Digital Realty Announces Pricing of €600 million of Guaranteed Notes due 2033 and €800 million of Guaranteed Notes due 2037

Rhea-AI Summary

Digital Realty (NYSE: DLR) priced two euro-denominated guaranteed note offerings: €600 million 3.750% notes due Jan 15, 2033 at 99.935% and €800 million 4.250% notes due Nov 20, 2037 at 99.364%. Closing is expected on Nov 20, 2025 subject to customary conditions. The Euro Notes are senior unsecured obligations of Digital Euro Finco, LLC and are fully guaranteed by the company and its operating partnership.

Net proceeds are intended to be allocated to projects under Digital Realty’s Green Bond Framework or used for temporary repayment of revolver borrowings, property acquisitions, development, working capital, or debt repayment.

Positive

• Gross proceeds of €1.4 billion (€600m + €800m)
• Long maturities: 2033 and 2037 extend debt tenor
• Notes are fully guaranteed by company and operating partnership
• Use of proceeds aligned with Green Bond Framework

Negative

• Coupon locked at 3.750% (2033) and 4.250% (2037), raising fixed interest costs
• Offering increases consolidated debt outstanding by €1.4 billion
• Closing subject to customary conditions, not guaranteed

Insights

Capital Markets Analyst

€1.4bn Euro bond issue at near‑par funds long‑dated projects; neutral to modestly positive for liquidity and green financing.

Digital Realty priced €600 million of 3.750% notes due 2033 at 99.935% and €800 million of 4.250% notes due 2037 at 99.364%. The notes are senior unsecured obligations of a wholly owned finance subsidiary and are fully guaranteed by the company and the operating partnership, with closing expected on November 20, 2025. Interest on both notes is payable annually and the offering is sold outside the United States under Regulation S.

The company intends to allocate net proceeds to projects consistent with its Green Bond Framework but may temporarily use proceeds to repay revolving credit, acquire assets, fund development, or for general corporate purposes. The issuance raises long‑term fixed‑rate funding at 3.75% and 4.25%, which secures liquidity for multi‑year capital plans while keeping covenant exposure tied to senior unsecured debt.

Key dependencies and risks include the successful closing on November 20, 2025, adherence to the stated allocation to green projects, and the potential use of proceeds to repay short‑term revolver borrowings or for other corporate needs. Monitor the final allocation report and any filings that disclose use of proceeds and changes to the borrowing profile over the next 3–12 months.

AUSTIN, Texas, Nov. 12, 2025 (GLOBE NEWSWIRE) -- Digital Realty (NYSE: DLR), the largest global provider of cloud- and carrier-neutral data center, colocation and interconnection solutions, announced today that Digital Euro Finco, LLC, a wholly owned indirect finance subsidiary of the company’s operating partnership, Digital Realty Trust, L.P., priced an offering of €600 million aggregate principal amount of 3.750% Guaranteed Notes due 2033 (the “2033 Notes”) at a price of 99.935% of the principal amount and €800 million aggregate principal amount of 4.250% Guaranteed Notes due 2037 at a price of 99.364% of the principal amount (the “2037 Notes” and, together with the 2033 Notes, the “Euro Notes”).

The Euro Notes will be senior unsecured obligations of Digital Euro Finco, LLC and will be fully and unconditionally guaranteed by the company and the operating partnership. Interest on the 2033 Notes will be payable annually in arrears at a rate of 3.750% per annum from and including November 20, 2025 and will mature on January 15, 2033. Interest on the 2037 Notes will be payable annually in arrears at a rate of 4.250% per annum from and including November 20, 2025 and will mature on November 20, 2037. Closing of the offering is expected to occur on November 20, 2025, subject to the satisfaction of customary closing conditions.

The company intends to allocate an amount equal to the net proceeds from the offering of the Euro Notes to finance or refinance, in part or in full, new and/or existing projects consistent with Digital Realty’s Green Bond Framework, including the development and redevelopment of such projects. Pending the allocation of the net proceeds of the Euro Notes to such projects, all or a portion of an amount equal to the net proceeds from the Euro Notes may be used to temporarily repay borrowings outstanding under the operating partnership’s global revolving credit facilities, acquire additional properties or businesses, fund development opportunities, invest in interest-bearing accounts and short-term, interest-bearing securities which are consistent with the company’s intention to qualify as a REIT for U.S. federal income tax purposes, and to provide for working capital and other general corporate purposes, including potentially for the repayment of other debt, or the redemption, repurchase, repayment or retirement of outstanding equity or debt securities, or a combination of the foregoing.

The Euro Notes are being sold only outside the United States in reliance on Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”). The Euro Notes have not been and will not be registered under the Securities Act and may not be offered or sold in the United States or to United States persons (within the meaning of Regulation S under the Securities Act) absent registration or an applicable exemption from registration requirements. This press release shall not constitute an offer to sell or a solicitation of an offer to buy the Euro Notes, nor shall there be any offer, solicitation or sale of the Euro Notes in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Safe Harbor Statement

This press release contains forward-looking statements which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially, including statements related to the timing and consummation of the offering of the Euro Notes and the expected use of the net proceeds. The company can provide no assurances that it will be able to complete the offering on the anticipated terms, or at all. For a further list and description of such risks and uncertainties, see the company’s reports and other filings with the U.S. Securities and Exchange Commission, including the Annual Report on Form 10-K for the year ended December 31, 2024 and the Quarterly Report on Form 10-Q for the quarters ended March 31, 2025, June 30, 2025, and September 30, 2025. The company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Reg S Statement

This communication is not an offer to sell or a solicitation of an offer to buy securities of Digital Realty Trust, Inc. or its subsidiaries. The securities have not been and will not be registered under the Securities Act, or with any securities regulatory authority of any state or other jurisdiction of the United States. Consequently, the securities may not be offered, sold, resold, transferred, delivered or distributed, directly or indirectly, into or within the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with any applicable securities laws of any state or other jurisdiction of the United States. Any offering of the securities will be conducted pursuant to Regulation S under the Securities Act.

Notice to EEA Investors

The Euro Notes are not intended to be offered, sold or otherwise made available to and, with effect from such date, should not be offered, sold or otherwise made available to any retail investor in the European Economic Area (the “EEA”). For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, “MiFID II”); or (ii) a customer within the meaning of Directive 2016/97/EU (as amended, the “IMD”), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II. No key information document required by Regulation (EU) No 1286/2014 (as amended, the “PRIIPs Regulation”) for offering or selling any in scope instrument or otherwise making such instruments available to retail investors in the EEA has been prepared. Offering or selling the Euro Notes or otherwise making them available to any retail investor in the EEA may be unlawful under the PRIIPs Regulation. This communication has been prepared on the basis that any offers or sales of Euro Notes in any Member State of the EEA will be made pursuant to an exemption under Regulation (EU) 2017/1129 (as amended or superseded, the “Prospectus Regulation”) from the requirement to publish a prospectus for offers or sales of Euro Notes. This communication is not a prospectus for the purposes of the Prospectus Regulation.

Notice to UK Investors

This announcement is for distribution only to, and is directed at, persons who (i) have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the “Financial Promotion Order”), (ii) are persons falling within Article 49(2)(a) to (d) (“high net worth companies, unincorporated associations, etc.”) of the Financial Promotion Order, (iii) are outside the United Kingdom, or (iv) are persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000) in connection with the issue or sale of any securities may otherwise lawfully be communicated or caused to be communicated (all such persons together being referred to as “relevant persons”). This announcement is directed only at relevant persons and must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this announcement relates is available only to relevant persons and will be engaged in only with relevant persons.

The Euro Notes are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the United Kingdom. For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client, as defined in point (8) of Article 2 of Regulation (EU) No 2017/565 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 (“EUWA”); or (ii) a customer within the meaning of the provisions of the Financial Services and Markets Act 2000, as amended (the “FSMA”) and any rules or regulations made under the FSMA to implement Directive (EU) 2016/97, where that customer would not qualify as a professional client, as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of domestic law by virtue of the EUWA (“UK MiFIR”). Consequently, no key information document required by Regulation (EU) No 1286/2014 as it forms part of domestic law by virtue of the EUWA (the “UK PRIIPs Regulation”) for offering or selling the Euro Notes or otherwise making them available to retail investors in the United Kingdom has been prepared and therefore offering or selling the Euro Notes or otherwise making them available to any retail investor in the United Kingdom may be unlawful under the UK PRIIPs Regulation.

Relevant stabilization regulations including FCA/ICMA apply. Manufacturer target market (MiFID II and UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs or UK PRIIPs key information document (KID) has been prepared as not available to retail in EEA or UK.

Investor Relations
Jordan Sadler / Jim Huseby
Digital Realty
(415) 275 5344
InvestorRelations@digitalrealty.com

FAQ

What did Digital Realty (DLR) announce on Nov 12, 2025 about euro debt?

Digital Realty priced €600m 3.750% notes due 2033 and €800m 4.250% notes due 2037, with expected closing on Nov 20, 2025.

How will Digital Realty (DLR) use the net proceeds from the €1.4B Euro Notes?

Proceeds are intended to finance or refinance projects under its Green Bond Framework or temporarily repay revolver borrowings, fund acquisitions, development, working capital, or repay debt.

Are the Euro Notes of Digital Realty (DLR) guaranteed and secured?

The Euro Notes are senior unsecured obligations of Digital Euro Finco and are fully and unconditionally guaranteed by the company and its operating partnership.

When do the Digital Realty (DLR) 2033 and 2037 Euro Notes mature and how is interest paid?

The 2033 Notes mature on Jan 15, 2033 and the 2037 Notes mature on Nov 20, 2037; interest is payable annually in arrears at their coupon rates.

Can investors in the United States buy Digital Realty’s Euro Notes (DLR)?

No; the Euro Notes are being sold only outside the U.S. under Regulation S and are not registered under the U.S. Securities Act.