Digital Realty Trust, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Digital Realty Trust, Inc. has filed its annual report detailing its 2023 financial performance and operations.</b>

AI Summary

DIGITAL REALTY TRUST, INC. (DLR-PL) filed a Annual Report (10-K) with the SEC on February 23, 2024. Digital Realty Trust, Inc. filed its 2023 Form 10-K on February 23, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal executive offices are located in Austin, TX. Digital Realty Trust, L.P. is also listed as a filer with its principal executive offices in Austin, TX. The filing includes financial data for the fiscal years ending December 31, 2023, 2022, and 2021.

Why It Matters

For investors and stakeholders tracking DIGITAL REALTY TRUST, INC., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Digital Realty Trust's financial health, operational performance, and strategic positioning for the fiscal year 2023. Investors and stakeholders can use this report to assess the company's performance, identify potential risks, and make informed investment decisions regarding DLR.

Risk Assessment

Risk Level: medium — DIGITAL REALTY TRUST, INC. shows moderate risk based on this filing. The company operates in the real estate investment trusts sector, which is subject to market fluctuations and interest rate sensitivity, as indicated by the inclusion of 'InterestExpense' and 'GainLossOnDispositionOfAssets' in the filing.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand Digital Realty Trust's performance and outlook for the upcoming fiscal year.

Key Numbers

• 2023-12-31 — Fiscal Year End (Digital Realty Trust, Inc.)
• 2024-02-23 — Filing Date (Digital Realty Trust, Inc.)
• 0001297996 — Central Index Key (Digital Realty Trust, Inc.)
• 0001494877 — Central Index Key (Digital Realty Trust, L.P.)

Key Players & Entities

• DIGITAL REALTY TRUST, INC. (company) — Filer
• Digital Realty Trust, L.P. (company) — Filer
• Austin, TX (location) — Business Address
• 2023-12-31 (date) — Fiscal Year End
• 2024-02-23 (date) — Filing Date

FAQ

Industry Context

Digital Realty Trust operates within the data center real estate sector, a critical component of the digital infrastructure supporting cloud computing, AI, and other data-intensive industries.

Regulatory Implications

As a Real Estate Investment Trust (REIT), Digital Realty Trust is subject to specific tax regulations and reporting requirements governed by the IRS and SEC.

What Investors Should Do

1. Analyze the financial statements within the 10-K for revenue, net income, and balance sheet details.
2. Review the 'Risk Factors' section to understand potential challenges and uncertainties facing the company.
3. Examine management's discussion and analysis (MD&A) for insights into the company's strategy and performance drivers.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-02-23: Filing Date — Date the 10-K was officially submitted to the SEC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This is the primary document for understanding a company's financial health and operations over the past year.)

Real Estate Investment Trusts (REITs)

Companies that own, operate, or finance income-generating real estate. (Digital Realty Trust operates as a REIT, making this classification crucial for understanding its business model and regulatory environment.)

Year-Over-Year Comparison

This filing represents the annual report for the fiscal year 2023, providing updated financial and operational data compared to previous filings.

Key Financial Figures

• $0.01 — ital Realty Trust, Inc. Common Stock , $0.01 par value per share DLR New York St
• $3.75 billion — " refers to our Operating Partnership's $3.75 billion senior Table of Contents Index to F
• $236 million — nership's 33,285,000,000 (approximately $236 million based on exchange rates at December 31,
• $1.7 billion — th Africa. The total purchase price was $1.7 billion cash, funded by our Global Revolving Cr

Filing Documents

• dlr-20231231x10k.htm (10-K) — 8110KB
• dlr-20231231xex10d59.htm (EX-10.59) — 209KB
• dlr-20231231xex10d60.htm (EX-10.60) — 213KB
• dlr-20231231xex10d61.htm (EX-10.61) — 161KB
• dlr-20231231xex10d63.htm (EX-10.63) — 15KB
• dlr-20231231xex21d1.htm (EX-21.1) — 479KB
• dlr-20231231xex21d2.htm (EX-21.2) — 478KB
• dlr-20231231xex23d1.htm (EX-23.1) — 4KB
• dlr-20231231xex31d1.htm (EX-31.1) — 17KB
• dlr-20231231xex31d2.htm (EX-31.2) — 17KB
• dlr-20231231xex31d3.htm (EX-31.3) — 16KB
• dlr-20231231xex31d4.htm (EX-31.4) — 16KB
• dlr-20231231xex32d1.htm (EX-32.1) — 9KB
• dlr-20231231xex32d2.htm (EX-32.2) — 10KB
• dlr-20231231xex32d3.htm (EX-32.3) — 11KB
• dlr-20231231xex32d4.htm (EX-32.4) — 11KB
• dlr-20231231xex97d1.htm (EX-97.1) — 55KB
• dlr-20231231x10k007.jpg (GRAPHIC) — 75KB
• dlr-20231231x10k013.jpg (GRAPHIC) — 32KB
• 0001558370-24-001575.txt (&nbsp;) — 30001KB
• dlr-20231231.xsd (EX-101.SCH) — 142KB
• dlr-20231231_cal.xml (EX-101.CAL) — 123KB
• dlr-20231231_def.xml (EX-101.DEF) — 651KB
• dlr-20231231_lab.xml (EX-101.LAB) — 1090KB
• dlr-20231231_pre.xml (EX-101.PRE) — 906KB
• dlr-20231231x10k_htm.xml (XML) — 6259KB

Business

Business 1 ITEM 1A.

Risk Factors

Risk Factors 16 ITEM 1B. Unresolved Staff Comments 48 ITEM 1C. Cybersecurity 48 ITEM 2.

Properties

Properties 50 ITEM 3.

Legal Proceedings

Legal Proceedings 54 ITEM 4. Mine Safety Disclosures 54 PART II. 54 ITEM 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 54 ITEM 6. Reserved 56 ITEM 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 57 ITEM 7A .

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 80 ITEM 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 81 ITEM 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 157 ITEM 9A.

Controls and Procedures

Controls and Procedures 157 ITEM 9B. Other Information 158 ITEM 9C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections 158 PART III. 159 ITEM 10. Directors, Executive Officers and Corporate Governance 159 ITEM 11.

Executive Compensation

Executive Compensation 159 ITEM 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 159 ITEM 13. Certain Relationships and Related Transactions and Director Independence 159 ITEM 14. Principal Accounting Fees and Services 159 PART IV. 160 ITEM 15. Exhibits and Financial Statement Schedules 160 ITEM 16. Form 10-K Summary 171

SIGNATURES

SIGNATURES 172 Table of Contents Index to Financial Statements PART I

BUSINESS

ITEM 1. BUSINESS The Company Digital Realty Trust, Inc., through its controlling interest in Digital Realty Trust, L.P. and the subsidiaries of the Operating Partnership, is a leading global provider of data center, colocation and interconnection solutions for customers across a variety of industry verticals. The Parent operates as a REIT for U.S. federal income tax purposes. The OP is the entity through which the Parent conducts its business of owning, acquiring, developing and operating data centers. The Parent was incorporated in the state of Maryland on March 9, 2004. The OP was organized as a limited partnership in the state of Maryland on July 21, 2004. As of December 31, 2023, our portfolio consisted of 309 data centers (including 67 data centers held as investments in unconsolidated entities), of which 124 are located in the United States, 112 are located in Europe, 36 are located in Latin America, 14 are located in Africa, 14 are located in Asia, six are located in Australia and three are located in Canada. Our principal executive offices are located at 5707 Southwest Parkway, Building 1, Suite 275, Austin, Texas 78735. Our telephone number is (737) 281-0101. Our website is www.digitalrealty.com. The information found on, or otherwise accessible through, our website is not incorporated by reference into, nor does it form a part of, this Annual Report on Form 10-K. Recent Acquisitions On August 1, 2022, we completed the acquisition of 61.1% indirect controlling interest in Teraco Data Environments (Pty) Ltd., ("Teraco"), a leading carrier-neutral data center and interconnection services provider in South Africa. The total purchase price was $1.7 billion cash, funded by our Global Revolving Credit Facility and partial settlement of our forward equity sale agreements. Teraco's financial information is included in our consolidated financial statements and associated notes to those financial statements. Industry Background The digital economy continues

View Full Filing

View this 10-K filing on SEC EDGAR