# DIGITAL REALTY TRUST, INC. (DLR)

Informational only - not investment advice.

CIK: 0001297996
SIC: 6798 Real Estate Investment Trusts
SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Holding And Other Investment Offices](/major-group/67/) > [SIC 6798 Real Estate Investment Trusts](/industry/6798/)
Latest 10-K filed: 2026-02-13
SEC page: https://www.sec.gov/edgar/browse/?CIK=1297996
Filing source: https://www.sec.gov/Archives/edgar/data/1297996/000110465926015365/dlr-20251231x10k.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-13 · accession 0001104659-26-015365 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001297996.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 6,112,692,000 USD | 2025 | verified |
| Net income | 1,308,589,000 USD | 2025 | verified |
| Assets | 49,410,468,000 USD | 2025 | verified |
| Net margin | 21.41% | 2025 | computed |
| Operating margin | 10.77% | 2025 | computed |
| Revenue YoY | +10.04% | 2025 | computed |
| ROE | 5.71% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

Peer groups: [Real estate investment trusts](/compare/reits/) · SIC 6798 Real Estate Investment Trusts

No market price, no rating, no forecast on this site. Not investment advice.

## Peer comparisons including DLR

- Real estate investment trusts: [peer review](/compare/reits/) · [market-risk page](/compare/reits/risk/)

### Peer percentile fingerprint

| Ratio | DLR | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 21.4% | 16.8% | 57 | 149 |
| Operating margin | 10.8% | 23.2% | 18 | 66 |
| Revenue growth | 10.0% | 3.7% | 77 | 149 |
| ROE | 5.7% | 5.7% | 50 | 151 |
| ROA | 2.6% | 1.5% | 63 | 155 |
| Liabilities / equity | 1.07 | 1.48 | 35 | 151 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 6798 Real Estate Investment Trusts, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 6112692000 | USD | 2025 | 2026-02-13 |
| Net income | 1308589000 | USD | 2025 | 2026-02-13 |
| Assets | 49410468000 | USD | 2025 | 2026-02-13 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-13. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001297996.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | 2,142,213,000 | 2,457,928,000 | 3,046,478,000 | 3,209,241,000 | 3,903,609,000 | 4,427,882,000 | 4,691,834,000 | 5,477,061,000 | 5,554,968,000 | 6,112,692,000 |
| Net income | 426,187,000 | 248,259,000 | 331,246,000 | 579,761,000 | 356,398,000 | 1,709,259,000 | 377,684,000 | 948,838,000 | 602,490,000 | 1,308,589,000 |
| Operating income | 497,286,000 | 451,295,000 | 549,787,000 | 594,215,000 | 557,526,000 | 694,009,000 | 589,968,000 | 524,461,000 | 471,864,000 | 658,492,000 |
| Diluted EPS | 2.20 | 0.99 | 1.21 | 2.35 | 1.00 | 5.94 | 1.11 | 2.88 | 1.61 | 3.58 |
| Operating cash flow | 911,242,000 | 1,023,305,000 | 1,385,324,000 | 1,513,817,000 | 1,706,541,000 | 1,702,228,000 | 1,659,388,000 | 1,634,780,000 | 2,261,477,000 | 2,412,136,000 |
| Dividends paid |  |  |  | 996,766,000 | 1,239,318,000 | 1,379,198,000 | 1,450,637,000 | 1,520,644,000 | 1,633,247,000 | 1,728,466,000 |
| Assets | 12,192,585,000 | 21,404,345,000 | 23,766,695,000 | 23,068,131,000 | 36,076,291,000 | 36,369,560,000 | 41,484,998,000 | 44,113,258,000 | 45,283,616,000 | 49,410,468,000 |
| Liabilities | 7,060,288,000 | 10,300,993,000 | 12,892,653,000 | 12,418,566,000 | 17,587,944,000 | 17,845,778,000 | 21,862,854,000 | 23,116,937,000 | 22,107,836,000 | 24,564,494,000 |
| Stockholders' equity | 5,096,015,000 | 10,349,081,000 | 9,858,644,000 | 9,879,312,000 | 17,717,697,000 | 18,004,568,000 | 17,583,334,000 | 19,117,534,000 | 21,340,397,000 | 22,925,663,000 |
| Cash and cash equivalents | 10,528,000 | 51,000 | 126,700,000 | 89,817,000 | 108,501,000 | 142,698,000 | 141,773,000 | 1,625,495,000 | 3,870,891,000 | 3,451,647,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin | 19.89% | 10.10% | 10.87% | 18.07% | 9.13% | 38.60% | 8.05% | 17.32% | 10.85% | 21.41% |
| Operating margin | 23.21% | 18.36% | 18.05% | 18.52% | 14.28% | 15.67% | 12.57% | 9.58% | 8.49% | 10.77% |
| Return on equity | 8.36% | 2.40% | 3.36% | 5.87% | 2.01% | 9.49% | 2.15% | 4.96% | 2.82% | 5.71% |
| Return on assets | 3.50% | 1.16% | 1.39% | 2.51% | 0.99% | 4.70% | 0.91% | 2.15% | 1.33% | 2.65% |
| Liabilities / equity | 1.39 | 1.00 | 1.31 | 1.26 | 0.99 | 0.99 | 1.24 | 1.21 | 1.04 | 1.07 |

## As-reported value updates

No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks.


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-05-01. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001297996.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q2 | 2022-06-30 |  |  | 0.19 | reported discrete quarter |
| 2022-Q3 | 2022-09-30 |  |  | 0.75 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | 0.20 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 | 1,366,267,000 | 118,184,000 | 0.37 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 1,402,432,000 | 733,618,000 | 2.33 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 1,369,639,000 | 28,310,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 1,331,143,000 | 281,508,000 | 0.82 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 1,356,749,000 | 80,220,000 | 0.20 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 1,431,214,000 | 51,193,000 | 0.09 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 1,435,862,000 | 189,569,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 1,407,637,000 | 109,974,000 | 0.27 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 1,493,150,000 | 1,032,156,000 | 2.94 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 1,577,234,000 | 67,812,000 | 0.15 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 1,634,671,000 | 98,647,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 1,635,173,000 | 179,274,000 | 0.46 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from DLR's latest 10-K: [/company/DLR/business/](/company/DLR/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from DLR's latest 10-K: [/company/DLR/risk-factors/](/company/DLR/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1297996/000110465926089296/dlr-20260630x10q.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-07-31
Report date: 2026-06-30

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion should be read in conjunction with the condensed consolidated financial statements and notes thereto appearing elsewhere in this report and our Annual Report on Form 10-K for the year ended December 31, 2025, and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, each as filed with the United States (“U.S.”) Securities and Exchange Commission (“SEC”). This report contains forward-looking statements within the meaning of the federal securities laws. In particular, statements pertaining to our capital resources, expected use of borrowings under our credit facilities, expected use of proceeds from our ATM equity program, litigation matters or legal proceedings, portfolio performance, leverage policy, acquisition and capital expenditure plans, capital recycling program, returns on invested capital, supply and demand for data center capacity, capitalization rates, rents to be received in future periods and expected rental rates on new or renewed data center capacity contain forward-looking statements. Likewise, all of our statements regarding anticipated market conditions, and results of operations are forward-looking statements. You can identify forward-looking statements by the use of forward-looking terminology such as “believes,” “expects,” “may,” “will,” “should,” “seeks,” “approximately,” “intends,” “plans,” “pro forma,” “estimates” or “anticipates” or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends which do not relate solely to historical matters. You can also identify forward-looking statements by discussions of strategy, plans or intentions. Forward-looking statements involve numerous risks and uncertainties, and you should not rely on them as predictions of future events. Forward-looking statements depend on assumptions, data or methods that may be incorrect or imprecise and that we may not be able to realize. We do not guarantee that the transactions and events described will happen as described or that they will happen at all. The following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: 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 capacity; 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 capacity, 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 capacity that we lease or sublease from third parties; information security, cyberattacks, security breaches 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

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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; the impact of any financial, accounting, legal or regulatory issues or litigation that may affect us; and those additional risks and factors discussed in reports filed with the SEC by us from time to time, including those discussed under the heading “Risk Factors” in our most recently filed Annual Report on Form 10-K and in other sections of this report, including under Part II, Item 1A, Risk Factors.

While forward-looking statements reflect our good faith beliefs, they are not guarantees of future performance. We disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events or other changes.

The risks included here are not exhaustive, and additional factors could adversely affect our business and financial performance, including factors and risks included in our Annual Report on Form 10-K for the year ended December 31, 2025 and in other sections of this report, including under Part II, Item 1A, Risk Factors. Moreover, we operate in a very competitive and rapidly changing environment. New risk factors emerge from time to time and it is not possible for management to identify all such risk factors, nor can we 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. Given these risks and uncertainties, you should not place undue reliance on forward-looking statements as a prediction of actual results.

Occupancy percentages included in the following discussion, for some of our properties, are calculated based on factors including available power, required support capacity and common area.

As used in this report: “Ascenty entity” refers to the entity which owns and operates Ascenty, formed with Brookfield Infrastructure.

Business Overview and Strategy

Digital Realty Trust, Inc., through its controlling interest in Digital Realty Trust, L.P. and its subsidiaries, delivers comprehensive space, power, and interconnection solutions that enable its customers and partners to connect with each other and service their own customers on a global technology and real estate platform. We are a leading global provider of data center, colocation and interconnection solutions for customers across a variety of industry verticals. Digital Realty Trust, Inc. operates as a REIT for U.S. federal income tax purposes, and our Operating Partnership is the entity through which we conduct our business and own our assets.

Our primary business objectives are to maximize:

[[GREPCENT_TABLE]]
[["","(i)","sustainable long-term growth in earnings and funds from operations per share and unit;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","(ii)","cash flow and returns to our stockholders and Digital Realty Trust, L.P.\u2019s unitholders through the payment of distributions; and"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","(iii)","return on invested capital."]]
[[/GREPCENT_TABLE]]

​

We expect to accomplish our objectives by achieving superior risk-adjusted returns, prudently allocating capital, diversifying our product offerings, accelerating our global reach and scale, and driving revenue growth and operating efficiencies. A significant component of our current and future internal growth is anticipated through the development of our existing space held for development, acquisition of land for future development, and acquisition of new properties.

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We target high-quality, strategically located properties containing the physical and connectivity infrastructure that supports the applications and operations of data center and technology industry customers and properties that may be developed for such use. Most of our data center properties contain fully redundant electrical supply systems, multiple power feeds, above-standard cooling systems, raised floor areas, extensive in-building communications cabling and high-level security systems. Fundamentally, we bring together foundational real estate and innovative technology expertise around the world to deliver a comprehensive, dedicated product suite to meet customers’ data and connectivity needs. We represent an important part of the digital economy that we believe will benefit from powerful, long-term growth drivers.

We have developed detailed, standardized procedures for evaluating new real estate investments to ensure that they meet our financial, technical and other criteria. We expect to continue to acquire additional assets as part of our growth strategy. We intend to aggressively manage and lease our assets to increase their cash flow. We may continue to build out our development portfolio when justified by anticipated demand and returns.

​

We may acquire properties subject to existing mortgage financing and other indebtedness or we may incur new indebtedness in connection with acquiring or refinancing these properties. Debt service on such indebtedness will have a priority over any cash dividends with respect to Digital Realty Trust, Inc.’s common stock and preferred stock. We are committed to maintaining a conservative capital structure. Our goal is to average through business cycles the following financial ratios: 1) a debt-to-Adjusted EBITDA ratio around 5.5x, 2) a fixed charge coverage of greater than three times, and 3) floating rate debt at less than 20% of total outstanding debt. In addition, we strive to maintain a well-laddered debt maturity schedule, and we seek to maximize the menu of our ava

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1297996/000110465926015365/dlr-20251231x10k.htm
Complete FY 2025 MD&A: /company/DLR/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-02-13
Report date: 2025-12-31

ITEM 7.      MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion should be read in conjunction with the Consolidated Financial Statements and notes thereto included in Item 8. of this report and the matters described under Item 1A. Risk Factors. We make statements in this section that are forward-looking statements within the meaning of the federal securities laws. For a complete discussion of forward-looking statements, see the section in this report entitled “Forward-Looking Statements.”

A discussion regarding our financial condition and results of operations for 2025 as compared to 2024 is presented herein. Information on 2023 is presented in graphs and other tables only to show year-over-year trends in our results of operations and operating metrics. Our financial condition for 2023 and results of operations for 2023 – and also 2023 as compared to 2024 – can be found under Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations, of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on February 25, 2025.

Business Overview and Strategy

Digital Realty Trust, Inc., through its controlling interest in Digital Realty Trust, L.P. and its subsidiaries, delivers comprehensive space, power, and interconnection solutions that enable its customers and partners to connect with each other and service their own customers on a global technology and real estate platform. We are a leading global provider of data center, colocation and interconnection solutions for customers across a variety of industry verticals. Digital Realty Trust, Inc. operates as a REIT for U.S. federal income tax purposes, and our Operating Partnership is the entity through which we conduct our business and own our assets.

Our primary business objectives are to maximize:

[[GREPCENT_TABLE]]
[["","(i)","sustainable long-term growth in earnings and funds from operations per share and unit;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","(ii)","cash flow and returns to our stockholders and Digital Realty Trust, L.P.\u2019s unitholders through the payment of distributions; and"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","(iii)","return on invested capital."]]
[[/GREPCENT_TABLE]]

We expect to accomplish our objectives by achieving superior risk-adjusted returns, prudently allocating capital, diversifying our product offerings, accelerating our global reach and scale, and driving revenue growth and operating efficiencies. A significant component of our current and future internal growth is anticipated through the development of our existing space held for development, acquisition of land for future development, and acquisition of new properties.

We target high-quality, strategically located properties containing the physical and connectivity infrastructure that supports the applications and operations of data center and technology industry customers and properties that may be developed for such use. Most of our data center properties contain fully redundant electrical supply systems, multiple power feeds, above-standard cooling systems, raised floor areas, extensive in-building communications cabling and high-level security systems. Fundamentally, we bring together foundational real estate and innovative technology expertise around the world to deliver a comprehensive, dedicated product suite to meet customers’ data and connectivity needs. We represent an important part of the digital economy that we believe will benefit from powerful, long-term growth drivers.

We have developed detailed, standardized procedures for evaluating new real estate investments to ensure that they meet our financial, technical and other criteria. We expect to continue to acquire additional assets as part of our growth strategy. We intend to aggressively manage and lease our assets to increase their cash flow. We may continue to build out our development portfolio when justified by anticipated demand and returns.

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Index to Financial Statements

​

We may acquire properties subject to existing mortgage financing and other indebtedness or we may incur new indebtedness in connection with acquiring or refinancing these properties. Debt service on such indebtedness will have a priority over any cash dividends with respect to Digital Realty Trust, Inc.’s common stock and preferred stock. We are committed to maintaining a conservative capital structure. Our goal is to average through business cycles the following financial ratios: 1) a debt-to-Adjusted EBITDA ratio around 5.5x, 2) a fixed charge coverage of greater than three times, and 3) floating rate debt at less than 20% of total outstanding debt. In addition, we strive to maintain a well-laddered debt maturity schedule, and we seek to maximize the menu of our available sources of capital, while minimizing the cost.

Summary of 2025 Significant Activities

We completed the following significant activities in 2025 as described in the Notes to the Consolidated Financial Statements:

[[GREPCENT_TABLE]]
[["","\u25cf","In January 2025, Digital Dutch Finco B.V., an indirect wholly owned finance subsidiary of the Operating Partnership, issued and sold \u20ac850 million aggregate principal amount of 3.875% Guaranteed Notes due 2035. Net proceeds from the offering were approximately \u20ac838 million (approximately $864 million based on the exchange rate on January 14, 2025) after deducting managers\u2019 discounts and estimated offering expenses."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","In March 2025, we formed a joint venture with Bersama Digital Infrastructure Asia (BDIA) to develop and operate data centers across Indonesia. We acquired a 50% interest in the joint venture, which consists of two land parcels and two buildings in Jakarta, Indonesia for approximately $94.7 million. The 6 acres of land and two buildings can support up to approximately 32 megawatts of IT load."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","In April 2025, we received approximately $77 million of gross proceeds from the contribution of our data centers to the joint venture with Blackstone. As a result of transferring control, we derecognized the data centers and recognized a gain on disposition of approximately $58 million."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","During the first half of 2025, the Company launched the Digital Realty DC Partners NA Fund (the \u201cFund\u201d), and in May 2025, we received approximately $937 million of gross proceeds from the contribution of operating data centers and development projects to the Fund, recognized a gain on disposition of approximately $873 million, and recognized an investment in the assets of $661 million."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","In June 2025, Digital Dutch Finco B.V., an indirect wholly owned finance subsidiary of the Operating Partnership, issued and sold \u20ac850 million aggregate principal amount of 3.875% Guaranteed Notes due 2034. Net proceeds from the offering were approximately \u20ac836.6 million (approximately $975 million based on the exchange rate on June 25, 2025) after deducting managers\u2019 discounts and estimated offering expenses."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","In July 2025, we repaid \u20ac650 million in aggregate principal amount of our 0.625% senior notes due 2025."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","In November 2025, Digital Euro Finco, LLC, a wholly owned indirect finance subsidiary of the Operating Partnership, issued and sold \u20ac600 million aggregate principal amount of 3.750% Guaranteed Notes due 2033 and \u20ac800 million aggregate principal amount of 4.250% Guaranteed Notes due 2037. Net proceeds from the offering were approximately \u20ac1.4 billion (approximately $1.6 billion based on the exchange rate on November 20, 2025) after deducting managers\u2019 discounts and estimated offering expenses."]]
[[/GREPCENT_TABLE]]

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Index to Financial Statements

​

[[GREPCENT_TABLE]]
[["","\u25cf","In December 2025, we redeemed \u20ac1.075 billion in aggregate principal amount of our 2.500% notes due 2026 prior to maturity."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","During the three months ended December 31, 2025, Digital Realty contributed an additional 40% of its interest in five operating data centers to the Fund for approximately $427 million. The transaction resulted in a gain of approximately $30.2 million. After this contribution, Digital Realty owns a 20% stake in each of the assets held in the Fund."]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","For the year ended December 31, 2025, Digital Realty Trust, Inc. generated net proceeds of approximately $1.1 billion from the issuance of approximately 6.4 million common shares under the 2024 Sales Agreement at an average price of $173.09 per share after payment of approximately $6.8 million of commissions to the agents. As of February 9, 2026, approximately $1.9 billion remains available for future sales under the 2024 Sales Agreement Amendment."]]
[[/GREPCENT_TABLE]]

Revenue Base

Most of our revenue consists of rental income generated by the data centers in our portfolio. Our ability to generate and grow revenue depends on several factors, including our ability to maintain or improve occupancy rates. A summary of our data center portfolio and related occupied square feet (in thousands) (excluding space under development or held for development) is shown below. Unconsolidated portfolios shown below consist of assets owned by unconsolidated entities in which we have invested. We often provide management services for these entities under management agreements and receive management fees. These are shown as Managed Unconsolidated Portfolio. Entities for which we do not provide such services are shown as Non-Managed Unconsolidated Portfolio.

[[GREPCENT_TABLE]]
[["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["\u200b","\u200b","As of December 31, 2025","\u200b","As of December 31, 2024"],["Region","\u200b","Data Center Buildings","Net Rentable Square Feet (1)","Space Under Active Development (2)","Space Held for Development (3)","Occupancy","\u200b","Data Center Buildings","Net Rentable Square Feet (1)","Space Under Active Development (2)","Space Held for Development (3)","Occupancy"],["North America","\u200b","91","18,504","1,452","1,290","85.5","%","\u200b","101","20,004","2,775","1,025","85.5","%"],["Europe","\u200b","107","9,736","2,694","617","76.8","%","\u200b","106","8,836","2,833","717","77.3","%"],["Asia Pacific","\u200b","11","1,660","1,025","272","84.6","%","\u200b","11","1,577","66","289","81.2","%"],["Africa","\u200b","12","2,122","1,007","21","83.0","%","\u200b","12","1,704","1,422","21","82.8","%"],["Consolidated Portfolio","\u200b","221","32,022","6,178","2,200","82.6","%","\u200b","230","32,120","7,096","2,052","82.9","%"],["Managed Unconsolidated Portfolio","\u200b","40","7,000","2,441","409","93.7","%","\u200b","31","5,552","1,022","400","91.8","%"],["Non-Managed Unconsolidated Portfolio","\u200b","49","4,186","1,061","2,087","85.3","%","\u200b","47","3,654","787","2,234","83.0","%"],["Total Portfolio","\u200b","310","43,208","9,679","4,696","84.7","%","\u200b","308","41,326","8,904","4,686","84.1","%"]]
[[/GREPCENT_TABLE]]

Note: Table excludes data centers held for sale. Total amounts may differ due to rounding.

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/DLR/mda/fy2025/
All MD&A years: /company/DLR/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/DLR/mda/fy2024/): filed 2025-02-25; accession 0001558370-25-001424 (https://www.sec.gov/Archives/edgar/data/1297996/000155837025001424/dlr-20241231x10k.htm)
- [FY 2023 MD&A](/company/DLR/mda/fy2023/): filed 2024-02-23; accession 0001558370-24-001575 (https://www.sec.gov/Archives/edgar/data/1297996/000155837024001575/dlr-20231231x10k.htm)
- [FY 2022 MD&A](/company/DLR/mda/fy2022/): filed 2023-02-27; accession 0001558370-23-002087 (https://www.sec.gov/Archives/edgar/data/1297996/000155837023002087/dlr-20221231x10k.htm)
- [FY 2021 MD&A](/company/DLR/mda/fy2021/): filed 2022-02-25; accession 0001558370-22-002195 (https://www.sec.gov/Archives/edgar/data/1297996/000155837022002195/dlr-20211231x10k.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 6798 Real Estate Investment Trusts) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [HOUST](/indicator/HOUST/): New Privately-Owned Housing Units Started: Total Units
- [PERMIT](/indicator/PERMIT/): New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate

Macro-to-micro threads including this sector: [Interest rates & the Fed](/thread/interest-rates-fed/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/DLR.md · JSON record: /company/DLR.json · verified financials: /company/DLR/financials.json / /company/DLR/financials.csv · machine TOC for the whole site: /llms.txt