Digital Realty Trust, Inc.

Company facts

Industry

Real Estate Investment Trusts

Headquarters

Austin, Texas

Most recent report

8-K, filed Aug 19, 2026

Incorporated

Maryland

Filings on record

1,001+ filings

On EDGAR

CIK 1297996

Fiscal year ends

December

Filer status

Large accelerated filer

What to read: Jun 2026 10-Q

SECSift found 18 of 43 sections worth reading, with 1 positive, 36 notable, and 1 negative flags.

• NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

  Material ~$5.9B in Q2 2026 acquisitions, including step-acquisition and others.
  Notable

  • Additional Q2 2026 acquisitions: Atlanta land ($21M), Cyberjaya data centers ($137M), Marseille site ($55M), and Astra Enterprise Park ($482M).
  • Astra Enterprise Park acquisition used 517,475 OP units ($104M) as part of consideration, potential dilution.
  • Marseille acquisition derecognized $52M finance lease assets and $54M liabilities, simplifying ownership.

• NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

  Customer concentration and disposition activity reported.
  Notable

  • Sold a non-core Atlanta asset for $25M in Q2 2026, with carrying value $23M.
  • Contributed two development projects to a fund for $447M proceeds, recognizing $8M gain in Q2 2026.
  Negative

  • Two customers each >10% of total revenue as of June 30, 2026, creating concentration risk.

• NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

  Routine equity-method disclosure with some specific fund and DCREIT details.
  Notable

  • The Fund raised over $3B in equity commitments; two assets contributed May 2026, company retains 58.1% and 62.5%.
  • Company holds 32% of DCREIT units plus direct interests of 10% (North America) and 35% (Frankfurt).

• NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

  Contains significant intangible liability increase and detailed acquisition numbers.
  Notable

  • Fee income from DCREIT dropped to $2.7M in Q2 2026 from $3.4M in Q2 2025.
  • Amortization of intangibles increased to $60.9M in Q2 2026 from $56.7M in Q2 2025.

• NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

  Debt table shows $726M assumed loan and Teraco paydown loss. Not urgent but informative.
  Notable

  • Voluntary $53M Teraco debt paydown incurred a $4.1M loss on extinguishment in Q1 2026.
  • Assumed $726M construction loan from June 2026 Acquisition, matures Dec 2027 with extension options.

• NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

  Standard debt currency and maturity note with no unusual risks.
  Notable

  • In July 2026, the company extended the €375M Euro Term Loan to August 2027.
  • Global revolver capacity of $4.2B, with $82M in letters of credit outstanding.

• NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

  Debt structure, covenant compliance, and near-term maturities are material.
  Notable

  • Yen facility provides additional $262M liquidity alongside global revolver.
  • All debt covenants satisfied, with limits on leverage (60%) and interest coverage (>1.5x).
  • Cross-currency swaps hedge FX risk on some dollar-denominated notes.

• NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

  Net income dropped 57% in Q2 2026 vs Q2 2025; Teraco put right begins Feb 2026.
  Notable

  • Teraco put right exercisable from Feb 1, 2026 for two years, adding potential dilution or cash obligation.

• NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

  Large ATM equity raises: $1.6B issued, $6.3B still available under new $7.5B program.
  Notable

  • Issued $435.2M from 2.4M shares under 2024 ATM in April-May 2026 at avg $181.21.
  • Issued $1.2B from 6.2M shares under new $7.5B ATM in May-June 2026 at avg $191.63.
  • New $7.5B ATM program replaced $3.0B program; $6.3B remains available as of June 30, 2026.
  • Teraco rollover shareholders can sell remaining interest to company starting Feb 2026; settlement can be cash or shares.

• NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

  Real substance: Teraco ownership to rise 61%→77%; share issuance dilutes; $56.4M adjustment.
  Notable

  • Ownership in Teraco will rise from 61% to 77% via issuance of 3,425,031 shares in H2 2026.
  • Net loss attributable to noncontrolling interest (Teraco) was $12.6 million for six months ended June 30, 2026, vs $12.2 million a year earlier.
  • A $56.4 million adjustment to Redeemable NCI for the six months ended June 30, 2026 because redemption value exceeded carrying value.

• NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

  Note with acquisition-linked unit issuance and compensation activity.
  Notable

  • Redemption value of noncontrolling units increased to $1,026.1M from $952.5M over H1 2026.

• NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

  Standard dividend disclosure with one caution about borrowing.
  Notable

  • Company may need to use credit facility to fund distributions if operating cash is insufficient.

• NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

  Large foreign currency loss driving AOCI decline; compensation grant details.
  Notable

  • 42,265 service-based RSUs granted with $186.93 weighted-average fair value in Q2 2026.

• NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

  Standard derivatives note; $2.2B notional and large hedge swing are notable.
  Notable

  • $2.2B notional in cross-currency interest rate swaps as of June 30, 2026.

• NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

  Heavy capex buildout, debt mix shift, and a large insurance settlement. Specific numbers.
  Notable

  • $4.1B open construction commitments as of June 30, 2026, a massive data center buildout plan.
  • Received $120.4M final insurance proceeds in Q2 2026 for 2024 Singapore data center incident; $112.8M booked as income.

• NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

  Cash burned fast, construction costs up, US growth surges.
  Notable

  • Accrued construction costs rose 68% YoY to $869.7M as of June 30, 2026, from $517.5M at June 30, 2025.

• Item 2

  Core MD&A with period-specific financial results, major acquisitions, and ATM equity raise.
  Positive

  • Total operating revenues up 28.9% to $1.92B in Q2 2026 vs prior year, driven by development and leasing.
  Notable

  • Acquired JV partner stakes for $3.5B in June 2026, using $1.2B cash and 12.3M shares.
  • Development pipeline surged 82% to 1,402 MW as of June 2026, with 54% pre-leased.

• Unregistered Sales and Repurchases (Item 2)

  Large stock issuance (12.3M shares) for acquisition, plus land units.
  Notable

  • Issued 12.3M non-voting shares for the June 2026 Acquisition, a large equity issuance in Q2 2026.
  • Issued 517,475 restricted common units for 1,440 acres at Astra Enterprise Park in Q2 2026.
  • Total consolidated assets reported at $54.5 billion in Q2 2026, up from $48.9 billion in Q1.

What changed: Jun 2026 vs. Mar 2026

About 9% of DLR's Jun 2026 10-Q is new information. 38 paragraphs were added, 186 changed, and 16 removed. Below are the most important lines SECSift identified.

• Item 2 85
• NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 64
• Item 6 6
• CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) 3
• CONDENSED CONSOLIDATED STATEMENT OF EQUITY 2
• Item 3 2
• Item 1 1
• Item 5 1