DIGITAL REALTY TRUST, INC.

Red flags

• Total debt rose from $16.85 billion to $18.56 billion while the weighted-average interest rate increased from 2.72% to 2.90%; 2026 maturities total $904.7 million and 2027-2029 maturities add another $7.80 billion.
• Open construction commitments were approximately $2.6 billion at December 31, 2025, including $110.6 million of commitments net of reimbursable amounts, increasing funding needs before projects generate cash flow.
• Northern Virginia alone represented 21.4% of annualized rent, creating meaningful exposure to a single metropolitan market.
• The allowance for doubtful trade accounts increased to $86.4 million from $59.2 million, while gross trade receivables rose to $815.1 million from $629.3 million.
• Reported 2025 GAAP net income included a $995.6 million gain from real-estate dispositions; recurring FFO of $2.40 billion is therefore a more relevant earnings measure than headline GAAP profit.