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Cover and table of contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended June 30, 2026

☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the Transition Period From to .

Commission file number 001-32336 (Digital Realty Trust, Inc.)

000-54023 (Digital Realty Trust, L.P.)

DIGITAL REALTY TRUST, INC.

DIGITAL REALTY TRUST, L.P.

(Exact name of registrant as specified in its charter)



Maryland (Digital Realty Trust, Inc.)			26-0081711
Maryland (Digital Realty Trust, L.P.)			20-2402955
(State or other jurisdiction of			(IRS employer
incorporation or organization)			identification number)

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

(737) 281-0101

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common Stock	DLR	New York Stock Exchange
Series J Cumulative Redeemable Preferred Stock	DLR Pr J	New York Stock Exchange
Series K Cumulative Redeemable Preferred Stock	DLR Pr K	New York Stock Exchange
Series L Cumulative Redeemable Preferred Stock	DLR Pr L	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.


Digital Realty Trust, Inc.		Yes ⌧ No ◻
Digital Realty Trust, L.P.		Yes ⌧ No ◻

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).


Digital Realty Trust, Inc.		Yes ⌧ No ◻
Digital Realty Trust, L.P.		Yes ⌧ No ◻

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Digital Realty Trust, Inc.:


Large accelerated filer ⌧		Accelerated filer ◻

Non-accelerated filer ◻		Smaller reporting company ☐

		Emerging growth company ☐

Digital Realty Trust, L.P.:


Large accelerated filer ◻		Accelerated filer ◻

Non-accelerated filer ⌧		Smaller reporting company ☐

		Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.


Digital Realty Trust, Inc.		◻
Digital Realty Trust, L.P.		◻

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).


Digital Realty Trust, Inc.		Yes ☐ No ⌧
Digital Realty Trust, L.P.		Yes ☐ No ⌧

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Digital Realty Trust, Inc.:



Class		Outstanding at July 29, 2026
Common Stock, $.01 par value per share		370,036,176

EXPLANATORY NOTE

This report combines the quarterly reports on Form 10-Q for the quarter ended June 30, 2026 of Digital Realty Trust, Inc., a Maryland corporation, and Digital Realty Trust, L.P., a Maryland limited partnership, of which Digital Realty Trust, Inc. is the sole general partner. Unless otherwise indicated or unless the context requires otherwise, all references in this report to “we,” “us,” “our,” “our Company”, or “the Company” refer to Digital Realty Trust, Inc. together with its consolidated subsidiaries, including Digital Realty Trust, L.P. In statements regarding qualification as a real estate investment trust, or REIT, for U.S. federal income tax purposes, such terms refer solely to Digital Realty Trust, Inc. Unless otherwise indicated or unless the context requires otherwise, all references to the “Parent” refer to Digital Realty Trust, Inc., and all references to “our Operating Partnership,” “the Operating Partnership” or “the OP” refer to Digital Realty Trust, L.P. together with its consolidated subsidiaries.

The Parent is a REIT for U.S. federal income tax purposes and the sole general partner of the OP. As of June 30, 2026, the Parent owned an approximate 98.2% common general partnership interest in Digital Realty Trust, L.P. The remaining approximate 1.8% of the common limited partnership interests of Digital Realty Trust, L.P. are owned by non-affiliated third parties and certain directors and officers of the Parent. As of June 30, 2026, the Parent owned all of the preferred limited partnership interests of Digital Realty Trust, L.P. As the sole general partner of Digital Realty Trust, L.P., the Parent has the full, exclusive and complete responsibility for the OP’s day-to-day management and control.

We believe combining the quarterly reports on Form 10-Q of the Parent and the OP into this single report results in the following benefits:

	●	enhancing investors’ understanding of the Parent and the OP by enabling investors to view the business as a whole in the same manner as management views and operates the business;

	●	eliminating duplicative disclosure and providing a more streamlined and readable presentation since a substantial portion of the disclosure applies to both the Parent and the OP; and

	●	creating time and cost efficiencies through the preparation of one combined report instead of two separate reports.

It is important to understand the few differences between the Parent and the OP in the context of how we operate the Company. The Parent does not conduct business itself, other than acting as the sole general partner of the OP and issuing public equity from time to time and guaranteeing certain unsecured debt of the OP and certain of its subsidiaries and affiliates. The OP holds substantially all the assets of the business, directly or indirectly. The OP conducts the operations of the business and is structured as a partnership with no publicly traded equity. Except for net proceeds from equity issuances by the Parent, which are generally contributed to the OP in exchange for partnership units, the OP generates capital required by the business through the OP’s operations, incurrence of indebtedness and issuance of partnership units to third parties.

The presentation of noncontrolling interests, stockholders’ equity and partners’ capital are the main areas of difference between the consolidated financial statements of the Parent and those of the OP. The differences in the presentations between stockholders’ equity and partners’ capital result from the differences in the equity and capital issuances in the Parent and in the OP.

To highlight the differences between the Parent and the OP, separate sections in this report, as applicable, individually discuss the Parent and the OP, including separate financial statements and separate Exhibit 31 and 32 certifications. In the sections that combine disclosure of the Parent and the OP, this report refers to actions or holdings as being actions or holdings of the Company.

As general partner with control of the OP, the Parent consolidates the OP for financial reporting purposes, and it does not have significant assets other than its investment in the OP. Therefore, the assets and liabilities of the Parent and the OP are the same on their respective condensed consolidated financial statements. The separate discussions of the Parent and the OP in this report should be read in conjunction with each other to understand the results of the Company on a consolidated basis and how management operates the Company.

In this report, “properties” and “buildings” refer to all or any of the buildings in our portfolio, including data centers and non-data centers, and “data centers” refers only to the properties or buildings in our portfolio that contain data center space. In this report, “Global Revolving Credit Facility” refers to our Operating Partnership’s $4.2 billion equivalent senior unsecured revolving credit facility and global senior credit agreement; “Yen Revolving Credit Facility” refers to our Operating Partnership’s ¥42,511,000,000 (approximately $262 million based on exchange rates at June 30, 2026) senior unsecured revolving credit facility and Yen credit agreement; and “Global Revolving Credit Facilities” refer to our Global Revolving Credit Facility and our Yen Revolving Credit Facility, collectively.

In this report, the “Euro Term Loan Agreement” refers to a term loan agreement which governs a €375,000,000 five-year senior unsecured term loan facility (the “Euro Term Loan Facility”), comprised of €125,000,000 of initial term loans, the entire amount of which was funded on such date, and €250,000,000 of delayed draw term loan commitments that were funded on September 9, 2023.

In this report, Digital Core REIT (“DCREIT”) is a standalone real estate investment trust formed under Singapore law, which is publicly traded on the Singapore Exchange under the ticker symbol “DCRU”.

DIGITAL REALTY TRUST, INC. AND DIGITAL REALTY TRUST, L.P.

FORM 10-Q

FOR THE QUARTER ENDED JUNE 30, 2026

TABLE OF CONTENTS

		Page Number
PART I.	FINANCIAL INFORMATION

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

	Condensed Consolidated Balance Sheets as of June 30, 2026 (unaudited) and December 31, 2025 (unaudited)	6

	Condensed Consolidated Income Statements for the three and six months ended June 30, 2026 and 2025 (unaudited)	7

	Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended June 30, 2026 and 2025 (unaudited)	8

	Condensed Consolidated Statements of Equity for the three and six months ended June 30, 2026 and 2025 (unaudited)	10

	Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2026 and 2025 (unaudited)	13

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

	Condensed Consolidated Balance Sheets as of June 30, 2026 (unaudited) and December 31, 2025 (unaudited)	14

	Condensed Consolidated Income Statements for the three and six months ended June 30, 2026 and 2025 (unaudited)	15

	Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended June 30, 2026 and 2025 (unaudited)	16

	Condensed Consolidated Statement of Capital for the three and six months ended June 30, 2026 and 2025 (unaudited)	18

	Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2026 and 2025 (unaudited)	21

	Notes to Condensed Consolidated Financial Statements of Digital Realty Trust, Inc. and Digital Realty Trust, L.P. (unaudited)	22

ITEM 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	44

ITEM 3.	Quantitative and Qualitative Disclosures About Market Risk	65

ITEM 4.	Controls and Procedures (Digital Realty Trust, Inc.)	66

	Controls and Procedures (Digital Realty Trust, L.P.)	67

PART II.	OTHER INFORMATION	68

ITEM 1.	Legal Proceedings	68

ITEM 1A.	Risk Factors	68

ITEM 2.	Unregistered Sales of Equity Securities and Use of Proceeds	68

ITEM 3.	Defaults Upon Senior Securities	68

ITEM 4.	Mine Safety Disclosures	69

ITEM 5.	Other Information	69

ITEM 6.	Exhibits	70

	Signatures	71

DIGITAL REALTY TRUST, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited, in thousands, except per share data)


		June 30,			December 31,
		2026			2025
ASSETS
Investments in real estate:
Investments in properties, net		$	32,857,401		$	26,433,617
Investments in unconsolidated entities			3,548,297			3,427,903
Net investments in real estate			36,405,698			29,861,520
Operating lease right-of-use assets, net			1,093,015			1,135,645
Cash and cash equivalents			1,864,796			3,451,647
Accounts and other receivables, net			1,564,955			1,358,895
Deferred rent, net			792,045			750,907
Goodwill			9,592,127			9,711,953
Customer relationship value, deferred leasing costs and other intangibles, net			2,595,046			2,134,698
Assets held for sale and contribution			—			349,826
Other assets			610,232			655,377
Total assets		$	54,517,914		$	49,410,468
LIABILITIES AND EQUITY
Global revolving credit facilities, net		$	709,756		$	899,090
Unsecured term loans, net			427,681			439,536
Unsecured senior notes, net			15,906,794			16,194,441
Secured and other debt, net			1,591,118			869,068
Operating lease liabilities			1,209,459			1,253,217
Accounts payable and other accrued liabilities			3,241,792			2,600,979
Deferred tax liabilities			1,124,899			1,124,724
Accrued dividends and distributions			—			428,337
Security deposits and prepaid rents			759,979			754,920
Obligations associated with assets held for sale and contribution			—			182
Total liabilities			24,971,478			24,564,494

Redeemable noncontrolling interests			1,567,282			1,498,975
Commitments and contingencies
Equity:
Stockholders’ Equity:
Preferred Stock: $0.01 par value per share, 110,000 shares authorized; $755,000 liquidation preference ($25.00 per share), 30,200 shares issued and outstanding as of June 30, 2026 and December 31, 2025			731,690			731,690
Common Stock: $0.01 par value per share, 502,000 shares authorized; 370,010 and 343,557 issued and outstanding as of June 30, 2026 and December 31, 2025, respectively			3,669			3,406
Additional paid-in capital			34,160,611			29,350,487
Accumulated dividends in excess of earnings			(6,939,476)			(6,690,722)
Accumulated other comprehensive loss, net			(522,024)			(469,198)
Total stockholders’ equity			27,434,470			22,925,663
Noncontrolling interests			544,684			421,336
Total equity			27,979,154			23,346,999
Total liabilities and equity		$	54,517,914		$	49,410,468

See accompanying notes to the condensed consolidated financial statements.

DIGITAL REALTY TRUST, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED INCOME STATEMENTS

(unaudited, in thousands, except per share data)


		Three Months Ended June 30,						Six Months Ended June 30,
		2026			2025			2026			2025
Operating Revenues:
Rental and other services		$	1,674,633		$	1,457,360		$	3,274,860		$	2,844,221
Fee income and other			249,407			35,790			284,353			56,566
Total operating revenues			1,924,040			1,493,150			3,559,213			2,900,787
Operating Expenses:
Rental property operating and maintenance			687,862			607,012			1,326,362			1,158,997
Property taxes and insurance			59,904			54,516			119,667			107,855
Depreciation and amortization			507,106			461,167			1,006,617			904,176
General and administrative			157,700			136,017			312,458			259,557
Transactions and integration			38,703			22,546			54,388			62,448
Other			13,508			195			13,531			307
Total operating expenses			1,464,783			1,281,453			2,833,023			2,493,340

Operating income before gain on disposition of properties, net			459,257			211,697			726,190			407,447
Gain on disposition of properties, net			7,988			931,830			8,861			932,941
Total operating income			467,245			1,143,527			735,051			1,340,388

Other Income (Expenses):
Equity in earnings (loss) of unconsolidated entities			36			(12,062)			(1,797)			(19,702)
Other income, net			137,944			37,747			183,286			70,520
Interest expense			(113,943)			(109,383)			(230,327)			(207,847)
Loss on debt extinguishment and modifications			—			—			(4,119)			—
Income tax expense			(33,675)			(12,883)			(49,683)			(30,018)
Net income			457,607			1,046,946			632,411			1,153,341
Net (income) loss attributable to noncontrolling interests			(4,318)			(14,790)			152			(11,211)
Net income attributable to Digital Realty Trust, Inc.			453,289			1,032,156			632,563			1,142,130
Preferred stock dividends			(10,181)			(10,181)			(20,362)			(20,362)
Net income available to common stockholders		$	443,108		$	1,021,975		$	612,201		$	1,121,768
Net income per share available to common stockholders:
Basic		$	1.25		$	3.03		$	1.75		$	3.33
Diluted		$	1.21		$	2.94		$	1.68		$	3.21
Weighted average common shares outstanding:
Basic			354,118			337,589			349,591			337,139
Diluted			361,542			345,734			357,355			345,305

See accompanying notes to the condensed consolidated financial statements.

DIGITAL REALTY TRUST, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(unaudited, in thousands)


		Three Months Ended June 30,						Six Months Ended June 30,
		2026			2025			2026			2025
Net income		$	457,607		$	1,046,946		$	632,411		$	1,153,341
Other comprehensive income (loss):
Foreign currency translation adjustments			25,684			443,651			(74,817)			730,057
Increase in fair value of derivatives			20,693			1,872			48,505			24,193
Reclassification to interest expense from derivatives			(5,208)			(5,954)			(10,011)			(14,610)
Other comprehensive income (loss)			41,169			439,569			(36,323)			739,640
Comprehensive income			498,776			1,486,515			596,088			1,892,981
Comprehensive (income) attributable to noncontrolling interests			(54,626)			(71,241)			(16,351)			(112,324)
Comprehensive income attributable to Digital Realty Trust, Inc.		$	444,150		$	1,415,274		$	579,737		$	1,780,657

See accompanying notes to the condensed consolidated financial statements.

DIGITAL REALTY TRUST, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF EQUITY

(unaudited, in thousands, except share data)


															Accumulated		Accumulated
		Redeemable						Number of					Additional		Dividends in		Other
		Noncontrolling			Preferred			Common		Common			Paid-in		Excess of		Comprehensive		Noncontrolling
Three Months Ended June 30, 2026		Interests			Stock			Shares		Stock			Capital		Earnings		Loss, Net		Interests		Total Equity

Balance as of March 31, 2026		$	1,594,718		$	731,690		348,924,263		$	3,459		$	30,093,165	$	(6,946,676)	$	(512,885)	$	433,543	$	23,802,296
Conversion of common units to common stock			—			—		155,804			2			8,548		—		—		(8,550)		—
Effect of equity compensation plans			—			—		59,278			—			25,329		—		—		—		25,329
Issuance of common stock, net of costs			—			—		8,560,511			85			1,625,031		—		—		—		1,625,116
Common stock issued in connection with acquisition of Blackstone joint venture interests			—			—		12,310,249			123			2,345,964		—		—		—		2,346,087
Common units issued in connection with the Astra acquisition			—			—		—			—			—		—		—		103,981		103,981
Reclassification of vested share-based awards			—			—		—			—			(10,865)		—		—		10,865		—
Adjustment to redeemable noncontrolling interests			(73,439)			—		—			—			73,439		—		—		—		73,439
Dividends declared on preferred stock			—			—		—			—			—		(10,181)		—		—		(10,181)
Dividends and distributions on common stock and common and incentive units			(190)			—		—			—			—		(435,908)		—		(8,145)		(444,053)
Contributions from (distributions to) noncontrolling interests			300			—		—			—			—		—		—		4,257		4,257
Net income (loss)			(4,113)			—		—			—			—		453,289		—		8,431		461,720
Other comprehensive income (loss)			50,006			—		—			—			—		—		(9,139)		302		(8,837)
Balance as of June 30, 2026		$	1,567,282		$	731,690		370,010,105		$	3,669		$	34,160,611	$	(6,939,476)	$	(522,024)	$	544,684	$	27,979,154

See accompanying notes to the condensed consolidated financial statements.

DIGITAL REALTY TRUST, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF EQUITY

(unaudited, in thousands, except share data)


															Accumulated			Accumulated
		Redeemable						Number of					Additional		Dividends in			Other
		Noncontrolling			Preferred			Common		Common			Paid-in		Excess of			Comprehensive			Noncontrolling
Six Months Ended June 30, 2026		Interests			Stock			Shares		Stock			Capital		Earnings			Loss, Net			Interests			Total Equity

Balance as of December 31, 2025		$	1,498,975		$	731,690		343,557,430		$	3,406		$	29,350,487	$	(6,690,722)		$	(469,198)		$	421,336		$	23,346,999
Conversion of common units to common stock			—			—		478,841			2			27,055		—			—			(27,057)			—
Effect of equity compensation plans			—			—		198,002			—			51,668		—			—			—			51,668
Issuance of common stock, net of costs			—			—		13,465,583			138			2,495,544		—			—			—			2,495,682
Common stock issued in connection with acquisition of Blackstone joint venture interests			—			—		12,310,249			123			2,345,964		—			—			—			2,346,087
Common units issued in connection with the Astra acquisition			—			—		—			—			—		—			—			103,981			103,981
Reclassification of vested share-based awards			—			—		—			—			(45,311)		—			—			45,311			—
Adjustment to redeemable noncontrolling interests			64,796			—		—			—			(64,796)		—			—			—			(64,796)
Dividends declared on preferred stock			—			—		—			—			—		(20,362)			—			—			(20,362)
Dividends and distributions on common stock and common and incentive units			(380)			—		—			—			—		(860,955)			—			(15,748)			(876,703)
Contributions from (distributions to) noncontrolling interests			300			—		—			—			—		—			—			4,101			4,101
Net income (loss)			(12,349)			—		—			—			—		632,563			—			12,197			644,760
Other comprehensive income (loss)			15,940			—		—			—			—		—			(52,826)			563			(52,263)
Balance as of June 30, 2026		$	1,567,282		$	731,690		370,010,105		$	3,669		$	34,160,611	$	(6,939,476)		$	(522,024)		$	544,684		$	27,979,154

See accompanying notes to the condensed consolidated financial statements.

DIGITAL REALTY TRUST, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF EQUITY

(unaudited, in thousands, except share data)


															Accumulated			Accumulated
		Redeemable						Number of					Additional		Dividends in			Other
		Noncontrolling			Preferred			Common		Common			Paid-in		Excess of			Comprehensive			Noncontrolling
Three Months Ended June 30, 2025		Interests			Stock			Shares		Stock			Capital		Earnings			Loss, Net			Interests			Total Equity

Balance as of March 31, 2025		$	1,459,322		$	731,690		336,743,461		$	3,338		$	28,091,661	$	(6,604,217)		$	(926,874)		$	423,236		$	21,718,834
Conversion of common units to common stock			—			—		86,587			—			7,202		—			—			(7,202)			—
Effect of equity compensation plans			—			—		54,631			36			24,386		—			—			—			24,422
Issuance of common stock, net of costs			—			—		3,487,397			—			604,179		—			—			—			604,179
Reclassification of vested share-based awards			—			—		—			—			(1,758)		—			—			1,758			—
Adjustment to redeemable noncontrolling interests			4,844			—		—			—			(4,844)		—			—			—			(4,844)
Dividends declared on preferred stock			—			—		—			—			—		(10,181)			—			—			(10,181)
Dividends and distributions on common stock and common and incentive units			(190)			—		—			—			—		(415,365)			—			(7,561)			(422,926)
Contributions from (distributions to) noncontrolling interests			—			—		—			—			—		—			—			1,871			1,871
Deconsolidation of consolidated entities			—			—		—			—			—		—			—			—			—
Net income (loss)			(5,535)			—		—			—			—		1,032,156			—			20,325			1,052,481
Other comprehensive income (loss)			47,448			—		—			—			—		—			383,118			9,003			392,121
Balance as of June 30, 2025		$	1,505,889		$	731,690		340,372,076		$	3,374		$	28,720,826	$	(5,997,607)		$	(543,756)		$	441,430		$	23,355,957

See accompanying notes to the condensed consolidated financial statements.

DIGITAL REALTY TRUST, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF EQUITY

(unaudited, in thousands, except share data)


															Accumulated			Accumulated
		Redeemable						Number of					Additional		Dividends in			Other
		Noncontrolling			Preferred			Common		Common			Paid-in		Excess of			Comprehensive			Noncontrolling
Six Months Ended June 30, 2025		Interests			Stock			Shares		Stock			Capital		Earnings			Loss, Net			Interests			Total Equity

Balance as of December 31, 2024		$	1,433,185		$	731,690		336,636,742		$	3,337		$	28,079,738	$	(6,292,085)		$	(1,182,283)		$	402,198		$	21,742,595
Conversion of common units to common stock			—			—		90,990			—			7,572		—			—			(7,572)			—
Effect of equity compensation plans			—			—		156,947			37			49,398		—			—			—			49,435
Issuance of common stock, net of costs			—			—		3,487,397			—			605,163		—			—			—			605,163
Reclassification of vested share-based awards			—			—		—			—			(21,699)		—			—			21,699			—
Adjustment to redeemable noncontrolling interests			(654)			—		—			—			654		—			—			—			654
Dividends declared on preferred stock			—			—		—			—			—		(20,362)			—			—			(20,362)
Dividends and distributions on common stock and common and incentive units			(380)			—		—			—			—		(827,290)			—			(15,217)			(842,507)
Contributions from (distributions to) noncontrolling interests			—			—		—			—			—		—			—			1,736			1,736
Net income (loss)			(11,680)			—		—			—			—		1,142,130			—			22,891			1,165,021
Other comprehensive income (loss)			85,418			—		—			—			—		—			638,527			15,695			654,222
Balance as of June 30, 2025		$	1,505,889		$	731,690		340,372,076		$	3,374		$	28,720,826	$	(5,997,607)		$	(543,756)		$	441,430		$	23,355,957

See accompanying notes to the condensed consolidated financial statements.

DIGITAL REALTY TRUST, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited, in thousands)


		Six Months Ended June 30,
		2026			2025
Cash flows from operating activities:
Net income		$	632,411		$	1,153,341
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on disposition of properties, net			(8,861)			(932,941)
Equity in loss of unconsolidated entities			1,797			19,702
Distributions from unconsolidated entities			90,217			74,009
Depreciation and amortization			1,006,617			904,176
Amortization of share-based compensation			54,281			45,891
Loss on debt extinguishment and modifications			4,119			—
Straight-lined rents and amortization of above and below market leases			(46,542)			(46,015)
Amortization of deferred financing costs and debt discount / premium			16,310			15,186
Other operating activities, net			(49,307)			7,797
Changes in assets and liabilities:
Increase in accounts receivable and other assets			(139,032)			(240,721)
Increase in accounts payable and other liabilities			33,217			39,897
Net cash provided by operating activities			1,595,227			1,040,322
Cash flows from investing activities:
Improvements to investments in real estate			(1,784,229)			(1,491,626)
Cash paid for business combination / asset acquisitions, net of cash acquired			(2,170,016)			(217,883)
Investments in and advances to unconsolidated entities			(445,405)			(215,292)
Return of investment from unconsolidated entities			35,828			148,137
Proceeds from sale / contribution of assets			171,320			1,077,354
Other investing activities, net			(54,045)			(42,530)
Net cash used in investing activities			(4,246,547)			(741,840)
Cash flows from financing activities:
Proceeds from credit facilities			381,697			821,522
Payments on credit facilities			(554,655)			(1,958,565)
Borrowings on secured / unsecured debt			39,293			1,868,893
Repayments on secured / unsecured debt			(56,638)			(495,800)
Capital (distribution to) contributions from noncontrolling interests, net			4,401			1,736
Proceeds from issuance of common stock, net			2,495,682			605,163
Payments of dividends and distributions			(1,325,782)			(1,281,910)
Other financing activities, net			(3,757)			(23,205)
Net cash provided by (used in) financing activities			980,241			(462,166)
Net decrease in cash, cash equivalents and restricted cash			(1,671,079)			(163,684)
Effect of exchange rate changes on cash, cash equivalents and restricted cash			79,426			(151,312)
Cash, cash equivalents and restricted cash at beginning of period			3,458,290			3,876,700
Cash, cash equivalents and restricted cash at end of period		$	1,866,637		$	3,561,704

See accompanying notes to the condensed consolidated financial statements.

DIGITAL REALTY TRUST, L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited, in thousands, except per unit data)


		June 30,			December 31,
		2026			2025
ASSETS
Investments in real estate:
Investments in properties, net		$	32,857,401		$	26,433,617
Investments in unconsolidated entities			3,548,297			3,427,903
Net investments in real estate			36,405,698			29,861,520
Operating lease right-of-use assets, net			1,093,015			1,135,645
Cash and cash equivalents			1,864,796			3,451,647
Accounts and other receivables, net			1,564,955			1,358,895
Deferred rent, net			792,045			750,907
Goodwill			9,592,127			9,711,953
Customer relationship value, deferred leasing costs and other intangibles, net			2,595,046			2,134,698
Assets held for sale and contribution			—			349,826
Other assets			610,232			655,377
Total assets		$	54,517,914		$	49,410,468
LIABILITIES AND CAPITAL
Global revolving credit facilities, net		$	709,756		$	899,090
Unsecured term loans, net			427,681			439,536
Unsecured senior notes, net			15,906,794			16,194,441
Secured and other debt, net			1,591,118			869,068
Operating lease liabilities			1,209,459			1,253,217
Accounts payable and other accrued liabilities			3,241,792			2,600,979
Deferred tax liabilities			1,124,899			1,124,724
Accrued dividends and distributions			—			428,337
Security deposits and prepaid rents			759,979			754,920
Obligations associated with assets held for sale and contribution			—			182
Total liabilities			24,971,478			24,564,494

Redeemable noncontrolling interests			1,567,282			1,498,975
Commitments and contingencies
Capital:
Partners’ capital:
General Partner:
Preferred units, $755,000 liquidation preference ($25.00 per unit), 30,200 units issued and outstanding as of June 30, 2026 and December 31, 2025			731,690			731,690
Common units, 370,010 and 343,557 issued and outstanding as of June 30, 2026 and December 31, 2025, respectively			27,224,804			22,663,171
Limited Partners, 6,665 and 6,189 units issued and outstanding as of June 30, 2026 and December 31, 2025, respectively			550,807			431,600
Accumulated other comprehensive loss			(539,209)			(485,342)
Total partners’ capital			27,968,092			23,341,119
Noncontrolling interests in consolidated entities			11,062			5,880
Total capital			27,979,154			23,346,999
Total liabilities and capital		$	54,517,914		$	49,410,468

See accompanying notes to the condensed consolidated financial statements.

DIGITAL REALTY TRUST, L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED INCOME STATEMENTS

(unaudited, in thousands, except per unit data)


		Three Months Ended June 30,						Six Months Ended June 30,
		2026			2025			2026			2025
Operating Revenues:
Rental and other services		$	1,674,633		$	1,457,360		$	3,274,860		$	2,844,221
Fee income and other			249,407			35,790			284,353			56,566
Total operating revenues			1,924,040			1,493,150			3,559,213			2,900,787
Operating Expenses:
Rental property operating and maintenance			687,862			607,012			1,326,362			1,158,997
Property taxes and insurance			59,904			54,516			119,667			107,855
Depreciation and amortization			507,106			461,167			1,006,617			904,176
General and administrative			157,700			136,017			312,458			259,557
Transactions and integration			38,703			22,546			54,388			62,448
Other			13,508			195			13,531			307
Total operating expenses			1,464,783			1,281,453			2,833,023			2,493,340

Operating income before gain on disposition of properties, net			459,257			211,697			726,190			407,447
Gain on disposition of properties, net			7,988			931,830			8,861			932,941
Operating income			467,245			1,143,527			735,051			1,340,388

Other Income (Expenses):
Equity in earnings (loss) of unconsolidated entities			36			(12,062)			(1,797)			(19,702)
Other income, net			137,944			37,747			183,286			70,520
Interest expense			(113,943)			(109,383)			(230,327)			(207,847)
Loss on debt extinguishment and modifications			—			—			(4,119)			—
Income tax expense			(33,675)			(12,883)			(49,683)			(30,018)
Net income			457,607			1,046,946			632,411			1,153,341
Net loss attributable to noncontrolling interests			4,682			6,210			13,152			12,789
Net income attributable to Digital Realty Trust, L.P.			462,289			1,053,156			645,563			1,166,130
Preferred units distributions			(10,181)			(10,181)			(20,362)			(20,362)
Net income available to common unitholders		$	452,108		$	1,042,975		$	625,201		$	1,145,768
Net income per unit available to common unitholders:
Basic		$	1.26		$	3.04		$	1.76		$	3.34
Diluted		$	1.22		$	2.95		$	1.69		$	3.23
Weighted average common units outstanding:
Basic			360,181			343,546			355,698			343,073
Diluted			367,605			351,691			363,462			351,239

See accompanying notes to the condensed consolidated financial statements.

DIGITAL REALTY TRUST, L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(unaudited, in thousands)


		Three Months Ended June 30,						Six Months Ended June 30,
		2026			2025			2026			2025
Net income		$	457,607		$	1,046,946		$	632,411		$	1,153,341
Other comprehensive income (loss):
Foreign currency translation adjustments			25,684			443,651			(74,817)			730,057
Increase in fair value of derivatives			20,693			1,872			48,505			24,193
Reclassification to interest expense from derivatives			(5,208)			(5,954)			(10,011)			(14,610)
Other comprehensive income (loss)			41,169			439,569			(36,323)			739,640
Comprehensive income		$	498,776		$	1,486,515		$	596,088		$	1,892,981
Comprehensive (income) attributable to noncontrolling interests			(45,808)			(42,712)			(4,392)			(75,803)
Comprehensive income attributable to Digital Realty Trust, L.P.		$	452,968		$	1,443,803		$	591,696		$	1,817,178

See accompanying notes to the condensed consolidated financial statements.

DIGITAL REALTY TRUST, L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF CAPITAL

(unaudited, in thousands, except unit data)


																		Accumulated
		Redeemable			General Partner									Limited Partners				Other
		Limited Partner			Preferred Units					Common Units				Common Units				Comprehensive		Noncontrolling
Three Months Ended June 30, 2026		Common Units			Units		Amount			Units	Amount			Units		Amount		Loss, Net		Interests		Total Capital

Balance as of March 31, 2026		$	1,594,718		30,200,000		$	731,690		348,924,263	$	23,149,948		6,292,089		$	443,856	$	(529,888)	$	6,690	$	23,802,296
Conversion of limited partner common units to general partner common units			—		—			—		155,804		8,550		(155,804)			(8,550)		—		—		—
Effect of equity compensation plans			—		—			—		59,278		25,329		11,142			—		—		—		25,329
Issuance of common units, net of costs			—		—			—		8,560,511		1,625,116		—			—		—		—		1,625,116
Common stock issued in connection with acquisition of Blackstone joint venture interests			—		—			—		12,310,249		2,346,087		—			—		—		—		2,346,087
Common units issued in connection with the Astra acquisition			—		—			—		—		—		517,475			103,981		—		—		103,981
Reclassification of vested share-based awards			—		—			—		—		(10,865)		—			10,865		—		—		—
Adjustment to redeemable partnership units			(73,439)		—			—		—		73,439		—			—		—		—		73,439
Distributions			(190)		—			(10,181)		—		(435,908)		—			(8,145)		—		—		(454,234)
Contributions from (distributions to) noncontrolling interests in consolidated entities			300		—			—		—		—		—			—		—		4,257		4,257
Net income (loss)			(4,113)		—			10,181		—		443,108		—			8,800		—		(369)		461,720
Other comprehensive income (loss)			50,006		—			—		—		—		—			—		(9,321)		484		(8,837)
Balance as of June 30, 2026		$	1,567,282		30,200,000		$	731,690		370,010,105	$	27,224,804		6,664,902		$	550,807	$	(539,209)	$	11,062	$	27,979,154

See accompanying notes to the condensed consolidated financial statements.

DIGITAL REALTY TRUST, L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF CAPITAL

(unaudited, in thousands, except unit data)


																		Accumulated
		Redeemable			General Partner									Limited Partners				Other
		Limited Partner			Preferred Units					Common Units				Common Units				Comprehensive		Noncontrolling
Six Months Ended June 30, 2026		Common Units			Units		Amount			Units	Amount			Units		Amount		Loss, Net		Interests		Total Capital

Balance as of December 31, 2025		$	1,498,975		30,200,000		$	731,690		343,557,430	$	22,663,171		6,188,861		$	431,600	$	(485,342)	$	5,880	$	23,346,999
Conversion of limited partner common units to general partner common units			—		—			—		478,841		27,057		(478,841)			(27,057)		—		—		—
Effect of equity compensation plans			—		—			—		198,002		51,668		437,407			—		—		—		51,668
Issuance of common units, net of costs			—		—			—		13,465,583		2,495,682		—			—		—		—		2,495,682
Common stock issued in connection with acquisition of Blackstone joint venture interests			—		—			—		12,310,249		2,346,087		—			—		—		—		2,346,087
Common units issued in connection with the Astra acquisition			—		—			—		—		—		517,475			103,981		—		—		103,981
Reclassification of vested share-based awards			—		—			—		—		(45,311)		—			45,311		—		—		—
Adjustment to redeemable partnership units			64,796		—			—		—		(64,796)		—			—		—		—		(64,796)
Distributions			(380)		—			(20,362)		—		(860,955)		—			(15,748)		—		—		(897,065)
Contributions from (distributions to) noncontrolling interests in consolidated entities			300		—			—		—		—		—			—		—		4,101		4,101
Net income (loss)			(12,349)		—			20,362		—		612,201		—			12,720		—		(523)		644,760
Other comprehensive income (loss)			15,940		—			—		—		—		—			—		(53,867)		1,604		(52,263)
Balance as of June 30, 2026		$	1,567,282		30,200,000		$	731,690		370,010,105	$	27,224,804		6,664,902		$	550,807	$	(539,209)	$	11,062	$	27,979,154

See accompanying notes to the condensed consolidated financial statements.

DIGITAL REALTY TRUST, L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF CAPITAL

(unaudited, in thousands, except unit data)


																			Accumulated
		Redeemable			General Partner										Limited Partners				Other
		Limited Partner			Preferred Units					Common Units					Common Units				Comprehensive		Noncontrolling
Three Months Ended June 30, 2025		Common Units			Units		Amount			Units		Amount			Units		Amount		Loss, Net		Interests		Total Capital

Balance as of March 31, 2025		$	1,459,322		30,200,000		$	731,690		336,743,461		$	21,490,782		6,348,995		$	441,048	$	(951,966)	$	7,280	$	21,718,834
Conversion of limited partner common units to general partner common units			—		—			—		86,587			7,202		(86,587)			(7,202)		—		—		—
Effect of equity compensation plans			—		—			—		54,631			24,422		9,517			—		—		—		24,422
Issuance of common units, net of costs			—		—			—		3,487,397			604,179		—			—		—		—		604,179
Reclassification of vested share-based awards			—		—			—		—			(1,758)		—			1,758		—		—		—
Adjustment to redeemable partnership units			4,844		—			—		—			(4,844)		—			—		—		—		(4,844)
Distributions			(190)		—			(10,181)		—			(415,365)		—			(7,561)		—		—		(433,107)
Contributions from (distributions to) noncontrolling interests in consolidated entities			—		—			—		—			—		—			—		—		1,871		1,871
Net income (loss)			(5,535)		—			10,181		—			1,021,975		—			20,520		—		(195)		1,052,481
Other comprehensive income (loss)			47,448		—			—		—			—		—			—		390,647		1,474		392,121
Balance as of June 30, 2025		$	1,505,889		30,200,000		$	731,690		340,372,076		$	22,726,593		6,271,925		$	448,563	$	(561,319)	$	10,430	$	23,355,957

See accompanying notes to the condensed consolidated financial statements.

DIGITAL REALTY TRUST, L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF CAPITAL

(unaudited, in thousands, except unit data)


																			Accumulated
		Redeemable			General Partner										Limited Partners				Other
		Limited Partner			Preferred Units					Common Units					Common Units				Comprehensive		Noncontrolling
Six Months Ended June 30, 2025		Common Units			Units		Amount			Units		Amount			Units		Amount		Loss, Net		Interests		Total Capital

Balance as of December 31, 2024		$	1,433,185		30,200,000		$	731,690		336,636,742		$	21,790,990		6,134,812		$	426,183	$	(1,212,367)	$	6,099	$	21,742,595
Conversion of limited partner common units to general partner common units			—		—			—		90,990			7,572		(90,990)			(7,572)		—		—		—
Effect of equity compensation plans			—		—			—		156,947			49,435		228,103			—		—		—		49,435
Issuance of common units, net of costs			—		—			—		3,487,397			605,163		—			—		—		—		605,163
Reclassification of vested share-based awards			—		—			—		—			(21,699)		—			21,699		—		—		—
Adjustment to redeemable partnership units			(654)		—			—		—			654		—			—		—		—		654
Distributions			(380)		—			(20,362)		—			(827,290)		—			(15,217)		—		—		(862,869)
Contributions from (distributions to) noncontrolling interests in consolidated entities			—		—			—		—			—		—			—		—		1,736		1,736
Net income (loss)			(11,680)		—			20,362		—			1,121,768		—			23,470		—		(579)		1,165,021
Other comprehensive income (loss)			85,418		—			—		—			—		—			—		651,048		3,174		654,222
Balance as of June 30, 2025		$	1,505,889		30,200,000		$	731,690		340,372,076		$	22,726,593		6,271,925		$	448,563	$	(561,319)	$	10,430	$	23,355,957

See accompanying notes to the condensed consolidated financial statements.

DIGITAL REALTY TRUST, L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited, in thousands)


	Six Months Ended June 30,
	2026			2025
Cash flows from operating activities:
Net income	$	632,411		$	1,153,341
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on disposition of properties, net		(8,861)			(932,941)
Equity in loss of unconsolidated entities		1,797			19,702
Distributions from unconsolidated entities		90,217			74,009
Depreciation and amortization		1,006,617			904,176
Amortization of share-based compensation		54,281			45,891
Loss on debt extinguishment and modifications		4,119			—
Straight-lined rents and amortization of above and below market leases		(46,542)			(46,015)
Amortization of deferred financing costs and debt discount / premium		16,310			15,186
Other operating activities, net		(49,307)			7,797
Changes in assets and liabilities:
Increase in accounts receivable and other assets		(139,032)			(240,721)
Increase in accounts payable and other liabilities		33,217			39,897
Net cash provided by operating activities		1,595,227			1,040,322
Cash flows from investing activities:
Improvements to investments in real estate		(1,784,229)			(1,491,626)
Cash paid for business combination / asset acquisitions, net of cash acquired		(2,170,016)			(217,883)
Investments in and advances to unconsolidated entities		(445,405)			(215,292)
Return of investment from unconsolidated entities		35,828			148,137
Proceeds from sale / contribution of assets		171,320			1,077,354
Other investing activities, net		(54,045)			(42,530)
Net cash used in investing activities		(4,246,547)			(741,840)
Cash flows from financing activities:
Proceeds from credit facilities		381,697			821,522
Payments on credit facilities		(554,655)			(1,958,565)
Borrowings on secured / unsecured debt		39,293			1,868,893
Repayments on secured / unsecured debt		(56,638)			(495,800)
Capital (distribution to) contributions from noncontrolling interests, net		4,401			1,736
General partner contributions		2,495,682			605,163
Payments of dividends and distributions		(1,325,782)			(1,281,910)
Other financing activities, net		(3,757)			(23,205)
Net cash provided by (used in) financing activities		980,241			(462,166)
Net decrease in cash, cash equivalents and restricted cash		(1,671,079)			(163,684)
Effect of exchange rate changes on cash, cash equivalents and restricted cash		79,426			(151,312)
Cash, cash equivalents and restricted cash at beginning of period		3,458,290			3,876,700
Cash, cash equivalents and restricted cash at end of period	$	1,866,637		$	3,561,704

See accompanying notes to the condensed consolidated financial statements.

DIGITAL REALTY TRUST, INC. AND SUBSIDIARIES

DIGITAL REALTY TRUST, L.P. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

General

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

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

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

Accounting Principles and Basis of Presentation. The accompanying unaudited interim condensed consolidated financial statements and accompanying notes (the “Financial Statements”) are prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) and are presented in our reporting currency, the U.S. dollar. All of the accounts of the Parent, the OP, and the subsidiaries of the OP are included in the accompanying Financial Statements. All material intercompany transactions with consolidated entities have been eliminated. In the opinion of management, the unaudited interim consolidated financial statements reflect all adjustments of a normal recurring nature that are necessary for a fair statement of the results for the interim periods presented. Interim results are not always indicative of results for a full year. The information included in this Form 10-Q should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2025 (“2025 Form 10-K”), as filed with the U.S. Securities and Exchange Commission (“SEC”), our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, as filed with the SEC, and our other filings with the SEC.

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

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

DIGITAL REALTY TRUST, INC. AND SUBSIDIARIES

DIGITAL REALTY TRUST, L.P. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Investments in Properties

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


Property Type	As of June 30, 2026		As of December 31, 2025
Land	$	1,303,005	$	1,247,624
Acquired ground lease		94		97
Buildings and improvements		31,411,898		29,152,994
Tenant improvements		985,306		958,583
		33,700,303		31,359,298
Accumulated depreciation and amortization		(10,736,127)		(9,993,596)
Investments in operating properties, net		22,964,176		21,365,702
Construction in progress and space held for development		9,770,384		4,976,785
Land held for future development		122,841		91,130
Investments in properties, net	$	32,857,401	$	26,433,617

Acquisitions

On June 30, 2026, the Company completed the acquisition of 64% blended partnership interests in the Digital Carver Dulles 9 JV, LLC and Digital Carver Brickyard JV, LLC joint ventures (collectively, the “joint ventures”) (the “June 2026 Acquisition”). Prior to the June 2026 Acquisition, the Company held the remaining 36% blended partnership interests in the joint ventures. The June 2026 Acquisition is being accounted for as an asset acquisition. After closing, each of the joint ventures became a wholly owned subsidiary of the Operating Partnership, which caused the Company to include the net book value of its 36% blended partnership interests as part of the purchase consideration. No gain or loss was recognized on the previously held interests. Additionally, the Company recognized $201 million of promote income, within Fee income and other and $14 million of promote expense within Other operating expenses on the condensed consolidated income statements. Promote income relates to incentive fees based primarily on the investment’s total return over certain financial hurdles related to the third party investor, which were achieved at the closing of the June 2026 Acquisition. Promote expense relates to the Digital Realty 2025 Carried Interest Plan (the “Carried Interest Plan”), which may award up to 50% of the promotes paid by third party investors to employees as cash awards. Prior to the close of the June 2026 Acquisition, no expense was recognized as it was not considered probable due to the uncertainty of achievement of the performance hurdles. As of June 30, 2026, the Company has unrecognized compensation cost of $35 million with a weighted-average service period of two years. Promote expense is expected to be paid on the applicable vesting dates.

DIGITAL REALTY TRUST, INC. AND SUBSIDIARIES

DIGITAL REALTY TRUST, L.P. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

In accordance with ASC 805-50, the transaction was treated as a step-acquisition of assets using a cost-accumulation model. The aggregate costs of the acquisition of approximately $5.2 billion to be allocated was established by combining the historical carrying value of the Company's blended 36% interest ($494 million), the cash and equity paid for the remaining blended 64% interest ($3.5 billion), the company-earned promote ($201 million), direct capitalized transaction costs ($30 million) and the fair value of the assumed debt ($726 million) and other liabilities ($222 million).

The following table summarizes how the aggregated costs were allocated to the individual tangible and intangible real estate assets based on their relative fair values on the acquisition date (in thousands):


Identified assets and assumed liabilities
Investments in properties, net	$	4,894,339
Cash and cash equivalents		115,425
Accounts and other receivables, net		125,084
Other assets		962
Total value of identified tangible assets		5,135,810

Customer relationship value, deferred leasing costs and other intangibles, net		585,816
Acquired below-market leases(1)		(501,044)
Total value of identified intangible assets		84,772

Total purchase price	$	5,220,582

Secured and other debt, net		(725,638)
Accounts payable and other accrued liabilities		(222,372)
Total value of assumed liabilities	$	(948,010)

	(1)	Acquired below-market leases are classified within Accounts payable and other accrued liabilities in the condensed consolidated balance sheets.

The fixed and intangible assets will be depreciated over their respective useful lives as follows:

	●	Land, Buildings, and Improvements: Buildings are depreciated on a straight-line basis over an estimated remaining useful life of 5-39 years. Land is not depreciated.

	●	Customer Relationship Value: Amortized to amortization expense on a straight-line basis over an estimated useful life of 10-15 years.

	●	In-Place Lease Value: Amortized to amortization expense on a straight-line basis over the remaining non-cancelable lease terms (weighted-average of 13 years plus any lease extension option periods).

	●	Below-Market Leases: Amortized as an increase to rental income over the remaining non-cancelable lease terms (weighted-average of 13 years plus any lease extension option periods).

During the three months ended June 30, 2026, we completed several additional acquisitions, including two land parcels totaling approximately 355 acres in the Atlanta metro area for $21 million, two data centers and associated land in Cyberjaya, Malaysia for $137 million, and a 27-acre site in Marseille, France for $55 million. Prior to acquiring the Marseille site, we leased the property; accordingly, upon acquisition we derecognized finance lease right-of-use assets and finance lease liabilities of $52 million and $54 million, respectively. In April 2026, our Operating Partnership also acquired approximately 1,440 acres of development land at Astra Enterprise Park, located near Kansas City, (the “April 2026 Acquisition”) for total consideration of $482 million, comprised of $377.6 million in cash and 517,475 common units of limited partnership interest in our Operating Partnership with a fair value of $104.0 million.

DIGITAL REALTY TRUST, INC. AND SUBSIDIARIES

DIGITAL REALTY TRUST, L.P. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Dispositions

During the quarter, Digital Realty sold a non-core asset in the Atlanta metro area, which was held for sale as of March 31, 2026, for gross proceeds of $25 million. The non-core asset had an aggregate carrying value of approximately $23 million. In May, we contributed two development projects to Digital Realty DC Partners NA Fund (the “Fund”), with an aggregate carrying value of approximately $439 million, for gross proceeds of $447 million and recognized a gain on disposition of approximately $8 million.

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

Leases

Lessor Accounting

We generate most of our revenue by leasing operating properties to customers under operating lease agreements. We recognize the total minimum lease payments provided for under the leases on a straight-line basis over the lease term if we determine that it is probable that substantially all of the lease payments will be collected over the lease term. Otherwise, rental revenue is recognized based on the amount contractually due. Generally, under the terms of our leases, some of our rental expenses, including common area maintenance, real estate taxes and insurance, are recovered from our customers. We record amounts reimbursed by customers in the period the applicable expenses are incurred, which is generally ratably throughout the term of the lease. Reimbursements are recognized in rental and other services revenue in the condensed consolidated income statements as we are the primary obligor with respect to purchasing and selecting goods and services from third party vendors and bearing the associated credit risk. As of June 30, 2026, our two largest customers accounted for approximately 11% and 10%, respectively, of our total revenue. No other individual customer makes up more than 10% of our total revenue.

Lessee Accounting

We lease space at certain of our data centers from third parties and certain equipment under noncancelable lease agreements. Leases for our data centers expire at various dates through 2069. As of June 30, 2026, certain of our data centers, primarily in Europe and Singapore, are subject to ground leases. As of June 30, 2026, the termination dates of these ground leases generally range from 2038 to 2073. In addition, our corporate headquarters along with several regional office locations are subject to leases with termination dates ranging from 2026 to 2037.

The leases generally require us to make fixed rental payments that increase at defined intervals during the term of the lease, plus pay our share of common area, real estate and utility expenses as incurred. The leases neither contain residual value guarantees nor impose material restrictions or covenants on us. Further, the leases have been classified and accounted for as either operating or finance leases. Rent expense related to operating leases included in rental property operating and maintenance expense in the condensed consolidated income statements amounted to approximately $40.4 million and $40.1 million for the three months ended June 30, 2026 and 2025, respectively, and approximately $81.6 million and $78.3 million for the six months ended June 30, 2026 and 2025, respectively.

DIGITAL REALTY TRUST, INC. AND SUBSIDIARIES

DIGITAL REALTY TRUST, L.P. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Receivables

Accounts and Other Receivables, Net

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


	Balance as of		Balance as of
(Amounts in thousands):	June 30, 2026		December 31, 2025
Accounts receivable – trade	$	879,029	$	815,146
Allowance for doubtful accounts		(73,428)		(86,351)
Accounts receivable – trade, net		805,601		728,795

Accounts receivable – customer recoveries		213,429		213,023
Value-added tax receivables		110,673		109,816
Accounts receivable – installation fees		208,691		119,295
Other receivables		226,561		187,966
Accounts and other receivables, net	$	1,564,955	$	1,358,895

Deferred Rent, Net

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


	Balance as of		Balance as of
(Amounts in thousands):	June 30, 2026		December 31, 2025
Deferred rent receivables	$	793,597	$	752,531
Allowance for deferred rent receivables		(1,552)		(1,624)
Deferred rent, net	$	792,045	$	750,907

DIGITAL REALTY TRUST, INC. AND SUBSIDIARIES

DIGITAL REALTY TRUST, L.P. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Investments in Unconsolidated Entities

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


	Balance as of		Balance as of
		June 30, 2026		December 31, 2025
Americas (1)	$	2,170,425	$	1,995,074
APAC (2)		673,671		707,368
EMEA (3)		269,375		269,344
Global (4)		434,826		456,117
Total	$	3,548,297	$	3,427,903

Includes the following unconsolidated entities along with our ownership percentage as of June 30, 2026:

(1)	Ascenty (49%), Blackstone (50%), Clise (50%), GI Partners (ranging from 20% to 25%), Mapletree (20%), Menlo (20%), Mitsubishi (20%), Realty Income (20%), TPG Real Estate (20%), Digital Realty DC Partners NA Fund (the “Fund”) (ranging from 20% to 62.5%) and Walsh (88%).

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

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

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

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

Digital Realty DC Partners NA Fund – During the first half of 2025, the Company launched the Fund, successfully raising more than $3 billion of equity commitments to date. As of March 31, 2026, the Fund owned an 80% interest in each individual asset, while the Company retained the remaining 20% ownership and less than a 2% direct interest in the Fund. In May 2026, we contributed two development assets to the Fund, while retaining ownership interests of 58.1% and 62.5% in the respective assets. The Company will continue to serve as general partner, maintaining operational and management responsibilities for the assets. However, certain governance rights are granted to the limited partners. As such, we continue to conclude we do not own a controlling interest and account for our interest in the assets under the equity method of accounting.

DCREIT – Digital Core REIT is a standalone real estate investment trust formed under Singapore law, which is publicly traded on the Singapore Exchange under the ticker symbol “DCRU”. DCREIT owns 11 operating data center properties. The Company has ownership interest in the units of DCREIT, as well as ownership interests in the operating properties of DCREIT.

As of June 30, 2026, the Company held 32% of the outstanding DCREIT units and separately owned a 10% direct retained interest in the underlying North American operating properties and a 35% direct retained interest in a Frankfurt asset.

DIGITAL REALTY TRUST, INC. AND SUBSIDIARIES

DIGITAL REALTY TRUST, L.P. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

The Company’s 32% interest in DCREIT consisted of 421 million units and 420 million units as of June 30, 2026 and December 31, 2025, respectively. Based on the closing price per unit of $0.51 as of June 30, 2026 and December 31, 2025, the fair value of the units the Company owned in DCREIT was approximately $215 million and $214 million as of June 30, 2026 and December 31, 2025, respectively.

Pursuant to contractual agreements with DCREIT and its operating properties, the Company will earn fees for asset and property management services as well as fees for aiding in future acquisition, disposition and development activities. Certain of these fees are payable to the Company in the form of additional units in DCREIT or in cash. The Company earned fees pursuant to these contractual agreements of approximately $2.7 million and $3.4 million for the three months ended June 30, 2026 and 2025, respectively, and $5.4 million and $6.2 million for the six months ended June 30, 2026 and 2025, respectively, which are recorded as Fee income and other on the condensed consolidated income statements.

Ascenty – In addition to the Company’s 49% ownership interest in Ascenty, there is also an approximate 2% interest held by one of the Company’s noncontrolling interest holders. This 2% interest had a carrying value of approximately $23 million as of June 30, 2026 and December 31, 2025. Ascenty is a variable interest entity (“VIE”) and the Company’s maximum exposure to loss related to this VIE is limited to our equity investment in the entity.

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

Goodwill

Goodwill represents the excess of the purchase price over the fair value of net tangible and intangible assets acquired in a business combination. Changes in the value of goodwill at June 30, 2026 as compared to December 31, 2025 were driven by changes in exchange rates associated with goodwill balances denominated in foreign currencies.

Acquired Intangible Assets and Liabilities

The following table summarizes our acquired intangible assets and liabilities:


	Balance as of
	June 30, 2026						December 31, 2025
(Amounts in thousands)		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Customer relationship value	$	3,149,616	$	(1,346,988)	$	1,802,628	$	2,921,841	$	(1,271,137)	$	1,650,704
Acquired in-place lease value		1,294,158		(877,905)		416,253		987,495		(853,333)		134,162
Other		114,892		(62,216)		52,676		114,397		(61,403)		52,994
Acquired above-market leases		110,456		(109,614)		842		111,036		(109,352)		1,684
Acquired below-market leases		(724,897)		195,206		(529,691)		(241,779)		209,607		(32,172)
Total	$	3,944,225	$	(2,201,517)	$	1,742,708	$	3,892,990	$	(2,085,618)	$	1,807,372

Amortization of customer relationship value, acquired in-place lease value and other intangibles (a component of depreciation and amortization expense) was approximately $60.9 million and $56.7 million for the three months ended June 30, 2026 and 2025, respectively, and approximately $120.2 million and $113.8 million for the six months ended June 30, 2026 and 2025, respectively.

DIGITAL REALTY TRUST, INC. AND SUBSIDIARIES

DIGITAL REALTY TRUST, L.P. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Amortization of acquired below-market leases, net of acquired above-market leases, resulted in an increase in rental and other services revenue of $1.3 million for the three months ended June 30, 2026 and 2025, and approximately $2.8 million and $2.5 million for the six months ended June 30, 2026 and 2025, respectively.

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


(Amounts in thousands)		Customer relationship value		Acquired in-place lease value		Other		Acquired above-market leases		Acquired below-market leases
2026	$	191,092	$	34,567	$	4,177	$	78	$	(6,139)
2027		381,987		60,136		5,775		20		(26,286)
2028		337,740		36,758		6,615		299		(38,776)
2029		267,637		29,017		6,687		266		(39,521)
2030		267,637		26,056		6,687		179		(39,521)
Thereafter		356,535		229,719		22,735		—		(379,448)
Total	$	1,802,628	$	416,253	$	52,676	$	842	$	(529,691)

Debt of the Operating Partnership

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


		June 30, 2026					December 31, 2025
		Weighted-					Weighted-
		average		Amount			average		Amount
		interest rate		Outstanding			interest rate		Outstanding
Global Revolving Credit Facilities		1.70	%	$	726,207		2.63	%	$	918,540
Unsecured term loans		3.08	%		428,325		2.73	%		440,475
Unsecured senior notes		2.60	%		16,019,337		2.60	%		16,321,227
Secured and other debt(1)(2)		7.49	%		1,593,735		9.02	%		876,528
Total		2.99	%	$	18,767,604		2.90	%	$	18,556,770

(1)	In March 2026, we voluntarily paid down Teraco debt of $53 million. The paydown resulted in a loss on debt extinguishment and modifications of approximately $4.1 million.

(2)	As part of the June 2026 Acquisition, we assumed a construction loan in the amount of $726 million. The current maturity date for the loan is December 24, 2027, and is subject to two 12-month extension options exercisable by us.

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

DIGITAL REALTY TRUST, INC. AND SUBSIDIARIES

DIGITAL REALTY TRUST, L.P. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

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


		June 30, 2026				December 31, 2025
		Amount				Amount
Denomination of Draw		Outstanding		% of Total		Outstanding		% of Total
U.S. dollar ($)		$	3,430,016	18.3	%	$	2,922,170	15.8	%
British pound sterling (£)			1,193,580	6.4	%		1,212,750	6.5	%
Euro (€)			11,804,765	62.9	%		12,199,575	65.7	%
Other			2,339,243	12.4	%		2,222,275	12.0	%
Total		$	18,767,604			$	18,556,770

The table below summarizes debt maturities and principal payments as of June 30, 2026 (in thousands):


		Global Revolving			Unsecured			Unsecured			Secured and
		Credit Facilities (1)(2)			Term Loans(3)			Senior Notes			Other Debt			Total Debt
2026		$	—		$	428,325		$	340,176		$	56,668		$	825,169
2027			—			—			1,185,550			979,147			2,164,697
2028			—			—			2,121,100			408,815			2,529,915
2029			726,207			—			2,848,161			26,706			3,601,074
2030			—			—			1,586,060			81,225			1,667,285
Thereafter			—			—			7,938,290			41,174			7,979,464
Subtotal		$	726,207		$	428,325		$	16,019,337		$	1,593,735		$	18,767,604
Unamortized net discounts			—			—			(41,661)			—			(41,661)
Unamortized deferred financing costs			(16,451)			(644)			(70,882)			(2,617)			(90,594)
Total		$	709,756		$	427,681		$	15,906,794		$	1,591,118		$	18,635,349

(1)	Includes amounts outstanding for the Global Revolving Credit Facilities.

(2)	The Global Revolving Credit Facilities are subject to two six-month extension options exercisable by us; provided that the Operating Partnership must pay a 0.0625% extension fee based on each lender’s revolving commitments then outstanding (whether funded or unfunded).

(3)	The €375.0 million Euro Term Loan Facility is subject to a maturity extension option of one year, provided that the Operating Partnership must pay a 0.125% extension fee based on the then outstanding principal amount of such facility commitments then outstanding. In July 2026, we exercised the one-year maturity extension option; the current maturity date is August 11, 2027.

Global Revolving Credit Facilities

We have a Global Revolving Credit Facility under which we may draw up to $4.2 billion equivalent on a revolving basis (subject to currency fluctuations). The Global Revolving Credit Facility can be drawn in Australian dollars, British pound sterling, Canadian dollars, Euros, Hong Kong dollars, Indonesian rupiah, Japanese yen, Korean won, Singapore dollars, Swiss francs and U.S. dollars (with the ability to add other currencies in the future). As of June 30, 2026, approximately $82.0 million of letters of credit were issued.

DIGITAL REALTY TRUST, INC. AND SUBSIDIARIES

DIGITAL REALTY TRUST, L.P. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

In addition to the Global Revolving Credit Facility, we have a revolving credit facility that provides for borrowings in Japanese yen of up to ¥42.5 billion (approximately $262 million based on the exchange rate on June 30, 2026).

The Global Revolving Credit Facility and the Yen Revolving Credit Facility both contain various restrictive covenants, including limitations on our ability to incur additional indebtedness, make certain investments, or merge with another company. In addition, we are required to maintain financial coverage ratios, including with respect to unencumbered assets. After the occurrence of and during the continuance of any event of default, these credit facilities restrict the Parent’s ability to make distributions to stockholders or redeem or otherwise repurchase shares of its capital stock, except in limited circumstances (such as those necessary to enable Digital Realty Trust, Inc. to maintain its qualification as a REIT and to minimize the payment of income or excise tax). As of June 30, 2026, we were in compliance with all of such covenants for both of these revolving credit facilities.

Unsecured Senior Notes

The following table provides details of our unsecured senior notes (balances in thousands):


	Aggregate Principal Amount at Issuance					Balance as of
	Borrowing Currency		USD		Maturity Date	June 30, 2026		December 31, 2025
0.200% notes due 2026	CHF	275,000	$	298,404	Dec 15, 2026		340,176		346,918
1.700% notes due 2027	CHF	150,000	$	162,465	Mar 30, 2027		185,550		189,228
3.700% notes due 2027(1)	$	1,000,000	$	1,000,000	Aug 15, 2027		1,000,000		1,000,000
5.550% notes due 2028(1)	$	900,000	$	900,000	Jan 15, 2028		900,000		900,000
1.125% notes due 2028	€	500,000	$	548,550	Apr 09, 2028		571,100		587,300
4.450% notes due 2028	$	650,000	$	650,000	Jul 15, 2028		650,000		650,000
0.550% notes due 2029	CHF	270,000	$	292,478	Apr 16, 2029		333,991		340,611
3.600% notes due 2029	$	900,000	$	900,000	Jul 01, 2029		900,000		900,000
3.300% notes due 2029	£	350,000	$	454,895	Jul 19, 2029		464,170		471,625
1.875% Exchangeable Notes due 2029(1)	$	1,150,000	$	1,150,000	Nov 15, 2029		1,150,000		1,150,000
1.500% notes due 2030	€	750,000	$	831,900	Mar 15, 2030		856,650		880,950
3.750% notes due 2030	£	550,000	$	719,825	Oct 17, 2030		729,410		741,125
1.250% notes due 2031	€	500,000	$	560,950	Feb 01, 2031		571,100		587,300
0.625% notes due 2031	€	1,000,000	$	1,220,700	Jul 15, 2031		1,142,200		1,174,600
1.000% notes due 2032	€	750,000	$	874,500	Jan 15, 2032		856,650		880,950
1.375% notes due 2032	€	750,000	$	849,375	Jul 18, 2032		856,650		880,950
3.750% notes due 2033	€	600,000	$	691,680	Jan 15, 2033		685,320		704,760
3.875% notes due 2033	€	850,000	$	941,375	Sep 13, 2033		970,870		998,410
3.875% notes due 2034	€	850,000	$	-	Jul 15, 2034		970,870		998,410
3.875% notes due 2035	€	850,000	$	876,180	Mar 15, 2035		970,870		998,410
4.250% notes due 2037	€	800,000	$	922,240	Nov 20, 2037		913,760		939,680
						$	16,019,337	$	16,321,227
Unamortized discounts, net of premiums							(41,661)		(46,316)
Deferred financing costs, net							(70,882)		(80,470)
Total unsecured senior notes, net of discount and deferred financing costs						$	15,906,794	$	16,194,441

(1)	Subject to cross-currency swaps.

The indentures governing our senior notes contain certain covenants, including (1) a leverage ratio not to exceed 60%, (2) a secured debt leverage ratio not to exceed 40% and (3) an interest coverage ratio of greater than 1.50. The covenants also require us to maintain total unencumbered assets of not less than 150% of the aggregate principal amount of unsecured debt. At June 30, 2026, we were in compliance with each of these financial covenants.

DIGITAL REALTY TRUST, INC. AND SUBSIDIARIES

DIGITAL REALTY TRUST, L.P. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

9. Earnings per Common Share or Unit

The following is a summary of basic and diluted earnings per share (“EPS”) / earnings per unit (“EPU”) (in thousands, except per share/unit amounts):

Digital Realty Trust, Inc. Earnings per Common Share


		Three Months Ended June 30,						Six Months Ended June 30,
		2026			2025			2026			2025
Numerator:
Net income available to common stockholders		$	443,108		$	1,021,975		$	612,201		$	1,121,768
Loss attributable to redeemable noncontrolling interest (1)			(4,313)			(6,015)			(12,629)			(12,210)
Net income available to common stockholders - diluted EPS		$	438,795		$	1,015,960		$	599,572		$	1,109,558

Denominator:
Weighted average shares outstanding—basic			354,118			337,589			349,591			337,139
Potentially dilutive common shares:
Unvested incentive units			193			67			178			66
Unvested restricted stock			137			80			99			78
Market performance-based awards			137			216			138			219
Redeemable noncontrolling interest shares (1)			6,957			7,782			7,349			7,803
Weighted average shares outstanding—diluted			361,542			345,734			357,355			345,305
Income per share:
Basic		$	1.25		$	3.03		$	1.75		$	3.33
Diluted		$	1.21		$	2.94		$	1.68		$	3.21

DIGITAL REALTY TRUST, INC. AND SUBSIDIARIES

DIGITAL REALTY TRUST, L.P. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Digital Realty Trust, L.P. Earnings per Unit


		Three Months Ended June 30,						Six Months Ended June 30,
		2026			2025			2026			2025
Numerator:
Net income available to common unitholders		$	452,108		$	1,042,975		$	625,201		$	1,145,768
Loss attributable to redeemable noncontrolling interest (1)			(4,313)			(6,015)			(12,629)			(12,210)
Net income available to common unitholders - diluted EPS		$	447,795		$	1,036,960		$	612,572		$	1,133,558

Denominator:
Weighted average units outstanding—basic			360,181			343,546			355,698			343,073
Potentially dilutive common units:
Unvested incentive units			193			67			178			66
Unvested restricted units			137			80			99			78
Market performance-based awards			137			216			138			219
Redeemable noncontrolling interest shares (1)			6,957			7,782			7,349			7,803
Weighted average units outstanding—diluted			367,605			351,691			363,462			351,239
Income per unit:
Basic		$	1.26		$	3.04		$	1.76		$	3.34
Diluted		$	1.22		$	2.95		$	1.69		$	3.23

(1)

As part of the acquisition of Teraco in 2022, certain of Teraco's minority indirect shareholders (“Rollover Shareholders”) have the right to put their shares in an upstream parent company of Teraco (“Remaining Interest”) to the Company in exchange for cash or the equivalent value of shares of the Company common stock, or a combination thereof. Under U.S. GAAP, diluted earnings per share must be reflected in a manner that assumes such put right was exercised at the beginning of the respective periods and settled entirely in shares. The amounts shown represent the redemption value of the Remaining Interest of Teraco divided by Digital Realty Trust, Inc.’s average share price for the respective periods. The put right is exercisable by the Rollover Shareholders for a two-year period commencing on February 1, 2026.

The table below shows the securities that would be antidilutive or not dilutive to the calculation of earnings per share and unit. Common units of the Operating Partnership not owned by Digital Realty Trust, Inc. were excluded only from the calculation of earnings per share as they are not applicable to the calculation of earnings per unit. All other securities shown below were excluded from the calculation of both earnings per share and earnings per unit (in thousands).


		Three Months Ended June 30,				Six Months Ended June 30,
		2026		2025		2026		2025
Exchangeable Notes		6,624		6,624		6,624		6,624
Weighted average of Operating Partnership common units not owned by Digital Realty Trust, Inc.		6,063		5,957		6,107		5,934
Potentially dilutive Series J Cumulative Redeemable Preferred Stock		1,061		1,160		1,104		1,257
Potentially dilutive Series K Cumulative Redeemable Preferred Stock		1,115		1,220		1,161		1,322
Potentially dilutive Series L Cumulative Redeemable Preferred Stock		1,830		2,001		1,905		2,168
Total		16,693		16,962		16,901		17,305

DIGITAL REALTY TRUST, INC. AND SUBSIDIARIES

DIGITAL REALTY TRUST, L.P. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Equity and Capital

Equity Distribution Agreement

Digital Realty Trust, Inc. and Digital Realty Trust, L.P. were parties to an ATM Equity OfferingSM Sales Agreement dated December 23, 2024 (the “2024 Sales Agreement”). Pursuant to the 2024 Sales Agreement, Digital Realty Trust, Inc. could issue and sell common stock having an aggregate offering price of up to $3.0 billion through various named agents from time to time. From April 1, 2026 through May 3, 2026, Digital Realty Trust, Inc. generated net proceeds of approximately $435.2 million from the issuance of approximately 2.4 million common shares under the 2024 Sales Agreement at an average price of $181.21 per share after payment of approximately $2.2 million of commissions to the agents.

On May 4, 2026, our Parent and our Operating Partnership entered into a new ATM Equity OfferingSM Sales Agreement (the “2026 Sales Agreement”), pursuant to which, Digital Realty Trust, Inc. can issue and sell common stock having an aggregate offering price of up to $7.5 billion through various named agents from time to time. The 2024 Sales Agreement was terminated in connection with entry into the 2026 Sales Agreement, and at the time of such termination, $569.9 million remained unsold under the 2024 Sales Agreement. From May 4, 2026 through June 30, 2026, Digital Realty Trust, Inc. generated net proceeds of approximately $1.2 billion from the issuance of approximately 6.2 million common shares under the 2026 Sales Agreement at an average price of $191.63 per share after payment of approximately $6.2 million of commissions to the agents. As of June 30, 2026, $6.3 billion remains available for future sales under the 2026 Sales Agreement.

The sales of common stock made under the 2026 Sales Agreement will be made in “at the market” offerings as defined in Rule 415 of the Securities Act. Our Parent has used and intends to use the net proceeds from the program to temporarily repay borrowings under our Operating Partnership’s Global Revolving Credit Facilities, to acquire additional properties or businesses, to fund development opportunities and for working capital and other general corporate purposes, including potentially for the repayment of other debt or the repurchase, redemption or retirement of outstanding debt securities.

Redeemable Noncontrolling Interest

Redeemable Noncontrolling Interest (“Redeemable NCI”) — As part of the Teraco Acquisition, the Company and certain of its subsidiaries entered into a put/call agreement with the owners of the interest in Teraco that was not acquired by the Company (the “Put/Call Agreement”). The interest retained by these owners is hereafter referred to as the “Remaining Teraco Interest” and the owners of such interest are hereafter referred to as the “Rollover Shareholders”. Pursuant to the Put/Call Agreement, the Rollover Shareholders have the right to sell all or a portion of the Remaining Teraco Interest to the Company for a two-year period beginning on February 1, 2026, and the Company has the right to purchase all or a portion of the Remaining Teraco Interest from the Rollover Shareholders for a one-year period beginning on February 1, 2028. Per the terms of the agreement, the purchase price of the Remaining Teraco Interest for the put right and the call right can be settled by the Company with cash, shares in the Company, or a combination of cash and shares. In the event the Company elects to settle a put or call in whole or in part with shares of Digital Realty Trust, Inc.’s common stock, such shares will be issued in a private placement transaction with customary accompanying registration rights.

DIGITAL REALTY TRUST, INC. AND SUBSIDIARIES

DIGITAL REALTY TRUST, L.P. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

On May 12, 2026 (“exercise date”), two Rollover Shareholders delivered their irrevocable notice to exercise their put option with respect to approximately 16% of the total outstanding equity of Teraco. As a result of this exercise, the Company’s ownership interest in Teraco will increase, once settled, from 61% to 77%. Per the terms of the agreement, this obligation will be settled subsequent to the reporting period via the issuance of 3,425,031 shares of the Company’s common stock. The final number of shares was determined based on the volume-weighted average price of the Company's stock over the 20 trading days prior to the exercise date. The put option exercise is expected to be settled in the second half of 2026, subject to customary closing conditions and regulatory approvals. Upon issuance of the common stock in the second half of 2026, redeemable noncontrolling interest will be extinguished and recorded as an increase to Common stock and Additional paid-in capital within permanent equity.

Since the Rollover Shareholders can redeem the put right at their discretion and such redemption, which could be in cash, is outside the Company’s control, the Company recorded the noncontrolling interest as Redeemable NCI and classified it in temporary equity within its consolidated balance sheets. The Redeemable NCI was initially recorded at its acquisition-date fair value and will be adjusted each reporting period for income (or loss) attributable to the noncontrolling interest ($12.6 million and $12.2 million net loss for the six months ended June 30, 2026 and 2025, respectively). If the contractual redemption value of the Redeemable NCI is greater than its carrying value, an adjustment is made to reflect Redeemable NCI at the higher of its contractual redemption value or its carrying value each reporting period. Changes to the redemption value are recognized immediately in the period the change occurs. If the redemption value of the Redeemable NCI is equal to or less than the fair market value of the Remaining Teraco Interest, the change in the redemption value will be adjusted through Additional Paid in Capital. If the redemption value is greater than the fair market value of the Remaining Teraco Interest, the change in redemption value will be adjusted through Accumulated dividends in excess of earnings. These adjustments are not reflected on the Company’s condensed income statement but are instead reflected as adjustments to the net income component of the Company’s earnings per share calculations. When calculating earnings per share attributable to the Company, the Company adjusts net income attributable to Digital Realty Trust, Inc. to the extent the redemption value exceeds the fair value of the Redeemable NCI on a cumulative basis.

For the six months ended June 30, 2026, we made an adjustment of approximately $56.4 million to Redeemable NCI as the contractual redemption value of the Redeemable NCI was greater than its carrying value. The change in the redemption value was adjusted through Additional Paid in Capital.

DIGITAL REALTY TRUST, INC. AND SUBSIDIARIES

DIGITAL REALTY TRUST, L.P. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Noncontrolling Interests in Operating Partnership

Noncontrolling interests in the Operating Partnership relate to the proportion of entities consolidated by the Company that are owned by third parties. The following table shows the ownership interest in the Operating Partnership as of June 30, 2026 and December 31, 2025:


		June 30, 2026				December 31, 2025
		Number of		Percentage of		Number of		Percentage of
(Units in thousands)		units		total		units		total
Digital Realty Trust, Inc.		370,010		98.2	%	343,557		98.2	%
Noncontrolling interests consist of:
Common units held by third parties		4,294		1.2	%	4,045		1.2	%
Incentive units held by employees and directors (see Note 12. ''Incentive Plans'')		2,371		0.6	%	2,144		0.6	%
		376,675		100.0	%	349,746		100.0	%

Limited partners have the right to require the Operating Partnership to redeem all or a portion of their common units for cash based on the fair market value of an equivalent number of shares of Digital Realty Trust, Inc. common stock at the time of redemption. Alternatively, Digital Realty Trust, Inc. may elect to acquire those common units in exchange for shares of its common stock on a one-for-one basis, subject to adjustment in the event of stock splits, stock dividends, issuance of stock rights, specified extraordinary distributions and similar events. The common units and incentive units of the Operating Partnership are classified within equity, except for certain common units issued to certain former DuPont Fabros Technology, L.P. unitholders in the Company’s acquisition of DuPont Fabros Technology, Inc., which are subject to certain restrictions and, accordingly, are not presented as permanent equity in the condensed consolidated balance sheets.

The redemption value of the noncontrolling Operating Partnership common units and the vested incentive units was approximately $1,026.1 million and $952.5 million based on the closing market price of Digital Realty Trust, Inc. common stock on June 30, 2026 and December 31, 2025, respectively.

The following table shows activity for noncontrolling interests in the Operating Partnership for the six months ended June 30, 2026 (in thousands):


(Units in thousands)		Common Units		Incentive Units		Total
As of December 31, 2025		4,045		2,144		6,189
Redemption of common units for shares of Digital Realty Trust, Inc. common stock (1)		(268)		—		(268)
Conversion of incentive units held by employees and directors for shares of Digital Realty Trust, Inc. common stock (1)		—		(210)		(210)
Incentive units issued upon achievement of market performance condition		—		239		239
Grant of incentive units to employees and directors		—		198		198
Cancellation / forfeitures of incentive units held by employees and directors		—		—		—
Common units issued in connection with the Astra acquisition		517		—		517
As of June 30, 2026		4,294		2,371		6,665

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

DIGITAL REALTY TRUST, INC. AND SUBSIDIARIES

DIGITAL REALTY TRUST, L.P. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Dividends and Distributions

Digital Realty Trust, Inc. Dividends

We have declared and paid the following dividends on our common and preferred stock for the six months ended June 30, 2026 (in thousands, except per share data):


				Series J			Series K			Series L
				Preferred			Preferred			Preferred		Common
Date dividend declared		Dividend payment date		Stock			Stock			Stock		Stock
February 19, 2026		March 31, 2026		$	2,625		$	3,071		$	4,485	$	425,047
May 12, 2026		June 30, 2026			2,625		$	3,071		$	4,485	$	435,908
				$	5,250		$	6,142		$	8,970	$	860,955
Annual rate of dividend per share				$	1.31250		$	1.46250		$	1.30000	$	4.88000

Digital Realty Trust, L.P. Distributions

All distributions on the Operating Partnership’s units are at the discretion of Digital Realty Trust, Inc.’s Board of Directors. The table below shows the distributions declared and paid by the Operating Partnership on its common and preferred units for the six months ended June 30, 2026 (in thousands, except for per unit data):


				Series J			Series K		Series L
				Preferred			Preferred		Preferred		Common
Date distribution declared		Distribution payment date		Units			Units		Units		Units
February 19, 2026		March 31, 2026		$	2,625		$	3,071	$	4,485	$	432,840
May 12, 2026		June 30, 2026			2,625			3,071		4,485		444,195
				$	5,250		$	6,142	$	8,970	$	877,035
Annual rate of distribution per unit				$	1.31250		$	1.46250	$	1.30000	$	4.88000

For U.S. federal income tax purposes, distributions out of Digital Realty Trust, Inc.’s current or accumulated earnings and profits are generally classified as dividends whereas distributions in excess of its current and accumulated earnings and profits, to the extent of a stockholder’s tax basis in Digital Realty Trust, Inc.’s stock, are generally classified as a return of capital. Such distributions in excess of a stockholder’s tax basis in Digital Realty Trust, Inc.’s stock are generally characterized as capital gain. Cash provided by operating activities has generally been sufficient to fund all distributions; however, in the future we may also need to utilize borrowings under the Global Revolving Credit Facility to fund all or a portion of distributions.

DIGITAL REALTY TRUST, INC. AND SUBSIDIARIES

DIGITAL REALTY TRUST, L.P. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Accumulated Other Comprehensive Income (Loss), Net

The accumulated balances for each item within accumulated other comprehensive income (loss) are shown below (in thousands) for Digital Realty Trust, Inc. and separately for Digital Realty Trust, L.P.:

Digital Realty Trust, Inc.


		Foreign currency			Increase (decrease) in			Accumulated other
		translation			fair value of derivatives,			comprehensive
		adjustments			net of reclassification			income (loss), net
Balance as of December 31, 2025		$	(492,674)		$	23,476		$	(469,198)
Net current period change			(90,575)			37,749			(52,826)
Balance as of June 30, 2026		$	(583,249)		$	61,225		$	(522,024)

Digital Realty Trust, L.P.


		Foreign currency			Increase (decrease) in			Accumulated other
		translation			fair value of derivatives,			comprehensive
		adjustments			net of reclassification			income (loss)
Balance as of December 31, 2025		$	(507,813)		$	22,471		$	(485,342)
Net current period change			(92,361)			38,494			(53,867)
Balance as of June 30, 2026		$	(600,174)		$	60,965		$	(539,209)

Incentive Plans

The Company provides incentive awards in the form of common stock or awards convertible into common stock pursuant to the Digital Realty Trust, Inc., Digital Services, Inc. and Digital Realty Trust, L.P. 2014 Incentive Award Plan, as amended.

For the three months ended June 30, 2026, the Talent and Compensation Committee of our Board of Directors granted an aggregate of 42,265 service-based restricted stock units covering shares of Digital Realty Trust, Inc. common stock and long-term incentive units of the Operating Partnership to certain employees, including executive officers. These awards are subject to vesting provisions and have a weighted-average grant date fair value of $186.93 per share and a weighted-average requisite service period of 3 years. The awards are subject to either (i) a service-vesting condition (the “service awards”) or (ii) both service- and performance-vesting conditions (the “performance awards”). The service awards generally vest over periods between two and four years. The performance awards generally vest based on continued service and either a financial performance condition (“Financial-Based Performance Awards”) or a market performance condition (“Market-Based Performance Awards”).

The valuation of service awards and Financial-Based Performance Awards is based solely on the fair value of our stock price on the date of grant. We use growth in core funds from operations per share as the performance measurement in the Financial-Based Performance Awards that were granted in the six months ended June 30, 2026. For the six months ended June 30, 2026, the grant date fair value of these awards was $14.5 million.

We use a Monte Carlo simulation option-pricing model to determine the fair value of our Market-Based Performance Awards. We used total shareholder return as the market measurement for these awards that were granted in the six months ended June 30, 2026. For the six months ended June 30, 2026, the grant date fair value of these awards was $14.5 million.

There were no significant changes in the assumptions used to determine the fair value of service awards and performance awards that were granted in 2026 compared to the prior year.

DIGITAL REALTY TRUST, INC. AND SUBSIDIARIES

DIGITAL REALTY TRUST, L.P. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Derivative Instruments

Derivatives Designated as Hedging Instruments

Net Investment Hedges

In September 2022 and November 2024, we entered into cross-currency interest rate swaps, which effectively convert a portion of our U.S. dollar-denominated fixed-rate debt to foreign currency-denominated fixed-rate debt in order to hedge the currency exposure associated with our net investment in foreign subsidiaries. As of June 30, 2026 and December 31, 2025, we had cross-currency interest rate swaps outstanding with notional amounts of $2.2 billion and maturity dates ranging through 2029.

The effect of these net investment hedges on accumulated other comprehensive loss and the condensed consolidated income statements for the three and six months ended June 30, 2026 and 2025 was as follows (in thousands):


		Three Months Ended June 30,					Six Months Ended June 30,
		2026			2025		2026			2025
Cross-currency interest rate swaps (included component) (1)		$	29,487		$	(134,076)	$	63,250		$	(226,415)
Cross-currency interest rate swaps (excluded component) (2)			(17,573)			5,210		(12,593)			33,616
Total		$	11,914		$	(128,866)	$	50,657		$	(192,799)

	Location of	Three Months Ended June 30,					Six Months Ended June 30,
	gain or (loss)	2026			2025		2026			2025
Cross-currency interest rate swaps (excluded component) (2)	Interest expense	$	7,043		$	6,195	$	13,689		$	13,794

(1)	Included component represents foreign exchange spot rates.

(2)	Excluded component represents cross-currency basis spread and interest rates.

Cash Flow Hedges

Amounts reported in Accumulated other comprehensive loss related to interest rate swaps are reclassified to interest expense as interest payments are made on our debt. As of June 30, 2026, we estimate that an additional $0.1 million will be reclassified as a decrease to interest expense during the twelve months ended June 30, 2027, when the hedged forecasted transactions impact earnings.

The effect of these cash flow hedges on accumulated other comprehensive income and the condensed consolidated income statements for the three and six months ended June 30, 2026 and 2025 was as follows (in thousands):


	Three Months Ended June 30,					Six Months Ended June 30,
	2026			2025		2026			2025
Interest rate swaps	$	(37)		$	(1,521)	$	(13,334)		$	(9,647)


	Location of	Three Months Ended June 30,					Six Months Ended June 30,
	gain or (loss)	2026			2025		2026			2025
Interest rate swaps	Interest expense	$	(1,835)		$	(241)	$	(3,679)		$	817

DIGITAL REALTY TRUST, INC. AND SUBSIDIARIES

DIGITAL REALTY TRUST, L.P. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Fair Value of Derivative Instruments

The subsequent table presents the fair value of derivative instruments recognized in our condensed consolidated balance sheets as of June 30, 2026 and December 31, 2025 (in thousands):


		June 30, 2026						December 31, 2025
		Assets (1)			Liabilities (2)			Assets (1)			Liabilities (2)
Cross-currency interest rate swaps		$	34,838		$	216,631		$	30,093		$	262,543
Interest rate swaps			8,095			13,553			5,865			29,443
		$	42,933		$	230,184		$	35,958		$	291,986

(1)	As presented in our condensed consolidated balance sheets within Other assets.

(2)	As presented in our condensed consolidated balance sheets within Accounts payable and other accrued liabilities.

Fair Value

There have been no significant changes in our policy for fair value measurements from what was disclosed in our 2025 Form 10-K.

The carrying amounts for cash and cash equivalents, restricted cash, accounts and other receivables, accounts payable and other accrued liabilities, accrued dividends and distributions, security deposits and prepaid rents approximate fair value because of the short-term nature of these instruments. The carrying value of our Global Revolving Credit Facilities and the Euro Term Loan Facility approximates the estimated fair value, because these liabilities have variable interest rates and our credit ratings have remained stable. Differences between the carrying value and the fair value of our unsecured senior notes and secured and other debt are caused by differences in interest rates or borrowing spreads that were available to us on June 30, 2026 and December 31, 2025 as compared to those in effect when the debt was issued or assumed. As described in Note 13. "Derivative Instruments", outstanding derivative contracts are recorded at fair value.

We calculate the fair value of our secured and other debt and unsecured senior notes based on currently available market rates assuming the loans are outstanding through maturity and considering the collateral and other loan terms. In determining the current market rate for fixed rate debt, a market spread is added to the quoted yields on federal government treasury securities with similar maturity dates to our debt.

DIGITAL REALTY TRUST, INC. AND SUBSIDIARIES

DIGITAL REALTY TRUST, L.P. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

The aggregate estimated fair value and carrying value of our Global Revolving Credit Facilities, Euro Term Loan Facilities, unsecured senior notes and secured and other debt as of the respective periods are shown below (in thousands):


		Categorization		As of June 30, 2026						As of December 31, 2025
		under the fair value		Estimated Fair			Amount			Estimated Fair			Amount
		hierarchy		Value			Outstanding			Value			Outstanding
Global Revolving Credit Facilities (1)		Level 2		$	726,207		$	726,207		$	918,540		$	918,540
Unsecured term loans (1)		Level 2			428,325			428,325			440,475			440,475
Unsecured senior notes (2)		Level 2			15,451,906			16,019,337			15,646,232			16,321,227
Secured and other debt (2)		Level 2			1,591,017			1,593,735			873,504			876,528
				$	18,197,455		$	18,767,604		$	17,878,751		$	18,556,770

(1)	The carrying value of our Global Revolving Credit Facilities and unsecured term loans approximates estimated fair value, due to the variability of interest rates and the stability of our credit ratings.

(2)	Valuations for our unsecured senior notes and secured and other debt are determined based on the expected future payments discounted at risk-adjusted rates and quoted market prices.

15. Commitments and Contingencies

Our properties require periodic investments of capital for tenant-related capital expenditures and for general capital improvements and from time to time in the normal course of our business, we enter into various construction contracts with third parties that may obligate us to make payments. At June 30, 2026, we had open commitments, including amounts reimbursable by customers of approximately $320.1 million, related to construction contracts of approximately $4.1 billion.

Legal Proceedings – Although the Company is involved in legal proceedings arising in the ordinary course of business, as of June 30, 2026, the Company is not currently a party to any legal proceedings nor, to its knowledge, is any legal proceeding threatened against it that it believes would have a material adverse effect on its financial position, results of operations or liquidity.

Insurance – In September 2024, an incident at one of our Singapore data centers resulted in damages to the facility. During the three months ended June 30, 2026, we received final insurance settlement proceeds of approximately $120.4 million, which includes $112.8 million recognized in Other income, net in the condensed consolidated income statement. The remaining $7.6 million was applied against the insurance receivable balance included in Other assets in the condensed consolidated balance sheets as of December 31, 2025.

DIGITAL REALTY TRUST, INC. AND SUBSIDIARIES

DIGITAL REALTY TRUST, L.P. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Supplemental Cash Flow Information

Cash, cash equivalents, and restricted cash balances as of June 30, 2026, and December 31, 2025:


		Balance as of
(Amounts in thousands)		June 30, 2026			December 31, 2025
Cash and cash equivalents		$	1,864,796		$	3,451,647
Restricted cash (included in Other assets)			1,841			6,643
Total		$	1,866,637		$	3,458,290

We paid $155.7 million and $161.2 million for interest, net of amounts capitalized, for the six months ended June 30, 2026 and 2025, respectively.

We paid $45.5 million and $72.5 million for income taxes, net of refunds, for the six months ended June 30, 2026 and 2025, respectively.

Accrued construction related costs totaled $869.7 million and $517.5 million as of June 30, 2026 and 2025, respectively.

17. Segment and Geographic Information

A majority of the Company’s largest customers are global entities that transact with the Company across multiple geographies worldwide. In order to better address the needs of these global customers, the Company manages critical decisions around development, operations, and leasing globally based on customer demand considerations. In this regard, the Company manages customer relationships globally in order to achieve consistent sales and delivery experience of our products for our customers throughout the global portfolio. The Company has reiterated its commitment to and implemented strategies to align itself as one global team to help power customers’ digital ambitions.

In order to best accommodate the needs of global customers (and customers that might one day become global), the Company manages its operations as a single global business – with one operating segment and therefore one reporting segment.

The Company’s chief operating decision maker (“CODM”) is the Chief Executive Officer, who uses net income as a primary measure of operating results on a consolidated basis in making decisions. Net income is computed in accordance with U.S. GAAP. Significant expense categories, including Rental property operating and maintenance, Property taxes and insurance, General and administrative and Interest expense, are regularly provided to the Company’s CODM as components of net income, which are reflected on the condensed consolidated income statements.

The financial information disclosed herein represents all of the financial information related to our one reportable segment, and the segmental presentation is consistent with the information provided to our CODM. These metrics are collectively used to evaluate the performance of the Company’s investments in real estate assets, its operating results and to allocate resources.


	Operating Revenues
	Three Months Ended June 30,						Six Months Ended June 30,
(Amounts in millions)	2026			2025			2026			2025
Inside the United States	$	1,091.7		$	780.7		$	1,930.7		$	1,542.3
Outside the United States		832.3			712.5			1,628.5			1,358.5
Revenue Outside of U.S. %		43.3	%		47.7	%		45.8	%		46.8	%

DIGITAL REALTY TRUST, INC. AND SUBSIDIARIES

DIGITAL REALTY TRUST, L.P. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)


	Investments in Properties, net				Operating lease right-of-use assets, net
	As of June 30,		As of December 31,		As of June 30,		As of December 31,
(Amounts in millions)	2026		2025		2026		2025
Inside the United States	$	16,217.8	$	10,221.1	$	454.4	$	489.2
Outside the United States		16,639.6		16,212.5		638.6		646.4

Net Assets in Foreign Operations	$	9,416.3	$	9,274.4

Next: Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS