DIGITAL REALTY TRUST, INC.

Previous wording

The following discussion should be read in conjunction with the condensed consolidated financial statements and notes thereto appearing elsewhere in this report and our Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the United States (“U.S.”) Securities and Exchange Commission (“SEC”). This report contains forward-looking statements within the meaning of the federal securities laws. In particular, statements pertaining to our capital resources, expected use of borrowings under our credit facilities, expected use of proceeds from our ATM equity program, litigation matters or legal proceedings, portfolio performance, leverage policy, acquisition and capital expenditure plans, capital recycling program, returns on invested capital, supply and demand for data center capacity, capitalization rates, rents to be received in future periods and expected rental rates on new or renewed data center capacity contain forward-looking statements. Likewise, all of our statements regarding anticipated market conditions, and results of operations are forward-looking statements. You can identify forward-looking statements by the use of forward-looking terminology such as “believes,” “expects,” “may,” “will,” “should,” “seeks,” “approximately,” “intends,” “plans,” “pro forma,” “estimates” or “anticipates” or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends which do not relate solely to historical matters. You can also identify forward-looking statements by discussions of strategy, plans or intentions. Forward-looking statements involve numerous risks and uncertainties, and you should not rely on them as predictions of future events. Forward-looking statements depend on assumptions, data or methods that may be incorrect or imprecise and that we may not be able to realize. We do not guarantee that the transactions and events described will happen as described or that they will happen at all. The following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: reduced demand for data centers or decreases in information technology spending; decreased rental rates, increased operating costs or increased vacancy rates; increased competition or available supply of data center capacity; the suitability of our data centers and data center infrastructure, delays or disruptions in connectivity or availability of power, or failures or breaches of our physical and information security infrastructure or services; breaches of our obligations or restrictions under our contracts with our customers; our inability to successfully develop and lease new properties and development capacity, and delays or unexpected costs in development of properties; the impact of current global and local economic, credit and market conditions; increased tariffs, global supply chain or procu…

Excerpt shortened here; the source contains the full paragraph.

Current wording

The following discussion should be read in conjunction with the condensed consolidated financial statements and notes thereto appearing elsewhere in this report and our Annual Report on Form 10-K for the year ended December 31, 2025, and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, each as filed with the United States (“U.S.”) Securities and Exchange Commission (“SEC”). This report contains forward-looking statements within the meaning of the federal securities laws. In particular, statements pertaining to our capital resources, expected use of borrowings under our credit facilities, expected use of proceeds from our ATM equity program, litigation matters or legal proceedings, portfolio performance, leverage policy, acquisition and capital expenditure plans, capital recycling program, returns on invested capital, supply and demand for data center capacity, capitalization rates, rents to be received in future periods and expected rental rates on new or renewed data center capacity contain forward-looking statements. Likewise, all of our statements regarding anticipated market conditions, and results of operations are forward-looking statements. You can identify forward-looking statements by the use of forward-looking terminology such as “believes,” “expects,” “may,” “will,” “should,” “seeks,” “approximately,” “intends,” “plans,” “pro forma,” “estimates” or “anticipates” or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends which do not relate solely to historical matters. You can also identify forward-looking statements by discussions of strategy, plans or intentions. Forward-looking statements involve numerous risks and uncertainties, and you should not rely on them as predictions of future events. Forward-looking statements depend on assumptions, data or methods that may be incorrect or imprecise and that we may not be able to realize. We do not guarantee that the transactions and events described will happen as described or that they will happen at all. The following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: reduced demand for data centers or decreases in information technology spending; decreased rental rates, increased operating costs or increased vacancy rates; increased competition or available supply of data center capacity; the suitability of our data centers and data center infrastructure, delays or disruptions in connectivity or availability of power, or failures or breaches of our physical and information security infrastructure or services; breaches of our obligations or restrictions under our contracts with our customers; our inability to successfully develop and lease new properties and development capacity, and delays or unexpected costs in development of properties; the impact of current global and local econom…

Excerpt shortened here; the source contains the full paragraph.

Previous wording

Trust, Inc.’s failure to maintain its status as a REIT for U.S. federal income tax purposes; Digital Realty Trust, L.P.’s failure to qualify as a partnership for U.S. federal income tax purposes; restrictions on our ability to engage in certain business activities; changes in local, state, federal and international laws and regulations, including related to taxation, real estate and zoning laws, and increases in real property tax rates; the impact of any financial, accounting, legal or regulatory issues or litigation that may affect us; and those additional risks and factors discussed in reports filed with the SEC by us from time to time, including those discussed under the heading “Risk Factors” in our most recently filed Annual Report on Form 10-K and in other sections of this report, including under Part II, Item 1A, Risk Factors.

Current wording

inability to comply with rules and regulations applicable to our Company; Digital Realty Trust, Inc.’s failure to maintain its status as a REIT for U.S. federal income tax purposes; Digital Realty Trust, L.P.’s failure to qualify as a partnership for U.S. federal income tax purposes; restrictions on our ability to engage in certain business activities; changes in local, state, federal and international laws and regulations, including related to taxation, real estate and zoning laws, and increases in real property tax rates; the impact of any financial, accounting, legal or regulatory issues or litigation that may affect us; and those additional risks and factors discussed in reports filed with the SEC by us from time to time, including those discussed under the heading “Risk Factors” in our most recently filed Annual Report on Form 10-K and in other sections of this report, including under Part II, Item 1A, Risk Factors.

Previous wording

We completed the following significant activities during the three months ended March 31, 2026:

Current wording

We completed the following significant activities during the six months ended June 30, 2026:

Previous wording

Note: Table excludes data centers held for sale or contribution.

Current wording

Note: Table excludes data centers held for sale or contribution. Total amounts may differ due to rounding.

Previous wording

Our ability to re-lease expiring space at rental rates equal to or in excess of current rental rates will impact our results of operations. The subsequent table summarizes our leasing activity (DLR’s share) in the three months ended March 31, 2026 (net rentable square feet (“NRSF”) in thousands):

Current wording

Our ability to re-lease expiring space at rental rates equal to or in excess of current rental rates will impact our results of operations. The subsequent table summarizes our leasing activity (DLR’s share) in the six months ended June 30, 2026 (net rentable square feet (“NRSF”) in thousands):

Previous wording

A roll forward showing changes in the stabilized and non-stabilized portfolios for the three months ended March 31, 2026 as compared to December 31, 2025 is shown below:

Current wording

A roll forward showing changes in the stabilized and non-stabilized portfolios for the six months ended June 30, 2026 as compared to December 31, 2025 is shown below:

Previous wording

Comparison of the Results of Operations for the Three Months Ended March 31, 2026 to the Three Months Ended March 31, 2025

Current wording

Comparison of the Results of Operations for the Three and Six Months Ended June 30, 2026 to the Three and Six Months Ended June 30, 2025

Previous wording

Total operating revenues increased by approximately $227.5 million in the three months ended March 31, 2026, compared to the same period in 2025.

Current wording

Total operating revenues increased by approximately $430.9 million and $658.4 million in the three and six months ended June 30, 2026, respectively, compared to the same periods in 2025.

Previous wording

Stabilized rental and other services revenue increased by approximately $113.3 million in the three months ended March 31, 2026, compared to the same period in 2025 primarily due to: increases in new leasing and renewals and higher utilities reimbursements across all regions along with the strengthening of foreign exchange rates, primarily the Euro, British pound sterling and Singapore dollar.

Current wording

Stabilized rental and other services revenue increased by approximately $95.8 million and $209.1 million in the three and six months ended June 30, 2026, respectively, compared to the same periods in 2025 primarily due to increases in new leasing and renewals and higher utilities reimbursements across all regions along with the strengthening of foreign exchange rates, primarily the Euro, British pound sterling and Singapore dollar.

Previous wording

Non-stabilized rental and other services revenue increased by approximately $100.1 million in the three months ended March 31, 2026, compared to the same period in 2025 primarily due to:

Current wording

Non-stabilized rental and other services revenue increased by approximately $121.4 million and $221.5 million in the three and six months ended June 30, 2026, respectively, compared to the same periods in 2025 primarily due to:

Previous wording

Total stabilized utilities expenses increased by approximately $34.7 million in the three months ended March 31, 2026, compared to the same period in 2025. The increase was primarily due to higher power pricing at certain properties in the stabilized portfolio, mainly in EMEA and APAC, offset by rebates received mainly in EMEA.

Current wording

Total stabilized utilities expenses increased by approximately $23.3 million and $58.0 million in the three and six months ended June 30, 2026, respectively, compared to the same periods in 2025. The increase was primarily due to higher power pricing at certain properties in the stabilized portfolio, mainly in EMEA and APAC, offset by rebates received mainly in EMEA.

Previous wording

Total non-stabilized utilities expenses increased by approximately $24.3 million in the three months ended March 31, 2026, compared to the same period in 2025, primarily due to:

Current wording

Total non-stabilized utilities expenses increased by approximately $33.9 million and $58.2 million in the three and six months ended June 30, 2026, respectively, compared to the same periods in 2025 primarily due to:

Previous wording

Total stabilized rental property operating and maintenance expenses (excluding utilities) increased by approximately $21.9 million in the three months ended March 31, 2026, compared to the same period in 2025, primarily due to increases in building operations expense, common area maintenance expense and data center labor.

Current wording

Total stabilized rental property operating and maintenance expenses (excluding utilities) increased by approximately $12.1 million and $34.0 million in the three and six months ended June 30, 2026, respectively, compared to the same periods in 2025 primarily due to increases in building operations expense, common area maintenance expense and data center labor.

Previous wording

Total non-stabilized rental property operating and maintenance expenses (excluding utilities) increased by approximately $5.6 million in the three months ended March 31, 2026, compared to the same period in 2025, primarily due to increases in data center labor expense throughout the portfolio.

Current wording

Total non-stabilized rental property operating and maintenance expenses (excluding utilities) increased by approximately $11.6 million and $17.2 million in the three and six months ended June 30, 2026, respectively, compared to the same periods in 2025 primarily due to increases in data center labor expense throughout the portfolio.

Previous wording

Total stabilized property taxes and insurance increased by approximately $4.7 million in the three months ended March 31, 2026, compared to the same period in 2025, primarily due to timing of property tax assessments throughout our North American portfolio.

Current wording

Total stabilized property taxes and insurance increased by approximately $5.4 million and $10.1 million in the three and six months ended June 30, 2026, respectively, compared to the same periods in 2025, due to timing of property tax assessments throughout our North American portfolio, primarily in Northern Virginia.

Previous wording

General and administrative expenses increased $31.2 million in the three months ended March 31, 2026, compared to the same period in 2025 due to higher head count along with increased information technology costs.

Current wording

General and administrative expenses increased $21.7 million and $52.9 million in the three and six months ended June 30, 2026, respectively, compared to the same periods in 2025 due to higher head count along with increased information technology costs.

Previous wording

Transactions and integration expenses decreased $24.2 million in the three months ended March 31, 2026, compared to the same period in 2025 driven primarily by German real estate transfer taxes paid in 2025 related to the Interxion combination.

Current wording

Transactions and integration expenses increased $16.2 million and decreased $8.1 million in the three and six months ended June 30, 2026, respectively, compared to the same periods in 2025. The increase was due to increased expenses for software development initiatives and higher transaction expenses, including an increase in German real estate transfer tax accrual along with expenses associated with various projects. The decrease was driven primarily by German real estate transfer taxes paid in 2025 related to the Interxion combination.

Previous wording

The change in Equity in earnings (loss) of unconsolidated entities was approximately $5.8 million in the three months ended March 31, 2026, compared to the same period in 2025. The foreign exchange remeasurement of debt associated with our unconsolidated Ascenty entity creates volatility in our equity in earnings and drove this fluctuation.

Current wording

The change in Equity in earnings (loss) of unconsolidated entities was approximately $12.1 million and $17.9 million in the three and six months ended June 30, 2026, respectively, compared to the same periods in 2025. The foreign exchange remeasurement of debt associated with our unconsolidated Ascenty entity creates volatility in our equity in earnings and drove this fluctuation, as well as higher income in two of our unconsolidated joint ventures in the Americas region.

Previous wording

Other income, net increased $12.6 million in the three months ended March 31, 2026, compared to the same period in 2025, driven primarily by insurance proceeds received in 2026 for business interruption lost revenue, coupled with insurance proceeds for property damage at a data center in Singapore.

Current wording

Other income, net increased $100.2 million and $112.8 million in the three and six months ended June 30, 2026, respectively, compared to the same periods in 2025, driven primarily by insurance proceeds received in 2026 for business interruption lost revenue, coupled with insurance proceeds for property damage at a data center in Singapore.

Previous wording

Interest expense increased $17.9 million in the three months ended March 31, 2026, compared to the same period in 2025, driven primarily by higher unsecured senior notes interest expense tied to i) Euro Notes issued in June 2025 — €850 million aggregate principal amount of 3.875% Guaranteed Notes due 2034 and ii) Euro Notes issued in November 2025 — €600 million aggregate principal amount of 3.750% Guaranteed Notes due 2033 and €800 million aggregate principal amount of 4.250% Guaranteed Notes due 2037.

Current wording

Interest expense increased $4.6 million and $22.5 million in the three and six months ended June 30, 2026, respectively, compared to the same periods in 2025 driven primarily by higher unsecured senior notes interest expense tied to i) Euro Notes issued in June 2025 — €850 million aggregate principal amount of 3.875% Guaranteed Notes due 2034 and ii) Euro Notes issued in November 2025 — €600 million aggregate principal amount of 3.750% Guaranteed Notes due 2033 and €800 million aggregate principal amount of 4.250% Guaranteed Notes due 2037. This was offset by higher capitalized interest due to increased construction activity. In addition, we had lower interest expense associated with our credit facilities due to lower average balances in 2026 as compared to 2025.

Previous wording

In March, we voluntarily paid down Teraco debt of $53 million. The paydown resulted in a loss on debt extinguishment and modifications of approximately $4.1 million.

Current wording

In March 2026, we voluntarily paid down Teraco debt of $53 million. The paydown resulted in a loss on debt extinguishment and modifications of approximately $4.1 million. We incurred no losses on debt extinguishment and debt modifications in the three months ended June 30, 2026.

Previous wording

We incurred no losses on debt extinguishment and debt modifications in the three months ended March 31, 2025.

Current wording

We incurred no losses on debt extinguishment and debt modifications in the three and six months ended June 30, 2025.

Previous wording

Income tax expense decreased $1.1 million in the three months ended March 31, 2026 compared to the same period in 2025 due to jurisdictional rate mix within the global group. We carried out an analysis for the purposes of the Model GloBE Rules for Pillar Two and no material top-up tax is expected.

Current wording

Income tax expense increased $20.8 million and $19.7 million in the three and six months ended June 30, 2026, respectively, compared to the same periods in 2025. The increase was due to jurisdictional rate mix within the global group, mainly attributable to tax expense associated with the insurance settlement proceeds related to one of our facilities in Singapore. We carried out an analysis for the purposes of the Model GloBE Rules for Pillar Two and no material top-up tax is expected.

Previous wording

As of March 31, 2026, we are under examination for taxable year ended 2021 within the United States. Additionally, we are under examination for various taxable years ended 2017 and onward within various foreign jurisdictions.

Current wording

As of June 30, 2026, we are under examination for the taxable year ended December 31, 2021 within the United States, except that the examination of our Parent for such taxable year was closed with a no change determination on April 21, 2026. Additionally, we are under examination for various taxable years ended 2017 and onward within various foreign jurisdictions.

Previous wording

Our Parent and our Operating Partnership are parties to an ATM Equity Offering SM Sales Agreement dated December 23, 2024 (the “2024 Sales Agreement”). Pursuant to the 2024 Sales Agreement, Digital Realty Trust, Inc. can issue and sell common stock having an aggregate offering price of up to $3.0 billion through various named agents from time to time.

Current wording

Our Parent and our Operating Partnership were parties to an ATM Equity Offering SM Sales Agreement dated December 23, 2024 (the “2024 Sales Agreement”). Pursuant to the 2024 Sales Agreement, Digital Realty Trust, Inc. could issue and sell common stock having an aggregate offering price of up to $3.0 billion through various named agents from time to time. From April 1, 2026 through May 3, 2026, Digital Realty Trust, Inc. generated net proceeds of approximately $435.2 million from the issuance of approximately 2.4 million common shares under the 2024 Sales Agreement at an average price of $181.21 per share after payment of approximately $2.2 million of commissions to the agents.

Previous wording

For additional information regarding dividends declared and paid by our Parent on its common and preferred stock for the three months ended March 31, 2026, see Note 10. “Equity and Capital” to our condensed consolidated financial statements contained herein.

Current wording

For additional information regarding dividends declared and paid by our Parent on its common and preferred stock for the six months ended June 30, 2026, see Note 10. “Equity and Capital” to our condensed consolidated financial statements contained herein.

Previous wording

As of March 31, 2026, we had $2,426.6 million of cash and cash equivalents, excluding $10.8 million of restricted cash. Restricted cash primarily consists of contractual capital expenditures plus other deposits and is included in Other assets on our Condensed Consolidated Balance Sheets. As circumstances warrant, our Operating Partnership may dispose of stabilized assets or enter into joint venture arrangements with institutional investors or strategic partners, on an opportunistic basis dependent upon market conditions. Our Operating Partnership may use the proceeds from such dispositions to acquire additional properties, to fund development opportunities and for general working capital purposes, including the repayment of indebtedness. Our liquidity requirements primarily consist of:

Current wording

As of June 30, 2026, we had $1,864.8 million of cash and cash equivalents, excluding $1.8 million of restricted cash. Restricted cash primarily consists of contractual capital expenditures plus other deposits and is included in Other assets on our Condensed Consolidated Balance Sheets. As circumstances warrant, our Operating Partnership may dispose of stabilized assets or enter into joint venture arrangements with institutional investors or strategic partners, on an opportunistic basis dependent upon market conditions. Our Operating Partnership may use the proceeds from such dispositions to acquire additional properties, to fund development opportunities and for general working capital purposes, including the repayment of indebtedness. Our liquidity requirements primarily consist of:

Previous wording

Our properties require periodic investments of capital for customer-related capital expenditures and for general capital improvements. Depending upon customer demand, we expect to incur significant improvement costs to build out and develop additional capacity. At March 31, 2026, we had open commitments, related to construction contracts of approximately $3.2 billion, including amounts reimbursable of approximately $92.8 million.

Current wording

Our properties require periodic investments of capital for customer-related capital expenditures and for general capital improvements. Depending upon customer demand, we expect to incur significant improvement costs to build out and develop additional capacity. At June 30, 2026, we had open commitments, related to construction contracts of approximately $4.1 billion, including amounts reimbursable of approximately $320.1 million.

Previous wording

We are investing in our portfolio, which includes consolidated and unconsolidated projects, to organically expand our capacity. As of March 31, 2026, we had 1,169 megawatts of projects underway across multiple metropolitan areas around the world, representing an approximately 52% increase of capacity under development as compared to December 31, 2025. As of March 31, 2026, 61% of the 1,169 megawatts of projects underway was pre-leased. As of March 31, 2026, we had over 5 gigawatts of additional future development capacity, of which approximately 58% came from locations with more than 100 megawatts of buildable capacity, 30% came from locations with between 25 megawatts and 100 megawatts of buildable capacity and 12% came from locations with less than 25 megawatts of buildable capacity. As of March 31, 2026, we estimate that the stabilized yield on our total 1,169 megawatts of capacity under construction across the world was approximately 11.4%. We define the estimated stabilized yield on our in-progress construction as the anticipated stabilized net operating income for a certain project as a percentage of the total estimated cost to complete the construction of such project. We calculate the anticipated stabilized net operating income for any given project by subtracting the project’s estimated stabilized operating expenses and depreciation and amortization from its estimated stabilized revenue, which we estimate based on leases signed and other assumptions based on market conditions. No assurance can be given that we will complete any of these projects on the terms currently contemplated, or at all, that the actual cost of any of these projects will not exceed our estimates or that the actual yield achieved by such projects will be consistent with our estimates.

Current wording

We are investing in our portfolio, which includes consolidated and unconsolidated projects, to organically expand our capacity. As of June 30, 2026, we had 1,402 megawatts of projects underway across multiple metropolitan areas around the world, representing an approximately 82% increase of capacity under development as compared to December 31, 2025. As of June 30, 2026, 54% of the 1,402 megawatts of projects underway was pre-leased. As of June 30, 2026, we had over 7 gigawatts of additional future development capacity, of which approximately 70% came from locations with more than 100 megawatts of buildable capacity, 20% came from locations with between 25 megawatts and 100 megawatts of buildable capacity and 10% came from locations with less than 25 megawatts of buildable capacity. As of June 30, 2026, we estimate that the pre-tax stabilized cash yields on our total 1,402 megawatts of capacity under construction across the world is approximately 11.5%. Pre-tax estimated stabilized cash yields are based on total expected investment amounts and anticipated net operating income from leases signed or other assumptions based on market conditions. We calculate the anticipated stabilized net operating income for any given project by subtracting the project’s estimated stabilized operating expenses and depreciation and amortization from its estimated stabilized revenue, which we estimate based on leases signed and other assumptions based on market conditions. No assurance can be given that we will complete any of these projects on the terms currently contemplated, or at all, that the actual cost of any of these projects will not exceed our estimates or that the actual yield achieved by such projects will be consistent with our estimates.

Previous wording

The table below summarizes our capital expenditure activity for the three months ended March 31, 2026 and 2025 (in thousands):

Current wording

The table below summarizes our capital expenditure activity for the six months ended June 30, 2026 and 2025 (in thousands):

Previous wording

Indirect costs, including interest, capitalized in the three months ended March 31, 2026 and 2025 were $74.7 million and $59.8 million, respectively. Capitalized interest comprised approximately $35.6 million and $30.1 million of the total indirect costs capitalized for the three months ended March 31, 2026 and 2025, respectively. Capitalized interest in the three months ended March 31, 2026 increased, compared to the same period in 2025, due to an increase in qualifying activities and higher interest rates.

Current wording

Indirect costs, including interest, capitalized in the six months ended June 30, 2026 and 2025 were $157.1 million and $126.6 million, respectively. Capitalized interest comprised approximately $72.7 million and $59.5 million of the total indirect costs capitalized for the six months ended June 30, 2026 and 2025, respectively. Capitalized interest in the six months ended June 30, 2026 increased, compared to the same period in 2025, due to an increase in qualifying activities and higher interest rates.

Previous wording

Excluding capitalized interest, indirect costs in the three months ended March 31, 2026 increased compared to the same period in 2025 due primarily to capitalized amounts relating to compensation expense of employees directly engaged in construction activities. See “Future Uses of Cash” for a discussion of the amount of capital expenditures we expect to incur during the year ending December 31, 2026.

Current wording

Excluding capitalized interest, indirect costs in the six months ended June 30, 2026 increased compared to the same period in 2025 due primarily to capitalized amounts relating to compensation expense of employees directly engaged in construction activities. See “Future Uses of Cash” for a discussion of the amount of capital expenditures we expect to incur during the year ending December 31, 2026.

Previous wording

We expect to meet our short-term and long-term liquidity requirements, including payment of scheduled debt maturities and funding of acquisitions and non-recurring capital improvements, with net cash from operations, future long-term secured and unsecured indebtedness and the issuance of equity and debt securities and the proceeds of equity issuances by our Parent. We also may fund future short-term and long-term liquidity requirements, including acquisitions and non-recurring capital improvements, using our Global Revolving Credit Facilities pending permanent financing. As of April 29, 2026, we had approximately $3.7 billion of borrowings available under our Global Revolving Credit Facilities.

Current wording

We expect to meet our short-term and long-term liquidity requirements, including payment of scheduled debt maturities and funding of acquisitions and non-recurring capital improvements, with net cash from operations, future long-term secured and unsecured indebtedness and the issuance of equity and debt securities and the proceeds of equity issuances by our Parent. We also may fund future short-term and long-term liquidity requirements, including acquisitions and non-recurring capital improvements, using our Global Revolving Credit Facilities pending permanent financing. As of July 29, 2026, we had approximately $3.6 billion of borrowings available under our Global Revolving Credit Facilities.

Previous wording

During the quarter, we sold a non-core data center in the Boston metro area for gross proceeds of approximately $6.4 million and recognized a loss on disposition of approximately $0.3 million.

Current wording

During the quarter, we sold a non-core asset in the Atlanta metro area for gross proceeds of approximately $25 million and recognized a gain on disposition of approximately $2.0 million. In May, we contributed two development projects to the Fund, with an aggregate carrying value of approximately $439 million, for gross proceeds of $447 million and recognized a gain on disposition of approximately $8 million.

Previous wording

All distributions on our units are at the discretion of our Parent’s Board of Directors. For additional information regarding distributions paid on our common and preferred units for the three months ended March 31, 2026, see Note 10. “Equity and Capital” to our condensed consolidated financial statements contained herein.

Current wording

All distributions on our units are at the discretion of our Parent’s Board of Directors. For additional information regarding distributions paid on our common and preferred units for the three and six months ended June 30, 2026, see Note 10. “Equity and Capital” to our condensed consolidated financial statements contained herein.

Previous wording

Our ratio of debt to total enterprise value was approximately 21.7% (based on the closing price of Digital Realty Trust, Inc.’s common stock on March 31, 2026 of $180.21). For this purpose, our total enterprise value is defined as the sum of the market value of Digital Realty Trust, Inc.’s outstanding common stock (which may decrease, thereby increasing our debt to total enterprise value ratio), plus the liquidation value of Digital Realty Trust, Inc.’s preferred stock, plus the aggregate value of Digital Realty Trust, L.P. units not held by Digital Realty Trust, Inc. (with the per unit value equal to the market value of one share of Digital Realty Trust, Inc.’s common stock and excluding long-term incentive units, Class C units and Class D units), plus the book value of our total consolidated indebtedness.

Current wording

Our ratio of debt to total enterprise value was approximately 21.4% (based on the closing price of Digital Realty Trust, Inc.’s common stock on June 30, 2026 of $179.58). For this purpose, our total enterprise value is defined as the sum of the market value of Digital Realty Trust, Inc.’s outstanding common stock (which may decrease, thereby increasing our debt to total enterprise value ratio), plus the liquidation value of Digital Realty Trust, Inc.’s preferred stock, plus the aggregate value of Digital Realty Trust, L.P. units not held by Digital Realty Trust, Inc. (with the per unit value equal to the market value of one share of Digital Realty Trust, Inc.’s common stock and excluding long-term incentive units, Class C units and Class D units), plus the book value of our total consolidated indebtedness.

Previous wording

The variable rate debt shown above bears interest based on various one-month EURIBOR, TIBOR, SARON and JIBAR rates and 91-day CD rate, depending on the respective agreement governing the debt, including our Global Revolving Credit Facilities and unsecured term loans. As of March 31, 2026, our debt had a weighted average term to initial maturity of approximately 4.7 years (or approximately 4.8 years assuming exercise of extension options).

Current wording

The variable rate debt shown above bears interest based on various one-month EURIBOR, TIBOR, SARON and JIBAR rates and 91-day CD rate, depending on the respective agreement governing the debt, including our Global Revolving Credit Facilities and unsecured term loans. As of June 30, 2026, our debt had a weighted average term to initial maturity of approximately 4.4 years (or approximately 4.5 years assuming exercise of extension options).

Previous wording

The changes in the activities that comprise the increase in net cash used in investing activities for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025 consisted of the following amounts (in thousands).

Current wording

The changes in the activities that comprise the increase in net cash used in investing activities for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025 consisted of the following amounts (in thousands).

Previous wording

The changes in the activities that comprise the increase in net cash provided by financing activities for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025 consisted of the following amounts (in thousands).

Current wording

The changes in the activities that comprise the increase in net cash from financing activities for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025 consisted of the following amounts (in thousands).

Previous wording

The increase in net cash provided by financing activities was primarily due to:

Current wording

The increase in net cash from financing activities was primarily due to: