CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
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
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
Partners' capital:
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	(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
Digital Realty Trust, L.P.
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
Partners' capital:
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, 341,193 and 336,637 issued and outstanding as of September 30, 2025 and December 31, 2024, respectively	22,827,231	21,790,990
Limited Partners, 0,0 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 equity	$ 48,728,634	$ 45,283,616

DIGITAL REALTY TRUST, INC. 10-Q