Risk Sleuth
DLR · 10-K filed 13 Feb 2026 · year to 31 Dec 2025

Digital Realty Trust

32 named things its latest annual report says its results depend on, each in the company's own words. 17 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

Largest customer (unnamed)

earns from · approximately 11.7% of our aggregate annualized recurring revenuenamed as a risk
Our largest customer accounted for approximately 11.7% of our aggregate annualized recurring revenue as of December 31, 2025.Business (Item 1)

Also named by AEHR, AR, BF/B, BTU, CVLG, FDXF, FIX, KGS and 6 more

Top three customers (unnamed)

earns from · approximately 26% of the total annualized recurring revenuenamed as a risk
Our top three customers represented approximately 26% of the total annualized recurring revenue generated by our properties as of December 31, 2025.Risk factors (Item 1A)

Also named by PLTR

20 largest customers

earns from · approximately 51% of the total annualized recurring revenuenamed as a risk
As of December 31, 2025, the 20 largest customers in our portfolio represented approximately 51% of the total annualized recurring revenue generated by our properties.Risk factors (Item 1A)

Suppliers

Data center equipment supply chain

depends onnamed as a risk
We rely on third parties to provide the equipment, materials and services needed for our construction and development needs.Risk factors (Item 1A)

Partners and platforms

Digital DC Partners NA Fund

depends on · over $3 billion of equity commitments
For example, in connection with the Digital DC Partners NA Fund, we raised over $3 billion of equity commitments that can support approximately $10 billion of total data center investment.Business (Item 1)

Telecommunications carriers

depends onnamed as a risk
We believe that the availability of carrier capacity will directly affect our ability to achieve our projected results.Risk factors (Item 1A)

Also named by EQIX, IRM

Other companies

Leased data center buildings

depends on · approximately 14% of our total revenuenamed as a risk
These leased buildings accounted for approximately 14% of our total revenue for the year ended December 31, 2025.Risk factors (Item 1A)

Global Revolving Credit Facility

depends on · up to $4.5 billionnamed as a risk
We have a Global Revolving Credit Facility and the Yen Revolving Credit Facility, which provide for borrowings of up to $4.5 billion (including approximately $0.3 billion under the Yen Revolving Credit Facility) based on currency commitments and foreign exchange rates as of December 31, 2025.Risk factors (Item 1A)

Ascenty

operates innamed as a risk
Our exposure to foreign exchange risk related to the Brazilian real is limited to the impact that currency has on our share of the Ascenty entity’s operations and financial position.Market risk (Item 7A)

Teraco

operates in
In addition, on August 1, 2022, we completed our acquisition of a majority interest in Teraco, the largest and most densely interconnected data center platform in South Africa, with an in-service portfolio of seven state-of-the-art data centers strategically located in the key South African metro areas of Johannesburg, Cape Town and Durban.Business (Item 1)

Competitors

Equinix, Inc.

competes withnamed as a risk
We compete with numerous data center providers globally, many of whom own or operate properties similar to ours in some of the same metropolitan areas where our data centers are located, including Equinix, Inc. and NTT; various private operators in the U.S.; as well as Global Switch Holdings Limited and various regional operators in Europe, Asia, Latin America, Africa and Australia.Risk factors (Item 1A)

Also named by APLD, OKLO

NTT

competes withnamed as a risk
We compete with numerous data center providers globally, many of whom own or operate properties similar to ours in some of the same metropolitan areas where our data centers are located, including Equinix, Inc. and NTT; various private operators in the U.S.; as well as Global Switch Holdings Limited and various regional operators in Europe, Asia, Latin America, Africa and Australia.Risk factors (Item 1A)

Global Switch Holdings Limited

competes withnamed as a risk
We compete with numerous data center providers globally, many of whom own or operate properties similar to ours in some of the same metropolitan areas where our data centers are located, including Equinix, Inc. and NTT; various private operators in the U.S.; as well as Global Switch Holdings Limited and various regional operators in Europe, Asia, Latin America, Africa and Australia.Risk factors (Item 1A)

Places

Singapore

concentrated in · 4.5named as a risk
As of December 31, 2025, our portfolio, including the 89 data centers held as investments in unconsolidated entities, was geographically concentrated in the following metropolitan areas:Risk factors (Item 1A)

Also named by A, AAPL, ALAB, AMAT, ANET, APP, AVGO, EW and 12 more

Northern Virginia

concentrated in · 21.4named as a risk
As of December 31, 2025, our portfolio, including the 89 data centers held as investments in unconsolidated entities, was geographically concentrated in the following metropolitan areas:Risk factors (Item 1A)

Also named by COF, MSTR

Chicago

concentrated in · 7.1named as a risk
As of December 31, 2025, our portfolio, including the 89 data centers held as investments in unconsolidated entities, was geographically concentrated in the following metropolitan areas:Risk factors (Item 1A)

Also named by CBOE

Frankfurt

concentrated in · 6.1named as a risk
As of December 31, 2025, our portfolio, including the 89 data centers held as investments in unconsolidated entities, was geographically concentrated in the following metropolitan areas:Risk factors (Item 1A)

London

concentrated in · 4.5named as a risk
As of December 31, 2025, our portfolio, including the 89 data centers held as investments in unconsolidated entities, was geographically concentrated in the following metropolitan areas:Risk factors (Item 1A)

Johannesburg

concentrated in · 3.5named as a risk
As of December 31, 2025, our portfolio, including the 89 data centers held as investments in unconsolidated entities, was geographically concentrated in the following metropolitan areas:Risk factors (Item 1A)

Hazards

Water stress

operates in · 40%named as a risk
Some of our assets are in regions of high or extremely high baseline water stress and may face future risk of water scarcity, higher water costs, and regulatory constraints on water consumption.Business (Item 1)

Also named by TNL

100-year flood zones

operates in · approximately 0.5 million square feetnamed as a risk
Two U.S. data centers totaling approximately 0.5 million square feet are exposed to 100-year flood zones designated by the U.S. Federal Emergency Management Agency as special flood hazard areas.Business (Item 1)

California earthquake

operates innamed as a risk
For example, an earthquake in California, could significantly impact multiple properties, the aggregate deductible amounts could be significant and the limits we purchase could prove to be insufficient, which could materially and adversely impact our business, financial condition and results of operations.Risk factors (Item 1A)

Also named by MGRC, RLI

Commodities and inputs

Power purchase agreements

exposed to its price · contract terms ranging from 5-20 yearsnamed as a risk
We have also entered into power purchase agreements with contract terms ranging from 5-20 years.Risk factors (Item 1A)

Also named by EQIX, HASI, NI

Natural gas

exposed to its pricenamed as a risk
Utilities that serve our data centers may be dependent on, and sensitive to price increases for, a particular type of fuel, such as natural gas, coal or nuclear.Risk factors (Item 1A)

Also named by AA, ADM, AEE, AEP, AES, AESI, AGX, ALB and 132 more

Euro

exposed to its pricenamed as a risk
Our primary currency exposures are to the Euro, Japanese yen, British pound sterling, Singapore dollar, South African rand and Brazilian real.Market risk (Item 7A)

Also named by ABBV, ABNB, ABT, ADBE, ADI, AME, AMG, AMGN and 186 more

Electric power

exposed to its pricenamed as a risk
We rely on third parties to provide power to our data centers, and we cannot ensure that these third parties will deliver such power in adequate quantities, at acceptable levels of power quality, or on a consistent basis.Risk factors (Item 1A)

Also named by BX, DOW, EXP, OWL, PH, SUN, SUNC

Laws and programs

OECD Pillar Two

subject to · 15%named as a risk
The Organization for Economic Cooperation and Development (the “OECD”) has developed a framework to establish certain international standards for taxing the worldwide income of multinational companies, including, among other things, provisions that would ensure all companies pay a global minimum tax of 15% (the “Pillar Two rules”).Risk factors (Item 1A)

Also named by APO, BAM, BAX, BF/B, CHRW, COHR, CPNG, CRM and 45 more

REIT qualification (Internal Revenue Code)

subject to · at least 90% of its REIT taxable incomenamed as a risk
In order for Digital Realty Trust, Inc. to maintain its qualification as a REIT, it is required under the Code to annually distribute at least 90% of its REIT taxable income, determined without regard to the dividends paid deduction and excluding any net capital gain.Risk factors (Item 1A)

Also named by ABR, AMT, CCI, ENSG, FPI, KIM, LAMR, O and 6 more

CERCLA

subject tonamed as a risk
We could be held jointly and severally liable under CERCLA and various state, local and national laws for the investigation and remediation of environmental contamination on our properties, including contamination caused by previous owners or operators.Risk factors (Item 1A)

Also named by AA, AAOI, ALB, AN, APD, APLD, ATI, AWK and 27 more

Brexit

operates innamed as a risk
Continued uncertainty and friction may result in regulatory, operational, and cost challenges to our United Kingdom and international operations.Risk factors (Item 1A)

Also named by ARES, ETSY, EVR, LBTYA, NDSN, POST

Data center development moratoria

subject tonamed as a risk
Moratoria on data center construction could hinder our ability to upgrade, expand or rebuild existing data centers or construct new data centers.Risk factors (Item 1A)

Diesel generator air permits

subject tonamed as a risk
Certain permits from state or local environmental regulatory agencies, including regulators of air quality, are usually required to install and operate diesel-powered generators, which provide emergency back-up power at most of our facilities.Risk factors (Item 1A)