Digital Realty Trust (DLR) 10-K risk factor changes: FY2024 vs FY2023

Please refer to the section entitled “Forward-Looking Statements” starting on page [removed: 47.][added: 46.]

| | ● | We and our third-party providers [removed: may be] [added: are] vulnerable to cyberattacks and security breaches that could materially disrupt or compromise our operations, data and results. |

| | ● | We depend upon third-party suppliers for [removed: power,] [added: power] and we are vulnerable to service failures and [removed: to] price increases by such suppliers and to volatility in the supply and price of power in the open market. |

| | ● | The tax imposed on REITs engaging in “prohibited transactions” may limit our ability to engage in transactions which would be treated as sales for [added: U.S.] federal income tax purposes. |

| | ● | If Digital Realty [removed: Trust] [added: Trust,] L.P. were to fail to qualify as a partnership for [added: U.S.] federal income tax purposes, Digital Realty Trust, Inc. would fail to qualify as a REIT and suffer other adverse consequences. |

[removed: Mergers] or consolidations of technology companies could reduce further the number of our customers and potential customers and make us more dependent on a more limited number of customers.

If our competitors offer space that our customers or potential customers perceive to be superior to ours based on factors such as available power, security, location, or connectivity, or if they offer rental rates below current market rates, or below the rental rates we are offering, we may lose customers or potential customers or be required to incur costs to [removed: improve our data centers or reduce our rental rates.]

[removed: Any] [added: A] failure to meet these or other commitments or [removed: any] equipment damage in our data centers [removed: due to any reason] could subject us to contractual liability, including service level credits against customer rent payments, legal liability and monetary damages, regulatory sanctions, or, in certain cases of repeated failures, the right by the customer to terminate the agreement.

We and our third-party providers [removed: may be] [added: are] vulnerable to cyberattacks and security breaches that could materially disrupt or compromise our operations, data and results.

[removed: Attacks, breaches or disruptions to our, or any providers’ or customers’, Information Systems or controls could result in, among other things, unauthorized] [added: Unauthorized] access to our or customers’ physical assets or Information Systems, misappropriation of our or customers’ sensitive or proprietary information, [added: or] disruptions to our or customers’ [removed: operations,] [added: operations as a result of attacks,] breaches [added: or disruptions to our, or any providers’ or customers’, Information Systems or controls could lead to material breaches] of legal and regulatory (e.g., privacy laws such as GDPR) or contractual obligations, and/or other operational and business impacts.

While to date no attacks or incidents have materially impacted us, we cannot guarantee that [added: any incidents will not materially impact us or that] material incidents will not occur in the future.

For some customers, we provide digital infrastructure and platforms-as-a-service, which increases the risk of compromise to customer data, and we have been expanding these aspects of our [removed: business.][added: business globally.]

As of December 31, [removed: 2023,] [added: 2024,] the 20 largest customers in our portfolio represented approximately [removed: 50%] [added: 51%] of the total annualized recurring revenue generated by our properties.

Our top three customers represented approximately [removed: 21%] [added: 23%] of the total annualized recurring revenue generated by our properties as of December 31, [removed: 2023.][added: 2024.]

In addition, [removed: 32] [added: 31] of our [removed: 309] [added: 308] data centers are occupied by single customers, including data centers occupied solely by our top three customers.

As of February [removed: 23, 2024,] [added: 18, 2025,] we had no material customers in bankruptcy.

At December 31, [removed: 2023,] [added: 2024,] we owned approximately [removed: 8.5] [added: 8.9] million square feet of space under active development and approximately [removed: 4.1] [added: 4.7] million square feet of space held for future development.

[removed: In addition, as of December 31, 2023, customer agreements representing 22.8% of the square footage of the properties in] our portfolio, excluding month-to-month leases and space held for development, were scheduled to expire through [removed: 2025,] [added: 2026,] and an additional [removed: 19.7%] [added: 17.2%] of the net rentable square footage, excluding space held for development, was available to be leased.

Our portfolio is located in [removed: 54] [added: 60] metropolitan areas.

As of December 31, [removed: 2023,] [added: 2024,] our portfolio, including the [removed: 67] [added: 78] data centers held as investments in unconsolidated entities, was geographically concentrated in the following metropolitan areas:

| Northern Virginia | | [removed: 17.3] [added: 19.6] | % |

| New York | ​ | [removed: 4.8] [added: 4.4] | % |

| Silicon Valley | | [removed: 4.6] [added: 4.0] | % |

| Sao Paulo | | [removed: 4.2] [added: 3.9] | % |

| (1) | Annualized rent is monthly contractual rent (defined as cash base rent before abatements) under existing leases as of December 31, [removed: 2023] [added: 2024] multiplied by 12. Includes consolidated portfolio and unconsolidated entities at the entities’ 100% ownership level. The aggregate amount of abatements for the year ended December 31, [removed: 2023] [added: 2024] was approximately [removed: $105.3] [added: $44.3] million. |

Risks related to epidemics, pandemics or other outbreaks of an illness, disease or virus could also lead to the complete or partial closure of one or more of our offices or properties or our [removed: customers’, suppliers’ or business partners’ businesses, or otherwise result in significant disruptions to our business and operations or theirs.]

These leased buildings accounted for approximately [removed: 15%] [added: 14%] of our total revenue for the year ended December 31, [removed: 2023.][added: 2024.]

Our global supply chain and development activities could be impacted by disruptions, such as political events, international trade [removed: disputes,] [added: disputes and tariffs,] war, terrorism, natural disasters, public health issues, industrial accidents, [added: national security concerns,] pandemics and other business interruptions, which could impact our ability to meet delivery timelines, including delivery timelines to our customers.

During the [removed: pandemic and its related and other] ongoing global supply chain [removed: issues,] [added: constraints,] we have actively monitored our [removed: vendors and] suppliers and remain in frequent communication with customers, contractors and suppliers.

Although to date, we have been able to manage through disruptions in our supply chain and procurement process due to the [removed: pandemic] [added: high demand] and other global events, continuing disruptions could have a material adverse impact on our business and financial condition.

[removed: However, the full extent and impact of global] supply chain constraints on our future supply chain and procurement process cannot be reasonably estimated at this time and it could have a material adverse impact on our business and financial condition.

Additionally, due to regulations that apply to our customers as well as industry standards, such as ISO and SOC certifications which customers may deem desirable, they may seek specific requirements [added: and certifications] from their data centers that we are unable to provide.

We depend upon third-party suppliers for [removed: power,] [added: power] and we are vulnerable to service failures and price increases by such suppliers and to volatility in the supply and price of power in the open market.

We rely on third parties to provide power to our data centers, and we cannot ensure that these third parties will deliver such power in adequate [removed: quantities] [added: quantities, at acceptable levels of power quality,] or on a consistent basis.

[removed: We are also reliant on third parties to deliver additional power capacity to support the growth of our business] If the amount of power available to us is inadequate to support our customer requirements, we may be unable to satisfy our obligations to our customers or grow our business.

In addition, our data centers may be susceptible to power shortages and planned or unplanned [removed: power] outages caused by these shortages.

In addition, the price of these fuels and the total cost of delivered electricity could increase as a result of: regulations intended to regulate carbon emissions and other pollutants, ratepayer surcharges related to recovering the cost of extreme weather events and natural disasters, geopolitical conflicts, military conflicts, grid modernization charges, [added: renewable energy adoption,] as well as other charges borne by ratepayers.

We have also entered into power purchase agreements with contract terms ranging from [removed: 5-15] [added: 5-20] years.

These agreements require us to purchase renewable energy and/or [removed: renewable energy credits] [added: environmental attribute certificates] from producers at fixed prices over the terms of the contracts, subject to certain adjustments.

In the event that the market price for energy decreases, we may be required to pay more under the power purchase agreements than we would otherwise if we were to purchase [removed: renewable energy credits] [added: environmental attribute certificate] on the open market, which could adversely affect our results of operations.

Mergers

We are also reliant on third parties to deliver additional power capacity to support the growth of our business.

Some of our data centers in Europe could be affected adversely if Russia further curtails or ends gas exports to Europe.

improve our data centers or reduce our rental rates.

For example, we have experienced, and may in the future experience, sophisticated social engineering/phishing attacks that involve unauthorized access to our information.

Given the nature of complex systems, software and services like ours, and the scanning tools that we deploy across our networks and products, we regularly identify and track security vulnerabilities.

However, certain vulnerabilities may not be discovered, and not all vulnerabilities may be remediated in a timely manner.

In addition, as of December 31, 2024, customer agreements representing 23.3% of the square footage of the properties in

In addition, our power and cooling systems are difficult and expensive to upgrade, especially as we design our data centers to the specifications of new and evolving technologies, such as Artificial Intelligence (“AI”), which are more power-intensive.

| ​ | ​ | December 31, 2024 | |

| Chicago | | 7.7 | % |

| Frankfurt | | 5.9 | % |

| Dallas | | 5.3 | % |

| London | | 5.0 | % |

| Singapore | | 4.6 | % |

| Amsterdam | | 4.0 | % |

| Portland | | 3.4 | % |

| Johannesburg | | 3.2 | % |

| Paris | | 2.9 | % |

| Phoenix | ​ | 1.7 | % |

| Other | | 22.4 | % |

customers’, suppliers’ or business partners’ businesses, or otherwise result in significant disruptions to our business and operations or theirs.

However, the full extent and impact of global

Our insurance policies contain industry standard coverage terms, limits and exclusions.

We insure other catastrophic events, such as floods, earthquakes and hurricanes based on commercially reasonable deductible limits, and such insurance may be insufficient to fully cover our losses.

In addition, emerging tools and technologies we utilize in providing our products, like AI and machine learning, may also become subject to regulation under new laws or new applications of existing laws.

The Organization for Economic Cooperation and Development (the “OECD”) has developed a framework to establish certain international standards for taxing the worldwide income of multinational companies, including, among other things, provisions that would ensure all companies pay a global minimum tax of 15% (the “Pillar Two rules”).

While the United States has not yet adopted the Pillar Two rules, various other governments around the world have enacted or are enacting such legislation.

We are continuing to evaluate the impacts of these developments in the jurisdictions in which we operate, including our qualification for certain exceptions to the application of these rules.

[Index to Financial Statements](#INDEX_423931)

For example, we frequently face sophisticated phishing campaigns designed to install malicious software on our network.

In addition, our power and cooling systems are difficult and expensive to upgrade.

| ​ | ​ | December 31, 2023 | |

| Chicago | | 8.1 | % |

| Frankfurt | | 6.4 | % |

| London | | 5.2 | % |

| Singapore | | 5.0 | % |

| Dallas | | 4.9 | % |

| Amsterdam | | 4.3 | % |

| Johannesburg | | 2.7 | % |

| Paris | | 2.7 | % |

| Portland | | 2.6 | % |

| Phoenix | ​ | 1.8 | % |

| Other | | 23.4 | % |

In particular, the global spread of COVID-19 and the various attempts to contain it have created significant volatility, uncertainty and economic disruption, including in construction activity.

We have experienced delays in construction activity in certain markets as a result of the availability of labor, and these delays have impacted and are continuing to impact some of our anticipated deliveries to our customers.

We may continue to experience delays in construction activity due to increased safety protocols implemented in response to the COVID-19 pandemic.

Some of our data centers in Europe indirectly rely on energy produced in-part from fossil fuels, including fossil fuels that may originate from Russia, which Russia has reduced.

If Russia further reduces or turns off energy supplies to Europe, our European operations could be affected adversely.

A significant portion of our properties are located in seismically active zones such as California, which represents approximately 7% of our portfolio’s annualized rent as of December 31, 2023.

See “Item 1.

A discussion regarding our financial condition and results of operations for [removed: 2023] [added: 2024] as compared to [removed: 2022] [added: 2023] is presented herein.

Information on [removed: 2021] [added: 2022] is presented in graphs and other tables only to show year-over-year trends in our results of operations and operating metrics.

Our financial condition for [removed: 2021] [added: 2022] and results of operations for [removed: 2021] [added: 2022] – and also [removed: 2021] [added: 2022] as compared to [removed: 2022] [added: 2023] – can be found under Item 7.

Management’s Discussion and Analysis of Financial Condition and Results of Operations, of our Annual Report on Form 10-K for the fiscal year ended December 31, [removed: 2022,] [added: 2023,] filed with the SEC on February [removed: 27, 2023.][added: 23, 2024.]

Digital Realty Trust, Inc. operates as a REIT for [added: U.S.] federal income tax purposes, and our Operating Partnership is the entity through which we conduct our business and own our assets.

Summary of [removed: 2023] [added: 2024] Significant Activities

_We completed the following significant activities in [removed: 2023] [added: 2024] as described in the Notes to the Consolidated Financial Statements:_

| | [removed: ●] [added: c.] | [removed: In 2023, we generated net proceeds of approximately $2.2 billion from] [added: offset by] the issuance of approximately 20.0 million shares of common [removed: stock] [added: stock, net of costs, for approximately $2.2 billion] under our ATM [removed: program.] [added: program in 2023; and] |

| | [removed: ●] [added: o] | [removed: In July 2023, we] formed a joint venture with [removed: TPG Real Estate, and TPG Real Estate acquired an 80% interest in three stabilized] [added: Blackstone Inc. to develop four] hyperscale data center [removed: buildings in] [added: campuses across Frankfurt, Paris and] Northern [removed: Virginia that we contributed.] [added: Virginia.] We received approximately [removed: $1.4 billion] [added: $231 million] of [removed: gross] [added: net] proceeds from the contribution of our data centers to the [added: first phase of the] joint venture and [removed: the associated financing and] retained a 20% interest in the joint venture. As a result of transferring control, we derecognized the data centers and recognized a [removed: gain] [added: loss] on disposition of approximately [removed: $576] [added: $0.3] million. We perform the day-to-day accounting and property management functions for the joint [removed: venture] [added: ventures] and, as such, will earn [removed: a] management [removed: fee.] [added: fees; and] |

| | ● | In [removed: November 2023,] [added: March 2024,] we formed a joint venture with [removed: Realty Income] [added: Mitsubishi Corporation, or Mitsubishi,] to support the development of two data centers in [removed: Northern Virginia.] [added: the Dallas metro area.] The facilities were 100% pre-leased prior to construction. We contributed the two data center buildings at a [removed: purchase price] [added: contribution value] of [removed: $185 million, which represented costs spent through November 10, 2023, to the new joint venture.] [added: approximately $261 million.] We received approximately [removed: $148] [added: $153] million of gross proceeds from the contribution of our data centers to the joint venture and retained a [removed: 20%] [added: 35%] interest in the joint venture. [removed: Realty Income] [added: Mitsubishi] contributed such cash [removed: to the joint venture] in exchange for [removed: an 80%] [added: a 65%] interest in the joint venture. [removed: Each partner will fund its pro rata share] [added: As a result] of [removed: the remaining $150 million estimated development cost for] [added: transferring control, we derecognized] the [removed: first phase] [added: data centers and recognized a gain on disposition] of [removed: the project, which is slated for completion in mid-2024.] [added: approximately $7.0 million.] We perform the day-to-day accounting and property management functions for the joint venture and, as such, will earn a management fee. |

| ​ | ​ | As of December 31, [removed: 2023] [added: 2024] | | | | | | ​ | As of December 31, [removed: 2022] [added: 2023] | | | | | |

| North America | ​ | [removed: 107] [added: 101] | [removed: 20,150] [added: 20,004] | [removed: 2,590] [added: 2,775] | [removed: 1,335] [added: 1,025] | [removed: 83.8] [added: 85.5] | % | ​ | [removed: 119] [added: 107] | [removed: 21,894] [added: 20,150] | [removed: 3,165] [added: 2,590] | [removed: 1,110] [added: 1,335] | [removed: 86.3] [added: 83.8] | % |

| Asia Pacific | ​ | 11 | [removed: 1,652] [added: 1,577] | [removed: 73] [added: 66] | [removed: 207] [added: 289] | [removed: 76.7] [added: 81.2] | % | ​ | [removed: 12] [added: 11] | [removed: 1,653] [added: 1,652] | [removed: 421] [added: 73] | [removed: 88] [added: 207] | [removed: 75.9] [added: 76.7] | % |

| Africa | ​ | 12 | [removed: 1,528] [added: 1,704] | [removed: 1,581] [added: 1,422] | [removed: 23] [added: 21] | [removed: 71.0] [added: 82.8] | % | ​ | 12 | [removed: 1,184] [added: 1,528] | [removed: 873] [added: 1,581] | [removed: 12] [added: 23] | [removed: 70.2] [added: 71.0] | % |

| Consolidated Portfolio | ​ | [removed: 242] [added: 230] | [removed: 32,203] [added: 32,120] | [removed: 7,535] [added: 7,096] | [removed: 1,884] [added: 2,052] | [removed: 79.8] [added: 82.9] | % | ​ | [removed: 257] [added: 242] | [removed: 32,667] [added: 32,203] | [removed: 8,720] [added: 7,535] | [removed: 1,436] [added: 1,884] | [removed: 83.5] [added: 79.8] | % |

| Managed Unconsolidated Portfolio | ​ | [removed: 22] [added: 31] | [removed: 3,843] [added: 5,552] | [removed: 364] [added: 1,022] | [removed: —] [added: 400] | [removed: 93.7] [added: 91.8] | % | ​ | [removed: 18] [added: 22] | [removed: 2,389] [added: 3,843] | [removed: —] [added: 364] | — | [removed: 98.4] [added: 93.7] | % |

| Non-Managed Unconsolidated Portfolio | ​ | [removed: 45] [added: 47] | [removed: 3,641] [added: 3,654] | [removed: 571] [added: 787] | [removed: 2,246] [added: 2,234] | [removed: 85.3] [added: 83.0] | % | ​ | [removed: 41] [added: 45] | [removed: 3,100] [added: 3,641] | [removed: 526] [added: 571] | [removed: 1,915] [added: 2,246] | [removed: 87.1] [added: 85.3] | % |

| Total Portfolio | ​ | [removed: 309] [added: 308] | [removed: 39,688] [added: 41,326] | [removed: 8,470] [added: 8,904] | [removed: 4,130] [added: 4,686] | [removed: 81.7] [added: 84.1] | % | ​ | [removed: 316] [added: 309] | [removed: 38,156] [added: 39,688] | [removed: 9,246] [added: 8,470] | [removed: 3,351] [added: 4,130] | [removed: 84.7] [added: 81.7] | % |

| (1) | Net rentable square feet [removed: represents] [added: represent] the current square feet under lease as specified in the applicable lease agreement plus management’s estimate of space available for lease based on engineering drawings. The amount includes customers’ proportional share of common areas but excludes space held for the intent of or under active development. |

| (2) | Space under active development includes current base building and data center projects in [removed: progress] [added: progress,] and excludes space held for development. For additional information on the current and future investment for space under active development, see “Liquidity and Capital Resources—Development Projects”. |

As of December 31, [removed: 2023,] [added: 2024,] our average remaining lease term was approximately five years.

The subsequent table summarizes our leasing activity in the year ended December 31, [removed: 2023] [added: 2024] (square feet in thousands):

| New Leases Signed (5) | | [added: ​] | ​ | | [added: ​] | ​ | | [added: ​] | | ​ | ​ | ​ | | [added: ​] | | [added: ​] |

| Leasing Activity Summary | | [added: ​] | ​ | | | ​ | | [added: ​] | | ​ | ​ | ​ | | | | |

| (2) | Rental rates represent average annual estimated base cash rent per rentable square foot – calculated for each contract based on total cash base rent divided by the total number of years in the contract (including any tenant concessions). All rates were calculated in the local currency of each contract and then converted to USD based on average exchange rates for the period December 31, [removed: 2023.] [added: 2024.] |

| (4) | Commencement dates for the leases signed range from [removed: 2023] [added: 2024] to [removed: 2024.] [added: 2025.] |

We continue to see strong demand in most of our key metropolitan areas for data center space and, subject to the supply of available data center space in these metropolitan areas, we expect average aggregate rental rates on renewed data center leases for [removed: 2024] [added: 2025] expirations to be positive as compared with the rates currently being paid for the same space on a GAAP basis and on a cash basis.

| Northern Virginia | | [removed: 17.3] [added: 19.6] | % |

| New York | ​ | [removed: 4.8] [added: 4.4] | % |

| Silicon Valley | | [removed: 4.6] [added: 4.0] | % |

| Sao Paulo | | [removed: 4.2] [added: 3.9] | % |

| (1) | Annualized rent is monthly contractual rent (defined as cash base rent before abatements) under existing leases as of the end of the period presented multiplied by 12. Includes consolidated portfolio and unconsolidated entities at the entities’ 100% ownership level. The aggregate amount of abatements for the year ended December 31, [removed: 2023] [added: 2024] was approximately [removed: $105.3] [added: $44.3] million. |

Our second-largest equity-method investment is Digital Core REIT, which is publicly traded on the Singapore Exchange (“SGX”) and which owns a portfolio of [removed: 12] [added: 10] properties operating in the United States, Canada, Germany and Japan.

A roll forward showing changes in the stabilized and non-stabilized portfolios for the year ended December 31, [removed: 2023] [added: 2024] as compared to December 31, [removed: 2022] [added: 2023] is shown below (in thousands).

| New development and space reconfigurations | ​ | [removed: (17)] [added: (458)] | ​ | [removed: 2,399] [added: 1,195] | ​ | [removed: 2,382] [added: 737] |

| Transfers to [removed: stabilized from] non-stabilized [added: from stabilized] | ​ | [removed: 2,368] [added: (170)] | ​ | [removed: (2,368)] [added: 73] | ​ | [removed: —] [added: (97)] |

| Transfers to [removed: non-stabilized from] stabilized [added: from non-stabilized] | ​ | [removed: (661)] [added: 2,369] | ​ | [removed: 591] [added: (2,431)] | ​ | [removed: (70)] [added: (62)] |

Comparison of the Year Ended December 31, [removed: 2023] [added: 2024] to the Year Ended December 31, [removed: 2022][added: 2023]

| ​ | | [removed: 2023] [added: 2024] | | | [removed: 2022] [added: 2023] | | | $ Change | | ​ | % Change | |

| Rental and other services | ​ | ​ | [removed: 5,430,173] [added: 5,482,472] | ​ | ​ | [removed: 4,662,683] [added: 5,430,173] | ​ | ​ | [removed: 767,490] [added: 52,299] | ​ | [removed: 16.5] [added: 1.0] | % |

| | ● | In January 2024, we: |

| | o | closed on the sale of our interest in four data centers to Brookfield Infrastructure Partners L.P., or Brookfield, for approximately $271 million. The sale was completed subsequent to Brookfield’s November 2023 acquisition of one of our customers, Cyxtera Technologies. As a result of the sale, we recognized a total gain on disposition of approximately $200.5 million, of which $191.6 million is included within Gain on disposition of properties, net and $8.9 million is included within Equity in (loss) earnings of unconsolidated entities on our condensed consolidated income statements. |

| | ● | In April 2024, we: |

| | o | expanded our existing joint venture with GI Partners with the sale to GI Partners of a 75% interest in a third facility on the same hyperscale data center campus in Chicago. We contributed the data center at a value of approximately $453 million. We received approximately $386 million of net proceeds from the contribution of our data center to the joint venture and the associated financing and retained a 25% interest in the joint venture. As a result of transferring control, we derecognized the data center and recognized a gain on disposition of approximately $172 million; and |

| | o | completed the sale of an additional 24.9% interest in a data center facility in Frankfurt, Germany to DCREIT for total consideration of approximately $126 million, and DCREIT then had a 49.9% interest in the Frankfurt data center. Because the Company still controlled this asset, no gain or loss was recorded on this 49.9% interest. In connection with this transaction, DCREIT loaned the consolidated subsidiary that owns the data center approximately $80 million. In December 2024, we |

| | | closed on the sale to DCREIT of an additional 15.1% interest in a data center located in Frankfurt, Germany for approximately $77 million. The transaction valued the Frankfurt facility at €470 million or $498 million (at 100% share). Including two prior investments, DCREIT now owns a 65% interest in this Frankfurt data center. We have retained a 35% interest in the Frankfurt facility. As a result of transferring control, we derecognized the Frankfurt facility and recognized a gain on disposition of approximately $101 million; and |

| | ● | In May 2024, Digital Realty Trust, Inc. and Digital Realty Trust, L.P. entered into an underwriting agreement with BofA Securities, Inc., Citigroup Global Markets Inc. and J.P. Morgan Securities LLC, as representatives of the several underwriters relating to the sale of up to approximately 12.1 million shares of common stock (including approximately 1.6 million shares that the underwriters had the option to purchase, and which option was exercised in full on May 8, 2024), at a purchase price to the underwriters of $136.66 per share. The offering closed on May 10, 2024, and we received net proceeds of approximately $1.7 billion. |

| | ● | In September 2024: |

| | o | Digital Dutch Finco B.V., an indirect wholly owned finance subsidiary of the Operating Partnership, issued and sold €850 million aggregate principal amount of 3.875% Guaranteed Notes due 2033 (the “2033 Notes”). Net proceeds from the offering were approximately €843 million (approximately $933 million based on the exchange rate on September 13, 2024) after deducting managers’ discounts and estimated offering expenses; and |

| | o | we refinanced our Global Revolving Credit Facility and Yen Revolving Credit Facility. The Global Revolving Credit Facilities provide for borrowings up to $4.4 billion (including approximately $0.3 billion available to be drawn on the Yen Revolving Credit Facility) based on currency commitments and foreign exchange rates as of December 31, 2024. The Global Revolving Credit Facility provides for borrowings in a variety of currencies and can be increased by an additional $1.8 billion, subject to receipt of lender commitments and other conditions precedent. Both facilities mature on January 24, 2029, with two six-month extension options available. |

| | ● | In November 2024, Digital Realty Trust, L.P. issued $1,150,000,000 principal amount of its 1.875% Exchangeable Senior Notes due 2029 (the “Exchangeable Notes”). Net proceeds from the offering were approximately $1.13 billion after deducting managers’ discounts and offering expenses. |

| | ● | In December 2024, the second phase of the Blackstone Inc. joint venture closed on hyperscale data center campuses in Frankfurt and Northern Virginia. We received approximately $385 million of net proceeds from the contribution of our data centers to the second phase of the joint venture and retained a 20% interest in the joint venture. As a result of transferring control, we derecognized the data centers and recognized a gain on disposition of approximately $44.5 million. |

| Europe | ​ | 106 | 8,836 | 2,833 | 717 | 77.3 | % | ​ | 112 | 8,873 | 3,291 | 319 | 75.8 | % |

Note: Table excludes data centers held for sale.

Individual items may not add up to total due to rounding.

| 0 — 1 MW | | 2,082 | ​ | $ | 251 | ​ | $ | 264 | | 5.0 | % | ​ | $ | 1 | | 1.5 |

| \> 1 MW | | 2,513 | ​ | $ | 129 | ​ | $ | 164 | | 27.4 | % | ​ | $ | 1 | | 5.5 |

| Other (6) | | 404 | ​ | $ | 46 | ​ | $ | 68 | | 47.1 | % | ​ | $ | 2 | | 5.4 |

| 0 — 1 MW | | 649 | ​ | | — | ​ | $ | 294 | | — | ​ | ​ | $ | 10 | | 3.9 |

| \> 1 MW | | 2,581 | ​ | | — | ​ | $ | 302 | | — | ​ | ​ | $ | — | | 11.6 |

| Other (6) | | 105 | ​ | | — | ​ | $ | 63 | | — | ​ | ​ | $ | 10 | | 12.2 |

| 0 — 1 MW | | 2,731 | ​ | | ​ | ​ | $ | 271 | | ​ | ​ | ​ | | ​ | | |

| \> 1 MW | | 5,094 | ​ | | ​ | ​ | $ | 234 | | ​ | ​ | ​ | | ​ | | |

| Other (6) | | 509 | ​ | | ​ | ​ | $ | 67 | | ​ | ​ | ​ | | ​ | | |

| (3) | Excludes short-term leases (less than 12 months). |

| ​ | ​ | December 31, 2024 | |

| Chicago | | 7.7 | % |

| Frankfurt | | 5.9 | % |

| Dallas | | 5.3 | % |

| London | | 5.0 | % |

| Singapore | | 4.6 | % |

| Amsterdam | | 4.0 | % |

| Portland | | 3.4 | % |

| Johannesburg | | 3.2 | % |

| Paris | | 2.9 | % |

| Phoenix | ​ | 1.7 | % |

| Other | | 22.4 | % |

| Dispositions / Sales | ​ | (475) | ​ | (544) | ​ | (1,019) |

| Acquisitions | ​ | — | ​ | 360 | ​ | 360 |

| As of December 31, 2024 | ​ | 23,866 | ​ | 8,256 | ​ | 32,122 |

| | ● | In 2023, we closed on the sale of three non-core assets for gross proceeds of approximately $341 million resulting in a net gain on sale in the aggregate of approximately $87 million. The assets and liabilities sold were not representative of a significant component of our portfolio nor did the sale represent a significant shift in our strategy. |

| | ● | In July 2023, we formed a joint venture with GI Partners, and GI Partners acquired a 65% interest in two stabilized hyperscale data center buildings in the Chicago metro area that we contributed. We received approximately $0.7 billion of gross proceeds from the contribution of our data centers to the joint venture and the associated financing and retained a 35% interest in the joint venture. As a result of transferring control, we derecognized the data centers and recognized a gain on disposition of approximately $238 million. We also granted GI Partners an option to purchase an interest in the third facility on the same hyperscale data center campus in Chicago. In addition, GI Partners has a call option to increase their ownership interest in the joint venture from 65% to 80%. The call option top-up election notice was delivered to the Company on December 21, 2023. On January 12, 2024, GI Partners made an additional cash capital contribution in the amount of $68 million, resulting in an additional 15% ownership in the joint venture. Currently, GI Partners has an 80% interest in the joint venture, and we have retained a 20% interest. We perform the day-to-day accounting and property management functions for the joint venture and, as such, will earn a management fee. |

| Europe | ​ | 112 | 8,873 | 3,291 | 319 | 75.8 | % | ​ | 114 | 7,936 | 4,261 | 226 | 79.3 | % |

| --- | --- |

| 0 — 1 MW | | 2,017 | ​ | $ | 242 | ​ | $ | 256 | | 5.7 | % | ​ | $ | 1 | | 1.6 |

| \> 1 MW | | 1,299 | ​ | $ | 126 | ​ | $ | 152 | | 21.0 | % | ​ | $ | 2 | | 4.5 |

| Other (6) | | 459 | ​ | $ | 31 | ​ | $ | 48 | | 55.5 | % | ​ | $ | 6 | | 5.1 |

| 0 — 1 MW | | 616 | ​ | | — | ​ | $ | 246 | | — | ​ | ​ | $ | 9 | | 4.3 |

| \> 1 MW | | 1,614 | ​ | | — | ​ | $ | 155 | | — | ​ | ​ | $ | 1 | | 13.0 |

| Other (6) | | 90 | ​ | | — | ​ | $ | 61 | | — | ​ | ​ | $ | 15 | | 6.0 |

| 0 — 1 MW | | 2,633 | ​ | | ​ | ​ | $ | 254 | | ​ | ​ | ​ | | ​ | | |

| \> 1 MW | | 2,913 | ​ | | ​ | ​ | $ | 154 | | ​ | ​ | ​ | | ​ | | |

| Other (6) | | 549 | ​ | | ​ | ​ | $ | 50 | | ​ | ​ | ​ | | ​ | | |

| (3) | Excludes short-term leases. |

| ​ | ​ | December 31, 2023 | |

| Chicago | | 8.1 | % |

| Frankfurt | | 6.4 | % |

| London | | 5.2 | % |

| Singapore | | 5.0 | % |

| Dallas | | 4.9 | % |

| Amsterdam | | 4.3 | % |

| Johannesburg | | 2.7 | % |

| Paris | | 2.7 | % |

| Portland | | 2.6 | % |

| Phoenix | ​ | 1.8 | % |

| Other | | 23.4 | % |

| As of December 31, 2022 | ​ | 23,160 | ​ | 9,507 | ​ | 32,667 |

| Dispositions / Sales | ​ | (2,250) | ​ | (526) | ​ | (2,776) |

| Stabilized | ​ | $ | 4,072,793 | ​ | $ | 3,559,571 | ​ | $ | 513,222 | ​ | 14.4 | % |

| Non-Stabilized | ​ | ​ | 1,357,380 | ​ | ​ | 1,103,112 | ​ | ​ | 254,268 | ​ | 23.1 | % |

| Total operating revenues | ​ | $ | 5,477,061 | ​ | $ | 4,691,834 | ​ | $ | 785,227 | ​ | 16.7 | % |

| | (iii) | $47.0 million due to an increase in installation fees and annual CPI indexation of fixed power agreements. |

| | (ii) | $140.5 million generated as a result of the Teraco acquisition in August 2022; and |

| ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Stabilized | ​ | $ | 1,146,241 | ​ | $ | 825,570 | ​ | $ | 320,671 | ​ | 38.8 | % | ​ |

| Non-Stabilized | ​ | | 325,595 | ​ | | 179,500 | ​ | ​ | 146,095 | ​ | 81.4 | % | ​ |

| Total Utilities | ​ | ​ | 1,471,836 | ​ | ​ | 1,005,070 | ​ | ​ | 466,766 | ​ | 46.4 | % | ​ |

| Stabilized | ​ | ​ | 646,670 | ​ | ​ | 599,761 | ​ | ​ | 46,909 | ​ | 7.8 | % | ​ |

| Non-Stabilized | ​ | | 263,160 | ​ | | 220,986 | ​ | ​ | 42,174 | ​ | 19.1 | % | ​ |

As of December 31, [removed: 2023,] [added: 2024,] our consolidated debt was as follows (in millions):

| ​ | | [removed: ​] [added: Outstanding] | [removed: ​] | | Estimated Fair | |

| Fixed rate debt | ​ | $ | [removed: 12,102.3] [added: 12,160] | ​ | $ | [removed: 11,000.8] [added: 11,463] |

| Variable rate debt subject to interest rate swaps | ​ | | [removed: 2,855.6] [added: 3,103] | ​ | | [removed: 2,855.6] [added: 3,103] |

| Total fixed rate debt (including interest rate swaps) | ​ | | [removed: 14,957.9] [added: 15,263] | ​ | | [removed: 13,856.5] [added: 14,566] |

| Variable rate debt | ​ | | [removed: 2,579.7] [added: 1,584] | ​ | | [removed: 2,579.7] [added: 1,584] |

| Total outstanding debt | ​ | $ | [removed: 17,537.7] [added: 16,847] | ​ | $ | [removed: 16,436.2] [added: 16,150] |

The following table shows the effect if assumed changes in interest rates occurred, based on fair values and interest expense as of December 31, [removed: 2023:][added: 2024:]

| Increase in fair value of interest rate swaps following an assumed 10% increase in interest rates | ​ | $ | [removed: 4.1] [added: 1] |

| Decrease in fair value of interest rate swaps following an assumed 10% decrease in interest rates | ​ | | [removed: (4.2)] [added: (1)] |

| Increase in annual interest expense on our debt that is variable rate and not subject to swapped interest following a 10% increase in interest rates | ​ | | [removed: 11.1] [added: 4] |

| Decrease in annual interest expense on our debt that is variable rate and not subject to swapped interest following a 10% decrease in interest rates | ​ | | [removed: (11.1)] [added: (4)] |

| Increase in fair value of fixed rate debt following a 10% decrease in interest rates | ​ | | [removed: 2,386.7] [added: (139)] |

| Decrease in fair value of fixed rate debt following a 10% increase in interest rates | ​ | | [removed: (2,839.3)] [added: (131)] |

| ​ | ​ | Balance | | | Value | |

[Index to Financial Statements](#INDEX_423931)

| ​ | ​ | Carrying Value | | | Value | |

The [removed: OP] [added: Operating Partnership] is the entity through which the Parent conducts its business of owning, acquiring, developing and operating data centers.

The [removed: OP] [added: Operating Partnership] was organized as a limited partnership in the state of Maryland on July 21, 2004.

As of December 31, [removed: 2023,] [added: 2024,] our portfolio consisted of [removed: 309] [added: 308] data centers (including [removed: 67] [added: 78] data centers held as investments in unconsolidated entities), of which [removed: 124] [added: 121] are located in the United States, 112 are located in Europe, 36 are located in Latin America, [removed: 14] [added: 16] are located in Africa, [removed: 14] [added: 16] are located in Asia, six are located in Australia and three are located in Canada.

[removed: Our global data center footprint] [added: Digital Realty] gives [added: its] customers access to the connected [removed: data] communities that matter to them with [added: a global data center footprint of] over 300 facilities [added: with over 227,000 cross connects] in [removed: 54 metropolitan areas] [added: over 50 metros] across [removed: 28] [added: more than 25] countries on six continents.

At December 31, [removed: 2023,] [added: 2024,] we owned or had investments in properties, on a wholly-owned basis or through unconsolidated entities, in the following geographies:

[removed: ][added: ]

As of December 31, [removed: 2023,] [added: 2024,] our [removed: portfolio] [added: portfolio, including investments in unconsolidated entities,] contained a total of approximately [removed: 52.3] [added: 54.9] million rentable square [removed: feet] [added: feet,] including approximately [removed: 8.5] [added: 8.9] million square feet of space under active development and [removed: 4.1] [added: 4.7] million square feet of space held for development.

As of December 31, [removed: 2023,] [added: 2024,] the [removed: 67] [added: 78] data centers held as investments in unconsolidated entities had an aggregate of approximately [removed: 10.7] [added: 9.2] million rentable square [removed: feet, and the 32 parcels of developable land we owned comprised approximately 743 acres.][added: feet.]

As of December 31, [removed: 2023,] [added: 2024,] our portfolio, including the [removed: 67] [added: 78] data centers held as investments in unconsolidated entities, was approximately [removed: 81.7%] [added: 84.1%] leased.

In addition, we are investing in our [added: consolidated and unconsolidated] portfolio to organically expand our capacity.

As of December 31, [removed: 2023,] [added: 2024,] we had [removed: 40] [added: 644 megawatts of] projects underway [removed: in 25] [added: across multiple] metropolitan areas around the world, and [removed: 53.5%] [added: 70%] percent of this data center activity was pre-leased.

Our [removed: Diversified] Product Offerings

We provide a flexible, global data center platform that allows our customers to [removed: tailor] [added: achieve] infrastructure deployments and controls matched to their business needs.

Our data centers and comprehensive suite of product offerings are [removed: scalable] [added: conceived] to [removed: meet our customers’ needs,] [added: scale,] from a single cabinet up to multi-megawatt [removed: deployments, along with connectivity, connected] data [removed: communities] [added: halls, complemented by connectivity] and [added: partnered] solutions to support their [removed: architecture] requirements.

[removed: Over the past few years, we have expanded our] [added: We strive to provide a] product mix [removed: to appeal] [added: that appeals] to [removed: a broader spectrum of data center customers,] [added: leading technology companies and enterprises,] especially those seeking to support a greater portion of their data center requirements through a single provider.

| [removed: Network Hub] [added: Network] | | Consolidates and localizes traffic into ingress/egress points to optimize network performance and cost |

| [removed: Control Hub] [added: Control] | | Hosts adjacent security and IT controls to improve security posture and Hybrid-IT operations |

| [removed: Data Hub] [added: Data] | | Localizes data aggregation, staging, analytics, streaming and data management to optimize data exchange and Private AI workloads [added: ​] |

| 0 to 1 MW (Colocation) ​ | | Small (one cabinet) to medium [removed: (75] [added: (150] cabinets) deployments Provides agility to quickly deploy in days Contract length generally 2-5 years Consistent designs, operational environment, power expenses |

| \> 1 MW (Scale & Hyperscale Powered Base [removed: Building® Turn-Key Flex®)] [added: Building®)] | | Scale from medium to very large deployments Solution can be executed in weeks Contract length generally 5-10+ years Customized data center environment for specific deployment needs |

The PlatformDIGITAL® solution model is available in our colocation and scale data centers, which are move-in ready, physically secure facilities with the power, cooling and interconnection capabilities to support customers requiring a cabinet, cage, suite or entire [removed: hall.][added: hall or building.]

We believe our colocation [removed: and Turn-Key Flex®] facilities are effective solutions for customers who may lack the bandwidth, capital budget, expertise or desire to provide their own extensive data center infrastructure, management and security.

We have more than 5,000 customers, and no single customer represented more than approximately [removed: 10.9%] [added: 11.5%] of the aggregate annualized recurring revenue of our portfolio as of December 31, [removed: 2023.][added: 2024.]

Our largest customer accounted for approximately [removed: 10.9%] [added: 11.5%] of our aggregate annualized recurring revenue as of December 31, [removed: 2023.][added: 2024.]

No other single customer accounted for more than approximately [removed: 5.5%] [added: 6.4%] of the aggregate annualized recurring revenue of our portfolio.

Since Digital Realty Trust, Inc.’s initial public offering in 2004, we have raised approximately [removed: $65] [added: $74] billion of capital through common (excluding forward contracts), preferred and convertible preferred equity offerings, exchangeable debt offerings, non-exchangeable bond offerings, our Global Revolving Credit Facilities, our term loan facilities, a senior notes shelf facility, secured mortgage financings and re-financings, joint venture partnerships and the sale of non-core assets.

In [removed: 2023,] [added: 2024,] for the [removed: seventh] [added: eighth] consecutive year, we received the Nareit “Leader in the Light” award for data centers, recognizing our sustainability and energy-efficiency achievements.

_a) [removed: 2022] [added: 2023] Energy Data_ (1)

| | (1) | The most recent full year for which energy data is available is [removed: 2022.] [added: 2023.] The scope of data coverage includes managed and non-managed assets. In [removed: 2022,] [added: 2023,] 99% of the Company’s portfolio consisted of data center space along with limited accessory uses, predominantly office space. These secondary space types are not broken out by subsector. |

| | (3) | Provided as a percent of energy consumption for managed assets. Excludes renewable energy delivered as part of the standard utility fuel mix. Includes above-baseline utility renewables (e.g., green tariffs), [removed: Renewable] Energy [removed: Credit (“REC”) and Guaranty-of-Origin (“GO”)] [added: Attribute Certificate (“EAC”)] purchases, customer-sourced renewable energy and [removed: RECs] [added: EACs] generated by the Company. |

| | (4) | Scope of data is aligned with the [removed: 2022] [added: 2023] GRESB Real Estate Assessment Reference Guide (“Like-for-like Comparison”). |

Our data center space receiving third-party sustainable ratings in [removed: 2023] [added: 2024] totaled [removed: 1.3] [added: 1.2] million square feet.

For existing buildings, we seek to benchmark 100% of applicable [added: U.S.] properties in ENERGY STAR Portfolio Manager and pursue EPA ENERGY STAR certification for eligible U.S. properties.

In [removed: 2023,] [added: 2024,] we achieved ENERGY STAR for Data Centers recognition for [removed: 31] [added: 39] data centers, representing [removed: 39%] [added: 52%] of our U.S. managed data center portfolio by square feet.

We may also certify certain properties outside the U.S. in accordance with regionally recognized energy performance rating standards, such as the NABERS rating scheme in [removed: Australia.][added: Australia, the Switzerland Data Center Efficiency Association rating scheme and others.]

In total, [removed: 30%] [added: 37%] of our total global managed portfolio by square feet had an energy rating as of December 31, [removed: 2023,] [added: 2024,] excluding Powered Base Building® space, space under active development, space held for development and non-managed assets.

[removed: Twenty-six] [added: Forty-six] of our data centers in EMEA participate in the European Union’s Code of Conduct for Energy Efficiency in Data Centers, a voluntary initiative which addresses airflow management, cooling system efficiency and capital plant replacement.

Energy efficiency measures [removed: implemented] typically [removed: involve] [added: affect building management systems, operational practices,] HVAC and [removed: lighting-related] [added: lighting] improvements and building commissioning.

In [removed: 2022,] [added: 2023,] energy efficiency measures implemented totaled over [removed: 14,000 MWh] [added: 19,800MWh] in projected energy saving.

In [removed: 2022,] [added: 2023,] we showed a [removed: 43%] [added: 38%] reduction in Scope 1 and 2 emissions and [removed: 1%] [added: 58%] reduction in Scope 3 emissions against our baseline.

Our principal executive offices are located at 2323 Bryan Street, Suite 1800, Dallas, Texas 75201.

Our telephone number is (214) 231-1350.

In addition, as of December 31, 2024, we estimate that our land and other space held for, or actively under, construction could accommodate over 3,500 megawatts of additional data center capacity, including more than 1,000 additional megawatts developable in Northern Virginia.

From time to time, we may look to sell individual assets or portfolios that we do not consider to be core to our business and growth strategy.

| High Density | ​ | Supports advances in mechanical cooling for next generation chipsets / infrastructure, maximizing performance of customer data center infrastructure |

| | | |

| 97% | 11,368,215 | 97% | 64% | 9% |

| 22588 Relocation Drive | Ashburn | LEED (1) | Gold |

| 5870 NE Schaaf Street | Portland | LEED (1) | Silver |

| Calle Alfonso Gomez 4 | Madrid | LEED (1) | Gold |

| Enceinte Portuaire—Building 4 | Marseille | BREEAM (2) | Very Good |

| Ifestoy Street 72-74 | Athens | LEED (1) | Gold |

| | (2) | BREEAM: Building Research Establishment Environmental Assessment Method |

| 92% | 15% | 5,685 | 12% | 18% |

| | (4) | Scope of data is aligned with the 2023 GRESB Real Estate Assessment Reference Guide (“Like-for-like Comparison”). |

There continue to be numerous international, U.S. federal and state-level initiatives and proposals to address domestic and global climate issues.

Climate change effects, if they occur, and governmental initiatives, laws and regulations to address potential climate concerns, could increase our costs and have a long-term adverse effect on our business and results of operations.

Future legislation or regulatory activity in this area remains uncertain, and its effect on our operations is unclear at this time.

See "We could incur significant costs related to environmental matters, including from government regulation, private litigation, and existing conditions at some of our properties." in Item 1A.

Risk Factors for further discussion.

| --- | --- | --- |

| Region | | ​ |

| EMEA | | 1,922 |

| Total | | 3,936 |

Workplace Belonging

It is our Company’s policy to recruit talent based on merit, without discrimination on the basis of any legally protected characteristic.

Together@Digital also runs a philanthropic program with charitable giving to non-profit groups that support a range of programs from veterans to cultural institutions.

Our principal executive offices are located at 5707 Southwest Parkway, Building 1, Suite 275, Austin, Texas 78735.

Our telephone number is (737) 281-0101.

Recent Acquisitions

On August 1, 2022, we completed the acquisition of 61.1% indirect controlling interest in Teraco Data Environments (Pty) Ltd., (“Teraco”), a leading carrier-neutral data center and interconnection services provider in South Africa.

The total purchase price was $1.7 billion cash, funded by our Global Revolving Credit Facility and partial settlement of our forward equity sale agreements.

Teraco’s financial information is included in our consolidated financial statements and associated notes to those financial statements.

[Index to Financial Statements](#INDEX_423931)

| Interxion Cloud Connect | ​ | Provides secure and high-performance VLAN interconnections to multiple cloud service providers from one physical connection |

In 2023, we allocated approximately €1.7 billion in net proceeds from our green bonds to green buildings, energy efficiency improvements, and renewable energy.

| 95% | 10,579,768 | 97% | 56% | 9% |

| 43704 Efficiency Drive | Ashburn | LEED (1) | Silver |

| 44540 Round Table Plaza | Ashburn | LEED (1) | Silver |

| 701 Union Boulevard | Totowa | LEED (1) | Gold |

| 908 Quality Way | Richardson | LEED (1) | Silver |

| 89% | 39% | 5,956 | 48% | 9% |

The Inflation Reduction Act, passed in 2022, commits funding to climate and energy programs but does not impose mandatory emissions reductions.

Regulatory agencies, including the U.S. Environmental Protection Agency, or EPA, and states have taken the lead in regulating GHG emissions in the U.S. The Biden administration has described climate change regulation as a top priority, announcing in April 2021 a target of reducing net U.S. GHG emissions by 50-52% from 2005 levels by 2030.

The EPA made an endangerment finding in 2009 that allows it to create regulations imposing emissions reporting, permitting, control technology installation, and monitoring requirements applicable to certain emitters of GHGs, including facilities that provide electricity to our data centers, although the materiality of the impacts will not be fully known until all regulations are finalized and legal challenges are resolved.

Under the Obama administration, the EPA finalized rules imposing permitting and control technology requirements upon certain newly-constructed or modified facilities which emit GHGs under the Clean Air Act New Source Review Prevention of Significant Deterioration, or NSR PSD, and Title V permitting programs.

As a result, newly-issued NSR PSD and Title V permits for new or modified electricity generating units (EGUs) and other facilities may need to address GHG emissions, including by requiring the installation of “Best Available Control Technology.” The EPA also implemented in December 2015 the “Clean Power Plan” regulating carbon dioxide (CO2) emissions from coal-fired and natural gas EGUs.

However, in 2019 the EPA repealed the Clean Power Plan and issued the “Affordable Clean Energy Rule” to replace the Clean Power Plan.

The Affordable Clean Energy Rule requires heat rate efficiency improvements at certain EGUs, but does not place numeric limits on EGU emissions.

In 2021, the U.S. Court of Appeals for the District of Columbia Circuit vacated both the Affordable Clean Energy Rule and the Clean Power Plan repeal rule, and the U.S. Supreme Court affirmed the ruling in 2022.

The EPA announced in January 2023 that it expects to propose carbon standards for new and existing power plants in April 2023 and finalize them by June 2024.

Separately, the EPA’s GHG “reporting rule” requires that certain emitters, including electricity generators, monitor and report GHG emissions.

States have been driving regulation to reduce GHG emissions in the United States.

At the state level, California implemented a GHG cap-and-trade program that began imposing compliance obligations on industrial sectors, including electricity generators and importers, in January 2013.

In September 2016, California adopted legislation calling for a further reduction in GHG emissions to 40% below 1990 levels by 2030, and in July 2017, California extended its cap-and-trade program through 2030.

In September 2018, California adopted legislation that will require all of the state’s electricity to come from carbon-free sources by 2045.

California also in December 2022 passed a regulation to achieve a zero-carbon economy by 2045.

The plan sets out various goals, including cutting GHG emissions by 48 percent by 2030 compared with 1990 levels, exceeding the state’s mandate of a 40 percent reduction.

As other examples of state action, in May 2021, Washington passed a law capping GHG emissions from electricity generators and other entities, and in December 2021 Oregon adopted a GHG cap-and-trade program.

In addition, in January 2023, New York implemented a “cap-and-invest” program which sets an annual cap on the amount of GHG emissions permitted statewide to meet the New York Climate Act requirement of a 40 percent reduction in emissions by 2030 and at least an 85 percent reduction by 2050, in each case using 1990 as a baseline.

Additionally, a number of states have adopted Renewable Portfolio Standards to increase the use of renewable energy, and a number of eastern states participate in the Regional Greenhouse Gas Initiative (RGGI), a market-based program aimed at reducing GHG emissions from power plants.

Outside the United States, the European Union, or EU (as well as the United Kingdom), have been operating since 2005 under a cap-and-trade program, which directly affects the largest emitters of GHGs, including electricity producers from whom we purchase power, and the EU has taken a number of other climate change-related initiatives, including a directive targeted at improving energy efficiency (which introduces energy efficiency auditing requirements).

In December 2019, EU leaders endorsed the objective of achieving by 2050 a climate-neutral EU, with net-zero GHG emissions, and in July 2021 the European Commission adopted the European Climate Law to write this goal into the law.

The European Climate Law includes a 2030 GHG reduction target of at least 55% below 1990 levels.

In July 2021 the European Commission also adopted a Carbon Border Adjustment Mechanism to institute a carbon import tax, which covers electricity imports.

In November 2022, the European Commission reached a provisional agreement with the European Parliament to establish binding GHG emission targets for the transport, buildings, waste, and agriculture sectors.

National legislation may also be implemented independently by members of the EU.

As of December 31, [removed: 2023,] [added: 2024,] we were not a party to any legal proceedings which we believe would have a material adverse effect on our operations or financial position.

| ​ | For the fiscal year ended December 31, [removed: 2023] [added: 2024] |

| Digital Realty Trust, Inc. | [removed: ☐] [added: ☒] |

| Digital Realty Trust, L.P. | [removed: ☐] [added: ☒] |

The aggregate market value of the common equity held by non-affiliates of Digital Realty Trust, Inc. as of June [removed: 30, 2023] [added: 28, 2024, the last business day of the registrant’s most recently completed second quarter,] totaled approximately [removed: $34] [added: $50] billion based on the closing price for Digital Realty Trust, Inc.’s common stock on that day as reported by the New York Stock Exchange.

Such value excludes common stock held by executive officers, directors and 10% or greater stockholders as of June [removed: 30, 2023.][added: 28, 2024.]

The identification of 10% or greater stockholders as of June [removed: 30, 2023] [added: 28, 2024] is based on Schedule 13G and amended Schedule 13G reports publicly filed before June [removed: 30, 2023.][added: 28, 2024.]

| Class | | Outstanding at February [removed: 21, 2024] [added: 18, 2025] | |

| Common Stock, $.01 par value per share | ​ | [removed: 312,293,563] [added: 336,644,245] | ​ |

Part III incorporates by reference portions of Digital Realty Trust, Inc.’s Proxy Statement for its [removed: 2024] [added: 2025] Annual Meeting of Stockholders which the registrants anticipate will be filed no later than 120 days after the end of their fiscal year pursuant to Regulation 14A.

This report combines the annual reports on Form 10-K for the year ended December 31, [removed: 2023] [added: 2024] 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.

The Parent is a real estate investment trust, or REIT, [added: for U.S. federal income tax purposes] and the sole general partner of the OP.

As of December 31, [removed: 2023,] [added: 2024,] the Parent owned an approximate [removed: 98.0%] [added: 98.2%] common general partnership interest in Digital Realty Trust, L.P. The remaining approximate [removed: 2.0%] [added: 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 December 31, [removed: 2023,] [added: 2024,] 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.

In this report, “Global Revolving Credit Facility” refers to our Operating Partnership’s [removed: $3.75] [added: $4.1] billion [removed: senior][added: equivalent]

[added: senior] unsecured revolving credit facility and global senior credit agreement; “Yen Revolving Credit Facility” refers to our Operating Partnership’s [removed: ¥33,285,000,000] [added: ¥42,511,000,000] (approximately [removed: $236] [added: $270] million based on exchange rates at December 31, [removed: 2023)] [added: 2024)] 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.

FOR THE YEAR ENDED DECEMBER 31, [removed: 2023][added: 2024]

| [ITEM 1A.](#ITEM1ARISKFACTORS_532063) | [Risk Factors](#ITEM1ARISKFACTORS_532063) | ​ | [removed: 16] [added: 14] |

| [ITEM 1B.](#ITEM1BUNRESOLVEDSTAFFCOMMENTS_820186) | [Unresolved Staff Comments](#ITEM1BUNRESOLVEDSTAFFCOMMENTS_820186) | ​ | [removed: 48] [added: 47] |

| [ITEM 1C.](#ITEM1BUNRESOLVEDSTAFFCOMMENTS_820186) | [Cybersecurity](#ITEM1BUNRESOLVEDSTAFFCOMMENTS_820186) | ​ | [removed: 48] [added: 47] |

| [ITEM 2.](#ITEM2PROPERTIES_147193) | [Properties](#ITEM2PROPERTIES_147193) | ​ | [removed: 50] [added: 49] |

| [ITEM 3.](#ITEM3LEGALPROCEEDINGS_800924) | [Legal Proceedings](#ITEM3LEGALPROCEEDINGS_800924) | ​ | [removed: 54] [added: 53] |

| [ITEM 4.](#ITEM4MINESAFETYDISCLOSURES_613413) | [Mine Safety Disclosures](#ITEM4MINESAFETYDISCLOSURES_613413) | ​ | [removed: 54] [added: 53] |

| [PART II.](#PARTII_509762) | ​ | ​ | [removed: 54] [added: 53] |

| [ITEM 5.](#ITEM5MARKETFORREGISTRANTSCOMMONEQUITYREL) | [Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](#ITEM5MARKETFORREGISTRANTSCOMMONEQUITYREL) | ​ | [removed: 54] [added: 53] |

| [ITEM 6.](#ITEM6SELECTEDFINANCIALDATA_11711) | [removed: Reserved[](#ITEM6SELECTEDFINANCIALDATA_11711)] [added: [Reserved](#ITEM6SELECTEDFINANCIALDATA_11711)] | ​ | [removed: 56] [added: 55] |

| [ITEM 7.](#ITEM7MANAGEMENTSDISCUSSIONANDANALYSISOFF) | [Management’s Discussion and Analysis of Financial Condition and Results of Operations](#ITEM7MANAGEMENTSDISCUSSIONANDANALYSISOFF) | ​ | [removed: 57] [added: 56] |

| [ITEM 7A](#ITEM7AQUANTITATIVEANDQUALITATIVEDISCLOSU). | [Quantitative and Qualitative Disclosures About Market Risk](#ITEM7AQUANTITATIVEANDQUALITATIVEDISCLOSU) | ​ | [removed: 80] [added: 81] |

| [ITEM 8.](#ITEM8FINANCIALSTATEMENTSANDSUPPLEMENTARY) | [Financial Statements and Supplementary Data](#ITEM8FINANCIALSTATEMENTSANDSUPPLEMENTARY) | ​ | [removed: 81] [added: 83] |

| [ITEM 9.](#ITEM9CHANGESINANDDISAGREEMENTSWITHACCOUN) | [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](#ITEM9CHANGESINANDDISAGREEMENTSWITHACCOUN) | ​ | [removed: 157] [added: 160] |

| [ITEM 9A.](#ITEM9ACONTROLSANDPROCEDURES_158705) | [Controls and Procedures](#ITEM9ACONTROLSANDPROCEDURES_158705) | ​ | [removed: 157] [added: 160] |

| [ITEM 9B.](#ITEM9BOTHERINFORMATION_255234) | [Other Information](#ITEM9BOTHERINFORMATION_255234) | ​ | [removed: 158] [added: 161] |

| [ITEM 9C.](#ITEM9BOTHERINFORMATION_255234) | [Disclosure Regarding Foreign Jurisdictions That Prevent Inspections](#ITEM9CDISCLOSUREREGARDINGFOREIGNJURISDIC) | ​ | [removed: 158] [added: 161] |

| [PART III.](#PARTIII_621743) | ​ | ​ | [removed: 159] [added: 162] |

| [ITEM 10.](#ITEM10DIRECTORSEXECUTIVEOFFICERSANDCORPO) | [Directors, Executive Officers and Corporate Governance](#ITEM10DIRECTORSEXECUTIVEOFFICERSANDCORPO) | ​ | [removed: 159] [added: 162] |

| [ITEM 11.](#ITEM11EXECUTIVECOMPENSATION_752022) | [Executive Compensation](#ITEM11EXECUTIVECOMPENSATION_752022) | ​ | [removed: 159] [added: 162] |

| [ITEM 12.](#ITEM12SECURITYOWNERSHIPOFCERTAINBENEFICI) | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](#ITEM12SECURITYOWNERSHIPOFCERTAINBENEFICI) | ​ | [removed: 159] [added: 162] |

| [ITEM 13.](#ITEM13CERTAINRELATIONSHIPSANDRELATEDTRAN) | [Certain Relationships and Related Transactions and Director Independence](#ITEM13CERTAINRELATIONSHIPSANDRELATEDTRAN) | ​ | [removed: 159] [added: 162] |

| [ITEM 14.](#ITEM14PRINCIPALACCOUNTINGFEESANDSERVICES) | [Principal Accounting Fees and Services](#ITEM14PRINCIPALACCOUNTINGFEESANDSERVICES) | ​ | [removed: 159] [added: 162] |

| [PART IV.](#PARTIV_827704) | ​ | ​ | [removed: 160] [added: 163] |

| [ITEM 15.](#ITEM15EXHIBITS_118949) | [Exhibits and Financial Statement Schedules](#ITEM15EXHIBITS_118949) | ​ | [removed: 160] [added: 163] |

| 2323 Bryan Street, Suite 1800 Dallas, Texas | 75201 |

(214) 231-1350

In this report, the “Euro Term Loan Agreement” refers to a term loan agreement which governs (i) a €375,000,000 three-year senior unsecured term loan facility (the “2025 Term Facility”), the entire amount of which was funded on such date, and (ii) a €375,000,000 five-year senior unsecured term loan facility (the “2025-27 Term Facility” and, together with the 2025 Term Facility, collectively, the “Euro Term Loan Facilities”), 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, the “USD Term Loan Agreement” refers to a term loan agreement for a $740 million senior unsecured term loan facility (the “USD Term Loan Facility”).

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”.

| 5707 Southwest Parkway, Building 1, Suite 275 Austin, Texas | 78735 |

(737) 281-0101

See “Risk Factors—We and our third-party providers [removed: may be] [added: are] vulnerable to cyberattacks and security breaches that could materially disrupt or compromise our operations, data and results.”_ There can be no assurance that our cybersecurity risk management processes, including our policies, controls or procedures, will be fully implemented as currently anticipated, complied with or effective in protecting our systems and information or in allowing us to recover from a cybersecurity incident.

The following table presents an overview of our portfolio of properties, including the [removed: 67] [added: 78] data centers held as investments in unconsolidated entities and developable land, based on information as of December 31, [removed: 2023] [added: 2024] (amounts in thousands).

“Debt of the Operating Partnership” in the Notes to the Consolidated Financial Statements included in Part II, Item 8 of this Annual Report on Form 10-K for a description of all applicable encumbrances as of December 31, [removed: 2023.][added: 2024.]

| Silicon Valley | ​ | [removed: 14] [added: 13] | ​ | 1,524 | ​ | — | ​ | [removed: 131] [added: —] | ​ | [removed: 90.5] [added: 87.9] | % |

| Phoenix | ​ | 2 | ​ | 796 | ​ | — | ​ | — | ​ | [removed: 71.0] [added: 76.7] | % |

| San Francisco | ​ | 4 | ​ | 844 | ​ | — | ​ | — | ​ | [removed: 64.3] [added: 61.6] | % |

| Boston | ​ | 3 | ​ | 437 | ​ | — | ​ | 51 | ​ | [removed: 42.1] [added: 38.1] | % |

| Houston | ​ | 6 | ​ | 393 | ​ | — | ​ | 14 | ​ | [removed: 63.9] [added: 69.7] | % |

| Miami | ​ | 2 | ​ | 226 | ​ | — | ​ | — | ​ | [removed: 85.5] [added: 86.0] | % |

| Dublin | ​ | 9 | ​ | 553 | ​ | — | ​ | — | ​ | [removed: 76.0] [added: 71.3] | % |

| Vienna | ​ | 3 | ​ | 356 | ​ | 133 | ​ | — | ​ | [removed: 84.0] [added: 82.6] | [removed: %] [added: ​] |

| Copenhagen | ​ | 3 | ​ | 226 | ​ | — | ​ | 99 | ​ | [removed: 66.6] [added: 69.2] | % |

| Dusseldorf | ​ | 3 | ​ | 142 | ​ | [removed: 71] [added: —] | ​ | [removed: —] [added: 71] | ​ | [removed: 58.7] [added: 59.8] | % |

| Cape Town | ​ | 2 | ​ | 326 | ​ | 402 | ​ | — | ​ | [removed: 74.6] [added: 87.3] | [removed: %] [added: ​] |

| Sydney | ​ | 4 | ​ | 361 | ​ | — | ​ | 88 | ​ | [removed: 92.2] [added: 83.3] | % |

| Melbourne | ​ | 2 | ​ | 147 | ​ | — | ​ | — | ​ | [removed: 62.3] [added: 90.6] | % |

| Seoul | ​ | 1 | ​ | 162 | ​ | — | ​ | — | ​ | [removed: 7.6] [added: 25.2] | % |

| Non-Data Center Properties | ​ | — | ​ | [removed: 329] [added: —] | ​ | — | ​ | [removed: 264] [added: —] | ​ | — | % |

| Silicon Valley | ​ | 2 | ​ | 142 | ​ | — | ​ | [removed: —] [added: 400] | ​ | 100.0 | % |

| Hong Kong | ​ | 1 | ​ | 186 | ​ | — | ​ | — | ​ | [removed: 59.1] [added: 44.3] | % |

| Toronto | ​ | 1 | ​ | 104 | ​ | — | ​ | — | ​ | [removed: 55.8] [added: 54.5] | % |

| Los Angeles | ​ | 2 | ​ | 197 | ​ | — | ​ | — | ​ | [removed: 100.0] [added: 80.0] | % |

| Abuja | ​ | [removed: 1] [added: —] | ​ | [removed: 1] [added: —] | ​ | — | ​ | — | ​ | [removed: 73.0] [added: —] | % |

The following table sets forth information regarding the 20 largest customers in our portfolio based on annualized recurring revenue as of December 31, [removed: 2023] [added: 2024] (dollar amounts in thousands).

| [removed: 2] [added: 3] | | Social Content Platform | | [removed: 25] [added: 30] | | | [removed: 212,198] [added: 229,771] | | 5.5 | % | | [removed: 4.7] [added: 3.7] |

| 8 | | Fortune 25 Investment Grade-Rated Company | | 29 | | | [removed: 76,737] [added: 64,371] | | [removed: 2.0] [added: 1.6] | % | | [removed: 2.8] [added: 1.9] |

| [removed: 11] [added: 16] | | Fortune 500 SaaS Provider | | [removed: 13] [added: 10] | | | [removed: 61,889] [added: 42,462] | | [removed: 1.6] [added: 1.0] | % | | [removed: 2.9] [added: 2.8] |

| [removed: 13] [added: 12] | | Lumen Technologies, Inc. | | [removed: 123] [added: 130] | | | [removed: 49,804] [added: 55,529] | | 1.3 | % | | [removed: 9.2] [added: 8.2] |

| [removed: 16] [added: 15] | | Comcast Corporation | | [removed: 41] [added: 44] | | | [removed: 40,436] [added: 43,900] | | 1.1 | % | | [removed: 4.1] [added: 3.5] |

| 17 | | JPMorgan Chase & Co. | | [removed: 16] [added: 19] | | | [removed: 39,629] [added: 40,101] | | 1.0 | % | | [removed: 3.5] [added: 3.4] |

| (1) | Annualized recurring revenue represents the monthly contractual base rent (defined as cash base rent before abatements), and interconnection revenue under existing leases as of December 31, [removed: 2023] [added: 2024] multiplied by 12. |

The following table sets forth information relating to the distribution of leases in the properties in our portfolio, based on size (in megawatts), excluding approximately [removed: 8.5] [added: 8.9] million square feet of space under active development and approximately [removed: 4.1] [added: 4.7] million square feet of space held for development at December 31, [removed: 2023,] [added: 2024,] under lease as of December 31, [removed: 2023] [added: 2024] (dollar and square feet amounts in thousands).

| (2) | Annualized rent represents the monthly contractual base rent (defined as cash base rent before abatements) under existing leases as of December 31, [removed: 2023] [added: 2024] multiplied by 12. |

The following table sets forth a summary schedule of the lease expirations for leases in place as of December 31, [removed: 2023] [added: 2024] plus available space for ten calendar years and thereafter at the properties in our portfolio.

| Northern Virginia | ​ | 18 | ​ | 5,372 | ​ | 1,571 | ​ | 254 | ​ | 92.8 | % |

| Dallas | ​ | 19 | ​ | 3,126 | ​ | 408 | ​ | 110 | ​ | 84.0 | % |

| Chicago | ​ | 7 | ​ | 2,262 | ​ | 553 | ​ | 48 | ​ | 92.6 | % |

| New York | ​ | 11 | ​ | 1,553 | ​ | 87 | ​ | 100 | ​ | 73.7 | % |

| Portland | ​ | 3 | ​ | 1,147 | ​ | — | ​ | — | ​ | 98.9 | % |

| Los Angeles | ​ | 2 | ​ | 611 | ​ | 11 | ​ | — | ​ | 79.4 | % |

| Toronto | ​ | 2 | ​ | 593 | ​ | 130 | ​ | 135 | ​ | 96.1 | % |

| Atlanta | ​ | 4 | ​ | 542 | ​ | 15 | ​ | 314 | ​ | 96.7 | % |

| Seattle | ​ | 1 | ​ | 397 | ​ | — | ​ | — | ​ | 73.8 | % |

| Charlotte | ​ | 3 | ​ | 95 | ​ | — | ​ | — | ​ | 92.4 | % |

| Austin | ​ | 1 | ​ | 86 | ​ | — | ​ | — | ​ | 59.7 | % |

| North America Total | ​ | 101 | ​ | 20,004 | ​ | 2,775 | ​ | 1,025 | ​ | 85.5 | % |

| Frankfurt | ​ | 24 | ​ | 1,722 | ​ | 1,488 | ​ | — | ​ | 87.2 | % |

| London | ​ | 13 | ​ | 1,412 | ​ | 13 | ​ | 76 | ​ | 61.0 | % |

| Amsterdam | ​ | 13 | ​ | 1,332 | ​ | 222 | ​ | 92 | ​ | 86.2 | % |

| Johannesburg | ​ | 5 | ​ | 1,263 | ​ | 945 | ​ | — | ​ | 81.7 | % |

| Paris | ​ | 12 | ​ | 977 | ​ | 285 | ​ | — | ​ | 82.8 | % |

| Marseille | ​ | 4 | ​ | 558 | ​ | 237 | ​ | 378 | ​ | 75.4 | % |

| Zurich | ​ | 3 | ​ | 496 | ​ | 92 | ​ | — | ​ | 85.2 | ​ |

| Brussels | ​ | 3 | ​ | 338 | ​ | — | ​ | — | ​ | 69.7 | ​ |

| Madrid | ​ | 4 | ​ | 308 | ​ | 100 | ​ | — | ​ | 76.4 | % |

| Stockholm | ​ | 6 | ​ | 245 | ​ | — | ​ | — | ​ | 57.7 | % |

| Athens | ​ | 4 | ​ | 148 | ​ | 61 | ​ | — | ​ | 81.9 | % |

| Durban | ​ | 1 | ​ | 59 | ​ | — | ​ | — | ​ | 69.7 | % |

| Mombasa | ​ | 2 | ​ | 37 | ​ | — | ​ | 21 | ​ | 39.6 | % |

| Zagreb | ​ | 1 | ​ | 24 | ​ | 10 | ​ | — | ​ | 94.6 | % |

| Nairobi | ​ | 1 | ​ | 16 | ​ | 75 | ​ | — | ​ | 64.6 | % |

| Rome | ​ | 1 | ​ | 0 | ​ | 37 | ​ | — | ​ | 100.0 | % |

| Barcelona | ​ | — | ​ | — | ​ | 144 | ​ | — | ​ | — | % |

| Crete | ​ | — | ​ | — | ​ | 11 | ​ | — | ​ | — | % |

| EMEA Total | ​ | 118 | ​ | 10,540 | ​ | 4,254 | ​ | 738 | ​ | 78.1 | % |

| Singapore | ​ | 3 | ​ | 793 | ​ | — | ​ | 97 | ​ | 91.1 | % |

| Hong Kong | ​ | 1 | ​ | 114 | ​ | 66 | ​ | 104 | ​ | 73.3 | % |

| Asia Pacific Total | ​ | 11 | ​ | 1,577 | ​ | 66 | ​ | 289 | ​ | 81.2 | % |

| Northern Virginia | ​ | 12 | ​ | 2,793 | ​ | 792 | ​ | — | ​ | 97.0 | % |

| Chicago | ​ | 3 | ​ | 1,118 | ​ | — | ​ | — | ​ | 96.3 | % |

| Frankfurt | ​ | 5 | ​ | 551 | ​ | — | ​ | — | ​ | 81.0 | % |

| Dallas | ​ | 2 | ​ | 364 | ​ | — | ​ | — | ​ | 100.0 | % |

| Paris | ​ | 1 | ​ | 91 | ​ | 179 | ​ | — | ​ | 60.1 | % |

| Lagos | ​ | 2 | ​ | 5 | ​ | 26 | ​ | — | ​ | 93.3 | % |

| ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |

| ​ | ​ | ​ | ​ | ​ | ​ | Space Under | ​ | ​ | ​ | ​ | |

| ​ | ​ | Data Center | ​ | Net Rentable | ​ | Active | ​ | Space Held for | ​ | Occupancy | |

| Metropolitan Area | ​ | Buildings | ​ | Square Feet (1) | ​ | Development (Sq Ft) (2) | ​ | Development (Sq Ft) (3) | ​ | Percentage (4) | |

| ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |

| Northern Virginia | ​ | 19 | ​ | 5,043 | ​ | 1,545 | ​ | 265 | ​ | 88.8 | % |

| Chicago | ​ | 8 | ​ | 2,672 | ​ | — | ​ | 113 | ​ | 91.2 | % |

| New York | ​ | 12 | ​ | 1,722 | ​ | 158 | ​ | 107 | ​ | 71.4 | % |

| Dallas | ​ | 21 | ​ | 3,065 | ​ | 327 | ​ | 77 | ​ | 83.6 | % |

| Portland | ​ | 3 | ​ | 863 | ​ | 291 | ​ | — | ​ | 99.9 | % |

| Atlanta | ​ | 4 | ​ | 557 | ​ | 20 | ​ | 314 | ​ | 96.5 | % |

| Toronto | ​ | 2 | ​ | 509 | ​ | 218 | ​ | — | ​ | 87.0 | % |

| Los Angeles | ​ | 2 | ​ | 591 | ​ | 31 | ​ | — | ​ | 85.4 | % |

| Seattle | ​ | 1 | ​ | 399 | ​ | — | ​ | — | ​ | 77.8 | % |

| Austin | ​ | 1 | ​ | 86 | ​ | — | ​ | — | ​ | 56.3 | % |

| Charlotte | ​ | 3 | ​ | 95 | ​ | — | ​ | — | ​ | 90.7 | % |

| North America Total | ​ | 107 | ​ | 19,821 | ​ | 2,590 | ​ | 1,071 | ​ | 83.8 | % |

| London | ​ | 15 | ​ | 1,383 | ​ | — | ​ | 77 | ​ | 56.5 | % |

| Frankfurt | ​ | 29 | ​ | 2,134 | ​ | 1,590 | ​ | — | ​ | 87.1 | % |

| Amsterdam | ​ | 12 | ​ | 1,259 | ​ | 222 | ​ | 92 | ​ | 83.2 | % |

| Paris | ​ | 13 | ​ | 1,042 | ​ | 656 | ​ | — | ​ | 71.9 | % |

| Marseille | ​ | 4 | ​ | 520 | ​ | — | ​ | 38 | ​ | 76.8 | % |

| Zurich | ​ | 3 | ​ | 430 | ​ | 166 | ​ | — | ​ | 79.5 | % |

| Madrid | ​ | 4 | ​ | 304 | ​ | 105 | ​ | — | ​ | 76.3 | % |

| Brussels | ​ | 3 | ​ | 258 | ​ | 80 | ​ | — | ​ | 66.8 | % |

| Stockholm | ​ | 6 | ​ | 190 | ​ | 108 | ​ | — | ​ | 70.0 | % |

| Athens | ​ | 4 | ​ | 55 | ​ | 159 | ​ | — | ​ | 92.8 | % |

| Zagreb | ​ | 1 | ​ | 22 | ​ | — | ​ | 13 | ​ | 85.7 | % |

| Johannesburg | ​ | 5 | ​ | 1,103 | ​ | 1,105 | ​ | — | ​ | 71.1 | % |

| Durban | ​ | 1 | ​ | 45 | ​ | — | ​ | — | ​ | 84.4 | % |

| Nairobi | ​ | 1 | ​ | 16 | ​ | 75 | ​ | — | ​ | 61.9 | % |

| Mombasa | ​ | 2 | ​ | 35 | ​ | — | ​ | 23 | ​ | 17.3 | % |

| EMEA Total | ​ | 124 | ​ | 10,402 | ​ | 4,872 | ​ | 342 | ​ | 75.2 | % |

| Singapore | ​ | 3 | ​ | 883 | ​ | 7 | ​ | — | ​ | 93.8 | % |

| Hong Kong | ​ | 1 | ​ | 99 | ​ | 66 | ​ | 120 | ​ | 2.2 | % |

| Asia Pacific Total | ​ | 11 | ​ | 1,652 | ​ | 73 | ​ | 207 | ​ | 76.7 | % |

| ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |

| Northern Virginia | ​ | 12 | ​ | 2,418 | ​ | 364 | ​ | — | ​ | 97.9 | % |

| Chicago | ​ | 2 | ​ | 790 | ​ | — | ​ | — | ​ | 91.3 | % |

| Lagos | ​ | 1 | ​ | 4 | ​ | — | ​ | — | ​ | 100.0 | % |

As of February [removed: 21, 2024,] [added: 18, 2025,] there were approximately [removed: 65] [added: 66] holders of record of Digital Realty Trust, Inc.’s common stock.

As of February [removed: 21, 2024,] [added: 18, 2025,] there were [removed: 73] [added: 65] holders of record of common units, including Digital Realty Trust, L.P.’s general partner, Digital Realty Trust, Inc.

The following graph compares the yearly change in the cumulative total stockholder return on Digital Realty Trust, Inc.’s common stock during the period from December 31, [removed: 2018] [added: 2019] through December 31, [removed: 2023,] [added: 2024,] with the cumulative total returns on the MSCI US REIT Index (RMS) and the S&P 500 Market Index.

The comparison assumes that $100 was invested on December 31, [removed: 2018] [added: 2019] in Digital Realty Trust, Inc.’s common stock and in each of these indices and assumes reinvestment of dividends, if any.

Assumes $100 invested on December 31, [removed: 2018] [added: 2019] and

To fiscal year ending December 31, [removed: 2023][added: 2024]

[removed: ][added: ]

| December 31, [removed: 2018] [added: 2019] | | 100.0 | | 100.0 | | 100.0 |

| ● | The hypothetical investment in Digital Realty Trust, Inc.’s common stock presented in the stock performance graph above is based on the closing price of the common stock on December 31, [removed: 2018.] [added: 2019.] |

During the year ended December 31, [removed: 2023,] [added: 2024,] our Operating Partnership issued partnership units in private placements in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act, in the amounts and for the consideration set forth below:

During the year ended December 31, [removed: 2023,] [added: 2024,] Digital Realty Trust, Inc. issued an aggregate of [removed: 568,671] [added: 392,050] shares of its common stock in connection with restricted stock awards for no cash consideration.

For each share of common stock issued by Digital Realty Trust, Inc. in connection with such awards, our Operating Partnership issued a restricted common unit to Digital Realty Trust, Inc. During the year ended December 31, [removed: 2023,] [added: 2024,] our Operating Partnership issued an aggregate of [removed: 568,671] [added: 392,050] common units to Digital Realty Trust, Inc., as required by our Operating Partnership’s partnership agreement.

During the year ended December 31, [removed: 2023,] [added: 2024,] an aggregate of [removed: 83,413] [added: 117,271] shares of its common stock were forfeited to Digital Realty Trust, Inc. in connection with restricted stock awards for a net issuance of [removed: 485,258] [added: 274,779] shares of common stock.

All other issuances of unregistered equity securities of our Operating Partnership during the year ended December 31, [removed: 2023] [added: 2024] have been disclosed previously in filings with the SEC.

For all issuances of units to Digital Realty Trust, Inc., our Operating Partnership relied on Digital Realty Trust, Inc.’s status as a publicly traded NYSE-listed company with over [removed: $44] [added: $45] billion in total consolidated assets and as our Operating Partnership’s majority owner and general partner as the basis for the exemption under Section 4(a)(2) of the Securities Act.

| December 31, 2020 | | 120.5 | | 118.4 | | 92.4 |

| December 31, 2021 | | 157.4 | | 152.4 | | 132.2 |

| December 31, 2022 | | 93.0 | | 124.8 | | 99.8 |

| December 31, 2023 | | 130.1 | | 157.6 | | 113.5 |

| December 31, 2024 | | 176.7 | | 197.0 | | 123.5 |

| December 31, 2019 | | 116.5 | | 131.5 | | 125.8 |

| December 31, 2020 | | 140.4 | | 155.7 | | 116.3 |

| December 31, 2021 | | 183.4 | | 200.4 | | 166.4 |

| December 31, 2022 | | 108.3 | | 164.1 | | 125.6 |

| December 31, 2023 | | 151.6 | | 207.2 | | 142.9 |

| [Management’s Reports on Internal Control over Financial Reporting](#ManagementsReportonInternalControloverFi) | ​ | [removed: 82] [added: 84] | |

| [Reports of Independent Registered Public Accounting Firm](#ReportofIndependentRegisteredPublicAccou) (Auditor Firm ID: 185) | ​ | [removed: 83] [added: 85] | |

| [Consolidated Balance Sheets as of December 31, [removed: 2023] [added: 2024] and [removed: 2022](#CONSOLIDATEDBALANCESHEETS_384428)] [added: 2023](#CONSOLIDATEDBALANCESHEETS_384428)] | ​ | [removed: 89] [added: 91] | |

| [Consolidated Income Statements for each of the years in the three-year period ended December 31, [removed: 2023](#CONSOLIDATEDINCOMESTATEMENTS_453902)] [added: 2024](#CONSOLIDATEDINCOMESTATEMENTS_453902)] | ​ | [removed: 90] [added: 92] | |

| [Consolidated Statements of Comprehensive Income for each of the years in the three-year period ended December 31, [removed: 2023](#CONSOLIDATEDSTATEMENTSOFCOMPREHENSIVEINC)] [added: 2024](#CONSOLIDATEDSTATEMENTSOFCOMPREHENSIVEINC)] | ​ | [removed: 91] [added: 93] | |

| [Consolidated Statements of Equity for each of the years in the three-year period ended December 31, [removed: 2023](#CONSOLIDATEDSTATEMENTSOFEQUITY_499706)] [added: 2024](#CONSOLIDATEDSTATEMENTSOFEQUITY_499706)] | ​ | [removed: 94] [added: 96] | |

| [Consolidated Statements of Cash Flows for each of the years in the three-year period ended December 31, [removed: 2023](#CONSOLIDATEDSTATEMENTSOFCASHFLOWS_395773)] [added: 2024](#CONSOLIDATEDSTATEMENTSOFCASHFLOWS_395773)] | ​ | [removed: 95] [added: 97] | |

| [Consolidated Balance Sheets as of December 31, [removed: 2023] [added: 2024] and [removed: 2022](#CONSOLIDATEDBALANCESHEETS_541482)] [added: 2023](#CONSOLIDATEDBALANCESHEETS_541482)] | ​ | [removed: 96] [added: 98] | |

| [Consolidated Income Statements for each of the years in the three-year period ended December 31, [removed: 2023](#CONSOLIDATEDINCOMESTATEMENTS_567443)] [added: 2024](#CONSOLIDATEDINCOMESTATEMENTS_567443)] | ​ | [removed: 97] [added: 99] | |

| [Consolidated Statements of Comprehensive Income for each of the years in the three-year period ended December 31, [removed: 2023](#STATEMENTSOFCOMPREHENSIVEINCOME_895031)] [added: 2024](#STATEMENTSOFCOMPREHENSIVEINCOME_895031)] | ​ | [removed: 98] [added: 100] | |

| [Consolidated Statements of Capital for each of the years in the three-year period ended December 31, [removed: 2023](#CONSOLIDATEDSTATEMENTSOFCAPITAL_681678)] [added: 2024](#CONSOLIDATEDSTATEMENTSOFCAPITAL_681678)] | ​ | [removed: 99] [added: 101] | |

| [Consolidated Statements of Cash Flows for each of the years in the three-year period ended December 31, [removed: 2023](#CONSOLIDATEDSTATEMENTSOFCASHFLOWS_542655)] [added: 2024](#CONSOLIDATEDSTATEMENTSOFCASHFLOWS_542655)] | ​ | [removed: 102] [added: 104] | |

| [Notes to Consolidated Financial Statements](#a1OrganizationandDescriptionofBusiness_4) | ​ | [removed: 103] [added: 105] | |

| [Supplemental Schedule—Schedule III—Properties and Accumulated Depreciation](#SCH3) | ​ | [removed: 154] [added: 157] | |

| [Notes to Schedule III—Properties and Accumulated Depreciation](#a1TaxCost_702541) | ​ | [removed: 156] [added: 159] | |

Under the supervision and with the participation of management, including our Chief Executive Officer and Chief Financial Officer, we assessed the effectiveness of the Company’s internal control over financial reporting as of December 31, [removed: 2023.][added: 2024.]

Based on our assessment, management concluded that as of December 31, [removed: 2023,] [added: 2024,] the Company’s internal control over financial reporting was effective based on those criteria.

This report appears on page [removed: 85.][added: 87.]

Under the supervision and with the participation of management, including the Chief Executive Officer and Chief Financial Officer of our general partner, we assessed the effectiveness of the Operating Partnership’s internal control over financial reporting as of December 31, [removed: 2023.][added: 2024.]

Based on our assessment, management concluded that as of December 31, [removed: 2023,] [added: 2024,] the Operating Partnership’s internal control over financial reporting was effective based on those criteria.

We have audited the accompanying consolidated balance sheets of Digital Realty Trust, Inc. and subsidiaries (the Company) as of December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: December 31, 2023,] the related consolidated income statements, and statements of comprehensive income, equity, and cash flows for each of the years in the three-year period ended December 31, [removed: 2023,] [added: 2024,] and the related notes and financial statement schedule III, properties and accumulated depreciation (collectively, the consolidated financial statements).

In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: December 31, 2023,] and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, [removed: 2023,] [added: 2024,] in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, [removed: 2023,] [added: 2024,] based on criteria established in [removed: _Internal] [added: Internal] Control – Integrated Framework [removed: (2013)_] [added: (2013)] issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated February [removed: 23, 2024] [added: 24, 2025] expressed an unqualified opinion on the effectiveness of the Company’s internal control over financial reporting.

The communication of a critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing [added: a] separate [removed: opinions] [added: opinion] on the critical audit matter or on the accounts or disclosures to which it relates.

Rental and other services revenue was [removed: $5.4] [added: $5.5] billion for the year ended December 31, [removed: 2023,] [added: 2024,] and deferred rent, net and accounts receivable - trade, net was [removed: $624] [added: $642] million and [removed: $653] [added: $570] million, respectively, as of December 31, [removed: 2023.][added: 2024.]

We have audited Digital Realty Trust, Inc. and [removed: subsidiaries’] [added: subsidiaries'] (the Company) internal control over financial reporting as of December 31, [removed: 2023,] [added: 2024,] based on criteria established in [removed: _Internal] [added: Internal] Control – Integrated Framework [removed: (2013)_] [added: (2013)] issued by the Committee of Sponsoring Organizations of the Treadway Commission.

In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, [removed: 2023,] [added: 2024,] based on criteria established in [removed: _Internal] [added: Internal] Control – Integrated Framework [removed: (2013)_] [added: (2013)] issued by the Committee of Sponsoring Organizations of the Treadway Commission.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: December 31, 2023,] the related consolidated income statements, and statements of comprehensive income, equity, and cash flows for each of the years in the three-year period ended December 31, [removed: 2023,] [added: 2024,] and the related notes and financial statement schedule III, properties and accumulated depreciation (collectively, the consolidated financial statements), and our report dated February [removed: 23, 2024] [added: 24, 2025] expressed an unqualified opinion on those consolidated financial statements.

We have audited the accompanying consolidated balance sheets of Digital Realty Trust, L.P. and subsidiaries (the Operating Partnership) as of December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: December 31, 2023,] the related consolidated income statements, the consolidated statements of comprehensive income, capital, and cash flows for each of the years in the three-year period ended December 31, [removed: 2023,] [added: 2024,] and the related notes and financial statement schedule III, properties and accumulated depreciation (collectively, the consolidated financial statements).

In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Operating Partnership as of December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: December 31, 2023,] and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, [removed: 2023,] [added: 2024,] in conformity with U.S. generally accepted accounting principles.

As discussed in note 2 to the consolidated financial statements, the Operating Partnership records rental revenue, which includes revenue related to Scale and Hyperscale leases, on a straight-line basis if the Operating Partnership determines [removed: on a lease-by-lease basis it is probable that substantially all lease payments over the term of the lease will be collected.]

| ​ | ​ | [added: 2024 | | |] 2023 | | [removed: ​] | 2022 | |

| Investments in properties, net | ​ | $ | [removed: 24,236,088] [added: 24,120,782] | ​ | $ | [removed: 23,774,662] [added: 24,236,088] |

| Investments in unconsolidated entities | ​ | | [removed: 2,295,889] [added: 2,639,800] | ​ | | [removed: 1,991,426] [added: 2,295,889] |

| Net investments in real estate | ​ | | [removed: 26,531,977] [added: 26,760,582] | ​ | | [removed: 25,766,088] [added: 26,531,977] |

| Operating lease right-of-use assets, net | ​ | ​ | [removed: 1,414,256] [added: 1,178,853] | ​ | ​ | [removed: 1,351,329] [added: 1,414,256] |

| Cash and cash equivalents | ​ | [added: $] | [added: 3,870,891 | ​ | $ |] 1,625,495 | ​ | [added: $] | 141,773 |

| Accounts and other receivables, net | ​ | | [removed: 1,278,110] [added: 1,257,464] | ​ | | [removed: 969,292] [added: 1,278,110] |

| Deferred rent, net | ​ | | [removed: 624,427] [added: 642,456] | ​ | | [removed: 601,590] [added: 624,427] |

| Goodwill | ​ | | [removed: 9,239,871] [added: 8,929,431] | ​ | | [removed: 9,208,497] [added: 9,239,871] |

| Chicago, Illinois | ​ | ​ |

| February 24, 2025 | ​ | ​ |

| Chicago, Illinois | ​ | ​ |

| February 24, 2025 | ​ | ​ |

The communication of a critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

on a lease-by-lease basis it is probable that substantially all lease payments over the term of the lease will be collected.

Rental and other services revenue was $5.5 billion for the year ended December 31, 2024, and deferred rent, net and accounts receivable - trade, net was $642 million and $570 million, respectively, as of December 31, 2024.

| Chicago, Illinois | ​ | ​ |

| February 24, 2025 | ​ | ​ |

| ​ | ​ | 2024 | | ​ | 2023 | |

| Diluted | ​ | $ | 1.61 | ​ | $ | 2.88 | ​ | $ | 1.11 |

| 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 | ​ | | — | ​ | ​ | — | ​ | 552,869 | ​ | ​ | — | ​ | ​ | 39,573 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (39,573) | ​ | ​ | — |

| Common stock offering costs | ​ | | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — |

| Issuance of common stock, net of costs | ​ | | — | ​ | ​ | — | ​ | 24,138,787 | ​ | ​ | 249 | ​ | ​ | 3,650,421 | ​ | ​ | 101 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 3,650,771 |

| Dividends and distributions on common stock and common and incentive units | ​ | ​ | (760) | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (1,591,304) | ​ | ​ | — | ​ | ​ | (31,132) | ​ | ​ | (1,622,436) |

| Sale of noncontrolling interest in property to DCRU | ​ | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | ​ | 32,319 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 12,115 | ​ | ​ | 44,434 |

| Net income (loss) | ​ | | (26,769) | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 602,490 | ​ | ​ | — | ​ | ​ | 12,606 | ​ | ​ | 615,096 |

| Other comprehensive income (loss) | ​ | ​ | (32,701) | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | ​ | 2,093 | ​ | ​ | — | ​ | ​ | (430,890) | ​ | ​ | (21,489) | ​ | ​ | (450,286) |

| 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 |

| ​ | ​ | 2024 | | ​ | 2023 | |

| Investments in unconsolidated entities | ​ | | 2,639,800 | ​ | | 2,295,889 |

| Net investments in real estate | ​ | | 26,760,582 | ​ | | 26,531,977 |

| Operating lease right-of-use assets, net | ​ | ​ | 1,178,853 | ​ | ​ | 1,414,256 |

| Cash and cash equivalents | ​ | | 3,870,891 | ​ | | 1,625,495 |

| Goodwill | ​ | | 8,929,431 | ​ | | 9,239,871 |

| Assets held for sale | ​ | | — | ​ | | 478,503 |

| Other assets | ​ | | 465,885 | ​ | | 420,382 |

| Total assets | ​ | $ | 45,283,616 | ​ | $ | 44,113,258 |

| Global revolving credit facilities, net | ​ | $ | 1,611,308 | ​ | $ | 1,812,287 |

| Unsecured senior notes, net of discount | ​ | | 13,962,852 | ​ | | 13,422,342 |

| Operating lease liabilities | ​ | ​ | 1,294,219 | ​ | ​ | 1,542,094 |

| Accounts payable and other accrued liabilities | ​ | | 2,056,215 | ​ | | 2,168,984 |

| Deferred tax liabilities | ​ | ​ | 1,084,562 | ​ | ​ | 1,151,096 |

| Accrued dividends and distributions | ​ | | 418,661 | ​ | | 387,988 |

| Security deposits and prepaid rents | ​ | | 539,802 | ​ | | 401,867 |

| Obligations associated with assets held for sale | ​ | | — | ​ | | 39,001 |

| Total liabilities | ​ | | 22,107,836 | ​ | | 23,116,937 |

| Diluted | ​ | $ | 1.62 | ​ | $ | 2.89 | ​ | $ | 1.12 |

| Net income | ​ | $ | 588,327 | ​ | $ | 950,312 | ​ | $ | 380,325 |

| ​ | ​ | ​ | ​ |

| --- | --- | --- | --- |

*​*

| Dallas, Texas | ​ | ​ |

| February 23, 2024 | ​ | ​ |

| Gain on redemption of preferred stock | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 18,000 |

| Diluted | ​ | $ | 3.00 | ​ | $ | 1.11 | ​ | $ | 5.94 |

| Balance as of December 31, 2020 | ​ | $ | 42,011 | ​ | $ | 950,940 | ​ | 280,289,726 | ​ | $ | 2,788 | ​ | $ | 20,626,897 | ​ | $ | (3,997,938) | ​ | $ | 135,010 | ​ | $ | 728,639 | ​ | $ | 18,446,336 |

| Conversion of common units to common stock | ​ | | — | ​ | ​ | — | ​ | 2,502,331 | ​ | ​ | 25 | ​ | ​ | 206,695 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (206,720) | ​ | ​ | — |

| Issuance of common stock in connection with acquisition | ​ | | — | ​ | ​ | — | ​ | 125,395 | ​ | ​ | 1 | ​ | ​ | 18,269 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 18,270 |

| Issuance of common stock, net of costs | ​ | | — | ​ | ​ | — | ​ | 1,060,943 | ​ | ​ | 11 | ​ | ​ | 172,085 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 172,096 |

| Redemption of series C preferred stock | ​ | | — | ​ | ​ | (219,250) | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 18,000 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (201,250) |

| Dividends and distributions on common stock and common and incentive units | ​ | | (724) | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (1,315,489) | ​ | ​ | — | ​ | ​ | (31,567) | ​ | ​ | (1,347,056) |

| Net income | ​ | | 930 | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,709,259 | ​ | ​ | — | ​ | ​ | 37,223 | ​ | ​ | 1,746,482 |

| Balance as of December 31, 2021 | ​ | $ | 46,995 | ​ | $ | 731,690 | | 284,415,013 | ​ | $ | 2,824 | ​ | $ | 21,075,863 | ​ | $ | (3,631,929) | ​ | $ | (173,880) | ​ | $ | 472,219 | ​ | $ | 18,476,787 |

| Premium paid for early extinguishment of debt | ​ | ​ | — | ​ | ​ | (49,662) | ​ | ​ | (16,482) |

| Redemption of preferred stock | ​ | | — | ​ | ​ | — | ​ | | (201,250) |

| ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |

| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Gain on redemption of preferred units | ​ | — | ​ | ​ | — | ​ | ​ | 18,000 |

| Diluted | $ | 3.01 | ​ | $ | 1.12 | ​ | $ | 5.94 |

| Comprehensive income (loss) attributable to Digital Realty Trust, L.P. | $ | 809,116 | ​ | $ | (46,193) | ​ | $ | 1,432,114 |

| Balance as of December 31, 2020 | ​ | $ | 42,011 | ​ | 38,250,000 | ​ | $ | 950,940 | ​ | 280,289,726 | ​ | $ | 16,631,747 | ​ | 8,046,267 | ​ | $ | 609,190 | ​ | $ | 134,800 | ​ | $ | 119,659 | ​ | $ | 18,446,336 |

| Issuance of common units in connection with acquisition | ​ | | — | ​ | — | ​ | ​ | — | ​ | 125,395 | ​ | ​ | 18,270 | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | | — | ​ | ​ | 18,270 |

| Issuance of common units, net of costs | ​ | | — | ​ | — | ​ | ​ | — | ​ | 1,060,943 | ​ | ​ | 172,096 | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | | — | ​ | ​ | 172,096 |

| Issuance of common units, net of forfeitures | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | 387,835 | ​ | ​ | — | ​ | ​ | — | ​ | | — | ​ | ​ | — |

| Redemption of series C preferred units | ​ | | — | ​ | (8,050,000) | ​ | ​ | (219,250) | ​ | — | ​ | ​ | 18,000 | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (201,250) |

| Distributions | ​ | | (724) | ​ | — | ​ | ​ | (45,761) | ​ | — | ​ | ​ | (1,315,989) | ​ | — | ​ | ​ | (31,067) | ​ | ​ | — | ​ | | — | ​ | ​ | (1,392,817) |

| Net income (loss) | ​ | | 930 | ​ | — | ​ | ​ | 45,761 | ​ | — | ​ | ​ | 1,663,998 | ​ | — | ​ | ​ | 37,670 | ​ | ​ | — | ​ | | (947) | ​ | ​ | 1,746,482 |

| Other comprehensive income (loss) | ​ | | — | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | ​ | (316,245) | ​ | ​ | — | ​ | ​ | (316,245) |

| Balance as of December 31, 2021 | ​ | $ | 46,995 | | 30,200,000 | ​ | $ | 731,690 | | 284,415,013 | ​ | $ | 17,446,758 | | 5,931,771 | ​ | $ | 432,902 | ​ | $ | (181,445) | ​ | $ | 46,882 | ​ | $ | 18,476,787 |

| Other comprehensive income (loss) | ​ | ​ | (46,742) | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | ​ | (431,978) | ​ | ​ | — | ​ | ​ | (431,978) |

| General partner distributions | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (201,250) |

_Reference Rate Reform_.

The Financial Conduct Authority and other independent groups announced in July 2017, that beginning in 2021, they would stop requiring banks to submit rates for the calculation of the London Inter-bank Offered Rate (“LIBOR”).

As a result, in the U.S. the Federal Reserve Board and the Federal Reserve Bank of New York identified the Secured Overnight Financing Rate (“SOFR”) as its preferred alternative rate for USD LIBOR in debt and derivative financial instruments.

Other global regulators have also undertaken reference rate reform initiatives to identify a preferred alternative rate for other interbank offered rates (“IBORs”).

Both LIBOR and IBOR are herein referred to as “IBOR-indexed rate”.

In November 2020, the Federal Reserve Board along with various independent groups announced the potential for certain USD LIBOR tenors to continue to be published until June 2023.

This change would allow most legacy USD LIBOR contracts to mature before disruptions occur in the USD LIBOR market, without the need to transition these contracts to SOFR.

Our Management’s Reports on Internal Control over Financial Reporting for Digital Realty Trust, Inc. and Digital Realty Trust, L.P. are included in Part II, Item 8, Financial Statements and Supplementary Data on page [removed: 81.][added: 84.]

As required by Rule 13a-15(b) or Rule 15d-15(b) of the Securities Exchange Act of 1934, as amended, management of the Company carried out an evaluation, under the supervision and with participation of its chief executive officer and chief financial officer, of the effectiveness of the design and operation of its disclosure controls and procedures that were in effect as of December 31, [removed: 2023.][added: 2024.]

There has not been any change in our internal control over financial reporting during the three months December 31, [removed: 2023,] [added: 2024,] that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

As required by Rule 13a-15(b) or Rule 15d-15(b) of the Securities Exchange Act of 1934, as amended, management of the Operating Partnership carried out an evaluation, under the supervision and with participation of the chief executive officer and chief financial officer of its general partner, of the effectiveness of the design and operation of its disclosure controls and procedures that were in effect as of December 31, [removed: 2023.][added: 2024.]

There has not been any change in our internal control over financial reporting during the three months ended December 31, [removed: 2023,] [added: 2024,] that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

None.

During the three months ended December 31, 2023, two officers adopted a “Rule 10b5-1 trading arrangement” as such term is defined in Item 408(a) of Regulation S-K.

On November 15, 2023, Cindy Fiedelman, our Chief Human Resources Officer, entered into a trading plan that provides for the conversion and redemption of profits interest units and sale of 31,051 shares of common stock.

The plan will expire on November 29, 2024, subject to early termination for certain specified events as set forth in the plan.

On November 22, 2023, Christopher Sharp, our Chief Technology Officer, entered into a trading plan that provides for the conversion and redemption of profits interest units and sale of 43,870 shares of common stock.

The plan will expire November 22, 2024, subject to early termination for certain specified events as set forth in the plan.

The information concerning our directors, executive officers and corporate governance required by Item 10 will be included in the Proxy Statement to be filed relating to our [removed: 2024] [added: 2025] Annual Meeting of Stockholders and is incorporated herein by reference.

We have filed, as exhibits to this Annual Report on Form 10-K for the year ended December 31, [removed: 2023,] [added: 2024,] the certifications of our Chief Executive Officer and Chief Financial Officer required under Section 302 of the Sarbanes Oxley Act to be filed with the Securities and Exchange Commission regarding the quality of our public disclosure.

We have furnished to the Securities and Exchange Commission as exhibits to this Annual Report on Form 10-K for the year ended December 31, [removed: 2023,] [added: 2024,] the certifications of our Chief Executive Officer and Chief Financial Officer required under Section 906 of the Sarbanes Oxley Act.

The information concerning our executive compensation required by Item 11 will be included in the Proxy Statement to be filed relating to our [removed: 2024] [added: 2025] Annual Meeting of Stockholders and is incorporated herein by reference.

The information concerning the security ownership of certain beneficial owners and management and related stockholder matters (including equity compensation plan information) required by Item 12 will be included in the Proxy Statement to be filed relating to our [removed: 2024] [added: 2025] Annual Meeting of Stockholders and is incorporated herein by reference.

The information concerning certain relationships, related transactions and director independence required by Item 13 will be included in the Proxy Statement to be filed relating to our [removed: 2024] [added: 2025] Annual Meeting of Stockholders and is incorporated herein by reference.

The information concerning our principal accounting fees and services required by Item 14 will be included in the Proxy Statement to be filed relating to our [removed: 2024] [added: 2025] Annual Meeting of Stockholders and is incorporated herein by reference.

| [removed: 3.1] [added: 10.40†] | ​ | [removed: [Articles of Amendment and Restatement] [added: [Form] of [removed: Digital Realty Trust, Inc., as amended] [added: Executive Severance Class D Profits Interest Unit Agreement] (incorporated by reference to Exhibit [removed: 3.1] [added: 10.10] to the Combined Quarterly Report on Form 10-Q of Digital Realty Trust, Inc. and Digital Realty Trust, L.P. (File Nos. 001-32336 and 000-54023) filed on May 11, [removed: 2020).](https://www.sec.gov/Archives/edgar/data/1297996/000155837020006279/dlr-20200331xex3d1.htm)] [added: 2020).](https://www.sec.gov/Archives/edgar/data/1297996/000155837020006279/dlr-20200331xex10d10.htm)] |

| [removed: 4.6] [added: 4.14] | ​ | [Indenture, dated as of [removed: April 15, 2016,] [added: October 9, 2019,] among Digital Euro Finco, LLC, Digital Realty Trust, Inc., Digital Realty Trust, L.P., Deutsche Trustee Company Limited, as trustee, Deutsche Bank AG, London Branch, as paying agent and a transfer agent, and Deutsche Bank Luxembourg S.A., as registrar and a transfer agent, including the form of the [removed: 2.625%] [added: 1.125%] Guaranteed Notes due [removed: 2024] [added: 2028] (incorporated by reference to Exhibit 4.1 to the Combined Current Report on Form 8-K of Digital Realty Trust, Inc. and Digital Realty Trust, L.P. (File Nos. 001-32336 and 000-54023) filed on [removed: April 19, 2016).](https://www.sec.gov/Archives/edgar/data/1297996/000129799616000160/exhibit41indenture.htm)] [added: October 9, 2019).](http://www.sec.gov/Archives/edgar/data/1297996/000119312519265150/d810248dex41.htm)] |

| [removed: 4.7] [added: 4.6] | ​ | [Supplemental Indenture No. 2, dated as of August 7, 2017, among Digital Realty Trust, L.P., as issuer, Digital Realty Trust, Inc., as guarantor, and Wells Fargo Bank, National Association, as trustee, including the form of 2.750% Notes due 2023, the form of 3.700% Notes due 2027 and the guarantees (incorporated by reference to Exhibit 4.2 to the Combined Current Report on Form 8-K of Digital Realty Trust, Inc. and Digital Realty Trust, L.P. (File Nos. 001-32336 and 000-54023) filed on August 9, 2017).](http://www.sec.gov/Archives/edgar/data/1297996/000119312517251664/d437810dex42.htm) |

| [removed: 4.8] [added: 4.7] | ​ | [Indenture, dated as of July 21, 2017, among Digital Stout Holding, LLC, Digital Realty Trust, Inc., Digital Realty Trust, L.P., Deutsche Trustee Company Limited, as trustee, Deutsche Bank AG, London Branch, as paying agent and a transfer agent, and Deutsche Bank Luxembourg S.A., as registrar and a transfer agent, including the form of the [removed: 2.750%] [added: 3.300%] Guaranteed Notes due [removed: 2024] [added: 2029] (incorporated by reference to Exhibit [removed: 4.1] [added: 4.2] to the Combined Current Report on Form 8-K of Digital Realty Trust, Inc. and Digital Realty Trust, L.P. (File Nos. 001-32336 and 000-54023) filed on July 21, [removed: 2017).](http://www.sec.gov/Archives/edgar/data/1297996/000129799617000093/ex4x1indenture2024notes.htm)] [added: 2017).](http://www.sec.gov/Archives/edgar/data/1297996/000129799617000093/ex4x2indenture2029notes.htm)] |

| [removed: 4.9] [added: 4.10] | ​ | [Indenture, dated as of [removed: July 21, 2017,] [added: October 17, 2018,] among Digital Stout Holding, LLC, Digital Realty Trust, Inc., Digital Realty Trust, L.P., Deutsche Trustee Company Limited, as trustee, Deutsche Bank AG, London Branch, as paying agent and a transfer agent, and Deutsche Bank Luxembourg S.A., as registrar and a transfer agent, including the form of the [removed: 3.300%] [added: 3.750%] Guaranteed Notes due [removed: 2029] [added: 2030] (incorporated by reference to Exhibit [removed: 4.2] [added: 4.1] to the Combined Current Report on Form 8-K of Digital Realty Trust, Inc. and Digital Realty Trust, L.P. (File Nos. 001-32336 and 000-54023) filed on [removed: July 21, 2017).](http://www.sec.gov/Archives/edgar/data/1297996/000129799617000093/ex4x2indenture2029notes.htm)] [added: October 18, 2018).](http://www.sec.gov/Archives/edgar/data/1297996/000119312518302051/d635287dex41.htm)] |

| [removed: 4.10] [added: 4.8] | ​ | [Specimen Certificate for Digital Realty Trust, Inc.’s 5.250% Series J Cumulative Redeemable Preferred Stock (incorporated by reference to Exhibit 4.1 to the Registration Statement on Form 8-A of Digital Realty Trust, Inc. (File No. 001-32336) filed on August 4, 2017).](http://www.sec.gov/Archives/edgar/data/1297996/000119312517248824/d425847dex41.htm) |

| [removed: 4.11] [added: 4.9] | ​ | [Supplemental Indenture No. 3, dated as of June 21, 2018, among Digital Realty Trust, L.P., as issuer, Digital Realty Trust, Inc., as guarantor, and Wells Fargo Bank, National Association, as trustee, including the form of 4.450% Notes due 2028 and the guarantees (incorporated by reference to Exhibit 4.2 to the Combined Current Report on Form 8-K of Digital Realty Trust, L.P. (File Nos. 001-32336 and 000-54023) filed on June 21, 2018).](http://www.sec.gov/Archives/edgar/data/1297996/000119312518199589/d603959dex42.htm) |

| [removed: 4.12] [added: 4.21] | ​ | [Indenture, dated as of [removed: October 17, 2018,] [added: January 12, 2021,] among Digital [removed: Stout Holding, LLC,] [added: Intrepid Holding B.V.,] Digital Realty Trust, Inc., Digital Realty Trust, L.P., Deutsche Trustee Company Limited, as trustee, Deutsche Bank AG, London Branch, as paying agent and a transfer agent, and Deutsche Bank Luxembourg S.A., as registrar and a transfer agent, including the form of the [removed: 3.750%] [added: 0.625%] Guaranteed Notes due [removed: 2030] [added: 2031.] (incorporated by reference to Exhibit 4.1 to the Combined Current Report on Form 8-K of Digital Realty Trust, Inc. and Digital Realty Trust, L.P. (File Nos. 001-32336 and 000-54023) filed on [removed: October 18, 2018).](http://www.sec.gov/Archives/edgar/data/1297996/000119312518302051/d635287dex41.htm)] [added: January 12, 2021).](https://www.sec.gov/Archives/edgar/data/1297996/000119312521007307/d62559dex41.htm)] |

| [removed: 4.13] [added: 4.11] | ​ | [Indenture, dated as of January 16, 2019, among Digital Euro Finco, LLC, as issuer, Digital Realty Trust, L.P. and Digital Realty Trust, Inc., as guarantors, Deutsche Trustee Company Limited, as the trustee, Deutsche Bank AG, London Branch, as paying agent and a transfer agent, and Deutsche Bank Luxembourg S.A., as registrar and a transfer agent (incorporated by reference to Exhibit 4.1 to the Combined Current Report on Form 8-K of Digital Realty Trust, Inc. and Digital Realty Trust, L.P. (File Nos. 001-32336 and 000-54023) filed on January 16, 2019).](http://www.sec.gov/Archives/edgar/data/1297996/000119312519010596/d667184dex41.htm) |

| [removed: 4.14] [added: 4.12] | ​ | [Form of Specimen Certificate for Digital Realty Trust, Inc.’s 5.850% Series K Cumulative Redeemable Preferred Stock (incorporated by reference to Exhibit 4.1 to the Registration Statement on Form 8-A of Digital Realty Trust, Inc. (File No. 001-32336) filed on March 12, 2019).](http://www.sec.gov/Archives/edgar/data/1297996/000119312519072090/d721065dex41.htm) |

| [removed: 4.15] [added: 4.13] | ​ | [Supplemental Indenture No. 4, dated as of June 14, 2019, among Digital Realty Trust, L.P., as issuer, Digital Realty Trust, Inc., as guarantor, and Wells Fargo Bank, National Association, as trustee, including the form of 3.600% Notes due 2029 and the guarantee (incorporated by reference to Exhibit 4.2 to the Combined Current Report on Form 8-K of Digital Realty Trust, Inc. and Digital Realty Trust, L.P. (File Nos. 001-32336 and 000-54023) filed on June 14, 2019).](http://www.sec.gov/Archives/edgar/data/1297996/000119312519173689/d764945dex42.htm) |

| [removed: 4.16] [added: 4.19] | ​ | [Indenture, dated as of [removed: October 9, 2019,] [added: June 26, 2020,] among Digital [removed: Euro Finco, LLC,] [added: Dutch Finco B.V.,] Digital Realty Trust, Inc., Digital Realty Trust, L.P., Deutsche Trustee Company Limited, as trustee, Deutsche Bank AG, London Branch, as paying agent and a transfer agent, and Deutsche Bank Luxembourg S.A., as registrar and a transfer agent, including the form of the [removed: 1.125%] [added: 1.250%] Guaranteed Notes due [removed: 2028] [added: 2031] (incorporated by reference to Exhibit 4.1 to the Combined Current Report on Form 8-K of Digital Realty Trust, Inc. and Digital Realty Trust, L.P. (File Nos. 001-32336 and 000-54023) filed on [removed: October 9, 2019).](http://www.sec.gov/Archives/edgar/data/1297996/000119312519265150/d810248dex41.htm)] [added: June 26, 2020).](https://www.sec.gov/Archives/edgar/data/1297996/000119312520180970/d947968dex41.htm)] |

| [removed: 4.17] [added: 4.15] | ​ | [Specimen Certificate for Digital Realty Trust, Inc.’s 5.200% Series L Cumulative Redeemable Preferred Stock (incorporated by reference to Exhibit 4.1 to the Registration Statement on Form 8-A of Digital Realty Trust, Inc. (File No. 001-32336) filed on October 9, 2019).](http://www.sec.gov/Archives/edgar/data/1297996/000119312519265151/d810964dex41.htm) |

| [removed: 4.18] [added: 4.16] | ​ | [Description of Securities (incorporated by reference to exhibit 4.20 to the Combined Annual Report on Form 10-K of Digital Realty Trust, Inc. and Digital Realty Trust, L.P. (File Nos. 001-32336 and 000-54023) filed on February 25, 2022).](https://www.sec.gov/Archives/edgar/data/1297996/000155837022002195/dlr-20211231xex4d20.htm) |

| [removed: 4.19] [added: 4.17] | ​ | [Indenture, dated as of January 17, 2020, among Digital Dutch Finco B.V., Digital Realty Trust, Inc., Digital Realty Trust, L.P., Deutsche Trustee Company Limited, as trustee, Deutsche Bank AG, London Branch, as paying agent and a transfer agent, and Deutsche Bank Luxembourg S.A., as registrar and a transfer agent, including the form of the 0.625% Guaranteed Notes due 2025 (incorporated by reference to Exhibit 4.2 to the Combined Current Report on Form 8-K of Digital Realty Trust, Inc. and Digital Realty Trust, L.P. (File Nos. 001-32336 and 000-54023) filed on January 17, 2020).](https://www.sec.gov/Archives/edgar/data/1297996/000119312520010051/d849609dex42.htm) |

| [removed: 4.20] [added: 4.18] | ​ | [Indenture, dated as of January 17, 2020, among Digital Dutch Finco B.V., Digital Realty Trust, Inc., Digital Realty Trust, L.P., Deutsche Trustee Company Limited, as trustee, Deutsche Bank AG, London Branch, as paying agent and a transfer agent, and Deutsche Bank Luxembourg S.A., as registrar and a transfer agent, including the form of the 1.500% Guaranteed Notes due 2030 (incorporated by reference to Exhibit 4.3 to the Combined Current Report on Form 8-K of Digital Realty Trust, Inc. and Digital Realty Trust, L.P. (File Nos. 001-32336 and 000-54023) filed on January 17, 2020).](https://www.sec.gov/Archives/edgar/data/1297996/000119312520010051/d849609dex43.htm) |

| [removed: 4.21] [added: 4.20] | ​ | [Indenture, dated as of [removed: June 26,] [added: September 23,] 2020, among Digital Dutch Finco B.V., Digital Realty Trust, Inc., Digital Realty Trust, L.P., Deutsche Trustee Company Limited, as trustee, Deutsche Bank AG, London Branch, as paying agent and a transfer agent, and Deutsche Bank Luxembourg S.A., as registrar and a transfer agent, including the form of the [removed: 1.250%] [added: 1.000%] Guaranteed Notes due [removed: 2031] [added: 2032] (incorporated by reference to Exhibit 4.1 to the Combined Current Report on Form 8-K of Digital Realty Trust, Inc. and Digital Realty Trust, L.P. (File Nos. 001-32336 and 000-54023) filed on [removed: June 26, 2020).](https://www.sec.gov/Archives/edgar/data/1297996/000119312520180970/d947968dex41.htm)] [added: September 23, 2020).](https://www.sec.gov/Archives/edgar/data/1297996/000119312520252362/d34521dex41.htm)] |

| [removed: 4.22] [added: 4.29] | ​ | [Indenture, dated as of September [removed: 23, 2020,] [added: 13, 2024,] among Digital Dutch Finco B.V., Digital Realty Trust, Inc., Digital Realty Trust, L.P., Deutsche Trustee Company Limited, as trustee, Deutsche Bank AG, London Branch, as paying agent and a transfer agent, and Deutsche Bank Luxembourg S.A., as [removed: registrar and a transfer agent,] [added: registrar,] including the form of the [removed: 1.000%] [added: 3.875%] Guaranteed Notes due [removed: 2032] [added: 2033] (incorporated by reference to Exhibit 4.1 to the Combined Current Report on Form 8-K of Digital Realty Trust, Inc. and Digital Realty Trust, L.P. (File Nos. 001-32336 and 000-54023) filed on September [removed: 23, 2020).](https://www.sec.gov/Archives/edgar/data/1297996/000119312520252362/d34521dex41.htm)] [added: 13, 2024).](https://www.sec.gov/Archives/edgar/data/1297996/000119312524218873/d855313dex41.htm)] |

| [removed: 4.23] [added: 4.25] | ​ | [Indenture, dated as of January [removed: 12, 2021,] [added: 18, 2022,] among Digital Intrepid Holding B.V., Digital Realty Trust, Inc., Digital Realty Trust, L.P., Deutsche Trustee Company Limited, as trustee, Deutsche Bank AG, London Branch, as paying agent and a transfer agent, and Deutsche Bank Luxembourg S.A., as registrar and a transfer agent, including the form of the [removed: 0.625%] [added: 1.375%] Guaranteed Notes due [removed: 2031.] [added: 2032] (incorporated by reference to Exhibit 4.1 to the Combined Current Report on Form 8-K of Digital Realty Trust, Inc. and Digital Realty Trust, L.P. (File Nos. 001-32336 and 000-54023) filed on January [removed: 12, 2021).](https://www.sec.gov/Archives/edgar/data/1297996/000119312521007307/d62559dex41.htm)] [added: 18, 2022).](https://www.sec.gov/Archives/edgar/data/1297996/000119312522011222/d241759dex41.htm)] |

| [removed: 4.24] [added: 4.22] | ​ | [Terms and Conditions of the Notes, dated as of July 13, 2021 (incorporated by reference to Exhibit 4.1 to the Combined Current Report on Form 8-K of Digital Realty Trust, Inc. and Digital Realty Trust, L.P. (File Nos. 001-32336 and 000-54023) filed on July 15, 2021).](https://www.sec.gov/Archives/edgar/data/1297996/000119312521216455/d180872dex41.htm) |

| [removed: 4.25] [added: 4.23] | ​ | [Form of the 2026 Notes (incorporated by reference to Exhibit 4.2 to the Combined Current Report on Form 8-K of Digital Realty Trust, Inc. and Digital Realty Trust, L.P. (File Nos. 001-32336 and 000-54023) filed on July 15, 2021).](https://www.sec.gov/Archives/edgar/data/1297996/000119312521216455/d180872dex42.htm) |

| [removed: 4.26] [added: 4.24] | ​ | [Form of the 2029 Notes (incorporated by reference to Exhibit 4.3 to the Combined Current Report on Form 8-K of Digital Realty Trust, Inc. and Digital Realty Trust, L.P. (File Nos. 001-32336 and 000-54023) filed on July 15, 2021).](https://www.sec.gov/Archives/edgar/data/1297996/000119312521216455/d180872dex43.htm) |