DLRDigital Realty

We currently, and may in the future, co-invest with third parties through partnerships, joint ventures ventures, funds or other entities, acquiring non-controlling interests in or sharing responsibility for managing the affairs of a property or portfolio of properties, partnership, joint venture venture, fund or other entity. In these events, we are not in a position to exercise sole decision-making decision- making authority regarding the properties, fund, partnership, joint venture or other entity. Investments in partnerships, joint ventures, funds or other entities may, under certain circumstances, involve risks not present when a third party is not involved, including the possibility that partners might become bankrupt or fail to fund their share of required capital contributions. Partners may have economic, tax or other business interests or goals which are inconsistent with For example, our business interests or goals, and may be in a position to take actions contrary to our policies or objectives. Our joint venture JV partners may take actions that are not within our control, which would require us to dispose of the joint venture asset or transfer it to a taxable REIT subsidiary must agree in order for Digital Realty Trust, Inc. the applicable JV to maintain its status as a REIT. Such investments may also lead to impasses, for example, as to whether to sell a take specific major actions, including approval of development or operating budgets, sales of property, because neither we nor our partner would have full control over the partnership or joint venture. Disputes debt financings, leasing and other material contracts. Under these types of arrangements, any disagreements between us and our partners and us may result in litigation delayed or arbitration unfavorable decisions. Our inability to take unilateral actions that would increase we believe are in our expenses and prevent our management from focusing their time and effort on our day-to-day business. Consequently, actions by or disputes with our partners may subject properties owned by the partnership or joint venture to additional risk. In addition, we may in certain circumstances be liable for the actions of our third-party partners. Each of these factors best interests may result in returns missed opportunities and an ineffective allocation of resources and could have an adverse effect on these investments being less than we expect or in losses the financial performance of our joint ventures, funds and our financial and operating results may be adversely affected. In addition, we cannot assure you that we will be able to close joint ventures, on the anticipated schedule or at all. Failure to complete any such joint venture could have a negative impact on our business and the trading price of our common stock. Over the past few years, we have completed a number of new joint ventures, including development joint ventures, and such investments may increase the risks described herein. results.

As we most recently disclosed in our Quarterly Report on Form 10-Q filed on November 9, 2023, October 31, 2025, we cooperated with the Division of Enforcement of the U.S. Securities and Exchange Commission (SEC) is conducting an in their investigation into the adequacy of our disclosures of cybersecurity risks and our related disclosure controls and procedures. We are cooperating with By letter dated December 22, 2025, the SEC Division of Enforcement informed us that based on the information it had as of that date, it had concluded the investigation and did not intend to recommend an enforcement action by the SEC against the Company. We are not aware of any cybersecurity issue or event that caused the Staff to open this matter. Responding to an investigation of this type can be costly and time-consuming. While we are unable to predict the likely outcome of this matter or the potential cost or exposure or duration of the process, based on the information we currently possess, we do not expect the total potential cost to be material to our financial condition. If the SEC believes that violations occurred, it could seek remedies including, but not limited to, civil monetary penalties and injunctive relief, and/or file litigation against the Company.

In During the first half of 2025, the Company launched the Digital Realty DC Partners NA Fund (the “Fund”), and in May 2023, we disposed of a non-core asset, resulting in a net gain on sale of $87 million. In July 2023, 2025, we received approximately $0.7 billion $937 million of gross proceeds from the contribution of our operating data centers and development projects to the joint venture with GI Partners for Fund, recognized a net gain on sale disposition of approximately $238 million $873 million, and we received approximately $1.4 billion recognized an investment in the assets of gross proceeds from the contribution of our data centers to the joint venture with TPG Real Estate for a net gain on sale of approximately $576 $661 million.

Income Taxes. In December 2023, FASB issued ASU 2023-09, Income Taxes ("Topic 740"): Improvements to Income Tax Disclosures. This ASU is intended to enhance the transparency and decision usefulness of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. The ASU is effective for fiscal years beginning after December 15, 2024 and to be applied prospectively, with retrospective application and early adoption both permitted. We are not early adopting and are currently evaluating the extent of the impact of During 2025, we adopted this ASU on disclosures in our Consolidated Financial Statements. ASU. See Note 12. “Income Taxes” for further discussion.