AddedRisk Factors
As artificial intelligence becomes more prevalent in the workplace, it may present new considerations that could affect our business and operating results.
DLRDigital Realty
- Employees
- 4,282
- Headquarters
- Austin, TX
- Next results
- around Feb 4, 2027
10-K 0001104659-26-015365 (2026-02-13) vs 10-K 0001558370-25-001424 (2025-02-25)
| Section | Compared text | Words now | Changed |
|---|---|---|---|
| Risk Factors | Item 1A | 23,280 | 6.2% |
| MD&A | Item 7 | 11,374 | 21.4% |
| Legal Proceedings | Item 3, via Note 18 – Commitments and Contingencies | 448 | 35.1% |
| Accounting Policies | Item 8, Note 2 – Summary of Significant Accounting Policies | 6,233 | 2.5% |
The redline: what was cut and what was added
In each section, the paragraph that changed most, 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.
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 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.
Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier
(may, could, will, not, significant, material…). A year or date rolling forward is not counted.
The full word list
adverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would
AddedRisk Factors
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.
AddedRisk Factors
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.
AddedRisk Factors
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.
AddedRisk Factors
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.
AddedRisk Factors
As artificial intelligence becomes more prevalent in the workplace, it may present new considerations that could affect our business and operating results.
AddedRisk Factors
We 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.
AddedRisk Factors
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.
AddedRisk Factors
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.
AddedRisk Factors
information security, cyberattacks, security breaches and data privacy breaches;
RemovedRisk Factors
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RemovedRisk Factors
RewordedRisk Factors
In addition, the price of these fuels and the total cost of delivered electricity could increase as a result of: regulations intended to regulate carbon emissions and other pollutants, grid modernization charges, ratepayer surcharges related to recovering the cost of extreme weather events and natural disasters, increased demand from utilities from credit support and other obligations, minimum demand charges, geopolitical conflicts, military conflicts, grid modernization charges, energy market structure and/or regulatory changes, the adoption of modified and/or new energy tariffs, regulations intended to regulate carbon emissions and other pollutants, renewable energy adoption, and other obligations, as well as by the addition of other charges borne by ratepayers.
RewordedRisk Factors
RewordedRisk Factors
The tenant improvements may also become outdated or obsolete as the result of technological change, the passage of time or other factors. factors, including the recent acceleration in AI adoption and rapid advancements in compute, cooling and power technologies, which continue to drive evolving customer requirements, deployment architectures, and buying criteria .
RewordedRisk Factors
RewordedRisk Factors
RewordedRisk Factors
RewordedRisk Factors
Upon the occurrence of specified change of control transactions, holders of our Digital Realty Trust, Inc.’s series J preferred stock, series K preferred stock and series L preferred stock will have the right (unless, prior to the change of control conversion date, we have Digital Realty Trust, Inc. has provided or provide provides notice of our its election to redeem such preferred stock) to convert some or all of their series J preferred stock, series K preferred stock or series L preferred stock, as applicable, into shares of our Digital Realty Trust, Inc.’s common stock (or equivalent value of alternative consideration), subject to caps set forth in the articles supplementary governing the applicable series of preferred stock.
RewordedRisk Factors
Risks related to epidemics, pandemics or other outbreaks of an illness, disease or virus could also lead to the complete or partial closure of one or more of our offices or properties or our customers’, suppliers’ or business partners’ businesses, or otherwise result in significant disruptions to our business and operations or theirs.
RewordedRisk Factors
Federal policies policies, including the imposition of tariffs and the adoption of reciprocal tariffs by affected countries, and recent global events, such as the rising price of oil and the conflict between Russia and Ukraine, may have exacerbated, and may continue to exacerbate, inflation and increases in the consumer price index.
RewordedRisk Factors
While the United States has not yet adopted the Pillar Two rules, various other governments around rules and the world have enacted or are enacting such legislation. U.S.
RewordedRisk Factors
In the event that the market price for energy and/or environmental attribute certificates decreases, we may be required to pay more under the power purchase agreements than we would otherwise if we were to purchase environmental attribute certificate them on the open market, which could adversely affect our results of operations.
RewordedRisk Factors
For example, 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.
Quiet changesRisk Factors
For example, we have experienced, and may are likely in the future to experience, sophisticated social engineering/phishing attacks that involve unauthorized access to our information.
Quiet changesRisk Factors
AddedMD&A
In March 2025, we formed a joint venture with Bersama Digital Infrastructure Asia (BDIA) to develop and operate data centers across Indonesia. We acquired a 50% interest in the joint venture, which consists of two land parcels and two buildings in Jakarta, Indonesia for approximately $94.7 million. The 6 acres of land and two buildings can support up to approximately 32 megawatts of IT load.
AddedMD&A
In July 2025, we repaid €650 million in aggregate principal amount of our 0.625% senior notes due 2025.
AddedMD&A
In December 2025, we redeemed €1.075 billion in aggregate principal amount of our 2.500% notes due 2026 prior to maturity.
AddedMD&A
During the three months ended December 31, 2025, Digital Realty contributed an additional 40% of its interest in five operating data centers to the Fund for approximately $427 million. The transaction resulted in a gain of approximately $30.2 million. After this contribution, Digital Realty owns a 20% stake in each of the assets held in the Fund.
AddedMD&A
(i) an increase of $51.5 million related to construction and development fees, including electrical fit-out; and
AddedMD&A
(i) an increase of approximately $11.8 million due to property tax reassessments for certain properties located in Chicago, Northern Virginia and Portland in the non-stabilized portfolio; offset by
AddedMD&A
Transactions and integration expenses increased $91.2 million compared to the same period in 2024 driven primarily by placement fees associated with securing capital commitments to the Fund and lease termination expenses in connection with acquisitions along with higher internal integration project costs.
AddedMD&A
In January 2025, Mitsubishi made an additional cash capital contribution in the amount of $62 million, resulting in an additional 15% ownership in the joint venture. The transaction resulted in a gain of approximately $5.1 million.
AddedMD&A
Gain on debt extinguishment and modifications was approximately $9 thousand for the year ended December 31, 2025, as a result of the redemption of the €1.075 billion 2.500% Notes due 2026 prior to maturity (December 2025).
AddedMD&A
We also refinanced our Global Revolving Credit Facilities and wrote off deferred loan costs of approximately $1.1 million.
AddedMD&A
Interest expense decreased approximately $14.9 million compared to the same period in 2024 driven primarily by lower average balances on our Global Revolving Credit Facilities and term loan facilities offset by issuances of unsecured senior notes (€850 million of 3.875% Guaranteed Notes due 2033 (issued in September 2024), $1.15 billion of 1.875% Exchangeable Senior Notes due 2029 (issued in November 2024), €850 million of 3.875% Guaranteed Notes due 2035 (issued in January 2025), €850 million of 3.875% Guaranteed Notes due 2034 (issued in June 2025), €600 million of 3.750% Guaranteed Notes due 2033 (issued in November 2025) and €800 million of 4.250% Guaranteed Notes due 2037 (issued in November 2025).
AddedMD&A
(1) Represents costs incurred through December 31, 2025. Includes approximately $336 million that is categorized within assets held for sale and contribution on the consolidated balance sheets.
RemovedMD&A
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RewordedMD&A
Stabilized rental and other services revenue decreased increased by $62.8 $244.7 million for the year ended December 31, 2024 2025 compared to the same period in 2023 2024 primarily due to: to increases in new leasing and renewals across all regions along with the strengthening of foreign exchange rates, primarily the Euro, British pound sterling and Singapore dollar.
RewordedMD&A
RewordedMD&A
(i) an increase a decrease in spend spending due to acquisitions the acquisition of land parcels for $309 million in 2025 compared to the acquisition of land parcels in Paris and Charlotte and two data centers located in the Slough Trading Estate; Estate in 2024;
RewordedMD&A
(i) an increase of approximately $75.9 $129.2 million due to higher utility consumption in a growing portfolio of recently completed development sites (with the biggest contributions in Northern Virginia, Portland, Zurich, Cape Town Johannesburg and Johannesburg); the markets with the biggest contributions were Northern Virginia, Portland, Frankfurt, London and Paris); Portland); offset by
RewordedMD&A
RewordedMD&A
During the year ended December 31, 2024, 2025, we recognized impairment charges of approximately $191.2 million, which is recorded as a provision for impairment on the consolidated income statement. real estate investments of $78.6 million.
RewordedMD&A
Income tax expense decreased by approximately $20.8 $22.7 million as compared to the same period in 2023 2024 primarily due to jurisdictional rate mix a favorable tax law change in a foreign jurisdictions and internal restructurings within the global group. jurisdiction.
RewordedMD&A
RewordedMD&A
Total stabilized property taxes and insurance increased by approximately $21.2 $10.9 million compared to the same period in 2023 2024 primarily due to a favorable timing of property tax assessment at one of assessments throughout our North American properties realized in early 2023. portfolio.
RewordedMD&A
During the year ended December 31, 2024, we recognized impairment charges of approximately $191.2 million, which is recorded as a provision for impairment on the consolidated income statement. real estate investments of $191.2 million.
RewordedMD&A
As of December 31, 2024, approximately 0.2 million 2025, common units and incentive units of the Operating Partnership Digital Realty Trust, L.P. are classified within equity, except for certain common units of approximately 0.2 million issued to certain former DuPont Fabros Technology, L.P. unitholders in the Company’s acquisition of DuPont Fabros Technology, Inc., which are subject to certain restrictions and, accordingly, are not presented as permanent equity in the consolidated balance sheet. sheets.
RewordedMD&A
Changes to the estimates and assumptions we make regarding these matters could affect our financial position and specific items in our results of operations used by stockholders, potential investors, industry analysts and lenders in the evaluation of our performance.
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