Digital Realty Trust (DLR) 8-K Results of Operations and Financial Condition

Exhibit 99.1

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		Financial Supplement
Table of Contents			First Quarter 2024

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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 Analysisand 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

		Financial Supplement
Corporate Information			First 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 March 31, 2024, the company’s 309 data centers, including 72 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 39.8 million square feet, excluding approximately 8.2 million square feet of space under active development and 4.1 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  78735Telephone: (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	Green Street Advisors	HSBC	Jefferies	J.P. Morgan	MoffettNathanson
Kyle Sanders	Irvin Liu	David Guarino	Phani Kanumuri	Jonathan Petersen	Richard Choe	Nick Del Deo
(314) 515-0198	(415) 800-0183	(949) 640-8780	+52 (551) 782-7350	(212) 284 1705	(212) 662 6708	(212) 519-0025
Morgan Stanley	Morningstar	Raymond James	RBC Capital Markets	Scotiabank	Stifel	TD Cowen
Simon Flannery	Matthew Dolgin	Frank Louthan	Jonathan Atkin	Maher Yaghi	Erik Rasmussen	Michael Elias
(212) 761-6432	(312) 696-6783	(404) 442-5867	(415) 633-8589	(437) 995-5548	(212) 271-3461	(646) 562-1358
Truist Securities	UBS	Wells Fargo	Wolfe Research
Anthony Hau	John Hodulik	Eric Luebchow	Andrew Rosivach
(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

June 4 – 6, 2024 NAREIT REITweek 2024 New York City, NY

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

3

		Financial Supplement
Corporate Information (Continued)			First 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
	31-Mar-24		31-Dec-23		30-Sep-23		30-Jun-23		31-Mar-23
High price		$154.18		$139.35		$133.39		$114.43		$122.43
Low price		$130.00		$113.94		$112.38		$86.33		$90.72
Closing price, end of quarter		$144.04		$134.58		$121.02		$113.87		$98.31
Average daily trading volume (1)		2,108		1,932		2,301		3,113		2,232
Indicated dividend per common share (2)		$4.88		$4.88		$4.88		$4.88		$4.88
Closing annual dividend yield, end of quarter		3.4%		3.6%		4.0%		4.3%		5.0%
Shares and units outstanding, end of quarter (1) (3)		319,009		318,057		309,325		305,723		297,761
Closing market value of shares and units outstanding (4)		$45,950,001		$42,804,053		$37,434,562		$34,812,727		$29,272,861

(1) Shares or shares and units in thousands.

(2) On an annualized basis.

(3) As of March 31, 2024, the total number of shares and units includes 312,421 shares of common stock, 4,343 common units held by third parties and 2,245 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.

4

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

Shares and Units at End of Quarter	31-Mar-24		31-Dec-23		30-Sep-23		30-Jun-23		31-Mar-23
Common shares outstanding		312,421		311,608		302,846		299,240		291,299
Common partnership units outstanding		6,588		6,449		6,479		6,483		6,462
Total Shares and Units		319,009		318,057		309,325		305,723		297,761
Enterprise Value
Market value of common equity (1)		$45,950,001		$42,804,053		$37,434,562		$34,812,727		$29,272,861
Liquidation value of preferred equity		755,000		755,000		755,000		755,000		755,000
Total debt at balance sheet carrying value		17,020,340		17,425,908		16,869,776		17,729,452		17,875,511
Total Enterprise Value		$63,725,341		$60,984,961		$55,059,338		$53,297,179		$47,903,372
Total debt / total enterprise value		26.7%		28.6%		30.6%		33.3%		37.3%
Debt-plus-preferred-to-total-enterprise-value		27.9%		29.8%		32.0%		34.7%		38.9%
Selected Balance Sheet Data
Investments in real estate (before depreciation)		$34,099,698		$34,355,662		$33,267,766		$33,958,096		$33,805,740
Total Assets		42,633,089		44,113,257		41,932,515		42,388,735		41,953,068
Total Liabilities		21,792,866		23,116,936		21,895,634		22,916,155		22,799,620
Selected Operating Data
Total operating revenues		$1,331,143		$1,369,633		$1,402,437		$1,366,267		$1,338,724
Total operating expenses		1,181,776		1,235,598		1,344,206		1,211,407		1,161,388
Net income		287,837		19,884		745,941		115,647		68,839
Net income / (loss) available to common stockholders		271,327		18,122		723,440		108,003		58,547
Financial Ratios
EBITDA (2)		$835,446		$572,958		$1,272,048		$667,866		$603,419
Adjusted EBITDA (3)		710,556		699,509		685,943		696,604		667,804
Net Debt-to-Adjusted EBITDA (4)		6.1x		6.2x		6.3x		6.8x		7.1x
Interest expense		109,535		113,638		110,767		111,116		102,220
Fixed charges (5)		148,239		156,851		150,079		149,181		139,172
Interest coverage ratio (6)		4.3x		4.0x		4.3x		4.5x		4.7x
Fixed charge coverage ratio (7)		4.0x		3.8x		4.1x		4.2x		4.4x
Profitability Measures
Net income / (loss) per common share - basic		$0.87		$0.06		$2.40		$0.37		$0.20
Net income / (loss) per common share - diluted		$0.82		$0.08		$2.33		$0.37		$0.20
Funds from operations (FFO) / diluted share and unit (8)		$1.41		$1.53		$1.55		$1.52		$1.60
Core funds from operations (Core FFO) / diluted share and unit (8)		$1.67		$1.63		$1.62		$1.68		$1.66
Adjusted funds from operations (AFFO) / diluted share and unit (9)		$1.68		$1.30		$1.40		$1.59		$1.56
Dividends per share and common unit		$1.22		$1.22		$1.22		$1.22		$1.22
Diluted FFO payout ratio (8) (10)		86.5%		79.8%		78.6%		80.3%		76.0%
Diluted Core FFO payout ratio (8) (11)		73.2%		75.0%		75.2%		72.6%		73.5%
Diluted AFFO payout ratio (9) (12)		72.8%		93.6%		87.3%		76.7%		78.2%
Portfolio Statistics
Buildings (13)		323		323		326		330		328
Data Centers (13)		309		309		312		316		314
Cross-connects (13) (14)		221,500		220,000		218,000		216,000		214,000
Net rentable square feet, excluding development space (13)		39,839		39,688		39,542		39,310		38,804
Occupancy at end of quarter (15)		82.1%		81.7%		82.8%		82.9%		83.5%
Occupied square footage (13)		32,727		32,407		32,727		32,603		32,394
Space under active development (16)		8,238		8,470		9,205		8,841		9,243
Space held for development (17)		4,141		4,130		3,937		3,941		3,742
Weighted average remaining lease term (years) (18)		4.5		4.6		4.8		4.9		4.8
Same-capital occupancy at end of quarter (15) (19)		82.6%		82.9%		82.8%		83.1%		83.0%

5

Key Quarterly Financial Data		Financial Supplement
Unaudited, Dollars (except per share data) and Square Feet in Thousands			First 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.

6

Digital Realty Trust		Financial Supplement
Earnings Release			First Quarter 2024

Digital Realty Reports First Quarter 2024 Results

Austin, TX — May 2, 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 first quarter of 2024. All per share results are presented on a fully diluted basis.

Highlights

◾ Reported net income available to common stockholders of $0.82 per share in 1Q24, compared to $0.20 in 1Q23

◾ Reported FFO per share of $1.41 in 1Q24, compared to $1.60 in 1Q23

◾ Reported Core FFO per share of $1.67 in 1Q24, compared to $1.66 in 1Q23

◾ Reported “Same-Capital” cash NOI growth of 4.7% in 1Q24

◾ Reported rental rate increases on renewal leases of 11.8% on a cash basis in 1Q24

◾ Signed total bookings during 1Q24 that are expected to generate $252 million of annualized GAAP rental revenue, including a $40 million contribution from the 0–1 megawatt category and $13 million contribution from interconnection

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

Financial Results

Digital Realty reported revenues of $1.3 billion in the first quarter of 2024, a 3% decrease from the previous quarter and an 1% decrease from the same quarter last year.

The company delivered net income of $288 million in the first quarter of 2024, and net income available to common stockholders of $271 million, or $0.82 per diluted share, compared to $0.08 per diluted share in the previous quarter and $0.20 per diluted share in the same quarter last year.

Digital Realty generated Adjusted EBITDA of $711 million in the first quarter of 2024, a 2% increase from the previous quarter and 6% increase over the same quarter last year.

The company reported Funds From Operations (FFO) of $451 million in the first quarter of 2024, or $1.41 per share, compared to $1.53 per share in the previous quarter and $1.60 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 $1.67 in the first quarter of 2024, compared to $1.63 per share in the previous quarter and $1.66 per share in the same quarter last year. Digital Realty delivered Constant-Currency Core FFO per share of $1.67 for the first quarter of 2024.

“Digital Realty saw accelerating demand in the first quarter, executing on a number of multifaceted AI-oriented opportunities, while continuing to support hybrid multi-cloud requirements. Strong demand supported a new leasing record, driven by large footprint deals,” said Digital Realty President & Chief Executive Officer Andy Power. “In support of this demand, we sourced over $1 billion of fresh capital through asset sales and joint ventures, further reducing our reported leverage while positioning the company to meet our customers' growing needs.”

Leasing Activity

In the first quarter, Digital Realty signed total bookings that are expected to generate $252 million of annualized GAAP rental revenue, including a $40 million contribution from the 0–1 megawatt category and a $13 million contribution from interconnection.

The weighted-average lag between new leases signed during the first quarter of 2024 and the contractual commencement date was 7 months.

In addition to new leases signed, Digital Realty also signed renewal leases representing $248 million of annualized cash rental revenue during the quarter. Rental rates on renewal leases signed during the first quarter of 2024 increased 11.8% on a cash basis and 13.0% on a GAAP basis.

7

Digital Realty Trust		Financial Supplement
Earnings Release			First Quarter 2024

New leases signed during the first 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		$19,050	67		$283	6.5		$243
> 1 MW		175,200	636		275	84.0		174
Other (1)		495	10		51	—		—
Total		$194,746	713		$273	90.5		$179
EMEA (2)
0-1 MW		$14,754	60		$246	5.5		$224
> 1 MW		23,020	112		206	13.7		140
Other (1)		72	1		117	—		—
Total		$37,846	173		$219	19.2		$164
Asia Pacific (2)
0-1 MW		$6,192	18		$343	1.5		$333
> 1 MW		—	—		—	—		—
Other (1)		159	3		56	—		—
Total		$6,351	21		$304	1.5		$333
All Regions (2)
0-1 MW		$39,996	145		$275	13.6		$246
> 1 MW		198,220	748		265	97.7		169
Other (1)		726	13		55	—		—
Total		$238,942	907		$264	111.2		$178
Interconnection		$13,240	N/A		N/A	N/A		N/A
Grand Total		$252,182	907		$264	111.2		$178

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 March 31, 2024.

Investment Activity

As previously disclosed, in the first quarter, Digital Realty successfully resolved its relationship with Cyxtera, with the closing of a series of transactions with Brookfield Infrastructure Partners L.P., Cyxtera Technologies and Digital Core REIT. Digital Realty received $277 million for its interest in four data centers and redeployed $55 million to buy out Cyxtera’s leases in Digital Realty’s Frankfurt and Singapore data centers. Digital Realty also exercised its option to purchase a data center outside of London, UK, which is expected to close in the second quarter.

Also previously disclosed, in January, Digital Realty and Blackstone Inc. established the first phase of their $7 billion hyperscale data center development joint venture, which includes campuses in Paris and Northern Virginia. The second phase is scheduled to close later this year, upon obtaining the required approvals.

As announced in early March, Digital Realty and Mitsubishi Corporation established a joint venture to support the development of two build-to-suit data centers in the Dallas metro area. The two data centers commenced construction in the fourth quarter of 2022 and can deliver up to 48 megawatts of IT load. Mitsubishi initially invested approximately $200 million to acquire a 65% equity interest in the venture, while Digital Realty maintains a 35% interest. Each partner will fund its pro rata share of the remaining development costs for the two facilities, which are slated for initial completion and commencement in late 2024.

Additionally, as previously disclosed, during the quarter, Digital Realty closed on the purchase of approximately 19 acres of land in Paris, France for approximately €70 million or $76 million. The parcel of land, which was previously leased to Digital Realty, is currently under development to support up to 77 megawatts of IT load.

During the quarter, Digital Realty closed on the sale of 19 acres of vacant land in Sydney, Australia for approximately AU$96 million or $63 million.

Digital Realty also received approximately $92 million of proceeds during the first quarter, pursuant to an agreement to grant land easements for the use of substations on its Digital Dulles campus.

8

Digital Realty Trust		Financial Supplement
Earnings Release			First Quarter 2024

During the first quarter, MC Digital Realty closed on the acquisition of five acres of land in Osaka, Japan which could support the development of up to 18 megawatts of IT load, for approximately JPY1 billion or $7 million.

Subsequent to quarter end, Digital Realty and GI Partners expanded their existing joint venture in Chicago, with the sale to GI Partners of a 75% interest in a stabilized hyperscale data center that is situated on the same campus as two stabilized hyperscale data centers that were previously contributed to a joint venture with GI Partners in July 2023. Digital Realty received approximately $388 million of gross proceeds and will maintain a 25% interest in the joint venture. Based on annualized in‐place cash NOI as of March 31, 2024, adjusted for a customary vacancy allowance, the transaction values the facility at a 6.5% cap rate. As previously disclosed, in January, GI Partners executed its option to increase its stake from 65% to 80% in the two original stabilized hyperscale data centers within the Chicago joint venture.

Subsequent to quarter end, 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 $129 million. The transaction valued the Frankfurt facility at €470 million, or approximately $517 million (at 100% share). Digital Core REIT has an option to acquire up to an 89.9% total ownership interest in the facility.

Balance Sheet

Digital Realty had approximately $17.0 billion of total debt outstanding as of March 31, 2024, comprised of $16.4 billion of unsecured debt and approximately $0.6 billion of secured debt and other. At the end of the first quarter of 2024, net debt-to-Adjusted EBITDA was 6.1x, debt-plus-preferred-to-total enterprise value was 27.9% and fixed charge coverage was 4.0x. Pro forma for the completion of the second phase of the Blackstone development joint ventures announced in December 2023, as well as the expansion of the joint venture with GI Partners and the sale of an interest in an asset to Digital Core REIT subsequent to quarter end, net debt-to-Adjusted EBITDA was 5.8x.

As previously disclosed, in January, Digital Realty sold 0.6 million shares of its common stock at a weighted average price of $133.43 per share for net proceeds of approximately $84 million.

Subsequent to quarter end, the company repaid €600 million ($647 million) aggregate principal amount of its 2.625% notes.

9

Digital Realty Trust		Financial Supplement
Earnings Release			First 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
Top-Line and Cost Structure	February 15, 2024	May 2, 2024
Total revenue	$5.550 - $5.650 billion	$5.550 - $5.650 billion
Net non-cash rent adjustments (1)	($35 - $40 million)	($35 - $40 million)
Adjusted EBITDA	$2.800 - $2.900 billion	$2.800 - $2.900 billion
G&A	$450 - $460 million	$450 - $460 million
Internal Growth
Rental rates on renewal leases
Cash basis	4.0% - 6.0%	5.0% - 7.0%
GAAP basis	6.0% - 8.0%	7.0% - 9.0%
Year-end portfolio occupancy	+100 - 200 bps	+100 - 200 bps
"Same-Capital" cash NOI growth (2)	2.0% - 3.0%	2.5% - 3.5%
Foreign Exchange Rates
U.S. Dollar / Pound Sterling	$1.25 - $1.30	$1.25 - $1.30
U.S. Dollar / Euro	$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
Cap rate	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
Average stabilized yields	10.0%+	10.0%+
Enhancements and other non-recurring CapEx (4)	$15 - $20 million	$15 - $20 million
Recurring CapEx + capitalized leasing costs (5)	$260 - $275 million	$260 - $275 million
Balance Sheet
Long-term debt issuance
Dollar amount	$0 - $1,000 million	$0 - $1,000 million
Pricing	5.0% - 5.5%	5.0% - 5.5%
Timing	Mid-Year	Mid-Year
Net income per diluted share	$1.80 - $1.95	$1.80 - $1.95
Real estate depreciation and (gain) / loss on sale	$4.40 - $4.40	$4.40 - $4.40
Funds From Operations / share (NAREIT-Defined)	$6.20 - $6.35	$6.20 - $6.35
Non-core expenses and revenue streams	$0.40 - $0.40	$0.40 - $0.40
Core Funds From Operations / share	$6.60 - $6.75	$6.60 - $6.75
Foreign currency translation adjustments	$0.00 - $0.00	$0.00 - $0.00
Constant-Currency Core Funds From Operations / share	$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.

10

Digital Realty Trust		Financial Supplement
Earnings Release			First 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 May 2, 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 first 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# 1322262 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 June 2, 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# 7673278. 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

11

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

	Three Months Ended
	31-Mar-24	31-Dec-23	30-Sep-23	30-Jun-23	31-Mar-23
Rental revenues	$894,409	$885,694	$886,960	$869,298	$870,975
Tenant reimbursements - Utilities	276,357	316,634	335,477	330,416	317,148
Tenant reimbursements - Other	38,434	46,418	64,876	46,192	40,150
Interconnection & other	108,071	106,413	107,305	104,521	101,695
Fee income	13,010	14,330	7,819	14,908	7,868
Other	862	144	—	932	887
Total Operating Revenues	$1,331,143	$1,369,633	$1,402,437	$1,366,267	$1,338,724
Utilities	$324,571	$366,083	$384,455	$374,934	$346,364
Rental property operating	224,369	237,118	223,089	224,762	224,861
Property taxes	41,156	40,161	72,279	46,718	40,424
Insurance	2,694	3,794	4,289	4,385	4,355
Depreciation & amortization	431,102	420,475	420,613	432,573	421,198
General & administration	114,419	109,235	108,039	105,964	107,766
Severance, equity acceleration and legal expenses	791	7,565	2,682	3,652	4,155
Transaction and integration expenses	31,839	40,226	14,465	17,764	12,267
Provision for impairment	—	5,363	113,000	—	—
Other expenses	10,836	5,580	1,295	655	—
Total Operating Expenses	$1,181,776	$1,235,598	$1,344,206	$1,211,407	$1,161,388
Operating Income	$149,367	$134,035	$58,231	$154,860	$177,335
Equity in earnings / (loss) of unconsolidated joint ventures	(16,008)	(29,955)	(19,793)	5,059	14,897
Gain / (loss) on sale of investments	277,787	(103)	810,688	89,946	—
Interest and other income / (expense), net	9,709	50,269	24,812	(6,930)	280
Interest (expense)	(109,535)	(113,638)	(110,767)	(111,116)	(102,220)
Income tax benefit / (expense)	(22,413)	(20,724)	(17,228)	(16,173)	(21,454)
Loss from early extinguishment of debt	(1,070)	—	—	—	—
Net Income	$287,837	$19,884	$745,941	$115,647	$68,839
Net income / (loss) attributable to noncontrolling interests	(6,329)	8,419	(12,320)	2,538	(111)
Net Income Attributable to Digital Realty Trust, Inc.	$281,508	$28,304	$733,621	$118,185	$68,728
Preferred stock dividends	(10,181)	(10,181)	(10,181)	(10,181)	(10,181)
Net Income / (Loss) Available to Common Stockholders	$271,327	$18,122	$723,440	$108,003	$58,547
Weighted-average shares outstanding - basic	312,292	305,781	301,827	295,390	291,219
Weighted-average shares outstanding - diluted	320,798	314,995	311,341	306,819	303,065
Weighted-average fully diluted shares and units	326,975	321,173	317,539	313,021	309,026
Net income / (loss) per share - basic	$0.87	$0.06	$2.40	$0.37	$0.20
Net income / (loss) per share - diluted	$0.82	$0.08	$2.34	$0.35	$0.20

12

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

	Three Months Ended
Reconciliation of Net Income to Funds From Operations (FFO)		31-Mar-24	31-Dec-23	30-Sep-23	30-Jun-23	31-Mar-23
Net Income / (Loss) Available to Common Stockholders		$271,327	$18,122	$723,440	$108,003	$58,547
Adjustments:
Non-controlling interest in operating partnership		6,200	410	16,300	2,500	1,500
Real estate related depreciation & amortization (1)		420,591	410,167	410,836	424,044	412,192
Reconciling items related to non-controlling interests		(8,017)	(15,377)	(14,569)	(14,144)	(13,388)
Unconsolidated JV real estate related depreciation & amortization		47,877	64,833	43,215	35,386	33,719
(Gain) / loss on real estate transactions		(286,704)	103	(810,688)	(89,946)	(7,825)
Provision for impairment		—	5,363	113,000	—	—
Funds From Operations		$451,273	$483,621	$481,535	$465,844	$484,745
Weighted-average shares and units outstanding - basic		318,469	311,960	308,024	301,593	297,180
Weighted-average shares and units outstanding - diluted (2) (3)		326,975	321,173	317,539	313,021	309,026
Funds From Operations per share - basic		$1.42	$1.55	$1.56	$1.54	$1.63
Funds From Operations per share - diluted (2) (3)		$1.41	$1.53	$1.55	$1.52	$1.60

	Three Months Ended
Reconciliation of FFO to Core FFO		31-Mar-24	31-Dec-23	30-Sep-23	30-Jun-23	31-Mar-23
Funds From Operations		$451,273	$483,621	$481,535	$465,844	$484,745
Other non-core revenue adjustments		3,525	(146)	(27)	27,454	(887)
Transaction and integration expenses		31,839	40,226	14,465	17,764	12,267
Loss from early extinguishment of debt		1,070	—	—	—	—
Severance, equity acceleration and legal expenses (4)		791	7,565	2,682	3,652	4,155
(Gain) / Loss on FX revaluation		33,602	(24,804)	451	(7,868)	(6,778)
Other non-core expense adjustments		10,052	1,956	1,295	655	—
Core Funds From Operations		$532,153	$508,417	$500,402	$507,501	$493,500
Weighted-average shares and units outstanding - diluted (2) (3)		319,138	312,356	308,539	301,806	297,382
Core Funds From Operations per share - diluted (2)		$1.67	$1.63	$1.62	$1.68	$1.66

(1) Real Estate Related Depreciation & Amortization	Three Months Ended
		31-Mar-24	31-Dec-23	30-Sep-23	30-Jun-23	31-Mar-23
Depreciation & amortization per income statement		$431,102	$420,475	$420,613	$432,573	$421,198
Non-real estate depreciation		(10,511)	(10,308)	(9,777)	(8,529)	(9,006)
Real Estate Related Depreciation & Amortization		$420,591	$410,167	$410,836	$424,044	$412,192

(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
		31-Mar-24	31-Dec-23	30-Sep-23	30-Jun-23	31-Mar-23
Teraco noncontrolling share of FFO		$9,768	$7,135	$11,537	$9,645	$11,069
Teraco related minority interest		$9,768	$7,135	$11,537	$9,645	$11,069

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

13

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

	Three Months Ended
Reconciliation of Core FFO to AFFO		31-Mar-24	31-Dec-23	30-Sep-23	30-Jun-23	31-Mar-23
Core FFO available to common stockholders and unitholders		$532,153	$508,417	$500,402	$507,501	$493,500
Adjustments:
Non-real estate depreciation		10,511	10,308	9,777	8,529	9,006
Amortization of deferred financing costs		5,576	5,744	5,776	5,984	4,072
Amortization of debt discount/premium		1,832	973	1,360	1,339	1,301
Non-cash stock-based compensation expense		12,592	9,226	14,062	13,893	13,056
Straight-line rental revenue		9,976	(21,992)	(14,080)	(16,151)	(16,194)
Straight-line rental expense		1,111	(4,999)	1,427	520	(515)
Above- and below-market rent amortization		(854)	(856)	(1,127)	(1,195)	(1,226)
Deferred tax (benefit) / expense		(3,437)	33,448	(8,539)	1,339	(9,795)
Leasing compensation & internal lease commissions		13,291	9,848	12,515	11,611	11,067
Recurring capital expenditures (1)		(47,676)	(142,808)	(90,251)	(53,498)	(40,465)
AFFO available to common stockholders and unitholders (2)		$535,073	$407,306	$431,322	$479,873	$463,807
Weighted-average shares and units outstanding - basic		318,469	311,960	308,024	301,593	297,180
Weighted-average shares and units outstanding - diluted (3)		319,138	312,356	308,539	301,806	297,382
AFFO per share - diluted (3)		$1.68	$1.30	$1.40	$1.59	$1.56
Dividends per share and common unit		$1.22	$1.22	$1.22	$1.22	$1.22
Diluted AFFO Payout Ratio		72.8%	93.6%	87.3%	76.7%	78.2%

	Three Months Ended
Share Count Detail		31-Mar-24	31-Dec-23	30-Sep-23	30-Jun-23	31-Mar-23
Weighted Average Common Stock and Units Outstanding		318,469	311,960	308,024	301,593	297,180
Add: Effect of dilutive securities		669	396	515	213	202
Weighted Avg. Common Stock and Units Outstanding - diluted		319,138	312,356	308,539	301,806	297,382

(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.

14

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

	31-Mar-24		31-Dec-23		30-Sep-23		30-Jun-23		31-Mar-23
Assets
Investments in real estate:
Real estate		$27,122,796		$27,306,369		$25,887,031		$27,087,769		$27,052,022
Construction in progress		4,496,840		4,635,215		5,020,464		4,635,939		4,563,578
Land held for future development		114,240		118,190		179,959		193,936		194,564
Investments in Real Estate		$31,733,877		$32,059,773		$31,087,453		$31,917,644		$31,810,164
Accumulated depreciation and amortization		(7,976,093)		(7,823,685)		(7,489,193)		(7,739,462)		(7,600,559)
Net Investments in Properties		$23,757,784		$24,236,089		$23,598,260		$24,178,182		$24,209,605
Investment in unconsolidated joint ventures		2,365,821		2,295,889		2,180,313		2,040,452		1,995,576
Net Investments in Real Estate		$26,123,605		$26,531,977		$25,778,573		$26,218,634		$26,205,180
Operating lease right-of-use assets, net		$1,233,410		$1,414,256		$1,274,410		$1,291,233		$1,317,293
Cash and cash equivalents		1,193,784		1,625,495		1,062,050		124,519		131,406
Accounts and other receivables, net (1)		1,217,276		1,278,110		1,325,725		1,158,383		1,070,066
Deferred rent, net		611,670		624,427		586,418		613,796		627,700
Goodwill		9,105,026		9,239,871		8,998,074		9,148,603		9,199,636
Customer relationship value, deferred leasing costs & other intangibles, net		2,359,380		2,500,237		2,506,198		2,825,596		3,015,291
Assets held for sale		287,064		478,503		—		593,892		—
Other assets		501,875		420,382		401,068		414,078		386,495
Total Assets		$42,633,089		$44,113,257		$41,932,515		$42,388,735		$41,953,068
Liabilities and Equity
Global unsecured revolving credit facilities, net		$1,901,126		$1,812,287		$1,698,780		$2,242,258		$2,514,202
Unsecured term loans, net		1,303,263		1,560,305		1,524,663		1,548,780		1,542,275
Unsecured senior notes, net of discount		13,190,202		13,422,342		13,072,102		13,383,819		13,258,079
Secured and other debt, net of discount		625,750		630,973		574,231		554,594		560,955
Operating lease liabilities		1,357,751		1,542,094		1,404,510		1,420,239		1,443,994
Accounts payable and other accrued liabilities		1,870,344		2,168,983		2,147,103		2,214,820		1,923,819
Deferred tax liabilities, net		1,121,224		1,151,096		1,088,724		1,128,961		1,164,276
Accrued dividends and distributions		—		387,988		—		—		—
Security deposits and prepaid rents		413,225		401,867		385,521		417,693		392,021
Obligations associated with assets held for sale		9,981		39,001		—		4,990		—
Total Liabilities		$21,792,866		$23,116,936		$21,895,634		$22,916,155		$22,799,620
Redeemable non-controlling interests		1,350,736		1,394,814		1,360,308		1,367,422		1,448,772
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)		3,097		3,088		3,002		2,967		2,888
Additional paid-in capital		24,508,683		24,396,797		23,239,088		22,882,200		22,126,379
Dividends in excess of earnings		(5,373,529)		(5,262,648)		(4,900,757)		(5,253,915)		(4,995,982)
Accumulated other comprehensive (loss), net		(850,091)		(751,393)		(882,996)		(741,484)		(652,486)
Total Stockholders' Equity		$19,019,850		$19,117,535		$18,190,026		$17,621,456		$17,212,490
Noncontrolling Interests
Noncontrolling interest in operating partnership		$438,422		$438,081		$441,366		$436,099		$444,843
Noncontrolling interest in consolidated joint ventures		31,215		45,892		45,182		47,603		47,342
Total Noncontrolling Interests		$469,637		$483,972		$486,547		$483,702		$492,185
Total Equity		$19,489,487		$19,601,507		$18,676,573		$18,105,158		$17,704,675
Total Liabilities and Equity		$42,633,089		$44,113,257		$41,932,515		$42,388,735		$41,953,068

(1) Net of allowance for doubtful accounts of $43,873 and $36,240 as of March 31, 2024 and March 31, 2023, respectively.

(2) SeriesJ Cumulative Redeemable Preferred Stock, 5.250%, $200,000 liquidation preference ($25.00 per share), 8,000 shares issued and outstanding as of March 31, 2024 and March 31, 2023.

(3) SeriesK Cumulative Redeemable Preferred Stock, 5.850%, $210,000 liquidation preference ($25.00 per share), 8,400 shares issued and outstanding as of March 31, 2024 and March 31, 2023.

(4) SeriesL Cumulative Redeemable Preferred Stock, 5.200%, $345,000 liquidation preference ($25.00 per share), 13,800 shares issued and outstanding as of March 31, 2024 and March 31, 2023.

(5) Common Stock: 312,421 and 291,299 shares issued and outstanding as of March 31, 2024 and March 31, 2023, respectively.

15

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

44

Consolidated Properties Cash Net Operating Income (NOI)(2), Annualized (3)
Network-Dense	$1,124,737
Campus	1,590,934
Other (4)	174,226
Total Cash NOI, Annualized	$2,889,897
less: Partners' share of consolidated JVs	(62,120)
Acquisitions / dispositions / expirations	(72,292)
FY 2024 backlog cash NOI and 1Q24 carry-over (stabilized) (5)	190,849
Total Consolidated Cash NOI, Annualized	$2,946,334
Digital Realty's Pro Rata Share of Unconsolidated Joint Venture Cash NOI (3) (6)	$223,132
Other Income
Development and Management Fees (net), Annualized	$52,042
Other Assets
Pre-stabilized inventory, at cost (7)	$88,245
Land held for development	114,240
Development CIP (8)	4,496,840
less: Investment associated with FY24 Backlog NOI (9)	(651,274)
Cash and cash equivalents	1,193,784
Accounts and other receivables, net	1,217,276
Other assets	501,875
less: Partners' share of consolidated JV assets	(84,559)
Total Other Assets	$6,876,427
Liabilities
Global unsecured revolving credit facilities	$1,912,492
Unsecured term loans	1,309,250
Unsecured senior notes	13,271,592
Secured and other debt	631,469
Accounts payable and other accrued liabilities	1,870,344
Deferred tax liabilities, net	1,121,224
Security deposits and prepaid rents	413,225
Obligations associated with assets held for sale	9,981
Backlog NOI cost to complete (9)	333,573
Preferred stock	755,000
Digital Realty's share of unconsolidated JV debt	1,382,102
less: Partners' share of consolidated JV liabilities	(387,367)
Total Liabilities	$22,622,886

(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 1Q24 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.

16

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

4

	As of March 31, 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	4.488%	4.488%	—	—	—	$1,825,412	—	—	$1,825,412
Yen revolving credit facility	0.615%	0.615%	—	—	—	87,080	—	—	87,080
Deferred financing costs, net	—	—	—	—	—	—	—	—	(11,366)
Total Global Unsecured Revolving Credit Facilities	4.311%	4.311%	—	—	—	$1,912,492	—	—	$1,901,126
Unsecured Term Loans
Euro term loan facility	4.780%	4.005%	—	$404,625	—	$404,625	—	—	$809,250
USD term loan facility	6.368%	5.180%	—	—	$500,000	—	—	—	500,000
Deferred financing costs, net	—	—	—	—	—	—	—	—	(5,987)
Total Unsecured Term Loans	5.386%	4.453%	—	$404,625	$500,000	$404,625	—	—	$1,303,263
Senior Notes
€600 million 2.625% Notes due 2024 (2)	2.625%	2.625%	$647,400	—	—	—	—	—	$647,400
£250 million 2.750% Notes due 2024	2.750%	2.750%	315,575	—	—	—	—	—	315,575
£400 million 4.250% Notes due 2025	4.250%	4.250%	—	$504,920	—	—	—	—	504,920
€650 million 0.625% Notes due 2025	0.625%	0.625%	—	701,350	—	—	—	—	701,350
€1.08 billion 2.500% Notes due 2026	2.500%	2.500%	—	—	$1,159,925	—	—	—	1,159,925
₣275 million 0.200% Notes due 2026	0.200%	0.200%	—	—	304,915	—	—	—	304,915
₣150 million 1.700% Notes due 2027	1.700%	1.700%	—	—	—	$166,317	—	—	166,317
$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%	—	—	—	—	$539,500	—	539,500
$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%	—	—	—	—	—	$299,371	299,371
$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%	—	—	—	—	—	441,805	441,805
€750 million 1.500% Notes due 2030	1.500%	1.500%	—	—	—	—	—	809,250	809,250
£550 million 3.750% Notes due 2030	3.750%	3.750%	—	—	—	—	—	694,265	694,265
€500 million 1.250% Notes due 2031	1.250%	1.250%	—	—	—	—	—	539,500	539,500
€1.00 billion 0.625% Notes due 2031	0.625%	0.625%	—	—	—	—	—	1,079,000	1,079,000
€750 million 1.000% Notes due 2032	1.000%	1.000%	—	—	—	—	—	809,250	809,250
€750 million 1.375% Notes due 2032	1.375%	1.375%	—	—	—	—	—	809,250	809,250
Unamortized discounts	—	—	—	—	—	—	—	—	(30,928)
Deferred financing costs	—	—	—	—	—	—	—	—	(50,463)
Total Senior Notes	2.452%	2.255%	$962,975	$1,206,270	$1,464,840	$1,166,317	$2,089,500	$6,381,691	$13,190,202
Secured Debt
ICN10 Facilities	5.980%	3.614%	—	—	—	—	—	$12,543	$12,543
Westin	3.290%	3.290%	—	—	—	$135,000	—	—	135,000
Teraco Loans	10.665%	9.438%	$234	$568	$39,322	78,064	$289,592	—	407,780
Deferred financing costs	—	—	—	—	—	—	—	—	(2,068)
Total Secured Debt	8.766%	7.812%	$234	$568	$39,322	$213,064	$289,592	$12,543	$553,255
Other Debt
Icolo loans	11.650%	11.650%	—	—	$5,298	$4,035	$924	$2,332	$12,589
Total Other Debt	11.650%	11.650%	—	—	$5,298	$4,035	924	2,332	$12,589
Mandatorily Redeemable Preferred Shares (Teraco)
Mandatorily Redeemable Preferred Shares (Teraco)	10.105%	10.105%	—	—	$63,557	—	—	—	$63,557
Unamortized discounts	—	—	—	—	—	—	—	—	(3,651)
Total Redeemable Preferred Shares	10.105%	10.105%	—	—	$63,557	—	—	—	$59,906
Total unhedged variable rate debt	—	—	$47	$114	$66,803	$2,323,492	$24,841	$4,795	$2,420,091
Total fixed rate / hedged variable rate debt	—	—	963,162	1,611,349	2,006,214	1,377,041	2,355,175	6,391,771	14,704,712
Total Debt	3.123%	2.868%	$963,209	$1,611,463	$2,073,017	$3,700,533	$2,380,016	$6,396,566	$17,124,803
Weighted Average Interest Rate			2.668%	2.613%	3.196%	3.746%	4.134%	1.880%	2.868%
Summary
Weighted Average Term to Initial Maturity									3.9 Years
Weighted Average Maturity (assuming exercise of extension options)									4.1 Years

Global Unsecured Revolving Credit Facilities Detail As of March 31, 2024
	Maximum Available	Existing Capacity (4)	Currently Drawn
Global Unsecured Revolving Credit Facilities	$3,885,870	$1,885,762	$1,910,936

(1) Assumes all extensions will be exercised.

(2) Repaid in full on April 15, 2024.

(3) Subject to cross-currency swaps.

(4) Net of letters of credit issued of $89.2 million.

17

Debt Analysis and Covenant Compliance		Financial Supplement
Unaudited			First Quarter 2024

	As of March 31, 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%	44%	37%	Less than 60% (5)	38%
Secured debt / total assets (6)	Less than 40%	5%	1%	Less than 40%	3%
Total unencumbered assets / unsecured debt	Greater than 150%	245%	271%	N/A	N/A
Consolidated EBITDA / interest expense (7)	Greater than 1.50x	4.6x	4.6x	N/A	N/A
Fixed charge coverage		N/A	N/A	Greater than 1.50x	4.4x
Unsecured debt / total unencumbered asset value (8)		N/A	N/A	Less than 60%	39%
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 page17 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.

18

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

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

	Three Months Ended
	31-Mar-24		31-Mar-23		% Change		31-Dec-23		% Change
Rental revenues		$710,342		$684,779		3.7%		$709,266		0.2%
Tenant reimbursements - Utilities		228,345		271,154		(15.8%)		272,007		(16.1%)
Tenant reimbursements - Other		28,312		23,418		20.9%		34,936		(19.0%)
Interconnection & other		91,469		86,386		5.9%		90,901		0.6%
Total Revenue		$1,058,467		$1,065,737		(0.7%)		$1,107,110		(4.4%)
Utilities		$265,035		$295,375		(10.3%)		$314,101		(15.6%)
Rental property operating		167,068		167,052		0.0%		181,528		(8.0%)
Property taxes		31,564		23,799		32.6%		28,736		9.8%
Insurance		3,939		4,019		(2.0%)		3,595		9.6%
Total Expenses		$467,606		$490,245		(4.6%)		$527,960		(11.4%)
Net Operating Income (2)		$590,861		$575,492		2.7%		$579,150		2.0%
Less:
Stabilized straight-line rent		($9,951)		$1,543		(744.9%)		$17,204		(157.8%)
Above- and below-market rent		829		1,149		(27.9%)		828		0.1%
Cash Net Operating Income (3)		$599,983		$572,800		4.7%		$561,118		6.9%
Stabilized Portfolio occupancy at period end (4)		82.6%		83.0%		(0.4%)		82.9%		(0.4%)

(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 page32.

(3) For a definition and discussion of cash net operating income and a reconciliation of operating income to cash NOI, see page32.

(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.

19

Summary of Leasing Activity		Financial Supplement
Leases Signed in the Quarter End March 31, 2024			First Quarter 2024

	0-1 MW				> 1 MW (3)				Other (4)				Total
Leasing Activity - New (1) (2)	1Q24		LTM		1Q24		LTM		1Q24		LTM		1Q24		LTM
Annualized GAAP Rent (in thousands)		$39,996		$158,070		$198,220		$413,346		$726		$5,593		$238,942		$577,009
Kilowatt leased		13,565		52,254		97,660		222,651		—		—		111,225		274,905
NRSF (in thousands)		145		609		748		2,149		13		83		907		2,841
Weighted Average Lease Term (years)		4.1		4.1		10.5		13.0		6.7		6.0		9.5		10.4
Initial stabilized cash rent per Kilowatt		$240		$240		$142		$133		—		—		$154		$153
GAAP rent per Kilowatt		$246		$252		$169		$155		—		—		$178		$173
Leasing cost per Kilowatt		$17		$25		—		$1		—		—		$3		$5
Net Effective Economics by Kilowatt (5)
Base rent by Kilowatt		$251		$255		$169		$156		—		—		$179		$175
Rental concessions by Kilowatt		$5		$3		—		$1		—		—		$1		$2
Estimated operating expense by Kilowatt		$78		$75		$42		$39		—		—		$46		$45
Net rent per Kilowatt		$168		$178		$127		$116		—		—		$132		$128
Tenant improvements by Kilowatt		—		—		$1		$1		—		—		$1		—
Leasing commissions by Kilowatt		$8		$8		—		—		—		—		$1		$2
Net effective rent per Kilowatt		$160		$169		$126		$115		—		—		$130		$126
Initial stabilized cash rent per NRSF		$269		$247		$222		$165		$53		$65		$227		$180
GAAP rent per NRSF		$275		$259		$265		$192		$55		$68		$264		$203
Leasing cost per NRSF		$19		$26		$1		$1		$2		$147		$4		$11
Net Effective Economics by NRSF (5)
Base rent by NRSF		$281		$263		$253		$194		$56		$71		$255		$205
Rental concessions by NRSF		$6		$3		—		$2		$1		$4		$1		$2
Estimated operating expense by NRSF		$59		$68		$68		$56		$8		$9		$66		$57
Net rent per NRSF		$216		$191		$185		$136		$47		$59		$188		$146
Tenant improvements by NRSF		—		—		—		—		—		$14		—		$1
Leasing commissions by NRSF		$8		$8		—		—		—		$1		$1		$2
Net effective rent per NRSF		$207		$183		$185		$136		$47		$44		$187		$143

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

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

(3) >1 MW Base Rent for the LTM includes the net uplift related to an eight-megawatt lease replacement which resulted in an increased rate for the same capacity. GAAP Base Rent for the LTM per Square Foot and per Kilowatt metrics reflect the incremental additional Base Rent with no incremental capacity added.

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

(5) 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.

20

Summary of Leasing Activity		Financial Supplement
Leases Renewed in the Quarter Ended March 31, 2024			First Quarter 2024

	0-1 MW				> 1 MW				Other (4)				Total
Leasing Activity - Renewals (1) (2) (3)	1Q24		LTM		1Q24		LTM		1Q24		LTM		1Q24		LTM
Leases renewed (Kilowatt)		37,976		141,706		60,812		148,768		—		—		98,787		290,474
Leases renewed (NRSF in thousands)		551		2,006		739		1,840		182		562		1,472		4,408
Leasing cost per Kilowatt		$1		$1		$2		$3		—		—		$1		$1
Leasing cost per NRSF		$1		$1		$2		$2		—		$6		$1		$2
Weighted Term (years)		1.4		1.6		5.9		4.5		5.9		5.1		4.2		3.0
Cash Rent
Expiring cash rent per Kilowatt		$293		$296		$112		$129		—		—		$181		$210
Renewed cash rent per Kilowatt		$304		$310		$133		$146		—		—		$198		$226
% Change Cash Rent Per Kilowatt		3.8%		4.7%		18.5%		13.1%		—		—		9.4%		7.3%
Expiring cash rent per NRSF		$242		$251		$111		$125		$39		$35		$151		$171
Renewed cash rent per NRSF		$251		$263		$131		$141		$72		$56		$169		$186
% Change Cash Rent Per NRSF		3.8%		4.7%		18.5%		13.1%		84.7%		63.5%		11.8%		8.8%
GAAP Rent
Expiring GAAP rent per Kilowatt		$292		$295		$108		$120		—		—		$179		$206
Renewed GAAP rent per Kilowatt		$305		$311		$131		$147		—		—		$198		$227
% Change GAAP Rent Per Kilowatt		4.3%		5.5%		21.6%		22.3%		—		—		10.7%		10.5%
Expiring GAAP rent per NRSF		$242		$250		$106		$117		$36		$33		$148		$167
Renewed GAAP rent per NRSF		$252		$264		$129		$143		$67		$56		$168		$187
% Change GAAP Rent Per NRSF		4.3%		5.5%		21.6%		22.3%		88.1%		73.3%		13.0%		12.1%
Retention ratio (5)		88.8%		83.9%		76.4%		77.0%		80.0%		83.1%		81.1%		80.8%
Churn (6)		1.5%		6.0%		2.0%		4.5%		0.5%		2.8%		1.7%		5.1%

(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.

21

Lease Expirations - By Size		Financial Supplement
Dollars and Square Feet in Thousands (except per square foot and per KW data)			First 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	2,773		—	—		—		—		—		—		—		—
Month to Month (3)	197		$48,017	1.4%		$243		$243		$47,837		10,266		$390		$388
2024	1,802		536,030	15.5%		297		296		533,801		128,582		347		346
2025	1,226		315,829	9.1%		258		261		319,584		86,905		303		306
2026	557		139,734	4.0%		251		261		145,486		42,431		274		286
2027	523		98,630	2.9%		189		201		105,347		38,629		213		227
2028	322		51,912	1.5%		161		176		56,910		20,789		208		228
2029	176		24,178	0.7%		138		171		30,117		11,894		169		211
2030	70		23,256	0.7%		333		341		23,782		5,986		324		331
2031	79		12,087	0.3%		153		242		19,133		4,827		209		330
2032	62		5,564	0.2%		90		100		6,201		1,982		234		261
2033	32		9,145	0.3%		290		361		11,372		2,809		271		337
Thereafter	10		1,852	0.1%		176		174		1,829		478		323		319
Total / Wtd. Avg.	7,830		$1,266,234	36.6%		$250		$257		$1,301,399		355,577		$297		$305

> 1 MW	Expiring Leases (1)	Annualized		Annualized	Annualized Rent Per		Annualized Rent Per		Annualized Rent Per		kW of Expiring		Annualized		Rent Per kW
Available	1,722		—	—		—		—		—		—		—		—
Month to Month (3)	222		$30,424	0.9%		$137		$137		$30,424		16,935		$150		$150
2024	837		134,709	3.9%		161		162		135,248		76,419		147		147
2025	1,815		270,488	7.8%		149		152		275,232		160,749		140		143
2026	1,705		248,046	7.2%		145		153		260,113		158,731		130		137
2027	1,466		212,695	6.2%		145		156		228,028		141,240		125		135
2028	1,040		133,006	3.8%		128		139		144,540		100,083		111		120
2029	1,116		144,969	4.2%		130		141		157,089		130,405		93		100
2030	1,064		164,016	4.7%		154		152		161,835		109,519		125		123
2031	1,035		163,476	4.7%		158		154		159,852		103,189		132		129
2032	920		137,017	4.0%		149		149		137,041		97,150		118		118
2033	478		71,744	2.1%		150		182		86,882		48,440		123		149
Thereafter	2,003		209,068	6.0%		104		120		240,979		189,298		92		106
Total / Wtd. Avg.	15,422		$1,919,657	55.5%		$140		$147		$2,017,264		1,332,158		$120		$126

Other (4)	Expiring Leases (1)	Annualized		Annualized	Annualized Rent Per		Annualized Rent Per		Annualized Rent Per		kW of Expiring		Annualized		Rent Per kW
Available	1,767		—	—		—		—		—		—		—		—
Month to Month (3)	91		$3,367	0.1%		$37		$37		$3,367		—		—		—
2024	506		22,309	0.6%		44		44		22,233		—		—		—
2025	536		25,135	0.7%		47		48		25,576		—		—		—
2026	722		25,336	0.7%		35		37		26,635		—		—		—
2027	318		9,910	0.3%		31		33		10,593		—		—		—
2028	442		12,934	0.4%		29		32		14,079		—		—		—
2029	757		43,931	1.3%		58		66		49,606		—		—		—
2030	921		54,835	1.6%		60		75		69,480		—		—		—
2031	60		2,295	0.1%		39		45		2,707		—		—		—
2032	108		6,268	0.2%		58		66		7,148		—		—		—
2033	142		5,208	0.2%		37		44		6,245		—		—		—
Thereafter	2,882		60,431	1.7%		21		27		77,221		—		—		—
Total / Wtd. Avg.	9,251		$271,958	7.9%		$36		$42		$314,890		—		—		—

Total	Expiring Leases (1)	Annualized		Annualized	Annualized Rent Per		Annualized Rent Per		Annualized Rent Per		kW of Expiring		Annualized		Rent Per kW
Available	6,262		—	—		—		—		—		—		—		—
Month to Month (3)	587		$81,808	2.4%		$139		$139		$81,628		—		—		—
2024	3,145		693,048	20.0%		220		220		691,282		—		—		—
2025	3,577		611,451	17.7%		171		173		620,392		—		—		—
2026	2,983		413,116	11.9%		138		145		432,233		—		—		—
2027	2,307		321,235	9.3%		139		149		343,968		—		—		—
2028	1,804		197,852	5.7%		110		119		215,529		—		—		—
2029	2,049		213,078	6.2%		104		116		236,812		—		—		—
2030	2,055		242,107	7.0%		118		124		255,097		—		—		—
2031	1,174		177,858	5.1%		152		155		181,692		—		—		—
2032	1,090		148,848	4.3%		137		138		150,390		—		—		—
2033	651		86,097	2.5%		132		161		104,499		—		—		—
Thereafter	4,896		271,351	7.8%		55		65		320,029		—		—		—
Total / Wtd. Avg.	32,579		$3,457,849	100.0%		$131		$138		$3,633,553		—		—		—

(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 March 31, 2024, multiplied by 12.

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

22

Top 20 Customers by Annualized Rent		Financial Supplement
Dollars in Thousands			First 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	71		$441,626	11.6%	7.6
2	Social Content Platform	25		217,400	5.7%	4.4
3	Oracle Corporation	38		169,947	4.5%	7.1
4	Global Cloud Provider	61		158,267	4.1%	4.8
5	IBM	37		129,322	3.4%	2.0
6	Equinix	15		92,767	2.4%	5.7
7	LinkedIn Corporation	7		81,524	2.1%	1.0
8	Fortune 25 Investment Grade-Rated Company	29		77,104	2.0%	2.6
9	Fortune 25 Tech Company	53		64,718	1.7%	3.5
10	Social Media Platform	8		62,557	1.6%	7.1
11	Meta Platforms, Inc.	48		61,820	1.6%	3.6
12	Fortune 500 SaaS Provider	12		56,076	1.5%	2.9
13	Lumen Technologies, Inc.	123		47,636	1.2%	9.4
14	AT&T	75		43,665	1.1%	3.0
15	Comcast Corporation	43		41,927	1.1%	4.0
16	JPMorgan Chase & Co.	16		40,031	1.0%	3.3
17	Rackspace	24		38,367	1.0%	9.2
18	Centersquare (2)	9		35,059	0.9%	7.6
19	Verizon	89		34,255	0.9%	10.9
20	Zayo	115		33,681	0.9%	2.0
	Total / Weighted Average			$1,927,749	50.3%	5.6

(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 March 31, 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.

23

Occupancy Analysis		Financial Supplement
Dollars and Square Feet in Thousands			First 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)		31-Mar-24	31-Dec-23	IT Load (6)	Count
North America
Northern Virginia	5,050	1,100	263		$506,360	91.2%	88.8%	438.5	18
Chicago	2,344	—	113		225,325	90.0%	90.0%	81.0	7
Dallas	3,065	—	77		204,410	83.0%	83.6%	111.2	19
New York	1,786	94	107		202,997	70.5%	71.4%	65.5	12
Portland	942	221	—		179,026	98.9%	99.9%	99.6	3
Silicon Valley	1,524	—	131		168,912	90.1%	90.5%	94.6	14
Phoenix	796	—	—		70,614	75.1%	71.0%	42.5	2
San Francisco	844	—	—		63,323	64.2%	64.3%	31.5	4
Atlanta	557	20	314		60,651	96.5%	96.5%	9.1	4
Toronto	509	218	—		55,015	95.1%	87.0%	47.8	2
Los Angeles	591	31	—		43,133	85.5%	85.4%	16.2	2
Seattle	397	—	—		42,383	77.8%	77.8%	5.9	1
Boston	437	—	51		17,246	41.7%	42.1%	19.0	3
Houston	393	—	14		16,801	69.6%	63.9%	12.0	6
Miami	226	—	—		9,491	86.1%	85.5%	1.3	2
Austin	86	—	—		7,590	56.3%	56.3%	4.3	1
Charlotte	95	—	—		5,699	91.1%	90.7%	1.5	3
North America Total/Weighted Average	19,642	1,684	1,069		$1,878,975	84.4%	83.5%	1,081.5	103
EMEA
Frankfurt	2,185	1,539	—		$246,727	84.4%	87.1%	144.3	29
London	1,365	—	77		197,444	54.8%	57.2%	94.4	14
Amsterdam	1,332	222	92		178,343	84.2%	83.2%	116.3	13
Paris	918	344	—		121,201	83.5%	71.9%	85.5	12
Johannesburg	1,103	1,104	—		110,206	78.7%	71.1%	57.2	5
Marseille	520	—	38		69,360	78.1%	76.8%	45.4	4
Dublin	553	—	—		59,653	76.0%	76.0%	39.3	9
Zurich	444	152	—		57,681	77.5%	79.5%	29.0	3
Vienna	356	133	—		52,392	81.9%	84.0%	25.6	3
Madrid	304	105	—		42,509	70.9%	76.3%	16.8	4
Brussels	290	47	—		37,718	72.9%	66.8%	17.3	3
Cape Town	326	402	—		36,830	75.4%	74.6%	21.1	2
Stockholm	190	108	—		24,129	70.4%	70.0%	16.8	6
Copenhagen	226	—	99		21,285	66.3%	66.6%	12.9	3
Dusseldorf	142	—	71		18,820	55.1%	58.7%	7.7	3
Athens	55	159	—		9,343	79.1%	92.8%	2.2	4
Durban	45	—	—		5,968	86.9%	84.4%	1.1	1
Mombasa	37	—	21		4,081	38.1%	17.3%	3.5	2
Zagreb	22	—	13		2,809	85.7%	85.7%	0.9	1
Nairobi	16	75	—		2,674	61.9%	61.9%	0.5	1
Maputo	3	—	—		487	41.6%	41.6%	0.2	1
Crete	—	11	—		—	—	—	—	—
EMEA Total/Weighted Average	10,431	4,403	411		$1,299,662	76.4%	75.3%	737.8	123
Asia Pacific
Singapore	873	17	—		$203,323	95.2%	93.8%	84.3	3
Sydney	361	—	88		31,663	90.8%	92.2%	22.8	4
Melbourne	147	—	—		15,012	62.3%	62.3%	9.6	2
Seoul	162	—	—		1,966	7.6%	7.6%	12.0	1
Hong Kong	99	66	120		503	2.2%	2.2%	7.5	1
Asia Pacific Total/Weighted Average	1,642	83	207		$252,468	77.0%	76.7%	136.1	11
Non-Data Center Properties	329	—	264		—	—	—	—	—
Consolidated Portfolio Total/Weighted Average	32,043	6,170	1,951		$3,431,105	80.6%	79.6%	1,955.4	237
Held For Sale (7)	328	—	—		$34,830	99.5%	99.5%	26.8	1
Unconsolidated Joint Ventures
Northern Virginia	2,418	805	—		$221,253	98.8%	97.9%	193.7	12
Chicago	790	—	—		77,274	91.8%	91.3%	67.4	2
Silicon Valley	142	—	—		18,498	100.0%	100.0%	10.9	2
Toronto	104	—	—		12,742	55.7%	55.7%	6.8	1
Hong Kong	186	—	—		11,394	48.2%	48.2%	11.0	1
Paris	90	180	—		7,270	61.5%	—	10.0	1
Los Angeles	197	—	—		5,446	100.0%	100.0%	—	2
Lagos	4	—	—		514	100.0%	100.0%	0.2	1
Abuja	1	—	—		42	73.0%	73.0%	0.1	1
Chennai	52	—	—		—	—	—	7.2	1
Dallas	—	327	—		—	—	—	—	2
Managed Unconsolidated Portfolio Total/Weighted Average	3,985	1,313	—		$354,434	91.9%	93.7%	307.1	26
Managed Portfolio Total/Weighted Average	36,029	7,482	1,951		$3,785,539	81.8%	81.2%	2,262.6	263
Digital Realty Share Total/Weighted Average (8)	32,579	6,170	1,951		$3,457,849	80.8%	80.3%	2,020.8	—
Non-Managed Unconsolidated Joint Ventures
Sao Paulo	1,393	97	1,198		$183,568	91.9%	91.8%	117.6	25
Tokyo	1,352	484	—		80,324	75.6%	76.2%	64.9	5
Osaka	583	56	140		74,347	83.3%	81.4%	58.9	4
Queretaro	105	—	583		16,891	100.0%	100.0%	8.0	3
Santiago	119	118	71		16,363	90.1%	90.1%	10.2	3
Rio De Janeiro	112	—	—		11,630	100.0%	100.0%	8.0	2
Fortaleza	94	—	—		9,543	87.0%	87.0%	6.2	1
Seattle	51	—	—		7,770	100.0%	100.0%	9.0	1
Bogota	—	—	197		—	—	—	—	2
Non-Managed Portfolio Total/Weighted Average	3,810	756	2,190		$400,435	85.2%	85.3%	282.8	46
Portfolio Total/Weighted Average	39,839	8,238	4,141		$4,185,973	82.1%	81.5%	2,545.3	309

(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 March 31, 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) Held for Sale represents the assets being sold in the CH2 transaction which closed in April 2024.

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

24

Development Lifecycle (1)		Financial Supplement
Dollars in Thousands			First 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)
Northern Virginia	1,100	170		$1,025,225		$761,322	104	69%	4Q24		$469,663		$623,677		$1,093,340		$270,954		$461,993		$732,946
Dallas	230	30		198,135		130,146	16	100%	3Q24		224,638		79,962		304,600		78,623		27,987		106,610
Portland	—	—		—		—	24	100%	3Q24		194,129		81,691		275,820		194,129		81,691		275,820
Other	360	100		748,561		644,635	34	91%	3Q24-1Q25		215,709		190,940		406,649		171,541		155,118		326,659
Americas	1,690	300		$1,971,922		$1,536,104	178	80%			$1,104,139		$976,270		$2,080,409		$715,247		$726,788		$1,442,035	12.3%
Frankfurt	120	60		$728,342		$728,342	56	55%	2Q25		$599,493		$399,246		$998,739		$599,493		$399,246		$998,739
Paris	220	10		114,871		41,025	48	44%	4Q24		453,985		301,098		755,083		375,560		285,263		660,823
Zurich	10	—		32,866		32,866	13	82%	3Q25		151,406		110,688		262,094		151,406		110,688		262,094
Other	360	160		671,131		633,710	104	48%	2Q24-1Q26		383,890		700,481		1,084,372		328,871		597,151		926,022
EMEA	710	230		$1,547,209		$1,435,943	222	51%			$1,588,774		$1,511,514		$3,100,288		$1,455,330		$1,392,349		$2,847,679	9.7%
Tokyo	30	20		$134,008		$67,004	24	63%	1Q25		$93,135		$160,153		$253,288		$46,567		$80,077		$126,644
Hong Kong	—	—		25,807		25,807	6	100%	3Q25		22,293		48,505		70,798		22,293		48,505		70,798
Osaka	40	10		51,523		25,762	6	100%	2Q25		18,630		34,106		52,736		9,315		17,053		26,368
Other	200	20		190,427		144,842	1	100%	2Q24		1,195		7,728		8,924		1,195		7,728		8,924
APAC	270	50		$401,765		$263,414	37	76%			$135,253		$250,493		$385,746		$79,371		$153,363		$232,734	10.4%
Total	2,670	580		$3,920,896		$3,235,461	437	65%			$2,828,166		$2,738,277		$5,566,443		$2,249,948		$2,272,500		$4,522,448	10.6%

(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 March 31, 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 March 31, 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) Estimated yields are based on total expected investment amounts and anticipated net operating income from leases signed or other assumptions based on market conditions.

25

Construction Projects in Progress (1)		Financial Supplement
Dollars in Thousands			First 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)		$2,966,878		$954,017		$3,920,896		$2,527,178		$708,283		$3,235,461
Data Center Construction		2,828,166		2,738,277		5,566,443		2,249,948		2,272,500		4,522,448
Equipment Pool & Other Inventory (8)		184,706		—		184,706		184,706		—		184,706
Campus, Tenant Improvements & Other (9)		232,389		107,835		340,224		232,389		107,835		340,224
Total Land Held and Development CIP		$6,212,140		$3,800,129		$10,012,269		$5,194,222		$3,088,617		$8,282,839
Enhancement & Other		$24,064		$6,363		$30,427		$24,064		$6,363		$30,427
Recurring		26,549		36,587		63,136		26,549		36,587		63,136
Total Land Held and Construction in Progress		$6,262,753		$3,843,079		$10,105,832		$5,244,835		$3,131,567		$8,376,403

(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 March 31, 2024.

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

(6) Excludes $67.8 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 $651.0 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 March 31, 2024, which benefit space recently converted to our operating portfolio and is composed primarily of shared infrastructure projects and first-generation tenant improvements. Includes $3.0 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.

26

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

	Three Months Ended
	31-Mar-24		31-Dec-23	30-Sep-23		30-Jun-23		31-Mar-23
Non-Recurring Capital Expenditures (1)
Development (2)		$549,522	$845,315		$953,267		$523,406		$644,910
Enhancements and Other Non-Recurring		7,738	10,113		1,317		1,479		2,796
Total Non-Recurring Capital Expenditures		$557,260	$855,428		$954,584		$524,885		$647,706
Recurring Capital Expenditures (3)		$47,676	$142,808		$90,251		$53,498		$40,465
Total Direct Capital Expenditures		$604,936	$998,236		$1,044,835		$578,383		$688,171
Indirect Capital Expenditures
Capitalized Interest		$28,522	$33,032		$29,130		$27,883		$26,771
Capitalized Overhead		25,857	27,867		23,837		23,717		23,735
Total Indirect Capital Expenditures		$54,379	$60,899		$52,967		$51,600		$50,506
Total Improvements to and Advances for Investment in Real Estate		$659,315	$1,059,135		$1,097,802		$629,983		$738,677
Consolidated Portfolio Net Rentable Square Feet (4)		32,579	32,670		32,603		33,858		33,511

(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 during the quarter, prior to their contribution.

(3) 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.

(4) For some of our buildings, we calculate square footage based on factors in addition to contractually leased square feet, including available power, required support space and common areas.

27

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

Closed Acquisitions:

						Net
						Rentable	Square Feet	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	Development	Feet Occupied (4)
PAR8-11	Land	Paris, France	1/11/2024	$75,675	NA	—	—	—	—
Cyxtera- Various	Leasehold	Frankfurt, Singapore	1/12/2024	55,000	NA	—	—	—	—
KIX10 Annex (MC Digital Realty)	Land	Osaka, Japan	2/5/2024	6,608	NA	—	—	—	—
Total				$137,283	—	—	—	—	—

Closed Dispositions:

						Net
						Rentable	Square Feet	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	Development	Feet Occupied (4)
Cyxtera- Various	Buildings	Santa Clara, New Jersey	1/12/2024	$277,399	6.1%	—	—	—	—
SYD15	Land	Sydney, Australia	3/28/2024	62,837	NA	—	—	—	—
Total				$340,236	—	—	—	—	—

Closed Joint Venture Contributions:

					Net
					Rentable	Square Feet	Square Feet	% of Total Net
	Metropolitan		Contribution	Cap	Square	Under	Held For	Rentable Square
Property	Area	Date	Price	Rate (2)	Feet (3)	Development	Development	Feet Occupied (4)
Blackstone JV - Phase I (5)	NoVa, Paris	1/11/2024	$367,746	NA	—	—	—	—
GI Partners JV - CH1 and CH3 (6)	Chicago, IL	1/12/2024	900,000	6.5%	—	—	—	—
Mitsubishi JV (7)	Dallas, TX	3/4/2024	307,896	NA	—	—	—	—
Total			$1,575,642	—	—	—	—	—

(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 March 31,2024.

(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) Blackstone acquired an 80% interest, while Digital Realty maintains a 20% interest and will manage the development and day-to-day operations of the JV. Contribution price is shown at 100%.

(6) GI Partners acquired an additional 15% equity interest in two stabilized hyperscale data center buildings in the Chicago metro area, increasing their stake from 65% to 80%, for approximately $68 million. Contribution price is shown at 100%.

(7) Mitsubishi invested approximately $200 million to acquire a 65% interest while Digital Realty maintains a 35% interest in the joint venture for the development of two build-to-suit hyperscale data centers in the Dallas metro area. Each partner will fund its pro rata share of the remaining development costs of the projects. Contribution price is shown at 100%.

28

Unconsolidated Joint Ventures		Financial Supplement
Dollars in Thousands			First Quarter 2024

Summary Balance Sheet -	As of March 31, 2024
at the JV's 100% Share		Americas (1)	APAC (2)	EMEA (3)	Global (4)	Total
Gross cost of operating real estate		$5,684,399	$1,728,633	$320,288	$1,293,417	$9,026,737
Accumulated depreciation & amortization		(742,961)	(225,285)	—	(77,253)	(1,045,499)
Net Book Value of Operating Real Estate		$4,941,438	$1,503,348	$320,288	$1,216,164	$7,981,239
Cash		361,349	286,539	76,859	119,316	844,063
Other assets		1,839,898	178,238	47,462	179,398	2,244,996
Total Assets		$7,142,684	$1,968,125	$444,609	$1,514,878	$11,070,298
Debt		2,604,657	654,680	—	444,853	3,704,190
Other liabilities		586,997	157,491	395,554	34,291	1,174,333
Equity / (deficit)		3,951,032	1,155,954	49,055	1,035,735	6,191,775
Total Liabilities and Equity		$7,142,686	$1,968,125	$444,609	$1,514,878	$11,070,298
Digital Realty's Pro Rata Share of Unconsolidated JV Debt		$886,171	$327,340	—	$168,591	$1,382,102

Summary Statement of Operations -	Three Months Ended March 31, 2024
at the JV's 100% Share		Americas (1)	APAC (2)	EMEA (3)	Global (4)	Total
Total revenues		$188,283	$63,557	$556	$24,247	$276,643
Operating expenses		(83,577)	(30,384)	(725)	(8,798)	(123,485)
Net Operating Income (NOI)		$104,706	$33,173	($169)	$15,449	$153,159
Straight-line rent		(1,913)	(1,182)	—	279	(2,816)
Above and below market rent		1,573	—	—	(775)	798
Cash Net Operating Income (NOI)		$104,366	$31,991	($169)	$14,953	$151,140
Interest expense		($59,240)	($1,091)	($1,615)	($6,899)	($68,845)
Depreciation & amortization		(97,617)	(15,612)	—	(15,180)	(128,409)
Other income / (expense)		(2,593)	(4,118)	105	31,910	25,303
FX remeasurement on USD debt		(31,784)	—	—	4,110	(27,674)
Total Non-Operating Expenses		($191,234)	($20,821)	($1,510)	$13,940	($199,624)
Net Income / (Loss)		($86,528)	$12,352	($1,678)	$29,389	($46,466)
Digital Realty's Pro Rata Share of Unconsolidated JV NOI		$34,172	$16,587	$17	$5,855	$56,630
Digital Realty's Pro Rata Share of Unconsolidated JV Cash NOI		$34,104	$15,996	$17	$5,667	$55,783
Digital Realty's Earnings (loss) income from unconsolidated joint ventures		($33,511)	$6,176	($1,278)	$12,606	($16,008)
Digital Realty's Pro Rata Share of Core FFO (5)		$17,580	$14,337	($1,280)	$8,648	$39,285
Digital Realty's Fee Income from Joint Ventures		$5,096	$178	—	$3,388	$8,661

(1) Includes Ascenty, Blackstone Nova, Clise, Colovore, 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.

29

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

	Three Months Ended
Reconciliation of Earnings Before Interest, Taxes, Depreciation & Amortization (EBITDA) (1)		31-Mar-24	31-Dec-23	30-Sep-23	30-Jun-23	31-Mar-23
Net Income / (Loss) Available to Common Stockholders		$271,327	$18,122	$723,440	$108,003	$58,547
Interest		109,535	113,638	110,767	111,116	102,220
Loss from early extinguishment of debt		1,070	—	—	—	—
Income tax expense (benefit)		22,413	20,724	17,228	16,173	21,454
Depreciation & amortization		431,102	420,475	420,613	432,573	421,198
EBITDA		$835,446	$572,958	$1,272,048	$667,866	$603,420
Unconsolidated JV real estate related depreciation & amortization		47,877	64,833	43,214	35,386	33,719
Unconsolidated JV interest expense and tax expense		34,271	42,140	27,000	32,105	18,556
Severance, equity acceleration and legal expenses		791	7,565	2,682	3,652	4,155
Transaction and integration expenses		31,839	40,226	14,465	17,764	12,267
(Gain) / loss on sale of investments		(277,787)	103	(810,688)	(89,946)	—
Provision for impairment		—	5,363	113,000	—	—
Other non-core adjustments, net		21,608	(35,439)	1,719	22,132	(14,604)
Non-controlling interests		6,329	(8,419)	12,320	(2,538)	111
Preferred stock dividends		10,181	10,181	10,181	10,181	10,181
Adjusted EBITDA		$710,556	$699,509	$685,943	$696,604	$667,804

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

	Three Months Ended
Financial Ratios		31-Mar-24	31-Dec-23	30-Sep-23	30-Jun-23	31-Mar-23
Total GAAP interest expense		$109,535	$113,638	$110,767	$111,116	$102,220
Capitalized interest		28,522	33,032	29,130	27,883	26,771
Change in accrued interest and other non-cash amounts		55,421	(66,013)	44,183	(60,612)	38,137
Cash Interest Expense (2)		$193,479	$80,657	$184,081	$78,387	$167,128
Preferred stock dividends		10,181	10,181	10,181	10,181	10,181
Total Fixed Charges (3)		$148,239	$156,851	$150,079	$149,181	$139,172
Coverage
Interest coverage ratio (4)		4.3x	4.0x	4.3x	4.5x	4.7x
Cash interest coverage ratio (5)		3.2x	6.4x	3.4x	7.4x	3.7x
Fixed charge coverage ratio (6)		4.0x	3.8x	4.1x	4.2x	4.4x
Cash fixed charge coverage ratio (7)		3.1x	5.8x	3.2x	6.6x	3.5x
Leverage
Debt to total enterprise value (8)(9)		26.7%	28.6%	30.6%	33.3%	37.3%
Debt-plus-preferred-stock-to-total-enterprise-value (9)(10)		27.9%	29.8%	32.0%	34.7%	38.9%
Pre-tax income to interest expense (11)		3.6x	1.2x	7.7x	2.0x	1.7x
Net Debt-to-Adjusted EBITDA (12)		6.1x	6.2x	6.3x	6.8x	7.1x

(2) 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.

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

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

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

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

(7) 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).

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

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

(10) Same as (8), except numerator includes preferred stock.

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

(12) 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.

30

Management Statements on Non-GAAP Measures		Financial Supplement
Unaudited			First 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.

31

Management Statements on Non-GAAP Measures		Financial Supplement
Unaudited			First 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 March 31, 2024, GAAP interest expense was $110 million, capitalized interest was $29 million and preferred stock dividends was $10 million.

Reconciliation of Net Operating Income (NOI)	Three Months Ended
(in thousands)	31-Mar-24		31-Dec-23		31-Mar-23
Operating income		$149,367		$134,035		$177,335
Fee income		(13,010)		(14,330)		(7,868)
Other income		(862)		(144)		(887)
Depreciation and amortization		431,102		420,475		421,198
General and administrative		114,419		109,235		107,766
Severance, equity acceleration and legal expenses		791		7,565		4,155
Transaction expenses		31,839		40,226		12,267
Provision for impairment		—		5,363		—
Other expenses		10,836		5,580		—
Net Operating Income		$724,482		$708,003		$713,965
Cash Net Operating Income (Cash NOI)
Net Operating Income		$724,482		$708,003		$713,965
Straight-line rental revenue		(2,522)		(22,085)		(16,327)
Straight-line rental expense		1,369		(4,745)		(510)
Above- and below-market rent amortization		(854)		(856)		(1,226)
Cash Net Operating Income		$722,474		$680,317		$695,902
Constant Currency CFFO Reconciliation	Three Months Ended
(in thousands, except per share data)	31-Mar-24				31-Mar-23
Core FFO (1)		$532,153				$493,500
Core FFO impact of holding '23 Exchange Rates Constant (2)		1,119				—
Constant Currency Core FFO		$533,272				$493,500
Weighted-average shares and units outstanding - diluted		319,138				297,382
Constant Currency CFFO Per Share		$1.67				$1.66

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.

32

Forward-Looking Statements		Financial Supplement
			First 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:

● 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;

● 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 ability to attract and retain customers;

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

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

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

● information security and data privacy breaches;

● difficulty 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 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 during a pandemic, such as COVID-19;

● 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 rulesand 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;

● 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

● 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.

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