Equity and Capital (Tables)

12 Months Ended

Dec. 31, 2025

The Company has issued and outstanding the following series of cumulative redeemable preferred stock, which are governed by the articles supplementary for the applicable series of preferred stock as of December 31, 2025 and 2024 (in thousands, except for share cap and annual dividend rate).



								Total			Annual			Shares Outstanding as of				Balance (net of issuance costs)
		Date(s)		Initial Date to				Liquidation			Dividend			December 31,				as of December 31,
Preferred Stock ⁽¹⁾		Issued		Redeem ⁽²⁾		Share Cap ⁽³⁾		Value ⁽⁴⁾			Rate ⁽⁵⁾			2025		2024		2025			2024
5.250% Series J Cumulative Redeemable Preferred Stock		Aug 7, 2017		Aug 7, 2022		0.4252100		$	200,000			1.31250		8,000		8,000		$	193,540		$	193,540
5.850% Series K Cumulative Redeemable Preferred Stock		Mar 13, 2019		Mar 13, 2024		0.4361100			210,000			1.46250		8,400		8,400			203,264			203,264
5.200% Series L Cumulative Redeemable Preferred Stock		Oct 10, 2019		Oct 10, 2024		0.3851800			345,000			1.30000		13,800		13,800			334,886			334,886
								$	755,000					30,200		30,200		$	731,690		$	731,690

(1)

All series of preferred stock do not have a stated maturity date and are not subject to any sinking fund or mandatory redemption provisions. Upon liquidation, dissolution or winding up, each series of preferred stock will rank senior to Digital Realty Trust, Inc. common stock and on parity with the other series of preferred stock. Holders of each series of preferred stock generally have no voting rights except for limited voting rights if Digital Realty Trust, Inc. fails to pay dividends for six or more quarterly periods (whether or not consecutive) and in certain other circumstances.

(2)	Except in limited circumstances, reflects earliest date that Digital Realty Trust, Inc. may exercise its option to redeem the preferred stock, at a redemption price of $25.00 per share, plus accrued and unpaid dividends up to but excluding the date of redemption.

(3)

Upon the occurrence of specified changes of control, as a result of which neither Digital Realty Trust, Inc.’s common stock nor the common securities of the acquiring or surviving entity (or American Depositary Receipts representing such securities) is listed on the New York Stock Exchange, the NYSE MKT, LLC or the NASDAQ Stock Market or listed or quoted on a successor exchange or quotation system, each holder of preferred stock will have the right (unless, prior to the change of control conversion date specified in the applicable Articles Supplementary governing the preferred stock, Digital Realty Trust, Inc. has provided or provides notice of its election to redeem the preferred stock) to convert some or all of the preferred stock held by it into a number of shares of Digital Realty Trust, Inc.’s common stock per share of preferred stock to be converted equal to the lesser of (i) the quotient obtained by dividing (a) the sum of the $25.00 liquidation preference plus the amount of any accrued and unpaid dividends to, but not including, the change of control conversion date (unless the change of control conversion date is after a record date for a preferred stock dividend payment and prior to the corresponding dividend payment date, in which case no additional amount for such accrued and unpaid dividend will be included in this sum) by (b) the common stock price specified in the applicable Articles Supplementary governing the preferred stock; and (ii) the Share Cap, subject to certain adjustments; subject, in each case, to provisions for the receipt of alternative consideration as described in the applicable Articles Supplementary governing the preferred stock. Except in connection with specified change of control transactions, the preferred stock is not convertible into or exchangeable for any other property or securities of Digital Realty Trust, Inc.

(4)	Liquidation preference is $25.00 per share.

(5)	Dividends on preferred shares are cumulative and payable quarterly in arrears.

Ownership Interest In The Operating Partnership


		December 31, 2025				December 31, 2024
		Number of		Percentage of		Number of		Percentage of
(Units in thousands)		units		total		units		total
Digital Realty Trust, Inc.		343,557		98.2	%	336,637		98.2	%
Noncontrolling interests consist of:
Common units held by third parties		4,045		1.2	%	4,049		1.2	%
Incentive units held by employees and directors (see Note 15. ''Incentive Plans'')		2,144		0.6	%	2,086		0.6	%
		349,746		100.0	%	342,772		100.0	%

Summary of Activity for Noncontrolling Interests in the Operating Partnership


(Units in thousands)		Common Units		Incentive Units		Total
As of December 31, 2023		4,343		2,106		6,449
Conversion of incentive units held by employees and directors for shares of Digital Realty Trust, Inc. common stock ⁽¹⁾		(294)		(259)		(553)
Incentive units issued upon achievement of market performance condition		—		88		88
Grant of incentive units to employees and directors		—		155		155
Cancellation / forfeitures of incentive units held by employees and directors		—		(4)		(4)
As of December 31, 2024		4,049		2,086		6,135
Conversion of incentive units held by employees and directors for shares of Digital Realty Trust, Inc. common stock ⁽¹⁾		(4)		(171)		(175)
Incentive units issued upon achievement of market performance condition		—		68		68
Grant of incentive units to employees and directors		—		165		165
Cancellation / forfeitures of incentive units held by employees and directors		—		(4)		(4)
As of December 31, 2025		4,045		2,144		6,189

(1)	These redemptions and conversions were recorded as a reduction to noncontrolling interests in the Operating Partnership and an increase to common stock and additional paid in capital based on the book value per unit in the accompanying consolidated balance sheets of Digital Realty Trust, Inc.

Schedule of Dividends and Distributions

Dividends and Distributions

Digital Realty Trust, Inc. Dividends

We have declared and paid the following dividends on our common and preferred stock for the years ended December 31, 2025, 2024 and 2023 (in thousands, except per share data):


				Series J			Series K			Series L
				Preferred			Preferred			Preferred		Common
Date dividend declared		Dividend payment date		Stock			Stock			Stock		Stock⁽¹⁾

February 22, 2023		March 31, 2023		$	2,625		$	3,071		$	4,485	$	356,214
May 24, 2023		June 30, 2023			2,625			3,071			4,485		365,937
August 8, 2023		September 29, 2023			2,625			3,071			4,485		370,278
November 28, 2023		December 29, 2023 for Preferred Stock; January 19, 2024 for Common Stock			2,625			3,071			4,485		380,019
				$	10,500		$	12,284		$	17,940	$	1,472,448

February 28, 2024		March 28, 2024		$	2,625		$	3,071		$	4,485	$	382,208
May 8, 2024		June 28, 2024			2,625			3,071			4,485		397,429
August 7, 2024		September 30, 2024			2,625			3,071			4,485		400,659
November 4, 2024		December 31, 2024 for Preferred Stock; January 17, 2025 for Common Stock			2,625			3,071			4,485		410,831
				$	10,500		$	12,284		$	17,940	$	1,591,127

February 26, 2025		March 31, 2025		$	2,625		$	3,071		$	4,485	$	411,925
May 29, 2025		June 30, 2025			2,625			3,071			4,485		415,365
August 11, 2025		September 30, 2025			2,625			3,071			4,485		418,525
November 3, 2025		December 31, 2025 for Preferred Stock; January 16, 2026 for Common Stock			2,625			3,071			4,485		420,687
				$	10,500		$	12,284		$	17,940	$	1,666,502
Annual rate of dividend per share				$	1.31250		$	1.46250		$	1.30000	$	4.88000

(1)	$4.880 annual rate of dividend per share.

Digital Realty Trust, L.P.

Class of Stock

Schedule of Dividends and Distributions

Digital Realty Trust, L.P. Distributions

All distributions on the Operating Partnership’s units are at the discretion of Digital Realty Trust, Inc.’s Board of Directors. The table below shows the distributions declared and paid by the Operating Partnership on its common and preferred units for years ended December 31, 2025, 2024 and 2023, (in thousands, except for per unit data):


				Series J			Series K		Series L
				Preferred			Preferred		Preferred		Common
Date distribution declared		Distribution payment date		Units			Units		Units		Units⁽¹⁾

February 22, 2023		March 31, 2023		$	2,625		$	3,071	$	4,485	$	364,204
May 24, 2023		June 30, 2023			2,625			3,071		4,485		373,833
August 8, 2023		September 29, 2023			2,625			3,071		4,485		378,352
November 28, 2023		December 29, 2023 for Preferred Units; January 19, 2024 for Common Units			2,625			3,071		4,485		387,988
				$	10,500		$	12,284	$	17,940	$	1,504,377

February 28, 2024		March 28, 2024		$	2,625		$	3,071	$	4,485	$	390,356
May 8, 2024		June 28, 2024			2,625			3,071		4,485		405,421
August 7, 2024		September 30, 2024			2,625			3,071		4,485		408,577
November 4, 2024		December 31, 2024 for Preferred Units; January 17, 2025 for Common Units			2,625			3,071		4,485		418,665
				$	10,500		$	12,284	$	17,940	$	1,623,019

February 26, 2025		March 31, 2025		$	2,625		$	3,071	$	4,485	$	419,771
May 29, 2025		June 30, 2025			2,625			3,071		4,485		423,116
August 11, 2025		September 30, 2025			2,625			3,071		4,485		426,194
November 3, 2025		December 31, 2025 for Preferred Units; January 16, 2026 for Common Units			2,625			3,071		4,485		428,337
				$	10,500		$	12,284	$	17,940	$	1,697,418
Annual rate of distribution per unit				$	1.31250		$	1.46250	$	1.30000	$	4.88000

(1)	$4.880 annual rate of distribution per unit.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

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DIGITAL REALTY TRUST, INC. 10-K