Digital Realty Trust (DLR) 10-K Summary — Year Ended Dec 31, 2023
Digital Realty Trust filed its annual report for the most recent fiscal year. The company reported revenue growth compared to the prior year and positive operating cash flow.
Key takeaway
Year ended Dec 31, 2023 · FY2025 10-K
Digital Realty Trust filed its annual report for the most recent fiscal year. The company reported revenue growth compared to the prior year and positive operating cash flow.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$5.5B
Revenue reported for the fiscal year.
Operating income
$524.5M
Income from operations reported for the year.
Net income
$948.8M
Net income reported for the year.
Operating cash flow
$1.6B
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Dec 31, 2021 | $4.4B | n/a |
| Dec 31, 2022 | $4.7B | +6.0% |
| Dec 31, 2023 | $5.5B | +16.7% |
Business overview
Digital Realty Trust is a real estate investment trust that owns and operates data center properties. The company leases data center space to customers under long-term leases, with an average remaining lease term of approximately five years as of the end of the reported period.
Financial performance
Revenue increased compared to the prior year period. The company reported positive operating income, net income, and operating cash flow for the fiscal year.
Material risks
The company's results of operations may be affected by its ability to re-lease expiring space at rental rates equal to or above current rates. Changes in rental rates on renewals and new leases, as shown in the leasing activity table, represent a material risk.
Liquidity and capital
The company allocates capital to development projects for future data center space and to leasing activities, including tenant improvements and lease commissions.
What to watch
Monitor the company's lease renewal rates and new lease signings in the next filing as they directly impact future revenue.