$DLR-PJ

DIGITAL REALTY TRUST, INC.

CIK:0001297996|SEC Filings

CONDENSED CONSOLIDATED INCOME STATEMENTS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Operating Revenues:
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	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 (in dollars per share)	$ 1.25	$ 3.03	$ 1.75	$ 3.33
Diluted (in dollars per share)	$ 1.21	$ 2.94	$ 1.68	$ 3.21
Weighted average common shares outstanding:
Basic (in shares)	354,118	337,589	349,591	337,139
Diluted (in shares)	361,542	345,734	357,355	345,305
Digital Realty Trust, L.P.
Operating Revenues:
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	4,682	6,210	13,152	12,789
Net income attributable to Digital Realty Trust	462,289	1,053,156	645,563	1,166,130
Preferred stock dividends	(10,181)	(10,181)	(20,362)	(20,362)
Net income available to common stockholders	$ 452,108	$ 1,042,975	$ 625,201	$ 1,145,768
Net income per share available to common stockholders:
Basic (in dollars per share)	$ 1.26	$ 3.04	$ 1.76	$ 3.34
Diluted (in dollars per share)	$ 1.22	$ 2.95	$ 1.69	$ 3.23
Weighted average common shares outstanding:
Basic (in shares)	360,181	343,546	355,698	343,073
Diluted (in shares)	367,605	351,691	363,462	351,239
Rental and other services
Operating Revenues:
Total operating revenues	$ 1,674,633	$ 1,457,360	$ 3,274,860	$ 2,844,221
Rental and other services \| Digital Realty Trust, L.P.
Operating Revenues:
Total operating revenues	1,674,633	1,457,360	3,274,860	2,844,221
Fee income and other
Operating Revenues:
Total operating revenues	249,407	35,790	284,353	56,566
Fee income and other \| Digital Realty Trust, L.P.
Operating Revenues:
Total operating revenues	$ 249,407	$ 35,790	$ 284,353	$ 56,566

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 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
Digital Realty Trust, L.P.
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

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
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
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
Partners' capital:
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
Digital Realty Trust, L.P.
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
Partners' capital:
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, net	(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 equity	$ 54,517,914	$ 49,410,468