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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended September 30, 2025

☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the Transition Period From to .

Commission file number 001-32336 (Digital Realty Trust, Inc.)

000-54023 (Digital Realty Trust, L.P.)

DIGITAL REALTY TRUST, INC.

DIGITAL REALTY TRUST, L.P.

(Exact name of registrant as specified in its charter)



Maryland (Digital Realty Trust, Inc.)			26-0081711
Maryland (Digital Realty Trust, L.P.)			20-2402955
(State or other jurisdiction of			(IRS employer
incorporation or organization)			identification number)

2323 Bryan Street, Suite 1800
Dallas, Texas 75201
(Address of principal executive offices)

(214) 231-1350

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common Stock	DLR	New York Stock Exchange
Series J Cumulative Redeemable Preferred Stock	DLR Pr J	New York Stock Exchange
Series K Cumulative Redeemable Preferred Stock	DLR Pr K	New York Stock Exchange
Series L Cumulative Redeemable Preferred Stock	DLR Pr L	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.


Digital Realty Trust, Inc.		Yes ⌧ No ◻
Digital Realty Trust, L.P.		Yes ⌧ No ◻

Table of Contents

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).


Digital Realty Trust, Inc.		Yes ⌧ No ◻
Digital Realty Trust, L.P.		Yes ⌧ No ◻

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Digital Realty Trust, Inc.:


Large accelerated filer ⌧		Accelerated filer ◻

Non-accelerated filer ◻		Smaller reporting company ☐

		Emerging growth company ☐

Digital Realty Trust, L.P.:


Large accelerated filer ◻		Accelerated filer ◻

Non-accelerated filer ⌧		Smaller reporting company ☐

		Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.


Digital Realty Trust, Inc.		◻
Digital Realty Trust, L.P.		◻

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).


Digital Realty Trust, Inc.		Yes ☐ No ⌧
Digital Realty Trust, L.P.		Yes ☐ No ⌧

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Digital Realty Trust, Inc.:



Class		Outstanding at October 29, 2025
Common Stock, $.01 par value per share		343,501,552

Table of Contents

EXPLANATORY NOTE

This report combines the quarterly reports on Form 10-Q for the quarter ended September 30, 2025 of Digital Realty Trust, Inc., a Maryland corporation, and Digital Realty Trust, L.P., a Maryland limited partnership, of which Digital Realty Trust, Inc. is the sole general partner. Unless otherwise indicated or unless the context requires otherwise, all references in this report to “we,” “us,” “our,” “our Company,” or “the Company” refer to Digital Realty Trust, Inc. together with its consolidated subsidiaries, including Digital Realty Trust, L.P. In statements regarding qualification as a REIT, such terms refer solely to Digital Realty Trust, Inc. Unless otherwise indicated or unless the context requires otherwise, all references to the “Parent” refer to Digital Realty Trust, Inc., and all references to “our Operating Partnership,” “the Operating Partnership” or “the OP” refer to Digital Realty Trust, L.P. together with its consolidated subsidiaries.

The Parent is a real estate investment trust, or REIT, for U.S. federal income tax purposes and the sole general partner of the OP. As of September 30, 2025, the Parent owned an approximate 98.2% common general partnership interest in Digital Realty Trust, L.P. The remaining approximate 1.8% of the common limited partnership interests of Digital Realty Trust, L.P. are owned by non-affiliated third parties and certain directors and officers of the Parent. As of September 30, 2025, the Parent owned all of the preferred limited partnership interests of Digital Realty Trust, L.P. As the sole general partner of Digital Realty Trust, L.P., the Parent has the full, exclusive and complete responsibility for the OP’s day-to-day management and control.

We believe combining the quarterly reports on Form 10-Q of the Parent and the OP into this single report results in the following benefits:

●

enhancing investors’ understanding of the Parent and the OP by enabling investors to view the business as a whole in the same manner as management views and operates the business;

●

eliminating duplicative disclosure and providing a more streamlined and readable presentation since a substantial portion of the disclosure applies to both the Parent and the OP; and

●

creating time and cost efficiencies through the preparation of one combined report instead of two separate reports.

It is important to understand the few differences between the Parent and the OP in the context of how we operate the Company. The Parent does not conduct business itself, other than acting as the sole general partner of the OP and issuing public equity from time to time and guaranteeing certain unsecured debt of the OP and certain of its subsidiaries and affiliates. The OP holds substantially all the assets of the business, directly or indirectly. The OP conducts the operations of the business and is structured as a partnership with no publicly traded equity. Except for net proceeds from equity issuances by the Parent, which are generally contributed to the OP in exchange for partnership units, the OP generates capital required by the business through the OP’s operations, incurrence of indebtedness and issuance of partnership units to third parties.

The presentation of noncontrolling interests, stockholders’ equity and partners’ capital are the main areas of difference between the consolidated financial statements of the Parent and those of the OP. The differences in the presentations between stockholders’ equity and partners’ capital result from the differences in the equity and capital issuances in the Parent and in the OP.

To highlight the differences between the Parent and the OP, separate sections in this report, as applicable, individually discuss the Parent and the OP, including separate financial statements and separate Exhibit 31 and 32 certifications. In the sections that combine disclosure of the Parent and the OP, this report refers to actions or holdings as being actions or holdings of the Company.

As general partner with control of the OP, the Parent consolidates the OP for financial reporting purposes, and it does not have significant assets other than its investment in the OP. Therefore, the assets and liabilities of the Parent and the OP are the same on their respective condensed consolidated financial statements. The separate discussions of the Parent and the OP in this report should be read in conjunction with each other to understand the results of the Company on a consolidated basis and how management operates the Company.

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In this report, “properties” and “buildings” refer to all or any of the buildings in our portfolio, including data centers and non-data centers, and “data centers” refers only to the properties or buildings in our portfolio that contain data center space. In this report, “Global Revolving Credit Facility” refers to our Operating Partnership’s $4.2 billion equivalent senior unsecured revolving credit facility and global senior credit agreement; “Yen Revolving Credit Facility” refers to our Operating Partnership’s ¥42,511,000,000 (approximately $287 million based on exchange rates at September 30, 2025) senior unsecured revolving credit facility and Yen credit agreement; and “Global Revolving Credit Facilities” refer to our Global Revolving Credit Facility and our Yen Revolving Credit Facility, collectively.

In this report, the “Euro Term Loan Agreement” refers to a term loan agreement which governs a €375,000,000 five-year senior unsecured term loan facility (the “Euro Term Loan Facility”), comprised of €125,000,000 of initial term loans, the entire amount of which was funded on such date, and €250,000,000 of delayed draw term loan commitments that were funded on September 9, 2023.

In this report, Digital Core REIT (“DCREIT”) is a standalone real estate investment trust formed under Singapore law, which is publicly traded on the Singapore Exchange under the ticker symbol “DCRU”.

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DIGITAL REALTY TRUST, INC. AND DIGITAL REALTY TRUST, L.P.

FORM 10-Q

FOR THE QUARTER ENDED SEPTEMBER 30, 2025

TABLE OF CONTENTS

		Page Number
PART I.	FINANCIAL INFORMATION

ITEM 1.	Condensed Consolidated Financial Statements of Digital Realty Trust, Inc.:

	Condensed Consolidated Balance Sheets as of September 30, 2025 (unaudited) and December 31, 2024 (unaudited)	5

	Condensed Consolidated Income Statements for the three and nine months ended September 30, 2025 and 2024 (unaudited)	6

	Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2025 and 2024 (unaudited)	7

	Condensed Consolidated Statements of Equity for the three and nine months ended September 30, 2025 and 2024 (unaudited)	8

	Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024 (unaudited)	12

	Condensed Consolidated Financial Statements of Digital Realty Trust, L.P.:

	Condensed Consolidated Balance Sheets as of September 30, 2025 (unaudited) and December 31, 2024 (unaudited)	13

	Condensed Consolidated Income Statements for the three and nine months ended September 30, 2025 and 2024 (unaudited)	14

	Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2025 and 2024 (unaudited)	15

	Condensed Consolidated Statement of Capital for the three and nine months ended September 30, 2025 and 2024 (unaudited)	16

	Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024 (unaudited)	20

	Notes to Condensed Consolidated Financial Statements of Digital Realty Trust, Inc. and Digital Realty Trust, L.P. (unaudited)	21

ITEM 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	47

ITEM 3.	Quantitative and Qualitative Disclosures About Market Risk	69

ITEM 4.	Controls and Procedures (Digital Realty Trust, Inc.)	70

	Controls and Procedures (Digital Realty Trust, L.P.)	71

PART II.	OTHER INFORMATION	72

ITEM 1.	Legal Proceedings	72

ITEM 1A.	Risk Factors	72

ITEM 2.	Unregistered Sales of Equity Securities and Use of Proceeds	72

ITEM 3.	Defaults Upon Senior Securities	72

ITEM 4.	Mine Safety Disclosures	73

ITEM 5.	Other Information	73

ITEM 6.	Exhibits	74

	Signatures	75

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DIGITAL REALTY TRUST, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited, in thousands, except per share data)


	September 30,		December 31,
	2025		2024
ASSETS
Investments in real estate:
Investments in properties, net	$	26,018,517	$	24,120,782
Investments in unconsolidated entities		3,690,749		2,639,800
Net investments in real estate		29,709,266		26,760,582
Operating lease right-of-use assets, net		1,167,398		1,178,853
Cash and cash equivalents		3,299,703		3,870,891
Accounts and other receivables, net		1,496,105		1,257,464
Deferred rent, net		710,624		642,456
Goodwill		9,647,754		8,929,431
Customer relationship value, deferred leasing costs and other intangibles, net		2,080,898		2,178,054
Assets held for sale and contribution		116,624		—
Other assets		500,262		465,885
Total assets	$	48,728,634	$	45,283,616
LIABILITIES AND EQUITY
Global revolving credit facilities, net	$	1,152,042	$	1,611,308
Unsecured term loans, net		438,933		386,903
Unsecured senior notes, net of discount		15,808,565		13,962,852
Secured and other debt, net of discount		825,894		753,314
Operating lease liabilities		1,285,067		1,294,219
Accounts payable and other accrued liabilities		2,377,726		2,056,215
Deferred tax liabilities		1,151,374		1,084,562
Accrued dividends and distributions		—		418,661
Security deposits and prepaid rents		699,528		539,802
Obligations associated with assets held for sale and contribution		283		—
Total liabilities		23,739,412		22,107,836

Redeemable noncontrolling interests		1,535,972		1,433,185
Commitments and contingencies
Equity:
Stockholders’ Equity:
Preferred Stock: $0.01 par value per share, 110,000 shares authorized; $755,000 liquidation preference ($25.00 per share), 30,200 shares issued and outstanding as of September 30, 2025 and December 31, 2024		731,690		731,690
Common Stock: $0.01 par value per share, 502,000 shares authorized; 343,041 and 336,637 issued and outstanding as of September 30, 2025 and December 31, 2024, respectively		3,400		3,337
Additional paid-in capital		29,182,332		28,079,738
Accumulated dividends in excess of earnings		(6,358,501)		(6,292,085)
Accumulated other comprehensive loss, net		(533,891)		(1,182,283)
Total stockholders’ equity		23,025,030		21,340,397
Noncontrolling interests		428,220		402,198
Total equity		23,453,250		21,742,595
Total liabilities and equity	$	48,728,634	$	45,283,616

See accompanying notes to the condensed consolidated financial statements.

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DIGITAL REALTY TRUST, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED INCOME STATEMENTS

(unaudited, in thousands, except per share data)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Operating Revenues:
Rental and other services	$	1,536,090	$	1,413,727	$	4,380,311	$	4,069,966
Fee income and other		41,144		17,487		97,710		49,140
Total operating revenues		1,577,234		1,431,214		4,478,021		4,119,106
Operating Expenses:
Rental property operating and maintenance		653,919		605,859		1,812,916		1,707,699
Property taxes and insurance		56,331		50,502		164,186		148,727
Depreciation and amortization		497,002		459,997		1,401,178		1,316,442
General and administrative		141,705		117,602		401,262		353,207
Transactions and integration		86,559		24,194		149,007		82,105
Provision for impairment		—		—		—		168,303
Other		3,297		4,774		3,604		15,081
Total operating expenses		1,438,813		1,262,928		3,932,153		3,791,564
Operating income		138,421		168,286		545,868		327,542
Other Income (Expenses):
Equity in loss of unconsolidated entities		(16,944)		(26,486)		(36,646)		(83,937)
Gain (loss) on disposition of properties, net		19,780		(556)		952,721		450,940
Other income, net		47,735		37,756		118,255		109,726
Interest expense		(113,584)		(123,803)		(321,431)		(348,094)
Loss on debt extinguishment and modifications		—		(2,636)		—		(3,706)
Income tax expense		(11,695)		(12,427)		(41,713)		(49,832)
Net income		63,713		40,134		1,217,054		402,639
Net loss (income) attributable to noncontrolling interests		4,099		11,059		(7,112)		10,282
Net income attributable to Digital Realty Trust, Inc.		67,812		51,193		1,209,942		412,921
Preferred stock dividends		(10,181)		(10,181)		(30,543)		(30,543)
Net income available to common stockholders	$	57,631	$	41,012	$	1,179,399	$	382,378
Net income per share available to common stockholders:
Basic	$	0.17	$	0.13	$	3.48	$	1.20
Diluted	$	0.15	$	0.09	$	3.35	$	1.10
Weighted average common shares outstanding:
Basic		341,370		327,977		338,565		319,965
Diluted		349,234		336,249		346,631		328,641

See accompanying notes to the condensed consolidated financial statements.

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DIGITAL REALTY TRUST, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(unaudited, in thousands)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Net income	$	63,713	$	40,134	$	1,217,054	$	402,639
Other comprehensive income (loss):
Foreign currency translation adjustments		40,705		405,845		770,762		182,448
Increase (decrease) in fair value of derivatives		12,620		(81,458)		36,813		28,802
Reclassification to interest expense from derivatives		(5,944)		(9,236)		(20,554)		(29,661)
Other comprehensive income		47,381		315,151		787,021		181,589
Comprehensive income		111,094		355,285		2,004,075		584,228
Comprehensive income attributable to noncontrolling interests		(33,417)		(72,895)		(145,741)		(75,186)
Comprehensive income attributable to Digital Realty Trust, Inc.	$	77,677	$	282,390	$	1,858,334	$	509,042

See accompanying notes to the condensed consolidated financial statements.

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DIGITAL REALTY TRUST, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF EQUITY

(unaudited, in thousands, except share data)


										Accumulated		Accumulated
	Redeemable				Number of			Additional		Dividends in		Other
	Noncontrolling		Preferred		Common	Common		Paid-in		Excess of		Comprehensive		Noncontrolling
Three Months Ended September 30, 2025	Interests		Stock		Shares	Stock		Capital		Earnings		Loss, Net		Interests		Total Equity

Balance as of June 30, 2025	$	1,505,889	$	731,690	340,372,076	$	3,374	$	28,720,826	$	(5,997,607)	$	(543,756)	$	441,430	$	23,355,957
Conversion of common units to common stock		—		—	69,038		—		5,935		—		—		(5,935)		—
Vesting of restricted stock, net		—		—	59,492		—		—		—		—		—		—
Issuance of common stock, net of costs		—		—	2,468,090		25		424,002		—		—		—		424,027
Shares issued under equity plans, net of share settlement to satisfy tax withholding upon vesting		—		—	72,465		1		5,598		—		—		—		5,599
Reclassification of vested share-based awards		—		—	—		—		(534)		—		—		534		—
Amortization of unearned compensation regarding share-based awards		—		—	—		—		26,279		—		—		—		26,279
Adjustment to redeemable noncontrolling interests		(226)		—	—		—		226		—		—		—		226
Dividends declared on preferred stock		—		—	—		—		—		(10,181)		—		—		(10,181)
Dividends and distributions on common stock and common and incentive units		(190)		—	—		—		—		(418,525)		—		(7,479)		(426,004)
Contributions from (distributions to) noncontrolling interests		—		—	—		—		—		—		—		1,981		1,981
Deconsolidation of noncontrolling interest in consolidated entities		—		—	—		—		—		—		—		(5,229)		(5,229)
Net income (loss)		(5,840)		—	—		—		—		67,812		—		1,741		69,553
Other comprehensive income (loss)		36,339		—	—		—		—		—		9,865		1,177		11,042
Balance as of September 30, 2025	$	1,535,972	$	731,690	343,041,161	$	3,400	$	29,182,332	$	(6,358,501)	$	(533,891)	$	428,220	$	23,453,250

See accompanying notes to the condensed consolidated financial statements.

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DIGITAL REALTY TRUST, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF EQUITY

(unaudited, in thousands, except share data)


										Accumulated		Accumulated
	Redeemable				Number of			Additional		Dividends in		Other
	Noncontrolling		Preferred		Common	Common		Paid-in		Excess of		Comprehensive		Noncontrolling
Nine Months Ended September 30, 2025	Interests		Stock		Shares	Stock		Capital		Earnings		Loss, Net		Interests		Total Equity

Balance as of December 31, 2024	$	1,433,185	$	731,690	336,636,742	$	3,337	$	28,079,738	$	(6,292,085)	$	(1,182,283)	$	402,198	$	21,742,595
Conversion of common units to common stock		—		—	160,028		—		13,507		—		—		(13,507)		—
Vesting of restricted stock, net		—		—	167,282		—		—		—		—		—		—
Issuance of common stock, net of costs		—		—	5,955,487		25		1,029,165		—		—		—		1,029,190
Shares issued under equity plans, net of share settlement to satisfy tax withholding upon vesting		—		—	121,622		38		5,363		—		—		—		5,401
Reclassification of vested share-based awards		—		—	—		—		(22,233)		—		—		22,233		—
Amortization of unearned compensation regarding share-based awards		—		—	—		—		75,912		—		—		—		75,912
Adjustment to redeemable noncontrolling interests		(880)		—	—		—		880		—		—		—		880
Dividends declared on preferred stock		—		—	—		—		—		(30,543)		—		—		(30,543)
Dividends and distributions on common stock and common and incentive units		(570)		—	—		—		—		(1,245,815)		—		(22,696)		(1,268,511)
Contributions from (distributions to) noncontrolling interests		—		—	—		—		—		—		—		3,717		3,717
Deconsolidation of noncontrolling interest in consolidated entities		—		—	—		—		—		—		—		(5,229)		(5,229)
Net income (loss)		(17,520)		—	—		—		—		1,209,942		—		24,632		1,234,574
Other comprehensive income (loss)		121,757		—	—		—		—		—		648,392		16,872		665,264
Balance as of September 30, 2025	$	1,535,972	$	731,690	343,041,161	$	3,400	$	29,182,332	$	(6,358,501)	$	(533,891)	$	428,220	$	23,453,250

See accompanying notes to the condensed consolidated financial statements.

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DIGITAL REALTY TRUST, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF EQUITY

(unaudited, in thousands, except share data)


										Accumulated		Accumulated
	Redeemable				Number of			Additional		Dividends in		Other
	Noncontrolling		Preferred		Common	Common		Paid-in		Excess of		Comprehensive		Noncontrolling
Three Months Ended September 30, 2024	Interests		Stock		Shares	Stock		Capital		Earnings		Loss, Net		Interests		Total Equity

Balance as of June 30, 2024	$	1,399,889	$	731,690	325,885,279	$	3,231	$	26,388,393	$	(5,701,096)	$	(884,715)	$	470,313	$	21,007,816
Conversion of common units to common stock		—		—	79,944		—		5,791		—		—		(5,791)		—
Vesting of restricted stock, net		—		—	60,004		—		—		—		—		—		—
Issuance of common stock, net of costs		—		—	5,213,737		54		806,047		101		—		—		806,202
Shares issued under equity plans, net of share settlement to satisfy tax withholding upon vesting		—		—	108,000		—		4,787		—		—		—		4,787
Reclassification of vested share-based awards		—		—	—		—		(1,631)		—		—		1,631		—
Amortization of unearned compensation regarding share-based awards		—		—	—		—		23,435		—		—		—		23,435
Adjustment to redeemable noncontrolling interests		1,526		—	—		—		(1,526)		—		—		—		(1,526)
Dividends declared on preferred stock		—		—	—		—		—		(10,181)		—		—		(10,181)
Dividends and distributions on common stock and common and incentive units		(190)		—	—		—		—		(400,659)		—		(7,728)		(408,387)
Sale of noncontrolling interest in property to DCRU		—		—	—		—		—		—		—		—		—
Contributions from (distributions to) noncontrolling interests		—		—	—		—		—		—		—		(2,045)		(2,045)
Net income (loss)		(9,898)		—	—		—		—		51,193		—		(1,161)		50,032
Other comprehensive income (loss)		74,309		—	—		—		3,847		—		227,350		9,645		240,842
Balance as of September 30, 2024	$	1,465,636	$	731,690	331,346,964	$	3,285	$	27,229,143	$	(6,060,642)	$	(657,365)	$	464,864	$	21,710,975

See accompanying notes to the condensed consolidated financial statements.

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DIGITAL REALTY TRUST, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF EQUITY

(unaudited, in thousands, except share data)


										Accumulated		Accumulated
	Redeemable				Number of			Additional		Dividends in		Other
	Noncontrolling		Preferred		Common	Common		Paid-in		Excess of		Comprehensive		Noncontrolling
Nine Months Ended September 30, 2024	Interests		Stock		Shares	Stock		Capital		Earnings		Loss, Net		Interests		Total Equity

Balance as of December 31, 2023	$	1,394,814	$	731,690	311,607,580	$	3,088	$	24,396,797	$	(5,262,648)	$	(751,393)	$	483,973	$	19,601,507
Conversion of common units to common stock		—		—	290,795		—		21,044		—		—		(21,044)		—
Vesting of restricted stock, net		—		—	165,675		—		—		—		—		—		—
Issuance of common stock, net of costs		—		—	19,126,996		197		2,729,880		101		—		—		2,730,178
Shares issued under equity plans, net of share settlement to satisfy tax withholding upon vesting		—		—	155,918		—		5,621		—		—		—		5,621
Reclassification of vested share-based awards		—		—	—		—		(26,551)		—		—		26,551		—
Amortization of unearned compensation regarding share-based awards		—		—	—		—		64,551		—		—		—		64,551
Adjustment to redeemable noncontrolling interests		4,252		—	—		—		(4,252)		—		—		—		(4,252)
Dividends declared on preferred stock		—		—	—		—		—		(30,543)		—		—		(30,543)
Dividends and distributions on common stock and common and incentive units		(570)		—	—		—		—		(1,180,473)		—		(23,488)		(1,203,961)
Sale of noncontrolling interest in property to DCRU		—		—	—		—		39,960		—		—		12,115		52,075
Contributions from (distributions to) noncontrolling interests		—		—	—		—		—		—		—		(21,289)		(21,289)
Net income (loss)		(22,232)		—	—		—		—		412,921		—		11,950		424,871
Other comprehensive income (loss)		89,372		—	—		—		2,093		—		94,028		(3,904)		92,217
Balance as of September 30, 2024	$	1,465,636	$	731,690	331,346,964	$	3,285	$	27,229,143	$	(6,060,642)	$	(657,365)	$	464,864	$	21,710,975

See accompanying notes to the condensed consolidated financial statements.

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DIGITAL REALTY TRUST, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited, in thousands)


	Nine Months Ended September 30,
	2025		2024
Cash flows from operating activities:
Net income	$	1,217,054	$	402,639
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on disposition of properties, net		(952,721)		(450,940)
Provision for impairment		—		168,303
Equity in loss of unconsolidated entities		36,646		83,937
Distributions from unconsolidated entities		99,993		67,325
Depreciation and amortization		1,401,178		1,316,442
Amortization of share-based compensation		69,760		60,675
Loss on debt extinguishment and modifications		—		3,706
Straight-lined rents and amortization of above and below market leases		(77,614)		(19,950)
Amortization of deferred financing costs and debt discount / premium		22,918		24,373
Other operating activities, net		(17,160)		349
Changes in assets and liabilities:
Increase in accounts receivable and other assets		(221,448)		(228,896)
Increase in accounts payable and other liabilities		114,577		64,039
Net cash provided by operating activities		1,693,183		1,492,002
Cash flows from investing activities:
Improvements to investments in real estate		(2,179,018)		(2,096,330)
Cash paid for business combination / asset acquisitions, net of cash acquired		(288,013)		(317,297)
Investments in and advances to unconsolidated entities		(326,351)		(234,362)
Return of investment from unconsolidated entities		153,238		99,864
Proceeds from sale of assets		1,159,712		1,246,351
Other investing activities, net		9,034		(92,393)
Net cash used in investing activities		(1,471,398)		(1,394,167)
Cash flows from financing activities:
Proceeds from credit facilities		1,411,930		1,162,180
Payments on credit facilities		(1,958,565)		(1,192,606)
Borrowings on secured / unsecured debt		1,876,331		1,027,507
Repayments on secured / unsecured debt		(1,249,865)		(1,616,353)
Capital (distribution to) contributions from noncontrolling interests, net		(5,000)		(21,289)
Proceeds from issuance of common stock, net		1,029,190		2,730,178
Payments of dividends and distributions		(1,718,285)		(1,623,062)
Other financing activities, net		(24,406)		55,379
Net cash (used in) provided by financing activities		(638,670)		521,934
Net (decrease) increase in cash, cash equivalents and restricted cash		(416,885)		619,769
Effect of exchange rate changes on cash, cash equivalents and restricted cash		(153,793)		(74,131)
Cash, cash equivalents and restricted cash at beginning of period		3,876,700		1,636,470
Cash, cash equivalents and restricted cash at end of period	$	3,306,022	$	2,182,108

See accompanying notes to the condensed consolidated financial statements.

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DIGITAL REALTY TRUST, L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited, in thousands, except per unit data)


	September 30,		December 31,
	2025		2024
ASSETS
Investments in real estate:
Investments in properties, net	$	26,018,517	$	24,120,782
Investments in unconsolidated entities		3,690,749		2,639,800
Net investments in real estate		29,709,266		26,760,582
Operating lease right-of-use assets, net		1,167,398		1,178,853
Cash and cash equivalents		3,299,703		3,870,891
Accounts and other receivables, net		1,496,105		1,257,464
Deferred rent, net		710,624		642,456
Goodwill		9,647,754		8,929,431
Customer relationship value, deferred leasing costs and other intangibles, net		2,080,898		2,178,054
Assets held for sale and contribution		116,624		—
Other assets		500,262		465,885
Total assets	$	48,728,634	$	45,283,616
LIABILITIES AND CAPITAL
Global revolving credit facilities, net	$	1,152,042	$	1,611,308
Unsecured term loans, net		438,933		386,903
Unsecured senior notes, net of discount		15,808,565		13,962,852
Secured and other debt, net of discount		825,894		753,314
Operating lease liabilities		1,285,067		1,294,219
Accounts payable and other accrued liabilities		2,377,726		2,056,215
Deferred tax liabilities		1,151,374		1,084,562
Accrued dividends and distributions		—		418,661
Security deposits and prepaid rents		699,528		539,802
Obligations associated with assets held for sale and contribution		283		—
Total liabilities		23,739,412		22,107,836

Redeemable noncontrolling interests		1,535,972		1,433,185
Commitments and contingencies
Capital:
Partners’ capital:
General Partner:
Preferred units, $755,000 liquidation preference ($25.00 per unit), 30,200 units issued and outstanding as of September 30, 2025 and December 31, 2024		731,690		731,690
Common units, 343,041 and 336,637 issued and outstanding as of September 30, 2025 and December 31, 2024, respectively		22,827,231		21,790,990
Limited Partners, 6,203 and 6,135 units issued and outstanding as of September 30, 2025 and December 31, 2024, respectively		437,653		426,183
Accumulated other comprehensive loss		(551,264)		(1,212,367)
Total partners’ capital		23,445,310		21,736,496
Noncontrolling interests in consolidated entities		7,940		6,099
Total capital		23,453,250		21,742,595
Total liabilities and capital	$	48,728,634	$	45,283,616

See accompanying notes to the condensed consolidated financial statements.

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DIGITAL REALTY TRUST, L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED INCOME STATEMENTS

(unaudited, in thousands, except per unit data)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Operating Revenues:
Rental and other services	$	1,536,090	$	1,413,727	$	4,380,311	$	4,069,966
Fee income and other		41,144		17,487		97,710		49,140
Total operating revenues		1,577,234		1,431,214		4,478,021		4,119,106
Operating Expenses:
Rental property operating and maintenance		653,919		605,859		1,812,916		1,707,699
Property taxes and insurance		56,331		50,502		164,186		148,727
Depreciation and amortization		497,002		459,997		1,401,178		1,316,442
General and administrative		141,705		117,602		401,262		353,207
Transactions and integration		86,559		24,194		149,007		82,105
Provision for impairment		—		—		—		168,303
Other		3,297		4,774		3,604		15,081
Total operating expenses		1,438,813		1,262,928		3,932,153		3,791,564
Operating income		138,421		168,286		545,868		327,542
Other Income (Expenses):
Equity in loss of unconsolidated entities		(16,944)		(26,486)		(36,646)		(83,937)
Gain (loss) on disposition of properties, net		19,780		(556)		952,721		450,940
Other income, net		47,735		37,756		118,255		109,726
Interest expense		(113,584)		(123,803)		(321,431)		(348,094)
Loss on debt extinguishment and modifications		—		(2,636)		—		(3,706)
Income tax expense		(11,695)		(12,427)		(41,713)		(49,832)
Net income		63,713		40,134		1,217,054		402,639
Net loss attributable to noncontrolling interests		6,099		12,059		18,888		18,982
Net income attributable to Digital Realty Trust, L.P.		69,812		52,193		1,235,942		421,621
Preferred units distributions		(10,181)		(10,181)		(30,543)		(30,543)
Net income available to common unitholders	$	59,631	$	42,012	$	1,205,399	$	391,078
Net income per unit available to common unitholders:
Basic	$	0.17	$	0.13	$	3.50	$	1.20
Diluted	$	0.15	$	0.09	$	3.37	$	1.10
Weighted average common units outstanding:
Basic		347,301		334,103		344,504		326,154
Diluted		355,165		342,375		352,570		334,830

See accompanying notes to the condensed consolidated financial statements.

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DIGITAL REALTY TRUST, L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(unaudited, in thousands)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Net income	$	63,713	$	40,134	$	1,217,054	$	402,639
Other comprehensive income (loss):
Foreign currency translation adjustments		40,705		405,845		770,762		182,448
Increase (decrease) in fair value of derivatives		12,620		(81,458)		36,813		28,802
Reclassification to interest expense from derivatives		(5,944)		(9,236)		(20,554)		(29,661)
Other comprehensive income		47,381		315,151		787,021		181,589
Comprehensive income	$	111,094	$	355,285	$	2,004,075	$	584,228
Comprehensive (income) attributable to noncontrolling interests		(31,227)		(67,309)		(107,030)		(67,155)
Comprehensive income attributable to Digital Realty Trust, L.P.	$	79,867	$	287,976	$	1,897,045	$	517,073

See accompanying notes to the condensed consolidated financial statements.

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DIGITAL REALTY TRUST, L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF CAPITAL

(unaudited, in thousands, except unit data)

Accumulated

Redeemable

General Partner

Limited Partners

Other

Limited Partner

Preferred Units

Common Units

Comprehensive

Noncontrolling

Three Months Ended September 30, 2025

Common Units

Units

Amount

DIGITAL REALTY TRUST, INC. 10-Q