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Investments in Properties

3 Months Ended

Mar. 31, 2025

Investments in Properties

Investments in Properties

2. Investments in Properties

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A summary of our investments in properties is below (in thousands):

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​	​	​	​	​	​	​	​
Property Type	​	As of March 31, 2025		​	​	As of December 31, 2024
Land	​	$	1,114,015	​	​	$	1,108,251
Acquired ground lease	​	​	89	​	​	​	86
Buildings and improvements	​	​	25,940,229	​	​	​	25,567,155
Tenant improvements	​	​	893,631	​	​	​	883,502
​	​	​	27,947,964	​	​	​	27,558,994
Accumulated depreciation and amortization	​	​	(8,856,535)	​	​	​	(8,641,331)
Investments in operating properties, net	​	​	19,091,429	​	​	​	18,917,663
Construction in progress and space held for development	​	​	4,973,266	​	​	​	5,164,334
Land held for future development	​	​	69,089	​	​	​	38,785
Investments in properties, net	​	$	24,133,784	​	​	$	24,120,782

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Acquisitions

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During the quarter, we closed on two land acquisitions in Charlotte, North Carolina. The first acquisition was approximately 48 acres for $20.0 million, adjacent to our existing campus that was acquired in the fourth quarter of 2024. The second acquisition was for two parcels adjacent to our existing connectivity hub in Uptown Charlotte for approximately $16.1 million.

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Contributions

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During the three months ended March 31, 2025, Digital Realty launched its first U.S. hyperscale data center fund (the “Fund”), successfully raising approximately $1.4 billion of equity commitments, from a broad array of global limited partners (“LP”). As of April 22, 2025, Fund commitments totaled approximately $1.7 billion. The Fund is targeting $2.5 billion of LP equity commitments, representing up to an 80% ownership interest, while Digital Realty will maintain at least a 20% stake in the assets. The Fund will be comprised of operating hyperscale data centers and development sites, located across leading U.S. data center markets, including Northern Virginia, Dallas, Atlanta, Charlotte, New York metro and Silicon Valley. The initial portfolio includes five operating data centers plus four land sites with access to power for data center development. Digital Realty expects to contribute a share of the assets to the Fund in the second quarter and will serve as general partner, maintaining operational and management responsibilities for the assets. The disposition of a portion of our interest in the data centers met the criteria under ASC 360 for the assets to qualify as held for sale and contribution. However, the operations are not classified as discontinued operations as a result of our continuing interest in the Fund. These data centers were not representative of a significant component of our portfolio, nor will the contribution represent a significant shift in our strategy.

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As of March 31, 2025, real estate assets, including those mentioned above, that qualified as held for sale had an aggregate carrying value of $953.2 million within total assets and $7.9 million within total liabilities and are shown within Assets held for sale and contribution and Obligations associated with assets held for sale and contribution, respectively, on the condensed consolidated balance sheet.

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The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures.

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