DLR

MKT CAP $60.1BP/E 45.2DIV YIELD —FCF YIELD —REV TTM $6.3B +12.6%NET INCOME $1.4B +219.7%NET DEBT $845.2M52W 147.93 – 203.91SEC XBRL · TTM TO Invalid Date

How DLR rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025

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For a complete discussion of forward-looking statements, see the section in this report entitled “Forward-Looking Statements.” A discussion regarding our financial condition and results of operations for 2025 as compared to 2024 is presented herein.
Information on 2023 is presented in graphs and other tables only to show year-over-year trends in our results of operations and operating metrics.
Our financial condition for 2023 and results of operations for 2023 – and also 2023 as compared to 2024 – can be found under Item 7.
Management’s Discussion and Analysis of Financial Condition and Results of Operations, of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on February 25, 2025.
Summary of 2025 Significant Activities We completed the following significant activities in 2025 as described in the Notes to the Consolidated Financial Statements: ● In January 2025, Digital Dutch Finco B.V., an indirect wholly owned finance subsidiary of the Operating Partnership, issued and sold €850 million aggregate principal amount of 3.875% Guaranteed Notes due 2035.
Net proceeds from the offering were approximately €838 million (approximately $864 million based on the exchange rate on January 14, 2025) after deducting managers’ discounts and estimated offering expenses. ● In March 2025, we formed a joint venture with Bersama Digital Infrastructure Asia (BDIA) to develop and operate data centers across Indonesia.
We acquired a 50 % interest in the joint venture, which consists of two land parcels and two buildings in Jakarta, Indonesia for approximately $ 94.7 million.
The 6 acres of land and two buildings can support up to approximately 32 megawatts of IT load. ● In April 2025, we received approximately $77 million of gross proceeds from the contribution of our data centers to the joint venture with Blackstone.
As a result of transferring control, we derecognized the data centers and recognized a gain on disposition of approximately $58 million. ● During the first half of 2025, the Company launched the Digital Realty DC Partners NA Fund (the “Fund”), and in May 2025, we received approximately $937 million of gross proceeds from the contribution of operating data centers and development projects to the Fund, recognized a gain on disposition of approximately $873 million, and recognized an investment in the assets of $661 million. ● In June 2025, Digital Dutch Finco B.V., an indirect wholly owned finance subsidiary of the Operating Partnership, issued and sold €850 million aggregate principal amount of 3.875% Guaranteed Notes due 2034.
Net proceeds from the offering were approximately €836.6 million (approximately $975 million based on the exchange rate on June 25, 2025) after deducting managers’ discounts and estimated offering expenses. ● In July 2025, we repaid €650 million in aggregate principal amount of our 0.625% senior notes due 2025. ● In November 2025, Digital Euro Finco, LLC, a wholly owned indirect finance subsidiary of the Operating Partnership, issued and sold €600 million aggregate principal amount of 3.750% Guaranteed Notes due 2033 and €800 million aggregate principal amount of 4.250% Guaranteed Notes due 2037.
Net proceeds from the offering were approximately €1.4 billion (approximately $1.6 billion based on the exchange rate on November 20, 2025) after deducting managers’ discounts and estimated offering expenses. Index to Financial Statements ● In December 2025, we redeemed €1.075 billion in aggregate principal amount of our 2.500% notes due 2026 prior to maturity. ● During the three months ended December 31, 2025, Digital Realty contributed an additional 40% of its interest in five operating data centers to the Fund for approximately $427 million.
The transaction resulted in a gain of approximately $ 30.2 million.
After this contribution, Digital Realty owns a 20% stake in each of the assets held in the Fund. ● For the year ended December 31, 2025, Digital Realty Trust, Inc. generated net proceeds of approximately $1.1 billion from the issuance of approximately 6.4 million common shares under the 2024 Sales Agreement at an average price of $173.09 per share after payment of approximately $6.8 million of commissions to the agents.
As of February 9, 2026, approximately $1.9 billion remains available for future sales under the 2024 Sales Agreement Amendment.
Revenue Base Most of our revenue consists of rental income generated by the data centers in our portfolio.
A summary of our data center portfolio and related occupied square feet (in thousands) (excluding space under development or held for development) is shown below.
Entities for which we do not provide such services are shown as Non-Managed Unconsolidated Portfolio. As of December 31, 2025 As of December 31, 2024 Region Data Center Buildings Net Rentable Square Feet (1) Space Under Active Development (2) Space Held for Development (3) Occupancy Data Center Buildings Net Rentable Square Feet (1) Space Under Active Development (2) Space Held for Development (3) Occupancy North America 18,504 1,452 1,290 85.5 % 20,004 2,775 1,025 85.5 % Europe 9,736 2,694 76.8 % 8,836 2,833 77.3 % Asia Pacific 1,660 1,025 84.6 % 1,577 81.2 % Africa 2,122 1,007 83.0 % 1,704 1,422 82.8 % Consolidated Portfolio 32,022 6,178 2,200 82.6 % 32,120 7,096 2,052 82.9 % Managed Unconsolidated Portfolio 7,000 2,441 93.7 % 5,552 1,022 91.8 % Non-Managed Unconsolidated Portfolio 4,186 1,061 2,087 85.3 % 3,654 2,234 83.0 % Total Portfolio 43,208 9,679 4,696 84.7 % 41,326 8,904 4,686 84.1 % Note: Table excludes data centers held for sale.
Total amounts may differ due to rounding.
For additional information on the current investment for space held for development, see “Liquidity and Capital Resources—Development Projects”. Index to Financial Statements Leasing Activities Due to the capital-intensive and long-term nature of the operations we support, our lease terms with customers are generally longer than standard commercial leases.
As of December 31, 2025, our average remaining lease term was approximately five years.
The subsequent table summarizes our leasing activity in the year ended December 31, 2025 (square feet in thousands): Tenant Improvements / Lease Weighted Commissions Average Lease Rentable Expiring New Rental Rate Per Square Terms Square Feet (1) Rates (2) Rates (2) Changes Foot (years) Leasing Activity (3)(4) Renewals Signed 0 — 1 MW 2,039 $ $ 4.6 % $ 1.4 > 1 MW 1,008 $ $ 27.0 % $ 5.1 Other (6) $ $ 43.0 % $ 4.2 New Leases Signed (5) 0 — 1 MW — $ — $ 4.5 > 1 MW 1,188 — $ — $ — 10.0 Other (6) — $ — $ 8.3 Leasing Activity Summary 0 — 1 MW 2,884 $ > 1 MW 2,196 $ Other (6) $ (1) For some of our properties, we calculate square footage based on factors in addition to contractually leased square feet, including power, required support space and common area.
All rates were calculated in the local currency of each contract and then converted to USD based on average exchange rates for the period December 31, 2025.
(4) Commencement dates for the leases signed range from 2025 to 2026.
(6) Other includes Powered Base Building shell capacity as well as storage and office space within fully improved data center facilities. We continue to see strong demand in most of our key metropolitan areas for data center space and, subject to the supply of available data center space in these metropolitan areas, we expect average aggregate rental rates on renewed data center leases for 2026 expirations to be positive as compared with the rates currently being paid for the same space on a GAAP basis and on a cash basis.
The following table shows the geographic concentration based on annualized rent from our portfolio, including data centers held as investments in unconsolidated entities. Percentage of December 31, 2025 Metropolitan Area Total annualized rent (1) Northern Virginia 21.4 % Chicago 7.1 % Frankfurt 6.1 % London 4.5 % Singapore 4.5 % Dallas 4.3 % Paris 4.1 % Amsterdam 4.1 % New York 4.0 % Sao Paulo 3.8 % Johannesburg 3.5 % Silicon Valley 3.5 % Portland 3.0 % Tokyo 2.3 % Zurich 1.7 % Other 22.1 % Total 100.0 % (1) Annualized rent is monthly contractual rent (defined as cash base rent before abatements) under existing leases as of the end of the period presented multiplied by 12.
The aggregate amount of abatements for the year ended December 31, 2025 was approximately $35.6 million. Operating Expenses Operating expenses primarily consist of utilities, property and ad valorem taxes, property management fees, insurance and site maintenance costs, and rental expenses on our ground and building leases.
A roll forward showing changes in the stabilized and non-stabilized portfolios for the year ended December 31, 2025 as compared to December 31, 2024 is shown below (in thousands). Net Rentable Square Feet Stabilized Non-Stabilized Total As of December 31, 2024 23,866 8,256 32,122 New development and space reconfigurations (17) 1,820 1,803 Transfers to stabilized from non-stabilized 1,742 (1,742) — Transfers to non-stabilized from stabilized (1,669) 1,401 (268) Dispositions / Sales (1,635) (156) (1,791) Acquisitions — As of December 31, 2025 22,287 9,735 32,022 Index to Financial Statements Comparison of the Year Ended December 31, 2025 to the Year Ended December 31, 2024 Revenues Total operating revenues as shown on our consolidated income statements was as follows (in thousands): Year Ended December 31, 2025 2024 $ Change % Change Stabilized 4,272,850 $ 4,028,165 $ 244,685 6.1 % Non-Stabilized 1,696,068 1,454,307 241,761 16.6 % Rental and other services 5,968,918 5,482,472 486,446 8.9 % Fee income and other 143,774 72,496 71,278 98.3 % Total operating revenues $ 6,112,692 $ 5,554,968 $ 557,724 10.0 % Total operating revenues increased by approximately $557.7 million for the year ended December 31, 2025 compared to the same period in 2024. Stabilized rental and other services revenue increased by $244.7 million for the year ended December 31, 2025 compared to the same period in 2024 primarily due to increases in new leasing and renewals across all regions along with the strengthening of foreign exchange rates, primarily the Euro, British pound sterling and Singapore dollar. Non-stabilized rental and other services revenue increased $241.8 million for the year ended December 31, 2025, compared to the same period in 2024, driven primarily by: (i) an increase of $447.1 million due to the completion of our global development pipeline and related lease up operating activities (with the biggest contributions in Northern Virginia, Johannesburg and Portland); and (ii) offset by a decrease of $205.3 million related to properties sold and contributed in 2024 and 2025.
Fee income and other Fee income and other increased $71.3 million for the year ended December 31, 2025, compared to the same period in 2024, driven primarily by: (i) an increase of $51.5 million related to construction and development fees, including electrical fit-out; and (ii) an increase of $20.7 million related to joint venture management fees. Index to Financial Statements Operating Expenses — Property Level Property level operating expenses as shown in our consolidated income statements were as follows (in thousands): Year Ended December 31, 2025 2024 $ Change % Change Stabilized $ 1,031,119 $ 1,001,884 $ 29,235 2.9 % Non-Stabilized 395,366 331,532 63,834 19.3 % Total Utilities 1,426,485 1,333,416 93,069 7.0 % Stabilized 772,706 712,225 60,481 8.5 % Non-Stabilized 307,858 272,696 35,162 12.9 % Total Rental property operating and maintenance (excluding utilities) 1,080,564 984,921 95,643 9.7 % Total Rental property operating and maintenance 2,507,049 2,318,337 188,712 8.1 % Stabilized 167,553 156,671 10,882 6.9 % Non-Stabilized 52,135 44,107 8,028 18.2 % Total Property taxes and insurance 219,688 200,778 18,910 9.4 % Total property level operating expenses $ 2,726,737 $ 2,519,115 $ 207,622 8.2 % Property level operating expenses include costs to operate and maintain the properties in our portfolio as well as taxes and insurance. Total Utilities Total stabilized utilities expenses increased by approximately $29.2 million compared to the same period in 2024 primarily due to higher power pricing at certain properties in the stabilized portfolio.
Total non-stabilized utilities expenses increased by approximately $63.8 million compared to the same period in 2024 primarily due to: (i) an increase of approximately $129.2 million due to higher utility consumption in a growing portfolio of recently completed development sites (with the biggest contributions in Northern Virginia, Johannesburg and Portland); offset by (ii) a decrease in power agreement charges by $13.1 million; and (iii) a decrease of $52.3 million related to properties sold or contributed in 2024 and 2025. The cost of electric power comprises a significant component of our operating expenses.
Total Rental Property Operating and Maintenance (Excluding Utilities) Total stabilized rental property operating and maintenance expenses (excluding utilities) increased by approximately $60.5 million compared to the same period in 2024 primarily due to an increase in data center labor and common area maintenance expense. Index to Financial Statements Total non-stabilized rental property operating and maintenance expenses (excluding utilities) increased by approximately $35.2 million compared to the same period in 2024 primarily due to: (i) an increase of approximately $78.7 million mainly due to higher data center labor and repairs and maintenance expense throughout the portfolio; offset by (ii) a decrease of $43.5 million related to properties sold or contributed in 2024 and 2025.
Total Property Taxes and Insurance Total stabilized property taxes and insurance increased by approximately $10.9 million compared to the same period in 2024 primarily due to timing of property tax assessments throughout our North American portfolio.
Total non-stabilized property taxes and insurance increased $8.0 million compared to the same period in 2024 primarily related to: (i) an increase of approximately $11.8 million due to property tax reassessments for certain properties located in Chicago, Northern Virginia and Portland in the non-stabilized portfolio; offset by (ii) a decrease of $3.8 million related to properties sold or contributed in 2024 and 2025. Other Operating Expenses Other operating expenses include costs which are either non-cash in nature (such as depreciation and amortization) or which do not directly pertain to operation of data center properties.
A comparison of other operating expenses for the respective period is shown below (in thousands). Year Ended December 31, 2025 2024 $ Change % Change Depreciation and amortization $ 1,894,636 $ 1,771,797 $ 122,839 6.9 % General and administrative 565,482 480,023 85,459 17.8 % Transactions and integration 185,090 93,902 91,188 97.1 % Provision for impairment 78,553 191,184 (112,631) (58.9) % Other 3,702 27,083 (23,381) (86.3) % Total other operating expenses 2,727,463 2,563,989 163,474 6.4 % Total property level operating expenses 2,726,737 2,519,115 207,622 8.2 % Total operating expenses $ 5,454,200 $ 5,083,104 $ 371,096 7.3 % General and Administrative General and administrative expenses increased $85.5 million compared to the same period in 2024 due to higher head count along with increased information technology costs.
Transactions and Integration Transactions and integration expenses increased $91.2 million compared to the same period in 2024 driven primarily by placement fees associated with securing capital commitments to the Fund and lease termination expenses in connection with acquisitions along with higher internal integration project costs. Index to Financial Statements Provision for Impairment During the year ended December 31, 2025, we recorded a provision for impairment on real estate investments of $78.6 million.
We determined that certain non-core properties in secondary U.S. markets had carrying amounts that may not be fully recoverable.
Accordingly, the recorded amounts were reduced to reflect management’s estimate of fair value based on a forecast of cash flows and market capitalization rates. During the year ended December 31, 2024, we recorded a provision for impairment on real estate investments of $191.2 million.
Equity in Earnings (Loss) of Unconsolidated Entities Equity in earnings (loss) of unconsolidated entities decreased approximately $88.2 million compared to the same period in 2024.
The foreign exchange remeasurement of debt associated with our unconsolidated Ascenty entity creates volatility in our equity in earnings and drove this fluctuation.
Gain on Disposition of Properties, net Gain on disposition of properties, net increased approximately $399.8 million as compared to the same period in 2024. In 2025, we sold non-core data centers in the Atlanta, Miami, Boston and Dallas metro areas for gross proceeds of approximately $124 million and recognized a gain on disposition of approximately $33 million. In January 2025, Mitsubishi made an additional cash capital contribution in the amount of $62 million, resulting in an additional 15% ownership in the joint venture.
The transaction resulted in a gain of approximately $5.1 million. In April 2025, we contributed an additional three development projects at the Digital Dulles campus to our joint venture with Blackstone.

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Gone since FY2024

For a complete discussion of forward-looking statements, see the section in this report entitled “Forward-Looking Statements.” A discussion regarding our financial condition and results of operations for 2024 as compared to 2023 is presented herein.
Information on 2022 is presented in graphs and other tables only to show year-over-year trends in our results of operations and operating metrics.
Our financial condition for 2022 and results of operations for 2022 – and also 2022 as compared to 2023 – can be found under Item 7.
Management’s Discussion and Analysis of Financial Condition and Results of Operations, of our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed with the SEC on February 23, 2024.
Summary of 2024 Significant Activities We completed the following significant activities in 2024 as described in the Notes to the Consolidated Financial Statements: ● In January 2024, we: o formed a joint venture with Blackstone Inc. to develop four hyperscale data center campuses across Frankfurt, Paris and Northern Virginia.
We perform the day-to-day accounting and property management functions for the joint ventures and, as such, will earn management fees; and o closed on the sale of our interest in four data centers to Brookfield Infrastructure Partners L.P., or Brookfield, for approximately $271 million.
As a result of the sale, we recognized a total gain on disposition of approximately $200.5 million, of which $191.6 million is included within Gain on disposition of properties, net and $8.9 million is included within Equity in (loss) earnings of unconsolidated entities on our condensed consolidated income statements. ● In March 2024, we formed a joint venture with Mitsubishi Corporation, or Mitsubishi, to support the development of two data centers in the Dallas metro area.
We perform the day-to-day accounting and property management functions for the joint venture and, as such, will earn a management fee. ● In April 2024, we: o expanded our existing joint venture with GI Partners with the sale to GI Partners of a 75% interest in a third facility on the same hyperscale data center campus in Chicago.
As a result of transferring control, we derecognized the data center and recognized a gain on disposition of approximately $172 million; and o completed the sale of an additional 24.9% interest in a data center facility in Frankfurt, Germany to DCREIT for total consideration of approximately $126 million, and DCREIT then had a 49.9% interest in the Frankfurt data center.
In December 2024, we Index to Financial Statements closed on the sale to DCREIT of an additional 15.1% interest in a data center located in Frankfurt, Germany for approximately $77 million.
The transaction valued the Frankfurt facility at €470 million or $498 million (at 100% share).
Including two prior investments, DCREIT now owns a 65% interest in this Frankfurt data center.
We have retained a 35% interest in the Frankfurt facility.
As a result of transferring control, we derecognized the Frankfurt facility and recognized a gain on disposition of approximately $101 million; and ● In May 2024, Digital Realty Trust, Inc. and Digital Realty Trust, L.P. entered into an underwriting agreement with BofA Securities, Inc., Citigroup Global Markets Inc. and J.P.
Morgan Securities LLC, as representatives of the several underwriters relating to the sale of up to approximately 12.1 million shares of common stock (including approximately 1.6 million shares that the underwriters had the option to purchase, and which option was exercised in full on May 8, 2024), at a purchase price to the underwriters of $136.66 per share.
The offering closed on May 10, 2024, and we received net proceeds of approximately $1.7 billion. ● In September 2024: o Digital Dutch Finco B.V., an indirect wholly owned finance subsidiary of the Operating Partnership, issued and sold €850 million aggregate principal amount of 3.875% Guaranteed Notes due 2033 (the “2033 Notes”).
Net proceeds from the offering were approximately €843 million (approximately $933 million based on the exchange rate on September 13, 2024) after deducting managers’ discounts and estimated offering expenses; and o we refinanced our Global Revolving Credit Facility and Yen Revolving Credit Facility.
The Global Revolving Credit Facilities provide for borrowings up to $4.4 billion (including approximately $0.3 billion available to be drawn on the Yen Revolving Credit Facility) based on currency commitments and foreign exchange rates as of December 31, 2024.
Both facilities mature on January 24, 2029, with two six-month extension options available. ● In November 2024, Digital Realty Trust, L.P. issued $1,150,000,000 principal amount of its 1.875% Exchangeable Senior Notes due 2029 (the “Exchangeable Notes”).
Net proceeds from the offering were approximately $1.13 billion after deducting managers’ discounts and offering expenses. ● In December 2024, the second phase of the Blackstone Inc. joint venture closed on hyperscale data center campuses in Frankfurt and Northern Virginia.
As a result of transferring control, we derecognized the data centers and recognized a gain on disposition of approximately $44.5 million. Index to Financial Statements Revenue Base Most of our revenue consists of rental income generated by the data centers in our portfolio.
A summary of our data center portfolio and related square feet (in thousands) occupied (excluding space under development or held for development) is shown below.
Entities for which we do not provide such services are shown as Non-Managed Unconsolidated Portfolio. As of December 31, 2024 As of December 31, 2023 Region Data Center Buildings Net Rentable Square Feet (1) Space Under Active Development (2) Space Held for Development (3) Occupancy Data Center Buildings Net Rentable Square Feet (1) Space Under Active Development (2) Space Held for Development (3) Occupancy North America 20,004 2,775 1,025 85.5 % 20,150 2,590 1,335 83.8 % Europe 8,836 2,833 77.3 % 8,873 3,291 75.8 % Asia Pacific 1,577 81.2 % 1,652 76.7 % Africa 1,704 1,422 82.8 % 1,528 1,581 71.0 % Consolidated Portfolio 32,120 7,096 2,052 82.9 % 32,203 7,535 1,884 79.8 % Managed Unconsolidated Portfolio 5,552 1,022 91.8 % 3,843 — 93.7 % Non-Managed Unconsolidated Portfolio 3,654 2,234 83.0 % 3,641 2,246 85.3 % Total Portfolio 41,326 8,904 4,686 84.1 % 39,688 8,470 4,130 81.7 % Note: Table excludes data centers held for sale.
Individual items may not add up to total due to rounding.
For additional information on the current investment for space held for development, see “Liquidity and Capital Resources—Development Projects”. Leasing Activities Due to the capital-intensive and long-term nature of the operations we support, our lease terms with customers are generally longer than standard commercial leases.
As of December 31, 2024, our average remaining lease term was approximately five years.
The subsequent table summarizes our leasing activity in the year ended December 31, 2024 (square feet in thousands): Index to Financial Statements TI’s/Lease Weighted Commissions Average Lease Rentable Expiring New Rental Rate Per Square Terms Square Feet (1) Rates (2) Rates (2) Changes Foot (years) Leasing Activity (3)(4) Renewals Signed 0 — 1 MW 2,082 $ $ 5.0 % $ 1.5 > 1 MW 2,513 $ $ 27.4 % $ 5.5 Other (6) $ $ 47.1 % $ 5.4 New Leases Signed (5) 0 — 1 MW — $ — $ 3.9 > 1 MW 2,581 — $ — $ — 11.6 Other (6) — $ — $ 12.2 Leasing Activity Summary 0 — 1 MW 2,731 $ > 1 MW 5,094 $ Other (6) $ (1) For some of our properties, we calculate square footage based on factors in addition to contractually leased square feet, including power, required support space and common area.
All rates were calculated in the local currency of each contract and then converted to USD based on average exchange rates for the period December 31, 2024.
(4) Commencement dates for the leases signed range from 2024 to 2025.
(6) Other includes Powered Base Building shell capacity as well as storage and office space within fully improved data center facilities. We continue to see strong demand in most of our key metropolitan areas for data center space and, subject to the supply of available data center space in these metropolitan areas, we expect average aggregate rental rates on renewed data center leases for 2025 expirations to be positive as compared with the rates currently being paid for the same space on a GAAP basis and on a cash basis.
The following table shows the geographic concentration based on annualized rent from our portfolio, including data centers held as investments in unconsolidated entities. Percentage of December 31, 2024 Metropolitan Area Total annualized rent (1) Northern Virginia 19.6 % Chicago 7.7 % Frankfurt 5.9 % Dallas 5.3 % London 5.0 % Singapore 4.6 % New York 4.4 % Amsterdam 4.0 % Silicon Valley 4.0 % Sao Paulo 3.9 % Portland 3.4 % Johannesburg 3.2 % Paris 2.9 % Tokyo 2.0 % Phoenix 1.7 % Other 22.4 % Total 100.0 % (1) Annualized rent is monthly contractual rent (defined as cash base rent before abatements) under existing leases as of the end of the period presented multiplied by 12.
The aggregate amount of abatements for the year ended December 31, 2024 was approximately $44.3 million. Operating Expenses Operating expenses primarily consist of utilities, property and ad valorem taxes, property management fees, insurance and site maintenance costs, and rental expenses on our ground and building leases.
The largest of these investments is currently our investment in Ascenty, which is located primarily in Latin America.
Our second-largest equity-method investment is Digital Core REIT, which is publicly traded on the Singapore Exchange (“SGX”) and which owns a portfolio of 10 properties operating in the United States, Canada, Germany and Japan.
A roll forward showing changes in the stabilized and non-stabilized portfolios for the year ended December 31, 2024 as compared to December 31, 2023 is shown below (in thousands). Net Rentable Square Feet Stabilized Non-Stabilized Total As of December 31, 2023 22,600 9,603 32,203 New development and space reconfigurations (458) 1,195 Transfers to stabilized from non-stabilized 2,369 (2,431) (62) Transfers to non-stabilized from stabilized (170) (97) Dispositions / Sales (475) (544) (1,019) Acquisitions — As of December 31, 2024 23,866 8,256 32,122 Index to Financial Statements Comparison of the Year Ended December 31, 2024 to the Year Ended December 31, 2023 Revenues Total operating revenues as shown on our consolidated income statements was as follows (in thousands): Year Ended December 31, 2024 2023 $ Change % Change Stabilized 4,170,449 $ 4,233,212 $ (62,763) (1.5) % Non-Stabilized 1,312,023 1,196,961 115,062 9.6 % Rental and other services 5,482,472 5,430,173 52,299 1.0 % Fee income and other 72,496 46,888 25,608 54.6 % Total operating revenues $ 5,554,968 $ 5,477,061 $ 77,907 1.4 % Total operating revenues increased by approximately $77.9 million for the year ended December 31, 2024 compared to the same period in 2023. Stabilized rental and other services revenue decreased by $62.8 million for the year ended December 31, 2024 compared to the same period in 2023 primarily due to: (i) a decrease of $161.0 million in utility reimbursement largely driven by power price decreases, mainly in EMEA and APAC; and (ii) offset by an increase of $98.2 million in new leasing and renewals across all regions. Non-stabilized rental and other services revenue increased $115.1 million for the year ended December 31, 2024, compared to the same period in 2023, driven primarily by: (i) an increase of $375.9 million due to the completion of our global development pipeline and related lease up operating activities (with the biggest contributions in Northern Virginia, Portland, Johannesburg, Paris, New York, and Toronto); and (ii) offset by a decrease of $260.8 million related to properties sold and contributed in 2023 and 2024. Index to Financial Statements Operating Expenses — Property Level Property level operating expenses as shown in our consolidated income statements were as follows (in thousands): Year Ended December 31, 2024 2023 $ Change % Change Stabilized $ 1,020,379 $ 1,203,719 $ (183,340) (15.2) % Non-Stabilized 313,037 268,117 44,920 16.8 % Total Utilities 1,333,416 1,471,836 (138,420) (9.4) % Stabilized 712,962 662,061 50,901 7.7 % Non-Stabilized 271,959 247,769 24,190 9.8 % Total Rental property operating and maintenance (excluding utilities) 984,921 909,830 75,091 8.3 % Total Rental property operating and maintenance 2,318,337 2,381,666 (63,329) (2.7) % Stabilized 159,339 138,141 21,198 15.3 % Non-Stabilized 41,439 78,264 (36,825) (47.1) % Total Property taxes and insurance 200,778 216,405 (15,627) (7.2) % Total property level operating expenses $ 2,519,115 $ 2,598,071 $ (78,956) (3.0) % Property level operating expenses include costs to operate and maintain the properties in our portfolio as well as taxes and insurance. Total Utilities Total stabilized utilities expenses decreased by approximately $183.3 million compared to the same period in 2023 primarily due to lower power pricing at certain properties in the stabilized portfolio, mainly in EMEA and APAC.
Total non-stabilized utilities expenses increased by approximately $44.9 million compared to the same period in 2023 primarily due to: (i) an increase of approximately $75.9 million due to higher utility consumption in a growing portfolio of recently completed development sites (with the biggest contributions in Northern Virginia, Portland, Zurich, Cape Town and Johannesburg); the markets with the biggest contributions were Northern Virginia, Portland, Frankfurt, London and Paris); (ii) a decrease in power agreement credits by $28.7 million; and (iii) offset by a decrease of $59.7 million related to properties sold or contributed in 2023 and 2024. The cost of electric power comprises a significant component of our operating expenses.
Total Rental Property Operating and Maintenance (Excluding Utilities) Total stabilized rental property operating and maintenance expenses (excluding utilities) increased by approximately $50.9 million compared to the same period in 2023 primarily due to an increase in data center labor and common area maintenance expense. Index to Financial Statements Total non-stabilized rental property operating and maintenance expenses (excluding utilities) increased by approximately $24.2 million compared to the same period in 2023 primarily due to higher lease and common area maintenance expense in a growing portfolio of recently completed development sites.
Total Property Taxes and Insurance Total stabilized property taxes and insurance increased by approximately $21.2 million compared to the same period in 2023 due to a favorable property tax assessment at one of our North American properties realized in early 2023.
Total non-stabilized property taxes and insurance decreased $36.8 million compared to the same period in 2023 primarily related to properties sold or contributed after December 31, 2023.
Provision for Impairment During the year ended December 31, 2024, we recognized impairment charges of approximately $191.2 million, which is recorded as provision for impairment on the consolidated income statement.

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