DLRDigital Realty
- Employees
- 4,282
- Headquarters
- Austin, TX
- Next results
- around Feb 4, 2027
10 paragraphs in Risk Factors of the 10-K filed Feb 13, 2026 with nothing like them in the 10-K filed Feb 25, 2025. Quoted exactly. Paragraphs that were only edited are under 10-K change.
Compared with the Risk Factors in the latest 10-K of the other 29 Real estate companies: a paragraph with at least half its words the same at another company is called similar, and the companies are listed under it. A paragraph most of them have is marked boilerplate. No line means no other company has one like it. This counts text; it does not say how serious a risk is.
As artificial intelligence becomes more prevalent in the workplace, it may present new considerations that could affect our business and operating results.
Similar paragraph at 1 of 29 other Real estate companies: EQIXRead in the 10-K ↗
Volatility in market and economic conditions may impact the accuracy of the various estimates used in the preparation of our financial statements and footnotes to the financial statements.
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Increases in the cost of power at any of our data centers could put those locations at a competitive disadvantage relative to data centers that are supplied power at a lower price.
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We rely on numerous electrical, heating and cooling, fire protection, energy storage and battery backup, uninterruptible power systems, and emergency power generation systems and equipment to operate our facilities. The systems and equipment are required to handle high performance demands, including extreme heat and cold, high voltage, corrosion, high power demands and energy storage capacity, thermal and physical stresses, continuous operation in extreme conditions, and other routine, seasonal, and emergency operational demands. Failure of systems or equipment may affect other systems or equipment or customers, and it could mean we are unable to satisfy our obligations to our customers. Any loss of services or equipment damage could adversely affect both our ability to generate revenues and our operating results, harm our reputation and potentially lead to customer disputes or litigation.
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Geopolitical events may impact our operations and financial results. For example, the impact of the United Kingdom exiting the European Union on European Union-United Kingdom political, trade, economic and diplomatic relations continues to be uncertain and such impact may not be fully realized for several years or more. Continued uncertainty and friction may result in regulatory, operational, and cost challenges to our United Kingdom and international operations.
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As artificial intelligence becomes more prevalent in the workplace, it may present new considerations that could affect our business and operating results.
Similar paragraph at 1 of 29 other Real estate companies: EQIXWe have begun leveraging AI and machine learning capabilities for our employees to use in their day-to-day operations. Inadequate investment in or unsuccessful development of those AI capabilities may result in us lagging behind our competitors in terms of improving operational efficiencies. Implementation of these technologies may involve challenges such as potential shortages in required data to train internal AI models, scarcity of skilled talent to effectively deploy internal AI initiatives, or the possibility that AI tools we develop or utilize may not achieve their desired or intended benefits performance or cost-efficiency objectives. Use of third-party AI tools may introduce information security, data privacy and legal or regulatory risks. Failure to properly manage these risks could negatively impact our business, reputation and operating results.
Similar paragraph at 1 of 29 other Real estate companies: EQIXRead in the 10-K ↗
Volatility in market and economic conditions may impact the accuracy of the various estimates used in the preparation of our financial statements and footnotes to the financial statements.
Various estimates are used in the preparation of our financial statements, including estimates related to asset and liability valuations (or potential impairments), and receivables. Often these estimates require the use of market data values and involve estimates of future performance or receivables collectability all of which can be difficult to accurately predict. Although management believes it has been prudent and used reasonable judgment in making these estimates, it is possible actual results may differ from these estimates.
Similar paragraph at 1 of 29 other Real estate companies: ORead in the 10-K ↗
information security, cyberattacks, security breaches and data privacy breaches;
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New in the latest 10-Q
28 paragraphs in the 10-Q filed Oct 30, 2026 with nothing like them in the 10-Q filed Jul 31, 2026 (at least half the words must differ; new numbers alone do not count). Quoted exactly, grouped by the item heading above them. This is text that changed, not a judgement of how serious it is.
10-Q
Adjustments to reconcile net income to net cash provided by operating activities:
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Straight-lined rents and amortization of above and below market leases (88,344) (77,614)
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Amortization of deferred financing costs and debt discount / premium 24,467 22,918
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Capital contributions from (distribution to) noncontrolling interests, net 4,248 (5,000)
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Net decrease in cash, cash equivalents and restricted cash (2,681,067) (416,885)
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Effect of exchange rate changes on cash, cash equivalents and restricted cash 29,128 (153,793)
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Adjustments to reconcile net income to net cash provided by operating activities:
Read in the 10-Q ↗
Straight-lined rents and amortization of above and below market leases (88,344) (77,614)
Read in the 10-Q ↗
Amortization of deferred financing costs and debt discount / premium 24,467 22,918
Read in the 10-Q ↗
Capital contributions from (distribution to) noncontrolling interests, net 4,248 (5,000)
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Net decrease in cash, cash equivalents and restricted cash (2,681,067) (416,885)
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Effect of exchange rate changes on cash, cash equivalents and restricted cash 29,128 (153,793)
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3. Business Combinations On August 18, 2026, we completed the acquisition of Columbia Capital, an investment management platform focused on the communications, technology and digital infrastructure sectors (the “Columbia Capital Acquisition”). The Columbia Capital Acquisition expands the Company’s capabilities across the digital infrastructure ecosystem. In accordance with ASC 805, the Columbia Capital Acquisition was accounted for as a business combination using the acquisition method of accounting. The aggregate acquisition-date fair value of consideration transferred was approximately $690.1 million, consisting of 2.3 million shares of Digital Realty common stock with a fair value of $453.0 million, cash paid of $17.1 million and contingent consideration with a fair value of $220.0 million, payable in Digital Realty common stock. The contingent consideration relates to an earnout based on the achievement of specified future management fee performance targets and is included within Accounts payable and other accrued liabilities on the condensed consolidated balance sheets. The contingent consideration has a maximum payout of 1.5 million shares and is classified in Level 3 of the fair value hierarchy due to its significant inputs not being observable in the market, including a discount rate of approximately 13.75%. In connection with the Columbia Capital Acquisition, we incurred approximately $23 million in acquisition-related costs. These expenses are included in Transactions and integration on our condensed consolidated income statements. The following table summarizes the amounts recorded at the acquisition date (in thousands): Provisional Fair Value Amounts Operating lease right-of-use assets, net $ 5,466 Accounts and other receivables, net 798 Goodwill 499,143 Customer relationship value, deferred leasing costs and other intangibles, net 194,309 Other assets 2,452 Operating lease liabilities (5,466) Accounts payable and other accrued liabilities (556) Security deposits and prepaid rents (6,001) Total consideration transferred $ 690,145 Goodwill - The purchase price of the Columbia Capital Acquisition exceeded the fair value of the identifiable net tangible and intangible assets acquired and liabilities assumed by approximately $499.1 million. This amount was recorded as goodwill. We believe the strategic benefits of the acquisition support the value of goodwill recorded. Specifically, the Columbia Capital Acquisition expands the Company’s investment management capabilities across the communications, technology and digital infrastructure sectors and provides an established investment management platform, customer relationships and investment management contracts. The acquisition is expected to enhance the Company’s ability to capitalize on future growth opportunities across the digital infrastructure ecosystem and expand its relationships with institutional capital partners. We believe that the goodwill recorded as a result of the Columbia Capital Acquisition will be deductible for federal income tax purposes. The Columbia Capital Acquisition was not material, and neither the assets acquired nor the results of operations of the acquired business were significant to the Company’s consolidated financial position or results of operations. Accordingly, pro forma financial information has not been presented.
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Customer relationships, deferred leasing costs and other intangibles, net - In connection with the Columbia Capital Acquisition, we recognized approximately $194.3 million of identifiable intangible assets, consisting primarily of $150.0 million related to existing investment management contracts, $42.6 million related to customer relationships and $1.7 million related to trade names. The intangible assets will be amortized over their respective useful lives as follows:
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The purchase price allocation is preliminary, may be revised as additional information regarding facts and circumstances becomes available and is expected to be finalized within one year of the acquisition date. Any resulting measurement-period adjustments may affect the amounts assigned to the assets acquired and liabilities assumed, including goodwill. 4. Leases
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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 September 30, 2026, certain of our data centers, primarily in Europe and Singapore, are subject to ground leases. As of September 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.
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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 $40.6 million and $40.5 million for the three months ended September 30, 2026 and 2025, respectively, and approximately $122.2 million and $118.8 million for the nine months ended September 30, 2026 and 2025, respectively.
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In August 2026, DCREIT entered into agreements with subsidiaries of the Company to acquire an additional 25% interest in a data center in Osaka, Japan for approximately $108.5 million and a 2.5% interest in a data center in Singapore for approximately $67.6 million. DCREIT also agreed to sell its 90% interest in data centers in Los Angeles and Toronto and a 39% interest in a data center in Northern Virginia to subsidiaries of the Company for aggregate consideration of approximately $315.9 million, subject to closing adjustments. The transaction is subject to customary closing conditions and is expected to close in the fourth quarter.
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The following is a summary of goodwill activity for the nine months ended September 30, 2026:
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In connection with the Columbia Capital Acquisition, we recognized intangible assets related to customer relationship value, existing investment management contracts and trade names. Amortization expense related to these intangible assets was approximately $4.4 million from the acquisition date through September 30, 2026.
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On October 6, 2026, Digital Constellation B.V., an indirect wholly owned finance subsidiary of the Operating Partnership, issued and sold CHF225 million aggregate principal amount of 1.6803% Guaranteed Notes due 2029, CHF185 million aggregate principal amount of 2.0600% Guaranteed Notes due 2032 and CHF100 million aggregate principal amount of 2.4150% Guaranteed Notes due 2036. Net proceeds from the offering were CHF508.4 million (approximately $611 million based on the exchange rate on October 6, 2026) after deducting the managers’ commissions and certain offering expenses.
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On October 9, 2026, Digital Euro Finco, LLC, a wholly owned indirect finance subsidiary of the Operating Partnership, issued and sold €1.0 billion aggregate principal amount of 5.125% Guaranteed Notes due 2036. Net proceeds from the offering were approximately €985.8 million (approximately $1.1 billion based on the exchange rate on October 9, 2026) after deducting managers’ discounts and estimated offering expenses.
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In accordance with ASC 805, the Columbia Capital Acquisition was accounted for as a business combination using the acquisition method of accounting. The aggregate acquisition-date fair value of consideration transferred was approximately $690.1 million, consisting of 2.3 million shares of Digital Realty common stock with a fair value of $453.0 million, cash paid of $17.1 million and contingent consideration with a fair value of $220.0 million, payable in Digital Realty common stock.
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During the three months ended September 30, 2026, we completed various acquisitions totaling approximately $802.8 million, primarily consisting of land held for future development and other real estate and development-related investments. These investments included land acquisitions in Charlotte, Chicago, Indianapolis, as well as other investments in real estate and development properties.
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On October 6, 2026, Digital Constellation B.V., an indirect wholly owned finance subsidiary of the Operating Partnership, issued and sold CHF225 million aggregate principal amount of 1.6803% Guaranteed Notes due 2029, CHF185 million aggregate principal amount of 2.0600% Guaranteed Notes due 2032 and CHF100 million aggregate principal amount of 2.4150% Guaranteed Notes due 2036. Net proceeds from the offering were CHF508.4 million (approximately $611 million based on the exchange rate on October 6, 2026) after deducting the managers’ commissions and certain offering expenses.
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On October 9, 2026, Digital Euro Finco, LLC, a wholly owned indirect finance subsidiary of the Operating Partnership, issued and sold €1.0 billion aggregate principal amount of 5.125% Guaranteed Notes due 2036. Net proceeds from the offering were approximately €985.8 million (approximately $1.1 billion based on the exchange rate on October 9, 2026) after deducting managers’ discounts and estimated offering expenses.
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$496 million on the GBP notes (4.250% notes due 2025) repaid in January 2025 and
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$754 million on the €650 million 0.625% unsecured senior notes paid at maturity in July 2025;
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The 10-Q's risk factors against the 10-K
Item 1A of the 10-Q filed Oct 30, 2026 against Item 1A of the 10-K filed Feb 13, 2026.
A 10-Q repeats only the risks that changed, so a 10-K paragraph that is missing from it is not counted as removed.
Added is a paragraph with nothing like it in the 10-K, Reworded a sentence that is in both with several words changed,
Quiet changes a sentence in both where one to four words changed and one is a hedge or a modal
(cut words struck through, new words highlighted and underlined).
Text on the page, not a score; each links to the filing at sec.gov.
What the 10-Q itself says about its risk factors:
Read in the 10-Q ↗
The risk factors discussed under the heading “Risk Factors” and elsewhere in the Company’s and the Operating Partnership’s Annual Report on Form 10-K for the year ended December 31, 2025 continue to apply to our business.
1 paragraph in the 10-Q's Item 1A, and none of them adds, rewords or quietly edits a paragraph of the 10-K's.
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