EX-99.12dlr-20260205xex99d1.htmEX-99.1
Table of Contents
Exhibit 99.1
Table of Contents
Financial Supplement
Table of Contents
Fourth Quarter 2025
Overview
PAGE
Corporate Information
3
Key Quarterly Financial Data
5
Consolidated Statements of Operations
Earnings Release
7
2026 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
Fourth 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 December 31, 2025, the company’s 310 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 43.2 million square feet, excluding approximately 9.7 million square feet of space under active development and 4.7 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
BofA Securities
Barclays
Markets
Exane
Citigroup
Citizens JMP
Deutsche Bank
Michael Funk
Brendan Lynch
Ari Klein
Nate Crossett
Michael Rollins
Greg Miller
Benjamin Soff
(646) 855-5664
(212) 526-9428
(212) 885-4103
(646) 725-3716
(212) 816-1116
(212) 699-2917
(212) 250-3716
Evercore ISI
Goldman Sachs
Green Street Advisors
Guggenheim
HSBC
Jefferies
J.P. Morgan
Irvin Liu
Michael Ng
David Guarino
Joseph Osha
Phani Kanumuri
Jonathan Petersen
Richard Choe
(415) 800-0183
(212) 902-8618
(949) 640-8780
(415) 852-6468
(240) 709-8135
(212) 284-1705
(212) 662-6708
KeyBanc
Mizuho Group
MoffettNathanson
Morgan Stanley
Oppenheimer
Raymond James
RBC Capital Markets
Brandon Nispel
Vikram Malhotra
Nick Del Deo
Cameron McVeigh
Timothy Horan
Frank Louthan
Jonathan Atkin
(503) 821-3871
(212) 282-3827
(212) 519-0025
(212) 761-4209
(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
February 25, 2026
Wolfe Fifth Annual Real Estate Conference
Virtual
March 2 - 3, 2026
Citi's 2026 Global Property CEO Conference
Hollywood, FL
March 2, 2026
Morgan Stanley Technology, Media & Telecom Conference
San Francisco, CA
March 3, 2026
Raymond James & Associates’ 47th Annual Institutional Investors Conference
Orlando, FL
March 9, 2026
Deutsche Bank's 34th Annual Media, Internet & Telecom Conference
Palm Beach, FL
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)
Fourth 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
(Positive 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
31-Dec-25
30-Sep-25
30-Jun-25
31-Mar-25
31-Dec-24
High price
$182.48
$182.00
$178.85
$187.74
$198.00
Low price
$146.23
$159.22
$129.95
$139.27
$155.16
Closing price, end of quarter
$154.71
$172.88
$174.33
$143.29
$177.33
Average daily trading volume (1)
1,826
1,520
2,034
2,529
1,911
Indicated dividend per common share (2)
$4.88
$4.88
$4.88
$4.88
$4.88
Closing annual dividend yield, end of quarter
3.2%
2.8%
2.8%
3.4%
2.8%
Shares and units outstanding, end of quarter (1) (3)
349,746
349,244
346,644
343,092
342,772
Closing market value of shares and units outstanding (4)
$54,109,204
$60,377,303
$60,430,449
$49,161,653
$60,783,759
(1)
Shares or shares and units in thousands.
(2)
On an annualized basis.
(3)
As of December 31, 2025, the total number of shares and units includes 343,557 shares of common stock, 4,045 common units held by third parties and 2,144 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
Fourth Quarter 2025
Shares and Units at End of Quarter
31-Dec-25
30-Sep-25
30-Jun-25
31-Mar-25
31-Dec-24
Common shares outstanding
343,557
343,041
340,372
336,743
336,637
Common partnership units outstanding
6,189
6,203
6,272
6,349
6,135
Total Shares and Units
349,746
349,244
346,644
343,092
342,772
Enterprise Value
Market value of common equity (1)
$54,109,204
$60,377,303
$60,430,449
$49,161,653
$60,783,759
Liquidation value of preferred equity
755,000
755,000
755,000
755,000
755,000
Total debt at balance sheet carrying value
18,402,135
18,225,434
18,452,148
17,016,279
16,714,377
Total Enterprise Value
$73,266,339
$79,357,737
$79,637,597
$66,932,932
$78,253,136
Total debt / total enterprise value
25.1%
23.0%
23.2%
25.4%
21.4%
Debt-plus-preferred-to-total-enterprise-value
26.1%
23.9%
24.1%
26.6%
22.3%
Selected Balance Sheet Data
Investments in real estate (before depreciation)
$39,855,116
$39,374,646
$38,613,260
$35,693,166
$35,401,912
Total Assets
49,410,468
48,728,634
48,714,995
45,080,562
45,283,616
Total Liabilities
24,564,494
23,739,412
23,853,149
21,902,406
22,107,836
Selected Operating Data
Total operating revenues
$1,634,671
$1,577,234
$1,493,150
$1,407,637
$1,435,862
Total operating expenses
1,522,047
1,438,813
1,281,453
1,211,887
1,291,540
Net income
96,111
63,713
1,046,946
106,395
185,688
Net income / (loss) available to common stockholders
88,466
57,631
1,021,975
99,793
179,388
Financial Ratios
EBITDA (2)
$688,758
$679,912
$1,605,408
$658,400
$746,578
Adjusted EBITDA (3)
856,836
867,807
823,319
791,156
751,276
Net Debt-to-Adjusted EBITDA (4)
4.9x
4.9x
5.1x
5.1x
4.8x
Interest expense
116,516
113,584
109,383
98,464
104,742
Fixed charges (5)
161,479
156,687
148,957
138,739
149,364
Interest coverage ratio (6)
4.8x
4.9x
5.0x
5.3x
4.5x
Fixed charge coverage ratio (7)
4.5x
4.6x
4.7x
4.9x
4.2x
Profitability Measures
Net income / (loss) per common share - basic
$0.26
$0.17
$3.03
$0.30
$0.54
Net income / (loss) per common share - diluted
$0.24
$0.15
$2.94
$0.27
$0.51
Funds from operations (FFO) / diluted share and unit (8)
$1.89
$1.65
$1.75
$1.67
$1.61
Core funds from operations (Core FFO) / diluted share and unit (8)
$1.86
$1.89
$1.87
$1.77
$1.73
Adjusted funds from operations (AFFO) / diluted share and unit (9)
$1.34
$1.76
$1.68
$1.78
$1.36
Dividends per share and common unit
$1.22
$1.22
$1.22
$1.22
$1.22
Diluted FFO payout ratio (8) (10)
64.5%
73.8%
69.6%
73.2%
75.6%
Diluted Core FFO payout ratio (8) (11)
65.6%
64.7%
65.2%
68.8%
70.7%
Diluted AFFO payout ratio (9) (12)
90.9%
69.2%
72.8%
68.6%
89.5%
Portfolio Statistics
Buildings (13)
329
330
330
328
328
Data Centers (13)
310
311
310
308
308
Cross-connects (13) (14)
232,500
231,000
229,000
228,000
227,000
Net rentable square feet, excluding development space (13)
43,208
42,706
42,529
41,778
41,326
Occupancy at end of quarter (15)
84.7%
84.8%
84.8%
84.0%
84.1%
Occupied square footage (13)
36,582
36,197
36,073
35,100
34,741
Space under active development (16)
9,679
10,230
9,848
9,463
8,904
Space held for development (17)
4,696
4,758
4,616
5,062
4,686
Weighted average remaining lease term (years) (18)
5.0
5.0
5.1
4.9
4.8
Same-capital occupancy at end of quarter (15) (19)
83.7%
83.7%
83.7%
83.4%
83.5%
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Table of Contents
Key Quarterly Financial Data
Financial Supplement
Unaudited, Dollars (except per share data) and Square Feet in Thousands
Fourth 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 finance 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
Fourth Quarter 2025
Digital Realty Reports Fourth Quarter 2025 Results
Austin, TX — February 5, 2026 — 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 fourth quarter of 2025. All per share results are presented on a fully diluted basis.
Highlights
◾
Reported net income available to common stockholders of $0.24 per share in 4Q25, compared to $0.51 in 4Q24
◾
Reported FFO per share of $1.89 in 4Q25, compared to $1.61 in 4Q24
◾
Reported Core FFO per share of $1.86 in 4Q25, compared to $1.73 in 4Q24; reported Constant-Currency Core FFO per share of $1.81 in 4Q25
◾
Reported rental rate increases on renewal leases of 6.1% on a cash basis in 4Q25
◾
T1Signed total bookings during 4Q25 that are expected to generate $400 million of annualized GAAP rental revenue at 100% share; at Digital Realty’s share, total bookings were $175 million, including a $96 million contribution from the 0-1 megawatt plus interconnection category
◾
T2Reported a backlog of $817 million of annualized GAAP base rent, at Digital Realty’s share, at the end of 2025
◾
T3Introduced 2026 Core FFO per share outlook of $7.90 - $8.00 on a reported and Constant-Currency basis
Financial Results
T4Digital Realty reported revenues of $1.6 billion in the fourth quarter of 2025, a 4% increase from the previous quarter and a 14% increase from the same quarter last year.
The company delivered net income of $96 million in the fourth quarter of 2025, as well as net income available to common stockholders of $88 million and $0.24 per share, compared to $0.15 per share in the previous quarter and $0.51 per share in the same quarter last year.
Digital Realty generated Adjusted EBITDA of $857 million in the fourth quarter of 2025, a 1% decrease from the previous quarter and a 14% increase over the same quarter last year.
The company reported Funds From Operations (FFO) of $658 million in the fourth quarter of 2025, or $1.89 per share, compared to $1.65 per share in the previous quarter and $1.61 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 $1.86 in the fourth quarter of 2025, compared to $1.89 per share in the previous quarter and $1.73 per share in the same quarter last year. Digital Realty delivered Constant-Currency Core FFO per share of $1.81 in the fourth quarter of 2025 and $7.29 per share for the twelve-month period ended December 31, 2025.
“Digital Realty delivered strong financial results in 2025, with robust top‑line growth, record leasing across our 0‑1 megawatt plus interconnection offering, and a substantial backlog that provides clear revenue visibility into 2026 and beyond,” said Digital Realty President and CEO Andy Power. “T5The evolution of our private capital strategy is enabling us to efficiently scale development while maintaining a flexible balance sheet positioned for growth. At the same time, we’re expanding the PlatformDIGITAL footprint to meet rising global demand. Together, these initiatives strengthen our ability to support our customers’ cloud and AI roadmaps while driving long term value for shareholders.”
Leasing Activity
In the fourth quarter, Digital Realty signed total bookings that are expected to generate $400 million of annualized GAAP rental revenue, at 100% share; at Digital Realty’s share, total bookings were $175 million, including a $77 million contribution from the 0-1 megawatt category and a $19 million contribution from interconnection.
The weighted-average lag between new leases signed during the fourth quarter of 2025 and the contractual commencement date was eight months. The backlog of signed-but-not-commenced leases at quarter-end was $817 million of annualized GAAP base rent, at Digital Realty’s share.
In addition, Digital Realty also signed renewal leases representing $269 million of annualized cash rental revenue during the quarter. Rental rates on renewal leases signed during the fourth quarter of 2025 increased 6.1% on a cash basis and 12.0% on a GAAP basis.
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Table of Contents
Digital Realty Trust
Financial Supplement
Earnings Release
Fourth Quarter 2025
New leases signed during the fourth 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
$39,317
112
$351
12.2
$269
> 1 MW
64,759
207
313
29.0
186
Other (1)
385
7
53
—
—
Total
$104,461
326
$320
41.2
$211
EMEA (2)
0-1 MW
$30,107
89
$337
8.4
$300
> 1 MW
5,585
21
266
2.3
199
Other (1)
291
1
289
—
—
Total
$35,982
111
$323
10.7
$278
Asia Pacific (2)
0-1 MW
$7,693
17
$443
2.2
$286
> 1 MW
7,643
42
181
4.5
142
Other (1)
46
1
45
—
—
Total
$15,382
61
$254
6.7
$190
All Regions (2)
0-1 MW
$77,118
219
$352
22.8
$282
> 1 MW
77,987
270
289
35.9
181
Other (1)
722
9
78
—
—
Total
$155,826
498
$313
58.6
$220
Interconnection
$18,890
N/A
N/A
N/A
N/A
Grand Total at DLR Share
$174,716
498
$313
58.6
$220
Grand Total at 100% Share
$400,330
1,291
$294
159.1
$198
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 December 31, 2025.
Investment Activity
During the fourth quarter, Digital Realty sold a non-core data center in the Dallas metro area for gross proceeds of approximately $33 million, as previously disclosed.
Digital Realty acquired the following:
●
Two parcels of land totaling approximately 20 acres in the Portland metro area, one acquired in the fourth quarter and the other in January, that are expected to support up to 85 megawatts of IT capacity for approximately $23.6 million; and
●
A building and land in Lisbon, Portugal which can support up to 2.4 megawatts of IT capacity for approximately €7.1 million or $8.3 million, marking Digital Realty's entry into the Portugal market.
Further, Digital Realty Mivne established a new joint venture with MedOne Ltd., the leading data center operator in Israel. The joint venture acquired approximately 2.5 acres of land in Petah Tikvah, the primary connectivity hub in Israel, with the intention of developing an 18-megawatt campus for ILS90 million, or $29 million at 100% share. Digital Realty’s share of the land was $7.1 million.
Additionally, Digital Realty contributed an incremental 40% interest in five operating data centers to its Digital Realty DC Partners NA Fund, increasing the Fund's stake to 80% at year end. Digital Realty received approximately $427 million of additional proceeds as a result of the contribution.
Subsequent to quarter end, Digital Realty announced an agreement to acquire the TelcoHub 1 data center located in Cyberjaya, Malaysia, one of Greater Kuala Lumpur’s most established data center hubs. TelcoHub 1 is an operational 1.5 megawatt data center that is one of Malaysia's leading connectivity hubs. In conjunction with this transaction, Digital Realty also agreed to acquire adjacent land that can support up to 14 megawatts of IT capacity, providing clear capacity for future expansion. The transactions are expected to close in the first half of 2026, subject to customary closing conditions.
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Table of Contents
Digital Realty Trust
Financial Supplement
Earnings Release
Fourth Quarter 2025
Balance Sheet
Digital Realty had approximately $18.4 billion of total debt outstanding as of December 31, 2025, comprised of $17.5 billion of unsecured debt and approximately $0.9 billion of secured debt and other debt. At the end of the fourth quarter of 2025, net debt-to-Adjusted EBITDA was 4.9x, debt-plus-preferred-to-total enterprise value was 26.1% and fixed charge coverage was 4.5x.
In October, the company sold 0.4 million shares of common stock under its At-The-Market (ATM) equity issuance program at a weighted average price of $175.68 per share, for net proceeds of approximately $77 million.
In November, Digital Realty issued €600 million of 3.750% notes due 2033 and €800 million of 4.250% notes due 2037, for aggregate net proceeds of approximately €1.4 billion ($1.6 billion).
In December, Digital Realty repaid early €1.075 billion ($1.3 billion) in aggregate principal amount of its 2.500% senior notes due 2026.
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Table of Contents
Digital Realty Trust
Financial Supplement
Earnings Release
Fourth Quarter 2025
2026 Outlook
Digital Realty introduced its 2026 Core FFO per share outlook on a reported and Constant-Currency basis of $7.90 - $8.00. The assumptions underlying the outlook are summarized in the following table.
As of
Top-Line and Cost Structure
February 5, 2026
G1Total revenue
$6.600 - $6.700 billion
Net non-cash rent adjustments (1)
($90 - $95 million)
G2Adjusted EBITDA
$3.600 - $3.700 billion
G3G&A
$610 - $620 million
Internal Growth
G4Rental rates on renewal leases
Cash basis
6.0% - 8.0%
GAAP basis
8.5% - 10.5%
G5Year-end portfolio occupancy (2)
+50 - 100 bps
G6"Same-Capital" cash NOI growth (3)
4.0% - 5.0%
Foreign Exchange Rates
U.S. Dollar / Pound Sterling
$1.30 - $1.35
U.S. Dollar / Euro
$1.13 - $1.18
External Growth
G7Dispositions / Joint Venture Capital
Dollar volume
$500 - $1,000 million
Cap rate
0.0% - 10.0%
G8Development
CapEx (Net of Partner Contributions) (4)
$3,250 - $3,750 million
Average stabilized yields
10.0%+
G9Enhancements and other non-recurring CapEx (5)
$30 - $35 million
G10Recurring CapEx + capitalized leasing costs (6)
$400 - $425 million
Balance Sheet
Long-term debt issuance
Dollar amount
$1,000 - $1,500 million
Pricing
4.0% - 4.5%
Timing
Mid-Year
G11Net income per diluted share
$2.55 - $2.65
Real estate depreciation and (gain) / loss on sale
$4.90 - $4.90
G12Funds From Operations / share (NAREIT-Defined)
$7.45 - $7.55
Non-core expenses and revenue streams
$0.45 - $0.45
G13Core Funds From Operations / share
$7.90 - $8.00
Foreign currency translation adjustments
$0.00 - $0.00
Constant-Currency Core Funds From Operations / share
$7.90 - $8.00
(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)
Year-end portfolio occupancy guidance based on IT load (kW).
(3)
The “Same-Capital” pool includes properties owned as of December 31, 2024 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 2025-2026, properties classified as held for sale and contribution, and properties sold or contributed to joint ventures for all periods presented. The 2026 “Same-Capital” cash NOI growth outlook is presented on a constant currency basis.
(4)
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.
(5)
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.
(6)
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
Fourth 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 February 5, 2026, 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 fourth quarter 2025 financial results and operating performance. The conference call will feature President & Chief Executive Officer Andy Power and Chief Financial Officer Matt Mercier.
A live webcast of the call will be available on the Investors section of Digital Realty’s website at https://investor.digitalrealty.com. The webcast will be archived until February 5, 2027 and the replay will be available shortly after the conclusion of the live event.
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 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 55+ metros across 30+ 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
(214) 231-1350
11
Table of Contents
Consolidated Quarterly Statements of Operations
Financial Supplement
Unaudited and in Thousands, Except Per Share Data
Fourth Quarter 2025
Three Months Ended
Twelve Months Ended
31-Dec-25
30-Sep-25
30-Jun-25
31-Mar-25
31-Dec-24
31-Dec-25
31-Dec-24
Rental revenues
$1,074,703
$1,045,708
$1,003,550
$960,526
$958,892
$4,084,487
$3,722,646
Tenant reimbursements - Utilities
356,084
332,681
294,503
271,189
302,664
1,254,457
1,158,623
Tenant reimbursements - Other
34,406
37,302
37,355
42,177
38,591
151,240
158,612
Interconnection and other
123,414
120,399
121,952
112,969
112,360
478,734
442,591
Fee income
45,692
36,398
34,427
20,643
23,316
137,160
64,888
Other
372
4,746
1,363
133
40
6,614
7,608
Total Operating Revenues
$1,634,671
$1,577,234
$1,493,150
$1,407,637
$1,435,862
$6,112,692
$5,554,968
Utilities
$398,185
$375,627
$339,288
$313,385
$337,534
$1,426,485
$1,333,416
Rental property operating
295,948
278,292
267,724
238,600
273,104
1,080,564
984,921
Property taxes
50,791
51,823
49,570
48,856
46,044
201,040
182,453
Insurance
4,711
4,508
4,946
4,483
6,007
18,648
18,325
Depreciation and amortization
493,458
497,002
461,167
443,009
455,355
1,894,636
1,771,797
General and administration
159,283
139,911
133,755
121,112
124,470
554,061
473,521
Severance, equity acceleration and legal expenses
4,937
1,794
2,262
2,428
2,346
11,421
6,502
Transaction and integration expenses
36,083
86,559
22,546
39,902
11,797
185,090
93,902
Provision for impairment
78,553
—
—
—
22,881
78,553
191,184
Other expenses
98
3,297
195
112
12,002
3,702
27,083
Total Operating Expenses
$1,522,047
$1,438,813
$1,281,453
$1,211,887
$1,291,540
$5,454,200
$5,083,104
Operating Income
$112,624
$138,421
$211,697
$195,750
$144,322
$658,492
$471,864
Equity in earnings / (loss) of unconsolidated entities
4,659
(16,944)
(12,062)
(7,640)
(36,201)
(31,987)
(120,138)
Gain / (loss) on sale of investments
42,865
19,780
931,830
1,111
144,885
995,586
595,825
Interest and other income / (expense), net
42,797
47,735
37,747
32,773
44,517
161,052
154,243
Interest (expense)
(116,516)
(113,584)
(109,383)
(98,464)
(104,742)
(437,947)
(452,836)
Income tax benefit / (expense)
9,673
(11,695)
(12,883)
(17,135)
(4,928)
(32,040)
(54,760)
Gain (loss) on debt extinguishment and modifications
9
—
—
—
(2,165)
9
(5,871)
Net Income
$96,111
$63,713
$1,046,946
$106,395
$185,688
$1,313,165
$588,327
Net (income) / loss attributable to noncontrolling interests
2,536
4,099
(14,790)
3,579
3,881
(4,576)
14,163
Net Income Attributable to Digital Realty Trust, Inc.
$98,647
$67,812
$1,032,156
$109,974
$189,569
$1,308,589
$602,490
Preferred stock dividends
(10,181)
(10,181)
(10,181)
(10,181)
(10,181)
(40,724)
(40,725)
Net Income / (Loss) Available to Common Stockholders
$88,466
$57,631
$1,021,975
$99,793
$179,388
$1,267,865
$561,766
Weighted-average shares outstanding - basic
343,493
341,370
337,589
336,683
333,376
339,807
323,336
Weighted-average shares outstanding - diluted
351,570
349,234
345,734
344,721
340,690
347,810
331,547
Weighted-average fully diluted shares and units
357,430
355,165
351,691
350,632
346,756
353,720
337,697
Net income / (loss) per share - basic
$0.26
$0.17
$3.03
$0.30
$0.54
$3.73
$1.74
Net income / (loss) per share - diluted
$0.24
$0.15
$2.94
$0.27
$0.51
$3.58
$1.61
12
Table of Contents
Funds From Operations and Core Funds From Operations
Financial Supplement
Unaudited and in Thousands, Except Per Share Data
Fourth Quarter 2025
Three Months Ended
Twelve Months Ended
Reconciliation of Net Income to Funds From Operations (FFO)
31-Dec-25
30-Sep-25
30-Jun-25
31-Mar-25
31-Dec-24
31-Dec-25
31-Dec-24
Net Income / (Loss) Available to Common Stockholders
$88,466
$57,631
$1,021,975
$99,793
$179,388
$1,267,865
$561,766
Adjustments:
Noncontrolling interest in operating partnership
2,000
2,000
21,000
3,000
4,000
28,000
12,700
Real estate related depreciation and amortization (1)
484,260
487,182
451,050
432,652
445,462
1,855,144
1,730,059
Reconciling items related to noncontrolling interests
(22,753)
(22,888)
(21,038)
(19,480)
(19,531)
(86,159)
(64,612)
Unconsolidated entities real estate related depreciation and amortization
70,260
65,922
59,172
55,861
49,463
251,215
192,931
(Gain) / loss on real estate transactions
(42,865)
(19,780)
(931,830)
(1,111)
(137,047)
(995,586)
(596,904)
Provision for impairment
78,553
—
—
—
22,881
78,553
191,185
Funds From Operations
$657,921
$570,067
$600,329
$570,715
$544,616
$2,399,032
$2,027,122
Weighted-average shares and units outstanding - basic
349,354
347,301
343,546
342,594
339,442
345,717
329,485
Weighted-average shares and units outstanding - diluted (2) (3)
357,430
355,165
351,691
350,632
346,756
353,720
337,697
Funds From Operations per share - basic
$1.88
$1.64
$1.75
$1.67
$1.60
$6.94
$6.15
Funds From Operations per share - diluted (2) (3)
$1.89
$1.65
$1.75
$1.67
$1.61
$6.96
$6.14
Three Months Ended
Twelve Months Ended
Reconciliation of FFO to Core FFO
31-Dec-25
30-Sep-25
30-Jun-25
31-Mar-25
31-Dec-24
31-Dec-25
31-Dec-24
Funds From Operations
$657,921
$570,067
$600,329
$570,715
$544,616
$2,399,032
$2,027,122
Other non-core revenue adjustments (4)
(10,633)
(4,746)
4,228
(1,925)
4,537
(13,076)
(30,339)
Transaction and integration expenses
36,083
86,559
22,546
39,902
11,797
185,090
93,902
Gain (loss) on debt extinguishment and modifications
(9)
—
—
—
2,165
(9)
5,871
Severance, equity acceleration and legal expenses (5)
4,937
1,794
2,262
2,428
2,346
11,421
6,502
(Gain) / Loss on FX and derivatives revaluation
(16,295)
252
8,827
(2,064)
7,127
(9,280)
74,464
Other non-core expense adjustments (6)
(21,794)
2,075
5,092
(702)
14,229
(15,329)
37,671
Core Funds From Operations
$650,210
$656,001
$643,284
$608,354
$586,816
$2,557,849
$2,215,194
Weighted-average shares and units outstanding - diluted (2) (3)
349,740
347,700
343,909
343,050
339,982
346,086
329,899
Core Funds From Operations per share - diluted (2)
$1.86
$1.89
$1.87
$1.77
$1.73
$7.39
$6.71
(1)
Three Months Ended
Twelve Months Ended
Real Estate Related Depreciation & Amortization
31-Dec-25
30-Sep-25
30-Jun-25
31-Mar-25
31-Dec-24
31-Dec-25
31-Dec-24
Depreciation and amortization per income statement
$493,458
$497,002
$461,167
$443,009
$455,355
$1,894,636
$1,771,798
Non-real estate depreciation
(9,198)
(9,820)
(10,117)
(10,356)
(9,894)
(39,492)
(41,739)
Real Estate Related Depreciation & Amortization
$484,260
$487,182
$451,050
$432,652
$445,462
$1,855,144
$1,730,059
(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
Twelve Months Ended
31-Dec-25
30-Sep-25
30-Jun-25
31-Mar-25
31-Dec-24
31-Dec-25
31-Dec-24
Teraco noncontrolling share of FFO
$18,240
$17,018
$15,850
$13,286
$14,905
$64,394
$46,954
Teraco related minority interest
$18,240
$17,018
$15,850
$13,286
$14,905
$64,394
$46,954
(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, impact of foreign tax rate changes 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
Fourth Quarter 2025
Three Months Ended
Twelve Months Ended
Reconciliation of Core FFO to AFFO
31-Dec-25
30-Sep-25
30-Jun-25
31-Mar-25
31-Dec-24
31-Dec-25
31-Dec-24
Core FFO available to common stockholders and unitholders
$650,210
$656,001
$643,284
$608,354
$586,816
$2,557,849
$2,215,194
Adjustments:
Non-real estate depreciation
9,198
9,820
10,117
10,356
9,894
39,492
41,739
Amortization of deferred financing costs
6,781
6,565
6,451
6,548
5,697
26,345
21,198
Amortization of debt discount/premium
1,341
1,293
1,251
1,125
1,324
5,010
5,805
Non-cash stock-based compensation expense
17,327
18,174
18,026
16,700
13,386
70,227
55,468
Straight-line rental revenue
(34,351)
(33,351)
(23,698)
(9,692)
(18,242)
(101,092)
(25,513)
Straight-line rental expense
(97)
(271)
(475)
(160)
(136)
(1,003)
3,447
Above- and below-market rent amortization
(972)
(864)
(752)
(706)
(269)
(3,294)
(3,555)
Deferred tax (benefit) / expense
(26,184)
18,187
(30,714)
(517)
(15,048)
(39,228)
(37,834)
Leasing compensation and internal lease commissions
14,644
15,013
14,721
13,405
10,505
57,783
45,233
Recurring capital expenditures (1)
(168,539)
(77,998)
(62,083)
(35,305)
(130,245)
(343,925)
(305,712)
AFFO available to common stockholders and unitholders (2)
$469,358
$612,569
$576,127
$610,108
$463,682
$2,268,164
$2,015,471
Weighted-average shares and units outstanding - basic
349,354
347,301
343,546
342,594
339,442
345,717
329,485
Weighted-average shares and units outstanding - diluted (3)
349,740
347,700
343,909
343,050
339,982
346,086
329,899
AFFO per share - diluted (3)
$1.34
$1.76
$1.68
$1.78
$1.36
$6.55
$6.11
Dividends per share and common unit
$1.22
$1.22
$1.22
$1.22
$1.22
$4.88
$4.88
Diluted AFFO Payout Ratio
90.9%
69.2%
72.8%
68.6%
89.5%
74.5%
79.9%
Three Months Ended
Twelve Months Ended
Share Count Detail
31-Dec-25
30-Sep-25
30-Jun-25
31-Mar-25
31-Dec-24
31-Dec-25
31-Dec-24
Weighted Average Common Stock and Units Outstanding
349,354
347,301
343,546
342,594
339,442
345,717
329,485
Add: Effect of dilutive securities
386
399
362
456
540
369
413
Weighted Avg. Common Stock and Units Outstanding - diluted
349,740
347,700
343,909
343,050
339,982
346,086
329,899
(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
Fourth Quarter 2025
31-Dec-25
30-Sep-25
30-Jun-25
31-Mar-25
31-Dec-24
Assets
Investments in real estate:
Real estate
$31,359,298
$30,194,891
$29,836,218
$27,947,964
$27,558,993
Construction in progress
4,976,785
5,422,338
5,080,701
4,973,266
5,164,334
Land held for future development
91,130
66,668
73,665
69,089
38,785
Investments in Real Estate
$36,427,213
$35,683,897
$34,990,583
$32,990,319
$32,762,112
Accumulated depreciation and amortization
(9,993,596)
(9,665,380)
(9,341,719)
(8,856,535)
(8,641,331)
Net Investments in Properties
$26,433,617
$26,018,517
$25,648,865
$24,133,784
$24,120,781
Investment in unconsolidated entities
3,427,903
3,690,749
3,622,677
2,702,847
2,639,800
Net Investments in Real Estate
$29,861,520
$29,709,266
$29,271,542
$26,836,631
$26,760,582
Operating lease right-of-use assets, net
$1,135,645
$1,167,398
$1,180,657
$1,165,924
$1,178,853
Cash and cash equivalents
3,451,647
3,299,703
3,554,126
2,321,885
3,870,891
Accounts and other receivables, net (1)
1,358,895
1,496,105
1,586,146
1,373,521
1,257,464
Deferred rent, net
750,907
710,624
681,375
641,290
642,456
Goodwill
9,711,953
9,647,754
9,636,513
9,174,165
8,929,431
Customer relationship value, deferred leasing costs and other intangibles, net
2,134,698
2,080,898
2,171,318
2,124,989
2,178,054
Assets held for sale and contribution
349,826
116,624
139,993
953,236
—
Other assets
655,377
500,262
493,325
488,921
465,885
Total Assets
$49,410,468
$48,728,634
$48,714,995
$45,080,562
$45,283,616
Liabilities and Equity
Global unsecured revolving credit facilities, net
$899,090
$1,152,042
$567,699
$1,096,931
$1,611,308
Unsecured term loans, net
439,536
438,933
440,788
404,335
386,903
Unsecured senior notes, net of discount
16,194,441
15,808,565
16,641,367
14,744,063
13,962,852
Secured and other debt, net of discount
869,068
825,894
802,294
770,950
753,314
Operating lease liabilities
1,253,217
1,285,067
1,298,085
1,281,572
1,294,219
Accounts payable and other accrued liabilities
2,600,979
2,377,726
2,310,882
1,927,611
2,056,215
Deferred tax liabilities
1,124,724
1,151,374
1,137,305
1,109,294
1,084,562
Accrued dividends and distributions
428,337
—
—
—
418,661
Security deposits and prepaid rents
754,920
699,528
653,640
559,768
539,802
Obligations associated with assets held for sale and contribution
182
283
1,089
7,882
—
Total Liabilities
$24,564,494
$23,739,412
$23,853,149
$21,902,406
$22,107,836
Redeemable noncontrolling interests
1,498,975
1,535,972
1,505,889
1,459,322
1,433,185
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)
3,406
3,400
3,374
3,338
3,337
Additional paid-in capital
29,350,487
29,182,332
28,720,826
28,091,661
28,079,738
Dividends in excess of earnings
(6,690,722)
(6,358,501)
(5,997,607)
(6,604,217)
(6,292,085)
Accumulated other comprehensive (loss), net
(469,198)
(533,891)
(543,756)
(926,874)
(1,182,283)
Total Stockholders' Equity
$22,925,663
$23,025,030
$22,914,527
$21,295,598
$21,340,397
Noncontrolling Interests
Noncontrolling interest in operating partnership
$415,456
$420,280
$431,000
$415,956
$396,099
Noncontrolling interest in consolidated entities
5,880
7,940
10,430
7,280
6,099
Total Noncontrolling Interests
$421,336
$428,220
$441,430
$423,236
$402,198
Total Equity
$23,346,999
$23,453,250
$23,355,957
$21,718,834
$21,742,595
Total Liabilities and Equity
$49,410,468
$48,728,634
$48,714,995
$45,080,562
$45,283,616
(1)
Net of allowance for doubtful accounts of $86,351 and $59,224 as of December 31, 2025 and December 31, 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 December 31, 2025 and December 31, 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 December 31, 2025 and December 31, 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 December 31, 2025 and December 31, 2024.
(5)
Common Stock: 343,557 and 336,637 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively.
15
Table of Contents
Components of Net Asset Value (NAV) (1)
Financial Supplement
Unaudited and in Thousands
Fourth Quarter 2025
44
Consolidated Properties Cash Net Operating Income (NOI)(2), Annualized (3)
Network-Dense
$1,178,813
Campus
1,957,833
Other (4)
77,358
Total Cash NOI, Annualized
$3,214,004
less: Partners' share of consolidated JVs
(84,721)
Acquisitions / dispositions / expirations
(142,880)
FY 2026 backlog cash NOI and 4Q25 carry-over (stabilized) (5)
359,005
Total Consolidated Cash NOI, Annualized
$3,345,408
Digital Realty's Pro Rata Share of Unconsolidated Entities Cash NOI (3) (6)
$361,940
Other Income
Development and Management Fees (net), Annualized
$182,769
Other Assets
Pre-stabilized inventory, at cost (7)
$480,686
Land held for development
91,130
Development CIP (8)
4,976,785
less: Investment associated with FY26 Backlog NOI (9)
(1,018,532)
Cash and cash equivalents
3,451,647
Accounts and other receivables, net
1,358,895
Other assets
655,377
less: Partners' share of consolidated entities assets
(160,412)
Total Other Assets
$9,835,576
Liabilities
Global unsecured revolving credit facilities
$918,539
Unsecured term loans
440,475
Unsecured senior notes
16,321,227
Secured and other debt
876,528
Accounts payable and other accrued liabilities
2,600,979
Deferred tax liabilities
1,124,724
Accrued dividends and distributions
428,337
Security deposits and prepaid rents
754,920
Obligations associated with assets held for sale and contribution
182
Backlog NOI cost to complete (9)
1,027,953
Preferred stock
755,000
Digital Realty's share of unconsolidated entities debt
1,897,624
less: Partners' share of consolidated entities liabilities
(522,145)
Total Liabilities
$26,624,343
(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 4Q25 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, 2026. 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
Fourth Quarter 2025
As of December 31, 2025
Interest Rate
Interest
Including
Rate
Swaps
2026
2027
2028
2029
2030
Thereafter
Total
Global Unsecured Revolving Credit Facilities (1)
Global unsecured revolving credit facility
2.829%
2.829%
—
—
—
—
$797,938
—
$797,938
Yen revolving credit facility
1.275%
1.275%
—
—
—
—
120,601
—
120,601
Deferred financing costs, net
—
—
—
—
—
—
—
—
(19,449)
Total Global Unsecured Revolving Credit Facilities
2.625%
2.625%
—
—
—
—
$918,539
—
$899,090
Unsecured Term Loans (1)
Euro term loan facility
2.734%
2.734%
—
$440,475
—
—
—
—
$440,475
Deferred financing costs, net
—
—
—
—
—
—
—
—
(939)
Total Unsecured Term Loans
2.734%
2.734%
—
$440,475
—
—
—
—
$439,536
Senior Notes
₣275 million 0.200% Notes due 2026
0.200%
0.200%
$346,918
—
—
—
—
—
$346,918
₣150 million 1.700% Notes due 2027
1.700%
1.700%
—
$189,228
—
—
—
—
189,228
$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%
—
—
$587,300
—
—
—
587,300
$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%
—
—
—
$340,611
—
—
340,611
$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%
—
—
—
471,625
—
—
471,625
$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%
—
—
—
—
$880,950
—
880,950
£550 million 3.750% Notes due 2030
3.750%
3.750%
—
—
—
—
741,125
—
741,125
€500 million 1.250% Notes due 2031
1.250%
1.250%
—
—
—
—
—
$587,300
587,300
€1.00 billion 0.625% Notes due 2031
0.625%
0.625%
—
—
—
—
—
1,174,600
1,174,600
€750 million 1.000% Notes due 2032
1.000%
1.000%
—
—
—
—
—
880,950
880,950
€750 million 1.375% Notes due 2032
1.375%
1.375%
—
—
—
—
—
880,950
880,950
€600 million 3.750% Notes due 2033
3.750%
3.750%
—
—
—
—
—
704,760
704,760
€850 million 3.875% Notes due 2033
3.875%
3.875%
—
—
—
—
—
998,410
998,410
€850 million 3.875% Notes due 2034
3.875%
3.875%
—
—
—
—
—
998,410
998,410
€850 million 3.875% Notes due 2035
3.875%
3.875%
—
—
—
—
—
998,410
998,410
€800 million 4.250% Notes due 2037
4.250%
4.250%
—
—
—
—
—
939,680
939,680
Unamortized discounts, net
—
—
—
—
—
—
—
—
(46,316)
Deferred financing costs, net
—
—
—
—
—
—
—
—
(80,470)
Total Senior Notes
2.799%
2.596%
$346,918
$1,189,228
$2,137,300
$2,862,236
$1,622,075
$8,163,470
$16,194,441
Secured Debt
ICN10 Facilities
4.720%
3.133%
—
—
—
—
$11,698
—
$11,698
Westin
3.290%
3.290%
—
$135,000
—
—
—
—
135,000
Teraco Loans
8.999%
10.148%
$56,514
112,127
$420,744
$15,096
52,835
—
657,315
Deferred financing costs, net
—
—
—
—
—
—
—
—
(3,298)
Total Secured Debt
7.978%
8.894%
$56,514
$247,127
$420,744
$15,096
$64,533
—
$800,715
Other Debt
Icolo loans
12.732%
12.732%
$6,431
$4,899
$1,180
$5,660
—
—
$18,170
Total Other Debt
12.732%
12.732%
$6,431
$4,899
$1,180
$5,660
—
—
$18,170
Mandatorily Redeemable Preferred Shares (Teraco)
Mandatorily Redeemable Preferred Shares (Teraco)
9.675%
9.675%
$54,345
—
—
—
—
—
$54,345
Unamortized discounts, net
—
—
—
—
—
—
—
—
(4,162)
Total Redeemable Preferred Shares
9.675%
9.675%
$54,345
—
—
—
—
—
$50,183
Total unhedged variable rate debt
—
—
$56,086
$443,786
$16,446
$1,811
$929,353
—
$1,447,482
Total fixed rate / hedged variable rate debt
—
—
408,122
1,437,943
2,542,778
2,881,181
1,675,794
$8,163,470
17,109,288
Total Debt
3.043%
2.904%
$464,208
$1,881,729
$2,559,224
$2,882,992
$2,605,147
$8,163,470
$18,556,770
Weighted Average Interest Rate
2.694%
3.005%
4.468%
2.311%
2.719%
2.671%
2.904%
Summary
Weighted Average Term to Initial Maturity
5.0 Years
Weighted Average Maturity (assuming exercise of extension options)
5.0 Years
Global Unsecured Revolving Credit Facilities Detail As of December 31, 2025
Maximum Available
Existing Capacity (3)
Currently Drawn
Global Unsecured Revolving Credit Facilities
$4,456,769
$3,444,047
$918,539
(1)
Assumes all extensions will be exercised.
(2)
Subject to cross-currency swaps.
(3)
Net of letters of credit issued of $94.2 million.
17
Table of Contents
Debt Analysis and Covenant Compliance
Financial Supplement
Unaudited
Fourth Quarter 2025
As of December 31, 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)
30%
Secured debt / total assets (6)
Less than 40%
5%
1%
Less than 40% (7)
3%
Total unencumbered assets / unsecured debt
Greater than 150%
256%
281%
N/A
N/A
Consolidated EBITDA / interest expense (8)
Greater than 1.50x
4.4x
4.4x
N/A
N/A
Fixed charge coverage
N/A
N/A
Greater than 1.50x
4.8x
Unencumbered assets debt service coverage ratio (9)
N/A
N/A
Greater than 1.50x
5.4
(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, 3.750% notes due 2033, 3.875% notes due 2033, 3.875% notes due 2034, 3.875% notes due 2035 and 4.250% notes due 2037.
(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, 3.750% notes due 2033, 3.875% notes due 2033, 3.875% notes due 2034, 3.875% notes due 2035 and 4.250% notes due 2037.
(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.
18
Table of Contents
Same-Capital Operating Trend Summary
Financial Supplement
Unaudited and in Thousands
Fourth Quarter 2025
Stabilized (“Same-Capital”) Portfolio (1)
Three Months Ended
Twelve Months Ended
31-Dec-25
31-Dec-24
% Change
30-Sep-25
% Change
31-Dec-25
31-Dec-24
% Change
Rental revenues
$740,566
$690,569
7.2%
$736,542
0.5%
$2,880,090
$2,714,688
6.1%
Tenant reimbursements - Utilities
252,644
226,821
11.4%
244,458
3.3%
932,787
885,545
5.3%
Tenant reimbursements - Other
23,463
24,904
(5.8%)
26,224
(10.5%)
102,330
104,385
(2.0%)
Interconnection and other
91,087
81,660
11.5%
91,121
(0.0%)
357,643
323,547
10.5%
Total Revenue
$1,107,760
$1,023,954
8.2%
$1,098,345
0.9%
$4,272,850
$4,028,165
6.1%
Utilities
$266,615
$245,191
8.7%
$274,782
(3.0%)
$1,031,119
$1,001,884
2.9%
Rental property operating
213,275
199,186
7.1%
198,727
7.3%
772,706
712,225
8.5%
Property taxes
37,078
31,456
17.9%
40,905
(9.4%)
148,590
141,129
5.3%
Insurance
4,804
4,158
15.5%
4,841
(0.8%)
18,963
15,542
22.0%
Total Expenses
$521,772
$479,991
8.7%
$519,255
0.5%
$1,971,378
$1,870,780
5.4%
Net Operating Income (2)
$585,988
$543,963
7.7%
$579,090
1.2%
$2,301,472
$2,157,385
6.7%
Less:
Stabilized straight-line rent
$4,384
$8,874
(50.6%)
$6,017
(27.1%)
$13,398
$11,009
21.7%
Above- and below-market rent
636
91
595.3%
580
9.5%
2,318
1,795
29.1%
Cash Net Operating Income (3)
$580,968
$534,998
8.6%
$572,493
1.5%
$2,285,756
$2,144,581
6.6%
Constant Currency Cash Net Operating Income (4)
$559,059
$534,998
4.5%
$2,240,979
$2,144,581
4.5%
Stabilized Portfolio Occupancy at period end (5)
83.7%
83.5%
(0.2%)
83.7%
(0.1%)
83.7%
83.5%
(0.2%)
(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 December 31, 2025
Fourth Quarter 2025
0-1 MW
> 1 MW
Other (3)
Total
Leasing Activity - New (1) (2)
4Q25
LTM
4Q25
LTM
4Q25
LTM
4Q25
LTM
Annualized GAAP Rent (in thousands)
$77,118
$268,637
$77,987
$371,302
$722
$3,672
$155,826
$643,611
Kilowatt leased
22,788
78,204
35,852
152,556
—
—
58,640
230,760
NRSF (in thousands)
219
845
270
1,188
9
61
498
2,093
Weighted Average Lease Term (years)
4.2
4.5
8.9
10.0
8.6
8.3
6.1
7.5
Initial stabilized cash rent per Kilowatt
$278
$283
$154
$172
—
—
$202
$210
GAAP rent per Kilowatt
$282
$286
$181
$203
—
—
$220
$231
Leasing cost per Kilowatt
$46
$32
$1
$2
—
—
$19
$12
Net Effective Economics by Kilowatt (4)
Base rent by Kilowatt
$284
$290
$184
$205
—
—
$223
$234
Rental concessions by Kilowatt
$2
$3
$3
$2
—
—
$3
$3
Estimated operating expense by Kilowatt
$81
$82
$46
$51
—
—
$59
$62
Net rent per Kilowatt
$201
$205
$135
$152
—
—
$161
$170
Tenant improvements by Kilowatt
$4
$3
—
—
—
—
$1
$1
Leasing commissions by Kilowatt
$12
$9
—
$0
—
—
$5
$3
Net effective rent per Kilowatt
$185
$192
$135
$151
—
—
$155
$165
Initial stabilized cash rent per NRSF
$348
$314
$246
$266
$73
$54
$287
$279
GAAP rent per NRSF
$352
$318
$289
$313
$78
$60
$313
$307
Leasing cost per NRSF
$57
$36
$2
$3
$5
$3
$27
$16
Net Effective Economics by NRSF (4)
Base rent by NRSF
$355
$322
$293
$316
$78
$60
$317
$311
Rental concessions by NRSF
$3
$4
$4
$4
—
—
$4
$4
Estimated operating expense by NRSF
$101
$91
$73
$79
$8
$8
$84
$82
Net rent per NRSF
$252
$227
$216
$233
$70
$52
$229
$225
Tenant improvements by NRSF
$5
$4
—
—
—
$0
$2
$2
Leasing commissions by NRSF
$15
$10
$0
—
$3
$1
$7
$4
Net effective rent per NRSF
$232
$213
$215
$233
$66
$50
$220
$219
(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 December 31, 2025
Fourth Quarter 2025
0-1 MW
> 1 MW
Other (4)
Total
Leasing Activity - Renewals (1) (2) (3)
4Q25
LTM
4Q25
LTM
4Q25
LTM
4Q25
LTM
Leases renewed (Kilowatt)
39,022
144,934
38,925
84,328
—
—
77,947
229,261
Leases renewed (NRSF in thousands)
618
2,039
493
1,008
64
471
1,176
3,517
Leasing cost per Kilowatt
$1
$1
$7
$4
—
—
$4
$2
Leasing cost per NRSF
$1
$1
$7
$4
$1
$2
$1
$2
Weighted Term (years)
1.8
1.4
6.0
5.1
3.8
4.2
3.7
2.9
Cash Rent
Expiring cash rent per Kilowatt
$359
$315
$174
$161
—
—
$266
$258
Renewed cash rent per Kilowatt
$374
$328
$188
$181
—
—
$281
$274
% Change Cash Rent Per Kilowatt
4.3%
4.1%
8.1%
12.3%
—
—
5.5%
6.0%
Expiring cash rent per NRSF
$272
$269
$165
$162
$73
$53
$216
$209
Renewed cash rent per NRSF
$283
$280
$178
$182
$98
$67
$229
$223
% Change Cash Rent Per NRSF
4.3%
4.1%
8.1%
12.3%
33.8%
26.8%
6.1%
6.7%
GAAP Rent
Expiring GAAP rent per Kilowatt
$358
$314
$152
$146
—
—
$255
$252
Renewed GAAP rent per Kilowatt
$375
$329
$192
$185
—
—
$284
$276
% Change GAAP Rent Per Kilowatt
4.9%
4.6%
26.4%
27.0%
—
—
11.3%
9.4%
Expiring GAAP rent per NRSF
$271
$268
$143
$146
$67
$49
$206
$204
Renewed GAAP rent per NRSF
$284
$280
$181
$186
$102
$71
$231
$225
% Change GAAP Rent Per NRSF
4.9%
4.6%
26.4%
27.0%
52.0%
43.0%
12.0%
10.5%
Retention ratio (5)
83.5%
80.4%
72.3%
66.2%
87.9%
76.8%
78.6%
75.3%
Churn (6)
2.2%
8.5%
1.1%
3.2%
0.2%
3.4%
1.5%
5.4%
(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)
Fourth 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
3,222
—
—
—
—
—
—
—
—
Month to Month (3)
279
$81,067
1.9%
$291
$294
$81,838
16,168
$418
$422
2026
2,418
797,550
19.0%
330
330
797,485
177,793
374
374
2027
801
204,342
4.9%
255
262
209,837
61,779
276
283
2028
591
155,393
3.7%
263
281
165,805
44,411
292
311
2029
326
73,909
1.8%
227
249
81,204
24,053
256
281
2030
305
73,958
1.8%
242
262
79,847
21,607
285
308
2031
177
29,273
0.7%
166
192
33,897
8,174
298
346
2032
88
22,689
0.5%
257
292
25,776
7,155
264
300
2033
45
12,589
0.3%
279
342
15,449
3,443
305
374
2034
20
2,416
0.1%
122
123
2,426
814
247
248
2035
35
6,740
0.2%
195
215
7,447
2,491
225
249
Thereafter
182
2,086
0.0%
11
12
2,210
1,932
90
95
Total / Wtd. Avg.
8,488
$1,462,012
34.9%
$278
$285
$1,503,222
369,819
$329
$339
> 1 MW
Expiring Leases (1)
Annualized
Annualized
Annualized Rent Per
Annualized Rent Per
Annualized Rent Per
kW of Expiring
Annualized
Rent Per kW
Available
1,155
—
—
—
—
—
—
—
—
Month to Month (3)
114
$15,596
0.4%
$137
$138
$15,699
9,047
$144
$145
2026
1,618
259,941
6.2%
161
162
261,760
147,952
146
147
2027
1,559
257,982
6.2%
166
170
265,375
150,153
143
147
2028
1,754
240,052
5.7%
137
144
253,424
157,629
127
134
2029
1,888
298,326
7.1%
158
169
319,579
215,624
115
124
2030
1,726
272,971
6.5%
158
171
295,501
176,754
129
139
2031
1,240
193,432
4.6%
156
179
222,039
127,304
127
145
2032
1,127
170,809
4.1%
152
172
193,305
108,806
131
148
2033
490
83,138
2.0%
170
194
94,781
51,409
135
154
2034
1,223
157,121
3.7%
128
148
180,612
120,516
109
125
2035
408
74,540
1.8%
183
201
81,974
47,982
129
142
Thereafter
2,637
482,069
11.5%
183
253
666,346
271,950
148
204
Total / Wtd. Avg.
16,938
$2,505,977
59.8%
$159
$181
$2,850,394
1,585,126
$132
$150
Other (4)
Expiring Leases (1)
Annualized
Annualized
Annualized Rent Per
Annualized Rent Per
Annualized Rent Per
kW of Expiring
Annualized
Rent Per kW
Available
1,159
—
—
—
—
—
—
—
—
Month to Month (3)
51
$1,943
0.0%
$38
$39
$1,960
—
—
—
2026
903
28,272
0.7%
31
31
28,410
—
—
—
2027
370
14,773
0.4%
40
41
15,217
—
—
—
2028
513
16,191
0.4%
32
33
16,961
—
—
—
2029
605
41,620
1.0%
69
75
45,214
—
—
—
2030
903
51,259
1.2%
57
63
57,314
—
—
—
2031
93
3,713
0.1%
40
45
4,211
—
—
—
2032
59
3,272
0.1%
55
62
3,692
—
—
—
2033
108
4,480
0.1%
41
48
5,128
—
—
—
2034
577
22,948
0.5%
40
48
27,576
—
—
—
2035
617
19,881
0.5%
32
39
24,319
—
—
—
Thereafter
1,474
17,563
0.4%
12
13
18,864
—
—
—
Total / Wtd. Avg.
7,433
$225,915
5.4%
$36
$40
$248,867
—
—
—
Total
Expiring Leases (1)
Annualized
Annualized
Annualized Rent Per
Annualized Rent Per
Annualized Rent Per
kW of Expiring
Annualized
Rent Per kW
Available
5,536
—
—
—
—
—
—
—
—
Month to Month (3)
443
$98,605
2.4%
$222
$224
$99,496
—
—
—
2026
4,939
1,085,764
25.9%
220
220
1,087,655
—
—
—
2027
2,730
477,097
11.4%
175
180
490,429
—
—
—
2028
2,858
411,637
9.8%
144
153
436,190
—
—
—
2029
2,819
413,855
9.9%
147
158
445,997
—
—
—
2030
2,934
398,188
9.5%
136
147
432,662
—
—
—
2031
1,510
226,417
5.4%
150
172
260,147
—
—
—
2032
1,274
196,770
4.7%
154
175
222,773
—
—
—
2033
643
100,207
2.4%
156
180
115,358
—
—
—
2034
1,821
182,486
4.4%
100
116
210,614
—
—
—
2035
1,060
101,160
2.4%
95
107
113,741
—
—
—
Thereafter
4,292
501,718
12.0%
117
160
687,420
—
—
—
Total / Wtd. Avg.
32,858
$4,193,904
100.0%
$153
$168
$4,602,483
—
—
—
(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 December 31, 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
Fourth 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
76
$547,189
11.7%
9.4
2
Oracle Corporation
42
424,130
9.0%
10.2
3
Social Content Platform
33
246,602
5.3%
2.9
4
Global Cloud Provider
64
212,744
4.5%
3.6
5
IBM
34
109,596
2.3%
2.6
6
Equinix
14
95,641
2.0%
4.6
7
LinkedIn Corporation
8
77,088
1.6%
2.5
8
Meta Platforms, Inc.
49
73,494
1.6%
2.8
9
Fortune 25 Investment Grade-Rated Company
29
67,366
1.4%
2.1
10
Social Media Platform
2
63,572
1.4%
5.4
11
Fortune 25 Tech Company
57
62,971
1.3%
4.1
12
Specialized Cloud Provider
4
61,554
1.3%
3.7
13
Lumen Technologies, Inc.
112
56,649
1.2%
8.2
14
AT&T
75
48,802
1.0%
2.4
15
Comcast Corporation
43
47,235
1.0%
2.5
16
JPMorgan Chase & Co.
21
44,326
0.9%
2.5
17
Quantitative Research and Investment Firm
2
41,524
0.9%
5.5
18
Morgan Stanley
13
39,944
0.9%
3.9
19
Rackspace
23
39,768
0.8%
9.1
20
Global Commerce Platform
13
39,500
0.8%
5.6
Total / Weighted Average
$2,399,695
50.9%
6.1
(1)
Annualized recurring revenue represents the monthly contractual base rent (defined as cash base rent before abatements) and interconnection revenue under existing leases as of December 31, 2025, multiplied by 12.
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
Occupancy Analysis
Financial Supplement
Dollars and Square Feet in Thousands
Fourth Quarter 2025
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)
31-Dec-25
30-Sep-25
IT Load (6)
Count
North America
Northern Virginia
5,200
309
283
$761,054
95.1%
95.0%
503.7
16
Chicago
2,230
565
68
251,774
93.9%
93.6%
82.4
7
New York
1,497
70
28
191,514
72.2%
72.3%
61.8
10
Dallas
2,660
408
246
189,680
82.6%
82.6%
92.3
16
Portland
1,147
—
—
159,403
99.9%
99.9%
122.5
3
Silicon Valley
1,175
13
37
154,319
81.7%
88.0%
91.2
11
Phoenix
783
19
—
73,279
75.6%
75.6%
44.6
2
Toronto
593
—
135
67,732
96.5%
96.5%
55.8
2
San Francisco
844
—
—
65,457
60.1%
58.9%
31.5
5
Seattle
412
—
—
64,352
67.5%
68.2%
5.9
1
Atlanta
154
68
314
51,444
76.7%
77.4%
11.3
3
Los Angeles
750
—
104
47,590
86.6%
83.5%
16.1
2
Houston
393
—
14
18,775
69.7%
69.7%
11.0
6
Boston
336
—
51
13,017
39.4%
40.9%
12.9
2
Austin
86
—
—
7,845
60.9%
60.8%
4.4
1
Miami
150
—
12
7,091
85.4%
85.5%
2.3
1
Charlotte
95
—
—
6,646
94.4%
94.3%
1.4
3
North America Total/Weighted Average
18,504
1,452
1,290
$2,130,972
85.5%
85.6%
1,151.0
91
EMEA
Frankfurt
2,102
1,071
—
$265,169
81.9%
83.8%
135.0
24
London
1,348
77
76
241,945
65.4%
65.7%
97.0
13
Amsterdam
1,425
202
19
216,485
81.4%
87.6%
127.2
13
Paris
1,262
622
—
191,592
84.4%
87.0%
122.6
12
Johannesburg
1,681
530
—
188,233
83.3%
83.2%
92.4
5
Zurich
596
—
—
88,512
78.2%
78.3%
44.9
3
Marseille
558
237
378
88,406
78.1%
76.5%
43.0
4
Dublin
555
—
—
70,548
76.1%
73.6%
39.1
9
Madrid
352
56
—
59,067
79.1%
79.3%
22.3
4
Vienna
356
133
—
56,300
82.2%
82.2%
27.2
3
Cape Town
326
402
—
50,581
89.3%
89.1%
21.1
2
Brussels
338
—
—
42,558
70.0%
70.8%
21.5
3
Copenhagen
226
—
99
27,235
72.7%
73.5%
12.8
3
Stockholm
245
—
—
23,873
46.4%
44.9%
15.1
6
Dusseldorf
181
55
—
21,861
50.8%
66.7%
8.4
3
Athens
148
61
—
20,382
82.8%
82.7%
9.0
4
Durban
59
—
—
8,156
69.6%
69.6%
2.1
1
Mombasa
37
—
21
4,957
47.3%
45.6%
1.9
2
Nairobi
16
75
—
3,981
66.7%
70.1%
0.9
1
Zagreb
34
—
—
3,159
66.8%
98.0%
1.6
1
Maputo
3
—
—
636
45.7%
45.7%
0.2
1
Crete
11
—
—
233
6.1%
4.6%
1.0
1
Rome
0
37
—
203
100.0%
100.0%
0.1
1
Lisbon
—
—
44
—
—
—
—
—
Barcelona
—
144
—
—
—
—
—
—
EMEA Total/Weighted Average
11,858
3,701
638
$1,674,070
77.9%
79.2%
846.1
119
Asia Pacific
Singapore
810
—
80
$239,622
89.9%
89.9%
72.2
3
Sydney
361
—
88
28,748
83.3%
83.3%
22.8
4
Hong Kong
180
—
104
22,644
88.2%
86.1%
13.5
1
Melbourne
147
—
—
18,929
90.3%
90.5%
9.6
2
Seoul
162
1,025
—
10,965
51.5%
35.6%
12.0
1
Asia Pacific Total/Weighted Average
1,660
1,025
272
$320,908
84.6%
82.7%
130.0
11
Consolidated Portfolio Total/Weighted Average
32,022
6,177
2,200
$4,125,949
82.6%
83.1%
2,127.2
221
Held For Sale (7)
100
—
2
$6,762
71.5%
71.5%
4.4
1
Managed Unconsolidated entities
Northern Virginia
3,581
2,325
—
$376,530
97.4%
97.2%
276.5
15
Chicago
1,118
—
—
127,300
97.0%
97.0%
94.2
3
Frankfurt
551
—
—
58,867
86.3%
85.5%
46.1
5
Dallas
463
—
10
39,990
99.9%
99.9%
26.0
3
Silicon Valley
442
—
400
30,807
100.0%
100.0%
6.0
4
Paris
181
90
—
26,588
80.5%
80.5%
20.0
1
New York
144
—
—
20,224
100.0%
100.0%
7.2
1
Toronto
104
—
—
12,597
81.4%
81.4%
6.8
1
Los Angeles
196
—
—
10,850
81.9%
84.9%
4.5
2
Hong Kong
186
—
—
7,320
32.7%
32.9%
11.0
1
Lagos
8
26
—
3,504
61.9%
56.3%
1.7
3
Accra
24
—
—
84
1.1%
—
1.7
1
Managed Unconsolidated Portfolio Total/Weighted Average
7,000
2,441
409
$714,661
93.7%
93.5%
501.5
40
Managed Portfolio Total/Weighted Average
39,022
8,618
2,609
$4,840,611
84.6%
85.0%
2,628.7
261
Digital Realty Share Total/Weighted Average (8)
32,858
6,001
2,541
$4,193,904
83.2%
83.6%
2,201.4
—
Non-Managed Unconsolidated entities
Sao Paulo
1,508
64
1,117
$203,391
98.8%
98.7%
127.0
25
Tokyo
1,261
336
—
123,724
77.7%
76.1%
86.1
5
Osaka
644
113
23
82,596
86.3%
85.1%
64.9
4
Santiago
214
47
47
27,742
95.4%
95.4%
16.2
3
Queretaro
105
—
583
13,959
100.0%
100.0%
8.0
3
Rio De Janeiro
112
—
—
11,620
100.0%
100.0%
8.0
2
Seattle
51
—
—
7,770
100.0%
100.0%
9.0
1
Jakarta
135
—
—
4,048
38.3%
30.1%
6.5
2
Fortaleza
94
—
—
2,101
15.9%
13.6%
6.2
1
Chennai
61
—
119
467
8.5%
8.5%
7.2
1
Mumbai
—
501
—
—
—
—
—
—
Bogota
—
—
197
—
—
—
—
2
Non-Managed Portfolio Total/Weighted Average
4,186
1,061
2,087
$477,419
85.3%
83.1%
339.0
49
Portfolio Total/Weighted Average
43,208
9,679
4,696
$5,318,029
84.7%
84.8%
2,967.7
310
(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 December 31, 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 1Q26.
(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
Fourth 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
800
70
$2,038,688
$1,590,576
348
86%
4Q26
$1,396,096
$2,671,068
$4,067,164
$601,458
$767,916
$1,369,374
Chicago
70
—
66,590
66,590
66
73%
1Q27
228,724
689,847
918,571
228,724
689,847
918,571
Dallas
680
10
326,744
115,763
100
68%
4Q26
176,615
1,237,502
1,414,118
152,958
599,539
752,497
Other
1,050
130
2,289,356
2,190,435
9
59%
2Q26
82,256
75,424
157,680
47,577
51,936
99,513
Americas
2,600
210
$4,721,378
$3,963,363
523
81%
$1,883,692
$4,673,841
$6,557,533
$1,030,717
$2,109,237
$3,139,954
12.7%
Frankfurt
90
60
$1,035,476
$811,581
31
11%
1Q27
$421,477
$276,717
$698,194
$421,477
$276,717
$698,194
Amsterdam
40
—
40,882
40,882
26
47%
2Q26
259,742
109,527
369,268
259,742
109,527
369,268
Paris
230
50
503,508
442,613
22
45%
2Q27
137,909
229,812
367,721
42,223
211,004
253,227
Other
500
110
861,899
812,902
109
17%
1Q27
760,623
740,388
1,501,011
678,772
678,049
1,356,821
EMEA
860
220
$2,441,765
$2,107,979
188
23%
$1,579,751
$1,356,444
$2,936,195
$1,402,215
$1,275,297
$2,677,511
11.0%
Tokyo
30
—
$91,877
$45,939
28
41%
4Q26
$153,371
$176,246
$329,616
$76,685
$88,123
$164,808
Sydney
—
10
44,661
44,661
7
100%
2Q26
24,039
49,237
73,276
24,039
49,237
73,276
Osaka
40
—
25,660
12,830
12
50%
3Q26
50,711
60,987
111,697
25,355
30,493
55,849
Other
150
110
689,088
549,954
10
_
4Q26
16,011
75,533
91,544
5,332
25,152
30,484
APAC
220
120
$851,287
$653,384
58
43%
$244,131
$362,002
$606,133
$131,411
$193,006
$324,417
10.8%
Total
3,680
550
$8,014,429
$6,724,727
769
64%
$3,707,574
$6,392,287
$10,099,862
$2,564,343
$3,577,539
$6,141,883
11.9%
(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 December 31, 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 December 31, 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
Fourth 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)
$3,862,671
$4,151,758
$8,014,429
$3,277,055
$3,447,672
$6,724,727
Data Center Construction
3,707,574
6,392,287
10,099,861
2,564,343
3,577,539
6,141,882
Equipment Pool & Other Inventory (8)
279,942
—
279,942
279,942
—
279,942
Campus, Tenant Improvements & Other (9)
263,408
257,176
520,584
263,408
257,176
520,584
Total Land Held and Development CIP
$8,113,595
$10,801,221
$18,914,816
$6,384,748
$7,282,387
$13,667,135
Enhancement & Other
$7,844
$5,433
$13,277
$7,844
$5,433
$13,277
Recurring
43,494
41,378
84,872
43,494
41,378
84,872
Total Land Held and Construction in Progress
$8,164,933
$10,848,032
$19,012,965
$6,436,086
$7,329,198
$13,765,284
(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 December 31, 2025.
(5)
Represents estimated cost to complete scope of work pursuant to approved development budget.
(6)
Excludes $113 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 December 31, 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 $336.4 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 Digital Realty DC Partners NA Fund.
26
Table of Contents
Historical Capital Expenditures and Investments in Real Estate
Financial Supplement
Dollars and Square Feet in Thousands
Fourth Quarter 2025
Three Months Ended
Twelve Months Ended
31-Dec-25
30-Sep-25
30-Jun-25
31-Mar-25
31-Dec-24
31-Dec-25
31-Dec-24
Non-Recurring Capital Expenditures (1)
Development (2)
$756,758
$532,590
$565,168
$686,622
$528,356
$2,541,138
$2,260,693
Enhancements and Other Non-Recurring
4,385
8,114
10,234
5,588
13,384
28,321
35,243
Total Non-Recurring Capital Expenditures
$761,143
$540,704
$575,402
$692,210
$541,740
$2,569,459
$2,295,936
Recurring Capital Expenditures (3)
$168,539
$77,998
$62,083
$35,305
$130,245
$343,925
$305,712
Total Direct Capital Expenditures
$929,682
$618,702
$637,485
$727,515
$671,985
$2,913,384
$2,601,647
Indirect Capital Expenditures
Capitalized Interest
$34,783
$32,923
$29,393
$30,095
$34,442
$127,194
$118,868
Capitalized Overhead
37,696
35,767
37,445
29,693
28,983
140,601
111,226
Total Indirect Capital Expenditures
$72,479
$68,690
$66,838
$59,788
$63,425
$267,795
$230,094
Total Improvements to and Advances for Investment in Real Estate
$1,002,161
$687,392
$704,323
$787,303
$735,410
$3,181,179
$2,831,740
(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
Fourth Quarter 2025
Closed Acquisitions:
Acquisition
Metropolitan
Date
Purchase
Cap
Property
Type
Area
Acquired
Price (1)
Rate (2)
Petah Tikva
Land
Tel Aviv, Israel
11/5/2025
$7,065
NA
Hillsboro Campus
Land
Portland, OR
12/22/2025
23,600
NA
Carnaxide, Portugal
Land and Building
Lisbon, Portugal
12/30/2025
8,340
NA
Total
$39,005
—
Closed Dispositions:
Disposition
Metropolitan
Date
Sale
Cap
Property
Type
Area
Disposed
Price (1)
Rate (2)
Alpha Road
Building
Dallas, TX
10/8/2025
$33,000
NA
Total
$33,000
—
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 December 31, 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.
28
Table of Contents
Unconsolidated Entities
Financial Supplement
Dollars in Thousands
Fourth Quarter 2025
Summary Balance Sheet -
As of December 31, 2025
at the JV's 100% Share
Americas (1)
APAC (2)
EMEA (3)
Global (4)
Total
Gross cost of operating real estate
$9,750,350
$2,331,469
$962,858
$1,718,755
$14,763,432
Accumulated depreciation and amortization
(1,321,316)
(365,532)
(23,717)
(174,658)
(1,885,223)
Net Book Value of Operating Real Estate
$8,429,034
$1,965,937
$939,141
$1,544,097
$12,878,209
Cash
449,204
408,700
88,037
29,863
975,804
Other assets
1,904,561
240,401
242,158
500,330
2,887,450
Total Assets
$10,782,799
$2,615,038
$1,269,336
$2,074,290
$16,741,463
Debt
3,869,443
906,684
379,955
669,545
5,825,627
Other liabilities
1,017,228
220,761
323,583
512,728
2,074,300
Equity / (deficit)
5,896,128
1,487,593
565,798
892,017
8,841,536
Total Liabilities and Equity
$10,782,799
$2,615,038
$1,269,336
$2,074,290
$16,741,463
Digital Realty's Pro Rata Share of Unconsolidated entities Debt
$1,167,127
$438,752
$75,991
$215,754
$1,897,624
Summary Statement of Operations -
Three Months Ended December 31, 2025
at the JV's 100% Share
Americas (1)
APAC (2)
EMEA (3)
Global (4)
Total
Total revenues
$291,321
$91,249
$17,341
$46,161
$446,072
Operating expenses
(121,920)
(41,237)
(5,998)
(22,419)
(191,574)
Net Operating Income (NOI)
$169,401
$50,012
$11,343
$23,742
$254,498
Straight-line rent
(8,471)
(1,505)
(2,961)
(552)
(13,489)
Above and below market rent
(2,881)
—
(939)
(3,069)
(6,889)
Cash Net Operating Income (NOI)
$158,049
$48,507
$7,443
$20,121
$234,120
Interest expense
($60,415)
($3,490)
($2,027)
($7,188)
($73,120)
Depreciation and amortization
(135,684)
(24,343)
(5,536)
(23,112)
(188,675)
Other income / (expense)
(4,972)
(5,698)
(1,668)
2,900
(9,438)
FX remeasurement on USD debt
10,584
—
5,788
(8,345)
8,027
Total Non-Operating Expenses
($190,487)
($33,531)
($3,443)
($35,745)
($263,206)
Net Income / (Loss)
($21,086)
$16,481
$7,900
($12,003)
($8,709)
Digital Realty's Pro Rata Share of Unconsolidated entities NOI
$59,463
$24,978
$2,465
$11,299
$98,205
Digital Realty's Pro Rata Share of Unconsolidated entities Cash NOI
$55,187
$24,227
$1,685
$9,386
$90,485
Digital Realty's Earnings (loss) income from unconsolidated entities
($13,012)
$7,851
$6,876
$2,944
$4,659
Digital Realty's Pro Rata Share of Core FFO (5)
$22,728
$20,022
$1,220
$11,720
$55,690
Digital Realty's Fee Income from Unconsolidated entities
$28,508
$971
$1,908
$3,903
$35,290
(1)
Includes Ascenty, Blackstone NoVa, Clise, Digital Realty DC Partners NA Fund, GI Partners, Mapletree, Menlo, Mitsubishi, Realty Income, TPG Real Estate, 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
Fourth Quarter 2025
Three Months Ended
Reconciliation of Earnings Before Interest, Taxes, Depreciation & Amortization (EBITDA) (1)
31-Dec-25
30-Sep-25
30-Jun-25
31-Mar-25
31-Dec-24
Net Income / (Loss) Available to Common Stockholders
$88,466
$57,631
$1,021,975
$99,793
$179,388
Interest
116,516
113,584
109,383
98,464
104,742
Gain (loss) on debt extinguishment and modifications
(9)
—
—
—
2,165
Income tax expense (benefit)
(9,673)
11,695
12,883
17,135
4,928
Depreciation and amortization
493,458
497,002
461,167
443,009
455,355
EBITDA
$688,758
$679,912
$1,605,408
$658,400
$746,578
Unconsolidated JV real estate related depreciation and amortization
70,260
65,922
59,172
55,861
49,463
Unconsolidated JV interest expense and tax expense
38,498
44,795
31,243
33,390
32,255
Severance, equity acceleration and legal expenses
4,937
1,794
2,262
2,428
2,346
Transaction and integration expenses
36,083
86,559
22,546
39,902
11,797
(Gain) / loss on sale of investments
(42,865)
(19,780)
(931,830)
(1,111)
(144,885)
Provision for impairment
78,553
—
—
—
22,881
Other non-core adjustments, net (2)
(25,033)
2,523
9,545
(4,316)
24,539
Noncontrolling interests
(2,536)
(4,099)
14,790
(3,579)
(3,881)
Preferred stock dividends
10,181
10,181
10,181
10,181
10,181
Adjusted EBITDA
$856,836
$867,807
$823,319
$791,156
$751,276
(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, impact of foreign tax rate changes, 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
31-Dec-25
30-Sep-25
30-Jun-25
31-Mar-25
31-Dec-24
Total GAAP interest expense
$116,516
$113,584
$109,383
$98,464
$104,742
Capitalized interest
34,783
32,923
29,393
30,095
34,442
Change in accrued interest and other non-cash amounts
(52,014)
41,265
(92,065)
45,416
(58,137)
Cash Interest Expense (3)
$99,285
$187,772
$46,711
$173,975
$81,046
Preferred stock dividends
10,181
10,181
10,181
10,181
10,181
Total Fixed Charges (4)
$161,479
$156,687
$148,957
$138,739
$149,364
Coverage
Interest coverage ratio (5)
4.8x
4.9x
5.0x
5.3x
4.5x
Cash interest coverage ratio (6)
6.8x
3.9x
11.2x
4.1x
6.9x
Fixed charge coverage ratio (7)
4.5x
4.6x
4.7x
4.9x
4.2x
Cash fixed charge coverage ratio (8)
6.3x
3.8x
9.9x
3.9x
6.3x
Leverage
Debt to total enterprise value (9)(10)
25.1%
23.0%
23.2%
25.4%
21.4%
Debt-plus-preferred-stock-to-total-enterprise-value (10)(11)
26.1%
23.9%
24.1%
26.6%
22.3%
Pre-tax income to interest expense (12)
1.8x
1.6x
10.6x
2.1x
2.8x
Net Debt-to-Adjusted EBITDA (13)
4.9x
4.9x
5.1x
5.1x
4.8x
(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 finance 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
Fourth 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
Fourth 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 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 finance 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 December 31, 2025, GAAP interest expense was $117 million, capitalized interest was $35 million and preferred stock dividends were $10 million.
Reconciliation of Net Operating Income (NOI)
Three Months Ended
Twelve Months Ended
(in thousands)
31-Dec-25
30-Sep-25
31-Dec-24
31-Dec-25
31-Dec-24
Operating income
$112,624
$138,421
$144,322
$658,492
$471,864
Fee income
(45,692)
(36,398)
(23,316)
(137,160)
(64,888)
Other income
(372)
(4,746)
(40)
(6,614)
(7,608)
Depreciation and amortization
493,458
497,002
455,355
1,894,636
1,771,797
General and administrative
159,283
139,911
124,470
554,061
473,521
Severance, equity acceleration and legal expenses
4,937
1,794
2,346
11,421
6,502
Transaction and integration expenses
36,083
86,559
11,797
185,090
93,902
Provision for impairment
78,553
—
22,881
78,553
191,184
Other expenses
98
3,297
12,002
3,702
27,083
Net Operating Income
$838,972
$825,840
$749,818
$3,242,181
$2,963,357
Cash Net Operating Income (Cash NOI)
Net Operating Income
$838,972
$825,840
$749,818
$3,242,181
$2,963,357
Straight-line rental revenue
(34,359)
(33,196)
(22,577)
(101,264)
(46,395)
Straight-line rental expense
(140)
(297)
51
(882)
4,061
Above- and below-market rent amortization
(972)
(864)
(269)
(3,294)
(3,555)
Cash Net Operating Income
$803,501
$791,483
$727,022
$3,136,741
$2,917,467
Constant Currency Core FFO Reconciliation
Three Months Ended
Twelve Months Ended
(in thousands, except per share data)
31-Dec-25
31-Dec-24
31-Dec-25
31-Dec-24
Core FFO (1)
$650,210
$586,816
$2,557,849
$2,215,194
Core FFO impact of holding '24 Exchange Rates Constant (2)
(16,372)
—
(33,721)
—
Constant Currency Core FFO
$633,838
$586,816
$2,524,128
$2,215,194
Weighted-average shares and units outstanding - diluted
349,740
339,982
346,086
329,899
Constant Currency Core FFO Per Share
$1.81
$1.73
$7.29
$6.71
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
Fourth 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, 2026 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 | 1 | 1 | 1 |
| Layoffs layoffs, RIF, headcount reduction, workforce optimization, restructuring | 0 | — | 0 |
| Recession recession, downturn, contraction, slowdown | 0 | 0 | 0 |
| Tariffs tariff, trade war, trade barriers, trade restrictions, trade policy | 1 | 1 | 0 |
| Buybacks share repurchase, buyback program | 0 | — | 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.
Not placed in the text
These quotes are stored with a score, but no passage here matches them closely enough to highlight. Rather than point at the wrong passage, they are listed as stored.
Theme · Capital deployment
“CapEx (Net of Partner Contributions) $3,250 - $3,750 million for 2026.”
Source: SEC EDGAR · public domain · Highlights by Palanor