Digital Realty (NYSE: DLR) plans full redemption of €1,075 million 2.500% notes

Rhea-AI Filing Summary

Digital Realty plans to redeem the entire €1,075 million aggregate principal amount of its 2.500% Guaranteed Notes due 2026 on December 18, 2025. The redemption price will be €1,000 per €1,000 principal amount, equal to 100% of the principal, plus accrued and unpaid interest of €23.01 per €1,000 up to but excluding the redemption date. Deutsche Trustee Company Limited, as trustee, has sent redemption notices to registered holders, and after the transaction no notes of this series will remain outstanding.

Positive

• Full redemption of 2026 notes: Digital Realty will redeem the entire €1,075 million principal amount of its 2.500% Guaranteed Notes due 2026, eliminating this maturity and the associated coupon on this series.

Negative

• None.

Insights

Credit & REIT Capital Structure Analyst

Digital Realty is fully redeeming €1,075 million of 2.500% notes due 2026.

The company’s finance subsidiary has elected to redeem the entire €1,075 million principal amount of 2.500% Guaranteed Notes due 2026 on December 18, 2025. Holders will receive €1,000 per €1,000 of principal, representing 100% of principal, plus accrued and unpaid interest of €23.01 per €1,000 to, but excluding, the redemption date. After completion, this specific euro-denominated note series will have no outstanding balance.

Redeeming a full bond series removes the scheduled 2026 maturity and stops future 2.500% coupon payments on these notes. The filing does not describe how the redemption is funded or whether it is tied to any refinancing, so the net effect on leverage and liquidity depends on actions disclosed elsewhere. The announcement is framed as an election already made, with completion still subject to normal execution and the timing and consummation risks highlighted in the forward-looking statements section.

From a credit-structure perspective, eliminating a €1,075 million maturity in 2026 can simplify Digital Realty’s upcoming debt calendar and interest obligations for this specific instrument. The company points investors to previously filed reports, including the Form 10-K for the year ended December 31, 2024 and Form 10-Qs for the quarters ended March 31, 2025, June 30, 2025, and September 30, 2025, for broader risk factors that could influence how this redemption fits into its overall financing strategy.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d)

of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): December 3, 2025

DIGITAL REALTY TRUST, INC.

DIGITAL REALTY TRUST, L.P.

(Exact name of registrant as specified in its charter)

Maryland		001-32336		26-0081711
Maryland		000-54023		20-2402955
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)
2323 Bryan Street, Suite 1800 Dallas, Texas				75201
(Address of principal executive offices)				(Zip Code)

(214) 231-1350

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading symbol(s)		Name of each exchange on which registered
Common Stock		DLR		New York Stock Exchange
Series J Cumulative Redeemable Preferred Stock		DLR Pr J		New York Stock Exchange
Series K Cumulative Redeemable Preferred Stock		DLR Pr K		New York Stock Exchange
Series L Cumulative Redeemable Preferred Stock		DLR Pr L		New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Digital Realty Trust, Inc.:		Emerging growth company ☐
Digital Realty Trust, L.P.:		Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Digital Realty Trust, Inc.: ☐

Digital Realty Trust, L.P.: ☐

Introductory Note

Unless otherwise indicated or unless the context requires otherwise, all references in this report to “we,” “us,” “our,” “our company,” “the company” or “Digital Realty” refer to Digital Realty Trust, Inc., together with its consolidated subsidiaries, including Digital Realty Trust, L.P., our “operating partnership.”

Item 8.01. Other Events.

On December 3, 2025, Digital Realty announced that Digital Euro Finco, LLC, a wholly owned indirect finance subsidiary of its operating partnership, has elected to redeem the €1,075 million aggregate principal amount outstanding of its 2.500% Guaranteed Notes due 2026 (the “Notes”) on December 18, 2025 (the “Redemption Date”). The redemption price for the Notes is equal to the sum of (a) €1,000 per €1,000 principal amount of the Notes, or 100% of the aggregate principal amount of the Notes, plus (b) accrued and unpaid interest to, but excluding, the Redemption Date equal to €23.01 per €1,000 principal amount of the Notes.

Deutsche Trustee Company Limited, as trustee for the Notes, issued notices to registered holders of the Notes concerning the redemption. After such redemption, no Notes will remain outstanding. The foregoing does not constitute a notice of redemption with respect to the Notes.

A copy of the press release, dated December 3, 2025, announcing the redemption is attached hereto as Exhibit 99.1 and is incorporated in this Item 8.01 by this reference.

Cautionary Statement Regarding Forward-Looking Statements

This Current Report on Form 8-K contains certain “forward-looking” statements as that term is defined by Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements that are predictive in nature, that depend on or relate to future events or conditions, or that include words such as “believes”, “anticipates”, “expects”, “may”, “will”, “would”, “should”, “estimates”, “could”, “intends”, “plans” or other similar expressions are forward-looking statements. Forward-looking statements involve significant known and unknown risks and uncertainties that may cause the company’s actual results in future periods to differ materially from those projected or contemplated in the forward-looking statements as a result of, but not limited to, the following factors: timing and consummation of the redemption of Notes; risks and uncertainties related to market conditions and satisfaction of customary closing conditions related to the redemption of Notes; and the impact of legislative, regulatory and competitive changes and other risk factors relating to the industries in which we operate, as detailed from time to time in each of our reports filed with the SEC. There can be no assurance that the proposed transactions will be consummated on the terms described herein or at all.

The risks included here are not exhaustive, and additional factors could adversely affect our business and financial performance. We discussed a number of additional material risks in our annual report on Form 10-K for the year ended December 31, 2024, our quarterly report on Form 10-Q for the quarters ended March 31, 2025 and June 30, 2025 and September 30, 2025 and other filings with the Securities and Exchange Commission. Those risks continue to be relevant to our performance and financial condition. Moreover, we operate in a very competitive and rapidly changing environment. New risk factors emerge from time to time and it is not possible for management to predict all such risk factors, nor can it assess the impact of all such risk factors on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. We expressly disclaim any responsibility to update forward-looking statements, whether as a result of new information, future events or otherwise.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.		Description
99.1		Press Release of Digital Realty dated December 3, 2025
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned hereunto duly authorized.

Date: December 3, 2025

		Digital Realty Trust, Inc.
By:		/s/ Jeannie Lee
		Jeannie Lee
		Executive Vice President, General Counsel and Secretary
		Digital Realty Trust, L.P.
By:		Digital Realty Trust, Inc.
		Its general partner
By:		/s/ Jeannie Lee
		Jeannie Lee
		Executive Vice President, General Counsel and Secretary

FAQ

What did Digital Realty Trust (DLR) announce regarding its 2.500% Guaranteed Notes due 2026?

Digital Realty announced that its indirect finance subsidiary, Digital Euro Finco, LLC, has elected to redeem the entire outstanding €1,075 million aggregate principal amount of its 2.500% Guaranteed Notes due 2026. The redemption is scheduled to occur on December 18, 2025, after which no notes of this series will remain outstanding.

What redemption price will holders of Digital Realty’s 2.500% Guaranteed Notes receive?

Holders will receive a redemption price equal to €1,000 per €1,000 principal amount of the notes, representing 100% of the aggregate principal amount. In addition, they will receive accrued and unpaid interest of €23.01 per €1,000 principal amount up to, but excluding, the December 18, 2025 redemption date.

When will Digital Realty’s redemption of the 2.500% Guaranteed Notes due 2026 take place?

The redemption of Digital Realty’s 2.500% Guaranteed Notes due 2026 is scheduled for December 18, 2025, referred to as the “Redemption Date” in the announcement.

How much of Digital Realty’s 2.500% Guaranteed Notes due 2026 will remain outstanding after the redemption?

The company states that after the redemption, no Notes will remain outstanding. This means the entire €1,075 million principal amount of the 2.500% Guaranteed Notes due 2026 will be fully redeemed.

Who is handling the redemption notices for Digital Realty’s 2.500% Guaranteed Notes due 2026?

Deutsche Trustee Company Limited, acting as trustee for the notes, has issued notices to registered holders concerning the redemption. The company also notes that its 8-K disclosure itself does not constitute the formal notice of redemption.

Where can investors find more information about risks related to Digital Realty’s note redemption and business?

The company refers investors to its Form 10-K for the year ended December 31, 2024, its Form 10-Qs for the quarters ended March 31, 2025, June 30, 2025, and September 30, 2025, and other SEC filings for additional risk factors and discussions that may affect its performance and the context of this redemption.