Digital Realty Trust (DLR) 10-K risk factor changes: FY2025 vs FY2024

| | ● | Our [removed: recent] acquisitions may not achieve the intended benefits or may disrupt our plans and operations. |

| | ● | We may be subject to unknown or contingent liabilities related to our [removed: recent] acquisitions, for which we may have no or limited recourse against the sellers. |

| | ● | Joint venture [removed: (JV)] [added: (JV), fund and other] investments could be adversely affected by our lack of sole decision-making authority, our reliance on our JV partners’ financial condition and disputes between us and our [removed: JV] partners. |

| | ● | [removed: In certain circumstances,] [added: Even if] Digital Realty Trust, Inc. [added: qualifies as a REIT, it] may be subject to federal and state taxes [removed: as a REIT,] [added: in certain circumstances and its foreign properties and companies are subject to foreign taxes,] which would reduce its cash available for distribution to its stockholders. |

[added: 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.

In addition, our data centers may be susceptible to power shortages and planned or unplanned outages caused by these [removed: shortages.][added: shortages or load-shedding requirements by governmental or quasi-governmental entities.]

In addition, the price of these fuels and the total cost of delivered electricity could increase as a result of: [removed: regulations intended to regulate carbon emissions and other pollutants,] [added: grid modernization charges,] ratepayer surcharges related to recovering the cost of extreme weather events and natural disasters, [added: increased demand from utilities from credit support and other obligations, minimum demand charges,] geopolitical conflicts, military conflicts, [removed: grid modernization charges,] [added: energy market structure and/or regulatory changes, the adoption of modified and/or new energy tariffs, regulations intended to regulate carbon emissions and other pollutants,] renewable energy adoption, [added: and other obligations,] as well as [added: by the addition of] other charges borne by ratepayers.

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

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 [added: improve our data centers or reduce our rental rates.]

For example, we have experienced, and [removed: may] [added: are likely] in the future [added: to] experience, sophisticated social engineering/phishing attacks that involve unauthorized access to our information.

There can also be no assurance that our cybersecurity risk management processes will be fully implemented as currently anticipated, complied with or effective in protecting our or our customers’ Information Systems and data, particularly because threat actors are increasingly sophisticated and using tools such as [removed: artificial intelligence] [added: AI] that circumvent controls and evade detection, making [added: detection,] mitigation and recovery challenging and uncertain.

For example, as we [added: most recently] disclosed in our Quarterly Report on Form 10-Q filed on [removed: November 9, 2023,] [added: October 31, 2025, we cooperated with] the Division of Enforcement of the U.S. Securities and Exchange Commission (SEC) [removed: is conducting an] [added: in their] investigation into the adequacy of our disclosures of cybersecurity risks and our related disclosure controls and procedures.

We are [removed: cooperating with the SEC and are] not aware of any cybersecurity issue or event that caused the Staff to open this matter.

As of December 31, [removed: 2024,] [added: 2025,] the 20 largest customers in our portfolio represented approximately 51% of the total annualized recurring revenue generated by our properties.

Our top three customers represented approximately [removed: 23%] [added: 26%] of the total annualized recurring revenue generated by our properties as of December 31, [removed: 2024.][added: 2025.]

In addition, [removed: 31] [added: 20] of our [removed: 308] [added: 310] data centers are occupied by single customers, including data centers occupied solely by our top three customers.

As of February [removed: 18, 2025,] [added: 9, 2026,] we had no material customers in bankruptcy.

At December 31, [removed: 2024,] [added: 2025,] we owned approximately [removed: 8.9] [added: 9.7] million square feet of space under active development and approximately 4.7 million square feet of space held for future development.

If we are not able to complete development in a timely manner or successfully lease the space that we develop, if development costs are higher than we currently estimate, or if rental rates are lower than expected when we began the project or are otherwise undesirable, our financial condition, results of operations, cash flow, cash available for distribution and ability to satisfy our debt service obligations could be materially adversely [removed: affected.]

[added: In addition, as of December 31, 2025, customer agreements representing 23.3% 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: 2026,] [added: 2027,] and an additional [removed: 17.2%] [added: 16.8%] of the net rentable square footage, excluding space held for development, was available to be leased.

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

Our portfolio is located in [removed: 60] [added: over 50] metropolitan areas.

As of December 31, [removed: 2024,] [added: 2025,] our portfolio, including the [removed: 78] [added: 89] data centers held as investments in unconsolidated entities, was geographically concentrated in the following metropolitan areas:

| ​ | [added: ​ ​ ​] | Percentage of | |

| Northern Virginia | | [removed: 19.6] [added: 21.4] | % |

| New York | [removed: ​] | [removed: 4.4] [added: 4.0] | % |

| Silicon Valley | | [removed: 4.0] [added: 3.5] | % |

| Sao Paulo | | [removed: 3.9] [added: 3.8] | % |

| (1) | Annualized rent is monthly contractual rent (defined as cash base rent before abatements) under existing leases as of December 31, [removed: 2024] [added: 2025] 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: 2024] [added: 2025] was approximately [removed: $44.3] [added: $35.6] 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 [added: 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 14% of our total revenue for the year ended December 31, [removed: 2024.][added: 2025.]

[added: 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.

Our portfolio included [removed: 187] [added: 192] data centers, including [removed: 56] [added: 60] held in unconsolidated entities, located outside of the United States as of December 31, [removed: 2024.][added: 2025.]

Our [removed: recent] acquisitions may not achieve the intended benefits or may disrupt our plans and operations.

We may be subject to unknown or contingent liabilities related to our [removed: recent] acquisitions, for which we may have no or limited recourse against the sellers.

Joint venture [removed: (JV)] [added: (JV), fund and other] investments could be adversely affected by our lack of sole decision-making authority, our reliance on our JV partners’ financial condition and disputes between us and our [removed: JV] partners.

We currently, and may in the future, co-invest with third parties through partnerships, joint [removed: ventures] [added: ventures, funds] or other entities, acquiring non-controlling interests in or sharing responsibility for managing the affairs of a property or portfolio of properties, partnership, joint [removed: venture] [added: venture, fund] or other entity.

In these events, we are not in a position to exercise sole [removed: decision-making] [added: decision- making] authority regarding the properties, [added: fund,] partnership, joint venture or other entity.

Investments in partnerships, joint ventures, [added: funds] or other entities may, under certain circumstances, involve risks not present when a third party is not involved, including the possibility that partners might become bankrupt or fail to fund their share of required capital contributions.

[removed: Partners] [added: Our partners] may have economic, tax or other business interests or goals which are inconsistent with our business interests or goals, and may be in a position to take actions contrary to our policies or objectives.

| | ● | As artificial intelligence becomes more prevalent in the workplace, it may present new considerations that could affect our business and operating results. |

| | ● | Volatility in market and economic conditions may impact the accuracy of the various estimates used in the preparation of our financial statements and footnotes to the financial statements. |

We rely on numerous electrical, heating and cooling, fire protection, energy storage and battery backup, uninterruptible power systems, and emergency power generation systems and equipment to operate our facilities.

The systems and equipment are required to handle high performance demands, including extreme heat and cold, high voltage, corrosion, high power demands and energy storage capacity, thermal and physical stresses, continuous operation in extreme conditions, and other routine, seasonal, and emergency operational demands.

Failure of systems or equipment may affect other systems or equipment or customers, and it could mean we are unable to satisfy our obligations to our customers.

Any loss of services or equipment damage could adversely affect both our ability to generate revenues and our operating results, harm our reputation and potentially lead to customer disputes or litigation.

Even if vulnerabilities are publicly known or identified through our security tools, we cannot guarantee that patches or mitigating measures will be implemented before a threat actor can exploit them.

We are subject to ongoing cyberattacks and other security incidents, including attempts to gain unauthorized access to our systems, and we expect such attempts to continue.

By letter dated December 22, 2025, the SEC Division of Enforcement informed us that based on the information it had as of that date, it had concluded the investigation and did not intend to recommend an enforcement action by the SEC against the Company.

The tenant improvements may also become outdated or obsolete as the result of technological change, the passage of time or other factors, including the recent acceleration in AI adoption and rapid advancements in compute, cooling and power technologies, which continue to drive evolving customer requirements, deployment architectures, and buying criteria .

affected.

| ​ | ​ | December 31, 2025 | |

| Chicago | | 7.1 | % |

| Frankfurt | | 6.1 | % |

| London | | 4.5 | % |

| Singapore | | 4.5 | % |

| Dallas | | 4.3 | % |

| Paris | ​ | 4.1 | % |

| Amsterdam | | 4.1 | % |

| Johannesburg | | 3.5 | % |

| Portland | | 3.0 | % |

| Tokyo | | 2.3 | % |

| Zurich | ​ | 1.7 | % |

| Other | | 22.1 | % |

Continued AI adoption could result in evolving infrastructure needs, particularly around power density for advanced computing.

Accommodating these requirements may involve selective capital investment and ongoing attention to operational efficiency.

Geopolitical events may impact our operations and financial results.

For example, the impact of the United Kingdom exiting the European Union on European Union-United Kingdom political, trade, economic and diplomatic relations continues to be uncertain and such impact may not be fully realized for several years or more.

Continued uncertainty and friction may result in regulatory, operational, and cost challenges to our United Kingdom and international operations.

We have in the past and may continue in the future to acquire businesses as part of our growth strategy.

For example, our JV partners must agree in order for the applicable JV to take specific major actions, including approval of development or operating budgets, sales of property, debt financings, leasing and other material contracts.

Under these types of arrangements, any disagreements between our partners and us may result in delayed or unfavorable decisions.

Our inability to take unilateral actions that we believe are in our best interests may result in missed opportunities and an ineffective allocation of resources and could have an adverse effect on the financial performance of our joint ventures, funds and our operating results.

Our partners may be structured differently than us for tax purposes and this could create conflicts of interest, including with respect to our compliance with REIT requirements, and our REIT status could be jeopardized if any of our investments do not operate in a manner consistent with our REIT status.

For example, our partners may default on their obligations, including obligations to fund their pro rata share of development costs and other capital needs, which could necessitate that we fulfill their obligations ourselves.

| | ● | epidemics, pandemics and other outbreaks; |

As artificial intelligence becomes more prevalent in the workplace, it may present new considerations that could affect our business and operating results.

We have begun leveraging AI and machine learning capabilities for our employees to use in their day-to-day operations.

Inadequate investment in or unsuccessful development of those AI capabilities may result in us lagging behind our competitors in terms of improving operational efficiencies.

Implementation of these technologies may involve challenges such as potential shortages in required data to train internal AI models, scarcity of skilled talent to effectively deploy internal AI initiatives, or the possibility that AI tools we develop or utilize may not achieve their desired or intended benefits performance or cost-efficiency objectives.

Mergers

Additional potential sanctions and penalties have been implemented and/or threatened against Russia, a major supplier of natural gas to Europe, and Russia has in turn threatened to curtail gas exports to Europe.

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.

We regularly experience cyberattacks and security incidents, and we expect such attacks and incidents to continue in the future.

Responding to an investigation of this type can be costly and time-consuming.

While we are unable to predict the likely outcome of this matter or the potential cost or exposure or duration of the process, based on the information we currently possess, we do not expect the total potential cost to be material to our financial condition.

If the SEC believes that violations occurred, it could seek remedies including, but not limited to, civil monetary penalties and injunctive relief, and/or file litigation against the Company.

The tenant improvements may also become outdated or obsolete as the result of technological change, the passage of time or other factors.

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

| ​ | ​ | 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 | % |

| Tokyo | | 2.0 | % |

| 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

With respect to the United Kingdom’s withdrawal from the European Union, significant political and economic uncertainty remains about how the precise terms of the relationship between the parties will differ from the terms before withdrawal.

Lack of clarity about future United Kingdom laws and regulations as the United Kingdom determines which European Union laws to replace or replicate, including financial laws and regulations, tax and free trade agreements, tax and customs laws, intellectual property rights, environmental, health and safety laws and regulations, immigration laws, employment laws and transport laws could increase costs, disrupt supply chains, and depress economic activity and restrict our access to capital.

Any of these factors could have a material adverse effect on our business, financial condition and results of operations and reduce the price of our securities.

Our ability to realize the anticipated benefits of our combination with Interxion in March 2020 and other acquisitions depends, to a large extent, on our ability to integrate each of them with our business.

| | ● | pandemics; |

Over the past year, the consumer price index has increased substantially year over year.

A discussion regarding our financial condition and results of operations for [removed: 2024] [added: 2025] as compared to [removed: 2023] [added: 2024] is presented herein.

Information on [removed: 2022] [added: 2023] 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: 2022] [added: 2023] and results of operations for [removed: 2022] [added: 2023] – and also [removed: 2022] [added: 2023] as compared to [removed: 2023] [added: 2024] – 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: 2023,] [added: 2024,] filed with the SEC on February [removed: 23, 2024.][added: 25, 2025.]

Summary of [removed: 2024] [added: 2025] Significant Activities

_We completed the following significant activities in [removed: 2024] [added: 2025] as described in the Notes to the Consolidated Financial Statements:_

| | [removed: o] [added: ●] | [removed: 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] [added: In April 2025, we] received approximately [removed: $386] [added: $77] million of [removed: net] [added: gross] proceeds from the contribution of our data [removed: center] [added: centers] to the joint venture [removed: and the associated financing and retained a 25% interest in the joint venture.] [added: with Blackstone.] As a result of transferring control, we derecognized the data [removed: center] [added: centers] and recognized a gain on disposition of approximately [removed: $172 million; and] [added: $58 million.] |

| | [removed: o] [added: ●] | [added: In January 2025,] 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 [removed: 2033 (the “2033 Notes”).] [added: 2035.] Net proceeds from the offering were approximately [removed: €843] [added: €838] million (approximately [removed: $933] [added: $864] million based on the exchange rate on [removed: September 13, 2024)] [added: January 14, 2025)] after deducting managers’ discounts and estimated offering [removed: expenses; and] [added: expenses.] |

[removed: | | ● | 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 [removed: $385] [added: $231] million of net proceeds from the contribution of our data centers to the [removed: second] [added: first] phase of the joint venture and retained a 20% interest in the joint venture. [removed: As a result of transferring control, we derecognized the data centers and recognized a gain on disposition of approximately $44.5 million. |]

A summary of our data center portfolio and related [added: occupied] square feet (in thousands) [removed: occupied] (excluding space under development or held for development) is shown below.

| ​ | ​ | As of December 31, [removed: 2024] [added: 2025] | | | | | | ​ | As of December 31, [removed: 2023] [added: 2024] | | | | | |

| North America | ​ | [removed: 101] [added: 91] | [removed: 20,004] [added: 18,504] | [removed: 2,775] [added: 1,452] | [removed: 1,025] [added: 1,290] | 85.5 | % | ​ | [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] | % |

| Asia Pacific | ​ | 11 | [removed: 1,577] [added: 1,660] | [removed: 66] [added: 1,025] | [removed: 289] [added: 272] | [removed: 81.2] [added: 84.6] | % | ​ | 11 | [removed: 1,652] [added: 1,577] | [removed: 73] [added: 66] | [removed: 207] [added: 289] | [removed: 76.7] [added: 81.2] | % |

| Africa | ​ | 12 | [removed: 1,704] [added: 2,122] | [removed: 1,422] [added: 1,007] | 21 | [removed: 82.8] [added: 83.0] | % | ​ | 12 | [removed: 1,528] [added: 1,704] | [removed: 1,581] [added: 1,422] | [removed: 23] [added: 21] | [removed: 71.0] [added: 82.8] | % |

| Consolidated Portfolio | ​ | [removed: 230] [added: 221] | [removed: 32,120] [added: 32,022] | [removed: 7,096] [added: 6,178] | [removed: 2,052] [added: 2,200] | [removed: 82.9] [added: 82.6] | % | ​ | [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] | % |

| Managed Unconsolidated Portfolio | ​ | [removed: 31] [added: 40] | [removed: 5,552] [added: 7,000] | [removed: 1,022] [added: 2,441] | [removed: 400] [added: 409] | [removed: 91.8] [added: 93.7] | % | ​ | [removed: 22] [added: 31] | [removed: 3,843] [added: 5,552] | [removed: 364] [added: 1,022] | [removed: —] [added: 400] | [removed: 93.7] [added: 91.8] | % |

| Non-Managed Unconsolidated Portfolio | ​ | [removed: 47] [added: 49] | [removed: 3,654] [added: 4,186] | [removed: 787] [added: 1,061] | [removed: 2,234] [added: 2,087] | [removed: 83.0] [added: 85.3] | % | ​ | [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] | % |

| Total Portfolio | ​ | [removed: 308] [added: 310] | [removed: 41,326] [added: 43,208] | [removed: 8,904] [added: 9,679] | [removed: 4,686] [added: 4,696] | [removed: 84.1] [added: 84.7] | % | ​ | [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: Individual items] [added: Total amounts] may [removed: not add up to total] [added: differ] due to rounding.

As of December 31, [removed: 2024,] [added: 2025,] our average remaining lease term was approximately five years.

The subsequent table summarizes our leasing activity in the year ended December 31, [removed: 2024] [added: 2025] (square feet in thousands):

| ​ | [added: ​] | ​ | [added: ​] | ​ | ​ | [added: ​] | ​ | ​ | [added: ​] | ​ | [added: ​] | ​ | [removed: TI’s/Lease] [added: / Lease] | | [added: ​] | Weighted |

| Leasing Activity (3)(4) | | [added: ​] | | ​ | [added: ​] | | ​ | [added: ​] | | [added: ​] | | ​ | ​ | [added: ​] | | [added: ​] |

| Renewals Signed | | [added: ​] | | ​ | [added: ​] | | ​ | [added: ​] | | [added: ​] | | ​ | ​ | [added: ​] | | [added: ​] |

| Leasing Activity Summary | | ​ | ​ | | [added: ​] | ​ | | ​ | | ​ | ​ | ​ | | [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: 2024.] [added: 2025.] |

| (4) | Commencement dates for the leases signed range from [removed: 2024] [added: 2025] to [removed: 2025.] [added: 2026.] |

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: 2025] [added: 2026] 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.

| ​ | [added: ​ ​ ​] | Percentage of | |

| Northern Virginia | | [removed: 19.6] [added: 21.4] | % |

| New York | [removed: ​] | [removed: 4.4] [added: 4.0] | % |

| Silicon Valley | | [removed: 4.0] [added: 3.5] | % |

| Sao Paulo | | [removed: 3.9] [added: 3.8] | % |

| (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: 2024] [added: 2025] was approximately [removed: $44.3] [added: $35.6] million. |

A roll forward showing changes in the stabilized and non-stabilized portfolios for the year ended December 31, [removed: 2024] [added: 2025] as compared to December 31, [removed: 2023] [added: 2024] is shown below (in thousands).

| Net Rentable Square Feet | [added: ​ ​ ​] | Stabilized | [added: ​ ​ ​] | Non-Stabilized | [added: ​ ​ ​] | Total |

| New development and space reconfigurations | ​ | [removed: (458)] [added: (17)] | ​ | [removed: 1,195] [added: 1,820] | ​ | [removed: 737] [added: 1,803] |

| Transfers to stabilized from non-stabilized | ​ | [removed: 2,369] [added: 1,742] | ​ | [removed: (2,431)] [added: (1,742)] | ​ | [removed: (62)] [added: —] |

| Transfers to non-stabilized from stabilized | ​ | [removed: (170)] [added: (1,669)] | ​ | [removed: 73] [added: 1,401] | ​ | [removed: (97)] [added: (268)] |

Comparison of the Year Ended December 31, [removed: 2024] [added: 2025] to the Year Ended December 31, [removed: 2023][added: 2024]

| | ● | In March 2025, we formed a joint venture with Bersama Digital Infrastructure Asia (BDIA) to develop and operate data centers across Indonesia. We acquired a 50% interest in the joint venture, which consists of two land parcels and two buildings in Jakarta, Indonesia for approximately $94.7 million. The 6 acres of land and two buildings can support up to approximately 32 megawatts of IT load. |

| | ● | During the first half of 2025, the Company launched the Digital Realty DC Partners NA Fund (the “Fund”), and in May 2025, we received approximately $937 million of gross proceeds from the contribution of operating data centers and development projects to the Fund, recognized a gain on disposition of approximately $873 million, and recognized an investment in the assets of $661 million. |

| | ● | In June 2025, 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 2034. Net proceeds from the offering were approximately €836.6 million (approximately $975 million based on the exchange rate on June 25, 2025) after deducting managers’ discounts and estimated offering expenses. |

| | ● | In July 2025, we repaid €650 million in aggregate principal amount of our 0.625% senior notes due 2025. |

| | ● | In November 2025, Digital Euro Finco, LLC, a wholly owned indirect finance subsidiary of the Operating Partnership, issued and sold €600 million aggregate principal amount of 3.750% Guaranteed Notes due 2033 and €800 million aggregate principal amount of 4.250% Guaranteed Notes due 2037. Net proceeds from the offering were approximately €1.4 billion (approximately $1.6 billion based on the exchange rate on November 20, 2025) after deducting managers’ discounts and estimated offering expenses. |

| | ● | In December 2025, we redeemed €1.075 billion in aggregate principal amount of our 2.500% notes due 2026 prior to maturity. |

| | ● | During the three months ended December 31, 2025, Digital Realty contributed an additional 40% of its interest in five operating data centers to the Fund for approximately $427 million. The transaction resulted in a gain of approximately $30.2 million. After this contribution, Digital Realty owns a 20% stake in each of the assets held in the Fund. |

| Europe | ​ | 107 | 9,736 | 2,694 | 617 | 76.8 | % | ​ | 106 | 8,836 | 2,833 | 717 | 77.3 | % |

| ​ | ​ ​ ​ | ​ | ​ ​ ​ | ​ | ​ | ​ ​ ​ | ​ | ​ | ​ ​ ​ | ​ | ​ ​ ​ | ​ | Tenant | | ​ ​ ​ | ​ |

| ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Improvements | | ​ | ​ |

| 0 — 1 MW | | 2,039 | ​ | $ | 268 | ​ | $ | 280 | | 4.6 | % | ​ | $ | 1 | | 1.4 |

| \> 1 MW | | 1,008 | ​ | $ | 146 | ​ | $ | 186 | | 27.0 | % | ​ | $ | 4 | | 5.1 |

| Other (6) | | 471 | ​ | $ | 49 | ​ | $ | 71 | | 43.0 | % | ​ | $ | 2 | | 4.2 |

| 0 — 1 MW | | 845 | ​ | | — | ​ | $ | 318 | | — | ​ | ​ | $ | 14 | | 4.5 |

| \> 1 MW | | 1,188 | ​ | | — | ​ | $ | 313 | | — | ​ | ​ | $ | — | | 10.0 |

| Other (6) | | 61 | ​ | | — | ​ | $ | 60 | | — | ​ | ​ | $ | 1 | | 8.3 |

| 0 — 1 MW | | 2,884 | ​ | | ​ | ​ | $ | 291 | | ​ | ​ | ​ | | ​ | | ​ |

| \> 1 MW | | 2,196 | ​ | | ​ | ​ | $ | 254 | | ​ | ​ | ​ | | ​ | | ​ |

| Other (6) | | 532 | ​ | | ​ | ​ | $ | 69 | | ​ | ​ | ​ | | ​ | | ​ |

| ​ | ​ | December 31, 2025 | |

| Chicago | | 7.1 | % |

| Frankfurt | | 6.1 | % |

| London | | 4.5 | % |

| Singapore | | 4.5 | % |

| Dallas | | 4.3 | % |

| Paris | ​ | 4.1 | % |

| Amsterdam | | 4.1 | % |

| Johannesburg | | 3.5 | % |

| Portland | | 3.0 | % |

| Tokyo | | 2.3 | % |

| Zurich | ​ | 1.7 | % |

| Other | | 22.1 | % |

| Dispositions / Sales | ​ | (1,635) | ​ | (156) | ​ | (1,791) |

| Acquisitions | ​ | — | ​ | 156 | ​ | 156 |

| As of December 31, 2025 | ​ | 22,287 | ​ | 9,735 | ​ | 32,022 |

| Stabilized | ​ | ​ | 4,272,850 | ​ | $ | 4,028,165 | ​ | $ | 244,685 | ​ | 6.1 | % |

| Non-Stabilized | ​ | ​ | 1,696,068 | ​ | ​ | 1,454,307 | ​ | ​ | 241,761 | ​ | 16.6 | % |

| Fee income and other | ​ | | 143,774 | ​ | | 72,496 | ​ | ​ | 71,278 | ​ | 98.3 | % |

| Total operating revenues | ​ | $ | 6,112,692 | ​ | $ | 5,554,968 | ​ | $ | 557,724 | ​ | 10.0 | % |

Stabilized rental and other services revenue increased by $244.7 million for the year ended December 31, 2025 compared to the same period in 2024 primarily due to increases in new leasing and renewals across all regions along with the strengthening of foreign exchange rates, primarily the Euro, British pound sterling and Singapore dollar.

| | ● | In January 2024, we: |

| | o | formed a joint venture with Blackstone Inc. to develop four hyperscale data center campuses across Frankfurt, Paris and Northern Virginia. We received approximately $231 million of net proceeds from the contribution of our data centers to the first 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 loss on disposition of approximately $0.3 million. We perform the day-to-day accounting and property management functions for the joint ventures and, as such, will earn management fees; and |

| | 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 March 2024, we formed a joint venture with Mitsubishi Corporation, or Mitsubishi, to support the development of two data centers in the Dallas metro area. The facilities were 100% pre-leased prior to construction. We contributed the two data center buildings at a contribution value of approximately $261 million. We received approximately $153 million of gross proceeds from the contribution of our data centers to the joint venture and retained a 35% interest in the joint venture. Mitsubishi contributed such cash in exchange for a 65% interest in the joint venture. As a result of transferring control, we derecognized the data centers and recognized a gain on disposition of 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. |

| | ● | In April 2024, we: |

| | 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 | 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. |

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

| --- | --- |

| 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 | | ​ | ​ | ​ | | ​ | | |

| ​ | ​ | 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 | % |

| Tokyo | | 2.0 | % |

| Phoenix | ​ | 1.7 | % |

| Other | | 22.4 | % |

The largest of these investments is currently our investment in Ascenty, which is located primarily in Latin America.

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 10 properties operating in the United States, Canada, Germany and Japan.

| As of December 31, 2023 | ​ | 22,600 | ​ | 9,603 | ​ | 32,203 |

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

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

As of December 31, [removed: 2024,] [added: 2025,] our consolidated debt was as follows (in millions):

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

| Fixed rate debt | ​ | $ | [removed: 12,160] [added: 14,424] | ​ | $ | [removed: 11,463] [added: 13,746] |

| Variable rate debt subject to interest rate swaps | ​ | | [removed: 3,103] [added: 2,686] | ​ | | [removed: 3,103] [added: 2,686] |

| Total fixed rate debt (including interest rate swaps) | ​ | | [removed: 15,263] [added: 17,110] | ​ | | [removed: 14,566] [added: 16,432] |

| Variable rate debt | ​ | | [removed: 1,584] [added: 1,447] | ​ | | [removed: 1,584] [added: 1,447] |

| Total outstanding debt | ​ | $ | [removed: 16,847] [added: 18,557] | ​ | $ | [removed: 16,150] [added: 17,879] |

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: 2024:][added: 2025:]

| ​ | [added: ​ ​ ​] | Change | |

| Increase in fair value of interest rate swaps following an assumed 10% increase in interest rates | ​ | $ | [removed: 1] [added: 0] |

| Decrease in fair value of interest rate swaps following an assumed 10% decrease in interest rates | ​ | | [removed: (1)] [added: (0)] |

| Increase in fair value of fixed rate debt following a 10% decrease in interest rates | ​ | | [removed: (139)] [added: (202)] |

| Decrease in fair value of fixed rate debt following a 10% increase in interest rates | ​ | | [removed: (131)] [added: (190)] |

As of December 31, [removed: 2024,] [added: 2025,] our portfolio [removed: consisted of 308] [added: included 310] data centers (including [removed: 78] [added: 89] data centers held as investments in unconsolidated entities), of which [removed: 121] [added: 118] are located in the United States, [removed: 112] [added: 113] are located in Europe, 36 are located in Latin America, 16 are located in Africa, [removed: 16] [added: 18] are located in Asia, six are located in Australia and three are located in Canada.

We believe cloud [removed: solutions] and hybrid cloud solutions [added: and artificial intelligence technologies, along with other digital transformation initiatives,] will remain significant drivers of demand for data center infrastructure.

[removed: Data center providers that can solve global coverage, capacity and] connectivity needs, and coordinate and aggregate diverse customer and application demand, are poised to benefit from these cloud-specific industry drivers.

Digital Realty gives its customers access to the connected communities that matter to them with a global data center footprint of over 300 facilities with over [removed: 227,000] [added: 232,000] cross connects in over [removed: 50] [added: 55] metros across more than [removed: 25] [added: 30] countries on six continents.

At December 31, [removed: 2024,] [added: 2025,] 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: 2024,] [added: 2025,] our portfolio, including investments in unconsolidated entities, contained a total of approximately [removed: 54.9] [added: 57.6] million rentable square feet, including approximately [removed: 8.9] [added: 9.7] million square feet of space under active development and 4.7 million square feet of space held for development.

As of December 31, [removed: 2024,] [added: 2025,] the [removed: 78] [added: 89] data centers held as investments in unconsolidated entities had an aggregate of approximately [removed: 9.2] [added: 11.2] million rentable square feet.

In addition, as of December 31, [removed: 2024,] [added: 2025,] 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.

As of December 31, [removed: 2024,] [added: 2025,] our portfolio, including the [removed: 78] [added: 89] data centers held as investments in unconsolidated entities, was approximately [removed: 84.1%] [added: 84.7%] leased.

As of December 31, [removed: 2024,] [added: 2025,] we had [removed: 644] [added: 769] megawatts of projects underway across multiple metropolitan areas around the world, and [removed: 70% percent] [added: 64%] of this data center activity was pre-leased.

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

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

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

[removed: PlatformDIGITAL® Solution Model. The] [added: PlatformDIGITAL®.] PlatformDIGITAL® [removed: solution model is based on our patented Pervasive Data Center Architecture (PDx®) methodology, which] brings [added: together] users, networks, clouds, controls and systems to the data, removing barriers, creating centers of data exchange to accommodate distributed workflows and scaling digital business.

PlatformDIGITAL® offers solutions for service providers and enterprises supporting their IT architecture requirements with [removed: features] [added: capabilities] such as:

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

| [removed: \>] [added: (>] 1 [removed: MW (Scale & Hyperscale Powered Base Building®)] [added: MW)] | | 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 |

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

We believe our colocation [added: 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 believe our offerings are also well-suited for those customers who seek to efficiently exchange data with others in our connected data [removed: communities] [added: communities,] lowering their costs and creating value for their business.

For customers who possess the ability to build and operate their own [removed: facility,] [added: infrastructure,] our Powered Base Building® solution provides the physical location, requisite power and network access necessary to support a state-of-the-art data center.

| Cross Connect | | A physical connection between two customer defined end points in a Digital Realty facility enabling customers to directly exchange [removed: data traffic] [added: data.] |

| Metro Connect | | Dedicated connection [added: enabling rapid data movement] between multiple Digital Realty facilities located in the same metro [removed: area enabling fast connectivity for data traffic between them] [added: area.] |

| [removed: ServiceFabric™] [added: ServiceFabric®] | | A global open orchestration platform enabling customers to easily provision global connectivity and orchestrate connected services across Digital Realty’s worldwide data center footprint and in third party [removed: locations] [added: locations.] |

Through product offerings such as our [removed: ServiceFabric™] [added: ServiceFabric®] and partnerships with cloud service providers, we can support our customers’ hybrid cloud architecture requirements.

We have more than 5,000 customers, and no single customer represented more than approximately [removed: 11.5%] [added: 11.7%] of the aggregate annualized recurring revenue of our portfolio as of December 31, [removed: 2024.][added: 2025.]

Global Customer Base across a Wide Variety of Industry Sectors. We use our in-depth knowledge of requirements for [added: and] trends impacting cloud and information technology service providers, content providers, network and communications providers, and other data center users, including enterprise customers, to market our data centers to meet these customers’ specific technology needs.

Our largest customer accounted for approximately [removed: 11.5%] [added: 11.7%] of our aggregate annualized recurring revenue as of December 31, [removed: 2024.][added: 2025.]

No other single customer accounted for more than approximately [removed: 6.4%] [added: 9.0%] of the aggregate annualized recurring revenue of our portfolio.

| Oracle Corporation | ​ | Meta Platforms, Inc. | ​ | [removed: Verizon] [added: Zayo Group] |

Our goal is to average through business cycles the following financial ratios: 1) a debt-to-Adjusted EBITDA ratio [removed: around] [added: of] 5.5x, 2) a fixed charge coverage of greater than three times, and 3) floating rate debt at less than 20% of total outstanding debt.

Since Digital Realty Trust, Inc.’s initial public offering in 2004, we have raised approximately [removed: $74] [added: $81] billion [added: (including approximately $3.4 billion] of [added: private] capital [added: and $4.8 billion of equity capital raised from the beginning of 2024] through [added: December 31, 2025) of capital through] common (excluding forward contracts), preferred and convertible preferred equity offerings, exchangeable debt offerings, non-exchangeable bond offerings, our [removed: Global Revolving Credit Facilities,] [added: global revolving credit facilities,] our [added: Euro] term [removed: loan facilities,] [added: facility,] a senior notes shelf facility, secured mortgage financings and re-financings, joint venture partnerships and the sale of non-core assets.

We believe our products like [removed: ServiceFabric™] [added: ServiceFabric®] and our partnerships with managed services and cloud service providers further enhance the attractiveness of our data centers.

In [removed: 2024,] [added: 2025,] for the [removed: eighth] [added: ninth] consecutive year, we received the Nareit “Leader in the Light” award for data centers, recognizing our sustainability and energy-efficiency achievements.

Energy and water data receive third party assurance as part of our annual [removed: environmental, social, and governance (“ESG”) report] [added: Impact Report] development process.

_a) [removed: 2023] [added: 2024] Energy Data_ (1)

| Energy Consumption Data Coverage as % of Floor Area | Total Energy Consumed by Portfolio Area with Data Coverage (MWh)(2) | Grid electricity consumption as a % of Energy Consumption | Renewable Energy as a % of Energy Consumption(3) | [removed: Like-for-Like Change in Energy Consumption for Portfolio Area with Data Coverage(4)] [added: ​] |

| | (1) | The most recent full year for which energy data is available is [removed: 2023.] [added: 2024.] The scope of data coverage includes [added: only] managed [removed: and non-managed] assets. In [removed: 2023,] [added: 2024,] 99% of the Company’s [added: operational] portfolio consisted of data center space along with limited accessory [removed: uses, predominantly office space.] [added: uses.] 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), Energy Attribute Certificate (“EAC”) purchases, [added: power purchase agreements,] customer-sourced renewable energy and EACs generated by the Company. |

Data center providers that can solve global coverage, capacity and

| Coverage | | We enable our customers to deploy their workloads in their preferred locations. Our global data center portfolio spans 300+ data centers in 55+ metros on 6 continents |

| Capacity | | We offer ~2.9 GW of total in-place IT capacity to meet growing demand, with ~770 MW under construction and >5 GW of future development capacity, providing long-term scale to our customers |

| Connectivity | | We provide an extensive Interconnection portfolio to support the movement of data across customers, service providers, and networks; ServiceFabric® offers virtual network orchestration to 305+ cloud on-ramps and 700 data centers globally to enable quick, secure, and reliable private connections |

| Control | ​ | We own and operate our data centers, delivering secure, resilient infrastructure so customers can maintain control of their data, workloads, and long-term outcomes |

| Data Center Solution Types | | Description |

| Internet Services | | Private internet connections providing high-speed and resilient internet access to diverse ISPs, delivered on a multi-service port. |

| Precabling | ​ | Predetermined fiber connectivity providing direct connection between customers and providers in a central Meet-Me-Room (MRR), reducing installation complexity and ideal for low-latency and high-density deployments. |

| Pathway | | Secure, conduit-based connectivity supporting bulk-fiber interconnection enabling two parties to directly connect within or between facilities. |

For example, in connection with the Digital DC Partners NA Fund, we raised over $3 billion of equity commitments that can support approximately $10 billion of total data center investment.

| 100% | 11,649,837 | 97% | 73% | ​ |

| 9905 Godwin Drive | Northern Virginia | LEED (1) | Gold |

| 805 E. Holford Road | Dallas | LEED (1) | Gold |

| 10051 Brickyard Way | Northern Virginia | LEED (1) | Gold |

| 2 Avenue Marcel Cachin (PAR10) | Paris, France | LEED (1) | Silver |

| Mercuriusstraat 27 (BRU4) | Brussels, Belgium | LEED (1) | Silver |

| 2 Avenue Marcel Cachin (PAR11) | Paris, France | LEED (1) | Gold |

We updated our global carbon reduction target in 2025 and it received validation by the Science-Based Target Initiative, with goals to reduce our absolute Scope 1 and 2 emissions 42% by 2030 from a 2023 base year and to reduce Scope 3 emissions from purchased goods and services, upstream transportation and distribution, downstream leased assets and investments 25% within the same time frame.

| 93% | 40% | 5,586 | 32% | ​ |

| EMEA | | 2,040 |

| Total | | 4,282 |

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

| Network | | Consolidates and localizes traffic into ingress/egress points to optimize network performance and cost |

| Control | | Hosts adjacent security and IT controls to improve security posture and Hybrid-IT operations |

| Data | | Localizes data aggregation, staging, analytics, streaming and data management to optimize data exchange and Private AI workloads ​ |

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

| Product Types | | Description |

​

Connectivity

| Campus Connect | | Local, dedicated connectivity solution within Digital Realty campus environments located in hyperconnected metros around the world enabling multiple facilities on a single campus to exchange data traffic and therefore operate as a virtual single data center |

| IP Bandwidth | | Dedicated Internet Access using blend of ISPs. Provides customer with highly resilient customer dedicated connections including Fixed and Burstable Service options |

| Pathway | | Conduit based access to support bulk fiber interconnection, typically terminating into the POP or Meet Me Room within a given facility |

The Real Estate Sustainability Accounting Standard guidance, issued by the Sustainability Accounting Standards Board, outlines proposed disclosure topics and accounting metrics for the real estate industry.

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

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

We received the following sustainable data center ratings for the following sites:

| 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 |

We set a global carbon reduction target that has been validated by the Science-Based Target Initiative to reduce our Scope 1 and 2 emissions 68% per square foot and Scope 3 emissions from purchased goods and services and fuel- and energy-related activities 24% per square foot by 2030, from a 2018 baseline.

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

| EMEA | | 1,922 |

| Total | | 3,936 |

We prioritize providing programs and benefits that promote healthy and productive lifestyles.

We offer a company-wide wellness program that invests in the health, fitness, financial wellness and overall quality of life for our employees through education, challenges, incentives and reimbursements.

In 2023, we published our EEO-1 report, providing transparency on the racial and gender composition of our U.S. workforce.

We disclose our inclusion strategy and initiatives annually in our ESG Report.

As of December 31, [removed: 2024,] [added: 2025,] 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: 2024] [added: 2025] |

| Commission file number | [added: ​ ​ ​ ​] | 001-32336 (Digital Realty Trust, Inc.) |

| ​ | [added: ​ ​ ​] | Title of each class | ​ | ​ | Trading Symbols(s) | [added: ​ ​ ​] | Name of each exchange on which registered |

The aggregate market value of the common equity held by non-affiliates of Digital Realty Trust, Inc. as of June [removed: 28, 2024,] [added: 30, 2025,] the last business day of the registrant’s most recently completed second quarter, totaled approximately [removed: $50] [added: $59] 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: 28, 2024.][added: 30, 2025.]

The identification of 10% or greater stockholders as of June [removed: 28, 2024] [added: 30, 2025] is based on Schedule 13G and amended Schedule 13G reports publicly filed before June [removed: 28, 2024.][added: 30, 2025.]

| Class | [added: ​ ​ ​] | Outstanding at February [removed: 18, 2025] [added: 9, 2026] | |

| Common Stock, $.01 par value per share | ​ | [removed: 336,644,245] [added: 343,615,444] | ​ |

Part III incorporates by reference portions of Digital Realty Trust, Inc.’s Proxy Statement for its [removed: 2025] [added: 2026] 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: 2024] [added: 2025] of Digital Realty Trust, Inc., a Maryland corporation, and Digital Realty Trust, L.P., a Maryland limited partnership, of which Digital Realty Trust, Inc. is the sole general partner.

Unless otherwise indicated or unless the context requires otherwise, all references in this report to “we,” “us,” “our,” “our Company”, or “the Company” refer to Digital Realty Trust, Inc. together with its consolidated subsidiaries, including Digital Realty Trust, L.P. In statements regarding qualification as a [added: real estate investment trust, or] REIT, [added: for U.S. federal income tax purposes,] such terms refer solely to Digital Realty Trust, Inc. Unless otherwise, all references to the “Parent” refer to Digital Realty Trust, Inc., and all references to “our Operating Partnership,” “the Operating Partnership” or “the OP” refer to Digital Realty Trust, L.P. together with its consolidated subsidiaries.

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

As of December 31, [removed: 2024,] [added: 2025,] the Parent owned an approximate 98.2% common general partnership interest in Digital Realty Trust, L.P. The remaining approximate 1.8% of the common limited partnership interests of Digital Realty Trust, L.P. are owned by non-affiliated third parties and certain directors and officers of the Parent.

As of December 31, [removed: 2024,] [added: 2025,] the Parent owned all of the preferred limited partnership interests of Digital Realty Trust, L.P. As the sole general partner of Digital Realty Trust, L.P., the Parent has the full, exclusive and complete responsibility for the OP’s day-to-day management and control.

[added: In this report, “Global Revolving Credit Facility” refers to our Operating Partnership’s $4.2 billion equivalent] senior unsecured revolving credit facility and global senior credit agreement; “Yen Revolving Credit Facility” refers to our Operating Partnership’s ¥42,511,000,000 (approximately [removed: $270] [added: $271] million based on exchange rates at December 31, [removed: 2024)] [added: 2025)] senior unsecured revolving credit facility and Yen credit agreement; and “Global Revolving Credit Facilities” refer to our Global Revolving Credit Facility and our Yen Revolving Credit Facility, collectively.

In this report, the “Euro Term Loan Agreement” refers to a term loan agreement which governs [removed: (i)] a €375,000,000 [removed: 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 [removed: “2025-27 Term Facility” and, together with the 2025 Term Facility, collectively, the] “Euro Term Loan [removed: Facilities”),] [added: Facility”),] comprised of €125,000,000 of initial term loans, the entire amount of which was funded on such date, and €250,000,000 of delayed draw term loan commitments that were funded on September 9, 2023.

FOR THE YEAR ENDED DECEMBER 31, [removed: 2024][added: 2025]

| ​ | ​ | [added: ​ ​ ​] | PAGE NO. |

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

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

| [ITEM 9.](#ITEM9CHANGESINANDDISAGREEMENTSWITHACCOUN) | [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](#ITEM9CHANGESINANDDISAGREEMENTSWITHACCOUN) | ​ | [removed: 160] [added: 165] |

| [ITEM 9A.](#ITEM9ACONTROLSANDPROCEDURES_158705) | [Controls and Procedures](#ITEM9ACONTROLSANDPROCEDURES_158705) | ​ | [removed: 160] [added: 165] |

| [ITEM 9B.](#ITEM9BOTHERINFORMATION_255234) | [Other Information](#ITEM9BOTHERINFORMATION_255234) | ​ | [removed: 161] [added: 166] |

| [ITEM 9C.](#ITEM9BOTHERINFORMATION_255234) | [Disclosure Regarding Foreign Jurisdictions That Prevent Inspections](#ITEM9CDISCLOSUREREGARDINGFOREIGNJURISDIC) | ​ | [removed: 161] [added: 166] |

| [PART III.](#PARTIII_621743) | ​ | ​ | [removed: 162] [added: 167] |

| [ITEM 10.](#ITEM10DIRECTORSEXECUTIVEOFFICERSANDCORPO) | [Directors, Executive Officers and Corporate Governance](#ITEM10DIRECTORSEXECUTIVEOFFICERSANDCORPO) | ​ | [removed: 162] [added: 167] |

| [ITEM 11.](#ITEM11EXECUTIVECOMPENSATION_752022) | [Executive Compensation](#ITEM11EXECUTIVECOMPENSATION_752022) | ​ | [removed: 162] [added: 167] |

| [ITEM 12.](#ITEM12SECURITYOWNERSHIPOFCERTAINBENEFICI) | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](#ITEM12SECURITYOWNERSHIPOFCERTAINBENEFICI) | ​ | [removed: 162] [added: 167] |

| [ITEM 13.](#ITEM13CERTAINRELATIONSHIPSANDRELATEDTRAN) | [Certain Relationships and Related Transactions and Director Independence](#ITEM13CERTAINRELATIONSHIPSANDRELATEDTRAN) | ​ | [removed: 162] [added: 167] |

| [ITEM 14.](#ITEM14PRINCIPALACCOUNTINGFEESANDSERVICES) | [Principal Accounting Fees and Services](#ITEM14PRINCIPALACCOUNTINGFEESANDSERVICES) | ​ | [removed: 162] [added: 167] |

| [PART IV.](#PARTIV_827704) | ​ | ​ | [removed: 163] [added: 168] |

| [ITEM 15.](#ITEM15EXHIBITS_118949) | [Exhibits and Financial Statement Schedules](#ITEM15EXHIBITS_118949) | ​ | [removed: 163] [added: 168] |

| [ITEM 16.](#ITEM16FORM10KSUMMARY_242253) | [Form 10-K Summary](#ITEM16FORM10KSUMMARY_242253) | ​ | [removed: 173] [added: 179] |

| [SIGNATURES](#SIGNATURES_181453) | | ​ | [removed: 174] [added: 180] |

In this report, “Global Revolving Credit Facility” refers to our Operating Partnership’s $4.1 billion equivalent

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”).

| | ● | the use of external service providers, where appropriate, to assess, test or otherwise assist with aspects of our security [removed: controls;] [added: controls and responses to cybersecurity incidents;] |

| | ● | a risk management process for [added: third party] service [removed: providers, suppliers, and vendors] [added: providers] that aligns to our compliance [removed: requirements.] [added: standards and calibrated to our assessment of each provider’s operational criticality and risk profile.] |

[removed: We have not identified risks from known cybersecurity threats as a result of any prior cybersecurity] [added: Such] incidents [removed: that] have [added: not] materially affected [removed: us, including] our operations, business strategy, results of operations, or financial condition.

[removed: We] [added: On an ongoing basis, we] face complex risks from cybersecurity threats that, if realized, are reasonably likely to materially affect us, including our operations, business strategy, results of operations, or financial condition_.

In addition, management updates the Board, as necessary, regarding any [removed: material] [added: significant] cybersecurity [removed: incidents, as well as any incidents with lesser impact potential.][added: incidents.]

The Board receives briefings from management on our cyber risk management processes, and it receives presentations on cybersecurity topics from our Chief Technology Officer, Chief Information Security Officer and Chief Information Officer, internal security staff or external experts as part of the Board’s [added: risk oversight function and] continuing education on topics that impact public companies.

Our [removed: management team has overall] [added: Chief Technology Officer, Chief Information Security Officer and Chief Information Officer have primary] responsibility for assessing and managing material risks from cybersecurity threats, and for executing on our cybersecurity risk management processes.

Our [added: Chief Technology Officer is a member of the] management [removed: team] [added: team, and] works closely with [removed: our] [added: the Chief Information Security Officer, Chief Information Officer and] cybersecurity operations team to stay informed about and monitor efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, which may include briefings from internal security personnel, threat intelligence and other information obtained from governmental, public or private sources, including external consultants engaged by us, and alerts and reports produced by security tools deployed in the IT, Operational Technology (OT), and products and services environments.

To date, we have not identified risks from known cybersecurity threats resulting from prior cybersecurity incidents.

Our Chief Technology Officer has decades of experience in technology strategies across global markets, the design and operation of resilient data center capacity, and the deployment of enterprise cloud strategies and data-driven applications.

Our Chief Information Security Officer reports to the Chief Technology Officer and has decades of experience advising large corporations and the U.S. government on cyber resiliency, cyber operations and cyber risk management programs.

Our Chief Information Officer also reports to the Chief Technology Officer and has two engineering degrees along with decades of experience in managing technology operations and investments, as well as software and applications development.

[Index to Financial Statements](#INDEX_423931)

Our Chief Technology Officer, Chief Information Officer and Chief Information Security Officer, among others, have decades of combined experience in areas such as information technology, compliance, and cybersecurity program design and management.

The following table presents an overview of our portfolio of properties, including the [removed: 78] [added: 89] data centers held as investments in unconsolidated entities and developable land, based on information as of December 31, [removed: 2024] [added: 2025] (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: 2024.][added: 2025.]

| ​ | [removed: ​] [added: ​ ​ ​​] | ​ | [removed: ​] [added: ​ ​ ​​] | ​ | [removed: ​] [added: ​ ​ ​​] | Space Under | [removed: ​] [added: ​ ​ ​​] | ​ | [removed: ​] [added: ​ ​ ​​] | ​ | |

| Portland | ​ | 3 | ​ | 1,147 | ​ | — | ​ | — | ​ | [removed: 98.9] [added: 99.9] | % |

| San Francisco | ​ | [removed: 4] [added: 5] | ​ | 844 | ​ | — | ​ | — | ​ | [removed: 61.6] [added: 60.1] | % |

| Toronto | ​ | 2 | ​ | 593 | ​ | [removed: 130] [added: —] | ​ | 135 | ​ | [removed: 96.1] [added: 96.5] | % |

| EMEA | ​ | [added: ​] | ​ | [added: ​] | ​ | [added: ​] | ​ | [added: ​] | ​ | [added: ​] | ​ |

| Marseille | ​ | 4 | ​ | 558 | ​ | 237 | ​ | 378 | ​ | [removed: 75.4] [added: 78.1] | % |

| Vienna | ​ | 3 | ​ | 356 | ​ | 133 | ​ | — | ​ | [removed: 82.6] [added: 82.2] | [removed: ​] [added: %] |

| Brussels | ​ | 3 | ​ | 338 | ​ | — | ​ | — | ​ | [removed: 69.7] [added: 70.0] | [removed: ​] [added: %] |

| Cape Town | ​ | 2 | ​ | 326 | ​ | 402 | ​ | — | ​ | [removed: 87.3] [added: 89.3] | [removed: ​] [added: %] |

| Stockholm | ​ | 6 | ​ | 245 | ​ | — | ​ | — | ​ | [removed: 57.7] [added: 46.4] | % |

| Copenhagen | ​ | 3 | ​ | 226 | ​ | — | ​ | 99 | ​ | [removed: 69.2] [added: 72.7] | % |

| Athens | ​ | 4 | ​ | 148 | ​ | 61 | ​ | — | ​ | [removed: 81.9] [added: 82.8] | % |

| Crete | ​ | [removed: —] [added: 1] | ​ | [removed: —] [added: 11] | ​ | [removed: 11] [added: —] | ​ | — | ​ | [removed: —] [added: 6.1] | % |

| Asia Pacific | ​ | [added: ​] | ​ | [added: ​] | ​ | [added: ​] | ​ | [added: ​] | ​ | [added: ​] | ​ |

| Melbourne | ​ | 2 | ​ | 147 | ​ | — | ​ | — | ​ | [removed: 90.6] [added: 90.3] | % |

| Seoul | ​ | 1 | ​ | 162 | ​ | [removed: —] [added: 1,025] | ​ | — | ​ | [removed: 25.2] [added: 51.5] | % |

| Hong Kong | ​ | 1 | ​ | [removed: 114] [added: 180] | ​ | [removed: 66] [added: —] | ​ | 104 | ​ | [removed: 73.3] [added: 88.2] | % |

| Managed Unconsolidated Entities | ​ | [added: ​] | ​ | [added: ​] | ​ | [added: ​] | ​ | [added: ​] | ​ | [added: ​] | ​ |

| Chicago | ​ | 3 | ​ | 1,118 | ​ | — | ​ | — | ​ | [removed: 96.3] [added: 97.0] | % |

| Frankfurt | ​ | 5 | ​ | 551 | ​ | — | ​ | — | ​ | [removed: 81.0] [added: 86.3] | % |

| Hong Kong | ​ | 1 | ​ | 186 | ​ | — | ​ | — | ​ | [removed: 44.3] [added: 32.7] | % |

| Silicon Valley | ​ | [removed: 2] [added: 4] | ​ | [removed: 142] [added: 442] | ​ | — | ​ | 400 | ​ | 100.0 | % |

| Toronto | ​ | 1 | ​ | 104 | ​ | — | ​ | — | ​ | [removed: 54.5] [added: 81.4] | % |

| Accra | ​ | [removed: —] [added: 1] | ​ | [removed: —] [added: 24] | ​ | [removed: 24] [added: —] | ​ | — | ​ | [removed: —] [added: 1.1] | % |

| Non-Managed Unconsolidated Entities | ​ | [added: ​] | ​ | [added: ​] | ​ | [added: ​] | ​ | [added: ​] | ​ | [added: ​] | ​ |

[removed: Individual items] [added: Total amounts] may [removed: not add up to total] [added: differ] due to rounding.

The following table sets forth information regarding the 20 largest customers in our portfolio based on annualized recurring revenue as of December 31, [removed: 2024] [added: 2025] (dollar amounts in thousands).

| [removed: 8] [added: 9] | | Fortune 25 Investment Grade-Rated Company | | 29 | | | [removed: 64,371] [added: 67,366] | | [removed: 1.6] [added: 1.4] | % | | [removed: 1.9] [added: 2.1] |

| [removed: 12] [added: 13] | | Lumen Technologies, Inc. | | [removed: 130] [added: 112] | | | [removed: 55,529] [added: 56,649] | | [removed: 1.3] [added: 1.2] | % | | 8.2 |

| [removed: 13] [added: 11] | | Fortune 25 Tech Company | | [removed: 54] [added: 57] | | | [removed: 54,008] [added: 62,971] | | 1.3 | % | | [removed: 3.3] [added: 4.1] |

| [removed: 19] [added: 18] | | Morgan Stanley | | 13 | | | [removed: 37,276] [added: 39,944] | | 0.9 | % | | [removed: 4.4] [added: 3.9] |

| ​ | | Total / Weighted Average | ​ | ​ | | $ | [removed: 2,106,721] [added: 2,399,695] | | [removed: 50.8] [added: 50.9] | % | | 6.1 |

| (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: 2024] [added: 2025] 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: 8.9] [added: 9.7] million square feet of space under active development and approximately 4.7 million square feet of space held for development at December 31, [removed: 2024,] [added: 2025,] under lease as of December 31, [removed: 2024] [added: 2025] (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: 2024] [added: 2025] multiplied by 12. |

The following table sets forth a summary schedule of the lease expirations for leases in place as of December 31, [removed: 2024] [added: 2025] plus available space for ten calendar years and thereafter at the properties in our portfolio.

| Northern Virginia | ​ | 16 | ​ | 5,200 | ​ | 309 | ​ | 283 | ​ | 95.1 | % |

| Chicago | ​ | 7 | ​ | 2,230 | ​ | 565 | ​ | 68 | ​ | 93.9 | % |

| New York | ​ | 10 | ​ | 1,497 | ​ | 70 | ​ | 28 | ​ | 72.2 | % |

| Dallas | ​ | 16 | ​ | 2,660 | ​ | 408 | ​ | 246 | ​ | 82.6 | % |

| Silicon Valley | ​ | 11 | ​ | 1,175 | ​ | 13 | ​ | 37 | ​ | 81.7 | % |

| Phoenix | ​ | 2 | ​ | 783 | ​ | 19 | ​ | — | ​ | 75.6 | % |

| Seattle | ​ | 1 | ​ | 412 | ​ | — | ​ | — | ​ | 67.5 | % |

| Atlanta | ​ | 3 | ​ | 154 | ​ | 68 | ​ | 314 | ​ | 76.7 | % |

| Los Angeles | ​ | 2 | ​ | 750 | ​ | — | ​ | 104 | ​ | 86.6 | % |

| Boston | ​ | 2 | ​ | 336 | ​ | — | ​ | 51 | ​ | 39.4 | % |

| Austin | ​ | 1 | ​ | 86 | ​ | — | ​ | — | ​ | 60.9 | % |

| Miami | ​ | 1 | ​ | 150 | ​ | — | ​ | 12 | ​ | 85.4 | % |

| Charlotte | ​ | 3 | ​ | 95 | ​ | — | ​ | — | ​ | 94.4 | % |

| North America Total | ​ | 91 | ​ | 18,504 | ​ | 1,452 | ​ | 1,290 | ​ | 85.5 | % |

| Frankfurt | ​ | 24 | ​ | 2,102 | ​ | 1,071 | ​ | — | ​ | 81.9 | % |

| London | ​ | 13 | ​ | 1,348 | ​ | 77 | ​ | 76 | ​ | 65.4 | % |

| Amsterdam | ​ | 13 | ​ | 1,425 | ​ | 202 | ​ | 19 | ​ | 81.4 | % |

| Paris | ​ | 12 | ​ | 1,262 | ​ | 622 | ​ | — | ​ | 84.4 | % |

| Johannesburg | ​ | 5 | ​ | 1,681 | ​ | 530 | ​ | — | ​ | 83.3 | % |

| Zurich | ​ | 3 | ​ | 596 | ​ | — | ​ | — | ​ | 78.2 | % |

| Dublin | ​ | 9 | ​ | 555 | ​ | — | ​ | — | ​ | 76.1 | % |

| Madrid | ​ | 4 | ​ | 352 | ​ | 56 | ​ | — | ​ | 79.1 | % |

| Dusseldorf | ​ | 3 | ​ | 181 | ​ | 55 | ​ | — | ​ | 50.8 | % |

| Durban | ​ | 1 | ​ | 59 | ​ | — | ​ | — | ​ | 69.6 | % |

| Mombasa | ​ | 2 | ​ | 37 | ​ | — | ​ | 21 | ​ | 47.3 | % |

| Nairobi | ​ | 1 | ​ | 16 | ​ | 75 | ​ | — | ​ | 66.7 | % |

| Zagreb | ​ | 1 | ​ | 34 | ​ | — | ​ | — | ​ | 66.8 | % |

| Maputo | ​ | 1 | ​ | 3 | ​ | — | ​ | — | ​ | 45.7 | % |

| Lisbon | ​ | — | ​ | — | ​ | — | ​ | 44 | ​ | — | % |

| EMEA Total | ​ | 119 | ​ | 11,858 | ​ | 3,701 | ​ | 638 | ​ | 77.9 | % |

| Singapore | ​ | 3 | ​ | 810 | ​ | — | ​ | 80 | ​ | 89.9 | % |

| Asia Pacific Total | ​ | 11 | ​ | 1,660 | ​ | 1,025 | ​ | 272 | ​ | 84.6 | % |

| Northern Virginia | ​ | 15 | ​ | 3,581 | ​ | 2,325 | ​ | — | ​ | 97.4 | % |

| Dallas | ​ | 3 | ​ | 463 | ​ | — | ​ | 10 | ​ | 99.9 | % |

| Paris | ​ | 1 | ​ | 181 | ​ | 90 | ​ | — | ​ | 80.5 | % |

| New York | ​ | 1 | ​ | 144 | ​ | — | ​ | — | ​ | 100.0 | % |

| Los Angeles | ​ | 2 | ​ | 196 | ​ | — | ​ | — | ​ | 81.9 | % |

| Lagos | ​ | 3 | ​ | 8 | ​ | 26 | ​ | — | ​ | 61.9 | % |

| ​ | ​ | 40 | ​ | 7,000 | ​ | 2,441 | ​ | 409 | ​ | 93.7 | % |

| Sao Paulo | ​ | 25 | ​ | 1,508 | ​ | 64 | ​ | 1,117 | ​ | 98.8 | % |

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

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

| 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 | % |

| Silicon Valley | ​ | 13 | ​ | 1,524 | ​ | — | ​ | — | ​ | 87.9 | % |

| Phoenix | ​ | 2 | ​ | 796 | ​ | — | ​ | — | ​ | 76.7 | % |

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

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

| Boston | ​ | 3 | ​ | 437 | ​ | — | ​ | 51 | ​ | 38.1 | % |

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

| Miami | ​ | 2 | ​ | 226 | ​ | — | ​ | — | ​ | 86.0 | % |

| 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 | % |

| Dublin | ​ | 9 | ​ | 553 | ​ | — | ​ | — | ​ | 71.3 | % |

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

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

| Dusseldorf | ​ | 3 | ​ | 142 | ​ | — | ​ | 71 | ​ | 59.8 | % |

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

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

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

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

| Maputo | ​ | 1 | ​ | 3 | ​ | — | ​ | — | ​ | 41.6 | % |

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

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

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

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

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

| Los Angeles | ​ | 2 | ​ | 197 | ​ | — | ​ | — | ​ | 80.0 | % |

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

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

| Abuja | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | % |

| ​ | ​ | 31 | ​ | 5,552 | ​ | 1,022 | ​ | 400 | ​ | 91.8 | % |

As of February [removed: 18, 2025,] [added: 9, 2026,] there were approximately 66 holders of record of Digital Realty Trust, Inc.’s common stock.

As of February [removed: 18, 2025,] [added: 9, 2026,] there were [removed: 65] [added: 63] 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: 2019] [added: 2020] through December 31, [removed: 2024,] [added: 2025,] 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: 2019] [added: 2020] 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: 2019] [added: 2020] and

To fiscal year ending December 31, [removed: 2024][added: 2025]

[removed: ][added: ]

| Pricing Date | [added: ​ ​ ​] | DLR($) | [added: ​ ​ ​] | S&P 500($) | [added: ​ ​ ​] | RMS($) |

| December 31, [removed: 2019] [added: 2020] | | 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: 2019.] [added: 2020.] |

During the year ended December 31, [removed: 2024,] [added: 2025,] 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: 2024,] [added: 2025,] Digital Realty Trust, Inc. issued an aggregate of [removed: 392,050] [added: 427,309] 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: 2024,] [added: 2025,] our Operating Partnership issued an aggregate of [removed: 392,050] [added: 427,309] common units to Digital Realty Trust, Inc., as required by our Operating Partnership’s partnership agreement.

During the year ended December 31, [removed: 2024,] [added: 2025,] an aggregate of [removed: 117,271] [added: 62,945] shares of its common stock were forfeited to Digital Realty Trust, Inc. in connection with restricted stock awards for a net issuance of [removed: 274,779] [added: 364,364] shares of common stock.

All other issuances of unregistered equity securities of our Operating Partnership during the year ended December 31, [removed: 2024] [added: 2025] 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: $45] [added: $49] 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, 2021 | | 130.7 | | 128.7 | | 143.1 |

| December 31, 2022 | | 77.2 | | 105.4 | | 108.0 |

| December 31, 2023 | | 108.0 | | 133.1 | | 122.8 |

| December 31, 2024 | | 146.7 | | 166.4 | | 133.6 |

| December 31, 2025 | | 131.9 | | 196.2 | | 137.5 |

| 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 |

| ​ | [added: ​ ​ ​] | Page No. | |

| [Consolidated Balance Sheets as of December 31, [removed: 2024] [added: 2025] and [removed: 2023](#CONSOLIDATEDBALANCESHEETS_384428)] [added: 2024](#CONSOLIDATEDBALANCESHEETS_384428)] | ​ | 91 | |

| [Consolidated Income Statements for each of the years in the three-year period ended December 31, [removed: 2024](#CONSOLIDATEDINCOMESTATEMENTS_453902)] [added: 2025](#CONSOLIDATEDINCOMESTATEMENTS_453902)] | ​ | 92 | |

| [Consolidated Statements of Comprehensive Income for each of the years in the three-year period ended December 31, [removed: 2024](#CONSOLIDATEDSTATEMENTSOFCOMPREHENSIVEINC)] [added: 2025](#CONSOLIDATEDSTATEMENTSOFCOMPREHENSIVEINC)] | ​ | 93 | |

| [Consolidated Statements of Equity for each of the years in the three-year period ended December 31, [removed: 2024](#CONSOLIDATEDSTATEMENTSOFEQUITY_499706)] [added: 2025](#CONSOLIDATEDSTATEMENTSOFEQUITY_499706)] | ​ | 96 | |

| [Consolidated Statements of Cash Flows for each of the years in the three-year period ended December 31, [removed: 2024](#CONSOLIDATEDSTATEMENTSOFCASHFLOWS_395773)] [added: 2025](#CONSOLIDATEDSTATEMENTSOFCASHFLOWS_395773)] | ​ | 97 | |

| [Consolidated Balance Sheets as of December 31, [removed: 2024] [added: 2025] and [removed: 2023](#CONSOLIDATEDBALANCESHEETS_541482)] [added: 2024](#CONSOLIDATEDBALANCESHEETS_541482)] | ​ | 98 | |

| [Consolidated Income Statements for each of the years in the three-year period ended December 31, [removed: 2024](#CONSOLIDATEDINCOMESTATEMENTS_567443)] [added: 2025](#CONSOLIDATEDINCOMESTATEMENTS_567443)] | ​ | 99 | |

| [Consolidated Statements of Comprehensive Income for each of the years in the three-year period ended December 31, [removed: 2024](#STATEMENTSOFCOMPREHENSIVEINCOME_895031)] [added: 2025](#STATEMENTSOFCOMPREHENSIVEINCOME_895031)] | ​ | 100 | |

| [Consolidated Statements of Capital for each of the years in the three-year period ended December 31, [removed: 2024](#CONSOLIDATEDSTATEMENTSOFCAPITAL_681678)] [added: 2025](#CONSOLIDATEDSTATEMENTSOFCAPITAL_681678)] | ​ | 101 | |

| [Consolidated Statements of Cash Flows for each of the years in the three-year period ended December 31, [removed: 2024](#CONSOLIDATEDSTATEMENTSOFCASHFLOWS_542655)] [added: 2025](#CONSOLIDATEDSTATEMENTSOFCASHFLOWS_542655)] | ​ | 104 | |

| [Supplemental Schedule—Schedule III—Properties and Accumulated Depreciation](#SCH3) | ​ | [removed: 157] [added: 162] | |

| [Notes to Schedule III—Properties and Accumulated Depreciation](#a1TaxCost_702541) | ​ | [removed: 159] [added: 164] | |

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: 2024.][added: 2025.]

Based on our assessment, management concluded that as of December 31, [removed: 2024,] [added: 2025,] the Company’s internal control over financial reporting was effective based on those criteria.

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

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: 2024.][added: 2025.]

Based on our assessment, management concluded that as of December 31, [removed: 2024,] [added: 2025,] 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: 2024] [added: 2025] and December 31, [removed: 2023,] [added: 2024,] 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: 2024,] [added: 2025,] 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: 2024] [added: 2025] and December 31, [removed: 2023,] [added: 2024,] and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, [removed: 2024,] [added: 2025,] 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: 2024,] [added: 2025,] based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated February [removed: 24, 2025] [added: 13, 2026] expressed an unqualified opinion on the effectiveness of the Company’s internal control over financial reporting.

_Evaluation of [removed: Scale and Hyperscale] lease revenue_

As discussed in note 2 to the consolidated financial statements, the Company records rental revenue, which includes revenue related to [removed: Scale] [added: leases that generally provide for 1 megawatt or more of power] and [removed: Hyperscale leases,] [added: have lease terms of 5-10+ years,] on a straight-line basis if the Company determines 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 [removed: $5.5] [added: $6.0] billion for the year ended December 31, [removed: 2024,] [added: 2025,] and deferred rent, net and accounts receivable - trade, net was [removed: $642] [added: $751] million and [removed: $570] [added: $729] million, respectively, as of December 31, [removed: 2024.][added: 2025.]

We identified the evaluation of the probability of collection of [removed: Scale and Hyperscale] [added: certain] lease payments as a critical audit matter.

Evaluating the Company’s probability assessment of collection of substantially all the lease payments for [added: certain of] its [removed: Scale and Hyperscale] leases required significant auditor judgment because of the subjective nature of the evidence obtained.

We evaluated the design and tested the operating effectiveness of certain internal controls over the Company’s probability assessment of [removed: Scale and Hyperscale] [added: the] lease payment collection process, including controls related to the assessment of the creditworthiness of the customer and any guarantors.

For a selection of the [removed: Company’s Scale and Hyperscale] leases, we evaluated the Company’s determination of the collectability of substantially all of the lease payments by: (i) comparing the legal name of customer and any guarantor to the underlying lease agreements and third-party credit rating report, (ii) evaluating the creditworthiness of the customer by assessing their credit rating, (iii) reading publicly available information, including the customer’s financial statements, recent public filings, and news articles, and (iv) inquiring of the Company’s employees to obtain evidence regarding creditworthiness of the [removed: customers.][added: customer.]

| ​ | [added: ​ ​ ​] | /s/ KPMG LLP |

We have audited Digital Realty Trust, Inc. and subsidiaries' (the Company) internal control over financial reporting as of December 31, [removed: 2024,] [added: 2025,] based on criteria established in Internal Control – Integrated Framework (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: 2024,] [added: 2025,] based on criteria established in Internal Control – Integrated Framework (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: 2024] [added: 2025] and December 31, [removed: 2023,] [added: 2024,] 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: 2024,] [added: 2025,] and the related notes and financial statement schedule III, properties and accumulated depreciation (collectively, the consolidated financial statements), and our report dated February [removed: 24, 2025] [added: 13, 2026] 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: 2024] [added: 2025] and December 31, [removed: 2023,] [added: 2024,] the related consolidated income [removed: statements,] [added: statements and] the consolidated statements of comprehensive income, capital, and cash flows for each of the years in the three-year period ended December 31, [removed: 2024,] [added: 2025,] 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: 2024] [added: 2025] and December 31, [removed: 2023,] [added: 2024,] and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, [removed: 2024,] [added: 2025,] in conformity with U.S. generally accepted accounting principles.

As discussed in note 2 to the consolidated financial statements, the [removed: Operating Partnership] [added: Company] records rental revenue, which includes revenue related to [removed: Scale] [added: leases that generally provide for 1 megawatt or more of power] and [removed: Hyperscale leases,] [added: have lease terms of 5-10+ years,] on [removed: a straight-line basis if the Operating Partnership determines]

[added: a straight-line basis if the Company determines] on a lease-by-lease basis it is probable that substantially all lease payments over the term of the lease will be collected.

Whenever the results of that assessment indicate that it is not probable that the [removed: Operating Partnership] [added: Company] will be able to collect substantially all lease payments over the remaining term of the lease, the [removed: Operating Partnership] [added: Company] records a reduction to rental revenue equal to the balance of any deferred rent and rent receivable, and ceases recognizing rental revenue on a straight-line basis and commences recognizing rental revenue on a cash collected basis.

Evaluating the [removed: Operating Partnership’s] [added: Company’s] probability assessment of collection of substantially all the lease payments for [added: certain of] its [removed: Scale and Hyperscale] leases required significant auditor judgment because of the subjective nature of the evidence obtained.

We evaluated the design and tested the operating effectiveness of certain internal controls over the [removed: Operating Partnership’s] [added: Company’s] probability assessment of [removed: Scale and Hyperscale] [added: the] lease payment collection process, including controls related to the assessment of the creditworthiness of the customer and any guarantors.

For a selection of the [removed: Operating Partnership’s Scale and Hyperscale] leases, we evaluated the [removed: Operating Partnership’s] [added: Company’s] determination of the collectability of substantially all of the lease payments by: (i) comparing the legal name of customer and any guarantor to the underlying lease agreements and third-party credit rating report, (ii) evaluating the creditworthiness of the customer by assessing their credit rating, (iii) reading publicly available information, including the customer’s financial statements, recent public filings, and news articles, and (iv) inquiring of the [removed: Operating Partnership’s] [added: Company’s] employees to obtain evidence regarding creditworthiness of the [removed: customers.][added: customer.]

A portion of each of these balances included amounts related to leases that generally provide for 1 megawatt or more of power and have lease terms of 5-10+ years.

| February 13, 2026 | ​ | ​ |

| ​ | ​ ​ ​ | /s/ KPMG LLP |

| February 13, 2026 | ​ | ​ |

_Evaluation of lease revenue_

Rental and other services revenue was $6.0 billion for the year ended December 31, 2025, and deferred rent, net and accounts receivable - trade, net was $751 million and $729 million, respectively, as of December 31, 2025.

A portion of each of these balances included amounts related to leases that generally provide for 1 megawatt or more of power and have lease terms of 5-10+ years.

We identified the evaluation of the probability of collection of certain lease payments as a critical audit matter.

| ​ | ​ ​ ​ | /s/ KPMG LLP |

| February 13, 2026 | ​ | ​ |

| ​ | ​ | 2025 | | ​ | 2024 | |

| ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |

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

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

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

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

| 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) | ​ | $ | 402198 | ​ | $ | 21,742,595 |

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

| Issuance of common stock, net of costs | ​ | | — | ​ | ​ | — | ​ | 6,394,820 | ​ | ​ | 67 | ​ | ​ | 1,105,964 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,106,031 |

| Purchase of noncontrolling interests | ​ | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | ​ | (9,193) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (1,468) | ​ | ​ | (10,661) |

| Deconsolidation of consolidated entities | ​ | ​ | — | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (5,229) | ​ | ​ | (5,229) |

| Net income (loss) | ​ | | (21,983) | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,308,589 | ​ | ​ | — | ​ | ​ | 26,559 | ​ | ​ | 1,335,148 |

| Other comprehensive income (loss) | ​ | ​ | 184,177 | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 713,085 | ​ | ​ | 17,696 | ​ | ​ | 730,781 |

| Balance as of December 31, 2025 | ​ | $ | 1,498,975 | ​ | $ | 731,690 | | 343,557,430 | ​ | $ | 3,406 | ​ | $ | 29,350,487 | ​ | $ | (6,690,722) | ​ | $ | (469,198) | ​ | $ | 421,336 | ​ | $ | 23,346,999 |

| ​ | ​ | 2025 | | ​ | 2024 | |

| Investments in unconsolidated entities | ​ | | 3,427,903 | ​ | | 2,639,800 |

| Net investments in real estate | ​ | | 29,861,520 | ​ | | 26,760,582 |

| Cash and cash equivalents | ​ | | 3,451,647 | ​ | | 3,870,891 |

| Goodwill | ​ | | 9,711,953 | ​ | | 8,929,431 |

| Assets held for sale and contribution | ​ | | 349,826 | ​ | | — |

| Other assets | ​ | | 655,377 | ​ | | 465,885 |

| Total assets | ​ | $ | 49,410,468 | ​ | $ | 45,283,616 |

| Global revolving credit facilities, net | ​ | $ | 899,090 | ​ | $ | 1,611,308 |

| Unsecured senior notes, net of discount | ​ | | 16,194,441 | ​ | | 13,962,852 |

| Operating lease liabilities | ​ | ​ | 1,253,217 | ​ | ​ | 1,294,219 |

| Accounts payable and other accrued liabilities | ​ | | 2,600,979 | ​ | | 2,056,215 |

| Deferred tax liabilities | ​ | ​ | 1,124,724 | ​ | ​ | 1,084,562 |

| Accrued dividends and distributions | ​ | | 428,337 | ​ | | 418,661 |

| Security deposits and prepaid rents | ​ | | 754,920 | ​ | | 539,802 |

| Obligations associated with assets held for sale and contribution | ​ | | 182 | ​ | | — |

A portion of each of these balances included amounts related to Scale and Hyperscale leases.

| February 24, 2025 | ​ | ​ |

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

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

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

| 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 |

| Partial settlement of forward sale agreements, net of costs | ​ | | — | ​ | ​ | — | ​ | 6,250,000 | ​ | ​ | 63 | ​ | ​ | 923,400 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 923,463 |

| Redeemable noncontrolling interests associated with acquisition of Teraco | ​ | | 1,530,090 | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — |

| Net income (loss) | ​ | | (4,653) | ​ | ​ | — | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 377,684 | ​ | ​ | — | ​ | ​ | 7,294 | ​ | ​ | 384,978 |

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

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

| 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 |

| Partial settlement of forward sale agreements, net of costs | ​ | | — | | — | ​ | | — | | 6,250,000 | ​ | | 923,463 | | — | ​ | | — | ​ | | — | ​ | | — | ​ | | 923,463 |

| Units repurchased and retired to satisfy tax withholding upon vesting | ​ | ​ | — | | — | ​ | | — | | — | ​ | | (7,143) | | — | ​ | | — | ​ | | — | ​ | | — | ​ | | (7,143) |

| Distributions | ​ | | (760) | | — | ​ | | (40,724) | | — | ​ | | (1,403,344) | | — | ​ | | (30,796) | ​ | | — | ​ | | — | ​ | | (1,474,864) |

| Redeemable noncontrolling interests associated with acquisition of Teraco | ​ | | 1,530,090 | | — | ​ | | — | | — | ​ | | — | | — | ​ | | — | ​ | | — | ​ | | — | ​ | | — |

| Sale of noncontrolling interest in property to DCRU | ​ | | — | | — | ​ | | — | | — | ​ | | 64,616 | | — | ​ | | — | ​ | | — | ​ | | 12,275 | ​ | | 76,891 |

| Net income (loss) | ​ | | (4,653) | | — | ​ | | 40,724 | | — | ​ | | 336,960 | | — | ​ | | 7,914 | ​ | | — | ​ | | (620) | ​ | | 384,978 |

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

| Balance as of December 31, 2022 | ​ | $ | 1,514,679 | | 30,200,000 | ​ | $ | 731,690 | | 291,148,222 | ​ | $ | 17,447,442 | | 6,288,669 | ​ | $ | 436,942 | ​ | $ | (613,423) | ​ | $ | 104,814 | ​ | $ | 18,107,465 |

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

As of December 31, 2024, there was no impact from netting arrangements, because the Company had no derivatives in liability positions.

_Business Combinations._ On August 23, 2023, the FASB issued an ASU 2023-05, Business Combinations - Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement, that requires a joint venture, upon formation, to measure its assets and liabilities at fair value in its standalone financial statements.

A joint venture must recognize the difference between the fair value of its equity and the fair value of its identifiable assets and liabilities as goodwill (or an equity adjustment, if negative) using the business combination accounting guidance regardless of whether the net assets meet the definition of a business.

The new accounting standard is intended to reduce diversity in practice.

_Segment Reporting_.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting ("Topic 280"): Improvements to Reportable Segment Disclosure.

The ASU is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses.

The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption is permitted, and retrospective adoption required.

During 2024, we adopted this ASU and the adoption of this standard did not have a material impact on our Consolidated Financial Statements, however it has resulted in incremental disclosures within the footnotes to our Consolidated Financial Statements.

“Segment and Geographic Information” for further discussion.

We are not early adopting and are currently evaluating the extent of the impact of this ASU on disclosures in our Consolidated Financial Statements.

3.

Business Combinations

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

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 controls (and consolidates) the Teraco Connect Trust (the “Trust”) that was created as part of the Broad Based Black Economic Empowerment Program in South Africa.

The Trust owns a 12% interest in Teraco’s primary operating company, however, because Teraco (and the Company) controls the Trust, the Trust is consolidated by Teraco (and the Company).

If the Trust was not consolidated by Teraco, the Company’s ownership interest in Teraco would be approximately 55%.

The following table summarizes the amounts recorded at the acquisition date (in thousands):

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: 2024.][added: 2025.]

There has not been any change in our internal control over financial reporting during the three months [added: ended] December 31, [removed: 2024,] [added: 2025,] 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: 2024.][added: 2025.]

There has not been any change in our internal control over financial reporting during the three months ended December 31, [removed: 2024,] [added: 2025,] that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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: 2025] [added: 2026] 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: 2024,] [added: 2025,] 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: 2024,] [added: 2025,] 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: 2025] [added: 2026] 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: 2025] [added: 2026] 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: 2025] [added: 2026] 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: 2025] [added: 2026] Annual Meeting of Stockholders and is incorporated herein by reference.

| 3.1 | ​ | [Articles of Amendment and Restatement of Digital Realty Trust, [removed: Inc.](https://www.sec.gov/Archives/edgar/data/1297996/000155837025001424/dlr-20241231xex3d1.htm)] [added: Inc.](https://www.sec.gov/Archives/edgar/data/1297996/000110465926015365/dlr-20251231xex3d1.htm)] |

| [removed: 4.16] [added: 10.48†] | ​ | [removed: [Description] [added: [Form] of [removed: Securities] [added: Amended and Restated Form of Executive Severance Agreement – Canada] (incorporated by reference to exhibit [removed: 4.20] [added: 10.54] 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, [removed: 2022).](https://www.sec.gov/Archives/edgar/data/1297996/000155837022002195/dlr-20211231xex4d20.htm)] [added: 2022).](https://www.sec.gov/Archives/edgar/data/1297996/000155837022002195/dlr-20211231xex10d54.htm)] |

| [removed: 4.28] [added: 4.29] | ​ | [Supplemental Indenture No. 5, dated as of September 27, 2022, among Digital Realty Trust, L.P., as issuer, Digital Realty Trust, Inc., as guarantor, and Computershare Trust Company, N.A., as successor to Wells Fargo Bank, National Association, as trustee, including the form of 5.550% Notes due 2028 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 September 27, 2022).](https://www.sec.gov/Archives/edgar/data/1297996/000119312522252135/d514137dex42.htm) |

| [removed: 4.29] [added: 4.30] | ​ | [Indenture, dated as of September 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 registrar, including the form of the 3.875% Guaranteed Notes due 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 13, 2024).](https://www.sec.gov/Archives/edgar/data/1297996/000119312524218873/d855313dex41.htm) |

| [removed: 4.30] [added: 4.31] | ​ | [Indenture, dated as of November 12, 2024, among Digital Realty Trust, L.P., as issuer, Digital Realty Trust, Inc., as guarantor, and U.S. Bank Trust Company, National Association, as trustee, including the form of 1.875% Exchangeable Senior Notes due 2029 (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 November 12, 2024).](https://www.sec.gov/Archives/edgar/data/1297996/000119312524255912/d883775dex41.htm) |

| [removed: 4.31] [added: 4.32] | ​ | [Form of certificate representing the 1.875% Exchangeable Senior Notes due 2029 (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 November 12, 2024).](https://www.sec.gov/Archives/edgar/data/1297996/000119312522252135/d514137dex42.htm) |

| [removed: 4.32] [added: 4.33] | ​ | [Registration Rights Agreement, dated as of November 12, 2024, among Digital Realty Trust, L.P., as issuer, Digital Realty Trust, Inc., as parent guarantor, and the initial purchasers named therein (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 November 12, 2024).](https://www.sec.gov/Archives/edgar/data/1297996/000119312524255912/d883775dex43.htm) |

| [removed: 10.31†] [added: 10.32†] | ​ | [Employment Agreement among Digital Realty Trust, Inc., DLR LLC and A. William Stein (incorporated by reference to Exhibit 10.1 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 9, 2018).](http://www.sec.gov/Archives/edgar/data/1297996/000129799618000114/exhibit101.htm) |

| [removed: 10.32†] [added: 10.33†] | ​ | [Digital Realty Trust, Inc. 2015 Employee Stock Purchase Plan (incorporated by reference to Exhibit 10.6 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 August 6, 2015).](http://www.sec.gov/Archives/edgar/data/1297996/000129799615000073/ex10606302015.htm) |

| [removed: 10.33†] [added: 10.34†] | ​ | [First Amendment to Digital Realty Trust, Inc. 2015 Employee Stock Purchase Plan (incorporated by reference to Exhibit 4.7 to the Registration Statement on Form S-8 of Digital Realty Trust, Inc. (File Nos. 001-32336 and 000-54023) filed on October 7, 2015).](http://www.sec.gov/Archives/edgar/data/1297996/000119312515339457/d57232dex47.htm) |

| [removed: 10.34†] [added: 10.36†] | ​ | [Form of Director Confidentiality Agreement (incorporated by reference to Exhibit 10.39 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 March 1, 2017).](http://www.sec.gov/Archives/edgar/data/1297996/000129799617000020/dlr10kex1039_2016.htm) |

| [removed: 10.35*] [added: 10.37*] | ​ | [Third Amended and Restated Global Senior Credit Agreement, dated as of September 24, 2024, among Digital Realty Trust, L.P. and the other initial borrowers named therein and additional borrowers party thereto, as borrowers, Digital Realty Trust, Inc., as parent guarantor, the additional guarantors party thereto, as additional guarantors, the banks, financial institutions and other institutional lenders listed therein, as the initial lenders, issuing banks and swing line banks listed therein, Citibank, N.A., as administrative agent, BofA Securities, Inc. and Citibank, N.A., as co-sustainability structuring agents, and certain other parties thereto (incorporated by reference to Exhibit 10.1 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 November 1, 2024).](https://www.sec.gov/Archives/edgar/data/1297996/000155837024014149/dlr-20240930xex10d1.htm) |

| [removed: 10.36*] [added: 10.38*] | ​ | [Second Amended and Restated Credit Agreement, dated as of September 24, 2024, among Digital Realty Trust, L.P., Digital Japan, LLC, as the initial borrower, the additional borrowers party thereto, as borrowers, Digital Realty Trust, Inc., as parent guarantor, the additional guarantors party thereto, the initial lenders and issuing banks named therein, Sumitomo Mitsui Banking Corporation, as administrative agent, Sumitomo Mitsui Banking Corporation as sustainability structuring agent, and certain other parties thereto (incorporated by reference to Exhibit 10.2 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 November 1, 2024).](https://www.sec.gov/Archives/edgar/data/1297996/000155837024014149/dlr-20240930xex10d2.htm) |

| [removed: 10.37†] [added: 10.39†] | ​ | [Form of Executive Severance Agreement (incorporated by reference to Exhibit 10.56 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 March 2, 2020).](https://www.sec.gov/Archives/edgar/data/1297996/000155837020001906/ex-10d56.htm) |

| [removed: 10.38†] [added: 10.40†] | ​ | [Employment Agreement, dated November 19, 2018, by and among Digital Realty Trust, Inc., DLR, LLC and Gregory S. Wright (incorporated by reference to Exhibit 10.1 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, 2020).](https://www.sec.gov/Archives/edgar/data/1297996/000155837020006279/dlr-20200331xex10d1.htm) |

| [removed: 10.39†] [added: 10.41†] | ​ | [Form of Executive Severance Time-Based Profits Interest Unit Agreement (incorporated by reference to Exhibit 10.9 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, 2020).](https://www.sec.gov/Archives/edgar/data/1297996/000155837020006279/dlr-20200331xex10d9.htm) |

| [removed: 10.40†] [added: 10.42†] | ​ | [Form of Executive Severance Class D Profits Interest Unit Agreement (incorporated by reference to Exhibit 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, 2020).](https://www.sec.gov/Archives/edgar/data/1297996/000155837020006279/dlr-20200331xex10d10.htm) |

| [removed: 10.41†] [added: 10.43†] | ​ | [InterXion Holding N.V. 2017 Executive Director Long Term Incentive Plan (incorporated by reference to Exhibit 4.5 to the Registration Statement on Form S-8 of Digital Realty Trust, Inc. (File No. 333-237038) filed on March 9, 2020).](https://www.sec.gov/Archives/edgar/data/1297996/000119312520067294/d879853dex45.htm) |

| [removed: 10.42†] [added: 10.44†] | ​ | [InterXion Holding N.V. 2013 Amended International Equity Based Incentive Plan (incorporated by reference to Exhibit 4.4 to the Registration Statement on Form S-8 of Digital Realty Trust, Inc. (File No. 333-237038) filed on March 9, 2020).](https://www.sec.gov/Archives/edgar/data/1297996/000119312520067294/d879853dex44.htm) |

| [removed: 10.43†] [added: 10.45†] | ​ | [Form of Indemnification Agreement by and between Digital Realty Trust, Inc. and its directors and officers (incorporated by reference to Exhibit 10.59 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 March 1, 2021).](https://www.sec.gov/Archives/edgar/data/1297996/000155837021002191/dlr-20201231xex10d59.htm) |

| [removed: 10.44†] [added: 10.46†] | ​ | [Form of Omnibus Letter Agreement to 2020 Equity Award Agreements (incorporated by reference to exhibit 10.52 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-20211231xex10d52.htm) |

| [removed: 10.45†] [added: 10.47†] | ​ | [Form of Amended and Restated Form of Executive Severance Agreement - United States (incorporated by reference to exhibit 10.53 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-20211231xex10d53.htm) |

| [removed: 10.46†] [added: 10.49†] | ​ | [Form of [added: Second] Amended and Restated [removed: Form of] Executive Severance [removed: Agreement – Canada] [added: Agreement—United States] (incorporated by reference to exhibit [removed: 10.54] [added: 10.55] 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 [removed: 25, 2022).](https://www.sec.gov/Archives/edgar/data/1297996/000155837022002195/dlr-20211231xex10d54.htm)] [added: 24, 2023).](https://www.sec.gov/Archives/edgar/data/1297996/000155837023002087/dlr-20221231xex10d55.htm)] |

| [removed: 10.47†] [added: 10.61†] | ​ | [Form of [removed: Second Amended and Restated] Executive [removed: Severance Agreement—United States] [added: Time-Based Profits Interest Unit Agreement] (incorporated by reference to exhibit [removed: 10.55] [added: 10.60] 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 [removed: 24, 2023).](https://www.sec.gov/Archives/edgar/data/1297996/000155837023002087/dlr-20221231xex10d55.htm)] [added: 23, 2024).](https://www.sec.gov/Archives/edgar/data/1297996/000155837024001575/dlr-20231231xex10d61.htm)] |

| [removed: 10.48†] [added: 10.50†] | ​ | [Form of Class D Profits Interest Unit Agreement (incorporated by reference to Exhibit 10.2 to the Combined Quarterly Report on 10-Q of Digital Realty Trust, Inc. and Digital Realty Trust, L.P. (File Nos. 001-32336 and 000-54023) filed on May 6, 2022).](https://www.sec.gov/Archives/edgar/data/1297996/000155837022007648/dlr-20220331xex10d2.htm) |

| [removed: 10.49†] [added: 10.51†] | ​ | [Form of Executive Severance Class D Profits Interest Unit Agreement (FFO Award) (incorporated by reference to 10.3 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 6, 2022).](https://www.sec.gov/Archives/edgar/data/1297996/000155837022007648/dlr-20220331xex10d3.htm) |

| [removed: 10.50†] [added: 10.52†] | ​ | [Form of Performance-Based Restricted Stock Unit Agreement (US) (FFO Award) (incorporated by reference to Exhibit 10.4 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 6, 2022).](https://www.sec.gov/Archives/edgar/data/1297996/000155837022007648/dlr-20220331xex10d4.htm) |

| [removed: 10.51*] [added: 10.53*] | ​ | [Term Loan Agreement, dated as of August 11, 2022, among Digital Dutch Finco B.V., and the other initial borrowers named therein and additional borrowers party thereto, as borrowers, Digital Realty Trust, L.P., Digital Euro Fico LLC, and Digital Realty Trust, L.P., as guarantors, the subsidiary borrowers and additional guarantors named therein, the initial lenders and issuing banks named therein, Citibank, N.A., as administrative agent, Bank of America, N.A. and JPMorgan Chase Bank, N.A., as syndication agents, BofA Securities, Inc., Citibank, N.A., JPMorgan Chase Bank, N.A., Deutsche Bank Securities Inc., PNC Bank National Association, The Bank of Nova Scotia, Bank of China, Los Angeles Branch, Oversea-Chinese Banking Corporation Limited- Los Angeles Agency, Raymond James Bank, Sumitomo Mitsui Banking Corporation, DBS Bank LTD., TD Securities (USA) LLC and U.S. Bank National Association, as joint lead arrangers, BofA Securities, Inc., Citibank, N.A. and JPMorgan Chase Bank, N.A., as joint bookrunners, and the other gents and lenders named therein (incorporated by reference to Exhibit 10.1 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 August 17, 2022).](https://www.sec.gov/Archives/edgar/data/1297996/000155837022013757/dlr-20220811xex10d1.htm) |

| [removed: 10.52†] [added: 10.54†] | ​ | [Amendment to Employment Agreement, dated as of September 7, 2022, by and among Digital Realty Trust, Inc., DLR LLC and Greg Wright (incorporated by reference to Exhibit 10.2 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 November 4, 2022).](https://www.sec.gov/Archives/edgar/data/1297996/000155837022016456/dlr-20220930xex10d2.htm) |

| [removed: 10.53†] [added: 10.55†] | ​ | [Form of Class D Profits Interest Unit Agreement (NOI Award) (incorporated by reference to Exhibit 10.4 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 4, 2023).](https://www.sec.gov/Archives/edgar/data/1297996/000155837023008142/dlr-20230331xex10d4.htm) ​ |

| [removed: 10.54†] [added: 10.56†] | ​ | [Form of Executive Severance Class D Profits Interest Unit Agreement (NOI Award) (incorporated by reference to Exhibit 10.5 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 4, 2023).](https://www.sec.gov/Archives/edgar/data/1297996/000155837023008142/dlr-20230331xex10d5.htm) ​ |

| [removed: 10.55†] [added: 10.57†] | ​ | [Form of Performance-Based Restricted Stock Unit Agreement (NOI Award) (incorporated by reference to Exhibit 10.6 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 4, 2023).](https://www.sec.gov/Archives/edgar/data/1297996/000155837023008142/dlr-20230331xex10d6.htm) ​ |

| [removed: 10.56†] [added: 10.58†] | ​ | [Form of Executive Severance Performance-Based Restricted Stock Unit Agreement (NOI Award) (incorporated by reference to Exhibit 10.7 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 4, 2023).](https://www.sec.gov/Archives/edgar/data/1297996/000155837023008142/dlr-20230331xex10d7.htm) |

| [removed: 10.57†] [added: 10.59†] | ​ | [Form of Executive Performance-Based Class D Profits Interest Unit Agreement. (incorporated by reference to exhibit 10.58 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 23, 2024).](https://www.sec.gov/Archives/edgar/data/1297996/000155837024001575/dlr-20231231xex10d59.htm) ​ |

| [removed: 10.58†*] [added: 10.60†*] | ​ | [Form of Executive Performance-Based Class D Profits Interest Unit Agreement (NOI Award) (incorporated by reference to exhibit 10.59 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 23, 2024).](https://www.sec.gov/Archives/edgar/data/1297996/000155837024001575/dlr-20231231xex10d60.htm) |

| [removed: 10.59†] [added: 10.70†] | ​ | [Form of [removed: Executive Time-Based Profits] [added: Carried] Interest [removed: Unit] [added: Award] Agreement [added: (1a)] (incorporated by reference to [removed: exhibit 10.60] [added: Exhibit 10.2] to [removed: the Combined Annual] [added: the](https://www.sec.gov/Archives/edgar/data/1297996/000110465925104945/dlr-20250930xex10d2.htm) [Combined Quarterly] Report on Form [removed: 10-K] [added: 10-Q] of Digital Realty Trust, Inc. and Digital Realty [removed: Trust, L.P.] [added: Trust,](https://www.sec.gov/Archives/edgar/data/1297996/000110465925104945/dlr-20250930xex10d2.htm) [L.P.] (File Nos. 001-32336 and 000-54023) filed on [removed: February 23, 2024).](https://www.sec.gov/Archives/edgar/data/1297996/000155837024001575/dlr-20231231xex10d61.htm)] [added: October 31, 2025).](https://www.sec.gov/Archives/edgar/data/1297996/000110465925104945/dlr-20250930xex10d2.htm)] |

| [removed: 10.60†] [added: 10.64†] | ​ | [Form of Amended Management Equity Election Program (incorporated by reference to Exhibit 10.32 to the Combined Quarterly Report on Form 10-Q of Digital Realty Trust, Inc. and Digital Realty Trust, L.P. filed on November 9, 2023).](https://www.sec.gov/Archives/edgar/data/1297996/000155837023018593/dlr-20230930xex10d32.htm) |

| [removed: 10.61†] [added: 10.69†] | ​ | [removed: [Director Compensation Program] [added: [Digital Realty 2025 Carried Interest Plan] (incorporated by reference to [removed: exhibit 10.62] [added: Exhibit 10.1] to [removed: the Combined Annual] [added: the](https://www.sec.gov/Archives/edgar/data/1297996/000110465925104945/dlr-20250930xex10d1.htm) [Combined Quarterly] Report on Form [removed: 10-K] [added: 10-Q] of Digital Realty Trust, Inc. and Digital Realty [removed: Trust, L.P.] [added: Trust,](https://www.sec.gov/Archives/edgar/data/1297996/000110465925104945/dlr-20250930xex10d1.htm) [L.P.] (File Nos. 001-32336 and 000-54023) filed on [removed: February 23, 2024).](https://www.sec.gov/Archives/edgar/data/1297996/000155837024001575/dlr-20231231xex10d63.htm)] [added: October 31, 2025).](https://www.sec.gov/Archives/edgar/data/1297996/000110465925104945/dlr-20250930xex10d1.htm)] |