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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 March 31, 2026

☐ 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)

601 West 2^nd Street, Floor 32
Austin, Texas 78701
(Address of principal executive offices)

(737) 281-0101

(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 ◻

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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 April 29, 2026
Common Stock, $.01 par value per share		351,406,070

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EXPLANATORY NOTE

This report combines the quarterly reports on Form 10-Q for the quarter ended March 31, 2026 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 real estate investment trust, or REIT, for U.S. federal income tax purposes, 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 REIT for U.S. federal income tax purposes and the sole general partner of the OP. As of March 31, 2026, 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 March 31, 2026, 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 $268 million based on exchange rates at March 31, 2026) 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 MARCH 31, 2026

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		Page Number
PART I.	FINANCIAL INFORMATION

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

	Condensed Consolidated Balance Sheets as of March 31, 2026 (unaudited) and December 31, 2025 (unaudited)	6

	Condensed Consolidated Income Statements for the three months ended March 31, 2026 and 2025 (unaudited)	7

	Condensed Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2026 and 2025 (unaudited)	8

	Condensed Consolidated Statements of Equity for the three months ended March 31, 2026 and 2025 (unaudited)	9

	Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025 (unaudited)	11

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

	Condensed Consolidated Balance Sheets as of March 31, 2026 (unaudited) and December 31, 2025 (unaudited)	12

	Condensed Consolidated Income Statements for the three months ended March 31, 2026 and 2025 (unaudited)	13

	Condensed Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2026 and 2025 (unaudited)	14

	Condensed Consolidated Statement of Capital for the three months ended March 31, 2026 and 2025 (unaudited)	15

	Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025 (unaudited)	17

	Notes to Condensed Consolidated Financial Statements of Digital Realty Trust, Inc. and Digital Realty Trust, L.P. (unaudited)	18

ITEM 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	38

ITEM 3.	Quantitative and Qualitative Disclosures About Market Risk	57

ITEM 4.	Controls and Procedures (Digital Realty Trust, Inc.)	58

	Controls and Procedures (Digital Realty Trust, L.P.)	59

PART II.	OTHER INFORMATION	60

ITEM 1.	Legal Proceedings	60

ITEM 1A.	Risk Factors	60

ITEM 2.	Unregistered Sales of Equity Securities and Use of Proceeds	60

ITEM 3.	Defaults Upon Senior Securities	60

ITEM 4.	Mine Safety Disclosures	61

ITEM 5.	Other Information	61

ITEM 6.	Exhibits	62

	Signatures	63

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DIGITAL REALTY TRUST, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited, in thousands, except per share data)


		March 31,			December 31,
		2026			2025
ASSETS
Investments in real estate:
Investments in properties, net		$	26,859,470		$	26,433,617
Investments in unconsolidated entities			3,536,757			3,427,903
Net investments in real estate			30,396,227			29,861,520
Operating lease right-of-use assets, net			1,105,080			1,135,645
Cash and cash equivalents			2,426,631			3,451,647
Accounts and other receivables, net			1,430,242			1,358,895
Deferred rent, net			765,198			750,907
Goodwill			9,591,250			9,711,953
Customer relationship value, deferred leasing costs and other intangibles, net			2,053,368			2,134,698
Assets held for sale and contribution			441,064			349,826
Other assets			650,913			655,377
Total assets		$	48,859,973		$	49,410,468
LIABILITIES AND EQUITY
Global revolving credit facilities, net		$	707,961		$	899,090
Unsecured term loans, net			432,450			439,536
Unsecured senior notes, net			16,013,977			16,194,441
Secured and other debt, net			842,245			869,068
Operating lease liabilities			1,218,509			1,253,217
Accounts payable and other accrued liabilities			2,419,888			2,600,979
Deferred tax liabilities			1,093,955			1,124,724
Accrued dividends and distributions			—			428,337
Security deposits and prepaid rents			733,974			754,920
Obligations associated with assets held for sale and contribution			—			182
Total liabilities			23,462,959			24,564,494

Redeemable noncontrolling interests			1,594,718			1,498,975
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 March 31, 2026 and December 31, 2025			731,690			731,690
Common Stock: $0.01 par value per share, 502,000 shares authorized; 348,924 and 343,557 issued and outstanding as of March 31, 2026 and December 31, 2025, respectively			3,459			3,406
Additional paid-in capital			30,093,165			29,350,487
Accumulated dividends in excess of earnings			(6,946,676)			(6,690,722)
Accumulated other comprehensive loss, net			(512,885)			(469,198)
Total stockholders’ equity			23,368,753			22,925,663
Noncontrolling interests			433,543			421,336
Total equity			23,802,296			23,346,999
Total liabilities and equity		$	48,859,973		$	49,410,468

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 March 31,
		2026			2025
Operating Revenues:
Rental and other services		$	1,600,227		$	1,386,861
Fee income and other			34,946			20,776
Total operating revenues			1,635,173			1,407,637
Operating Expenses:
Rental property operating and maintenance			638,500			551,985
Property taxes and insurance			59,763			53,339
Depreciation and amortization			499,511			443,009
General and administrative			154,758			123,540
Transactions and integration			15,685			39,902
Other			23			112
Total operating expenses			1,368,240			1,211,887

Operating income before gain on disposition of properties, net			266,933			195,750
Gain on disposition of properties, net			873			1,111
Total operating income			267,806			196,861

Other Income (Expenses):
Equity in loss of unconsolidated entities			(1,833)			(7,640)
Other income, net			45,342			32,773
Interest expense			(116,384)			(98,464)
Loss on debt extinguishment and modifications			(4,119)			—
Income tax expense			(16,008)			(17,135)
Net income			174,804			106,395
Net loss attributable to noncontrolling interests			4,470			3,579
Net income attributable to Digital Realty Trust, Inc.			179,274			109,974
Preferred stock dividends			(10,181)			(10,181)
Net income available to common stockholders		$	169,093		$	99,793
Net income per share available to common stockholders:
Basic		$	0.49		$	0.30
Diluted		$	0.46		$	0.27
Weighted average common shares outstanding:
Basic			345,013			336,683
Diluted			353,254			344,721

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 March 31,
		2026			2025
Net income		$	174,804		$	106,395
Other comprehensive income (loss):
Foreign currency translation adjustments			(100,501)			286,406
Increase in fair value of derivatives			27,812			22,321
Reclassification to interest expense from derivatives			(4,803)			(8,656)
Other comprehensive (loss) income			(77,492)			300,071
Comprehensive income			97,312			406,466
Comprehensive loss (income) attributable to noncontrolling interests			38,275			(41,083)
Comprehensive income attributable to Digital Realty Trust, Inc.		$	135,587		$	365,383

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 March 31, 2026		Interests			Stock			Shares		Stock			Capital		Earnings			Loss, Net			Interests			Total Equity

Balance as of December 31, 2025		$	1,498,975		$	731,690		343,557,430		$	3,406		$	29,350,487	$	(6,690,722)		$	(469,198)		$	421,336		$	23,346,999
Conversion of common units to common stock			—			—		323,037			—			18,507		—			—			(18,507)			—
Effect of equity compensation plans			—			—		138,724			—			26,339		—			—			—			26,339
Issuance of common stock, net of costs			—			—		4,905,072			53			870,513		—			—			—			870,566
Reclassification of vested share-based awards			—			—		—			—			(34,446)		—			—			34,446			—
Adjustment to redeemable noncontrolling interests			138,235			—		—			—			(138,235)		—			—			—			(138,235)
Dividends declared on preferred stock			—			—		—			—			—		(10,181)			—			—			(10,181)
Dividends and distributions on common stock and common and incentive units			(190)			—		—			—			—		(425,047)			—			(7,603)			(432,650)
Contributions from (distributions to) noncontrolling interests			—			—		—			—			—		—			—			(156)			(156)
Net income (loss)			(8,236)			—		—			—			—		179,274			—			3,766			183,040
Other comprehensive income (loss)			(34,066)			—		—			—			—		—			(43,687)			261			(43,426)
Balance as of March 31, 2026		$	1,594,718		$	731,690		348,924,263		$	3,459		$	30,093,165	$	(6,946,676)		$	(512,885)		$	433,543		$	23,802,296

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 March 31, 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			—			—		4,403			—			370		—			—			(370)			—
Effect of equity compensation plans			—			—		102,316			1			25,996		—			—			—			25,997
Reclassification of vested share-based awards			—			—		—			—			(19,941)		—			—			19,941			—
Adjustment to redeemable noncontrolling interests			(5,498)			—		—			—			5,498		—			—			—			5,498
Dividends declared on preferred stock			—			—		—			—			—		(10,181)			—			—			(10,181)
Dividends and distributions on common stock and common and incentive units			(190)			—		—			—			—		(411,925)			—			(7,656)			(419,581)
Contributions from (distributions to) noncontrolling interests			—			—		—			—			—		—			—			(135)			(135)
Net income (loss)			(6,145)			—		—			—			—		109,974			—			2,566			112,540
Other comprehensive income (loss)			37,970			—		—			—			—		—			255,409			6,692			262,101
Balance as of March 31, 2025		$	1,459,322		$	731,690		336,743,461		$	3,338		$	28,091,661	$	(6,604,217)		$	(926,874)		$	423,236		$	21,718,834

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)


		Three Months Ended March 31,
		2026			2025
Cash flows from operating activities:
Net income		$	174,804		$	106,395
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on disposition of properties, net			(873)			(1,111)
Equity in loss of unconsolidated entities			1,833			7,640
Distributions from unconsolidated entities			71,218			60,020
Depreciation and amortization			499,511			443,009
Amortization of share-based compensation			25,259			20,878
Loss on debt extinguishment and modifications			4,119			—
Straight-lined rents and amortization of above and below market leases			(17,531)			(16,552)
Amortization of deferred financing costs and debt discount / premium			8,214			7,581
Other operating activities, net			(24,526)			9,266
Changes in assets and liabilities:
Increase in accounts receivable and other assets			(39,665)			(104,248)
Decrease in accounts payable and other liabilities			(169,942)			(133,793)
Net cash provided by operating activities			532,421			399,085
Cash flows from investing activities:
Improvements to investments in real estate			(870,038)			(787,303)
Cash paid for business combination / asset acquisitions, net of cash acquired			(277,132)			(36,382)
Investments in and advances to unconsolidated entities			(182,573)			(168,384)
Return of investment from unconsolidated entities			647			74,900
Proceeds from sale of assets			6,067			62,082
Other investing activities, net			(9,873)			(48,093)
Net cash used in investing activities			(1,332,902)			(903,180)
Cash flows from financing activities:
Proceeds from credit facilities			293,734			466,116
Payments on credit facilities			(477,207)			(1,007,655)
Borrowings on secured / unsecured debt			39,008			871,286
Repayments on secured / unsecured debt			(56,691)			(495,800)
Capital (distribution to) contributions from noncontrolling interests, net			(156)			(135)
Proceeds from issuance of common stock, net			870,566			984
Payments of dividends and distributions			(871,358)			(848,613)
Other financing activities, net			(15,845)			(4,180)
Net cash used in financing activities			(217,949)			(1,017,997)
Net decrease in cash, cash equivalents and restricted cash			(1,018,430)			(1,522,092)
Effect of exchange rate changes on cash, cash equivalents and restricted cash			(2,388)			(26,438)
Cash, cash equivalents and restricted cash at beginning of period			3,458,290			3,876,700
Cash, cash equivalents and restricted cash at end of period		$	2,437,472		$	2,328,170

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)


		March 31,			December 31,
		2026			2025
ASSETS
Investments in real estate:
Investments in properties, net		$	26,859,470		$	26,433,617
Investments in unconsolidated entities			3,536,757			3,427,903
Net investments in real estate			30,396,227			29,861,520
Operating lease right-of-use assets, net			1,105,080			1,135,645
Cash and cash equivalents			2,426,631			3,451,647
Accounts and other receivables, net			1,430,242			1,358,895
Deferred rent, net			765,198			750,907
Goodwill			9,591,250			9,711,953
Customer relationship value, deferred leasing costs and other intangibles, net			2,053,368			2,134,698
Assets held for sale and contribution			441,064			349,826
Other assets			650,913			655,377
Total assets		$	48,859,973		$	49,410,468
LIABILITIES AND CAPITAL
Global revolving credit facilities, net		$	707,961		$	899,090
Unsecured term loans, net			432,450			439,536
Unsecured senior notes, net			16,013,977			16,194,441
Secured and other debt, net			842,245			869,068
Operating lease liabilities			1,218,509			1,253,217
Accounts payable and other accrued liabilities			2,419,888			2,600,979
Deferred tax liabilities			1,093,955			1,124,724
Accrued dividends and distributions			—			428,337
Security deposits and prepaid rents			733,974			754,920
Obligations associated with assets held for sale and contribution			—			182
Total liabilities			23,462,959			24,564,494

Redeemable noncontrolling interests			1,594,718			1,498,975
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 March 31, 2026 and December 31, 2025			731,690			731,690
Common units, 348,924 and 343,557 issued and outstanding as of March 31, 2026 and December 31, 2025, respectively			23,149,948			22,663,171
Limited Partners, 6,292 and 6,189 units issued and outstanding as of March 31, 2026 and December 31, 2025, respectively			443,856			431,600
Accumulated other comprehensive loss			(529,888)			(485,342)
Total partners’ capital			23,795,606			23,341,119
Noncontrolling interests in consolidated entities			6,690			5,880
Total capital			23,802,296			23,346,999
Total liabilities and capital		$	48,859,973		$	49,410,468

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 March 31,
		2026			2025
Operating Revenues:
Rental and other services		$	1,600,227		$	1,386,861
Fee income and other			34,946			20,776
Total operating revenues			1,635,173			1,407,637
Operating Expenses:
Rental property operating and maintenance			638,500			551,985
Property taxes and insurance			59,763			53,339
Depreciation and amortization			499,511			443,009
General and administrative			154,758			123,540
Transactions and integration			15,685			39,902
Other			23			112
Total operating expenses			1,368,240			1,211,887

Operating income before gain on disposition of properties, net			266,933			195,750
Gain on disposition of properties, net			873			1,111
Operating income			267,806			196,861

Other Income (Expenses):
Equity in loss of unconsolidated entities			(1,833)			(7,640)
Other income, net			45,342			32,773
Interest expense			(116,384)			(98,464)
Loss on debt extinguishment and modifications			(4,119)			—
Income tax expense			(16,008)			(17,135)
Net income			174,804			106,395
Net loss attributable to noncontrolling interests			8,470			6,579
Net income attributable to Digital Realty Trust, L.P.			183,274			112,974
Preferred units distributions			(10,181)			(10,181)
Net income available to common unitholders		$	173,093		$	102,793
Net income per unit available to common unitholders:
Basic		$	0.49		$	0.30
Diluted		$	0.46		$	0.28
Weighted average common units outstanding:
Basic			351,059			342,594
Diluted			359,300			350,632

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 March 31,
		2026			2025
Net income		$	174,804		$	106,395
Other comprehensive income (loss):
Foreign currency translation adjustments			(100,501)			286,406
Increase in fair value of derivatives			27,812			22,321
Reclassification to interest expense from derivatives			(4,803)			(8,656)
Other comprehensive (loss) income			(77,492)			300,071
Comprehensive income		$	97,312		$	406,466
Comprehensive loss (income) attributable to noncontrolling interests			41,416			(33,091)
Comprehensive income attributable to Digital Realty Trust, L.P.		$	138,728		$	373,375

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				Common Units				Comprehensive		Noncontrolling
Three Months Ended March 31, 2026		Common Units			Units		Amount			Units	Amount			Units		Amount		Loss, Net		Interests		Total Capital

Balance as of December 31, 2025		$	1,498,975		30,200,000		$	731,690		343,557,430	$	22,663,171		6,188,861		$	431,600	$	(485,342)	$	5,880	$	23,346,999
Conversion of limited partner common units to general partner common units			—		—			—		323,037		18,507		(323,037)			(18,507)		—		—		—
Effect of equity compensation plans			—		—			—		138,724		26,339		426,265			—		—		—		26,339
Issuance of common units, net of costs			—		—			—		4,905,072		870,566		—			—		—		—		870,566
Reclassification of vested share-based awards			—		—			—		—		(34,446)		—			34,446		—		—		—
Adjustment to redeemable partnership units			138,235		—			—		—		(138,235)		—			—		—		—		(138,235)
Distributions			(190)		—			(10,181)		—		(425,047)		—			(7,603)		—		—		(442,831)
Contributions from (distributions to) noncontrolling interests in consolidated entities			—		—			—		—		—		—			—		—		(156)		(156)
Net income (loss)			(8,236)		—			10,181		—		169,093		—			3,920		—		(154)		183,040
Other comprehensive income (loss)			(34,066)		—			—		—		—		—			—		(44,546)		1,120		(43,426)
Balance as of March 31, 2026		$	1,594,718		30,200,000		$	731,690		348,924,263	$	23,149,948		6,292,089		$	443,856	$	(529,888)	$	6,690	$	23,802,296

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					Common Units				Comprehensive		Noncontrolling
Three Months Ended March 31, 2025		Common Units			Units		Amount			Units		Amount			Units		Amount		Loss, Net		Interests		Total Capital

Balance as of December 31, 2024		$	1,433,185		30,200,000		$	731,690		336,636,742		$	21,790,990		6,134,812		$	426,183	$	(1,212,367)	$	6,099	$	21,742,595
Conversion of limited partner common units to general partner common units			—		—			—		4,403			370		(4,403)			(370)		—		—		—
Effect of equity compensation plans			—		—			—		102,316			25,997		218,586			—		—		—		25,997
Reclassification of vested share-based awards			—		—			—		—			(19,941)		—			19,941		—		—		—
Adjustment to redeemable partnership units			(5,498)		—			—		—			5,498		—			—		—		—		5,498
Distributions			(190)		—			(10,181)		—			(411,925)		—			(7,656)		—		—		(429,762)
Contributions from (distributions to) noncontrolling interests in consolidated entities			—		—			—		—			—		—			—		—		(135)		(135)
Net income (loss)			(6,145)		—			10,181		—			99,793		—			2,950		—		(384)		112,540
Other comprehensive income (loss)			37,970		—			—		—			—		—			—		260,401		1,700		262,101
Balance as of March 31, 2025		$	1,459,322		30,200,000		$	731,690		336,743,461		$	21,490,782		6,348,995		$	441,048	$	(951,966)	$	7,280	$	21,718,834

See accompanying notes to the condensed consolidated financial statements.

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DIGITAL REALTY TRUST, L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited, in thousands)


	Three Months Ended March 31,
	2026			2025
Cash flows from operating activities:
Net income	$	174,804		$	106,395
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on disposition of properties, net		(873)			(1,111)
Equity in loss of unconsolidated entities		1,833			7,640
Distributions from unconsolidated entities		71,218			60,020
Depreciation and amortization		499,511			443,009
Amortization of share-based compensation		25,259			20,878
Loss on debt extinguishment and modifications		4,119			—
Straight-lined rents and amortization of above and below market leases		(17,531)			(16,552)
Amortization of deferred financing costs and debt discount / premium		8,214			7,581
Other operating activities, net		(24,526)			9,266
Changes in assets and liabilities:
Increase in accounts receivable and other assets		(39,665)			(104,248)
Decrease in accounts payable and other liabilities		(169,942)			(133,793)
Net cash provided by operating activities		532,421			399,085
Cash flows from investing activities:
Improvements to investments in real estate		(870,038)			(787,303)
Cash paid for business combination / asset acquisitions, net of cash acquired		(277,132)			(36,382)
Investments in and advances to unconsolidated entities		(182,573)			(168,384)
Return of investment from unconsolidated entities		647			74,900
Proceeds from sale of assets		6,067			62,082
Other investing activities, net		(9,873)			(48,093)
Net cash used in investing activities		(1,332,902)			(903,180)
Cash flows from financing activities:
Proceeds from credit facilities		293,734			466,116
Payments on credit facilities		(477,207)			(1,007,655)
Borrowings on secured / unsecured debt		39,008			871,286
Repayments on secured / unsecured debt		(56,691)			(495,800)
Capital (distribution to) contributions from noncontrolling interests, net		(156)			(135)
General partner contributions		870,566			984
Payments of dividends and distributions		(871,358)			(848,613)
Other financing activities, net		(15,845)			(4,180)
Net cash used in financing activities		(217,949)			(1,017,997)
Net decrease in cash, cash equivalents and restricted cash		(1,018,430)			(1,522,092)
Effect of exchange rate changes on cash, cash equivalents and restricted cash		(2,388)			(26,438)
Cash, cash equivalents and restricted cash at beginning of period		3,458,290			3,876,700
Cash, cash equivalents and restricted cash at end of period	$	2,437,472		$	2,328,170

See accompanying notes to the condensed consolidated financial statements.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

1. General

Organization and Description of Business. Digital Realty Trust, Inc. (the Parent), through its controlling interest in Digital Realty Trust, L.P. (the Operating Partnership or the OP) and the subsidiaries of the OP (collectively, we, our, us or the Company), is a leading global provider of data center (including colocation and interconnection) solutions for customers across a variety of industry verticals ranging from cloud and information technology services, social networking and communications to financial services, manufacturing, energy, healthcare, and consumer products. The OP, a Maryland limited partnership, is the entity through which the Parent, a Maryland corporation, conducts its business of owning, acquiring, developing and operating data centers. The Parent operates as a real estate investment trust (“REIT”) for U.S. federal income tax purposes.

The Parent’s only material asset is its ownership of partnership interests of the OP. The Parent generally does not conduct business itself, other than acting as the sole general partner of the OP, issuing public securities from time to time and guaranteeing certain unsecured debt of the OP and certain of its subsidiaries and affiliates. The Parent has not issued any debt but guarantees the unsecured debt of the OP and certain of its subsidiaries and affiliates.

The OP holds substantially all the assets of the Company. The OP conducts the operations of the business and has no publicly traded equity. Except for net proceeds from public equity issuances by the Parent, which are generally contributed to the OP in exchange for partnership units, the OP generally generates the capital required by the Company’s business primarily through the OP’s operations, by the OP’s or its affiliates’ direct or indirect incurrence of indebtedness or through the issuance of partnership units.

Accounting Principles and Basis of Presentation. The accompanying unaudited interim condensed consolidated financial statements and accompanying notes (the “Financial Statements”) are prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) and are presented in our reporting currency, the U.S. dollar. All of the accounts of the Parent, the OP, and the subsidiaries of the OP are included in the accompanying Financial Statements. All material intercompany transactions with consolidated entities have been eliminated. In the opinion of management, the unaudited interim consolidated financial statements reflect all adjustments of a normal recurring nature that are necessary for a fair statement of the results for the interim periods presented. Interim results are not always indicative of results for a full year. The information included in this Form 10-Q should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2025 (“2025 Form 10-K”), as filed with the U.S. Securities and Exchange Commission (“SEC”) and our other filings with the SEC.

Management Estimates and Assumptions. U.S. GAAP requires us to make estimates and assumptions that affect reported amounts of revenue and expenses during the reporting period, reported amounts for assets and liabilities as of the date of the financial statements, and disclosures of contingent assets and liabilities as of the date of the financial statements. Although we believe the estimates and assumptions we made are reasonable and appropriate, as discussed in the applicable sections throughout the consolidated financial statements, different assumptions and estimates could materially impact our reported results. Actual results and outcomes may differ from our assumptions.

New Accounting Pronouncements. Recently issued accounting pronouncements that have yet to be adopted by the Company are not expected to have a material impact to the condensed consolidated financial statements.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

2. Investments in Properties

A summary of our Investments in properties, net is below (in thousands):


Property Type	As of March 31, 2026		As of December 31, 2025
Land	$	1,251,810	$	1,247,624
Acquired ground lease		96		97
Buildings and improvements		29,409,680		29,152,994
Tenant improvements		972,313		958,583
		31,633,899		31,359,298
Accumulated depreciation and amortization		(10,355,181)		(9,993,596)
Investments in operating properties, net		21,278,718		21,365,702
Construction in progress and space held for development		5,381,071		4,976,785
Land held for future development		199,681		91,130
Investments in properties, net	$	26,859,470	$	26,433,617

Acquisitions and Dispositions

During the quarter, we closed on acquisitions totaling approximately $280 million in the aggregate, primarily in Investments in properties, net in Sofia, Bulgaria, Milan, Italy, Portland and Atlanta.

As of March 31, 2026, real estate assets that qualified as held for sale and contribution had an aggregate carrying value of $441 million within total assets and is shown within Assets held for sale and contribution on the condensed consolidated balance sheets. As of March 31, 2026, two development projects, with an aggregate carrying value of approximately $418 million, were classified within Assets held for sale and contribution on our condensed consolidated balance sheet as it is probable these projects will be contributed to the Fund within one year.

Subsequent to quarter end, Digital Realty sold a non-core asset in the Atlanta metro area, which was held for sale as of March 31, 2026, for gross proceeds of $25 million. The non-core asset had an aggregate carrying value of approximately $23 million.

These assets were not representative of a significant component of our portfolio, nor will the disposition or contributions represent a significant shift in our strategy.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

3. Leases

Lessor Accounting

We generate most of our revenue by leasing operating properties to customers under operating lease agreements. We recognize the total minimum lease payments provided for under the leases on a straight-line basis over the lease term if we determine that it is probable that substantially all of the lease payments will be collected over the lease term. Otherwise, rental revenue is recognized based on the amount contractually due. Generally, under the terms of our leases, some of our rental expenses, including common area maintenance, real estate taxes and insurance, are recovered from our customers. We record amounts reimbursed by customers in the period the applicable expenses are incurred, which is generally ratably throughout the term of the lease. Reimbursements are recognized in rental and other services revenue in the condensed consolidated income statements as we are the primary obligor with respect to purchasing and selecting goods and services from third-party vendors and bearing the associated credit risk. Our largest customer’s total revenue approximates 11% of our total revenue base. No other individual customer makes up more than 10% of our total revenue.

Lessee Accounting

We lease space at certain of our data centers from third parties and certain equipment under noncancelable lease agreements. Leases for our data centers expire at various dates through 2069. As of March 31, 2026, certain of our data centers, primarily in Europe and Singapore, are subject to ground leases. As of March 31, 2026, the termination dates of these ground leases generally range from 2038 to 2073. In addition, our corporate headquarters along with several regional office locations are subject to leases with termination dates ranging from 2026 to 2037.

The leases generally require us to make fixed rental payments that increase at defined intervals during the term of the lease, plus pay our share of common area, real estate and utility expenses as incurred. The leases neither contain residual value guarantees nor impose material restrictions or covenants on us. Further, the leases have been classified and accounted for as either operating or finance leases. Rent expense related to operating leases included in rental property operating and maintenance expense in the condensed consolidated income statements amounted to approximately $41.2 million and $38.2 million for the three months ended March 31, 2026 and 2025.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

4. Receivables

Accounts and Other Receivables, Net

Accounts and other receivables, net is primarily comprised of contractual rents and other lease-related obligations currently due from customers. These amounts (net of an allowance for doubtful accounts) are shown in the subsequent table as Accounts receivable – trade, net. The other receivables shown separately from Accounts receivable – trade, net consist primarily of value-added tax receivables, various management fees for functions provided to managed joint ventures, as well as amounts that have not yet been billed to customers, such as for utility reimbursements and installation fees.


	Balance as of		Balance as of
(Amounts in thousands):	March 31, 2026		December 31, 2025
Accounts receivable – trade	$	771,338	$	815,146
Allowance for doubtful accounts		(79,224)		(86,351)
Accounts receivable – trade, net		692,114		728,795

Accounts receivable – customer recoveries		248,940		213,023
Value-added tax receivables		95,813		109,816
Accounts receivable – installation fees		117,227		119,295
Other receivables		276,148		187,966
Accounts and other receivables, net	$	1,430,242	$	1,358,895

Deferred Rent, Net

Deferred rent, net represents rental income that has been recognized as revenue but which is not yet due from customers under their existing rental agreements. The Company recognizes an allowance for deferred rent receivables to the extent it becomes no longer probable that a customer or group of customers will be able to make substantially all of their required cash rental payments over the entirety of their respective lease terms.


	Balance as of		Balance as of
(Amounts in thousands):	March 31, 2026		December 31, 2025
Deferred rent receivables	$	766,750	$	752,531
Allowance for deferred rent receivables		(1,552)		(1,624)
Deferred rent, net	$	765,198	$	750,907

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

5. Investments in Unconsolidated Entities

A summary of the Company’s investments in unconsolidated entities accounted for under the equity method of accounting is shown below (in thousands):


	Balance as of		Balance as of
		March 31, 2026		December 31, 2025
Americas⁽¹⁾	$	2,150,395	$	1,995,074
APAC⁽²⁾		685,688		707,368
EMEA⁽³⁾		255,993		269,344
Global⁽⁴⁾		444,681		456,117
Total	$	3,536,757	$	3,427,903

Includes the following unconsolidated entities along with our ownership percentage as of March 31, 2026:

(1)	Ascenty (49%), Blackstone (ranging from 20% to 50%), Clise (50%), GI Partners (ranging from 20% to 25%), Mapletree (20%), Menlo (20%), Mitsubishi (20%), Realty Income (20%), TPG Real Estate (20%), Digital Realty DC Partners NA Fund (the “Fund”) (20%) and Walsh (88%).

(2)	Digital Connexion (33%), Digital Realty Bersama (50%), Lumen (50%) and MC Digital Realty (50%).

(3)	Blackstone (20%), Medallion (60%), and Mivne (50%).

(4)	Digital Core REIT (ranging from 10% to 35%).

Generally, we serve as the managing member responsible for operations in the ordinary course of business of the unconsolidated entities. We perform the day-to-day accounting and property management functions for the unconsolidated entities and, as such, will earn management fees. In certain unconsolidated entities, we may also earn incentive fees upon liquidation of individual unconsolidated entities’ assets based primarily on the total return of the investments over certain financial hurdles. The incentive fee and financial hurdle vary by each entity. However, certain approval rights are granted through the terms of the operating agreements and require unanimous consent of both members with respect to any major decisions. Generally, major decisions are defined to include the annual plan which sets out unconsolidated entity and property level budgets, including lease revenues, operating expenses, and capital expenditures. As such, we concluded we do not own a controlling interest and account for our interest in the unconsolidated entities under the equity method of accounting.

Digital Realty DC Partners NA Fund – During the first half of 2025, the Company launched the Fund, successfully raising more than $3 billion of equity commitments to date. As of March 31, 2026, the Fund owned an 80% interest in each individual asset, while the Company retained the remaining 20% ownership and less than a 2% direct interest in the Fund. The Company will continue to serve as general partner, maintaining operational and management responsibilities for the assets. However, certain governance rights are granted to the limited partners. As such, we continue to conclude we do not own a controlling interest and account for our interest in the assets under the equity method of accounting.

DCREIT – Digital Core REIT is a standalone real estate investment trust formed under Singapore law, which is publicly traded on the Singapore Exchange under the ticker symbol “DCRU”. DCREIT owns 12 operating data center properties. The Company has ownership interest in the units of DCREIT, as well as ownership interests in the operating properties of DCREIT.

As of March 31, 2026, the Company held 32% of the outstanding DCREIT units and separately owned a 10% direct retained interest in the underlying North American operating properties and a 35% direct retained interest in a Frankfurt asset.

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(Unaudited)

The Company’s 32% interest in DCREIT consisted of 420 million units as of March 31, 2026 and December 31, 2025. Based on the closing price per unit of $0.51 as of March 31, 2026 and December 31, 2025, the fair value of the units the Company owned in DCREIT was approximately $214 million as of March 31, 2026 and December 31, 2025.

Pursuant to contractual agreements with DCREIT and its operating properties, the Company will earn fees for asset and property management services as well as fees for aiding in future acquisition, disposition and development activities. Certain of these fees are payable to the Company in the form of additional units in DCREIT or in cash. The Company earned fees pursuant to these contractual agreements of approximately $2.7 million and $2.9 million for the three months ended March 31, 2026 and 2025 which are recorded as Fee income and other on the condensed consolidated income statements.

Ascenty – In addition to the Company’s 49% ownership interest in Ascenty, there is also an approximate 2% interest held by one of the Company’s noncontrolling interest holders. This 2% interest had a carrying value of approximately $23 million as of March 31, 2026 and December 31, 2025. Ascenty is a variable interest entity (“VIE”) and the Company’s maximum exposure to loss related to this VIE is limited to our equity investment in the entity.

Debt – The debt of our unconsolidated entities generally is non-recourse to us, except for customary exceptions pertaining to matters such as intentional misuse of funds, environmental conditions, and material misrepresentations.

6. Goodwill

Goodwill represents the excess of the purchase price over the fair value of net tangible and intangible assets acquired in a business combination. Changes in the value of goodwill at March 31, 2026 as compared to December 31, 2025 were driven by changes in exchange rates associated with goodwill balances denominated in foreign currencies.

7. Acquired Intangible Assets and Liabilities

The following table summarizes our acquired intangible assets and liabilities:


	Balance as of
	March 31, 2026						December 31, 2025
(Amounts in thousands)		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Customer relationship value	$	2,886,618	$	(1,303,569)	$	1,583,049	$	2,921,841	$	(1,271,137)	$	1,650,704
Acquired in-place lease value		983,078		(864,975)		118,103		987,495		(853,333)		134,162
Other		115,722		(61,385)		54,337		114,397		(61,403)		52,994
Acquired above-market leases		110,361		(109,125)		1,236		111,036		(109,352)		1,684
Acquired below-market leases		(241,228)		210,910		(30,318)		(241,779)		209,607		(32,172)
Total	$	3,854,551	$	(2,128,144)	$	1,726,407	$	3,892,990	$	(2,085,618)	$	1,807,372

Amortization of customer relationship value, acquired in-place lease value and other intangibles (a component of depreciation and amortization expense) was approximately $59.3 million and $57.1 million for the three months ended March 31, 2026 and 2025.

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(Unaudited)

Amortization of acquired below-market leases, net of acquired above-market leases, resulted in an increase in rental and other services revenue of $1.4 million and $1.2 million for the three months ended March 31, 2026 and 2025, respectively.

Estimated annual amortization for each of the five succeeding years and thereafter, commencing April 1, 2026 is as follows:


(Amounts in thousands)		Customer relationship value		Acquired in-place lease value		Other		Acquired above-market leases		Acquired below-market leases
2026	$	129,876	$	37,115	$	4,818	$	125	$	(4,047)
2027		172,753		40,487		5,585		201		(5,419)
2028		150,196		18,742		6,450		375		(5,383)
2029		116,045		5,858		6,499		342		(5,383)
2030		116,045		4,950		6,499		193		(5,383)
Thereafter		898,134		10,951		24,486		—		(4,703)
Total	$	1,583,049	$	118,103	$	54,337	$	1,236	$	(30,318)

8. Debt of the Operating Partnership

All debt is currently held by the OP or its consolidated subsidiaries, and the Parent is the guarantor or co-guarantor of the Global Revolving Credit Facility and the Yen Revolving Credit Facility, the unsecured term loans and the unsecured senior notes. A summary of outstanding indebtedness is as follows (in thousands):


		March 31, 2026					December 31, 2025
		Weighted-					Weighted-
		average		Amount			average		Amount
		interest rate		Outstanding			interest rate		Outstanding
Global Revolving Credit Facilities		1.39	%	$	725,905		2.63	%	$	918,540
Unsecured term loans		2.80	%		433,238		2.73	%		440,475
Unsecured senior notes		2.60	%		16,133,307		2.60	%		16,321,227
Secured and other debt⁽¹⁾		8.93	%		845,118		9.02	%		876,528
Total		2.85	%	$	18,137,568		2.90	%	$	18,556,770

(1)	In March, we voluntarily paid down Teraco debt of $53 million. The paydown resulted in a loss on debt extinguishment and modifications of approximately $4.1 million.

The weighted-average interest rates shown represent interest rates at the end of the periods for the debt outstanding and include the impact of designated interest rate swaps, which effectively fix the interest rates on certain variable rate debt, along with cross-currency interest rate swaps, which effectively convert a portion of our U.S. dollar-denominated fixed-rate debt to foreign currency-denominated fixed-rate debt in order to hedge the currency exposure associated with our net investment in foreign subsidiaries.

Table of Contents

DIGITAL REALTY TRUST, INC. AND SUBSIDIARIES

DIGITAL REALTY TRUST, L.P. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

We primarily borrow in the functional currencies of the countries where we invest. Included in the outstanding balances were borrowings denominated in the following currencies (in thousands, U.S. dollars):


		March 31, 2026				December 31, 2025
		Amount				Amount
Denomination of Draw		Outstanding		% of Total		Outstanding		% of Total
U.S. dollar ($)		$	2,703,809	14.9	%	$	2,922,170	15.8	%
British pound sterling (£)			1,190,430	6.6	%		1,212,750	6.5	%
Euro (€)			11,873,746	65.5	%		12,199,575	65.7	%
Other			2,369,583	13.0	%		2,222,275	12.0	%
Total		$	18,137,568			$	18,556,770

The table below summarizes debt maturities and principal payments as of March 31, 2026 (in thousands):

Global Revolving

Unsecured

Secured and

DIGITAL REALTY TRUST, INC. 10-Q