenue at the beginning of the period.
Note: LTM is last twelve months, including current quarter. Weighted average lease term excludes renewal options and is weighted by net rentable square feet.
21
Table of Contents
Lease Expirations - By Size
Financial Supplement
Dollars and Square Feet in Thousands (except per square foot and per kW data)
Third Quarter 2025
% of
Annualized Rent Per
Annualized Rent Per
Rent Per kW
Square Footage of
Annualized
Annualized
Occupied
Occupied Square
Annualized Rent
kW of Expiring
Rent per kW
Per Month at
Year
Expiring Leases (1)
Rent (2)
Rent
Square Foot
Foot at Expiration
at Expiration
Leases
Per Month
Expiration
0-1 MW
Available
2,901
—
—
—
—
—
—
—
—
Month to Month (3)
246
$73,327
1.8%
$298
$299
$73,769
14,624
$418
$420
2025
656
215,995
5.2%
329
329
216,002
46,444
388
388
2026
2,036
649,569
15.7%
319
321
652,672
149,114
363
365
2027
736
187,511
4.5%
255
261
192,527
57,633
271
278
2028
526
136,414
3.3%
259
279
146,672
40,652
280
301
2029
331
72,453
1.8%
219
238
78,889
24,682
245
266
2030
292
66,011
1.6%
226
251
73,237
20,220
272
302
2031
111
20,746
0.5%
187
219
24,295
7,190
240
282
2032
68
15,968
0.4%
236
270
18,298
5,528
241
276
2033
34
9,031
0.2%
268
314
10,578
2,640
285
334
2034
20
2,419
0.1%
123
123
2,429
814
248
249
Thereafter
41
5,793
0.1%
142
159
6,513
2,834
170
192
Total / Wtd. Avg.
7,998
$1,455,237
35.2%
$285
$293
$1,495,881
372,375
$326
$335
> 1 MW
Expiring Leases (1)
Annualized
Annualized
Annualized Rent Per
Annualized Rent Per
Annualized Rent Per
kW of Expiring
Annualized
Rent Per kW
Available
1,288
—
—
—
—
—
—
—
—
Month to Month (3)
115
$23,793
0.6%
$207
$207
$23,820
10,187
$195
$195
2025
287
55,061
1.3%
192
192
55,061
30,412
151
151
2026
1,774
275,082
6.6%
155
157
278,158
160,859
143
144
2027
1,641
269,614
6.5%
164
170
278,161
156,036
144
149
2028
1,680
230,035
5.6%
137
144
242,744
152,316
126
133
2029
1,954
300,589
7.3%
154
166
324,047
217,043
115
124
2030
1,689
266,307
6.4%
158
172
290,189
175,732
126
138
2031
1,125
170,822
4.1%
152
174
195,539
115,720
123
141
2032
872
126,909
3.1%
146
163
141,717
94,087
112
126
2033
537
90,683
2.2%
169
194
104,299
56,629
133
153
2034
1,274
158,804
3.8%
125
144
182,777
122,408
108
124
Thereafter
2,741
478,523
11.6%
175
230
630,676
279,218
143
188
Total / Wtd. Avg.
16,976
$2,446,223
59.1%
$156
$175
$2,747,188
1,570,647
$130
$146
Other (4)
Expiring Leases (1)
Annualized
Annualized
Annualized Rent Per
Annualized Rent Per
Annualized Rent Per
kW of Expiring
Annualized
Rent Per kW
Available
1,221
—
—
—
—
—
—
—
—
Month to Month (3)
80
$5,277
0.1%
$66
$66
$5,277
—
—
—
2025
148
1,941
0.0%
13
13
1,956
—
—
—
2026
913
26,557
0.6%
29
29
26,705
—
—
—
2027
373
14,648
0.4%
39
41
15,174
—
—
—
2028
499
15,209
0.4%
31
32
16,055
—
—
—
2029
634
42,053
1.0%
66
73
46,303
—
—
—
2030
894
47,877
1.2%
54
61
54,178
—
—
—
2031
133
4,390
0.1%
33
39
5,153
—
—
—
2032
111
6,703
0.2%
61
67
7,379
—
—
—
2033
109
4,439
0.1%
41
46
5,065
—
—
—
2034
566
20,871
0.5%
37
45
25,336
—
—
—
Thereafter
2,335
45,985
1.1%
20
23
54,366
—
—
—
Total / Wtd. Avg.
8,015
$235,950
5.7%
$35
$39
$262,946
—
—
—
Total
Expiring Leases (1)
Annualized
Annualized
Annualized Rent Per
Annualized Rent Per
Annualized Rent Per
kW of Expiring
Annualized
Rent Per kW
Available
5,410
—
—
—
—
—
—
—
—
Month to Month (3)
441
$102,396
2.5%
$232
$233
$102,866
—
—
—
2025
1,092
272,997
6.6%
250
250
273,019
—
—
—
2026
4,724
951,208
23.0%
201
203
957,535
—
—
—
2027
2,750
471,774
11.4%
172
177
485,862
—
—
—
2028
2,705
381,672
9.2%
141
150
405,486
—
—
—
2029
2,919
415,119
10.0%
142
154
449,265
—
—
—
2030
2,875
380,196
9.2%
132
145
417,604
—
—
—
2031
1,368
195,957
4.7%
143
164
224,986
—
—
—
2032
1,050
149,579
3.6%
142
159
167,393
—
—
—
2033
679
104,153
2.5%
153
177
119,942
—
—
—
2034
1,860
182,095
4.4%
98
113
210,542
—
—
—
Thereafter
5,117
530,301
12.8%
104
135
691,555
—
—
—
Total / Wtd. Avg.
32,991
$4,137,447
100.0%
$150
$163
$4,506,057
—
—
—
(1)
For some buildings, we calculate square footage based on factors in addition to contractually leased square feet, including available power, required support space and common areas. We estimate the total net rentable square feet available for lease based on a number of factors in addition to contractually leased square feet, including available power, required support space and common areas.
(2)
Annualized rent represents the monthly contractual base rent (defined as cash base rent before abatements) under existing leases as of September 30, 2025, multiplied by 12.
(3)
Includes leases, licenses, and similar agreements that upon expiration have been automatically renewed on a month-to-month basis.
(4)
Other includes unimproved building shell capacity as well as storage and office space within fully improved data center facilities.
Note: Represents consolidated portfolio in addition to our managed portfolio of unconsolidated entities based on our ownership percentage.
22
Table of Contents
Top 20 Customers by Annualized Rent
Financial Supplement
Dollars in Thousands
Third Quarter 2025
s
Weighted
Average
Annualized
% of Annualized
Remaining
Number of
Recurring
Recurring
Lease Term in
Customer
Locations
Revenue (1)
Revenue
Years
1
Fortune 50 Software Company
74
$561,963
12.1%
8.9
2
Oracle Corporation
43
388,673
8.4%
10.0
3
Social Content Platform
33
245,093
5.3%
3.1
4
Global Cloud Provider
64
213,198
4.6%
3.6
5
IBM
34
114,120
2.5%
2.7
6
Equinix
16
93,702
2.0%
4.9
7
LinkedIn Corporation
8
81,016
1.7%
2.7
8
Meta Platforms, Inc.
49
72,971
1.6%
3.1
9
Fortune 25 Investment Grade-Rated Company
29
68,830
1.5%
2.1
10
Social Media Platform
3
63,416
1.4%
5.6
11
Specialized Cloud Provider
4
60,350
1.3%
3.9
12
Lumen Technologies, Inc.
113
56,666
1.2%
8.0
13
Fortune 25 Tech Company
54
53,500
1.2%
3.2
14
AT&T
77
48,503
1.0%
2.5
15
Comcast Corporation
43
46,807
1.0%
2.8
16
JPMorgan Chase & Co.
21
43,261
0.9%
2.8
17
Quantitative Research and Investment Firm
2
40,509
0.9%
5.8
18
Rackspace
25
39,762
0.9%
8.3
19
Morgan Stanley
13
39,750
0.9%
3.8
20
Zayo
116
36,607
0.8%
1.2
Total / Weighted Average
$2,368,697
51.2%
6.0
(1)
Annualized recurring revenue represents the monthly contractual base rent (defined as cash base rent before abatements) and interconnection revenue under existing leases as of September 30, 2025, multiplied by 12.
Note: Represents consolidated portfolio in addition to our managed portfolio of unconsolidated entities based on ownership percentage. Our direct customers may be the entities named in the table above or their subsidiaries or affiliates.
23
Table of Contents
Occupancy Analysis
Financial Supplement
Dollars and Square Feet in Thousands
Third Quarter 2025
5
Net Rentable
Space Under Active
Space Held for
Annualized
Occupancy (5)
White Space
Data Center
Metropolitan Area
Square Feet (1)
Development (2)
Development (3)
Rent (4)
30-Sep-25
30-Jun-25
IT Load (6)
Count
North America
Northern Virginia
5,074
465
252
$720,519
95.0%
94.9%
491.1
16
Chicago
2,230
565
68
245,022
93.6%
92.4%
81.0
7
New York
1,498
—
98
194,837
72.3%
72.7%
57.5
10
Dallas
2,840
408
158
191,668
82.2%
81.7%
96.7
17
Silicon Valley
1,191
—
33
160,643
88.0%
84.4%
94.6
11
Portland
1,147
—
—
157,837
99.9%
99.8%
123.6
3
Phoenix
783
19
—
76,426
75.6%
75.3%
42.5
2
Toronto
593
—
135
66,998
96.5%
96.4%
55.8
2
San Francisco
844
—
—
62,637
58.9%
56.9%
31.5
5
Seattle
405
—
—
61,628
68.2%
68.9%
5.9
1
Atlanta
154
68
314
49,485
77.4%
79.1%
11.1
3
Los Angeles
778
—
80
47,366
83.5%
79.3%
17.2
2
Houston
393
—
14
18,710
69.7%
69.6%
12.0
6
Boston
336
—
51
11,876
40.9%
40.6%
13.9
2
Miami
150
—
12
8,847
85.5%
78.1%
1.3
1
Austin
86
—
—
7,645
60.8%
59.6%
4.3
1
Charlotte
95
—
—
6,509
94.3%
94.4%
1.5
3
North America Total/Weighted Average
18,598
1,526
1,213
$2,088,652
85.5%
84.8%
1,141.5
92
EMEA
Frankfurt
1,963
1,210
—
$253,869
83.8%
87.6%
125.3
24
London
1,359
66
76
247,463
65.7%
67.5%
96.9
13
Amsterdam
1,314
240
92
211,418
87.6%
86.9%
116.3
13
Johannesburg
1,681
530
—
184,054
83.2%
84.1%
92.4
5
Paris
1,147
737
—
177,162
87.0%
83.2%
111.1
12
Zurich
596
—
—
88,871
78.3%
75.0%
44.8
3
Marseille
558
237
378
87,245
76.5%
75.5%
45.2
4
Dublin
555
—
—
67,707
73.6%
73.5%
39.3
9
Madrid
352
56
—
59,122
79.3%
76.4%
22.6
4
Vienna
356
133
—
56,354
82.2%
82.5%
25.6
3
Cape Town
326
402
—
48,938
89.1%
87.8%
21.1
2
Brussels
338
—
—
42,567
70.8%
70.8%
21.5
3
Copenhagen
226
—
99
27,660
73.5%
73.8%
12.9
3
Stockholm
245
—
—
23,273
44.9%
45.2%
16.8
6
Dusseldorf
142
—
71
21,767
66.7%
66.4%
7.7
3
Athens
148
61
—
21,247
82.7%
83.6%
9.0
4
Durban
59
—
—
7,841
69.6%
68.7%
2.1
1
Mombasa
37
—
21
4,761
45.6%
43.2%
1.9
2
Zagreb
24
10
—
4,088
98.0%
96.0%
0.9
1
Nairobi
16
75
—
3,764
70.1%
68.1%
0.9
1
Maputo
3
—
—
636
45.7%
41.6%
0.2
1
Rome
0
37
—
203
100.0%
100.0%
0.1
1
Crete
11
—
—
172
4.6%
2.2%
1.0
1
Barcelona
—
144
—
—
—
—
—
—
EMEA Total/Weighted Average
11,454
3,938
738
$1,640,182
79.2%
79.2%
815.5
119
Asia Pacific
Singapore
793
—
97
$230,839
89.9%
89.8%
72.1
3
Sydney
361
—
88
28,537
83.3%
83.3%
22.8
4
Hong Kong
180
—
104
22,429
86.1%
73.6%
13.5
1
Melbourne
147
—
—
18,938
90.5%
90.5%
9.6
2
Seoul
162
1,025
—
8,677
35.6%
33.6%
12.0
1
Asia Pacific Total/Weighted Average
1,643
1,025
289
$309,420
82.7%
81.4%
129.9
11
Consolidated Portfolio Total/Weighted Average
31,694
6,488
2,240
$4,038,255
83.1%
82.6%
2,087.0
222
Held For Sale (7)
126
—
—
$4,467
32.6%
81.6%
4.5
2
Managed Unconsolidated entities
Northern Virginia
3,390
2,516
—
$332,684
97.2%
97.5%
252.5
15
Chicago
1,118
—
—
126,395
97.0%
98.5%
94.2
3
Frankfurt
551
—
—
58,037
85.5%
85.7%
46.1
5
Dallas
463
—
10
39,346
99.9%
99.9%
26.0
3
Silicon Valley
442
—
400
30,575
100.0%
100.0%
10.9
4
Paris
181
90
—
26,681
80.5%
80.5%
20.0
1
New York
144
—
—
20,224
100.0%
100.0%
7.2
1
Los Angeles
197
—
—
11,139
84.9%
83.9%
4.6
2
Toronto
104
—
—
12,550
81.4%
80.9%
6.8
1
Hong Kong
186
—
—
7,361
32.9%
44.4%
11.0
1
Lagos
8
26
—
2,548
56.3%
58.7%
0.7
3
Accra
24
—
—
—
—
—
1.7
1
Managed Unconsolidated Portfolio Total/Weighted Average
6,809
2,632
409
$667,540
93.5%
94.5%
481.4
40
Managed Portfolio Total/Weighted Average
38,503
9,120
2,650
$4,705,795
84.9%
84.8%
2,568.4
262
Digital Realty Share Total/Weighted Average (8)
32,991
6,296
2,584
$4,137,447
83.6%
82.8%
2,176.6
—
Non-Managed Unconsolidated entities
Sao Paulo
1,490
37
1,161
$192,633
98.7%
98.1%
125.6
25
Tokyo
1,238
360
—
114,019
76.1%
78.5%
79.9
5
Osaka
615
164
—
81,620
85.1%
85.1%
61.9
4
Santiago
214
47
47
26,890
95.4%
100.0%
16.2
3
Queretaro
105
—
583
12,914
100.0%
100.0%
8.0
3
Rio De Janeiro
112
—
—
11,378
100.0%
100.0%
8.0
2
Seattle
51
—
—
7,770
100.0%
100.0%
9.0
1
Jakarta
222
—
—
3,590
30.1%
64.4%
6.5
2
Fortaleza
94
—
—
2,174
13.6%
12.6%
6.2
1
Chennai
61
—
119
476
8.5%
2.7%
7.2
1
Mumbai
—
501
—
—
—
—
—
—
Bogota
—
—
197
—
—
—
—
2
Non-Managed Portfolio Total/Weighted Average
4,203
1,110
2,109
$453,464
83.1%
85.3%
328.4
49
Portfolio Total/Weighted Average
42,706
10,230
4,758
$5,159,259
84.8%
84.8%
2,896.8
311
(1)
We estimate the total net rentable square feet available for lease based on a number of factors in addition to contractually leased square feet, including available power, required support space and common areas.
(2)
Space under active development includes current Base Building and Data Center projects in progress.
(3)
Space held for development includes space held for future Data Center development and excludes space under active development.
(4)
Annualized base rent represents the monthly contractual base rent (defined as cash base rent before abatements) under existing leases as of September 30, 2025, multiplied by 12.
(5)
Occupancy excludes space under active development and space held for development. For some of our buildings, we calculate occupancy based on factors in addition to contractually leased square feet, including available power, required support space and common areas.
(6)
White Space IT Load represents UPS-backed utility power dedicated to Digital Realty’s operated data center space.
(7)
Held for Sale represents the assets targeted to be sold or contributed in 4Q25.
(8)
Represents consolidated portfolio plus our managed portfolio of unconsolidated entities based on our ownership percentage.
24
Table of Contents
Development Lifecycle (1)
Financial Supplement
Dollars in Thousands
Third Quarter 2025
Future Development Capacity
Data Center Construction
IT Capacity (100% Share) (2)
Total Investment (3)
Project Summary (4)
100% Share (4)
DLR Share (5)
Under
Average
Current
Future
Total
Current
Future
Total
100% Share
DLR Share
Construction
Expected
Investment
Investment
Investment
Investment
Investment
Investment
Yields
Region
Land (MW)
Shell (MW)
(4)
(5)
(MW)
% Leased
Completion
(6)
(7)
(8)
(6)
(7)
(8)
(9)
Northern Virginia
900
60
$2,184,302
$1,496,952
340
72%
3Q26
$1,266,885
$2,701,768
$3,968,652
$568,814
$943,296
$1,512,110
Chicago
80
—
113,126
113,126
54
89%
4Q26
184,877
477,137
662,014
184,877
477,137
662,014
Dallas
680
40
503,071
151,453
68
100%
3Q26
90,997
852,652
943,649
89,546
566,377
655,922
Other
960
130
1,737,059
1,630,925
6
87%
3Q26
70,769
36,759
107,528
41,926
27,746
69,672
Americas
2,620
230
$4,537,558
$3,392,456
468
78%
$1,613,528
$4,068,316
$5,681,844
$885,163
$2,014,556
$2,899,718
13.2%
Frankfurt
90
60
$958,355
$770,951
44
24%
3Q26
$651,655
$316,805
$968,460
$651,655
$316,805
$968,460
Amsterdam
40
—
40,361
40,361
39
47%
1Q26
419,414
187,079
606,493
419,414
187,079
606,493
Paris
230
50
481,635
421,394
35
23%
4Q26
338,608
278,337
616,945
251,961
250,589
502,551
Other
520
130
925,820
852,954
90
19%
3Q26
613,088
650,095
1,263,183
535,398
602,455
1,137,854
EMEA
880
240
$2,406,171
$2,085,659
208
26%
$2,022,765
$1,432,316
$3,455,081
$1,858,429
$1,356,929
$3,215,357
10.3%
Tokyo
30
20
$108,286
$54,143
21
56%
1Q26
$154,299
$94,489
$248,788
$77,150
$47,244
$124,394
Osaka
40
—
27,189
13,594
15
20%
3Q26
109,308
78,764
188,072
54,654
39,382
94,036
Sydney
—
10
43,906
43,906
7
100%
2Q26
6,139
66,489
72,628
6,139
66,489
72,628
Other
150
110
705,091
564,625
10
_
4Q26
15,500
29,763
45,263
5,162
9,911
15,073
APAC
220
140
$884,471
$676,268
53
41%
$285,246
$269,505
$554,751
$143,104
$163,027
$306,131
10.2%
Total
3,720
610
$7,828,200
$6,154,384
730
61%
$3,921,539
$5,770,138
$9,691,676
$2,886,695
$3,534,511
$6,421,207
11.6%
(1)
Includes development projects in consolidated and unconsolidated entities.
(2)
Represents the expected megawatt capacity to be developed based on our current plans and estimates; actual megawatt capacity developed may differ. Includes land and space held or actively under construction in preparation for future data center fit-out.
(3)
Represents cost incurred through September 30, 2025, plus remaining cost to complete on approved phases in preparation for future data center fit-out, including pro-rata share of acquisition, shell, and infrastructure costs.
(4)
Includes Digital Realty's and partners' shares in development joint ventures projects.
(5)
Includes only Digital Realty's share in development joint ventures projects.
(6)
Represents cost incurred through September 30, 2025.
(7)
Represents estimated cost to complete scope of work pursuant to approved development budget.
(8)
Represents total cost to develop a data center, including pro-rata share of acquisition, infrastructure, and shell space, plus the direct investment in the data center fit-out.
(9)
Represents pre-tax estimated stabilized cash yields, which are based on total expected investment amounts and anticipated net operating income from leases signed or other assumptions based on market conditions.
25
Table of Contents
Construction Projects in Progress (1)
Financial Supplement
Dollars in Thousands
Third Quarter 2025
100% Share (2)
DLR Share (3)
Current
Future
Total
Current
Future
Total
Construction Projects in Progress
Investment (4) (10)
Investment (5)
Investment
Investment (4) (6) (10)
Investment (5)
Investment
Future Development Capacity (7)
$3,740,424
$4,087,776
$7,828,200
$3,104,277
$3,050,107
$6,154,384
Data Center Construction
3,921,539
5,770,138
9,691,677
2,886,695
3,534,511
6,421,206
Equipment Pool & Other Inventory (8)
243,605
—
243,605
243,605
—
243,605
Campus, Tenant Improvements & Other (9)
339,460
240,627
580,087
339,460
240,627
580,087
Total Land Held and Development CIP
$8,245,028
$10,098,541
$18,343,569
$6,574,037
$6,825,245
$13,399,282
Enhancement & Other
$8,819
$3,771
$12,590
$8,819
$3,771
$12,590
Recurring
33,805
51,866
85,671
33,805
51,866
85,671
Total Land Held and Construction in Progress
$8,287,652
$10,154,178
$18,441,830
$6,616,661
$6,880,882
$13,497,543
(1)
Includes development projects in consolidated and unconsolidated entities.
(2)
Includes Digital Realty's and partners' shares in development joint ventures projects.
(3)
Includes only Digital Realty's share in development joint ventures projects.
(4)
Represents cost incurred through September 30, 2025.
(5)
Represents estimated cost to complete scope of work pursuant to approved development budget.
(6)
Excludes $106.5 million representing our partners' shares in consolidated entities included in Construction in Progress or Land Held for Future Development in our Consolidated Balance Sheet; includes $1,090 million representing Digital Realty's share in development projects classified as Investments in Unconsolidated entities in our Consolidated Balance Sheet.
(7)
Includes land and space held or actively under construction in preparation for future data center fit-out.
(8)
Represents long-lead equipment and materials required for timely deployment and delivery of data center fit-out.
(9)
Represents improvements in progress as of September 30, 2025, which benefit space recently converted to our operating portfolio and is composed primarily of shared infrastructure projects and first-generation tenant improvements. Includes $2.8 million included in our Consolidated Balance Sheet related to fair value adjustments on Teraco portfolio projects that were partially constructed as of August 1, 2022.
(10)
Includes $101 million classified as assets held for sale and contribution in our Consolidated Balance Sheet related to development projects that are expected to be contributed to our U.S. Hyperscale Data Center Fund.
26
Table of Contents
Historical Capital Expenditures and Investments in Real Estate
Financial Supplement
Dollars and Square Feet in Thousands
Third Quarter 2025
Three Months Ended
Nine Months Ended
30-Sep-25
30-Jun-25
31-Mar-25
31-Dec-24
30-Sep-24
30-Sep-25
30-Sep-24
Non-Recurring Capital Expenditures (1)
Development (2)
$532,590
$565,168
$686,622
$528,356
$650,912
$1,784,380
$1,732,337
Enhancements and Other Non-Recurring
8,114
10,234
5,588
13,384
7,070
23,936
21,859
Total Non-Recurring Capital Expenditures
$540,704
$575,402
$692,210
$541,740
$657,982
$1,808,316
$1,754,194
Recurring Capital Expenditures (3)
$77,998
$62,083
$35,305
$130,245
$67,308
$175,386
$175,467
Total Direct Capital Expenditures
$618,702
$637,485
$727,515
$671,985
$725,290
$1,983,702
$1,929,661
Indirect Capital Expenditures
Capitalized Interest
$32,923
$29,393
$30,095
$34,442
$28,312
$92,411
$84,426
Capitalized Overhead
35,767
37,445
29,693
28,983
27,929
102,905
82,243
Total Indirect Capital Expenditures
$68,690
$66,838
$59,788
$63,425
$56,241
$195,316
$166,669
Total Improvements to and Advances for Investment in Real Estate
$687,392
$704,323
$787,303
$735,410
$781,530
$2,179,018
$2,096,330
(1)
Non-recurring capital expenditures are primarily for development of space and land, excluding acquisition costs.
(2)
Amount reflects the total capital expenditures on consolidated development projects during the quarter. The total includes 100% of spending on projects contributed to joint ventures prior to their contribution.
(3)
Recurring capital expenditures represent non-incremental building improvements required to maintain current revenues, including second-generation tenant improvements and external leasing commissions. Recurring capital expenditures do not include acquisition costs contemplated when underwriting the purchase of a building, costs which are incurred to bring a building up to Digital Realty’s operating standards, or internal leasing commissions.
27
Table of Contents
Acquisitions / Dispositions/ Joint Ventures
Financial Supplement
Dollars and Square Feet in Thousands
Third Quarter 2025
Closed Acquisitions:
Acquisition
Metropolitan
Date
Purchase
Cap
Property
Type
Area
Acquired
Price (1)
Rate (2)
Franklin Park (3)
Land
Chicago, IL
Various
$18,000
NA
Vernon
Property
Los Angeles, CA
8/1/2025
48,800
NA
Total
$66,800
—
Closed Dispositions:
Disposition
Metropolitan
Date
Sale
Cap
Property
Type
Area
Disposed
Price (1)
Rate (2)
Doug Davis
Building
Atlanta, GA
7/1/2025
$65,500
NA
89th NW Place
Building
Miami, FL
8/27/2025
8,000
NA
Middlesex
Building
Boston, MA
9/2/2025
16,000
NA
Total
$89,500
—
Closed Joint Venture / Fund Contributions:
Metropolitan
Contribution
Cap
Property
Area
Date
Price
Rate (2)
—
—
—
—
Total
—
—
—
—
(1)
Represents the purchase price or sale price, as applicable before contractual price adjustments, transaction expenses, taxes, and potential currency fluctuations. All prices were converted to USD based on FX rate as of September 30, 2025.
(2)
We calculate the cash capitalization rate on acquisitions, dispositions, and joint venture and fund contributions by dividing anticipated annual net operating income by the purchase/sale/contribution price, including assumed debt and related pre-payment penalties. Net operating income represents rental revenue and tenant reimbursement revenue from in-place leases, less rental property operating and maintenance expenses, property taxes and insurance expenses, and is not a financial measure calculated in accordance with GAAP. We caution you not to place undue reliance on our cash capitalization rates because they are based solely on data made available to us in the diligence process in connection with the relevant acquisitions and are calculated on a non-GAAP basis.
Our calculation of the cash capitalization rate on acquisitions may change, based on our experience operating the data centers subsequent to closing of the acquisitions. In addition, the actual cash capitalization rates may differ from our expectations based on numerous other factors, including the results of our final purchase price allocation, difficulties collecting anticipated rental revenues, tenant bankruptcies, property tax reassessments and unanticipated expenses at the data centers that we cannot pass on to tenants.
(3)
Franklin Park closed in two separate transactions on July 14, 2025 and July 18, 2025.
28
Table of Contents
Unconsolidated Entities
Financial Supplement
Dollars in Thousands
Third Quarter 2025
Summary Balance Sheet -
As of September 30, 2025
at the JV's 100% Share
Americas (1)
APAC (2)
EMEA (3)
Global (4)
Total
Gross cost of operating real estate
$9,264,387
$2,402,345
$922,562
$1,797,034
$14,386,328
Accumulated depreciation and amortization
(1,221,207)
(357,083)
(18,561)
(156,695)
(1,753,546)
Net Book Value of Operating Real Estate
$8,043,180
$2,045,262
$904,001
$1,640,339
$12,632,782
Cash
482,645
410,165
56,082
29,022
977,914
Other assets
1,918,731
245,798
243,494
404,239
2,812,262
Total Assets
$10,444,556
$2,701,225
$1,203,577
$2,073,600
$16,422,958
Debt
3,769,614
953,339
378,362
670,108
5,771,423
Other liabilities
1,014,355
227,282
473,022
522,966
2,237,625
Equity / (deficit)
5,660,587
1,520,604
352,193
880,526
8,413,910
Total Liabilities and Equity
$10,444,556
$2,701,225
$1,203,577
$2,073,600
$16,422,958
Digital Realty's Pro Rata Share of Unconsolidated entities Debt
$1,330,771
$462,437
$75,672
$214,032
$2,082,912
Summary Statement of Operations -
Three Months Ended September 30, 2025
at the JV's 100% Share
Americas (1)
APAC (2)
EMEA (3)
Global (4)
Total
Total revenues
$291,959
$87,598
$15,064
$46,797
$441,418
Operating expenses
(125,590)
(41,837)
(4,813)
(21,960)
(194,200)
Net Operating Income (NOI)
$166,369
$45,761
$10,251
$24,837
$247,218
Straight-line rent
(6,545)
(3,387)
(2,973)
(939)
(13,844)
Above and below market rent
(2,881)
—
(943)
(3,046)
(6,870)
Cash Net Operating Income (NOI)
$156,943
$42,374
$6,335
$20,852
$226,504
Interest expense
($60,134)
($3,666)
($19,216)
($11,191)
($94,207)
Depreciation and amortization
(122,370)
(26,015)
(5,530)
(23,199)
(177,114)
Other income / (expense)
(13,701)
(4,488)
(2,864)
4,262
(16,791)
FX remeasurement on USD debt
614
—
(2,833)
(5,773)
(7,992)
Total Non-Operating Expenses
($195,591)
($34,169)
($30,443)
($35,901)
($296,104)
Net Income / (Loss)
($29,222)
$11,592
($20,192)
($11,064)
($48,886)
Digital Realty's Pro Rata Share of Unconsolidated entities NOI
$58,702
$22,902
$2,280
$11,726
$95,610
Digital Realty's Pro Rata Share of Unconsolidated entities Cash NOI
$54,767
$21,208
$1,497
$9,640
$87,112
Digital Realty's Earnings (loss) income from unconsolidated entities
($12,447)
$5,454
($5,765)
($4,186)
($16,944)
Digital Realty's Pro Rata Share of Core FFO (5)
$27,355
$18,462
($2,861)
$4,947
$47,903
Digital Realty's Fee Income from Unconsolidated entities
$18,728
$2,027
$1,336
$5,014
$27,105
(1)
Includes Ascenty, Blackstone NoVa, Clise, GI Partners, Mapletree, Menlo, Mitsubishi, Realty Income, TPG Real Estate, U.S. Hyperscale Data Center Fund and Walsh.
(2)
Includes Digital Realty Bersama, Digital Connexion, Lumen, and MC Digital Realty.
(3)
Includes Blackstone Frankfurt, Blackstone Paris, Medallion, and Mivne.
(4)
Includes Digital Core REIT.
(5)
For a definition of Core FFO, see page 31.
Note: Digital Realty’s ownership percentages in the unconsolidated entities vary.
29
Table of Contents
Reconciliation of Earnings Before Interest, Taxes, Depreciation & Amortization and Financial Ratios
Financial Supplement
Unaudited and Dollars in Thousands
Third Quarter 2025
Three Months Ended
Reconciliation of Earnings Before Interest, Taxes, Depreciation & Amortization (EBITDA) (1)
30-Sep-25
30-Jun-25
31-Mar-25
31-Dec-24
30-Sep-24
Net Income / (Loss) Available to Common Stockholders
$57,631
$1,021,975
$99,793
$179,388
$41,012
Interest
113,584
109,383
98,464
104,742
123,803
Loss on debt extinguishment and modifications
—
—
—
2,165
2,636
Income tax expense (benefit)
11,695
12,883
17,135
4,928
12,427
Depreciation and amortization
497,002
461,167
443,009
455,355
459,997
EBITDA
$679,912
$1,605,408
$658,400
$746,578
$639,875
Unconsolidated JV real estate related depreciation and amortization
65,922
59,172
55,861
49,463
48,474
Unconsolidated JV interest expense and tax expense
44,795
31,243
33,390
32,255
34,951
Severance, equity acceleration and legal expenses
1,794
2,262
2,428
2,346
2,481
Transaction and integration expenses
86,559
22,546
39,902
11,797
24,194
(Gain) / loss on sale of investments
(19,780)
(931,830)
(1,111)
(144,885)
556
Provision for impairment
—
—
—
22,881
—
Other non-core adjustments, net (2)
2,523
9,545
(4,316)
24,539
8,642
Noncontrolling interests
(4,099)
14,790
(3,579)
(3,881)
(11,059)
Preferred stock dividends
10,181
10,181
10,181
10,181
10,181
Adjusted EBITDA
$867,807
$823,319
$791,156
$751,276
$758,296
(1)
For definitions and discussion of EBITDA and Adjusted EBITDA, see the Definitions section.
(2)
Includes foreign exchange net unrealized gains/losses attributable to remeasurement, deferred rent adjustments related to a customer bankruptcy, write offs associated with bankrupt or terminated customers, non-recurring legal and insurance expenses, gain on sale of land option and lease termination fees.
Three Months Ended
Financial Ratios
30-Sep-25
30-Jun-25
31-Mar-25
31-Dec-24
30-Sep-24
Total GAAP interest expense
$113,584
$109,383
$98,464
$104,742
$123,803
Capitalized interest
32,923
29,393
30,095
34,442
28,312
Change in accrued interest and other non-cash amounts
41,265
(92,065)
45,416
(58,137)
43,720
Cash Interest Expense (3)
$187,772
$46,711
$173,975
$81,046
$195,835
Preferred stock dividends
10,181
10,181
10,181
10,181
10,181
Total Fixed Charges (4)
$156,687
$148,957
$138,739
$149,364
$162,296
Coverage
Interest coverage ratio (5)
4.9x
5.0x
5.3x
4.5x
4.3x
Cash interest coverage ratio (6)
3.9x
11.2x
4.1x
6.9x
3.4x
Fixed charge coverage ratio (7)
4.6x
4.7x
4.9x
4.2x
4.1x
Cash fixed charge coverage ratio (8)
3.8x
9.9x
3.9x
6.3x
3.3x
Leverage
Debt to total enterprise value (9)(10)
23.0%
23.2%
25.4%
21.4%
23.5%
Debt-plus-preferred-stock-to-total-enterprise-value (10)(11)
23.9%
24.1%
26.6%
22.3%
24.5%
Pre-tax income to interest expense (12)
1.6x
10.6x
2.1x
2.8x
1.3x
Net Debt-to-Adjusted EBITDA (13)
4.9x
5.1x
5.1x
4.8x
5.4x
(3)
Cash interest expense is interest expense less amortization of debt discount and deferred financing fees and includes interest that we capitalized. We consider cash interest expense to be a useful measure of interest as it excludes non-cash-based interest expense.
(4)
Fixed charges consist of GAAP interest expense, capitalized interest, and preferred stock dividends.
(5)
Adjusted EBITDA (including our pro rata share of unconsolidated entities EBITDA), divided by GAAP interest expense plus capitalized interest (including our pro rata share of unconsolidated entities interest expense).
(6)
Adjusted EBITDA (including our pro rata share of unconsolidated entities EBITDA), divided by cash interest expense (including our pro rata share of unconsolidated entities interest expense).
(7)
Adjusted EBITDA (including our pro rata share of unconsolidated entities EBITDA), divided by fixed charges (including our pro rata share of unconsolidated entities fixed charges).
(8)
Adjusted EBITDA (including our pro rata share of unconsolidated entities EBITDA), divided by the sum of cash interest expense and preferred stock dividends (including our pro rata share of unconsolidated entities cash fixed charges).
(9)
Total debt divided by market value of common equity plus debt plus preferred stock.
(10)
Total enterprise value defined as market value of common equity plus debt plus preferred stock.
(11)
Same as (9), except numerator includes preferred stock.
(12)
Calculated as net income plus interest expense divided by GAAP interest expense.
(13)
Calculated as total debt at balance sheet carrying value, plus capital lease obligations, plus Digital Realty’s pro rata share of unconsolidated entities debt, less cash and cash equivalents (including Digital Realty’s pro rata share of unconsolidated entities cash) divided by the product of Adjusted EBITDA (including Digital Realty’s pro rata share of unconsolidated entities EBITDA), multiplied by four.
30
Table of Contents
Management Statements on Non-GAAP Measures
Financial Supplement
Unaudited
Third Quarter 2025
Definitions
Funds From Operations (FFO):
We calculate funds from operations, or FFO, in accordance with the standards established by the National Association of Real Estate Investment Trusts (Nareit) in the Nareit Funds From Operations White Paper - 2018 Restatement. FFO is a non-GAAP financial measure and represents net income (loss) (computed in accordance with GAAP), excluding gain (loss) from the disposition of real estate assets, provision for impairment, real estate related depreciation and amortization (excluding amortization of deferred financing costs), our share of unconsolidated JV real estate related depreciation & amortization, net income attributable to noncontrolling interests in operating partnership and reconciling items related to noncontrolling interests. Management uses FFO as a supplemental performance measure because, in excluding real estate related depreciation and amortization and gains and losses from property dispositions and after adjustments for unconsolidated partnerships and joint ventures, it provides a performance measure that, when compared year over year, captures trends in occupancy rates, rental rates and operating costs.
We also believe that, as a widely recognized measure of the performance of REITs, FFO will be used by investors as a basis to compare our operating performance with that of other REITs. However, because FFO excludes depreciation and amortization and captures neither the changes in the value of our data centers that result from use or market conditions, nor the level of capital expenditures and capitalized leasing commissions necessary to maintain the operating performance of our data centers, all of which have real economic effect and could materially impact our financial condition and results from operations, the utility of FFO as a measure of our performance is limited.
Other REITs may not calculate FFO in accordance with the Nareit definition and, accordingly, our FFO may not be comparable to other REITs’ FFO. FFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance.
Core Funds from Operations (Core FFO):
We present core funds from operations, or Core FFO, as a supplemental operating measure because, in excluding certain items that do not reflect core revenue or expense streams, it provides a performance measure that, when compared year over year, captures trends in our core business operating performance. We calculate Core FFO by adding to or subtracting from FFO (i) other non-core revenue adjustments, (ii) transaction and integration expenses, (iii) loss on debt extinguishment and modifications, (iv) gain on / issuance costs associated with redeemed preferred stock, (v) severance, equity acceleration and legal expenses, (vi) gain/loss on FX and derivatives revaluation, and (vii) other non-core expense adjustments. Because certain of these adjustments have a real economic impact on our financial condition and results from operations, the utility of Core FFO as a measure of our performance is limited.
Other REITs may calculate Core FFO differently than we do and accordingly, our Core FFO may not be comparable to other REITs’ Core FFO. Core FFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance.
Adjusted Funds from Operations (AFFO):
We present adjusted funds from operations, or AFFO, as a supplemental operating measure because, when compared year over year, it assesses our ability to fund dividend and distribution requirements from our operating activities. We also believe that, as a widely recognized measure of the operations of REITs, AFFO will be used by investors as a basis to assess our ability to fund dividend payments in comparison to other REITs, including on a per share and unit basis. We calculate AFFO by adding to or subtracting from Core FFO (i) non-real estate depreciation, (ii) amortization of deferred financing costs, (iii) amortization of debt discount/premium, (iv) non-cash stock-based compensation expense, (v) straight-line rental revenue, (vi) straight-line rental expense, (vii) above- and below-market rent amortization, (viii) deferred tax expense / (benefit), (ix) leasing compensation and internal lease commissions, and (x) recurring capital expenditures.
Other REITs may calculate AFFO differently than we do and, accordingly, our AFFO may not be comparable to other REITs’ AFFO. AFFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance.
EBITDA and Adjusted EBITDA:
We believe that earnings before interest, loss on debt extinguishment and modifications, income taxes, and depreciation and amortization, or EBITDA, and Adjusted EBITDA (as defined below), are useful supplemental performance measures because they allow investors to view our performance without the impact of non-cash depreciation and amortization or the cost of debt and, with respect to Adjusted EBITDA, (i) unconsolidated entities real estate related depreciation & amortization, (ii) unconsolidated entities interest expense and tax expense, (iii) severance, equity acceleration and legal expenses, (iv) transaction and integration expenses, (v) gain (loss) on sale / deconsolidation, (vi) provision for impairment, (vii) other non-core adjustments, net, (viii) noncontrolling interests, (ix) preferred stock dividends, and (x) gain on / issuance costs associated with redeemed preferred stock.
Adjusted EBITDA is EBITDA excluding (i) unconsolidated entities real estate related depreciation & amortization, (ii) unconsolidated entities interest expense and tax, (iii) severance, equity acceleration and legal expenses, (iv) transaction and integration expenses, (v) gain (loss) on sale / deconsolidation, (vi) provision for impairment, (vii) other non-core adjustments, net, (viii) noncontrolling interests, (ix) preferred stock dividends, and (x) gain on / issuance costs associated with redeemed preferred stock. In addition, we believe EBITDA and Adjusted EBITDA are frequently used by securities analysts, investors, and other interested parties in the evaluation of REITs. Because EBITDA and Adjusted EBITDA are calculated before recurring cash charges including interest expense and income taxes, exclude capitalized costs, such as leasing commissions, and are not adjusted for capital expenditures or other recurring cash requirements of our business, their utility as a measure of our performance is limited.
Other REITs may calculate EBITDA and Adjusted EBITDA differently than we do and, accordingly, our EBITDA and Adjusted EBITDA may not be comparable to other REITs’ EBITDA and Adjusted EBITDA. Accordingly, EBITDA and Adjusted EBITDA should be considered only as supplements to net income computed in accordance with GAAP as a measure of our financial performance.
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Table of Contents
Management Statements on Non-GAAP Measures
Financial Supplement
Unaudited
Third Quarter 2025
Net Operating Income (NOI) and Cash NOI:
Net operating income, or NOI, represents rental revenue, tenant reimbursement revenue and interconnection revenue less utilities expense, rental property operating expenses, property taxes and insurance expenses (as reflected in the statement of operations). NOI is commonly used by stockholders, company management and industry analysts as a measurement of operating performance of the company’s rental portfolio. Cash NOI is NOI less straight-line rents and above- and below-market rent amortization. Cash NOI is commonly used by stockholders, company management and industry analysts as a measure of property operating performance on a cash basis. Same-Capital Cash NOI represents buildings owned as of December 31, 2023 of the prior year with less than 5% of total rentable square feet under development and excludes buildings that were undergoing, or were expected to undergo, development activities in 2024-2025, buildings classified as held for sale and contribution, and buildings sold or contributed to joint ventures for all periods presented (prior period numbers adjusted to reflect current same-capital pool).
However, because NOI and cash NOI exclude depreciation and amortization and capture neither the changes in the value of our data centers that result from use or market conditions, nor the level of capital expenditures and capitalized leasing commissions necessary to maintain the operating performance of our data centers, all of which have real economic effect and could materially impact our results from operations, the utility of NOI and cash NOI as measures of our performance is limited. Other REITs may calculate NOI and cash NOI differently than we do and, accordingly, our NOI and cash NOI may not be comparable to other REITs’ NOI and cash NOI. NOI and cash NOI should be considered only as supplements to net income computed in accordance with GAAP as measures of our performance.
Additional Definitions
GAAP refers to United States generally accepted accounting principles.
Net debt-to-Adjusted EBITDA ratio is calculated as total debt at balance sheet carrying value, plus capital lease obligations, plus Digital Realty’s pro rata share of unconsolidated entities debt, less cash and cash equivalents (including Digital Realty’s pro rata share of unconsolidated entities cash) divided by the product of Adjusted EBITDA (including Digital Realty’s pro rata share of unconsolidated entities EBITDA), multiplied by four.
Debt-plus-preferred-to-total enterprise value is total debt plus preferred stock divided by total debt plus the liquidation value of preferred stock and the market value of outstanding Digital Realty Trust, Inc. common stock and Digital Realty Trust, L.P. units, assuming the redemption of Digital Realty Trust, L.P. units for shares of Digital Realty Trust, Inc. common stock.
Fixed charge coverage ratio is Adjusted EBITDA divided by the sum of GAAP interest expense, capitalized interest and preferred stock dividends. For the quarter ended September 30, 2025, GAAP interest expense was $114 million, capitalized interest was $33 million and preferred stock dividends were $10 million.
Reconciliation of Net Operating Income (NOI)
Three Months Ended
Nine Months Ended
(in thousands)
30-Sep-25
30-Jun-25
30-Sep-24
30-Sep-25
30-Sep-24
Operating income
$138,421
$211,697
$168,286
$545,868
$327,542
Fee income
(36,398)
(34,427)
(12,907)
(91,468)
(41,572)
Other income
(4,746)
(1,363)
(4,581)
(6,242)
(7,568)
Depreciation and amortization
497,002
461,167
459,997
1,401,178
1,316,442
General and administrative
139,911
133,755
115,120
394,778
349,051
Severance, equity acceleration and legal expenses
1,794
2,262
2,481
6,484
4,156
Transaction and integration expenses
86,559
22,546
24,194
149,007
82,105
Provision for impairment
—
—
—
—
168,303
Other expenses
3,297
195
4,774
3,604
15,080
Net Operating Income
$825,840
$795,832
$757,365
$2,403,209
$2,213,540
Cash Net Operating Income (Cash NOI)
Net Operating Income
$825,840
$795,832
$757,365
$2,403,209
$2,213,540
Straight-line rental revenue
(33,196)
(24,015)
(18,423)
(66,904)
(23,818)
Straight-line rental expense
(297)
(469)
1,683
(742)
4,011
Above- and below-market rent amortization
(864)
(752)
(742)
(2,322)
(3,287)
Cash Net Operating Income
$791,483
$770,596
$739,883
$2,333,241
$2,190,446
Constant Currency CFFO Reconciliation
Three Months Ended
Nine Months Ended
(in thousands, except per share data)
30-Sep-25
30-Sep-24
30-Sep-25
30-Sep-24
Core FFO (1)
$656,001
$557,744
$1,907,639
$1,628,377
Core FFO impact of holding '24 Exchange Rates Constant (2)
(11,062)
—
(17,348)
—
Constant Currency Core FFO
$644,939
$557,744
$1,890,291
$1,628,377
Weighted-average shares and units outstanding - diluted
347,700
334,476
344,873
326,545
Constant Currency CFFO Per Share
$1.85
$1.67
$5.48
$4.99
1)
As reconciled to net income above.
2)
Adjustment calculated by holding currency translation rates for 2025 constant with average currency translation rates that were applicable to the same periods in 2024.
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Table of Contents
Forward-Looking Statements
Financial Supplement
Third Quarter 2025
This document contains forward-looking statements within the meaning of the federal securities laws, which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. Such forward-looking statements include statements relating to: our economic outlook, our expected investment and expansion activity, anticipated continued demand for our products and service, our liquidity, our joint ventures, supply and demand for data center and colocation space, our acquisition and disposition activity, pricing and net effective leasing economics, market dynamics and data center fundamentals, our strategic priorities, our product offerings, available inventory, rent from leases that have been signed but have not yet commenced and other contracted rent to be received in future periods, rental rates on future leases, lag between signing and commencement, cap rates and yields, investment activity, the company’s FFO, Core FFO, constant currency Core FFO, adjusted FFO, and net income, 2025 outlook and underlying assumptions, information related to trends, our strategy and plans, leasing expectations, weighted average lease terms, the exercise of lease extensions, lease expirations, debt maturities, annualized rent at expiration of leases, the effect new leases and increases in rental rates will have on our rental revenue, our credit ratings, construction and development activity and plans, projected construction costs, estimated yields on investment, expected occupancy, expected square footage and IT load capacity upon completion of development projects, backlog NOI, NAV components, and other forward-looking financial data.
Such statements are based on management’s beliefs and assumptions made based on information currently available to management. Such statements are subject to risks, uncertainties and assumptions and are not guarantees of future performance and may be affected by known and unknown risks, trends, uncertainties, and factors that are beyond our control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated, or projected. Some of the risks and uncertainties that may cause our actual results, performance, or achievements to differ materially from those expressed or implied by forward-looking statements include, among others, the following:
●
reduced demand for data centers or decreases in information technology spending;
●
decreased rental rates, increased operating costs or increased vacancy rates;
●
increased competition or available supply of data center space;
●
the suitability of our data centers and data center infrastructure, delays or disruptions in connectivity or availability of power, or failures or breaches of our physical and information security infrastructure or services;
●
breaches of our obligations or restrictions under our contracts with our customers;
●
our inability to successfully develop and lease new properties and development space, and delays or unexpected costs in development of properties;
●
the impact of current global and local economic, credit and market conditions;
●
increased tariffs, global supply chain or procurement disruptions, or increased supply chain costs;
●
the impact from periods of heightened inflation on our costs, such as operating and general and administrative expenses, interest expense and real estate acquisition and construction costs;
●
the impact on our customers’ and our suppliers’ operations during an epidemic, pandemic, or other global events;
●
our dependence upon significant customers, bankruptcy or insolvency of a major customer or a significant number of smaller customers, or defaults on or non-renewal of leases by customers;
●
changes in political conditions, geopolitical turmoil, political instability, civil disturbances, restrictive governmental actions or nationalization in the countries in which we operate;
●
our inability to retain data center space that we lease or sublease from third parties;
●
information security and data privacy breaches;
●
difficulties managing an international business and acquiring or operating properties in foreign jurisdictions and unfamiliar metropolitan areas;
●
our failure to realize the intended benefits from, or disruptions to our plans and operations or unknown or contingent liabilities related to, our recent and future acquisitions;
●
our failure to successfully integrate and operate acquired or developed properties or businesses;
●
difficulties in identifying properties to acquire and completing acquisitions;
●
risks related to joint venture investments, including as a result of our lack of control of such investments;
●
risks associated with using debt to fund our business activities, including re-financing and interest rate risks, our failure to repay debt when due, adverse changes in our credit ratings or our breach of covenants or other terms contained in our loan facilities and agreements;
●
our failure to obtain necessary debt and equity financing, and our dependence on external sources of capital;
●
financial market fluctuations and changes in foreign currency exchange rates;
●
adverse economic or real estate developments in our industry or the industry sectors that we sell to, including risks relating to decreasing real estate valuations and impairment charges and goodwill and other intangible asset impairment charges;
●
our inability to manage our growth effectively;
●
losses in excess of our insurance coverage;
●
our inability to attract and retain talent;
●
environmental liabilities, risks related to natural disasters and our inability to achieve our sustainability goals;
●
the expected operating performance of anticipated near-term acquisitions and descriptions relating to these expectations;
●
our inability to comply with rules and regulations applicable to our company;
●
Digital Realty Trust, Inc.’s failure to maintain its status as a REIT for U.S. federal income tax purposes;
●
Digital Realty Trust, L.P.’s failure to qualify as a partnership for U.S. federal income tax purposes;
●
restrictions on our ability to engage in certain business activities;
●
changes in local, state, federal and international laws, and regulations, including related to taxation, real estate, and zoning laws, and increases in real property tax rates; and
●
the impact of any financial, accounting, legal or regulatory issues or litigation that may affect us.
The risks included here are not exhaustive, and additional factors could adversely affect our business and financial performance. Several additional material risks are discussed in our annual report on Form 10-K for the year ended December 31, 2024, and other filings with the U.S. Securities and Exchange Commission. Those risks continue to be relevant to our performance and financial condition. Moreover, we operate in a competitive and rapidly changing environment. New risk factors emerge from time to time and it is not possible for management to predict all such risk factors, nor can it assess the impact of all such risk factors on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.
We expressly disclaim any responsibility to update forward-looking statements, whether as a result of new information, future events or otherwise. Digital Realty, Digital Realty Trust, the Digital Realty logo, Interxion, Turn-Key Flex, Powered Base Building, ServiceFabric, AnyScale Colo, Pervasive Data Center Architecture, PlatformDIGITAL, PDx, Data Gravity Index and Data Gravity Index DGx are registered trademarks and service marks of Digital Realty Trust, Inc. in the United States and/or other countries. All other names, trademarks and service marks are the property of their respective owners.
33
Mentions · how they’re counted
| Category | Underlined | Word counter | Model’s count |
|---|---|---|---|
| AI AI, artificial intelligence, generative AI, machine learning, large language model, LLM | 2 | — | — |
| Layoffs layoffs, RIF, headcount reduction, workforce optimization, restructuring | 0 | — | — |
| Recession recession, downturn, contraction, slowdown | 0 | — | — |
| Tariffs tariff, trade war, trade barriers, trade restrictions, trade policy | 1 | — | — |
| Buybacks share repurchase, buyback program | 0 | — | — |
Underlines use the same word lists the scores use. AI, recession and tariffs follow Palanor’s word counter, so those counts match it exactly on the same text. Layoffs and buybacks use the terms the model was given. The model’s count is an estimate by meaning, not by string, so it can differ from the underlines.
Source: SEC EDGAR · public domain · Highlights by Palanor