Business Description

​ 1 ITEM 1A. Risk Factors ​ 14 ITEM 1B. Unresolved Staff Comments ​ 48 ITEM 1C. Cybersecurity ​ 48 ITEM 2. Properties ​ 49 ITEM 3. Legal Proceedings ​ 53 ITEM 4. Mine Safety Disclosures ​ 53 PART II. ​ ​ 53 ITEM 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities ​ 53 ITEM 6. Reserved ​ 55 ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations ​ 56 ITEM 7A . Quantitative and Qualitative Disclosures About Market Risk ​ 81 ITEM 8. Financial Statements and Supplementary Data ​ 83 ITEM 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure ​ 165 ITEM 9A. Controls and Procedures ​ 165 ITEM 9B. Other Information ​ 166 ITEM 9C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections ​ 166 PART III. ​ ​ 167 ITEM 10. Directors, Executive Officers and Corporate Governance ​ 167 ITEM 11. Executive Compensation ​ 167 ITEM 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters ​ 167 ITEM 13. Certain Relationships and Related Transactions and Director Independence ​ 167 ITEM 14. Principal Accounting Fees and Services ​ 167 PART IV. ​ ​ 168 ITEM 15. Exhibits and Financial Statement Schedules ​ 168 ITEM 16. Form 10-K Summary ​ 179 SIGNATURES ​ 180 ​ ​ ​ Table of Contents ​ Index to Financial Statements ​ ​ PART I ITEM 1. BUSINESS The Company Digital Realty Trust, Inc., through its controlling interest in Digital Realty Trust, L.P. and the subsidiaries of the Operating Partnership, is a leading global provider of data center, colocation and interconnection solutions for customers across a variety of industry verticals. The Parent operates as a REIT for U.S. federal income tax purposes. The Operating Partnership is the entity through which the Parent conducts its business of owning, acquiring, developing and operating data centers. The Parent was incorporated in the state of Maryland on March 9, 2004. The Operating Partnership was organized as a limited partnership in the state of Maryland on July 21, 2004. As of December 31, 2025, our portfolio included 310 data centers (including 89 data centers held as investments in unconsolidated entities), of which 118 are located in the United States, 113 are located in Europe, 36 are located in Latin America, 16 are located in Africa, 18 are located in Asia, six are located in Australia and three are located in Canada. Our principal executive offices are located at 2323 Bryan Street, Suite 1800, Dallas, Texas 75201. Our telephone number is (214) 231-1350. Our website is www.digitalrealty.com. The information found on, or otherwise accessible through, our website is not incorporated by reference into, nor does it form a part of, this Annual Report on Form 10-K. Industry Background The digital economy continues to grow and change how enterprises across all industries create and deliver value. Companies increasingly need to operate ubiquitously, on-demand and with real-time intelligence serving customers, partners and employees across multiple channels, business functions and points of business presence. Computational processing power requirements continue to advance, data traffic is growing, and the volume of data that enterprises generate, transmit, process, analyze, monitor and manage is expanding dramatically. The Internet of Things, 5G, autonomous vehicles and artificial intelligence, among other technological advancements, are driving this digital transformation. We believe that enterprise data growth is accelerating due to the growing digital economy and emerging technological advances. As enterprises analyze and process this accelerating data mass, they create more data. As this mass of data continues to grow, it needs to be analyzed and processed: a task which we believe is becoming increasingly challenging to replicate and relocate. This phenomenon is called Data Gravity. We believe that enterprise decisionmakers will need to increasingly consider how Data Gravity impacts their enterprise IT architectures and, accordingly, we have developed the Data Gravity Index: a global forecast that measures the intensity and gravitational force of enterprise data growth. As the largest global provider of cloud- and carrier-neutral data center, colocation and interconnection solutions, we believe the data center industry is poised for sustainable growth.…