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DLRDigital Realty

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The 10-K against last year's

116 changes: 28 added, 12 removed, 74 reworded, 2 quiet changes

10-K Feb 13, 2026 vs Feb 25, 2025
Risk FactorsRedline ↓
6.2%
of the text changed · 23,280 words now
21.4%
of the text changed · 11,374 words now
Legal ProceedingsRedline ↓
35.1%
of the text changed · 448 words now
Accounting PoliciesRedline ↓
2.5%
of the text changed · 6,233 words now

10-K 0001104659-26-015365 (2026-02-13) vs 10-K 0001558370-25-001424 (2025-02-25)

The redline

The paragraph that changed most in each section

Marked against last year's 10-K: cut words struck through, new words highlighted and underlined.

Risk Factors 347 words changed in this paragraph; it is 42% similar to last year's version.
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.

Source: Item 1A, 10-K 0001104659-26-015365 vs Item 1A, 10-K 0001558370-25-001424

Legal Proceedings 143 words changed in this paragraph; it is 47% similar to last year's version.
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.

Source: Item 3, via Note 18 – Commitments and Contingencies, 10-K 0001104659-26-015365 vs Item 3, via Note 19 – Commitments and Contingencies, 10-K 0001558370-25-001424

MD&A 94 words changed in this paragraph; it is 37% similar to last year's version.
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.

Source: Item 7, 10-K 0001104659-26-015365 vs Item 7, 10-K 0001558370-25-001424

Accounting Policies 34 words changed in this paragraph; it is 83% similar to last year's version.
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.

Source: Item 8, Note 2 – Summary of Significant Accounting Policies, 10-K 0001104659-26-015365 vs Item 8, Note 2 – Summary of Significant Accounting Policies, 10-K 0001558370-25-001424

Every change, by type

Sentences and paragraphs added, removed or reworded

Sentences and paragraphs of DLR's Risk Factors and MD&A, 10-K 2026-02-13 against 10-K 2025-02-25. Each links to the text at sec.gov.

RemovedRisk Factors
customers’, suppliers’ or business partners’ businesses, or otherwise result in significant disruptions to our business and operations or theirs. Such events could materially and adversely impact our operations and the rental revenue we generate from our agreements with our customers or could result in defaults by our customers.

Read it in 10-K 2025-02-25 at sec.gov ↗

RemovedRisk Factors
supply chain constraints on our future supply chain and procurement process cannot be reasonably estimated at this time and it could have a material adverse impact on our business and financial condition. In addition, the ongoing military conflict between Russia and Ukraine, as well as the conflict in the Middle East and other potential global conflicts, could lead to market disruptions, including significant volatility in commodity prices, credit and capital markets, an increase in cyber security incidents as well as supply chain disruptions.

Read it in 10-K 2025-02-25 at sec.gov ↗

RemovedRisk Factors
With respect to the United Kingdom’s withdrawal from the European Union, significant political and economic uncertainty remains about how the precise terms of the relationship between the parties will differ from the terms before withdrawal. Lack of clarity about future United Kingdom laws and regulations as the United Kingdom determines which European Union laws to replace or replicate, including financial laws and regulations, tax and free trade agreements, tax and customs laws, intellectual property rights, environmental, health and safety laws and regulations, immigration laws, employment laws and transport laws could increase costs, disrupt supply chains, and depress economic activity and restrict our access to capital. Any of these factors could have a material adverse effect on our business, financial condition and results of operations and reduce the price of our securities.

Read it in 10-K 2025-02-25 at sec.gov ↗

RemovedMD&A
In May 2024, Digital Realty Trust, Inc. and Digital Realty Trust, L.P. entered into an underwriting agreement with BofA Securities, Inc., Citigroup Global Markets Inc. and J.P. Morgan Securities LLC, as representatives of the several underwriters relating to the sale of up to approximately 12.1 million shares of common stock (including approximately 1.6 million shares that the underwriters had the option to purchase, and which option was exercised in full on May 8, 2024), at a purchase price to the underwriters of $136.66 per share. The offering closed on May 10, 2024, and we received net proceeds of approximately $1.7 billion.

Read it in 10-K 2025-02-25 at sec.gov ↗

RemovedMD&A
​ ​ ​ ​ Net Rentable Square Feet Stabilized Non-Stabilized Total As of December 31, 2023 22,600 9,603 32,203 New development and space reconfigurations (458) 1,195 737 Transfers to stabilized from non-stabilized 2,369 (2,431) (62) Transfers to non-stabilized from stabilized (170) 73 (97) Dispositions / Sales (475) (544) (1,019) Acquisitions — 360 360 As of December 31, 2024 23,866 8,256 32,122

Read it in 10-K 2025-02-25 at sec.gov ↗

RemovedMD&A
During the year ended December 31, 2023, we recognized impairment charges of approximately $118.4 million, primarily due to the decline in fair value of our equity investment in DCRU, which was considered other than temporary due to the length of time and extent to which the fair value of our investment has been less than the carrying value.

Read it in 10-K 2025-02-25 at sec.gov ↗

Show the other 4
RemovedMD&A
On May 7, 2024, our Parent and our Operating Partnership entered into an underwriting agreement with BofA Securities, Inc., Citigroup Global Markets Inc. and J.P. Morgan Securities LLC, as representatives of the several underwriters relating to the sale of up to approximately 12.1 million shares of common stock (including approximately 1.6 million additional shares that the underwriters had the option to purchase, and which option was exercised in full on May 8, 2024), at a purchase price to the underwriters of $136.66 per share. The offering closed on May 10, 2024, and we received net proceeds of approximately $1.7 billion.

Read it in 10-K 2025-02-25 at sec.gov ↗

RemovedMD&A
​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2024 2023 Development projects $ 2,260,692 $ 2,966,898 Enhancement and improvements 35,243 15,705 Recurring capital expenditures 305,712 327,022 Total capital expenditures (excluding indirect costs) $ 2,601,647 $ 3,309,625

Read it in 10-K 2025-02-25 at sec.gov ↗

RemovedMD&A
​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2024 2023 2022 GAAP Net Income Available to Common Stockholders $ 561,766 $ 908,114 $ 336,960 Non-GAAP Adjustments: Net income attributable to non-controlling interests in operating partnership 12,700 20,710 7,914 Real estate related depreciation and amortization (1) 1,730,058 1,657,240 1,547,865 Depreciation related to non-controlling interests ​ (64,612) ​ (57,477) ​ (22,110) Unconsolidated JV real estate related depreciation and amortization ​ 192,931 ​ 177,153 ​ 123,099 Gain from the disposition of real estate assets ​ (596,904) ​ (908,356) ​ (177,332) Provision for impairment ​ 191,185 ​ 118,363 ​ 3,000 FFO available to common stockholders and unitholders (2) $ 2,027,124 $ 1,915,747 $ 1,819,395 Basic FFO per share and unit $ 6.15 $ 6.29 $ 6.23 Diluted FFO per share and unit (2)(3) $ 6.14 $ 6.20 $ 6.03 Weighted average common stock and units outstanding Basic 329,485 304,651 292,123 Diluted (2)(3) 337,696 315,113 303,708 ​ ​ ​ ​ ​ ​ ​ (1) Real estate related depreciation and amortization was computed as follows: ​ ​ ​ ​ ​ ​ ​ Depreciation and amortization per income statement $ 1,771,797 $ 1,694,859 $ 1,577,933 Non-real estate depreciation ​ (41,739) ​ (37,619) ​ (30,068) ​ $ 1,730,058 $ 1,657,240 $ 1,547,865

Read it in 10-K 2025-02-25 at sec.gov ↗

RemovedMD&A
​ ​ ​ ​ ​ Year Ended December 31, ​ 2024 2023 2022 Weighted average common stock and units outstanding 329,485 304,651 292,123 Add: Effect of dilutive securities 8,211 10,462 11,585 Weighted average common stock and units outstanding—diluted 337,696 315,113 303,708

Read it in 10-K 2025-02-25 at sec.gov ↗

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