デジタルリアルティトラストの適時開示・決算・その他

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): July 25, 2024

DIGITAL REALTY TRUST, INC.

(Exact name of registrant as specified in its charter)


Maryland	001-32336	26-0081711
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)


5707 Southwest Parkway, Building 1, Suite 275 Austin, Texas	78735
(Address of principal executive offices)	(Zip Code)

(737) 281-0101

(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).


	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. ◻ The information in this Item 2.02 of this Current Report on Form 8-K is also being furnished under Item 7.01 “Regulation FD Disclosure” of Form 8-K.

Item 2.02 Results of Operations and Financial Condition.

Such information, including the exhibits attached hereto, is furnished pursuant to Item 2.02 and shall not be deemed “filed” for any purpose, including for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (Exchange Act), or otherwise subject to the liabilities of that Section. The information in this Current Report on Form 8-K shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended (Securities Act), or the Exchange Act regardless of any general incorporation language in such filing.

On July 25, 2024, we issued a press release announcing our financial results for the quarter ended June 30, 2024. The press release referred to certain supplemental information that is available on the Company’s website at www.digitalrealty.com. A copy of the press release and supplemental information is attached hereto as Exhibit 99.1 and incorporated by reference herein.

On July 25, 2024, we also posted presentation materials to our website at www.digitalrealty.com. The presentation materials are attached hereto as Exhibit 99.2 and incorporated by reference herein.

Item 7.01 Regulation FD Disclosure.

The information in this Item 7.01 of this Current Report on Form 8-K is also being furnished under Item 2.02 “Results of Operations and Financial Condition” of Form 8-K. Such information, including the exhibits attached hereto, is furnished pursuant to Item 7.01 and shall not be deemed “filed” for any purpose, including for the purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that Section. The information in this Current Report on Form 8-K shall not be deemed incorporated by reference into any filing under the Securities Act or the Exchange Act regardless of any general incorporation language in such filing.

On July 25, 2024, we also posted presentation materials to our website at www.digitalrealty.com. The presentation materials are attached hereto as Exhibit 99.2 and incorporated by reference herein.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.



Exhibit No.		Description

99.1		Earnings Press Release and Supplemental Information for the Quarter Ended June 30, 2024.
99.2		Presentation Materials posted July 25, 2024.
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 registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

EANNIE
		Digital Realty Trust, Inc.
	By:	/s/ JEANNIE LEE
		Jeannie Lee
		Executive Vice President, General Counsel and Secretary

Date: July 25, 2024

EX-99.1 2 dlr-20240725xex99d1.htm EX-99.1

Table of Contents

Exhibit 99.1

Table of Contents

		Financial Supplement
Table of Contents			Second Quarter 2024

Overview	PAGE

Corporate Information	3

Key Quarterly Financial Data	5

Consolidated Statements of Operations

Earnings Release	7

2024 Outlook	10

Consolidated Quarterly Statements of Operations	12

Funds From Operations and Core Funds From Operations	13

Adjusted Funds From Operations	14

Balance Sheet Information

Consolidated Balance Sheets	15

Components of Net Asset Value	16

Debt Maturities	17

Debt Analysis and Covenant Compliance	18

Internal Growth

Same-Capital Operating Trend Summary	19

Summary of Leasing Activity - Signed	20

Summary of Leasing Activity - Renewed	21

Lease Expirations - By Size	22

Top 20 Customers by Annualized Rent	23

Occupancy Analysis	24

External Growth

Development Lifecycle	25

Construction Projects in Progress	26

Historical Capital Expenditures and Investments in Real Estate	27

Acquisitions / Dispositions / Joint Ventures	28

Unconsolidated Joint Ventures	29

Additional Information

Reconciliation of Earnings Before Interest, Taxes, Depreciation & Amortization and Financial Ratios	30

Management Statements on Non-GAAP Measures	31

Forward-Looking Statements	33

Table of Contents

		Financial Supplement
Corporate Information			Second Quarter 2024

Corporate Profile

Digital Realty Trust, Inc. (“Digital Realty” or the “company”) owns, acquires, develops, and operates data centers through its operating partnership subsidiary, Digital Realty Trust, L.P. (the “operating partnership”). The company is focused on providing data center, colocation, and interconnection solutions for domestic and international customers across a variety of industry verticals ranging from cloud and information technology services, communications and social networking to financial services, manufacturing, energy, healthcare, and consumer products. As of June 30, 2024, the company’s 310 data centers, including 73 data centers held as investments in unconsolidated joint ventures, contain applications and operations critical to the day-to-day operations of technology industry and corporate enterprise data center customers. Digital Realty’s portfolio is comprised of approximately 41.2 million square feet, excluding approximately 8.5 million square feet of space under active development and 5.1 million square feet of space held for future development, located throughout North America, Europe, South America, Asia, Australia, and Africa. For additional information, please visit the company’s website at digitalrealty.com.

Corporate Headquarters

5707 Southwest Parkway, Building 1, Suite 275

Austin, TX 78735
Telephone: (737) 281-0101
Website: digitalrealty.com

Senior Management

President & Chief Executive Officer: Andrew P. Power
Chief Financial Officer: Matthew R. Mercier
Chief Investment Officer: Gregory S. Wright
Chief Technology Officer: Christopher L. Sharp
Chief Revenue Officer: Colin M. McLean

Investor Relations

To request more information or to be added to our e-mail distribution list, please visit the Investor Relations section of our website at https://investor.digitalrealty.com.

Analyst Coverage

BMO

Bank of America

BMO Capital

BNP Paribas

Argus Research

Merrill Lynch

Barclays

Markets

Exane

Citigroup

Deutsche Bank

Marie Ferguson

David Barden

Brendan Lynch

Ari Klein

Nate Crossett

Michael Rollins

Matthew Niknam

(212) 425-7500

(646) 855-1320

(212) 526-9428

(212) 885-4103

(646) 725-3716

(212) 816-1116

(212) 250-4711

Edward Jones

Evercore ISI

Goldman Sachs

Green Street Advisors

HSBC

Jefferies

J.P. Morgan

Kyle Sanders

Irvin Liu

Jim Schneider

David Guarino

Phani Kanumuri

Jonathan Petersen

Richard Choe

(314) 515-0198

(415) 800-0183

(212) 357-2929

(949) 640-8780

+52 (551) 782-7350

(212) 284-1705

(212) 662-6708

KeyBanc

Mizuho Group

MoffettNathanson

Morgan Stanley

Morningstar

Raymond James

RBC Capital Markets

Brandon Nispel

Vikram Malhotra

Nick Del Deo

Simon Flannery

Matthew Dolgin

Frank Louthan

Jonathan Atkin

(503) 821-3871

(212) 282-3827

(212) 519-0025

(212) 761-6432

(312) 696-6783

(404) 442-5867

(415) 633-8589

Scotiabank

Stifel

TD Cowen

Truist Securities

UBS

Wells Fargo

Wolfe Research

Maher Yaghi

Erik Rasmussen

Michael Elias

Anthony Hau

John Hodulik

Eric Luebchow

Andrew Rosivach

(437) 995-5548

(212) 271-3461

(646) 562-1358

(212) 303-4176

(212) 713-4226

(312) 630-2386

(646) 582-9250

This Earnings Press Release and Supplemental Information package supplements the information provided in our quarterly and annual reports filed with the U.S. Securities and Exchange Commission. Additional information about Digital Realty and our business is also available on our website at digitalrealty.com.

Upcoming Conference Schedule


August 13 – 14, 2024	Raymond James Park City Summit	Park City, UT
September 4, 2024	Bank of America Media, Communications, and Entertainment Conference	New York, NY
September 5, 2024	Citi's 2024 Global TMT Conference	New York, NY
September 10, 2024	Goldman Sachs Communacopia Conference	San Francisco, CA
September 11-12, 2024	Bank of America Global REIT Conference	New York, NY
September 24-25, 2024	RBC Global Communications Infrastructure Conference	Chicago, IL

Webcasts for these events are available through the Digital Realty Investor Relations website when possible. Please check our website for additional information.

Table of Contents

		Financial Supplement
Corporate Information (Continued)			Second Quarter 2024

Stock Listing Information

The stock of Digital Realty Trust, Inc. is traded primarily on the New York Stock Exchange under the following symbols:

Common Stock:		DLR
Series J Preferred Stock:		DLRPRJ
Series K Preferred Stock:		DLRPRK
Series L Preferred Stock:		DLRPRL

Symbols may vary by stock quote provider.

Credit Ratings

Standard & Poor’s
Corporate Credit Rating:	BBB	(Stable Outlook)
Preferred Stock:	BB+

Moody’s
Issuer Rating:	Baa2	(Stable Outlook)
Preferred Stock:	Baa3

Fitch
Issuer Default Rating:	BBB	(Stable Outlook)
Preferred Stock:	BB+

These credit ratings may not reflect the potential impact of risks relating to the structure or trading of the company’s securities and are provided solely for informational purposes. Credit ratings are not recommendations to buy, hold or sell any security, and may be revised or withdrawn at any time by the issuing rating agency at its sole discretion. The company does not undertake any obligation to maintain the ratings or to advise of any change in ratings. Each agency’s rating should be evaluated independently of any other agency’s rating. An explanation of the significance of the ratings may be obtained from each of the rating agencies.

Common Stock Price Performance

The following summarizes recent activity of Digital Realty’s common stock (DLR):


	Three Months Ended
	30-Jun-24		31-Mar-24		31-Dec-23		30-Sep-23		30-Jun-23
High price		$153.25		$154.18		$139.35		$133.39		$114.43
Low price		$135.54		$130.00		$113.94		$112.38		$86.33
Closing price, end of quarter		$152.05		$144.04		$134.58		$121.02		$113.87
Average daily trading volume (1)		1,863		2,108		1,932		2,301		3,113
Indicated dividend per common share (2)		$4.88		$4.88		$4.88		$4.88		$4.88
Closing annual dividend yield, end of quarter		3.2%		3.4%		3.6%		4.0%		4.3%
Shares and units outstanding, end of quarter (1) (3)		332,346		319,009		318,057		309,325		305,723
Closing market value of shares and units outstanding (4)		$50,533,209		$45,950,001		$42,804,053		$37,434,562		$34,812,727

(1)	Shares or shares and units in thousands.

(2)	On an annualized basis.

(3)

As of June 30, 2024, the total number of shares and units includes 325,885 shares of common stock, 4,257 common units held by third parties and 2,204 common units and vested and unvested long-term incentive units held by directors, officers and others and excludes all shares of common stock potentially issuable upon conversion of our series J, series K and series L cumulative redeemable preferred stock upon certain change of control transactions.

(4)	Dollars in thousands as of the end of the quarter.

This Earnings Press Release and Supplemental Information package supplements the information provided in our quarterly and annual reports filed with the U.S. Securities and Exchange Commission. Additional information about us and our data centers is also available on our website at digitalrealty.com.

Table of Contents

Key Quarterly Financial Data		Financial Supplement
Unaudited, Dollars (except per share data) and Square Feet in Thousands			Second Quarter 2024


Shares and Units at End of Quarter	30-Jun-24		31-Mar-24		31-Dec-23		30-Sep-23		30-Jun-23
Common shares outstanding		325,885		312,421		311,608		302,846		299,240
Common partnership units outstanding		6,461		6,588		6,449		6,479		6,483
Total Shares and Units		332,346		319,009		318,057		309,325		305,723

Enterprise Value
Market value of common equity (1)		$50,533,209		$45,950,001		$42,804,053		$37,434,562		$34,812,727
Liquidation value of preferred equity		755,000		755,000		755,000		755,000		755,000
Total debt at balance sheet carrying value		16,339,746		17,020,340		17,425,908		16,869,776		17,729,452
Total Enterprise Value		$67,627,955		$63,725,341		$60,984,961		$55,059,338		$53,297,179
Total debt / total enterprise value		24.2%		26.7%		28.6%		30.6%		33.3%
Debt-plus-preferred-to-total-enterprise-value		25.3%		27.9%		29.8%		32.0%		34.7%

Selected Balance Sheet Data
Investments in real estate (before depreciation)		$34,573,283		$34,099,698		$34,355,662		$33,267,766		$33,958,096
Total Assets		43,606,883		42,633,089		44,113,257		41,932,515		42,388,735
Total Liabilities		21,199,178		21,792,866		23,116,936		21,895,634		22,916,155

Selected Operating Data
Total operating revenues		$1,356,749		$1,331,143		$1,369,633		$1,402,437		$1,366,267
Total operating expenses		1,346,860		1,181,776		1,235,598		1,344,206		1,211,407
Net income		74,668		287,837		19,884		745,941		115,647
Net income / (loss) available to common stockholders		70,039		271,327		18,122		723,440		108,003

Financial Ratios
EBITDA (2)		$625,130		$835,446		$572,958		$1,272,048		$667,866
Adjusted EBITDA (3)		726,874		710,556		699,509		685,943		696,604
Net Debt-to-Adjusted EBITDA (4)		5.3x		6.1x		6.2x		6.3x		6.8x
Interest expense		114,756		109,535		113,638		110,767		111,116
Fixed charges (5)		152,529		148,239		156,851		150,079		149,181
Interest coverage ratio (6)		4.3x		4.3x		4.0x		4.3x		4.5x
Fixed charge coverage ratio (7)		4.1x		4.0x		3.8x		4.1x		4.2x

Profitability Measures
Net income / (loss) per common share - basic		$0.22		$0.87		$0.06		$2.40		$0.37
Net income / (loss) per common share - diluted		$0.20		$0.82		$0.03		$2.31		$0.34
Funds from operations (FFO) / diluted share and unit (8)		$1.57		$1.41		$1.53		$1.55		$1.52
Core funds from operations (Core FFO) / diluted share and unit (8)		$1.65		$1.67		$1.63		$1.62		$1.68
Adjusted funds from operations (AFFO) / diluted share and unit (9)		$1.56		$1.68		$1.30		$1.40		$1.59
Dividends per share and common unit		$1.22		$1.22		$1.22		$1.22		$1.22
Diluted FFO payout ratio (8) (10)		77.9%		86.5%		79.8%		78.6%		80.3%
Diluted Core FFO payout ratio (8) (11)		73.9%		73.2%		75.0%		75.2%		72.6%
Diluted AFFO payout ratio (9) (12)		78.1%		72.8%		93.6%		87.3%		76.7%

Portfolio Statistics
Buildings (13)		323		323		323		326		330
Data Centers (13)		310		309		309		312		316
Cross-connects (13) (14)		223,000		221,500		220,000		218,000		216,000
Net rentable square feet, excluding development space (13)		41,220		39,839		39,688		39,542		39,310
Occupancy at end of quarter (15)		82.9%		82.1%		81.7%		82.8%		82.9%
Occupied square footage (13)		34,160		32,727		32,407		32,727		32,603
Space under active development (16)		8,507		8,238		8,470		9,205		8,841
Space held for development (17)		5,130		4,141		4,130		3,937		3,941
Weighted average remaining lease term (years) (18)		4.7		4.5		4.6		4.8		4.9
Same-capital occupancy at end of quarter (15) (19)		83.6%		82.6%		82.9%		82.8%		83.1%

Table of Contents

Key Quarterly Financial Data		Financial Supplement
Unaudited, Dollars (except per share data) and Square Feet in Thousands			Second Quarter 2024

(1)

The market value of common equity is based on the closing stock price at the end of the quarter and assumes 100% redemption of the limited partnership units in our operating partnership, including common units and vested and unvested long-term incentive units, for shares of our common stock on a one-for-one basis. Excludes shares of common stock potentially issuable upon conversion of our series J, series K and series L cumulative redeemable preferred stock upon certain change of control transactions, as applicable.

(2)	EBITDA is calculated as earnings before interest expense, loss from early extinguishment of debt, tax expense, and depreciation and amortization. For a discussion of EBITDA, see page 31. For a reconciliation of net income available to common stockholders to EBITDA, see page 30.

(3)

Adjusted EBITDA is EBITDA excluding (i) unconsolidated joint venture real estate related depreciation & amortization, (ii) unconsolidated joint venture interest and tax expense, (iii) severance, equity acceleration and legal expenses, (iv) transaction and integration expenses, (v) gain (loss) on sale / deconsolidation, (vi) provision for impairment, (vii) other non-core adjustments, net, (viii) non-controlling interests, (ix) preferred stock dividends, and (x) issuance costs associated with redeemed preferred stock. For a discussion of Adjusted EBITDA, see page 31. For a reconciliation of net income available to common stockholders to Adjusted EBITDA, see page 30.

(4)

Net Debt to Adjusted EBITDA is calculated as total debt at balance sheet carrying value (see page 5), plus capital lease obligations, plus our share of unconsolidated joint venture debt at carrying value, less cash and cash equivalents (including our share of unconsolidated joint venture cash), divided by the product of Adjusted EBITDA (including our share of unconsolidated joint venture EBITDA), multiplied by four.

(5)	Fixed charges consist of GAAP interest expense, capitalized interest, scheduled debt principal payments and preferred stock dividends.

(6)	Interest coverage ratio is Adjusted EBITDA divided by GAAP interest expense plus capitalized interest (including our share of unconsolidated joint venture interest expense).

(7)	Fixed charge coverage ratio is Adjusted EBITDA divided by fixed charges (including our share of unconsolidated joint venture fixed charges).

(8)	For definitions and discussion of FFO and Core FFO, see page 31. For reconciliations of net income available to common stockholders to FFO and Core FFO, see page 13.

(9)	For a definition and discussion of AFFO, see page 31. For a reconciliation of Core FFO to AFFO, see page 14.

(10)	Diluted FFO payout ratio is dividends declared per common share and unit divided by diluted FFO per share and unit.

(11)	Diluted Core FFO payout ratio is dividends declared per common share and unit divided by diluted Core FFO per share and unit.

(12)	Diluted AFFO payout ratio is dividends declared per common share and unit divided by diluted AFFO per share and unit.

(13)	Includes buildings held as investments in unconsolidated entities. Excludes buildings held-for-sale.

(14)	Represents approximate amounts.

(15)

Occupancy and same-capital occupancy exclude space under active development and space held for development. Occupancy represents our consolidated portfolio in addition to our managed portfolio of unconsolidated joint ventures and non-managed unconsolidated joint ventures. For some of our buildings, we calculate occupancy based on factors in addition to contractually leased square feet, including available power, required support space and common area. Excludes buildings held for sale.

(16)	Space under active development includes current Base Building and Data Centers projects in progress. Excludes buildings held-for-sale.

(17)	Space held for development includes space held for future Data Center development and excludes space under active development. Excludes buildings held for sale.

(18)	Weighted average remaining lease term excludes renewal options and is weighted by net rentable square feet.

(19)

Represents buildings owned as of December 31, 2022, with less than 5% of total rentable square feet under development. Excludes buildings that were undergoing, or were expected to undergo, development activities in 2023-2024, buildings classified as held-for-sale, and buildings sold or contributed to joint ventures for all periods presented. Prior period results have been adjusted to reflect current same-capital pool.

Table of Contents

Digital Realty Trust		Financial Supplement
Earnings Release			Second Quarter 2024

Digital Realty Reports Second Quarter 2024 Results

Austin, TX — July 25, 2024 — Digital Realty (NYSE: DLR), the largest global provider of cloud- and carrier-neutral data center, colocation, and interconnection solutions, announced today financial results for the second quarter of 2024. All per share results are presented on a fully diluted basis.

Highlights

◾

Reported net income available to common stockholders of $0.20 per share in 2Q24, compared to $0.34 in 2Q23

◾

Reported FFO per share of $1.57 in 2Q24, compared to $1.52 in 2Q23

◾

Reported Core FFO per share of $1.65 in 2Q24, compared to $1.68 in 2Q23

◾

Reported rental rate increases on renewal leases of 4.0% on a cash basis in 2Q24

◾

Signed total bookings during 2Q24 that are expected to generate $164 million of annualized GAAP rental revenue, including a $40 million contribution from the 0–1 megawatt category and $14 million contribution from interconnection

◾

Maintained 2024 Core FFO per share outlook of $6.60 - $6.75

Financial Results

Digital Realty reported revenues of $1.4 billion in the second quarter of 2024, a 2% increase from the previous quarter and a 1% decrease from the same quarter last year.

The company delivered net income of $75 million in the second quarter of 2024, and net income available to common stockholders of $70 million, or $0.20 per diluted share, compared to $0.82 per diluted share in the previous quarter and $0.34 per diluted share in the same quarter last year.

Digital Realty generated Adjusted EBITDA of $727 million in the second quarter of 2024, a 2% increase from the previous quarter and a 4% increase over the same quarter last year.

The company reported Funds From Operations (FFO) of $511 million in the second quarter of 2024, or $1.57 per share, compared to $1.41 per share in the previous quarter and $1.52 per share in the same quarter last year.

Excluding certain items that do not represent core expenses or revenue streams, Digital Realty delivered Core FFO per share of $1.65 in the second quarter of 2024, compared to $1.67 per share in the previous quarter and $1.68 per share in the same quarter last year. Digital Realty delivered Constant-Currency Core FFO per share of $1.66 for the second quarter of 2024 and $3.33 per share for the six-month period ended June 30, 2024.

“Digital Realty’s second quarter results reflect the continued strength of demand for data center capacity, along with a keen focus on our value proposition,” said Digital Realty President & Chief Executive Officer Andy Power. “We have returned our balance sheet to below-target leverage levels and broadened our capital sources to capitalize on the global opportunity we see for data center infrastructure.”

Leasing Activity

In the second quarter, Digital Realty signed total bookings that are expected to generate $164 million of annualized GAAP rental revenue, including a $40 million contribution from the 0–1 megawatt category and a $14 million contribution from interconnection.

The weighted-average lag between new leases signed during the second quarter of 2024 and the contractual commencement date was 20 months.

In addition to new leases signed, Digital Realty also signed renewal leases representing $215 million of annualized cash rental revenue during the quarter. Rental rates on renewal leases signed during the second quarter of 2024 increased 4.0% on a cash basis and 7.5% on a GAAP basis.

Table of Contents

Digital Realty Trust		Financial Supplement
Earnings Release			Second Quarter 2024

New leases signed during the second quarter of 2024 are summarized by region and product as follows:


	Annualized GAAP
	Base Rent		Square Feet	GAAP Base Rent			GAAP Base Rent
Americas	(in thousands)		(in thousands)	per Square Foot		Megawatts	per Kilowatt
0-1 MW		$13,980	58		$239	4.4		$263
> 1 MW		87,212	359		243	49.8		146
Other (1)		183	6		32	—		—
Total		$101,375	423		$239	54.2		$155

EMEA (2)
0-1 MW		$19,397	48		$406	4.9		$331
> 1 MW		14,309	80		178	7.6		158
Other (1)		37	4		10	—		—
Total		$33,743	132		$256	12.4		$226

Asia Pacific (2)
0-1 MW		$6,264	20		$316	1.7		$304
> 1 MW		8,728	27		327	2.8		264
Other (1)		129	1		118	—		—
Total		$15,121	48		$318	4.5		$279

All Regions (2)
0-1 MW		$39,642	126		$315	11.0		$299
> 1 MW		110,249	466		236	60.1		153
Other (1)		349	10		34	—		—
Total		$150,239	603		$249	71.1		$176

Interconnection		$14,011	N/A		N/A	N/A		N/A

Grand Total		$164,250	603		$249	71.1		$176

Note: Totals may not foot due to rounding differences.

(1)	Other includes Powered Base Building® shell capacity as well as storage and office space within fully improved data center facilities.

(2)	Based on quarterly average exchange rates during the three months ended June 30, 2024.

Investment Activity

As previously disclosed, Digital Realty closed on the sale to Digital Core REIT (SGX: DCRU) of an additional 24.9% interest in a data center facility located in Frankfurt, Germany for €117 million, or approximately $125 million. The transaction valued the Frankfurt facility at €470 million, or approximately $504 million (at 100% share).

Also previously disclosed, Digital Realty expanded its existing joint venture with GI Partners in Chicago, with the sale of a 75% interest in a third stabilized hyperscale data center that is situated on the same campus as two stabilized hyperscale data centers that were contributed to the joint venture with GI Partners in July 2023. Digital Realty received approximately $388 million of gross proceeds and maintained a 25% interest in the joint venture.

During the quarter, Digital Realty acquired a 4.1-acre parcel of land in Amsterdam, near one of its existing campuses for approximately €7.4 million or $7.9 million. The site comprises approximately 70,000 square feet leased to local tenants and approximately 39,000 square feet of land which will be used to develop a new high voltage substation to drive growth at the campus and optimize the use of a previously acquired land plot in the vicinity.

Also during the quarter, Digital Realty liquidated its 17% interest in Colovore, generating gross proceeds of approximately $35 million. Digital Realty realized a gain of approximately $27 million on its original investments, made in 2015 and 2017.

Subsequent to quarter end, and as previously disclosed, Digital Realty closed on its purchase option to acquire two data centers located in the Slough Trading Estate for $200 million. The two stabilized data centers offer a combined 15 MW of IT load, with an established community of 150+ customers, including a broad array of connectivity providers, technology companies, and financial services firms, utilizing over 2,000 cross connects. The acquisition marked Digital Realty’s entry into the west London, UK submarket, complementing Digital Realty’s existing colocation capabilities in the City and the Docklands.

Table of Contents

Digital Realty Trust		Financial Supplement
Earnings Release			Second Quarter 2024

Balance Sheet

Digital Realty had approximately $16.3 billion of total debt outstanding as of June 30, 2024, comprised of $15.6 billion of unsecured debt and approximately $0.7 billion of secured debt and other. At the end of the second quarter of 2024, net debt-to-Adjusted EBITDA was 5.3x, debt-plus-preferred-to-total enterprise value was 25.3% and fixed charge coverage was 4.1x.

Digital Realty completed the following financing transactions during the second quarter:

◾

In April, the company repaid €600 million ($647 million) in aggregate principal amount of its 2.625% senior notes;

◾

In May, Digital Realty sold 12.1 million shares of common stock at $144.63 per share pursuant to a follow-on equity offering, raising $1.65 billion of net proceeds; and

◾

The company also sold 1.2 million shares of common stock under its At-The-Market (ATM) equity issuance program at a weighted average price of $148.99 per share, for net proceeds of approximately $177 million.

Subsequent to quarter end, the company sold an additional 1.4 million shares of common stock under its ATM program at a weighted average price of $152.77 per share, for net proceeds of approximately $219 million. In July, the company also repaid £250 million ($316 million) in aggregate principal amount of its 2.75% senior notes.

Table of Contents

Digital Realty Trust		Financial Supplement
Earnings Release			Second Quarter 2024

2024 Outlook

Digital Realty maintained its 2024 Core FFO per share and Constant-Currency Core FFO per share outlook of $6.60 - $6.75. The assumptions underlying the outlook are summarized in the following table.


	As of	As of	As of
Top-Line and Cost Structure	February 15, 2024	May 2, 2024	July 25, 2024
Total revenue	$5.550 - $5.650 billion	$5.550 - $5.650 billion	$5.550 - $5.650 billion
Net non-cash rent adjustments (1)	($35 - $40 million)	($35 - $40 million)	($35 - $40 million)
Adjusted EBITDA	$2.800 - $2.900 billion	$2.800 - $2.900 billion	$2.800 - $2.900 billion
G&A	$450 - $460 million	$450 - $460 million	$450 - $460 million

Internal Growth
Rental rates on renewal leases
Cash basis	4.0% - 6.0%	5.0% - 7.0%	5.0% - 7.0%
GAAP basis	6.0% - 8.0%	7.0% - 9.0%	7.0% - 9.0%
Year-end portfolio occupancy	+100 - 200 bps	+100 - 200 bps	+100 - 200 bps
"Same-Capital" cash NOI growth (2)	2.0% - 3.0%	2.5% - 3.5%	2.5% - 3.5%

Foreign Exchange Rates
U.S. Dollar / Pound Sterling	$1.25 - $1.30	$1.25 - $1.30	$1.25 - $1.30
U.S. Dollar / Euro	$1.05 - $1.10	$1.05 - $1.10	$1.05 - $1.10

External Growth
Dispositions / Joint Venture Capital
Dollar volume	$1,000 - $1,500 million	$1,000 - $1,500 million	$1,000 - $1,500 million
Cap rate	6.0% - 8.0%	6.0% - 8.0%	6.0% - 8.0%
Development
CapEx (Net of Partner Contributions) (3)	$2,000 - $2,500 million	$2,000 - $2,500 million	$2,000 - $2,500 million
Average stabilized yields	10.0%+	10.0%+	10.0%+
Enhancements and other non-recurring CapEx (4)	$15 - $20 million	$15 - $20 million	$15 - $20 million
Recurring CapEx + capitalized leasing costs (5)	$260 - $275 million	$260 - $275 million	$260 - $275 million

Balance Sheet
Long-term debt issuance
Dollar amount	$0 - $1,000 million	$0 - $1,000 million	$0 - $1,000 million
Pricing	5.0% - 5.5%	5.0% - 5.5%	5.0% - 5.5%
Timing	Mid-Year	Mid-Year	Mid-Year

Net income per diluted share	$1.80 - $1.95	$1.80 - $1.95	$1.40 - $1.55
Real estate depreciation and (gain) / loss on sale	$4.40 - $4.40	$4.40 - $4.40	$4.75 - $4.75
Funds From Operations / share (NAREIT-Defined)	$6.20 - $6.35	$6.20 - $6.35	$6.15 - $6.30
Non-core expenses and revenue streams	$0.40 - $0.40	$0.40 - $0.40	$0.45 - $0.45
Core Funds From Operations / share	$6.60 - $6.75	$6.60 - $6.75	$6.60 - $6.75
Foreign currency translation adjustments	$0.00 - $0.00	$0.00 - $0.00	$0.00 - $0.00
Constant-Currency Core Funds From Operations / share	$6.60 - $6.75	$6.60 - $6.75	$6.60 - $6.75

(1)	Net non-cash rent adjustments represent the sum of straight-line rental revenue and straight-line rental expense, as well as the amortization of above- and below-market leases (i.e., ASC 805 adjustments).

(2)

The “Same-Capital” pool includes properties owned as of December 31, 2022 with less than 5% of total rentable square feet under development. It excludes properties that were undergoing, or were expected to undergo, development activities in 2023-2024, properties classified as held for sale, and properties sold or contributed to joint ventures for all periods presented.

(3)	Excludes land acquisitions and includes Digital Realty’s share of JV contributions. Figure is net of JV partner contributions.

(4)	Other non-recurring CapEx represents costs incurred to enhance the capacity or marketability of operating properties, such as network fiber initiatives and software development costs.

(5)	Recurring CapEx represents non-incremental improvements required to maintain current revenues, including second-generation tenant improvements and leasing commissions.

Note: The Company does not provide a reconciliation for non-GAAP estimates on a forward-looking basis, where it is unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. Please see Non-GAAP Financial Measures in this document for further discussion.

Table of Contents

Digital Realty Trust		Financial Supplement
Earnings Release			Second Quarter 2024

Non-GAAP Financial Measures

This document contains non-GAAP financial measures, including FFO, Core FFO, Adjusted FFO, Net Operating Income (NOI), “Same-Capital” Cash NOI and Adjusted EBITDA. A reconciliation from U.S. GAAP net income available to common stockholders to FFO, a reconciliation from FFO to Core FFO, a reconciliation from Core FFO to Adjusted FFO, reconciliation from NOI to Cash NOI, and definitions of FFO, Core FFO, Adjusted FFO, NOI and “Same-Capital” Cash NOI are included as an attachment to this document. A reconciliation from U.S. GAAP net income available to common stockholders to Adjusted EBITDA, a definition of Adjusted EBITDA and definitions of net debt-to-Adjusted EBITDA, debt-plus-preferred-to-total enterprise value, cash NOI, and fixed charge coverage ratio are included as an attachment to this document.

The Company does not provide a reconciliation for non-GAAP estimates on a forward-looking basis, where it is unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and/or amount of various items that would impact net income attributable to common stockholders per diluted share, which is the most directly comparable forward-looking GAAP financial measure. This includes, for example, external growth factors, such as dispositions, and balance sheet items such as debt issuances, that have not yet occurred, are out of the Company's control and/or cannot be reasonably predicted. For the same reasons, the Company is unable to address the probable significance of the unavailable information. Forward-looking non-GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures.

Investor Conference Call

Prior to Digital Realty’s investor conference call at 5:00 p.m. ET / 4:00 p.m. CT on July 25, 2024, a presentation will be posted to the Investors section of the company’s website at https://investor.digitalrealty.com. The presentation is designed to accompany the discussion of the company’s second quarter 2024 financial results and operating performance. The conference call will feature President & Chief Executive Officer Andy Power and Chief Financial Officer Matt Mercier.

To participate in the live call, investors are invited to dial +1 (888) 317-6003 (for domestic callers) or +1 (412) 317-6061 (for international callers) and reference the conference ID# 2977783 at least five minutes prior to start time. A live webcast of the call will be available via the Investors section of Digital Realty’s website at https://investor.digitalrealty.com.

Telephone and webcast replays will be available after the call until August 25, 2024. The telephone replay can be accessed by dialing +1 (877) 344-7529 (for domestic callers) or +1 (412) 317-0088 (for international callers) and providing the conference ID# 2171709. The webcast replay can be accessed on Digital Realty’s website.

About Digital Realty

Digital Realty brings companies and data together by delivering the full spectrum of data center, colocation, and interconnection solutions. PlatformDIGITAL®, the company’s global data center platform, provides customers with a secure data meeting place and a proven Pervasive Datacenter Architecture (PDx®) solution methodology for powering innovation and efficiently managing Data Gravity challenges. Digital Realty gives its customers access to the connected data communities that matter to them with a global data center footprint of 300+ facilities in 50+ metros across 25+ countries on six continents. To learn more about Digital Realty, please visit digitalrealty.com or follow us on LinkedIn and X.

Contact Information

Matt Mercier

Chief Financial Officer

Digital Realty

(737) 281-0101

Jordan Sadler / Jim Huseby

Investor Relations

Digital Realty

(737) 281-0101

Table of Contents

Consolidated Quarterly Statements of Operations		Financial Supplement
Unaudited and in Thousands, Except Per Share Data			Second Quarter 2024


	Three Months Ended					Six Months Ended
	30-Jun-24	31-Mar-24	31-Dec-23	30-Sep-23	30-Jun-23		30-Jun-24	30-Jun-23
Rental revenues	$912,994	$894,409	$885,694	$886,960	$869,298		$1,807,402	$1,740,273
Tenant reimbursements - Utilities	274,505	276,357	316,634	335,477	330,416		550,862	647,565
Tenant reimbursements - Other	41,964	38,434	46,418	64,876	46,192		80,398	86,342
Interconnection & other	109,505	108,071	106,413	107,305	104,521		217,576	206,216
Fee income	15,656	13,010	14,330	7,819	14,908		28,666	22,777
Other	2,125	862	144	—	932		2,987	1,819
Total Operating Revenues	$1,356,749	$1,331,143	$1,369,633	$1,402,437	$1,366,267		$2,687,892	$2,704,991

Utilities	$315,248	$324,571	$366,083	$384,455	$374,934		$639,818	$721,298
Rental property operating	237,653	224,369	237,118	223,089	224,762		462,021	449,623
Property taxes	49,620	41,156	40,161	72,279	46,718		90,776	87,141
Insurance	4,755	2,694	3,794	4,289	4,385		7,449	8,739
Depreciation & amortization	425,343	431,102	420,475	420,613	432,573		856,445	853,771
General & administration	119,511	114,419	109,235	108,039	105,964		233,931	213,730
Severance, equity acceleration and legal expenses	884	791	7,565	2,682	3,652		1,675	7,807
Transaction and integration expenses	26,072	31,839	40,226	14,465	17,764		57,911	30,031
Provision for impairment	168,303	—	5,363	113,000	—		168,303	—
Other expenses	(529)	10,836	5,580	1,295	655		10,306	655
Total Operating Expenses	$1,346,860	$1,181,776	$1,235,598	$1,344,206	$1,211,407		$2,528,636	$2,372,795

Operating Income	$9,889	$149,367	$134,035	$58,231	$154,860		$159,256	$332,196

Equity in earnings / (loss) of unconsolidated joint ventures	(41,443)	(16,008)	(29,955)	(19,793)	5,059		(57,451)	19,957
Gain / (loss) on sale of investments	173,709	277,787	(103)	810,688	89,946		451,496	89,946
Interest and other income / (expense), net	62,261	9,709	50,269	24,812	(6,930)		71,970	(6,650)
Interest (expense)	(114,756)	(109,535)	(113,638)	(110,767)	(111,116)		(224,291)	(213,336)
Income tax benefit / (expense)	(14,992)	(22,413)	(20,724)	(17,228)	(16,173)		(37,405)	(37,627)
Loss from early extinguishment of debt	—	(1,070)	—	—	—		(1,070)	—
Net Income	$74,668	$287,837	$19,884	$745,941	$115,647		$362,505	$184,486

Net (income) / loss attributable to noncontrolling interests	5,552	(6,329)	8,419	(12,320)	2,538		(777)	2,427
Net Income Attributable to Digital Realty Trust, Inc.	$80,220	$281,508	$28,304	$733,621	$118,185		$361,728	$186,913

Preferred stock dividends	(10,181)	(10,181)	(10,181)	(10,181)	(10,181)		(20,363)	(20,363)
Net Income / (Loss) Available to Common Stockholders	$70,039	$271,327	$18,122	$723,440	$108,003		$341,366	$166,550

Weighted-average shares outstanding - basic	319,537	312,292	305,781	301,827	295,390		315,915	293,316
Weighted-average shares outstanding - diluted	327,946	320,798	314,995	311,341	306,819		324,451	304,452
Weighted-average fully diluted shares and units	334,186	326,975	321,173	317,539	313,022		330,687	310,588

Net income / (loss) per share - basic	$0.22	$0.87	$0.06	$2.40	$0.37		$1.08	$0.57
Net income / (loss) per share - diluted (1)	$0.20	$0.82	$0.03	$2.31	$0.34		$1.01	$0.52

(1)

The Company has made an adjustment to previously reported amounts to correct an immaterial error in the computation of fully diluted earnings per share in each of the interim periods ended June 30, 2023, September 30, 2023, and December 31, 2023. This adjustment does not impact any of the other diluted measures per share for FFO, Core FFO or Adjusted FFO.

Table of Contents

Funds From Operations and Core Funds From Operations		Financial Supplement
Unaudited and in Thousands, Except Per Share Data			Second Quarter 2024


	Three Months Ended						Six Months Ended
Reconciliation of Net Income to Funds From Operations (FFO)		30-Jun-24	31-Mar-24	31-Dec-23	30-Sep-23	30-Jun-23		30-Jun-24	30-Jun-23

Net Income / (Loss) Available to Common Stockholders		$70,039	$271,327	$18,122	$723,440	$108,003		$341,366	$166,550
Adjustments:
Non-controlling interest in operating partnership		1,500	6,200	410	16,300	2,500		7,700	4,000
Real estate related depreciation & amortization (1)		414,920	420,591	410,167	410,836	424,044		835,511	836,236
Reconciling items related to non-controlling interests		(17,317)	(8,017)	(15,377)	(14,569)	(14,144)		(25,335)	(27,532)
Unconsolidated JV real estate related depreciation & amortization		47,117	47,877	64,833	43,215	35,386		94,993	69,105
(Gain) / loss on real estate transactions		(173,709)	(286,704)	103	(810,688)	(89,946)		(460,413)	(97,771)
Provision for impairment		168,303	—	5,363	113,000	—		168,303	—
Funds From Operations		$510,852	$451,273	$483,621	$481,535	$465,844		$962,125	$950,589

Weighted-average shares and units outstanding - basic		325,777	318,469	311,960	308,024	301,593		322,151	299,452
Weighted-average shares and units outstanding - diluted (2) (3)		334,186	326,975	321,173	317,539	313,022		330,687	310,588

Funds From Operations per share - basic		$1.57	$1.42	$1.55	$1.56	$1.54		$2.99	$3.17

Funds From Operations per share - diluted (2) (3)		$1.57	$1.41	$1.53	$1.55	$1.52		$2.98	$3.13


	Three Months Ended						Six Months Ended
Reconciliation of FFO to Core FFO		30-Jun-24	31-Mar-24	31-Dec-23	30-Sep-23	30-Jun-23		30-Jun-24	30-Jun-23

Funds From Operations		$510,852	$451,273	$483,621	$481,535	$465,844		$962,125	$950,589
Other non-core revenue adjustments (4)		(33,818)	3,525	(146)	(27)	27,454		(30,293)	26,566
Transaction and integration expenses		26,072	31,839	40,226	14,465	17,764		57,911	30,031
Loss from early extinguishment of debt		—	1,070	—	—	—		1,070	—
Severance, equity acceleration and legal expenses (5)		884	791	7,565	2,682	3,652		1,675	7,807
(Gain) / Loss on FX revaluation		32,222	33,602	(24,804)	451	(7,868)		65,824	(14,647)
Other non-core expense adjustments (6)		2,271	10,052	1,956	1,295	655		12,323	655
Core Funds From Operations		$538,482	$532,153	$508,417	$500,402	$507,501		$1,070,634	$1,001,001

Weighted-average shares and units outstanding - diluted (2) (3)		326,181	319,138	312,356	308,539	301,806		322,619	299,730

Core Funds From Operations per share - diluted (2)		$1.65	$1.67	$1.63	$1.62	$1.68		$3.32	$3.34


(1) Real Estate Related Depreciation & Amortization	Three Months Ended						Six Months Ended
		30-Jun-24	31-Mar-24	31-Dec-23	30-Sep-23	30-Jun-23		30-Jun-24	30-Jun-23

Depreciation & amortization per income statement		$425,343	$431,102	$420,475	$420,613	$432,573		$856,445	$853,771
Non-real estate depreciation		(10,424)	(10,511)	(10,308)	(9,777)	(8,529)		(20,935)	(17,535)
Real Estate Related Depreciation & Amortization		$414,920	$420,591	$410,167	$410,836	$424,044		$835,511	$836,236

(2)

Certain of Teraco's minority indirect shareholders have the right to put their shares in an upstream parent company of Teraco to Digital Realty in exchange for cash or the equivalent value of shares of Digital Realty common stock, or a combination thereof. US GAAP requires Digital Realty to assume the put right is settled in shares for purposes of calculating diluted EPS. This same approach was utilized to calculate FFO/share. The potential future dilutive impact associated with this put right will be excluded from Core FFO and AFFO until settlement occurs – causing diluted share count to be higher for FFO than for Core FFO and AFFO. When calculating diluted FFO, Teraco related minority interest is added back to the FFO numerator as the denominator assumes all shares have been put back to Digital Realty.


	Three Months Ended						Six Months Ended
		30-Jun-24	31-Mar-24	31-Dec-23	30-Sep-23	30-Jun-23		30-Jun-24	30-Jun-23
Teraco noncontrolling share of FFO		$12,453	$9,768	$7,135	$11,537	$9,645		$22,221	$20,714
Teraco related minority interest		$12,453	$9,768	$7,135	$11,537	$9,645		$22,221	$20,714

(3)

For all periods presented, we have excluded the effect of dilutive series J, series K and series L preferred stock, as applicable, that may be converted into common stock upon the occurrence of specified change in control transactions as described in the articles supplementary governing the series J, series K and series L preferred stock, as applicable, which we consider highly improbable. See above for calculations of FFO and the share count detail section that follows the reconciliation of Core FFO to AFFO for calculations of weighted average common stock and units outstanding. For definitions and discussion of FFO and Core FFO, see the Definitions section.

(4)	Includes deferred rent adjustments related to a customer bankruptcy, joint venture development fees included in gains, lease termination fees and gain on sale of equity investment included in other income.

(5)	Relates to severance and other charges related to the departure of company executives and integration-related severance.

(6)	Includes write-offs associated with bankrupt or terminated customers, non-recurring legal expenses and adjustments to reflect our proportionate share of transaction costs associated with noncontrolling interests.

Table of Contents

Adjusted Funds From Operations (AFFO)		Financial Supplement
Unaudited and in Thousands, Except Per Share Data			Second Quarter 2024


	Three Months Ended						Six Months Ended
Reconciliation of Core FFO to AFFO		30-Jun-24	31-Mar-24	31-Dec-23	30-Sep-23	30-Jun-23		30-Jun-24	30-Jun-23

Core FFO available to common stockholders and unitholders		$538,482	$532,153	$508,417	$500,402	$507,501		$1,070,634	$1,001,001
Adjustments:
Non-real estate depreciation		10,424	10,511	10,308	9,777	8,529		20,935	17,535
Amortization of deferred financing costs		5,072	5,576	5,744	5,776	5,984		10,648	10,056
Amortization of debt discount/premium		1,321	1,832	973	1,360	1,339		3,153	2,640
Non-cash stock-based compensation expense		14,464	12,592	9,226	14,062	13,893		27,056	26,949
Straight-line rental revenue		334	9,976	(21,992)	(14,080)	(16,151)		10,310	(32,344)
Straight-line rental expense		782	1,111	(4,999)	1,427	520		1,893	5
Above- and below-market rent amortization		(1,691)	(854)	(856)	(1,127)	(1,195)		(2,545)	(2,421)
Deferred tax (benefit) / expense		(9,982)	(3,437)	33,448	(8,539)	1,339		(13,420)	(8,456)
Leasing compensation & internal lease commissions		10,519	13,291	9,848	12,515	11,611		23,809	22,678
Recurring capital expenditures (1)		(60,483)	(47,676)	(142,808)	(90,251)	(53,498)		(108,159)	(93,963)

AFFO available to common stockholders and unitholders (2)		$509,241	$535,073	$407,306	$431,322	$479,873		$1,044,314	$943,679

Weighted-average shares and units outstanding - basic		325,777	318,469	311,960	308,024	301,593		322,151	299,452
Weighted-average shares and units outstanding - diluted (3)		326,181	319,138	312,356	308,539	301,806		322,619	299,730

AFFO per share - diluted (3)		$1.56	$1.68	$1.30	$1.40	$1.59		$3.24	$3.15

Dividends per share and common unit		$1.22	$1.22	$1.22	$1.22	$1.22		$2.44	$2.44

Diluted AFFO Payout Ratio		78.1%	72.8%	93.6%	87.3%	76.7%		75.4%	77.5%


	Three Months Ended						Six Months Ended
Share Count Detail		30-Jun-24	31-Mar-24	31-Dec-23	30-Sep-23	30-Jun-23		30-Jun-24	30-Jun-23

Weighted Average Common Stock and Units Outstanding		325,777	318,469	311,960	308,024	301,593		322,151	299,452
Add: Effect of dilutive securities		404	669	396	515	213		467	278
Weighted Avg. Common Stock and Units Outstanding - diluted		326,181	319,138	312,356	308,539	301,806		322,618	299,730

(1)

Recurring capital expenditures represent non-incremental building improvements required to maintain current revenues, including second-generation tenant improvements and external leasing commissions. Recurring capital expenditures do not include acquisition costs contemplated when underwriting the purchase of a building, costs which are incurred to bring a building up to Digital Realty’s operating standards, or internal leasing commissions.

(2)	For a definition and discussion of AFFO, see the Definitions section. For a reconciliation of net income available to common stockholders to FFO and Core FFO, see above.

(3)

For all periods presented, we have excluded the effect of dilutive series J, series K and series L preferred stock, as applicable, that may be converted into common stock upon the occurrence of specified change in control transactions as described in the articles supplementary governing the series J, series K and series L preferred stock, as applicable, which we consider highly improbable. See above for calculations of FFO and for calculations of weighted average common stock and units outstanding.

Table of Contents

Consolidated Balance Sheets		Financial Supplement
Unaudited and in Thousands, Except Per Share Data			Second Quarter 2024


	30-Jun-24		31-Mar-24		31-Dec-23		30-Sep-23		30-Jun-23
Assets
Investments in real estate:
Real estate		$27,470,635		$27,122,796		$27,306,369		$25,887,031		$27,087,769
Construction in progress		4,676,012		4,496,840		4,635,215		5,020,464		4,635,939
Land held for future development		93,938		114,240		118,190		179,959		193,936
Investments in Real Estate		$32,240,584		$31,733,877		$32,059,773		$31,087,453		$31,917,644
Accumulated depreciation and amortization		(8,303,070)		(7,976,093)		(7,823,685)		(7,489,193)		(7,739,462)
Net Investments in Properties		$23,937,514		$23,757,784		$24,236,089		$23,598,260		$24,178,182
Investment in unconsolidated joint ventures		2,332,698		2,365,821		2,295,889		2,180,313		2,040,452
Net Investments in Real Estate		$26,270,212		$26,123,605		$26,531,977		$25,778,573		$26,218,634

Operating lease right-of-use assets, net		$1,211,003		$1,233,410		$1,414,256		$1,274,410		$1,291,233
Cash and cash equivalents		2,282,062		1,193,784		1,625,495		1,062,050		124,519
Accounts and other receivables, net (1)		1,222,403		1,217,276		1,278,110		1,325,725		1,158,383
Deferred rent, net		613,749		611,670		624,427		586,418		613,796
Goodwill		9,128,811		9,105,026		9,239,871		8,998,074		9,148,603
Customer relationship value, deferred leasing costs & other intangibles, net		2,315,143		2,359,380		2,500,237		2,506,198		2,825,596
Assets held for sale		—		287,064		478,503		—		593,892
Other assets		563,500		501,875		420,382		401,068		414,078
Total Assets		$43,606,883		$42,633,089		$44,113,257		$41,932,515		$42,388,735

Liabilities and Equity
Global unsecured revolving credit facilities, net		$1,848,167		$1,901,126		$1,812,287		$1,698,780		$2,242,258
Unsecured term loans, net		1,297,893		1,303,263		1,560,305		1,524,663		1,548,780
Unsecured senior notes, net of discount		12,507,551		13,190,202		13,422,342		13,072,102		13,383,819
Secured and other debt, net of discount		686,135		625,750		630,973		574,231		554,594
Operating lease liabilities		1,336,839		1,357,751		1,542,094		1,404,510		1,420,239
Accounts payable and other accrued liabilities		1,973,798		1,870,344		2,168,983		2,147,103		2,214,820
Deferred tax liabilities, net		1,132,090		1,121,224		1,151,096		1,088,724		1,128,961
Accrued dividends and distributions		—		—		387,988		—		—
Security deposits and prepaid rents		416,705		413,225		401,867		385,521		417,693
Obligations associated with assets held for sale		—		9,981		39,001		—		4,990
Total Liabilities		$21,199,178		$21,792,866		$23,116,936		$21,895,634		$22,916,155

Redeemable non-controlling interests		1,399,889		1,350,736		1,394,814		1,360,308		1,367,422

Equity
Preferred Stock: $0.01 par value per share, 110,000 shares authorized:
Series J Cumulative Redeemable Preferred Stock (2)		$193,540		$193,540		$193,540		$193,540		$193,540
Series K Cumulative Redeemable Preferred Stock (3)		203,264		203,264		203,264		203,264		203,264
Series L Cumulative Redeemable Preferred Stock (4)		334,886		334,886		334,886		334,886		334,886
Common Stock: $0.01 par value per share, 392,000 shares authorized (5)		3,231		3,097		3,088		3,002		2,967
Additional paid-in capital		26,388,393		24,508,683		24,396,797		23,239,088		22,882,200
Dividends in excess of earnings		(5,701,096)		(5,373,529)		(5,262,648)		(4,900,757)		(5,253,915)
Accumulated other comprehensive (loss), net		(884,715)		(850,091)		(751,393)		(882,996)		(741,484)
Total Stockholders' Equity		$20,537,503		$19,019,850		$19,117,535		$18,190,026		$17,621,456

Noncontrolling Interests
Noncontrolling interest in operating partnership		$434,253		$438,422		$438,081		$441,366		$436,099
Noncontrolling interest in consolidated joint ventures		36,060		31,215		45,892		45,182		47,603

Total Noncontrolling Interests		$470,313		$469,637		$483,972		$486,547		$483,702

Total Equity		$21,007,816		$19,489,487		$19,601,507		$18,676,573		$18,105,158

Total Liabilities and Equity		$43,606,883		$42,633,089		$44,113,257		$41,932,515		$42,388,735

(1)	Net of allowance for doubtful accounts of $50,609 and $42,624 as of June 30, 2024 and June 30, 2023, respectively.

(2)	Series J Cumulative Redeemable Preferred Stock, 5.250%, $200,000 liquidation preference ($25.00 per share), 8,000 shares issued and outstanding as of June 30, 2024 and June 30, 2023.

(3)	Series K Cumulative Redeemable Preferred Stock, 5.850%, $210,000 liquidation preference ($25.00 per share), 8,400 shares issued and outstanding as of June 30, 2024 and June 30, 2023.

(4)	Series L Cumulative Redeemable Preferred Stock, 5.200%, $345,000 liquidation preference ($25.00 per share), 13,800 shares issued and outstanding as of June 30, 2024 and June 30, 2023.

(5)	Common Stock: 325,885 and 299,240 shares issued and outstanding as of June 30, 2024 and June 30, 2023, respectively.

Table of Contents

Components of Net Asset Value (NAV) (1)		Financial Supplement
Unaudited and in Thousands			Second Quarter 2024


Consolidated Properties Cash Net Operating Income (NOI)(2), Annualized (3)
Network-Dense			$1,137,287
Campus			1,601,208
Other (4)			173,857
Total Cash NOI, Annualized			$2,912,352
less: Partners' share of consolidated JVs			(82,715)
Acquisitions / dispositions / expirations			(49,175)
FY 2024 backlog cash NOI and 2Q24 carry-over (stabilized) (5)			141,555
Total Consolidated Cash NOI, Annualized			$2,922,016

Digital Realty's Pro Rata Share of Unconsolidated Joint Venture Cash NOI (3) (6)			$226,416

Other Income
Development and Management Fees (net), Annualized			$62,622

Other Assets
Pre-stabilized inventory, at cost (7)			$407,996
Land held for development			93,938
Development CIP (8)			4,676,012
less: Investment associated with FY24 Backlog NOI (9)			(499,799)
Cash and cash equivalents			2,282,062
Accounts and other receivables, net			1,222,403
Other assets			563,500
less: Partners' share of consolidated JV assets			(134,365)
Total Other Assets			$8,611,747

Liabilities
Global unsecured revolving credit facilities			$1,858,194
Unsecured term loans			1,303,475
Unsecured senior notes			12,584,349
Secured and other debt			691,837
Accounts payable and other accrued liabilities			1,973,798
Deferred tax liabilities, net			1,132,090
Security deposits and prepaid rents			416,705
Backlog NOI cost to complete (9)			155,283
Preferred stock			755,000
Digital Realty's share of unconsolidated JV debt			1,415,647
less: Partners' share of consolidated JV liabilities			(429,498)
Total Liabilities			$21,856,879

(1)	Backlog and associated financial line items include activity related to unconsolidated joint venture properties.

(2)	For definitions and discussion of NOI and cash NOI and a reconciliation of operating income to NOI and cash NOI, see page 32.

(3)

Annualized cash NOI is calculated by multiplying results for the most recent quarter by four. Annualized results may not be indicative of any four-quarter period and do not take into account scheduled lease expirations, among other things. Annualized data is presented for illustrative purposes only. Reflects annualized 2Q24 Cash NOI of $2.9 billion. NOI is allocated based on management’s estimates derived using contractual ABR and stabilized margins.

(4)	Other includes Powered Base Building shell capacity as well as storage and office space within fully improved data center facilities.

(5)	Estimated cash NOI related to signed leases that are expected to commence through December 31, 2024. Includes Digital Realty’s share of signed leases at unconsolidated joint venture properties.

(6)	For a reconciliation of Digital Realty’s pro rata share of unconsolidated joint venture operating income to cash NOI, see page 29.

(7)	Excludes Digital Realty’s share of cost at unconsolidated joint venture properties.

(8)	See page 26 for further details on the breakdown of the construction in progress balance.

(9)	Includes Digital Realty’s share of construction in progress and expected cost to complete at unconsolidated joint venture properties.

Table of Contents

Debt Maturities		Financial Supplement
Unaudited and Dollars in Thousands			Second Quarter 2024


	As of June 30, 2024
		Interest Rate
	Interest	Including
	Rate	Swaps	2024	2025	2026	2027	2028	Thereafter	Total
Global Unsecured Revolving Credit Facilities (1)
Global unsecured revolving credit facility	4.273%	4.273%	—	—	—	$1,762,281	—	—	$1,762,281
Yen revolving credit facility	0.670%	0.670%	—	—	—	95,913	—	—	95,913
Deferred financing costs, net	—	—	—	—	—	—	—	—	(10,027)
Total Global Unsecured Revolving Credit Facilities	4.087%	4.087%	—	—	—	$1,858,194	—	—	$1,848,167

Unsecured Term Loans
Euro term loan facility	4.596%	3.913%	—	$401,737	—	$401,738	—	—	$803,475
USD term loan facility	6.376%	5.180%	—	—	$500,000	—	—	—	500,000
Deferred financing costs, net	—	—	—	—	—	—	—	—	(5,582)
Total Unsecured Term Loans	5.279%	4.399%	—	$401,737	$500,000	$401,738	—	—	$1,297,893

Senior Notes
£250 million 2.750% Notes due 2024 (2)	2.750%	2.750%	$316,125	—	—	—	—	—	$316,125
£400 million 4.250% Notes due 2025	4.250%	4.250%	—	$505,800	—	—	—	—	505,800
€650 million 0.625% Notes due 2025	0.625%	0.625%	—	696,345	—	—	—	—	696,345
€1.08 billion 2.500% Notes due 2026	2.500%	2.500%	—	—	$1,151,648	—	—	—	1,151,648
₣275 million 0.200% Notes due 2026	0.200%	0.200%	—	—	306,009	—	—	—	306,009
₣150 million 1.700% Notes due 2027	1.700%	1.700%	—	—	—	$166,914	—	—	166,914
$1.00 billion 3.700% Notes due 2027 (3)	3.700%	2.485%	—	—	—	1,000,000	—	—	1,000,000
€500 million 1.125% Notes due 2028	1.125%	1.125%	—	—	—	—	$535,650	—	535,650
$900 million 5.550% Notes due 2028 (3)	5.550%	3.996%	—	—	—	—	900,000	—	900,000
$650 million 4.450% Notes due 2028	4.450%	4.450%	—	—	—	—	650,000	—	650,000
₣270 million 0.550% Notes due 2029	0.550%	0.550%	—	—	—	—	—	$300,445	300,445
$900 million 3.600% Notes due 2029	3.600%	3.600%	—	—	—	—	—	900,000	900,000
£350 million 3.300% Notes due 2029	3.300%	3.300%	—	—	—	—	—	442,575	442,575
€750 million 1.500% Notes due 2030	1.500%	1.500%	—	—	—	—	—	803,475	803,475
£550 million 3.750% Notes due 2030	3.750%	3.750%	—	—	—	—	—	695,475	695,475
€500 million 1.250% Notes due 2031	1.250%	1.250%	—	—	—	—	—	535,639	535,639
€1.00 billion 0.625% Notes due 2031	0.625%	0.625%	—	—	—	—	—	1,071,300	1,071,300
€750 million 1.000% Notes due 2032	1.000%	1.000%	—	—	—	—	—	803,475	803,475
€750 million 1.375% Notes due 2032	1.375%	1.375%	—	—	—	—	—	803,475	803,475
Unamortized discounts	—	—	—	—	—	—	—	—	(29,447)
Deferred financing costs	—	—	—	—	—	—	—	—	(47,351)
Total Senior Notes	2.447%	2.239%	$316,125	$1,202,145	$1,457,656	$1,166,914	$2,085,650	$6,355,859	$12,507,551

Secured Debt
ICN10 Facilities	5.750%	3.526%	—	—	—	—	—	$12,278	$12,278
Westin	3.290%	3.290%	—	—	—	$135,000	—	—	135,000
Teraco Loans	10.661%	9.464%	$179	$607	$45,096	89,573	$330,281	—	465,736
Deferred financing costs	—	—	—	—	—	—	—	—	(1,913)
Total Secured Debt	8.939%	7.985%	$179	$607	$45,096	$224,573	$330,281	$12,278	$611,101

Other Debt
Icolo loans	11.650%	11.650%	—	—	$5,443	$4,152	$958	$2,310	$12,863
Total Other Debt	11.650%	11.650%	—	—	$5,443	$4,152	$958	$2,310	$12,863

Mandatorily Redeemable Preferred Shares (Teraco)
Mandatorily Redeemable Preferred Shares (Teraco)	10.105%	10.105%	—	—	$65,960	—	—	—	$65,960
Unamortized discounts	—	—	—	—	—	—	—	—	(3,789)
Total Redeemable Preferred Shares	10.105%	10.105%	—	—	$65,960	—	—	—	$62,171

Total unhedged variable rate debt	—	—	$36	$121	$68,960	$2,263,789	$21,625	$4,690	$2,359,221
Total fixed rate / hedged variable rate debt	—	—	316,268	1,604,368	2,005,195	1,391,782	2,395,264	6,365,757	14,078,634
Total Debt	3.137%	2.873%	$316,304	$1,604,489	$2,074,155	$3,655,571	$2,416,889	$6,370,447	$16,437,854

Weighted Average Interest Rate			2.754%	2.594%	3.224%	3.632%	4.232%	1.883%	2.873%

Summary

Weighted Average Term to Initial Maturity									3.8 Years

Weighted Average Maturity (assuming exercise of extension options)									4.0 Years

Global Unsecured Revolving Credit Facilities Detail As of June 30, 2024

Maximum Available

Existing Capacity (4)

Currently Drawn

Global Unsecured Revolving Credit Facilities

$3,876,962

$1,909,560

$1,858,194

(1)	Assumes all extensions will be exercised.

(2)	Repaid in full on July 19, 2024.

(3)	Subject to cross-currency swaps.

(4)	Net of letters of credit issued of $109.2 million.

Table of Contents

Debt Analysis and Covenant Compliance		Financial Supplement
Unaudited			Second Quarter 2024


	As of June 30, 2024

				Global Unsecured
	Unsecured Senior Notes			Credit Facilities
Debt Covenant Ratios (1)	Required	Actual (2)	Actual (3)	Required	Actual
Total outstanding debt / total assets (4)	Less than 60%	42%	35%	Less than 60% (5)	34%
Secured debt / total assets (6)	Less than 40%	5%	1%	Less than 40%	3%
Total unencumbered assets / unsecured debt	Greater than 150%	258%	285%	N/A	N/A
Consolidated EBITDA / interest expense (7)	Greater than 1.50x	4.4x	4.4x	N/A	N/A
Fixed charge coverage		N/A	N/A	Greater than 1.50x	4.1x
Unsecured debt / total unencumbered asset value (8)		N/A	N/A	Less than 60%	35%
Unencumbered assets debt service coverage ratio (8)		N/A	N/A	Greater than 1.50x	5.3x

(1)

For definitions of the terms used in the table above and related footnotes, please refer to the indentures which govern the notes, the Second Amended and Restated Global Senior Credit Agreement dated as of November 18, 2021 and the Amended and Restated Yen facility Credit Agreement dated as of November 18, 2021, each as amended and which are filed as exhibits to our reports filed with the U.S. Securities and Exchange Commission.

(2)	Ratios for the Unsecured Senior Notes listed on page 17 except for the 0.20% notes due 2026, 1.70% notes due 2027, 5.550% notes due 2028, 0.55% notes due 2029, 1.250% notes due 2031, 0.625% notes due 2031, 1.00% notes due 2032 and 1.375% notes due 2032.

(3)	Ratios for the 0.20% notes due 2026, 1.70% notes due 2027, 5.550% notes due 2028, 0.55% notes due 2029, 1.250% notes due 2031, 0.625% notes due 2031, 1.00% notes due 2032 and 1.375% notes due 2032.

(4)

This ratio is referred to as the Leverage Ratio, defined as Consolidated Debt / Total Asset Value, under the global unsecured revolving credit facility and the Yen facility. For the calculation of Total Assets, please refer to the indentures which govern the notes, the Second Amended and Restated Global Senior Credit Agreement dated as of November 18, 2021 and the Amended and Restated Yen facility Credit Agreement dated as of November 18, 2021, each as amended and which are filed as exhibits to our reports filed with the U.S. Securities and Exchange Commission.

(5)	The company has the right to maintain a Leverage Ratio of greater than 60.0% but less than or equal to 65.0% for up to four consecutive fiscal quarters during the term of the facility following an acquisition of one or more Assets.

(6)	This ratio is referred to as the Secured Debt Leverage Ratio, defined as Secured Debt / Total Asset Value, under the global unsecured revolving credit facility and the Yen facility.

(7)	Calculated as current quarter annualized consolidated EBITDA to current quarter annualized Interest Expense (including capitalized interest and debt discounts).

(8)	Assets must satisfy certain conditions to qualify for inclusion as an Unencumbered Asset under the global unsecured revolving credit facility and the Yen facility.

Table of Contents

Same-Capital Operating Trend Summary		Financial Supplement
Unaudited and in Thousands			Second Quarter 2024

Stabilized (“Same-Capital”) Portfolio (1)


	Three Months Ended										Six Months Ended
	30-Jun-24		30-Jun-23		% Change		31-Mar-24		% Change		30-Jun-24		30-Jun-23		% Change
Rental revenues		$713,868		$690,450		3.4%		$710,342		0.5%		$1,424,210		$1,375,229		3.6%
Tenant reimbursements - Utilities		225,307		277,863		(18.9%)		228,345		(1.3%)		453,652		549,016		(17.4%)
Tenant reimbursements - Other		35,790		27,774		28.9%		28,312		26.4%		64,102		51,192		25.2%
Interconnection & other		93,624		88,766		5.5%		91,469		2.4%		185,092		175,152		5.7%
Total Revenue		$1,068,589		$1,084,852		(1.5%)		$1,058,467		1.0%		$2,127,056		$2,150,589		(1.1%)

Utilities		$252,323		$311,131		(18.9%)		$265,871		(5.1%)		$518,195		$608,451		(14.8%)
Rental property operating		188,637		169,875		11.0%		166,936		13.0%		355,573		336,954		5.5%
Property taxes		40,402		31,294		29.1%		31,593		27.9%		71,996		55,106		30.6%
Insurance		4,432		3,922		13.0%		3,943		12.4%		8,375		7,945		5.4%
Total Expenses		$485,795		$516,222		(5.9%)		$468,343		3.7%		$954,138		$1,008,457		(5.4%)

Net Operating Income (2)		$582,794		$568,631		2.5%		$590,124		(1.2%)		$1,172,918		$1,142,133		2.7%
Less:
Stabilized straight-line rent		($7,928)		($10,829)		(26.8%)		($9,951)		(20.3%)		($17,879)		($9,286)		92.5%
Above- and below-market rent		790		1,104		(28.4%)		829		(4.7%)		1,619		2,253		(28.2%)
Cash Net Operating Income (3)		$589,933		$578,356		2.0%		$599,246		(1.6%)		$1,189,178		$1,149,166		3.5%

Stabilized Portfolio occupancy at period end (4)		83.6%		83.1%		0.5%		82.6%		1.0%		83.6%		83.1%		0.5%

(1)

Represents buildings owned as of December 31, 2022 with less than 5% of total rentable square feet under development. Excludes buildings that were undergoing, or were expected to undergo, development activities in 2023-2024, buildings classified as held for sale, and buildings sold or contributed to joint ventures for all periods presented. Prior period numbers adjusted to reflect current same-capital pool.

(2)	For a definition and discussion of net operating income and a reconciliation of operating income to NOI, see page 32.

(3)	For a definition and discussion of cash net operating income and a reconciliation of operating income to cash NOI, see page 32.

(4)	Occupancy excludes space under active development and space held for development. For some of our buildings, we calculate occupancy based on factors in addition to contractually leased square feet, including available power, required support space and common areas.

Table of Contents

Summary of Leasing Activity		Financial Supplement
Leases Signed in the Quarter End June 30, 2024			Second Quarter 2024


	0-1 MW				> 1 MW				Other (3)				Total
Leasing Activity - New (1) (2)	2Q24		LTM		2Q24		LTM		2Q24		LTM		2Q24		LTM

Annualized GAAP Rent (in thousands)		$39,642		$160,895		$110,249		$461,989		$349		$2,921		$150,239		$625,805

Kilowatt leased		11,034		49,578		60,115		208,992		—		—		71,150		258,570
NRSF (in thousands)		126		594		466		2,009		10		48		603		2,651

Weighted Average Lease Term (years)		3.2		4.2		8.8		10.6		7.7		6.2		7.6		9.1

Initial stabilized cash rent per Kilowatt		$298		$261		$134		$157		—		—		$160		$177
GAAP rent per Kilowatt		$299		$270		$153		$184		—		—		$176		$201
Leasing cost per Kilowatt		$30		$30		—		—		—		—		$5		$6

Net Effective Economics by Kilowatt (4)

Base rent by Kilowatt		$300		$274		$154		$185		—		—		$177		$202
Rental concessions by Kilowatt		$1		$3		$2		$1		—		—		$1		$2
Estimated operating expense by Kilowatt		$87		$80		$39		$47		—		—		$47		$53

Net rent per Kilowatt		$212		$190		$114		$137		—		—		$129		$148

Tenant improvements by Kilowatt		—		—		—		—		—		—		—		—
Leasing commissions by Kilowatt		$12		$9		—		—		—		—		$2		$2

Net effective rent per Kilowatt		$200		$181		$114		$137		—		—		$127		$146

Initial stabilized cash rent per NRSF		$313		$261		$208		$197		$33		$56		$227		$209
GAAP rent per NRSF		$315		$271		$236		$230		$34		$60		$249		$236
Leasing cost per NRSF		$31		$30		—		—		$5		$5		$7		$7

Net Effective Economics by NRSF (4)

Base rent by NRSF		$315		$274		$239		$232		$35		$61		$251		$238
Rental concessions by NRSF		$1		$3		$2		$2		$1		$1		$2		$2
Estimated operating expense by NRSF		$92		$73		$60		$60		$8		$8		$66		$62

Net rent per NRSF		$223		$198		$176		$170		$25		$52		$183		$175

Tenant improvements by NRSF		—		—		—		—		—		$14		—		—
Leasing commissions by NRSF		$13		$9		—		—		$1		$1		$3		$2

Net effective rent per NRSF		$210		$189		$176		$170		$24		$37		$180		$172

(1)	Excludes short-term, roof, storage, and garage leases.

(2)	Includes leases for new and re-leased space.

(3)	Other includes Powered Base Building shell capacity as well as storage and office space within fully improved data center facilities.

(4)	All dollar amounts are per square foot averaged over lease term. Per Kilowatt amounts are presented in monthly values. Per NRSF amounts are presented in yearly values.

Note: LTM is last twelve months, including current quarter. Weighted average lease term excludes renewal options and is weighted by net rentable square feet.

Table of Contents

Summary of Leasing Activity		Financial Supplement
Leases Renewed in the Quarter Ended June 30, 2024			Second Quarter 2024


	0-1 MW				> 1 MW				Other (4)				Total
Leasing Activity - Renewals (1) (2) (3)	2Q24		LTM		2Q24		LTM		2Q24		LTM		2Q24		LTM

Leases renewed (Kilowatt)		33,373		136,285		45,238		157,158		—		—		78,611		293,443
Leases renewed (NRSF in thousands)		476		1,924		525		1,899		44		384		1,046		4,207
Leasing cost per Kilowatt		$1		$2		$1		$2		—		—		$1		$2
Leasing cost per NRSF		$1		$1		$1		$2		$9		$6		$1		$2

Weighted Term (years)		1.4		1.5		5.0		4.8		3.8		5.5		3.3		3.4

Cash Rent

Expiring cash rent per Kilowatt		$301		$300		$153		$133		—		—		$216		$210
Renewed cash rent per Kilowatt		$312		$313		$159		$147		—		—		$224		$225

% Change Cash Rent Per Kilowatt		3.8%		4.5%		3.9%		11.2%		—		—		3.8%		6.8%

Expiring cash rent per NRSF		$253		$255		$158		$132		$61		$49		$197		$181
Renewed cash rent per NRSF		$263		$266		$164		$146		$71		$78		$205		$195

% Change Cash Rent Per NRSF		3.8%		4.5%		3.9%		11.2%		16.3%		58.2%		4.0%		8.0%

GAAP Rent

Expiring GAAP rent per Kilowatt		$300		$299		$145		$126		—		—		$211		$207
Renewed GAAP rent per Kilowatt		$312		$314		$163		$148		—		—		$226		$225

% Change GAAP Rent Per Kilowatt		3.9%		4.9%		12.1%		17.2%		—		—		7.1%		8.9%

Expiring GAAP rent per NRSF		$253		$254		$150		$125		$56		$40		$193		$176
Renewed GAAP rent per NRSF		$263		$267		$168		$147		$74		$76		$207		$195

% Change GAAP Rent Per NRSF		3.9%		4.9%		12.1%		17.2%		33.0%		91.0%		7.5%		10.6%

Retention ratio (5)		82.7%		83.4%		79.1%		77.5%		43.9%		77.1%		78.1%		80.1%

Churn (6)		1.8%		6.5%		1.5%		4.7%		0.5%		3.0%		1.6%		5.4%

(1)	Excludes short-term, roof, storage, and garage leases.

(2)	Rental rates represent annual estimated cash rent per kilowatt and net rentable square feet, adjusted for straight-line rents in accordance with GAAP.

(3)	Per Kilowatt amounts are presented in monthly values. Per NRSF amounts are presented in yearly values.

(4)	Other includes Powered Base Building shell capacity as well as storage and office space within fully improved data center facilities.

(5)	Based on square feet.

(6)	Churn is defined as recurring revenue lost during the period due to leases terminated or not renewed, divided by recurring revenue at the beginning of the period.

Note: LTM is last twelve months, including current quarter. Weighted average lease term excludes renewal options and is weighted by net rentable square feet.

Table of Contents

Lease Expirations - By Size		Financial Supplement
Dollars and Square Feet in Thousands (except per square foot and per kw data)			Second Quarter 2024


				% of	Annualized Rent Per		Annualized Rent Per								Rent Per kW
	Square Footage of	Annualized		Annualized	Occupied		Occupied Square		Annualized Rent		kW of Expiring		Rent per kW		Per Month at
Year	Expiring Leases (1)	Rent (2)		Rent	Square Foot		Foot at Expiration		at Expiration		Leases		Per Month		Expiration
0-1 MW
Available	2,662		—	—		—		—		—		—		—		—
Month to Month (3)	254		$53,236	1.5%		$209		$208		$53,002		12,633		$351		$350
2024	1,179		354,434	9.8%		301		301		354,544		85,063		347		347
2025	1,694		469,455	12.9%		277		279		471,892		119,691		327		329
2026	581		149,283	4.1%		257		266		154,305		44,992		276		286
2027	586		118,424	3.3%		202		216		126,564		44,982		219		234
2028	305		52,719	1.5%		173		190		57,790		20,089		219		240
2029	218		36,500	1.0%		167		188		40,991		14,919		204		229
2030	80		23,758	0.7%		296		304		24,361		6,254		317		325
2031	108		20,483	0.6%		190		207		22,313		7,132		239		261
2032	59		5,571	0.2%		94		104		6,177		1,982		234		260
2033	32		9,441	0.3%		299		366		11,562		2,863		275		337
Thereafter	24		2,608	0.1%		109		108		2,584		928		234		232

Total / Wtd. Avg.	7,782		$1,295,912	35.7%		$253		$259		$1,326,086		361,527		$299		$306


> 1 MW	Expiring Leases (1)	Annualized		Annualized	Annualized Rent Per		Annualized Rent Per		Annualized Rent Per		kW of Expiring		Annualized		Rent Per kW
Available	1,822		—	—		—		—		—		—		—		—
Month to Month (3)	60		$8,439	0.2%		$140		$140		$8,441		4,372		$161		$161
2024	406		65,737	1.8%		162		162		65,737		39,219		140		140
2025	1,607		245,063	6.8%		153		156		250,500		143,834		142		145
2026	1,869		272,354	7.5%		146		152		283,941		169,844		134		139
2027	1,557		227,703	6.3%		146		156		243,140		149,003		127		136
2028	1,132		141,545	3.9%		125		134		152,253		106,256		111		119
2029	1,475		201,742	5.6%		137		149		219,376		164,925		102		111
2030	1,084		161,650	4.5%		149		159		172,498		119,629		113		120
2031	1,022		147,924	4.1%		145		167		170,232		107,949		114		131
2032	884		117,208	3.2%		133		152		134,512		95,656		102		117
2033	561		86,010	2.4%		153		176		98,435		58,440		123		140
Thereafter	2,372		295,346	8.1%		124		144		342,656		218,249		113		131

Total / Wtd. Avg.	15,852		$1,970,723	54.3%		$140		$153		$2,141,719		1,377,375		$119		$130


Other (4)	Expiring Leases (1)	Annualized		Annualized	Annualized Rent Per		Annualized Rent Per		Annualized Rent Per		kW of Expiring		Annualized		Rent Per kW
Available	1,816		—	—		—		—		—		—		—		—
Month to Month (3)	87		$3,378	0.1%		$39		$39		$3,378		—		—		—
2024	474		21,362	0.6%		45		45		21,340		—		—		—
2025	571		26,020	0.7%		46		46		26,408		—		—		—
2026	810		26,597	0.7%		33		34		27,794		—		—		—
2027	331		10,179	0.3%		31		33		10,869		—		—		—
2028	451		13,162	0.4%		29		32		14,268		—		—		—
2029	822		53,649	1.5%		65		73		60,284		—		—		—
2030	927		54,544	1.5%		59		75		69,796		—		—		—
2031	74		2,354	0.1%		32		37		2,770		—		—		—
2032	111		6,421	0.2%		58		65		7,220		—		—		—
2033	109		4,100	0.1%		38		44		4,815		—		—		—
Thereafter	3,715		139,977	3.9%		38		42		156,016		—		—		—

Total / Wtd. Avg.	10,300		$361,743	10.0%		$43		$48		$404,959		—		—		—


Total	Expiring Leases (1)	Annualized		Annualized	Annualized Rent Per		Annualized Rent Per		Annualized Rent Per		kW of Expiring		Annualized		Rent Per kW
Available	6,300		—	—		—		—		—		—		—		—
Month to Month (3)	402		$65,053	1.8%		$162		$161		$64,821		—		—		—
2024	2,059		441,532	12.2%		214		215		441,621		—		—		—
2025	3,872		740,538	20.4%		191		193		748,799		—		—		—
2026	3,260		448,233	12.4%		138		143		466,040		—		—		—
2027	2,474		356,306	9.8%		144		154		380,573		—		—		—
2028	1,889		207,426	5.7%		110		119		224,311		—		—		—
2029	2,516		291,891	8.0%		116		127		320,652		—		—		—
2030	2,092		239,951	6.6%		115		127		266,655		—		—		—
2031	1,203		170,762	4.7%		142		162		195,314		—		—		—
2032	1,054		129,201	3.6%		123		140		147,908		—		—		—
2033	702		99,552	2.7%		142		164		114,813		—		—		—
Thereafter	6,111		437,931	12.1%		72		82		501,257		—		—		—

Total / Wtd. Avg.	33,934		$3,628,377	100.0%		$131		$140		$3,872,763		—		—		—

(1)

For some buildings, we calculate square footage based on factors in addition to contractually leased square feet, including available power, required support space and common areas. We estimate the total net rentable square feet available for lease based on a number of factors in addition to contractually leased square feet, including available power, required support space and common areas.

(2)	Annualized rent represents the monthly contractual base rent (defined as cash base rent before abatements) under existing leases as of June 30, 2024, multiplied by 12.

(3)	Includes leases, licenses, and similar agreements that upon expiration have been automatically renewed on a month-to-month basis.

(4)	Other includes unimproved building shell capacity as well as storage and office space within fully improved data center facilities.

Note: Represents consolidated portfolio in addition to our managed portfolio of unconsolidated joint ventures based on our ownership percentage.

Table of Contents

Top 20 Customers by Annualized Rent		Financial Supplement
Dollars in Thousands			Second Quarter 2024


						Weighted
						Average
			Annualized		% of Annualized	Remaining
		Number of	Recurring		Recurring	Lease Term in
	Customer	Locations	Revenue (1)		Revenue	Years
1	Fortune 50 Software Company	72		$437,750	10.8%	9.0
2	Social Content Platform	26		221,870	5.5%	4.2
3	Global Cloud Provider	62		189,715	4.7%	5.3
4	Oracle Corporation	38		182,982	4.5%	7.7
5	IBM	37		127,779	3.1%	1.8
6	Equinix	15		93,127	2.3%	5.4
7	LinkedIn Corporation	7		83,177	2.0%	1.4
8	Social Media Platform	7		62,913	1.6%	6.9
9	Fortune 25 Investment Grade-Rated Company	29		62,698	1.5%	2.3
10	Meta Platforms, Inc.	47		62,404	1.5%	3.4
11	Fortune 25 Tech Company	53		59,955	1.5%	3.6
12	Lumen Technologies, Inc.	125		49,437	1.2%	9.0
13	AT&T	75		48,806	1.2%	2.9
14	Fortune 500 SaaS Provider	11		44,278	1.1%	3.0
15	Comcast Corporation	42		42,105	1.0%	4.0
16	JPMorgan Chase & Co.	17		40,696	1.0%	3.1
17	Rackspace	24		36,735	0.9%	9.3
18	Centersquare (2)	8		35,118	0.9%	6.0
19	Morgan Stanley	13		35,095	0.9%	4.9
20	Verizon	87		33,736	0.8%	10.8
	Total / Weighted Average			$1,950,376	48.0%	5.9

(1)	Annualized recurring revenue represents the monthly contractual base rent (defined as cash base rent before abatements) and interconnection revenue under existing leases as of June 30, 2024, multiplied by 12.

(2)	In April 2024, Cyxtera announced a combination with Evoque and the combined company is named Centersquare.

Note: Represents consolidated portfolio in addition to our managed portfolio of unconsolidated joint ventures based on ownership percentage. Our direct customers may be the entities named in the table above or their subsidiaries or affiliates.

Table of Contents

Occupancy Analysis		Financial Supplement
Dollars and Square Feet in Thousands			Second Quarter 2024


	Net Rentable	Space Under Active	Space Held for	Annualized		Occupancy (5)		White Space	Data Center
Metropolitan Area	Square Feet (1)	Development (2)	Development (3)	Rent (4)		30-Jun-24	31-Mar-24	IT Load (6)	Count
North America

Northern Virginia	5,265	1,678	263		$570,103	90.3%	91.2%	462.5	18
Chicago	2,261	83	377		227,750	93.4%	90.0%	81.0	7
Dallas	3,064	408	77		208,402	81.7%	83.0%	111.2	19
New York	1,793	87	107		208,401	72.0%	70.5%	65.5	12
Silicon Valley	1,524	—	131		170,281	90.8%	90.1%	94.6	14
Portland	1,014	149	—		130,507	98.5%	98.9%	107.6	3
Phoenix	796	—	—		77,298	75.9%	75.1%	42.5	2
San Francisco	844	—	—		62,934	64.2%	64.2%	31.5	4
Atlanta	557	20	314		62,126	96.6%	96.5%	9.1	4
Toronto	509	83	135		55,423	95.0%	95.1%	47.8	2
Los Angeles	611	11	—		43,242	81.2%	85.5%	16.2	2
Seattle	397	—	—		42,831	77.1%	77.8%	5.9	1
Houston	393	—	14		17,700	69.6%	69.6%	12.0	6
Boston	437	—	51		17,468	41.8%	41.7%	19.0	3
Miami	226	—	—		9,730	86.3%	86.1%	1.3	2
Austin	86	—	—		7,388	59.6%	56.3%	4.3	1
Charlotte	95	—	—		5,818	91.3%	91.1%	1.5	3
North America Total/Weighted Average	19,873	2,520	1,467		$1,917,404	84.5%	84.4%	1,113.5	103

EMEA

Frankfurt	2,185	1,539	—		$247,546	85.3%	84.4%	144.3	29
London	1,365	—	77		210,665	60.2%	54.8%	94.4	14
Amsterdam	1,332	222	92		177,113	85.0%	84.2%	116.3	13
Paris	918	344	—		123,090	87.5%	83.5%	85.5	12
Johannesburg	1,183	1,024	—		120,595	80.7%	78.7%	62.2	5
Marseille	520	38	378		69,876	78.8%	78.1%	45.4	4
Zurich	444	152	—		61,099	83.5%	77.5%	29.0	3
Dublin	553	—	—		59,029	74.4%	76.0%	39.3	9
Vienna	356	133	—		51,581	82.7%	81.9%	25.6	3
Madrid	308	100	—		42,263	72.7%	70.9%	16.8	4
Brussels	338	—	—		39,949	69.6%	72.9%	21.5	3
Cape Town	326	402	—		37,840	75.4%	75.4%	21.1	2
Stockholm	190	108	—		24,307	71.4%	70.4%	16.8	6
Copenhagen	226	—	99		20,978	67.1%	66.3%	12.9	3
Dusseldorf	142	—	71		18,903	55.9%	55.1%	7.7	3
Athens	148	61	—		16,003	77.5%	79.1%	2.2	4
Durban	45	—	—		6,157	88.1%	86.9%	1.1	1
Mombasa	37	—	21		4,190	39.0%	38.1%	3.5	2
Zagreb	24	10	—		2,781	96.2%	85.7%	0.9	1
Nairobi	16	75	—		2,771	63.0%	61.9%	0.5	1
Maputo	3	—	—		487	41.6%	41.6%	0.2	1
Barcelona	—	144	—		—	—	—	—	—
EMEA Total/Weighted Average	10,657	4,354	739		$1,337,223	78.2%	76.4%	747.0	123

Asia Pacific

Singapore	883	7	—		$229,779	95.8%	95.2%	84.3	3
Sydney	361	—	88		32,576	91.2%	90.8%	22.8	4
Melbourne	147	—	—		15,434	62.9%	62.3%	9.6	2
Seoul	162	—	—		3,234	14.7%	7.6%	12.0	1
Hong Kong	114	66	104		504	1.9%	2.2%	7.5	1
Asia Pacific Total/Weighted Average	1,667	73	192		$281,526	77.6%	77.0%	136.1	11

Non-Data Center Properties	329	—	—		—	—	—	—	—

Consolidated Portfolio Total/Weighted Average	32,526	6,947	2,398		$3,536,153	81.3%	80.6%	1,996.6	237


Unconsolidated Joint Ventures

Northern Virginia	2,796	440	—		$249,579	98.9%	98.8%	209.7	12
Chicago	1,118	—	—		115,330	94.2%	91.8%	94.2	3
Silicon Valley	148	—	394		18,498	96.5%	100.0%	10.9	2
Hong Kong	186	—	—		10,646	44.3%	48.2%	11.0	1
Toronto	104	—	—		10,483	54.6%	55.7%	6.8	1
Paris	91	179	—		7,254	59.9%	61.5%	10.0	1
Los Angeles	197	—	—		5,446	100.0%	100.0%	—	2
Dallas	183	181	—		4,855	100.0%	—	16.0	2
Lagos	4	26	—		690	100.0%	100.0%	—	2
Accra	—	24	—		—	—	—	—	—
Managed Unconsolidated Portfolio Total/Weighted Average	4,827	852	394		$422,782	94.0%	93.1%	358.5	26

Managed Portfolio Total/Weighted Average	37,353	7,799	2,792		$3,958,934	82.9%	81.9%	2,355.1	263

Digital Realty Share Total/Weighted Average (7)	33,934	6,300	2,936		$3,628,377	81.4%	80.3%	2,101.1	—

Non-Managed Unconsolidated Joint Ventures

Sao Paulo	1,391	99	1,198		$178,995	91.9%	91.9%	117.6	25
Tokyo	1,357	431	48		85,533	76.0%	75.6%	64.9	5
Osaka	583	59	137		70,450	83.3%	83.3%	58.9	4
Santiago	119	118	71		13,068	90.1%	90.1%	10.2	3
Queretaro	105	—	583		12,273	100.0%	100.0%	8.0	3
Rio De Janeiro	112	—	—		11,621	100.0%	100.0%	8.0	2
Seattle	51	—	—		7,770	100.0%	100.0%	9.0	1
Fortaleza	94	—	—		3,560	22.0%	87.0%	6.2	1
Chennai	55	—	104		—	—	—	7.2	1
Bogota	—	—	197		—	—	—	—	2
Non-Managed Portfolio Total/Weighted Average	3,868	708	2,338		$383,268	82.5%	84.1%	290.0	47

Portfolio Total/Weighted Average	41,220	8,507	5,130		$4,342,203	82.9%	82.1%	2,645.1	310

(1)	We estimate the total net rentable square feet available for lease based on a number of factors in addition to contractually leased square feet, including available power, required support space and common areas.

(2)	Space under active development includes current Base Building and Data Center projects in progress.

(3)	Space held for development includes space held for future Data Center development and excludes space under active development.

(4)	Annualized base rent represents the monthly contractual base rent (defined as cash base rent before abatements) under existing leases as of June 30, 2024, multiplied by 12.

(5)	Occupancy excludes space under active development and space held for development. For some of our buildings, we calculate occupancy based on factors in addition to contractually leased square feet, including available power, required support space and common areas.

(6)	White Space IT Load represents UPS-backed utility power dedicated to Digital Realty’s operated data center space.

(7)	Represents consolidated portfolio plus our managed portfolio of unconsolidated joint ventures based on our ownership percentage.

Table of Contents

Development Lifecycle (1)		Financial Supplement
Dollars in Thousands			Second Quarter 2024


	Future Development Capacity						Data Center Construction

	IT Capacity (100% Share) (2)		Total Investment (3)				Project Summary (4)			100% Share (4)						DLR Share (5)

							Under		Average	Current		Future		Total		Current		Future		Total
			100% Share		DLR Share		Construction		Expected	Investment		Investment		Investment		Investment		Investment		Investment		Yields
Region	Land (MW)	Shell (MW)		(4)	(5)		(MW)	% Leased	Completion		(6)		(7)		(8)	(6)		(7)			(8)	(9)
Dallas	180	30		$153,104		$119,646	56	100%	2Q26		$129,726		$545,329		$675,055		$53,028		$523,588		$576,616
Northern Virginia	1,000	270		1,547,275		1,232,076	64	75%	2Q25		160,123		457,063		617,186		144,749		350,860		495,609
Portland	—	—		—		—	16	100%	3Q24		147,747		17,500		165,248		147,747		17,500		165,248
Other	280	180		843,005		743,334	34	91%	1Q25		296,464		101,362		397,826		233,623		85,374		318,997
Americas	1,460	480		$2,543,384		$2,095,056	170	89%			$734,060		$1,121,255		$1,855,315		$579,148		$977,321		$1,556,469	11.7%

Frankfurt	120	60		$760,771		$760,771	56	55%	3Q25		$659,099		$371,499		$1,030,598		$659,099		$371,499		$1,030,598
Paris	220	—		94,109		51,792	58	53%	2Q25		555,945		318,054		873,999		443,451		232,388		675,839
Zurich	10	—		34,514		34,514	13	67%	4Q24		179,930		86,188		266,119		179,930		86,188		266,119
Other	340	170		813,361		765,994	95	39%	3Q25		326,573		701,475		1,028,048		262,966		606,251		869,217
EMEA	690	230		$1,702,754		$1,613,070	223	48%			$1,721,548		$1,477,216		$3,198,764		$1,545,446		$1,296,326		$2,841,772	9.7%

Tokyo	30	20		$115,802		$57,901	30	59%	3Q25		$103,600		$206,154		$309,754		$51,800		$103,077		$154,877
Hong Kong	—	—		26,201		26,201	6	100%	3Q25		25,319		50,069		75,388		25,319		50,069		75,388
Osaka	40	10		48,474		24,237	6	100%	3Q25		19,687		29,928		49,615		9,844		14,964		24,808
Other	200	20		246,690		162,038	1	100%	3Q24		4,011		4,871		8,881		4,011		4,871		8,881
APAC	270	50		$437,167		$270,376	43	71%			$152,617		$291,022		$443,638		$90,973		$172,981		$263,954	10.5%

Total	2,420	760		$4,683,305		$3,978,503	436	66%			$2,608,225		$2,889,493		$5,497,717		$2,215,567		$2,446,628		$4,662,195	10.4%

(1)	Includes development projects in consolidated and unconsolidated joint ventures.

(2)	Represents the expected megawatt capacity to be developed based on our current plans and estimates; actual megawatt capacity developed may differ. Includes land and space held or actively under construction in preparation for future data center fit-out.

(3)	Represents cost incurred through June 30, 2024, plus remaining cost to complete on approved phases in preparation for future data center fit-out, including pro-rata share of acquisition, shell, and infrastructure costs.

(4)	Includes Digital Realty's and partners' shares in development joint venture projects.

(5)	Includes only Digital Realty's share in development joint venture projects.

(6)	Represents cost incurred through June 30, 2024.

(7)	Represents estimated cost to complete scope of work pursuant to approved development budget.

(8)	Represents total cost to develop a data center, including pro-rata share of acquisition, infrastructure, and shell space, plus the direct investment in the data center fit-out.

(9)	Represents pre-tax estimated stabilized cash yields , which are based on total expected investment amounts and anticipated net operating income from leases signed or other assumptions based on market conditions.

Table of Contents

Construction Projects in Progress (1)		Financial Supplement
Dollars in Thousands			Second Quarter 2024


		100% Share (2)					DLR Share (3)
	Current		Future		Total		Current		Future		Total
Construction Projects in Progress	Investment (4)		Investment (5)		Investment		Investment (4) (6)		Investment (5)		Investment
Future Development Capacity (7)		$2,933,024		$1,750,281		$4,683,305		$2,583,347		$1,395,156		$3,978,503
Data Center Construction		2,608,225		2,889,493		5,497,717		2,215,567		2,446,628		4,662,195
Equipment Pool & Other Inventory (8)		222,219		—		222,219		222,219		—		222,219
Campus, Tenant Improvements & Other (9)		248,318		135,578		383,897		248,318		135,578		383,897
Total Land Held and Development CIP		$6,011,787		$4,775,352		$10,787,139		$5,269,452		$3,977,363		$9,246,814

Enhancement & Other		$23,369		$5,789		$29,158		$23,369		$5,789		$29,158
Recurring		27,255		40,331		67,586		27,255		40,331		67,586
Total Land Held and Construction in Progress		$6,062,411		$4,821,471		$10,883,883		$5,320,076		$4,023,482		$9,343,558

(1)	Includes development projects in consolidated and unconsolidated joint ventures.

(2)	Includes Digital Realty's and partners' shares in development joint venture projects.

(3)	Includes only Digital Realty's share in development joint venture projects.

(4)	Represents cost incurred through June 30, 2024.

(5)	Represents estimated cost to complete scope of work pursuant to approved development budget.

(6)

Excludes $79.6 million representing our partners' shares in consolidated joint ventures included in Construction in Progress or Land Held for Future Development in our Consolidated Balance Sheet; includes $579.1 million representing Digital Realty's share in development projects classified as Investments in Unconsolidated Joint Ventures in our Consolidated Balance Sheet.

(7)	Includes land and space held or actively under construction in preparation for future data center fit-out.

(8)	Represents long-lead equipment and materials required for timely deployment and delivery of data center fit-out.

(9)

Represents improvements in progress as of June 30, 2024, which benefit space recently converted to our operating portfolio and is composed primarily of shared infrastructure projects and first-generation tenant improvements. Includes $2.9 million included in our Consolidated Balance Sheet related to fair value adjustments on Teraco portfolio projects that were partially constructed as of August 1, 2022.

Table of Contents

Historical Capital Expenditures and Investments in Real Estate		Financial Supplement
Dollars and Square Feet in Thousands			Second Quarter 2024


	Three Months Ended									Six Months Ended
	30-Jun-24		31-Mar-24	31-Dec-23		30-Sep-23		30-Jun-23		30-Jun-24		30-Jun-23

Non-Recurring Capital Expenditures (1)

Development (2)		$531,903	$549,522		$845,315		$953,267		$523,406		$1,081,425		$1,168,316

Enhancements and Other Non-Recurring		7,051	7,738		10,113		1,317		1,479		14,789		4,275

Total Non-Recurring Capital Expenditures		$538,953	$557,260		$855,428		$954,584		$524,885		$1,096,214		$1,172,591

Recurring Capital Expenditures (3)		$60,483	$47,676		$142,808		$90,251		$53,498		$108,159		$93,963

Total Direct Capital Expenditures		$599,436	$604,936		$998,236		$1,044,835		$578,383		$1,204,373		$1,266,554

Indirect Capital Expenditures

Capitalized Interest		$27,592	$28,522		$33,032		$29,130		$27,883		$56,114		$54,654

Capitalized Overhead		28,457	25,857		27,867		23,837		23,717		54,314		47,452

Total Indirect Capital Expenditures		$56,049	$54,379		$60,899		$52,967		$51,600		$110,428		$102,106

Total Improvements to and Advances for Investment in Real Estate		$655,485	$659,315		$1,059,135		$1,097,802		$629,983		$1,314,801		$1,368,660

(1)	Non-recurring capital expenditures are primarily for development of space and land, excluding acquisition costs.

(2)	Amount reflects the total capital expenditures on consolidated development projects during the quarter. The total includes 100% of spending on projects contributed to joint ventures for all periods excluding the period ended June 30, 2024, prior to their contribution.

(3)

Table of Contents

Acquisitions / Dispositions/ Joint Ventures		Financial Supplement
Dollars and Square Feet in Thousands			Second Quarter 2024

Closed Acquisitions:

Net

Rentable

Square Feet

% of Total Net

Acquisition

Metropolitan

Date

Purchase

Cap

Square

Under

Held For

Rentable Square

Property

Type

Area

Acquired

Price (1)

Rate (2)

Feet (3)

Development

Feet Occupied (4)

Schiphol Rijk

Land and Buildings

Amsterdam

5/16/2024

$7,869

—

70,000

—

39,000

—

Total

$7,869

—

70,000

—

39,000

—

Closed Dispositions:

Net

Rentable

Square Feet

% of Total Net

Disposition

Metropolitan

Date

Sale

Cap

Square

Under

Held For

Rentable Square

Property

Type

Area

Disposed

Price (1)

Rate (2)

Feet (3)

Development

Feet Occupied (4)

Wilhelm Fay Straße 24 (FRA29-32) (5)

Building

Frankfurt

4/19/2024

$503,511

5.7%

449,546

—

92.0%

Total

$503,511

5.7%

449,546

—

92.0%

Closed Joint Venture Contributions:

Net

Rentable

Square Feet

% of Total Net

Metropolitan

Contribution

Cap

Square

Under

Held For

Rentable Square

Property

Area

Date

Price

Rate (2)

Feet (3)

Development

Feet Occupied (4)

Chicago Hyperscale JV (6)

Chicago

4/16/2024

$455,000

6.5%

—

Total

$455,000

6.5%

—

(1)	Represents the purchase price or sale price, as applicable before contractual price adjustments, transaction expenses, taxes, and potential currency fluctuations. All prices converted to USD based on FX rate as of June 30, 2024.

(2)

We calculate the cash capitalization rate on acquisitions, dispositions, and joint venture contributions by dividing anticipated annual net operating income by the purchase/sale/contribution price, including assumed debt and related pre-payment penalties. Net operating income represents rental revenue and tenant reimbursement revenue from in-place leases, less rental property operating and maintenance expenses, property taxes and insurance expenses, and is not a financial measure calculated in accordance with GAAP. We caution you not to place undue reliance on our cash capitalization rates because they are based solely on data made available to us in the diligence process in connection with the relevant acquisitions and are calculated on a non-GAAP basis. Our calculation of the cash capitalization rate on acquisitions may change, based on our experience operating the data centers subsequent to closing of the acquisitions. In addition, the actual cash capitalization rates may differ from our expectations based on numerous other factors, including the results of our final purchase price allocation, difficulties collecting anticipated rental revenues, tenant bankruptcies, property tax reassessments and unanticipated expenses at the data centers that we cannot pass on to tenants.

(3)	We estimate the total net rentable square feet available for lease based on a number of factors in addition to contractually leased square feet, including available power, required support space and common area.

(4)	Occupancy excludes space under active development and space held for development.

(5)	DLR sold an additional 24.9% interest in the facility for €117 million or $125 million. Sale price is shown at 100%.

(6)	GI Partners acquired a 75% equity interest in a stabilized hyperscale data center building in the Chicago metro area. Digital Realty received approximately $388 million of gross proceeds and maintained a 25% interest in the joint venture. Contribution price is shown at 100%.

Table of Contents

Unconsolidated Joint Ventures		Financial Supplement
Dollars in Thousands			Second Quarter 2024


Summary Balance Sheet -	As of June 30, 2024
at the JV's 100% Share		Americas (1)	APAC (2)	EMEA (3)	Global (4)	Total

Gross cost of operating real estate		$6,139,171	$1,723,489	$320,546	$1,339,848	$9,523,055
Accumulated depreciation & amortization		(805,685)	(232,461)	(1,197)	(85,659)	(1,125,003)
Net Book Value of Operating Real Estate		$5,333,487	$1,491,028	$319,349	$1,254,189	$8,398,052
Cash		340,090	258,480	66,889	23,187	688,646
Other assets		1,780,392	158,247	36,889	250,506	2,226,035
Total Assets		$7,453,968	$1,907,755	$423,126	$1,527,883	$11,312,733

Debt		2,790,045	619,462	—	471,258	3,880,765
Other liabilities		648,204	145,456	389,840	33,871	1,217,370
Equity / (deficit)		4,015,721	1,142,837	33,287	1,022,754	6,214,598
Total Liabilities and Equity		$7,453,968	$1,907,755	$423,126	$1,527,883	$11,312,733

Digital Realty's ownership percentage		Various	Various	Various	38%

Digital Realty's Pro Rata Share of Unconsolidated JV Debt		$933,601	$302,303	—	$179,744	$1,415,647


Summary Statement of Operations -	Three Months Ended June 30, 2024
at the JV's 100% Share		Americas (1)	APAC (2)	EMEA (3)	Global (4)	Total

Total revenues		$207,074	$70,307	$3,633	$24,788	$305,802
Operating expenses		(93,697)	(34,951)	(1,532)	(9,048)	(139,228)
Net Operating Income (NOI)		$113,376	$35,356	$2,102	$15,740	$166,574

Straight-line rent		(2,473)	(5,264)	(1)	(46)	(7,784)
Above and below market rent		2,683	—	—	(775)	1,908
Cash Net Operating Income (NOI)		$113,585	$30,093	$2,101	$14,918	$160,698

Interest expense		($62,078)	($1,199)	($1,811)	($5,131)	($70,219)
Depreciation & amortization		(105,122)	(17,233)	(1,215)	(15,092)	(138,661)
Other income / (expense)		19,521	(3,196)	(640)	4,931	20,615
FX remeasurement on USD debt		(82,338)	—	—	4,757	(77,581)
Total Non-Operating Expenses		($230,016)	($21,628)	($3,666)	($10,536)	($265,846)

Net Income / (Loss)		($116,640)	$13,728	($1,564)	$5,204	($99,272)


Digital Realty's Pro Rata Share of Unconsolidated JV NOI		$35,376	$17,678	$461	$6,003	$59,518

Digital Realty's Pro Rata Share of Unconsolidated JV Cash NOI		$35,407	$15,047	$461	$5,690	$56,604

Digital Realty's Earnings (loss) income from unconsolidated joint ventures		($48,878)	$6,864	($895)	$1,467	($41,443)

Digital Realty's Pro Rata Share of Core FFO (5)		$25,486	$15,480	($646)	$5,457	$45,778

Digital Realty's Fee Income from Joint Ventures		$8,514	$304	$1,790	$3,618	$14,226

(1)	Includes Ascenty, Blackstone NoVa, Clise, GI Partners, Mapletree, Menlo, Mitsubishi, Realty Income, TPG Real Estate, and Walsh.

(2)	Includes Digital Connexion, Lumen, and MC Digital Realty.

(3)	Includes Blackstone Paris, Medallion, and Mivne.

(4)	Includes Digital Core REIT.

(5)	For a definition of Core FFO, see page 31.

Note: Digital Realty’s ownership percentages in the Joint Ventures vary.

Table of Contents

Reconciliation of Earnings Before Interest, Taxes, Depreciation & Amortization and Financial Ratios		Financial Supplement
Unaudited and Dollars in Thousands			Second Quarter 2024


	Three Months Ended
Reconciliation of Earnings Before Interest, Taxes, Depreciation & Amortization (EBITDA) (1)		30-Jun-24	31-Mar-24	31-Dec-23	30-Sep-23	30-Jun-23

Net Income / (Loss) Available to Common Stockholders		$70,039	$271,327	$18,122	$723,440	$108,003
Interest		114,756	109,535	113,638	110,767	111,116
Loss from early extinguishment of debt		—	1,070	—	—	—
Income tax expense (benefit)		14,992	22,413	20,724	17,228	16,173
Depreciation & amortization		425,343	431,102	420,475	420,613	432,573
EBITDA		$625,130	$835,446	$572,958	$1,272,048	$667,866
Unconsolidated JV real estate related depreciation & amortization		47,117	47,877	64,833	43,214	35,386
Unconsolidated JV interest expense and tax expense		27,704	34,271	42,140	27,000	32,105
Severance, equity acceleration and legal expenses		884	791	7,565	2,682	3,652
Transaction and integration expenses		26,072	31,839	40,226	14,465	17,764
(Gain) / loss on sale of investments		(173,709)	(277,787)	103	(810,688)	(89,946)
Provision for impairment		168,303	—	5,363	113,000	—
Other non-core adjustments, net (2)		743	21,608	(35,439)	1,719	22,132
Non-controlling interests		(5,552)	6,329	(8,419)	12,320	(2,538)
Preferred stock dividends		10,181	10,181	10,181	10,181	10,181
Adjusted EBITDA		$726,874	$710,556	$699,509	$685,943	$696,604

(1)	For definitions and discussion of EBITDA and Adjusted EBITDA, see the Definitions section.

(2)	Includes foreign exchange net unrealized gains/losses attributable to remeasurement, deferred rent adjustments related to a customer bankruptcy, write offs associated with bankrupt or terminated customers, non-recurring legal expenses, gain on sale of land option and lease termination fees.


	Three Months Ended
Financial Ratios		30-Jun-24	31-Mar-24	31-Dec-23	30-Sep-23	30-Jun-23

Total GAAP interest expense		$114,756	$109,535	$113,638	$110,767	$111,116
Capitalized interest		27,592	28,522	33,032	29,130	27,883
Change in accrued interest and other non-cash amounts		(55,605)	55,421	(66,013)	44,183	(60,612)
Cash Interest Expense (3)		$86,743	$193,479	$80,657	$184,081	$78,387

Preferred stock dividends		10,181	10,181	10,181	10,181	10,181
Total Fixed Charges (4)		$152,529	$148,239	$156,851	$150,079	$149,181


Coverage
Interest coverage ratio (5)		4.3x	4.3x	4.0x	4.3x	4.5x
Cash interest coverage ratio (6)		6.4x	3.2x	6.4x	3.4x	7.4x
Fixed charge coverage ratio (7)		4.1x	4.0x	3.8x	4.1x	4.2x
Cash fixed charge coverage ratio (8)		5.9x	3.1x	5.8x	3.2x	6.6x

Leverage
Debt to total enterprise value (9)(10)		24.2%	26.7%	28.6%	30.6%	33.3%
Debt-plus-preferred-stock-to-total-enterprise-value (10)(11)		25.3%	27.9%	29.8%	32.0%	34.7%
Pre-tax income to interest expense (12)		1.7x	3.6x	1.2x	7.7x	2.0x
Net Debt-to-Adjusted EBITDA (13)		5.3x	6.1x	6.2x	6.3x	6.8x

(3)	Cash interest expense is interest expense less amortization of debt discount and deferred financing fees and includes interest that we capitalized. We consider cash interest expense to be a useful measure of interest as it excludes non-cash-based interest expense.

(4)	Fixed charges consist of GAAP interest expense, capitalized interest, and preferred stock dividends.

(5)	Adjusted EBITDA divided by GAAP interest expense plus capitalized interest (including our pro rata share of unconsolidated joint venture interest expense).

(6)	Adjusted EBITDA divided by cash interest expense (including our pro rata share of unconsolidated joint venture interest expense).

(7)	Adjusted EBITDA divided by fixed charges (including our pro rata share of unconsolidated joint venture fixed charges).

(8)	Adjusted EBITDA divided by the sum of cash interest expense and preferred stock dividends (including our pro rata share of unconsolidated joint venture cash fixed charges).

(9)	Total debt divided by market value of common equity plus debt plus preferred stock.

(10)	Total enterprise value defined as market value of common equity plus debt plus preferred stock.

(11)	Same as (9), except numerator includes preferred stock.

(12)	Calculated as net income plus interest expense divided by GAAP interest expense.

(13)

Calculated as total debt at balance sheet carrying value, plus capital lease obligations, plus Digital Realty’s pro rata share of unconsolidated joint venture debt, less cash and cash equivalents (including Digital Realty’s pro rata share of unconsolidated joint venture cash) divided by the product of Adjusted EBITDA (including Digital Realty’s pro rata share of unconsolidated joint venture EBITDA), multiplied by four.

Table of Contents

Management Statements on Non-GAAP Measures		Financial Supplement
Unaudited			Second Quarter 2024

Definitions

Funds From Operations (FFO):

We calculate funds from operations, or FFO, in accordance with the standards established by the National Association of Real Estate Investment Trusts (Nareit) in the Nareit Funds From Operations White Paper - 2018 Restatement. FFO is a non-GAAP financial measure and represents net income (loss) (computed in accordance with GAAP), excluding gain (loss) from the disposition of real estate assets, provision for impairment, real estate related depreciation and amortization (excluding amortization of deferred financing costs), our share of unconsolidated JV real estate related depreciation & amortization, net income attributable to non-controlling interests in operating partnership and, depreciation related to non-controlling interests. Management uses FFO as a supplemental performance measure because, in excluding real estate related depreciation and amortization and gains and losses from property dispositions and after adjustments for unconsolidated partnerships and joint ventures, it provides a performance measure that, when compared year over year, captures trends in occupancy rates, rental rates and operating costs. We also believe that, as a widely recognized measure of the performance of REITs, FFO will be used by investors as a basis to compare our operating performance with that of other REITs. However, because FFO excludes depreciation and amortization and captures neither the changes in the value of our data centers that result from use or market conditions, nor the level of capital expenditures and capitalized leasing commissions necessary to maintain the operating performance of our data centers, all of which have real economic effect and could materially impact our financial condition and results from operations, the utility of FFO as a measure of our performance is limited. Other REITs may not calculate FFO in accordance with the Nareit definition and, accordingly, our FFO may not be comparable to other REITs’ FFO. FFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance.

Core Funds from Operations (Core FFO):

We present core funds from operations, or Core FFO, as a supplemental operating measure because, in excluding certain items that do not reflect core revenue or expense streams, it provides a performance measure that, when compared year over year, captures trends in our core business operating performance. We calculate Core FFO by adding to or subtracting from FFO (i) other non-core revenue adjustments, (ii) transaction and integration expenses, (iii) loss from early extinguishment of debt, (iv) gain on / issuance costs associated with redeemed preferred stock, (v) severance, equity acceleration and legal expenses, (vi) gain/loss on FX revaluation, and (vii) other non-core expense adjustments. Because certain of these adjustments have a real economic impact on our financial condition and results from operations, the utility of Core FFO as a measure of our performance is limited. Other REITs may calculate Core FFO differently than we do and accordingly, our Core FFO may not be comparable to other REITs’ Core FFO. Core FFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance.

Adjusted Funds from Operations (AFFO):

We present adjusted funds from operations, or AFFO, as a supplemental operating measure because, when compared year over year, it assesses our ability to fund dividend and distribution requirements from our operating activities. We also believe that, as a widely recognized measure of the operations of REITs, AFFO will be used by investors as a basis to assess our ability to fund dividend payments in comparison to other REITs, including on a per share and unit basis. We calculate AFFO by adding to or subtracting from Core FFO (i) non-real estate depreciation, (ii) amortization of deferred financing costs, (iii) amortization of debt discount/premium, (iv) non-cash stock-based compensation expense, (v) straight-line rental revenue, (vi) straight-line rental expense, (vii) above- and below-market rent amortization, (viii) deferred tax expense / (benefit), (ix) leasing compensation and internal lease commissions, and (x) recurring capital expenditures. Other REITs may calculate AFFO differently than we do and, accordingly, our AFFO may not be comparable to other REITs’ AFFO. AFFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance.

EBITDA and Adjusted EBITDA:

We believe that earnings before interest, loss from early extinguishment of debt, income taxes, and depreciation and amortization, or EBITDA, and Adjusted EBITDA (as defined below), are useful supplemental performance measures because they allow investors to view our performance without the impact of non-cash depreciation and amortization or the cost of debt and, with respect to Adjusted EBITDA, (i) unconsolidated joint venture real estate related depreciation & amortization, (ii) unconsolidated joint venture interest expense and tax, (iii) severance, equity acceleration and legal expenses, (iv) transaction and integration expenses, (v) gain (loss) on sale / deconsolidation, (vi) provision for impairment, (vii) other non-core adjustments, net, (viii) non-controlling interests, (ix) preferred stock dividends, and (x) issuance costs associated with redeemed preferred stock. Adjusted EBITDA is EBITDA excluding (i) unconsolidated joint venture real estate related depreciation & amortization, (ii) unconsolidated joint venture interest expense and tax, (iii) severance, equity acceleration and legal expenses, (iv) transaction and integration expenses, (v) gain (loss) on sale / deconsolidation, (vi) provision for impairment, (vii) other non-core adjustments, net, (vii) non-controlling interests, (ix) preferred stock dividends, and (x) gain on / issuance costs associated with redeemed preferred stock. In addition, we believe EBITDA and Adjusted EBITDA are frequently used by securities analysts, investors, and other interested parties in the evaluation of REITs. Because EBITDA and Adjusted EBITDA are calculated before recurring cash charges including interest expense and income taxes, exclude capitalized costs, such as leasing commissions, and are not adjusted for capital expenditures or other recurring cash requirements of our business, their utility as a measure of our performance is limited. Other REITs may calculate EBITDA and Adjusted EBITDA differently than we do and, accordingly, our EBITDA and Adjusted EBITDA may not be comparable to other REITs’ EBITDA and Adjusted EBITDA. Accordingly, EBITDA and Adjusted EBITDA should be considered only as supplements to net income computed in accordance with GAAP as a measure of our financial performance.

Table of Contents

Management Statements on Non-GAAP Measures		Financial Supplement
Unaudited			Second Quarter 2024

Net Operating Income (NOI) and Cash NOI:

Net operating income, or NOI, represents rental revenue, tenant reimbursement revenue and interconnection revenue less utilities expense, rental property operating expenses, property taxes and insurance expenses (as reflected in the statement of operations). NOI is commonly used by stockholders, company management and industry analysts as a measurement of operating performance of the company’s rental portfolio. Cash NOI is NOI less straight-line rents and above- and below-market rent amortization. Cash NOI is commonly used by stockholders, company management and industry analysts as a measure of property operating performance on a cash basis. Same-Capital Cash NOI represents buildings owned as of December 31, 2022 of the prior year with less than 5% of total rentable square feet under development and excludes buildings that were undergoing, or were expected to undergo, development activities in 2023-2024, buildings classified as held for sale, and buildings sold or contributed to joint ventures for all periods presented (prior period numbers adjusted to reflect current same-capital pool). However, because NOI and cash NOI exclude depreciation and amortization and capture neither the changes in the value of our data centers that result from use or market conditions, nor the level of capital expenditures and capitalized leasing commissions necessary to maintain the operating performance of our data centers, all of which have real economic effect and could materially impact our results from operations, the utility of NOI and cash NOI as measures of our performance is limited. Other REITs may calculate NOI and cash NOI differently than we do and, accordingly, our NOI and cash NOI may not be comparable to other REITs’ NOI and cash NOI. NOI and cash NOI should be considered only as supplements to net income computed in accordance with GAAP as measures of our performance.

Additional Definitions

Net debt-to-Adjusted EBITDA ratio is calculated as total debt at balance sheet carrying value, plus capital lease obligations, plus Digital Realty’s pro rata share of unconsolidated joint venture debt, less cash and cash equivalents (including Digital Realty’s pro rata share of unconsolidated joint venture cash) divided by the product of Adjusted EBITDA (including Digital Realty’s pro rata share of unconsolidated joint venture EBITDA), multiplied by four.

Debt-plus-preferred-to-total enterprise value is total debt plus preferred stock divided by total debt plus the liquidation value of preferred stock and the market value of outstanding Digital Realty Trust, Inc. common stock and Digital Realty Trust, L.P. units, assuming the redemption of Digital Realty Trust, L.P. units for shares of Digital Realty Trust, Inc. common stock.

Fixed charge coverage ratio is Adjusted EBITDA divided by the sum of GAAP interest expense, capitalized interest and preferred stock dividends. For the quarter ended June 30, 2024, GAAP interest expense was $115 million, capitalized interest was $28 million and preferred stock dividends was $10 million.


Reconciliation of Net Operating Income (NOI)	Three Months Ended						Six Months Ended
(in thousands)	30-Jun-24		31-Mar-24		30-Jun-23		30-Jun-24		30-Jun-23

Operating income		$9,889		$149,367		$154,860		$159,256		$332,196

Fee income		(15,656)		(13,010)		(14,908)		(28,666)		(22,777)
Other income		(2,125)		(862)		(932)		(2,987)		(1,819)
Depreciation and amortization		425,343		431,102		432,573		856,445		853,771
General and administrative		119,511		114,419		105,964		233,931		213,730
Severance, equity acceleration and legal expenses		884		791		3,652		1,675		7,807
Transaction expenses		26,072		31,839		17,764		57,911		30,031
Provision for impairment		168,303		—		—		168,303		—
Other expenses		(529)		10,836		655		10,306		655

Net Operating Income		$731,692		$724,482		$699,629		$1,456,175		$1,413,594


Cash Net Operating Income (Cash NOI)

Net Operating Income		$731,692		$724,482		$699,629		$1,456,175		$1,413,594

Straight-line rental revenue		(2,873)		(2,522)		12,116		(5,395)		(3,815)
Straight-line rental expense		959		1,369		722		2,328		212
Above- and below-market rent amortization		(1,691)		(854)		(1,195)		(2,545)		(2,421)

Cash Net Operating Income		$728,088		$722,474		$711,272		$1,450,563		$1,407,570



Constant Currency CFFO Reconciliation	Three Months Ended						Six Months Ended
(in thousands, except per share data)	30-Jun-24				30-Jun-23		30-Jun-24		30-Jun-23

Core FFO (1)		$538,482				$507,501		$1,070,634		$1,001,001
Core FFO impact of holding '23 Exchange Rates Constant (2)		3,841				—		5,180		—

Constant Currency Core FFO		$542,323				$507,501		$1,075,814		$1,001,001
Weighted-average shares and units outstanding - diluted		326,181				301,806		322,619		299,730
Constant Currency CFFO Per Share		$1.66				$1.68		$3.33		$3.34

1)	As reconciled to net income above.

2)	Adjustment calculated by holding currency translation rates for 2024 constant with average currency translation rates that were applicable to the same periods in 2023.

Table of Contents

Forward-Looking Statements		Financial Supplement
			Second Quarter 2024

This document contains forward-looking statements within the meaning of the federal securities laws, which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. Such forward-looking statements include statements relating to: our economic outlook, our expected investment and expansion activity, anticipated continued demand for our products and service, our liquidity, our joint ventures, supply and demand for data center and colocation space, our acquisition and disposition activity, pricing and net effective leasing economics, market dynamics and data center fundamentals, our strategic priorities, our product offerings, available inventory, rent from leases that have been signed but have not yet commenced and other contracted rent to be received in future periods, rental rates on future leases, lag between signing and commencement, cap rates and yields, investment activity, the company’s FFO, Core FFO, constant currency Core FFO, adjusted FFO, and net income, 2024 outlook and underlying assumptions, information related to trends, our strategy and plans, leasing expectations, weighted average lease terms, the exercise of lease extensions, lease expirations, debt maturities, annualized rent at expiration of leases, the effect new leases and increases in rental rates will have on our rental revenue, our credit ratings, construction and development activity and plans, projected construction costs, estimated yields on investment, expected occupancy, expected square footage and IT load capacity upon completion of development projects, backlog NOI, NAV components, and other forward-looking financial data. Such statements are based on management’s beliefs and assumptions made based on information currently available to management. Such statements are subject to risks, uncertainties and assumptions and are not guarantees of future performance and may be affected by known and unknown risks, trends, uncertainties, and factors that are beyond our control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated, or projected. Some of the risks and uncertainties that may cause our actual results, performance, or achievements to differ materially from those expressed or implied by forward-looking statements include, among others, the following:

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reduced demand for data centers or decreases in information technology spending;

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decreased rental rates, increased operating costs, or increased vacancy rates;

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increased competition or available supply of data center space;

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the suitability of our data centers and data center infrastructure, delays or disruptions in connectivity or availability of power, or failures or breaches of our physical and information security infrastructure or services;

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our dependence upon significant customers, bankruptcy or insolvency of a major customer or a significant number of smaller customers, or defaults on or non-renewal of leases by customers;

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our ability to attract and retain customers;

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breaches of our obligations or restrictions under our contracts with our customers;

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our inability to successfully develop and lease new properties and development space, and delays or unexpected costs in development of properties;

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the impact of current global and local economic, credit and market conditions;

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our inability to retain data center space that we lease or sublease from third parties;

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global supply chain or procurement disruptions, or increased supply chain costs;

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information security and data privacy breaches;

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difficulty managing an international business and acquiring or operating properties in foreign jurisdictions and unfamiliar metropolitan areas;

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our failure to realize the intended benefits from, or disruptions to our plans and operations or unknown or contingent liabilities related to, our recent acquisitions;

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our failure to successfully integrate and operate acquired or developed properties or businesses;

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difficulties in identifying properties to acquire and completing acquisitions;

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risks related to joint venture investments, including as a result of our lack of control of such investments;

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risks associated with using debt to fund our business activities, including re-financing and interest rate risks, our failure to repay debt when due, adverse changes in our credit ratings or our breach of covenants or other terms contained in our loan facilities and agreements;

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our failure to obtain necessary debt and equity financing, and our dependence on external sources of capital;

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financial market fluctuations and changes in foreign currency exchange rates;

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adverse economic or real estate developments in our industry or the industry sectors that we sell to, including risks relating to decreasing real estate valuations and impairment charges and goodwill and other intangible asset impairment charges;

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our inability to manage our growth effectively;

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losses in excess of our insurance coverage;

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our inability to attract and retain talent;

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impact on our operations and on the operations of our customers, suppliers, and business partners during a pandemic, such as COVID-19;

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the expected operating performance of anticipated near-term acquisitions and descriptions relating to these expectations;

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environmental liabilities, risks related to natural disasters and our inability to achieve our sustainability goals;

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our inability to comply with rules and regulations applicable to our company;

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Digital Realty Trust, Inc.’s failure to maintain its status as a REIT for federal income tax purposes;

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Digital Realty Trust, L.P.’s failure to qualify as a partnership for federal income tax purposes;

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restrictions on our ability to engage in certain business activities;

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changes in local, state, federal and international laws, and regulations, including related to taxation, real estate, and zoning laws, and increases in real property tax rates; and

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the impact of any financial, accounting, legal or regulatory issues or litigation that may affect us.

The risks included here are not exhaustive, and additional factors could adversely affect our business and financial performance. Several additional material risks are discussed in our annual report on Form 10-K for the year ended December 31, 2023, and other filings with the U.S. Securities and Exchange Commission. Those risks continue to be relevant to our performance and financial condition. Moreover, we operate in a 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. Digital Realty, Digital Realty Trust, the Digital Realty logo, Interxion, Turn-Key Flex, Powered Base Building, ServiceFabric, AnyScale Colo, Pervasive Data Center Architecture, PlatformDIGITAL, PDx, Data Gravity Index and Data Gravity Index DGx are registered trademarks and service marks of Digital Realty Trust, Inc. in the United States and/or other countries. All other names, trademarks and service marks are the property of their respective owners.

EX-99.2 3 dlr-20240725xex99d2.htm EX-99.2

Exhibit 99.2

Global. Connected. Sustainable. 2Q24 FINANCIAL RESULTS July 25, 2024 The meeting place for companies, technologies and data

5,000+ Customers 223,000 Cross Connects 50+ Metros 300+ Data Centers Capacity Host What You Need, How You Need Coverage Deploy Where You Need Connectivity Connect How You Need to Whom You Need Control Implement and Operate the Way You Need 2Q24 Financial Results 2 Executing on Key Strategic Priorities Positioning for Long-Term Sustainable Growth Second Quarter Highlights Note: As of June 30, 2024. Includes investments in unconsolidated entities. Strong Leasing Quarter 1 2 3 Strong Operating Results Below Target Leverage >$50M Leasing in 0-1MW+IX for 4th Consecutive Quarter >2x First Half Leasing vs. Prior Year 100 bps Sequential Increase in Stabilized Occupancy 6th Consecutive Quarter of Positive 148 Same-Capital Growth Record New Logos >$10B Private Capital Raised Over Past 12 Months 5.3x Leverage Ratio at Quarter End

3 GROWING GLOBAL DATA CENTER DEMAND (1) DECLINING GLOBAL DATA CENTER VACANCY (3) 2019A 2020A 2021A 2022A 2023A 2024F 2025F 2026F 2027F 2028F EMEA NAM Supply APAC Supply 17,500 34,000 83,600 4,237 3,284 4,906 4,148 5,027 5,642 6,635 6,998 10.8% 9.0% 7.8% 6.5% 2020 2021 2022 2023 Chart Title New Supply (MW) Absorption Vacancy Rate (%) GLOBAL DATA CENTER IN-PLACE CAPACITY in MW GLOBAL ABSORPTION AND VACANCY in MW Notes: 1) Source: DC Byte (June 2024). 2) Source: Gartner (May 2024). 3) Source: DatacenterHawk as of June 2024. New supply calculated based on the change in commissioned power year-over-year. Global Data Center Demand and Supply Accelerating Data Center Demand and Limited Supply Leading to Declining Vacancy Rates EMEA North America APAC 2Q24 Financial Results “Worldwide Public Cloud End-User Spending to Surpass $675 Billion in 2024” (2)

Note: As of June 30, 2024. 4 Offering a Global Data Center Platform Capacity in World’s Major Metros to Meet Growing Customer Demand Global Capacity >3,000 MW buildable IT capacity 436 MW under construction 2Q24 Financial Results 72 MW delivered in 2Q 71 MW new starts in 2Q ~2,500 MW in place IT capacity

2Q24 Financial Results 5 Connected Data Communities Strong 0-1MW + IX Revenue 148 Record New Logos $54M 2Q bookings from 0-1MW + Interconnection #3 Highest 0-1MW + IX Bookings in History 2Q24 Results

Note: As of June 30, 2024. 2Q24 Financial Results 6 Leading Data Center Partner for Sustainability Science-Based Target Commitment to Reduce Global Emissions by 68% by 2030 • 1.4 GW contracted renewable capacity • 100% renewable for European portfolio and North America productized colocation portfolio • 152 sites matched with 100% renewable including New Jersey, Texas, San Francisco, and Sydney markets • Expanded HVO diesel to 20 Global Sites and 15% of our global portfolio by IT capacity More green building certified IT capacity than any other data center provider • ENERGY STAR Partner of the Year; 67% of U.S. operating portfolio ENERGY STAR certified • Awarded SEAA’s “Green Innovations: Water Solutions” in Singapore • Top 10 in the U.S. EPA Green Power Partnership • 43% of our irrigation and cooling needs came from non-potable water sources in 2023 Leading the data center industry in green bonds Renewable Energy Leading data center purchaser of renewable energy • 1.1 GW-IT global operating portfolio has a sustainable building certification • 60% of certifications are gold level and above • 145 MW-IT certified in the past year Green Buildings Resource Efficiency Green Bonds More energy star certifications than any other data center provider • $6.4B in aggregate principal amount of green bonds issued • Fully allocated all green bond funds to sustainable projects • Executed first data center industry green bond

2Q24 Financial Results 2Q24 Financial Results 7

Note: Totals may not add up due to rounding. Digital Realty revised its reporting categories in 2Q 2020. For prior periods, "0-1 MW" includes Colocation, ">1 MW" includes Turn-Key Flex, "Other" includes Power Base Building and Non-Technical. “Interconnection” is unchanged. 1) Other includes Powered Base Building® shell capacity as well as storage and office space within fully improved data center facilities. 2Q24 BOOKINGS HISTORICAL BOOKINGS ANNUALIZED GAAP BASE RENT AI Spurs Demand $ in millions for Large Capacity Blocks Strong and Steady Leasing for 0-1MW + IX 0-1 MW $39.6 mm 24% of total bookings INTERCONNECTION $14.0 mm 8% of total bookings >1 MW $110.2 mm 67% of total bookings OTHER(1) $0.3 mm 0.2% of total bookings TOTAL BOOKINGS $164.2 mm 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 • Record 1H24 with $417M Bookings • 4th Consecutive Quarter 0-1MW+IX Over $50M • Rising Occupancy 2Q24 Financial Results 8 $0 $60 $120 $180 $240

$165M $203M $110M $478M $177M $232M $117M $527M 2024 2025 2026+ 2Q24 Backlog Note: Totals may not add up due to rounding. 1) Amounts shown represent GAAP annualized base rent from leases signed. 2) 1Q24 backlog amounts were revised to reflect ownership % changes in leases related to assets that were contributed to joint ventures. 3) Amounts shown represent GAAP annualized base rent from leases signed, but not yet commenced, based on estimated future commencement date at time of signing. Actual commencement dates may vary. Record Commencements Bodes Well for Future Growth BACKLOG ROLL-FORWARD (1) $ in millions Digital Realty Backlog Unconsolidated Joint Venture Backlog COMMENCEMENT TIMING (3) $ in millions • Record $176 Million of Commencements in 2Q24 • Near Record Backlog 2Q24 Financial Results 9 $478M $154M $154M $478M $539M $164M $176M $527M 1Q24 Backlog Signed Commenced 2Q24 Backlog (2)

Strong Pricing Environment Renewal Spreads Driven By 0-1MW Segment 2Q24 RENEWAL SPREADS 0-1 MW > 1 MW OTHER (1) TOTAL Signed renewals representing $125 million of annualized rental revenue Signed renewals representing $86 million of annualized rental revenue Signed renewals representing $3 million of annualized rental revenue Signed renewals representing $215 million of annualized rental revenue RENTAL RATE CHANGE RENTAL RATE CHANGE RENTAL RATE CHANGE RENTAL RATE CHANGE 3.9% 3.9% GAAP Note: Totals may not add up due to rounding. Rental rate change represents the beginning rental rate on agreements renewed, relative to the ending rental rate at expiration, weighted by net rentable square feet. Signed renewals amounts represent cash annualized rental revenue. 1) Other includes Powered Base Building® shell capacity as well as storage and office space within fully improved data center facilities. • ~58% of Total Renewals from 0-1MW • YTD Cash Renewal Spreads Consistent with Guidance 3.8% CASH GAAP CASH 12.1% 16.3% CASH 33.0% GAAP 4.0% CASH 7.5% GAAP 2Q24 Financial Results 10

Revenue Exposure by Currency FX Slight Headwind in the Second Quarter 51% 1% 5% 23% 5% 1% <1% 2% 4% 2024E $6.68 / Sh 1.0% SOFR +/- 100bps 0.1% GBP +/- 10% 2.0% EUR +/- 10% CORE FFO/SHARE EXPOSURE (2) EXPOSURE BY REVENUE (1) Note: Totals may not add up due to rounding. 1) As of June 30, 2024. Includes Digital Realty’s share of revenue from unconsolidated joint ventures. 2) Core FFO is a non-GAAP financial measure. For a definition of Core FFO and reconciliation to its nearest GAAP equivalent, see the Appendix. 2Q24 Financial Results 11 2% <1% • Local Operations Funded in Local Currencies act as a Natural Hedge Jun-24 <1% <1% 2Q23 U.S. DOLLAR INDEX 2Q24 ZAR 4% USD EURO GBP SGD AUD 23% 5% 5% 1% OTHER <1% CHF 51% 2% 1% JPY CAD 2% BRL 2% <1% <1% <1% 2% 85 90 95 100 105 110 115 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24

Matching the Duration of Assets and Liabilities Modest Near-Term Maturities, Well-Laddered Debt Schedule DEBT MATURITY SCHEDULE AS OF JUNE 30, 2024 (1)(2) (U.S. $ in billions) Note: As of June 30, 2024. 1) Includes Digital Realty’s pro rata share of unconsolidated joint venture loans and debt securities. Pro forma for the payoff of the £250 million ($316 million) 2.75% Sterling Notes that matured in July 2024. 2) Assumes exercise of extension options. 3) Includes impact of cross-currency swaps. DEBT PROFILE 96% Unsecured Unsecured Secured 84% Non-USD Euro USD GBP Other 86% Fixed Fixed Floating 2Q24 Financial Results (3) 12 $0.0 $1.6 $2.3 $3.7 $3.3 $1.6 $1.7 $1.6 $1.6 $0.1 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 + Pro Forma Payoffs USD Term Loan Unsecured Green Senior Notes - EUR Unsecured Green Senior Notes - CHF Unsecured Credit Facilities Other Unsecured Debt Unsecured Senior Notes - CHF Euro Term Loan Unsecured Senior Notes - EUR Unsecured Senior Notes - GBP Unsecured Senior Notes - USD Secured Mortgage Debt Pro Rata Share of JV Debt € € € R € ¥ $ ¥ ₣ 4.1 YEARS Weighted Avg. Maturity (1)(2) 2.8% Weighted Avg. Coupon (1)(3)

Q&A Global. Connected. Sustainable. 2Q24 Financial Results 13

14 Diversifying and Bolstering Capital Sources Strengthening Customer Value Proposition Innovating and Integrating Positioned for Long-Term Sustainable Growth PlatformDIGITAL® is the Choice for AI, Cloud and Hybrid IT • Strong Leasing Across Product Segments • Improved Occupancy • Record New Logos • Unveiled HD Colo 2.0 • New Azure ExpressRoute On-Ramp in Dallas • New Azure ExpressRoute Metro Service in Amsterdam & Zurich • Sold 75% interest in Chicago • Sold 24.9% interest in Frankfurt • Raised $2 Billion of Equity • Reduced Leverage Below Target 2Q24 Financial Results

Appendix 2Q24 Financial Results 15

Appendix Management Statements on Non-GAAP Measures The information included in this presentation contains certain non-GAAP financial measures that management believes are helpful in understanding our business, as further described below. Our definition and calculation of non-GAAP financial measures may differ from those of other REITs, and, therefore, may not be comparable. The non-GAAP financial measures should not be considered alternatives to net income or any other GAAP measurement of performance and should not be considered an alternative to cash flows from operating, investing or financing activities as a measure of liquidity. Funds From Operations (FFO): We calculate funds from operations, or FFO, in accordance with the standards established by the National Association of Real Estate Investment Trusts, or Nareit, in the Nareit Funds From Operations White Paper - 2018 Restatement. FFO represents net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from real estate transactions, provision for impairment, real estate related depreciation and amortization (excluding amortization of deferred financing costs), unconsolidated JV real estate related depreciation & amortization, non-controlling interest in operating-partnership reconciling items related to non-controlling interests and after adjustments for unconsolidated partnerships and joint ventures. Management uses FFO as a supplemental performance measure because, in excluding real estate related depreciation and amortization and gains and losses from property dispositions and after adjustments for unconsolidated partnerships and joint ventures, it provides a performance measure that, when compared year over year, captures trends in occupancy rates, rental rates and operating costs. We also believe that, as a widely recognized measure of the performance of REITs, FFO will be used by investors as a basis to compare our operating performance with that of other REITs. However, because FFO excludes depreciation and amortization and captures neither the changes in the value of our data centers that result from use or market conditions, nor the level of capital expenditures and capitalized leasing commissions necessary to maintain the operating performance of our data centers, all of which have real economic effect and could materially impact our financial condition and results from operations, the utility of FFO as a measure of our performance is limited. Other REITs may not calculate FFO in accordance with the Nareit definition and, accordingly, our FFO may not be comparable to other REITs’ FFO. FFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance. Core Funds from Operations (Core FFO): We present core funds from operations, or Core FFO, as a supplemental operating measure because, in excluding certain items that do not reflect core revenue or expense streams, it provides a performance measure that, when compared year over year, captures trends in our core business operating performance. We calculate Core FFO by adding to or subtracting from FFO (i) other non-core revenues adjustments, (ii) transaction and integration expenses, (iii) loss from early extinguishment of debt, (iv) gain on / issuance costs associated with redeemed preferred stock, (v) severance, equity acceleration, and legal expenses, (vi) gain/loss on FX revaluation, and (vii) other non-core expense adjustments. Because certain of these adjustments have a real economic impact on our financial condition and results from operations, the utility of Core FFO as a measure of our performance is limited. Other REITs may calculate core FFO differently than we do and accordingly, our Core FFO may not be comparable to other REITs’ core FFO. Core FFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance. EBITDA and Adjusted EBITDA: We believe that earnings before interest, loss from early extinguishment of debt, income taxes, and depreciation and amortization, or EBITDA, and Adjusted EBITDA (as defined below), are useful supplemental performance measures because they allow investors to view our performance without the impact of non-cash depreciation and amortization or the cost of debt and, with respect to Adjusted EBITDA, unconsolidated joint venture real estate related depreciation & amortization, unconsolidated joint venture interest expense and tax expense, severance, equity acceleration, and legal expenses, transaction and integration expenses, gain on sale / deconsolidation, provision for impairment, other non-core adjustments, net, non-controlling interests, preferred stock dividends, and issuance costs associated with redeemed preferred stock. Adjusted EBITDA is EBITDA excluding unconsolidated joint venture real estate related depreciation & amortization, unconsolidated joint venture interest expense and tax, severance, equity acceleration, and legal expenses, transaction and integration expenses, gain on sale / deconsolidation, provision for impairment, other non-core adjustments, net, non-controlling interests, preferred stock dividends, and gain on / issuance costs associated with redeemed preferred stock. In addition, we believe EBITDA and Adjusted EBITDA are frequently used by securities analysts, investors and other interested parties in the evaluation of REITs. Because EBITDA and Adjusted EBITDA are calculated before recurring cash charges including interest expense and income taxes, exclude capitalized costs, such as leasing commissions, and are not adjusted for capital expenditures or other recurring cash requirements of our business, their utility as a measure of our performance is limited. Other REITs may calculate EBITDA and Adjusted EBITDA differently than we do and, accordingly, our EBITDA and Adjusted EBITDA may not be comparable to other REITs’ EBITDA and Adjusted EBITDA. Accordingly, EBITDA and Adjusted EBITDA should be considered only as supplements to net income computed in accordance with GAAP as a measure of our financial performance. Net Operating Income (NOI) and Cash NOI: Net operating income, or NOI, represents rental revenue, tenant reimbursement revenue and interconnection revenue less utilities expense, rental property operating expenses, property taxes and insurance expenses (as reflected in the statement of operations). NOI is commonly used by stockholders, company management and industry analysts as a measurement of operating performance of the company’s rental portfolio. Cash NOI is NOI less straight-line rents and above- and below-market rent amortization. Cash NOI is commonly used by stockholders, company management and industry analysts as a measure of property operating performance on a cash basis. However, because NOI and cash NOI exclude depreciation and amortization and capture neither the changes in the value of our data centers that result from use or market conditions, nor the level of capital expenditures and capitalized leasing commissions necessary to maintain the operating performance of our data centers, all of which have real economic effect and could materially impact our results from operations, the utility of NOI and cash NOI as measures of our performance is limited. Other REITs may calculate NOI and cash NOI differently than we do and, accordingly, our NOI and cash NOI may not be comparable to other REITs’ NOI and cash NOI. NOI and cash NOI should be considered only as supplements to net income computed in accordance with GAAP as measures of our performance. Same–Capital Cash NOI: Same-Capital Cash NOI represents buildings owned as of December 31, 2022 with less than 5% of total rentable square feet under development and excludes buildings that were undergoing, or were expected to undergo, development activities in 2023-2024, buildings classified as held for sale, and buildings sold or contributed to joint ventures for all periods presented (prior period numbers are adjusted to reflect the current same-capital pool). 2Q24 Financial Results 16

Appendix Forward-Looking Statements This information in this presentation contains forward-looking statements within the meaning of the federal securities laws, which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. Such forward-looking statements include statements relating to: our economic outlook; our expected investment and expansion activity; our joint ventures; the expected benefits and timing of PlatformDIGITAL®; the Data Gravity Index ; Data Gravity Index DGx ; public cloud services spending; the potential impact of artificial intelligence and data regulations; our sustainability initiatives; the expected effect of foreign currency translation adjustments on our financials; anticipated continued demand for our products and services; our liquidity; demand drivers and economic growth outlook; business drivers; our expected development plans and completions, including timing, total square footage, IT capacity and raised floor space upon completion; expected availability for leasing efforts and colocation initiatives; organizational initiatives; our product offerings; our connected data communities; joint venture opportunities; occupancy and total investment; our expected investment in our properties; our estimated time to stabilization and targeted returns at stabilization of our properties; our expected future acquisitions; acquisitions strategy; available inventory and development strategy; the signing and commencement of leases, and related rental revenue; lag between signing and commencement of leases; our 2024 backlog; future rents; our expected same store portfolio growth; our expected growth and stabilization of development completions and acquisitions; lease rollovers and expected rental rate changes; our re-leasing spreads; our expected yields on investments; our expectations with respect to capital investments at lease expiration on existing data center or colocation space; debt maturities; lease maturities; our other expected future financial and other results including guidance, and the assumptions underlying such results; our customers’ capital investments; our plans and intentions; future data center utilization, utilization rates, growth rates, trends, supply and demand; data center expansion plans; estimated kW/MW requirements; capital expenditures; the effect new leases and increases in rental rates will have on our rental revenues and results of operations; estimates of the value of our development portfolio; our ability to meet our liquidity needs, including the ability to raise additional capital; access to power; market forecasts; projected financial information and covenant metrics; Core FFO run rate and NOI growth; other forward looking financial data; leasing expectations; our exposure to tenants in certain industries; our expectations and underlying assumptions regarding our sensitivity to fluctuations in foreign exchange rates; and the sufficiency of our capital to fund future requirements. You can identify forward-looking statements by the use of forward-looking terminology such as “believes,” “expects,” “may,” “will,” “should,” “seeks,” “approximately,” “intends,” “plans,” “pro forma,” “estimates” or “anticipates” or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and discussions which do not relate solely to historical matters. Such statements are based on management’s beliefs and assumptions made based on information currently available to management. Such statements are subject to risks, uncertainties and assumptions and are not guarantees of future performance and may be affected by known and unknown risks, trends, uncertainties and factors that are beyond our control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. Some of the risks and uncertainties that may cause our actual results, performance or achievements to differ materially from those expressed the suitability of our data centers and data center infrastructure, delays or disruptions in connectivity or availability of power, or failures or breaches of our physical and information security infrastructure or services; or implied by forward-looking statements include, among others, the following: reduced demand for data centers or decreases in information technology spending; decreased rental rates, increased operating costs or increased vacancy rates; increased competition or available supply of data center space; the suitability of our data centers and data center infrastructure, delays or disruptions in connectivity or availability of power, or failures or breaches of our physical and information security infrastructure or services; breaches of our obligations or restrictions under our contracts with our customers; our dependence upon significant customers, bankruptcy or insolvency of a major customer or a significant number of smaller customers, or defaults on or non-renewal of leases by customers; our inability to successfully develop and lease new properties and development space, and delays or unexpected costs in development of properties; the impact of current global and local economic, credit and market conditions; global supply chain or procurement disruptions, or increased supply chain costs; the impact from periods of heightened inflation on our costs, such as operating and general and administrative expenses, interest expense and real estate acquisition and construction costs; information security and data privacy breaches; difficulties managing an international business and acquiring or operating properties in foreign jurisdictions and unfamiliar metropolitan areas; our failure to realize the intended benefits from, or disruptions to our plans and operations or unknown or contingent liabilities related to, our recent acquisitions; our failure to successfully integrate and operate acquired or developed properties or businesses; difficulties in identifying properties to acquire and completing acquisitions; risks related to joint venture investments, including as a result of our lack of control of such investments; risks associated with using debt to fund our business activities, including re-financing and interest rate risks, our failure to repay debt when due, adverse changes in our credit ratings or our breach of covenants or other terms contained in our loan facilities and agreements; our failure to obtain necessary debt and equity financing, and our dependence on external sources of capital; financial market fluctuations and changes in foreign currency exchange rates; adverse economic or real estate developments in our industry or the industry sectors that we sell to, including risks relating to decreasing real estate valuations and impairment charges and goodwill and other intangible asset an epidemic, pandemic, or other global event impairment charges; our inability to manage our growth effectively; losses in excess of our insurance coverage; our inability to attract and retain talent; impact on our operations and on the operations of our customers, suppliers, and business partners; the expected operating performance of anticipated near-term acquisitions and descriptions relating to these expectations; environmental liabilities, risks related to natural disasters and our inability to achieve our sustainability goals; our inability to comply with rules and regulations applicable to our company; Digital Realty Trust, Inc.’s failure to maintain its status as a REIT for federal income tax purposes; Digital Realty Trust, L.P.’s failure to qualify as a partnership for federal income tax purposes; restrictions on our ability to engage in certain business activities; and changes in local, state, federal and international laws and regulations, including related to taxation, real estate and zoning laws and increases in real property tax rates; the impact of any financial, accounting, legal or regulatory issues or litigation that may affect us. 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, 2023, 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. Digital Realty, Digital Realty Trust, the Digital Realty logo, Interxion, Turn-Key Flex, Powered Base Building, PlatformDIGITAL, Data Gravity Index, Data Gravity Index DGx, ServiceFabric, AnyScale Colo, and Pervasive Data Center Architecture (PDx),among others, are registered trademarks and service marks of Digital Realty Trust, Inc. in the United States and/or other countries. All other names, trademarks and service marks are the property of their respective owners. 2Q24 Financial Results 17

Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent 2Q24 Financial Results 18 June 30, 2024 June 30, 2023 Net income available to common stockholders $ 70,039 $ 108,003 Adjustments: Noncontrolling interests in operating partnership 1,500 2,500 Real estate related depreciation and amortization (1) 414,920 424,044 Depreciation related to non-controlling interests (17,317) (14,144) Real estate related depreciation and amortization related to investment in unconsolidated joint ventures 47,117 35,386 (Gain) on real estate transactions (173,709) (89,946) FFO available to common stockholders and unitholders $ 510,852 $ 465,844 Basic FFO per share and unit $ 1.57 $ 1.54 Diluted FFO per share and unit $ 1.57 $ 1.52 Weighted average common stock and units outstanding Basic 325,777 301,593 Diluted 334,186 313,022 (1) Real estate related depreciation and amortization was computed as follows: Depreciation and amortization per income statement 425,343 432,573 Non-real estate depreciation (10,424) (8,529) $ 414,920 $ 424,044 June 30, 2024 June 30, 2023 FFO available to common stockholders and unitholders -- basic and diluted $ 510,852 $ 465,844 Weighted average common stock and units outstanding 325,777 301,593 Add: Effect of dilutive securities 404 213 Weighted average common stock and units outstanding -- diluted 326,181 301,806 Three Months Ended Digital Realty Trust, Inc. and Subsidiaries Reconciliation of Net Income Available to Common Stockholders to Funds From Operations (FFO) (in thousands, except per share and unit data) (unaudited) Three Months Ended

Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent 2Q24 Financial Results 19 June 30, 2024 June 30, 2023 FFO available to common stockholders and unitholders -- diluted $ 510,852 $ 465,844 Other non-core revenue adjustments (33,818) 27,454 Transaction and integration expenses 26,072 17,764 Loss from early extinguishment of debt - - Severance, equity acceleration and legal expenses 884 3,652 (Gain) / Loss on FX revaluation 32,222 (7,868) Other non-core expense adjustments 2,271 655 CFFO available to common stockholders and unitholders -- diluted $ 538,482 $ 507,501 CFFO impact of holding '23 Exchange Rates Constant 3,841 - Constant Currency CFFO available to common stockholders and unitholders -- diluted $ 542,323 $ 507,501 Diluted CFFO per share and unit $ 1.65 $ 1.68 Diluted Constant Currency CFFO per share and unit $ 1.66 $ 1.68 Digital Realty Trust, Inc. and Subsidiaries Reconciliation of Funds From Operations (FFO) to Core Funds From Operations (CFFO) (in thousands, except per share and unit data) (unaudited) Three Months Ended

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