Exhibit 99.1

		Financial Supplement
Table of Contents			Second Quarter 2025

Overview	PAGE

Corporate Information	3

Key Quarterly Financial Data	5

Consolidated Statements of Operations

Earnings Release	7

2025 Outlook	10

Consolidated Quarterly Statements of Operations	12

Funds From Operations and Core Funds From Operations	13

Adjusted Funds From Operations	14

Balance Sheet Information

Consolidated Balance Sheets	15

Components of Net Asset Value	16

Debt Maturities	17

Debt Analysis and Covenant Compliance	18

Internal Growth

Same-Capital Operating Trend Summary	19

Summary of Leasing Activity - Signed	20

Summary of Leasing Activity - Renewed	21

Lease Expirations - By Size	22

Top 20 Customers by Annualized Rent	23

Occupancy Analysis	24

External Growth

Development Lifecycle	25

Construction Projects in Progress	26

Historical Capital Expenditures and Investments in Real Estate	27

Acquisitions / Dispositions / Joint Ventures	28

Unconsolidated Entities	29

Additional Information

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

Management Statements on Non-GAAP Measures	31

Forward-Looking Statements	33

Table of Contents

		Financial Supplement
Corporate Information			Second Quarter 2025

Corporate Profile

Digital Realty Trust, Inc. (“Digital Realty” or the “company”) owns, acquires, develops, and operates data centers through its operating partnership subsidiary, Digital Realty Trust, L.P. (the “operating partnership”). The company is focused on providing data center, colocation, and interconnection solutions for domestic and international customers across a variety of industry verticals ranging from cloud and information technology services, communications and social networking to financial services, manufacturing, energy, healthcare, and consumer products. As of June 30, 2025, the company’s 310 data centers, including 87 data centers held as investments in unconsolidated entities, 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 42.5 million square feet, excluding approximately 9.8 million square feet of space under active development and 4.6 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

2323 Bryan Street, Suite 1800

Dallas, TX 75201
Telephone: (214) 231-1350
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

BMO Capital

BNP Paribas

Argus Research

BofA Securities

Barclays

Markets

Exane

Citigroup

Deutsche Bank

Marie Ferguson

Michael Funk

Brendan Lynch

Ari Klein

Nate Crossett

Michael Rollins

Matthew Niknam

(212) 425-7500

(646) 855-5664

(212) 526-9428

(212) 885-4103

(646) 725-3716

(212) 816-1116

(212) 250-4711

Evercore ISI

Goldman Sachs

Green Street Advisors

HSBC

Jefferies

JMP Securities

J.P. Morgan

Irvin Liu

Jim Schneider

David Guarino

Phani Kanumuri

Jonathan Petersen

Greg Miller

Richard Choe

(415) 800-0183

(212) 357-2929

(949) 640-8780

(240) 709-8135

(212) 284-1705

(212) 906-3500

(212) 662-6708

KeyBanc

Mizuho Group

MoffettNathanson

Morningstar

Oppenheimer

Raymond James

RBC Capital Markets

Brandon Nispel

Vikram Malhotra

Nick Del Deo

Samuel Siampaus

Timothy Horan

Frank Louthan

Jonathan Atkin

(503) 821-3871

(212) 282-3827

(212) 519-0025

(312) 244-7966

(212) 667-8137

(404) 442-5867

(415) 633-8589

Scotiabank

Stifel

TD Cowen

Truist Securities

UBS

Wells Fargo

Wolfe Research

Maher Yaghi

Erik Rasmussen

Michael Elias

Anthony Hau

John Hodulik

Eric Luebchow

Andrew Rosivach

(437) 995-5548

(212) 271-3461

(646) 562-1358

(212) 303-4176

(212) 713-4226

(312) 630-2386

(646) 582-9250

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

Upcoming Conference Schedule


August 12, 2025	Oppenheimer 28th Technology, Internet & Communications Conference	Virtual
September 3, 2025	Citi’s 2025 Global TMT Conference	New York, NY
September 9, 2025	Bank of America 2025 Global Real Estate Conference	New York, NY
September 9, 2025	Goldman Sachs Communacopia + Technology Conference	San Francisco, CA
September 16 — 17, 2025	RBC Global Communications Infrastructure Conference	Chicago, IL
September 17 — 18, 2025	EPRA Conference	Stockholm, Sweden
September 30, 2025	Mizuho REIT Conference 2025	Virtual

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

Table of Contents

		Financial Supplement
Corporate Information (Continued)			Second Quarter 2025

Stock Listing Information

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

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

Symbols may vary by stock quote provider.

Credit Ratings

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

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

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

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

Common Stock Price Performance

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


	Three Months Ended
	30-Jun-25		31-Mar-25		31-Dec-24		30-Sep-24		30-Jun-24
High price		$178.85		$187.74		$198.00		$165.17		$153.25
Low price		$129.95		$139.27		$155.16		$141.00		$135.54
Closing price, end of quarter		$174.33		$143.29		$177.33		$161.83		$152.05
Average daily trading volume ⁽¹⁾		2,034		2,529		1,911		1,615		1,863
Indicated dividend per common share ⁽²⁾		$4.88		$4.88		$4.88		$4.88		$4.88
Closing annual dividend yield, end of quarter		2.8%		3.4%		2.8%		3.0%		3.2%
Shares and units outstanding, end of quarter ^{(1) (3)}		346,644		343,092		342,772		337,744		332,346
Closing market value of shares and units outstanding ⁽⁴⁾		$60,430,449		$49,161,653		$60,783,759		$54,657,112		$50,533,209

(1)	Shares or shares and units in thousands.

(2)	On an annualized basis.

(3)

As of June 30, 2025, the total number of shares and units includes 340,372 shares of common stock, 4,046 common units held by third parties and 2,226 common units and vested and unvested long-term incentive units held by directors, officers and others and excludes all shares of common stock potentially issuable upon conversion of our series J, series K and series L cumulative redeemable preferred stock upon certain change of control transactions.

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

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

Table of Contents

Key Quarterly Financial Data		Financial Supplement
Unaudited, Dollars (except per share data) and Square Feet in Thousands			Second Quarter 2025


Shares and Units at End of Quarter	30-Jun-25		31-Mar-25		31-Dec-24		30-Sep-24		30-Jun-24
Common shares outstanding		340,372		336,743		336,637		331,347		325,885
Common partnership units outstanding		6,272		6,349		6,135		6,397		6,461
Total Shares and Units		346,644		343,092		342,772		337,744		332,346

Enterprise Value
Market value of common equity ⁽¹⁾		$60,430,449		$49,161,653		$60,783,759		$54,657,112		$50,533,209
Liquidation value of preferred equity		755,000		755,000		755,000		755,000		755,000
Total debt at balance sheet carrying value		18,452,148		17,016,279		16,714,377		16,986,546		16,339,746
Total Enterprise Value		$79,637,597		$66,932,932		$78,253,136		$72,398,658		$67,627,955
Total debt / total enterprise value		23.2%		25.4%		21.4%		23.5%		24.2%
Debt-plus-preferred-to-total-enterprise-value		24.1%		26.6%		22.3%		24.5%		25.3%

Selected Balance Sheet Data
Investments in real estate (before depreciation)		$38,613,260		$35,693,166		$35,401,912		$36,463,664		$34,573,283
Total Assets		48,714,995		45,080,562		45,283,616		45,295,392		43,606,883
Total Liabilities		23,853,149		21,902,406		22,107,836		22,118,781		21,199,178

Selected Operating Data
Total operating revenues		$1,493,150		$1,407,637		$1,435,862		$1,431,214		$1,356,749
Total operating expenses		1,281,453		1,211,887		1,291,540		1,262,928		1,346,860
Net income		1,046,946		106,395		185,688		40,134		74,668
Net income / (loss) available to common stockholders		1,021,975		99,793		179,388		41,012		70,039

Financial Ratios
EBITDA ⁽²⁾		$1,605,408		$658,400		$746,578		$639,875		$625,130
Adjusted EBITDA⁽³⁾		823,319		791,156		751,276		758,296		726,874
Net Debt-to-Adjusted EBITDA ⁽⁴⁾		5.1x		5.1x		4.8x		5.4x		5.3x
Interest expense		109,383		98,464		104,742		123,803		114,756
Fixed charges ⁽⁵⁾		148,957		138,739		149,364		162,296		152,529
Interest coverage ratio ⁽⁶⁾		5.0x		5.3x		4.5x		4.3x		4.3x
Fixed charge coverage ratio ⁽⁷⁾		4.7x		4.9x		4.2x		4.1x		4.1x

Profitability Measures
Net income / (loss) per common share - basic		$3.03		$0.30		$0.54		$0.13		$0.22
Net income / (loss) per common share - diluted		$2.94		$0.27		$0.51		$0.09		$0.20
Funds from operations (FFO) / diluted share and unit ⁽⁸⁾		$1.75		$1.67		$1.61		$1.55		$1.57
Core funds from operations (Core FFO) / diluted share and unit ⁽⁸⁾		$1.87		$1.77		$1.73		$1.67		$1.65
Adjusted funds from operations (AFFO) / diluted share and unit ⁽⁹⁾		$1.68		$1.78		$1.36		$1.52		$1.56
Dividends per share and common unit		$1.22		$1.22		$1.22		$1.22		$1.22
Diluted FFO payout ratio ^(8) (10)		69.6%		73.2%		75.6%		78.8%		77.9%
Diluted Core FFO payout ratio ^(8) (11)		65.2%		68.8%		70.7%		73.2%		73.9%
Diluted AFFO payout ratio ^(9) (12)		72.8%		68.6%		89.5%		80.4%		78.1%

Portfolio Statistics
Buildings ⁽¹³⁾		330		328		328		331		323
Data Centers ⁽¹³⁾		310		308		308		312		310
Cross-connects^{(13) (14)}		229,000		228,000		227,000		225,000		223,000
Net rentable square feet, excluding development space ⁽¹³⁾		42,529		41,778		41,326		41,092		41,220
Occupancy at end of quarter ⁽¹⁵⁾		84.8%		84.0%		84.1%		83.9%		82.9%
Occupied square footage ⁽¹³⁾		36,073		35,100		34,741		34,479		34,160
Space under active development ⁽¹⁶⁾		9,848		9,463		8,904		9,126		8,507
Space held for development ⁽¹⁷⁾		4,616		5,062		4,686		4,862		5,130
Weighted average remaining lease term (years) ⁽¹⁸⁾		5.1		4.9		4.8		4.8		4.7
Same-capital occupancy at end of quarter ^{(15) (19)}		83.0%		82.6%		82.8%		83.0%		83.4%

Table of Contents

Key Quarterly Financial Data		Financial Supplement
Unaudited, Dollars (except per share data) and Square Feet in Thousands			Second Quarter 2025

(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 on debt extinguishment and modifications, 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 entities real estate related depreciation & amortization, (ii) unconsolidated entities 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) noncontrolling interests, (ix) preferred stock dividends, and (x) gain on / 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 entities debt at carrying value, less cash and cash equivalents (including our share of unconsolidated entities cash), divided by the product of Adjusted EBITDA (including our share of unconsolidated entities 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 entities interest expense).

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

(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 entities and non-managed unconsolidated entities. 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 and contribution.

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

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

(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, 2023, with less than 5% of total rentable square feet under development. Excludes buildings that were undergoing, or were expected to undergo, development activities in 2024-2025, buildings classified as held for sale and contribution, and buildings sold or contributed to joint ventures for all periods presented. Prior period results have been adjusted to reflect current same-capital pool.

Table of Contents

Digital Realty Trust		Financial Supplement
Earnings Release			Second Quarter 2025

Digital Realty Reports Second Quarter 2025 Results

Dallas, TX — July 24, 2025 — Digital Realty (NYSE: DLR), the largest global provider of cloud- and carrier-neutral data center, colocation, and interconnection solutions, announced today financial results for the second quarter of 2025. All per share results are presented on a fully diluted basis.

Highlights

◾

Reported net income available to common stockholders of $2.94 per share in 2Q25, compared to $0.20 in 2Q24

◾

Reported FFO per share of $1.75 in 2Q25, compared to $1.57 in 2Q24

◾

Reported Core FFO per share of $1.87 in 2Q25, compared to $1.65 in 2Q24

◾

Reported Constant-Currency Core FFO per share of $1.84 in 2Q25

◾

Reported rental rate increases on renewal leases of 7.3% on a cash basis in 2Q25

◾

Signed total bookings during 2Q25 that are expected to generate $177 million of annualized GAAP rental revenue at 100% share; at Digital Realty’s share total bookings were $135 million, including a $90 million contribution from the 0–1 megawatt plus interconnection category

◾

Reported backlog of $826 million of annualized GAAP base rent at the end of 2Q25

◾

Raised 2025 Core FFO per share outlook to $7.15 - $7.25 and 2025 Constant-Currency Core FFO per share outlook to $7.10 - $7.20

Financial Results

Digital Realty reported revenues of $1.49 billion in the second quarter of 2025, a 6% increase from the previous quarter and a 10% increase from the same quarter last year.

The company delivered net income of $1.05 billion in the second quarter of 2025, as well as net income available to common stockholders of $1.02 billion and $2.94 per share, compared to $0.27 per share in the previous quarter and $0.20 per share in the same quarter last year.

Digital Realty generated Adjusted EBITDA of $823 million in the second quarter of 2025, a 4% increase from the previous quarter and a 13% increase over the same quarter last year.

The company reported Funds From Operations (FFO) of $600 million in the second quarter of 2025, or $1.75 per share, compared to $1.67 per share in the previous quarter and $1.57 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 $1.87 in the second quarter of 2025, compared to $1.77 per share in the previous quarter and $1.65 per share in the same quarter last year. Digital Realty delivered Constant-Currency Core FFO per share of $1.84 in the second quarter of 2025 and $3.63 per share for the six-month period ended June 30, 2025.

“Record bookings in our 0–1 megawatt plus interconnection product set underscore the strength of our full spectrum strategy and the breadth of the growing demand for digital infrastructure,” said Digital Realty President and Chief Executive Officer Andy Power. “ Our inaugural U.S. Hyperscale Data Center Fund is oversubscribed, providing us the capital necessary to serve our customers’ growing requirements and to extend Digital Realty’s runway for growth.”

Leasing Activity

In the second quarter, Digital Realty signed total bookings that are expected to generate $135 million of annualized GAAP rental revenue at its share, including a $73 million contribution from the 0–1 megawatt category and a $17 million contribution from interconnection.

The weighted-average lag between new leases signed during the second quarter of 2025 and the contractual commencement date was four months. The backlog of signed-but-not-commenced leases at quarter-end was $826 million of annualized GAAP base rent at Digital Realty’s share.

In addition to new leases signed, Digital Realty also signed renewal leases representing $177 million of annualized cash rental revenue during the quarter. Rental rates on renewal leases signed during the second quarter of 2025 increased 7.3% on a cash basis and 9.9% on a GAAP basis.

Table of Contents

Digital Realty Trust		Financial Supplement
Earnings Release			Second Quarter 2025

New leases signed during the second quarter of 2025 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		$30,750	128		$240	9.9		$259
> 1 MW		16,261	41		400	10.4		130
Other ⁽¹⁾		288	6		47	—		—
Total		$47,299	175		$270	20.3		$193

EMEA ⁽²⁾
0-1 MW		$31,024	72		$429	8.5		$304
> 1 MW		15,609	54		290	6.6		197
Other ⁽¹⁾		115	1		138	—		—
Total		$46,747	127		$368	15.1		$257

Asia Pacific ⁽²⁾
0-1 MW		$10,744	39		$274	3.3		$268
> 1 MW		13,168	58		228	6.3		174
Other ⁽¹⁾		16	2		9	—		—
Total		$23,927	99		$243	9.6		$207

All Regions ⁽²⁾
0-1 MW		$72,517	240		$303	21.7		$278
> 1 MW		45,038	152		296	23.3		161
Other ⁽¹⁾		419	9		48	—		—
Total		$117,974	401		$294	45.0		$218

Interconnection		$17,346	N/A		N/A	N/A		N/A

Grand Total		$135,320	401		$294	45.0		$218

Note: Totals may not foot due to rounding differences.

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

(2)	Based on quarterly average exchange rates during the three months ended June 30, 2025.

Investment Activity

During the second quarter, Digital Realty acquired land parcels in three metros. As previously disclosed, Digital Realty acquired approximately 100 acres of land in the Atlanta metro area that is expected to support over 200 megawatts of IT capacity for approximately $120 million. Separately, Digital Realty acquired a 167-acre land parcel in the Dallas metro area that is expected to support approximately 480 megawatts of IT capacity for approximately $11 million. Lastly, Digital Realty acquired several land parcels as part of an assemblage in the Chicago metro area supporting the continued expansion of its Franklin Park campus for approximately $6 million.

Digital Realty also received additional equity commitments from a broad array of global Limited Partners for its U.S. Hyperscale Data Center Fund (the “Fund”), lifting total commitments to more than $3 billion to date. The Fund is now well ahead of its initial target for LP equity commitments and is on track for its final close. During the quarter, Digital Realty contributed interests in five operating data centers and two development sites to the Fund. Digital Realty received over $900 million of gross proceeds as a result of the contributions.

Subsequent to quarter end, Digital Realty sold a five megawatt non-core data center in the Atlanta metro area for gross proceeds of $65 million.

Table of Contents

Digital Realty Trust		Financial Supplement
Earnings Release			Second Quarter 2025

Balance Sheet

Digital Realty had approximately $18.5 billion of total debt outstanding as of June 30, 2025, comprised of $17.7 billion of unsecured debt and approximately $0.8 billion of secured debt and other debt. At the end of the second quarter of 2025, net debt-to-Adjusted EBITDA was 5.1x, debt-plus-preferred-to-total enterprise value was 24.1% and fixed charge coverage was 4.7x.

In June, Digital Realty issued €850 million of 3.875% notes due 2034, for net proceeds of approximately €837 million ($975 million). Subsequent to quarter end, the company also repaid €650 million ($754 million) in aggregate principal amount of its 0.625% senior notes.

Since March 31, 2025, the company also sold 4.15 million shares of common stock under its At-The-Market (ATM) equity issuance program at a weighted average price of $173.19 per share, for net proceeds of approximately $719 million.

Table of Contents

Digital Realty Trust		Financial Supplement
Earnings Release			Second Quarter 2025

2025 Outlook

Digital Realty raised its 2025 Core FFO per share outlook to $7.15 - $7.25 and its 2025 Constant-Currency Core FFO per share outlook to $7.10 - $7.20. The assumptions underlying the outlook are summarized in the following table.


	As of	As of	As of
Top-Line and Cost Structure	February 13, 2025	April 24, 2025	July 24, 2025
Total revenue	$5.800 - $5.900 billion	$5.825 - $5.925 billion	$5.925 - $6.025 billion
Net non-cash rent adjustments ⁽¹⁾	($45 - $50 million)	($50 - $55 million)	($65 - $70 million)
Adjusted EBITDA	$3.100 - $3.200 billion	$3.125 - $3.225 billion	$3.200 - $3.300 billion
G&A	$500 - $510 million	$505 - $515 million	$520 - $530 million

Internal Growth
Rental rates on renewal leases
Cash basis	4.0% - 6.0%	4.0% - 6.0%	5.0% - 6.0%
GAAP basis	6.0% - 8.0%	6.0% - 8.0%	7.0% - 8.0%
Year-end portfolio occupancy	+100 - 200 bps	+100 - 200 bps	+100 - 200 bps
"Same-Capital" cash NOI growth ⁽²⁾	3.5% - 4.5%	3.5% - 4.5%	3.5% - 4.5%

Foreign Exchange Rates
U.S. Dollar / Pound Sterling	$1.20 - $1.25	$1.25 - $1.35	$1.30 - $1.35
U.S. Dollar / Euro	$1.00 - $1.05	$1.05 - $1.15	$1.10 - $1.15

External Growth
Dispositions / Joint Venture Capital
Dollar volume	$500 - $1,000 million	$500 - $1,000 million	$700 - $1,000 million
Cap rate	0.0% - 10.0%	0.0% - 10.0%	0.0% - 10.0%
Development
CapEx (Net of Partner Contributions) ⁽³⁾	$3,000 - $3,500 million	$3,000 - $3,500 million	$3,000 - $3,500 million
Average stabilized yields	10.0%+	10.0%+	10.0%+
Enhancements and other non-recurring CapEx ⁽⁴⁾	$30 - $35 million	$30 - $35 million	$30 - $35 million
Recurring CapEx + capitalized leasing costs ⁽⁵⁾	$320 - $335 million	$320 - $335 million	$320 - $335 million

Balance Sheet
Long-term debt issuance
Dollar amount	$900 - $1,500 million	$900 - $1,500 million	~$2,000 million
Pricing	5.0% - 5.5%	4.0% - 5.5%	~4.0%
Timing	Mid-Year	Mid-Year	Mid-Year

Net income per diluted share	$2.10 - $2.20	$2.15 - $2.25	$3.45 - $3.55
Real estate depreciation and (gain) / loss on sale	$4.50 - $4.50	$4.50 - $4.50	$3.25 - $3.25
Funds From Operations / share (NAREIT-Defined)	$6.60 - $6.70	$6.65 - $6.75	$6.70 - $6.80
Non-core expenses and revenue streams	$0.40 - $0.40	$0.40 - $0.40	$0.45 - $0.45
Core Funds From Operations / share	$7.00 - $7.10	$7.05 - $7.15	$7.15 - $7.25
Foreign currency translation adjustments	$0.05 - $0.05	$0.00 - $0.00	($0.05) - ( $0.05)
Constant-Currency Core Funds From Operations / share	$7.05 - $7.15	$7.05 - $7.15	$7.10 - $7.20

(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, 2023 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 2024-2025, properties classified as held for sale and contribution, and properties sold or contributed to joint ventures for all periods presented. The 2025 “Same-Capital” cash NOI growth outlook is presented on a constant currency basis.

(3)	Excludes land acquisitions and includes Digital Realty’s share of joint venture and fund contributions. Figure is net of joint venture and fund contributions.

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

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

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

Table of Contents

Digital Realty Trust		Financial Supplement
Earnings Release			Second Quarter 2025

Non-GAAP Financial Measures

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

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

Investor Conference Call

Prior to Digital Realty’s investor conference call at 5:00 p.m. ET / 4:00 p.m. CT on July 24, 2025, a presentation will be posted to the Investors section of the company’s website at https://investor.digitalrealty.com. The presentation is designed to accompany the discussion of the company’s second quarter 2025 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# 5545220 at least five minutes prior to start time. A live webcast of the call will be available via the Investors section of Digital Realty’s website at https://investor.digitalrealty.com.

Telephone and webcast replays will be available after the call until August 24, 2025. 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# 4783857. 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, from cloud and digital transformation to emerging technologies like artificial intelligence (AI), 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

(415) 874-2803

Jordan Sadler / Jim Huseby

Investor Relations

Digital Realty

(415) 275-5344

Table of Contents

Consolidated Quarterly Statements of Operations		Financial Supplement
Unaudited and in Thousands, Except Per Share Data			Second Quarter 2025


	Three Months Ended					Six Months Ended
	30-Jun-25	31-Mar-25	31-Dec-24	30-Sep-24	30-Jun-24		30-Jun-25	30-Jun-24
Rental revenues	$1,003,550	$960,526	$958,892	$956,351	$912,994		$1,964,076	$1,807,402
Tenant reimbursements - Utilities	294,503	271,189	302,664	305,097	274,505		565,692	550,862
Tenant reimbursements - Other	37,355	42,177	38,591	39,624	41,964		79,532	80,398
Interconnection and other	121,952	112,969	112,360	112,655	109,505		234,921	217,576
Fee income	34,427	20,643	23,316	12,907	15,656		55,070	28,666
Other	1,363	133	40	4,581	2,125		1,496	2,987
Total Operating Revenues	$1,493,150	$1,407,637	$1,435,862	$1,431,214	$1,356,749		$2,900,787	$2,687,892

Utilities	$339,288	$313,385	$337,534	$356,063	$315,248		$652,673	$639,818
Rental property operating	267,724	238,600	273,104	249,796	237,653		506,324	462,021
Property taxes	49,570	48,856	46,044	45,633	49,620		98,426	90,776
Insurance	4,946	4,483	6,007	4,869	4,755		9,429	7,449
Depreciation and amortization	461,167	443,009	455,355	459,997	425,343		904,176	856,445
General and administration	133,755	121,112	124,470	115,120	119,511		254,867	233,931
Severance, equity acceleration and legal expenses	2,262	2,428	2,346	2,481	884		4,690	1,675
Transaction and integration expenses	22,546	39,902	11,797	24,194	26,072		62,448	57,911
Provision for impairment	—	—	22,881	—	168,303		—	168,303
Other expenses	195	112	12,002	4,774	(529)		307	10,306
Total Operating Expenses	$1,281,453	$1,211,887	$1,291,540	$1,262,928	$1,346,860		$2,493,340	$2,528,636

Operating Income	$211,697	$195,750	$144,322	$168,286	$9,889		$407,447	$159,256

Equity in earnings / (loss) of unconsolidated entities	(12,062)	(7,640)	(36,201)	(26,486)	(41,443)		(19,702)	(57,451)
Gain / (loss) on sale of investments	931,830	1,111	144,885	(556)	173,709		932,941	451,496
Interest and other income / (expense), net	37,747	32,773	44,517	37,756	62,261		70,520	71,970
Interest (expense)	(109,383)	(98,464)	(104,742)	(123,803)	(114,756)		(207,847)	(224,291)
Income tax benefit / (expense)	(12,883)	(17,135)	(4,928)	(12,427)	(14,992)		(30,018)	(37,405)
Loss on debt extinguishment and modifications	—	—	(2,165)	(2,636)	—		—	(1,070)
Net Income	$1,046,946	$106,395	$185,688	$40,134	$74,668		$1,153,341	$362,505

Net (income) / loss attributable to noncontrolling interests	(14,790)	3,579	3,881	11,059	5,552		(11,211)	(777)
Net Income Attributable to Digital Realty Trust, Inc.	$1,032,156	$109,974	$189,569	$51,193	$80,220		$1,142,130	$361,728

Preferred stock dividends	(10,181)	(10,181)	(10,181)	(10,181)	(10,181)		(20,362)	(20,362)
Net Income / (Loss) Available to Common Stockholders	$1,021,975	$99,793	$179,388	$41,012	$70,039		$1,121,768	$341,366

Weighted-average shares outstanding - basic	337,589	336,683	333,376	327,977	319,537		337,139	315,915
Weighted-average shares outstanding - diluted	345,734	344,721	340,690	336,249	327,946		345,305	324,451
Weighted-average fully diluted shares and units	351,691	350,632	346,756	342,374	334,186		351,239	330,687

Net income / (loss) per share - basic	$3.03	$0.30	$0.54	$0.13	$0.22		$3.33	$1.08
Net income / (loss) per share - diluted	$2.94	$0.27	$0.51	$0.09	$0.20		$3.21	$1.01

Table of Contents

Funds From Operations and Core Funds From Operations		Financial Supplement
Unaudited and in Thousands, Except Per Share Data			Second Quarter 2025


	Three Months Ended						Six Months Ended
Reconciliation of Net Income to Funds From Operations (FFO)		30-Jun-25	31-Mar-25	31-Dec-24	30-Sep-24	30-Jun-24		30-Jun-25	30-Jun-24

Net Income / (Loss) Available to Common Stockholders		$1,021,975	$99,793	$179,388	$41,012	$70,039		$1,121,768	$341,366
Adjustments:
Noncontrolling interest in operating partnership		21,000	3,000	4,000	1,000	1,500		24,000	7,700
Real estate related depreciation and amortization ⁽¹⁾		451,050	432,652	445,462	449,086	414,920		883,702	835,511
Reconciling items related to noncontrolling interests		(21,038)	(19,480)	(19,531)	(19,746)	(17,317)		(40,518)	(25,335)
Unconsolidated entities real estate related depreciation and amortization		59,172	55,861	49,463	48,474	47,117		115,033	94,993
(Gain) / loss on real estate transactions		(931,830)	(1,111)	(137,047)	556	(173,709)		(932,941)	(460,413)
Provision for impairment		—	—	22,881	—	168,303		—	168,303
Funds From Operations		$600,329	$570,715	$544,616	$520,382	$510,852		$1,171,044	$962,125

Weighted-average shares and units outstanding - basic		343,546	342,594	339,442	334,103	325,777		343,073	322,151
Weighted-average shares and units outstanding - diluted ^{(2) (3)}		351,691	350,632	346,756	342,374	334,186		351,239	330,687

Funds From Operations per share - basic		$1.75	$1.67	$1.60	$1.56	$1.57		$3.41	$2.99

Funds From Operations per share - diluted^{(2) (3)}		$1.75	$1.67	$1.61	$1.55	$1.57		$3.42	$2.98


	Three Months Ended						Six Months Ended
Reconciliation of FFO to Core FFO		30-Jun-25	31-Mar-25	31-Dec-24	30-Sep-24	30-Jun-24		30-Jun-25	30-Jun-24

Funds From Operations		$600,329	$570,715	$544,616	$520,382	$510,852		$1,171,044	$962,125
Other non-core revenue adjustments ⁽⁴⁾		4,228	(1,925)	4,537	(4,583)	(33,818)		2,303	(30,293)
Transaction and integration expenses		22,546	39,902	11,797	24,194	26,072		62,448	57,911
Loss on debt extinguishment and modifications		—	—	2,165	2,636	—		—	1,070
Severance, equity acceleration and legal expenses ⁽⁵⁾		2,262	2,428	2,346	2,481	884		4,690	1,675
(Gain) / Loss on FX and derivatives revaluation		8,827	(2,064)	7,127	1,513	32,222		6,764	65,824
Other non-core expense adjustments ⁽⁶⁾		5,092	(702)	14,229	11,120	2,271		4,390	12,323
Core Funds From Operations		$643,284	$608,354	$586,816	$557,744	$538,482		$1,251,639	$1,070,634

Weighted-average shares and units outstanding - diluted^{(2) (3)}		343,909	343,050	339,982	334,476	326,181		343,436	322,619

Core Funds From Operations per share - diluted ⁽²⁾		$1.87	$1.77	$1.73	$1.67	$1.65		$3.64	$3.32


(1)	Three Months Ended						Six Months Ended
Real Estate Related Depreciation & Amortization		30-Jun-25	31-Mar-25	31-Dec-24	30-Sep-24	30-Jun-24		30-Jun-25	30-Jun-24

Depreciation and amortization per income statement		$461,167	$443,009	$455,355	$459,997	$425,343		$904,175	$856,445
Non-real estate depreciation		(10,117)	(10,356)	(9,894)	(10,911)	(10,424)		(20,473)	(20,935)
Real Estate Related Depreciation & Amortization		$451,050	$432,652	$445,462	$449,086	$414,920		$883,702	$835,511

(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. U.S. 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 noncontrolling interest is added back to the FFO numerator as the denominator assumes all shares have been put back to Digital Realty.

Three Months Ended

Six Months Ended

30-Jun-25

31-Mar-25

31-Dec-24

30-Sep-24

30-Jun-24

30-Jun-25

30-Jun-24

Teraco noncontrolling share of FFO

$15,850

$13,286

$14,905

$9,828

$12,453

$29,136

$22,221

Teraco related minority interest

$15,850

$13,286

$14,905

$9,828

$12,453

$29,136

$22,221

(3)

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

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

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

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

Table of Contents

Adjusted Funds From Operations (AFFO)		Financial Supplement
Unaudited and in Thousands, Except Per Share Data			Second Quarter 2025


	Three Months Ended						Six Months Ended
Reconciliation of Core FFO to AFFO		30-Jun-25	31-Mar-25	31-Dec-24	30-Sep-24	30-Jun-24		30-Jun-25	30-Jun-24

Core FFO available to common stockholders and unitholders		$643,284	$608,354	$586,816	$557,744	$538,482		$1,251,638	$1,070,634
Adjustments:
Non-real estate depreciation		10,117	10,356	9,894	10,911	10,424		20,473	20,935
Amortization of deferred financing costs		6,451	6,548	5,697	4,853	5,072		12,999	10,648
Amortization of debt discount/premium		1,251	1,125	1,324	1,329	1,321		2,377	3,153
Non-cash stock-based compensation expense		18,026	16,700	13,386	15,026	14,464		34,726	27,056
Straight-line rental revenue		(23,698)	(9,692)	(18,242)	(17,581)	334		(33,390)	10,310
Straight-line rental expense		(475)	(160)	(136)	1,690	782		(635)	1,893
Above- and below-market rent amortization		(752)	(706)	(269)	(742)	(1,691)		(1,458)	(2,545)
Deferred tax (benefit) / expense		(30,714)	(517)	(15,048)	(9,366)	(9,982)		(31,232)	(13,420)
Leasing compensation and internal lease commissions		14,721	13,405	10,505	10,918	10,519		28,126	23,809
Recurring capital expenditures ⁽¹⁾		(62,083)	(35,305)	(130,245)	(67,308)	(60,483)		(97,388)	(108,159)

AFFO available to common stockholders and unitholders ⁽²⁾		$576,127	$610,108	$463,682	$507,474	$509,241		$1,186,235	$1,044,314

Weighted-average shares and units outstanding - basic		343,546	342,594	339,442	334,103	325,777		343,073	322,151
Weighted-average shares and units outstanding - diluted ⁽³⁾		343,909	343,050	339,982	334,476	326,181		343,436	322,619

AFFO per share - diluted ⁽³⁾		$1.68	$1.78	$1.36	$1.52	$1.56		$3.45	$3.24

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

Diluted AFFO Payout Ratio		72.8%	68.6%	89.5%	80.4%	78.1%		70.6%	75.4%

Three Months Ended

Six Months Ended

Share Count Detail

30-Jun-25

31-Mar-25

31-Dec-24

30-Sep-24

30-Jun-24

30-Jun-25

30-Jun-24

Weighted Average Common Stock and Units Outstanding

343,546

342,594

339,442

334,103

325,777

343,073

322,151

Add: Effect of dilutive securities

362

456

540

373

404

363

467

Weighted Avg. Common Stock and Units Outstanding - diluted

343,909

343,050

339,982

334,476

326,181

343,436

322,618

(1)

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

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

(3)

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

Table of Contents

Consolidated Balance Sheets		Financial Supplement
Unaudited and in Thousands, Except Per Share Data			Second Quarter 2025


	30-Jun-25		31-Mar-25		31-Dec-24		30-Sep-24		30-Jun-24
Assets
Investments in real estate:
Real estate		$29,836,218		$27,947,964		$27,558,993		$28,808,770		$27,470,635
Construction in progress		5,080,701		4,973,266		5,164,334		5,175,054		4,676,012
Land held for future development		73,665		69,089		38,785		23,392		93,938
Investments in Real Estate		$34,990,583		$32,990,319		$32,762,112		$34,007,216		$32,240,584
Accumulated depreciation and amortization		(9,341,719)		(8,856,535)		(8,641,331)		(8,777,002)		(8,303,070)
Net Investments in Properties		$25,648,865		$24,133,784		$24,120,781		$25,230,214		$23,937,514
Investment in unconsolidated entities		3,622,677		2,702,847		2,639,800		2,456,448		2,332,698
Net Investments in Real Estate		$29,271,542		$26,836,631		$26,760,582		$27,686,662		$26,270,212

Operating lease right-of-use assets, net		$1,180,657		$1,165,924		$1,178,853		$1,228,507		$1,211,003
Cash and cash equivalents		3,554,126		2,321,885		3,870,891		2,175,605		2,282,062
Accounts and other receivables, net ⁽¹⁾		1,586,146		1,373,521		1,257,464		1,274,460		1,222,403
Deferred rent, net		681,375		641,290		642,456		641,778		613,749
Goodwill		9,636,513		9,174,165		8,929,431		9,395,233		9,128,811
Customer relationship value, deferred leasing costs and other intangibles, net		2,171,318		2,124,989		2,178,054		2,367,467		2,315,143
Assets held for sale and contribution		139,993		953,236		—		—		—
Other assets		493,325		488,921		465,885		525,679		563,500
Total Assets		$48,714,995		$45,080,562		$45,283,616		$45,295,392		$43,606,883

Liabilities and Equity
Global unsecured revolving credit facilities, net		$567,699		$1,096,931		$1,611,308		$1,786,921		$1,848,167
Unsecured term loans, net		440,788		404,335		386,903		913,733		1,297,893
Unsecured senior notes, net of discount		16,641,367		14,744,063		13,962,852		13,528,061		12,507,551
Secured and other debt, net of discount		802,294		770,950		753,314		757,831		686,135
Operating lease liabilities		1,298,085		1,281,572		1,294,219		1,343,903		1,336,839
Accounts payable and other accrued liabilities		2,310,882		1,927,611		2,056,215		2,140,764		1,973,798
Deferred tax liabilities		1,137,305		1,109,294		1,084,562		1,223,771		1,132,090
Accrued dividends and distributions		—		—		418,661		—		—
Security deposits and prepaid rents		653,640		559,768		539,802		423,797		416,705
Obligations associated with assets held for sale and contribution		1,089		7,882		—		—		—
Total Liabilities		$23,853,149		$21,902,406		$22,107,836		$22,118,781		$21,199,178

Redeemable noncontrolling interests		1,505,889		1,459,322		1,433,185		1,465,636		1,399,889

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, 502,000 shares authorized ⁽⁵⁾		3,374		3,338		3,337		3,285		3,231
Additional paid-in capital		28,720,826		28,091,661		28,079,738		27,229,143		26,388,393
Dividends in excess of earnings		(5,997,607)		(6,604,217)		(6,292,085)		(6,060,642)		(5,701,096)
Accumulated other comprehensive (loss), net		(543,756)		(926,874)		(1,182,283)		(657,364)		(884,715)
Total Stockholders' Equity		$22,914,527		$21,295,598		$21,340,397		$21,246,112		$20,537,503

Noncontrolling Interests
Noncontrolling interest in operating partnership		$431,000		$415,956		$396,099		$427,930		$434,253
Noncontrolling interest in consolidated entities		10,430		7,280		6,099		36,933		36,060

Total Noncontrolling Interests		$441,430		$423,236		$402,198		$464,863		$470,313

Total Equity		$23,355,957		$21,718,834		$21,742,595		$21,710,975		$21,007,816

Total Liabilities and Equity		$48,714,995		$45,080,562		$45,283,616		$45,295,392		$43,606,883

(1)	Net of allowance for doubtful accounts of $80,832 and $50,609 as of June 30, 2025 and June 30, 2024, respectively.

(2)	Series J Cumulative Redeemable Preferred Stock, 5.250%, $200,000 liquidation preference ($25.00 per share), 8,000 shares issued and outstanding as of June 30, 2025 and June 30, 2024.

(3)	Series K Cumulative Redeemable Preferred Stock, 5.850%, $210,000 liquidation preference ($25.00 per share), 8,400 shares issued and outstanding as of June 30, 2025 and June 30, 2024.

(4)	Series L Cumulative Redeemable Preferred Stock, 5.200%, $345,000 liquidation preference ($25.00 per share), 13,800 shares issued and outstanding as of June 30, 2025 and June 30, 2024.

(5)	Common Stock: 340,372 and 325,885 shares issued and outstanding as of June 30, 2025 and June 30, 2024, respectively.

Table of Contents

Components of Net Asset Value (NAV) ⁽¹⁾		Financial Supplement
Unaudited and in Thousands			Second Quarter 2025


Consolidated Properties Cash Net Operating Income (NOI)⁽²⁾, Annualized ⁽³⁾
Network-Dense			$1,127,306
Campus			1,862,621
Other ⁽⁴⁾			92,449
Total Cash NOI, Annualized			$3,082,376
less: Partners' share of consolidated JVs			(76,732)
Acquisitions / dispositions / expirations			(90,734)
FY 2025 backlog cash NOI and 2Q25 carry-over (stabilized) ⁽⁵⁾			156,528
Total Consolidated Cash NOI, Annualized			$3,071,438

Digital Realty's Pro Rata Share of Unconsolidated Entities Cash NOI ^{(3) (6)}			$313,235

Other Income
Development and Management Fees (net), Annualized			$137,707

Other Assets
Pre-stabilized inventory, at cost ⁽⁷⁾			$267,093
Land held for development			73,665
Development CIP ⁽⁸⁾			5,080,701
less: Investment associated with FY25 Backlog NOI ⁽⁹⁾			(639,944)
Cash and cash equivalents			3,554,126
Accounts and other receivables, net			1,586,146
Other assets			493,325
less: Partners' share of consolidated entities assets			(121,849)
Total Other Assets			$10,293,263

Liabilities
Global unsecured revolving credit facilities			$590,690
Unsecured term loans			442,013
Unsecured senior notes			16,760,675
Secured and other debt			810,009
Accounts payable and other accrued liabilities			2,310,882
Deferred tax liabilities			1,137,305
Security deposits and prepaid rents			653,640
Obligations associated with assets held for sale and contribution			1,089
Backlog NOI cost to complete ⁽⁹⁾			143,101
Preferred stock			755,000
Digital Realty's share of unconsolidated entities debt			2,044,648
less: Partners' share of consolidated entities liabilities			(471,809)
Total Liabilities			$25,177,243

(1)	Backlog and associated financial line items include activity related to unconsolidated entities 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 2Q25 Cash NOI of $3.1 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, 2025. Includes Digital Realty’s share of signed leases at unconsolidated entities properties.

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

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

Table of Contents

Debt Maturities		Financial Supplement
Unaudited and Dollars in thousands			Second Quarter 2025


	As of June 30, 2025
		Interest Rate
	Interest	Including
	Rate	Swaps	2025	2026	2027	2028	2029	Thereafter	Total
Global Unsecured Revolving Credit Facilities ⁽¹⁾
Global unsecured revolving credit facility	3.128%	3.128%	—	—	—	—	—	$483,073	$483,073
Yen revolving credit facility	1.080%	1.080%	—	—	—	—	—	107,617	107,617
Deferred financing costs, net	—	—	—	—	—	—	—	—	(22,991)
Total Global Unsecured Revolving Credit Facilities	2.755%	2.755%	—	—	—	—	—	$590,690	$567,699

Unsecured Term Loans⁽¹⁾
Euro term loan facility	2.879%	2.879%	—	—	$442,013	—	—	—	$442,013
Deferred financing costs, net	—	—	—	—	—	—	—	—	(1,225)
Total Unsecured Term Loans	2.879%	2.879%	—	—	$442,013	—	—	—	$440,788

Senior Notes
€650 million 0.625% Notes due 2025 ⁽²⁾	0.625%	0.625%	$766,155	—	—	—	—	—	$766,155
€1.08 billion 2.500% Notes due 2026	2.500%	2.500%	—	$1,267,103	—	—	—	—	1,267,103
₣275 million 0.200% Notes due 2026	0.200%	0.200%	—	346,768	—	—	—	—	346,768
₣150 million 1.700% Notes due 2027	1.700%	1.700%	—	—	$189,146	—	—	—	189,146
$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%	—	—	—	$589,350	—	—	589,350
$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%	—	—	—	—	$340,463	—	340,463
$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%	—	—	—	—	480,620	—	480,620
$1.15 billion 1.875% Notes due 2029 ⁽³⁾	1.875%	1.263%	—	—	—	—	1,150,000	—	1,150,000
€750 million 1.500% Notes due 2030	1.500%	1.500%	—	—	—	—	—	$884,025	884,025
£550 million 3.750% Notes due 2030	3.750%	3.750%	—	—	—	—	—	755,260	755,260
€500 million 1.250% Notes due 2031	1.250%	1.250%	—	—	—	—	—	589,350	589,350
€1.00 billion 0.625% Notes due 2031	0.625%	0.625%	—	—	—	—	—	1,178,700	1,178,700
€750 million 1.000% Notes due 2032	1.000%	1.000%	—	—	—	—	—	884,025	884,025
€750 million 1.375% Notes due 2032	1.375%	1.375%	—	—	—	—	—	884,025	884,025
€850 million 3.875% Notes due 2033	3.875%	3.875%	—	—	—	—	—	1,001,895	1,001,895
€850 million 3.875% Notes due 2034	3.875%	3.875%	—	—	—	—	—	1,001,895	1,001,895
€850 million 3.875% Notes due 2035	3.875%	3.875%	—	—	—	—	—	1,001,895	1,001,895
Unamortized discounts, net	—	—	—	—	—	—	—	—	(43,010)
Deferred financing costs, net	—	—	—	—	—	—	—	—	(76,298)
Total Senior Notes	2.556%	2.358%	$766,155	$1,613,871	$1,189,146	$2,139,350	$2,871,083	$8,181,070	$16,641,367

Secured Debt
ICN10 Facilities	5.000%	3.240%	—	—	—	—	—	$12,486	$12,486
Westin	3.290%	3.290%	—	—	$135,000	—	—	—	135,000
Teraco Loans	9.554%	9.902%	$419	$50,760	100,677	$377,985	$12,421	43,889	586,151
Deferred financing costs, net	—	—	—	—	—	—	—	—	(3,823)
Total Secured Debt	8.324%	8.572%	$419	$50,760	$235,677	$377,985	$12,421	$56,375	$729,814

Other Debt
Icolo loans	12.716%	12.716%	—	$6,077	$4,621	$1,103	$5,288	—	$17,089
Total Other Debt	12.716%	12.716%	—	$6,077	$4,621	$1,103	$5,288	—	$17,089

Mandatorily Redeemable Preferred Shares (Teraco)
Mandatorily Redeemable Preferred Shares (Teraco)	9.675%	9.675%	—	$59,283	—	—	—	—	$59,283
Unamortized discounts, net	—	—	—	—	—	—	—	—	(3,892)
Total Redeemable Preferred Shares	9.675%	9.675%	—	$59,283	—	—	—	—	$55,391

Total unhedged variable rate debt	—	—	$80	$59,820	$442,926	$6,867	—	$595,463	$1,105,156
Total fixed rate / hedged variable rate debt	—	—	766,494	1,670,171	1,428,531	2,511,571	$2,888,792	8,232,672	$17,498,231
Total Debt	2.829%	2.661%	$766,574	$1,729,991	$1,871,457	$2,518,438	$2,888,792	$8,828,135	$18,603,387

Weighted Average Interest Rate			0.630%	2.538%	2.981%	4.332%	2.304%	2.433%	2.661%

Summary

Weighted Average Term to Initial Maturity									4.5 Years

Weighted Average Maturity (assuming exercise of extension options)									4.6 Years

Global Unsecured Revolving Credit Facilities Detail As of June 30, 2025

Maximum Available

Existing Capacity ⁽⁴⁾

Currently Drawn

Global Unsecured Revolving Credit Facilities

$4,485,918

$3,801,493

$590,690

(1)	Assumes all extensions will be exercised.

(2)	Repaid in full on July 15, 2025.

(3)	Subject to cross-currency swaps.

(4)	Net of letters of credit issued of $93.7 million.

Table of Contents

Debt Analysis and Covenant Compliance		Financial Supplement
Unaudited			Second Quarter 2025


	As of June 30, 2025

				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⁾	33%
Secured debt / total assets ⁽⁶⁾	Less than 40%	5%	1%	Less than 40% ⁽⁷⁾	4%
Total unencumbered assets / unsecured debt	Greater than 150%	243%	267%	N/A	N/A
Consolidated EBITDA / interest expense ⁽⁸⁾	Greater than 1.50x	4.3x	4.3x	N/A	N/A
Fixed charge coverage		N/A	N/A	Greater than 1.50x	4.6x
Unsecured debt / total unencumbered asset value ⁽⁹⁾		N/A	N/A	Less than 60%	35%
Unencumbered assets debt service coverage ratio ⁽⁹⁾		N/A	N/A	Greater than 1.50x	5.2x

(1)

For definitions of the terms used in the table above and related footnotes, please refer to the indentures which govern the notes, the Third Amended and Restated Global Senior Credit Agreement dated as of September 24, 2024 and the Second Amended and Restated Yen facility Credit Agreement dated as of September 24, 2024, each as amended and which are filed as exhibits to our reports filed with the U.S. Securities and Exchange Commission.

(2)

Ratios for the Unsecured Senior Notes listed on page 17 except for the 0.20% notes due 2026, 1.70% notes due 2027, 5.550% notes due 2028, 0.55% notes due 2029, 1.875% notes due 2029, 1.250% notes due 2031, 0.625% notes due 2031, 1.00% notes due 2032, 1.375% notes due 2032, 3.875% notes due 2033, 3.875% notes due 2034 and 3.875% notes due 2035.

(3)	Ratios for the 0.20% notes due 2026, 1.70% notes due 2027, 5.550% notes due 2028, 0.55% notes due 2029, 1.875% notes due 2029, 1.250% notes due 2031, 0.625% notes due 2031, 1.00% notes due 2032, 1.375% notes due 2032, 3.875% notes due 2033, 3.875% notes due 2034 and 3.875% notes due 2035.

(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 Third Amended and Restated Global Senior Credit Agreement dated as of September 24, 2024 and the Second Amended and Restated Yen facility Credit Agreement dated as of September 24, 2024, 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 any 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)	The company has the right to maintain a Secured Debt Leverage Ratio of greater than 40.0% but less than or equal to 45.0% for up to four consecutive fiscal quarters during the term of the facility following any acquisition of one or more Assets.

(8)

Calculated as current quarter annualized consolidated EBITDA to current quarter annualized Interest Expense (including capitalized interest and debt discounts). This ratio no longer applies from and after the date that the company achieves a Debt Rating of at least BBB+ / Baa1 and a Total Asset Value of at least $35.0 billion.

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

Table of Contents

Same-Capital Operating Trend Summary		Financial Supplement
Unaudited and in Thousands			Second Quarter 2025

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


	Three Months Ended										Six Months Ended
	30-Jun-25		30-Jun-24		% Change		31-Mar-25		% Change		30-Jun-25		30-Jun-24		% Change
Rental revenues		$729,369		$694,419		5.0%		$716,046		1.9%		$1,445,415		$1,380,740		4.7%
Tenant reimbursements - Utilities		233,051		224,590		3.8%		218,720		6.6%		451,772		451,179		0.1%
Tenant reimbursements - Other		26,643		30,375		(12.3%)		26,659		(0.1%)		53,302		53,876		(1.1%)
Interconnection and other		91,649		80,634		13.7%		85,661		7.0%		177,310		160,060		10.8%
Total Revenue		$1,080,712		$1,030,017		4.9%		$1,047,087		3.2%		$2,127,799		$2,045,854		4.0%

Utilities		$258,096		$250,651		3.0%		$250,006		3.2%		$508,102		$511,234		(0.6%)
Rental property operating		194,551		183,449		6.1%		175,754		10.7%		370,305		347,951		6.4%
Property taxes		37,956		40,170		(5.5%)		35,891		5.8%		73,847		72,875		1.3%
Insurance		5,063		4,267		18.7%		4,638		9.1%		9,701		7,857		23.5%
Total Expenses		$495,666		$478,536		3.6%		$466,289		6.3%		$961,954		$939,918		2.3%

Net Operating Income ⁽²⁾		$585,047		$551,481		6.1%		$580,798		0.7%		$1,165,845		$1,105,937		5.4%
Less:
Stabilized straight-line rent		$6,547		($2,883)		(327.0%)		($1,115)		(687.0%)		$5,431		($8,447)		(164.3%)
Above- and below-market rent		902		908		(0.7%)		909		(0.8%)		1,811		1,854		(2.3%)
Cash Net Operating Income ⁽³⁾		$577,598		$553,457		4.4%		$581,004		(0.6%)		$1,158,603		$1,112,529		4.1%

Cash NOI impact of holding '24 Exchange Rates Constant ⁽⁴⁾		(14,021)		—								(8,290)		—
Constant Currency Cash Net Operating Income		$563,577		$553,457		1.8%						$1,150,313		$1,112,529		3.4%

Stabilized Portfolio occupancy at period end ⁽⁵⁾		83.0%		83.4%		(0.5%)		82.6%		0.3%		83.0%		83.4%		(0.5%)

(1)

Represents buildings owned as of December 31, 2023 with less than 5% of total rentable square feet under development. Excludes buildings that were undergoing, or were expected to undergo, development activities in 2024-2025, buildings classified as held for sale and contribution, and buildings sold or contributed to joint ventures for all periods presented. Prior period numbers adjusted to reflect current same-capital pool.

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

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

(4)	Adjustment calculated by holding currency translation rates for 2025 constant with average currency translation rates that were applicable to the same periods in 2024.

(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.

Table of Contents

Summary of Leasing Activity		Financial Supplement
Leases Signed in the Quarter End June 30, 2025			Second Quarter 2025


	0-1 MW				> 1 MW				Other ⁽³⁾				Total
Leasing Activity - New ^{(1) (2)}	2Q25		LTM		2Q25		LTM		2Q25		LTM		2Q25		LTM

Annualized GAAP Rent (in thousands)		$72,517		$238,733		$45,038		$689,484		$419		$7,490		$117,974		$935,707

Kilowatt leased		21,727		73,572		23,290		270,787		—		—		45,017		344,359
NRSF (in thousands)		240		805		152		2,061		9		115		401		2,982

Weighted Average Lease Term (years)		5.0		4.3		5.3		12.5		4.0		12.3		5.1		10.3

Initial stabilized cash rent per Kilowatt		$278		$269		$155		$166		—		—		$215		$188
GAAP rent per Kilowatt		$278		$270		$161		$212		—		—		$218		$225
Leasing cost per Kilowatt		$15		$20		—		—		—		—		$7		$5

Net Effective Economics by Kilowatt ⁽⁴⁾

Base rent by Kilowatt		$282		$274		$165		$213		—		—		$221		$226
Rental concessions by Kilowatt		$4		$3		$4		$1		—		—		$4		$1
Estimated operating expense by Kilowatt		$78		$78		$42		$54		—		—		$59		$59

Net rent per Kilowatt		$201		$193		$119		$158		—		—		$158		$166

Tenant improvements by Kilowatt		—		—		—		—		—		—		—		—
Leasing commissions by Kilowatt		$5		$7		—		—		—		—		$2		$2

Net effective rent per Kilowatt		$196		$186		$119		$158		—		—		$156		$164

Initial stabilized cash rent per NRSF		$303		$295		$285		$262		$47		$51		$290		$263
GAAP rent per NRSF		$303		$297		$296		$334		$48		$65		$294		$314
Leasing cost per NRSF		$16		$22		—		$1		$1		$1		$10		$6

Net Effective Economics by NRSF ⁽⁴⁾

Base rent by NRSF		$307		$300		$303		$336		$48		$65		$300		$316
Rental concessions by NRSF		$4		$4		$7		$1		—		—		$5		$2
Estimated operating expense by NRSF		$84		$85		$78		$86		$8		$8		$80		$83

Net rent per NRSF		$218		$211		$218		$248		$40		$57		$214		$231

Tenant improvements by NRSF		—		—		—		—		—		—		—		—
Leasing commissions by NRSF		$5		$8		—		—		$1		$1		$3		$2

Net effective rent per NRSF		$213		$203		$218		$248		$39		$56		$211		$229

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

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

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

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

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

Table of Contents

Summary of Leasing Activity		Financial Supplement
Leases Renewed in the Quarter Ended June 30, 2025			Second Quarter 2025


	0-1 MW				> 1 MW				Other ⁽⁴⁾				Total
Leasing Activity - Renewals ^{(1) (2) (3)}	2Q25		LTM		2Q25		LTM		2Q25		LTM		2Q25		LTM

Leases renewed (Kilowatt)		33,763		141,777		23,645		136,376		—		—		57,408		278,153
Leases renewed (NRSF in thousands)		435		1,990		265		1,540		69		520		769		4,049
Leasing cost per Kilowatt		$2		$1		$1		$1		—		—		$2		$1
Leasing cost per NRSF		$2		$1		$1		$1		$2		$3		$2		$1

Weighted Term (years)		1.3		1.5		4.3		5.2		6.4		4.8		2.8		3.3

Cash Rent

Expiring cash rent per Kilowatt		$309		$306		$127		$134		—		—		$234		$222
Renewed cash rent per Kilowatt		$321		$319		$144		$157		—		—		$249		$239

% Change Cash Rent Per Kilowatt		4.2%		4.4%		14.0%		16.5%		—		—		6.4%		8.0%

Expiring cash rent per NRSF		$287		$261		$136		$143		$65		$52		$215		$189
Renewed cash rent per NRSF		$299		$273		$155		$166		$91		$64		$231		$205

% Change Cash Rent Per NRSF		4.2%		4.4%		14.0%		16.5%		40.9%		22.7%		7.3%		8.5%

GAAP Rent

Expiring GAAP rent per Kilowatt		$307		$304		$120		$125		—		—		$230		$216
Renewed GAAP rent per Kilowatt		$322		$320		$145		$168		—		—		$249		$245

% Change GAAP Rent Per Kilowatt		5.0%		5.2%		20.5%		34.0%		—		—		8.4%		13.4%

Expiring GAAP rent per NRSF		$285		$260		$129		$133		$56		$47		$211		$184
Renewed GAAP rent per NRSF		$300		$273		$155		$179		$97		$65		$232		$211

% Change GAAP Rent Per NRSF		5.0%		5.2%		20.5%		34.0%		73.0%		37.8%		9.9%		14.2%

Retention ratio ⁽⁵⁾		76.8%		77.5%		98.9%		82.6%		68.3%		61.7%		82.2%		76.8%

Churn ⁽⁶⁾		2.3%		9.5%		0.0%		2.6%		0.7%		7.3%		1.0%		5.7%

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

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

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

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

(5)	Based on square feet.

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

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

Table of Contents

Lease Expirations - By Size		Financial Supplement
Dollars and Square Feet in Thousands (except per square foot and per kW data)			Second Quarter 2025


				% 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	2,803		—	—		—		—		—		—		—		—
Month to Month ⁽³⁾	232		$66,639	1.7%		$287		$289		$67,133		14,140		$393		$396
2025	1,221		393,556	9.8%		322		322		393,658		85,286		385		385
2026	1,596		494,052	12.3%		309		311		496,924		118,187		348		350
2027	728		180,381	4.5%		248		258		188,131		56,740		265		276
2028	429		104,362	2.6%		243		262		112,407		32,619		267		287
2029	326		70,338	1.8%		216		236		76,956		24,290		241		264
2030	269		56,768	1.4%		211		234		62,929		17,160		276		306
2031	105		20,608	0.5%		196		221		23,228		6,740		255		287
2032	62		13,361	0.3%		217		254		15,626		4,978		224		262
2033	34		9,009	0.2%		264		310		10,571		2,640		284		334
2034	29		4,176	0.1%		143		143		4,186		1,814		192		192
Thereafter	41		5,494	0.1%		135		152		6,203		2,708		169		191

Total / Wtd. Avg.	7,875		$1,418,745	35.4%		$280		$287		$1,457,951		367,301		$322		$331


> 1 MW	Expiring Leases (1)	Annualized		Annualized	Annualized Rent Per		Annualized Rent Per		Annualized Rent Per		kW of Expiring		Annualized		Rent Per kW
Available	1,592		—	—		—		—		—		—		—		—
Month to Month ⁽³⁾	92		$15,621	0.4%		$169		$170		$15,696		10,310		$126		$127
2025	658		114,012	2.8%		173		175		115,259		63,760		149		151
2026	1,823		275,858	6.9%		151		154		281,059		160,925		143		146
2027	1,629		254,216	6.3%		156		165		268,210		153,971		138		145
2028	1,607		212,507	5.3%		132		141		225,883		144,343		123		130
2029	1,951		296,235	7.4%		152		165		321,837		216,639		114		124
2030	1,530		234,090	5.8%		153		166		254,533		161,539		121		131
2031	1,065		163,169	4.1%		153		176		187,068		110,909		123		141
2032	871		125,810	3.1%		144		162		141,094		94,066		111		125
2033	536		89,833	2.2%		167		194		104,091		56,616		132		153
2034	1,254		154,302	3.8%		123		143		178,867		120,385		107		124
Thereafter	2,479		429,744	10.7%		173		229		568,085		253,757		141		187

Total / Wtd. Avg.	17,090		$2,365,397	59.0%		$153		$172		$2,661,682		1,547,221		$127		$143


Other ⁽⁴⁾	Expiring Leases (1)	Annualized		Annualized	Annualized Rent Per		Annualized Rent Per		Annualized Rent Per		kW of Expiring		Annualized		Rent Per kW
Available	1,322		—	—		—		—		—		—		—		—
Month to Month ⁽³⁾	70		$2,253	0.1%		$32		$32		$2,253		—		—		—
2025	508		11,609	0.3%		23		23		11,619		—		—		—
2026	654		24,935	0.6%		38		39		25,672		—		—		—
2027	350		12,480	0.3%		36		37		12,991		—		—		—
2028	489		14,731	0.4%		30		32		15,677		—		—		—
2029	630		40,939	1.0%		65		72		45,314		—		—		—
2030	864		39,756	1.0%		46		61		52,591		—		—		—
2031	129		3,847	0.1%		30		36		4,604		—		—		—
2032	111		6,493	0.2%		59		65		7,164		—		—		—
2033	109		4,210	0.1%		39		45		4,866		—		—		—
2034	566		20,831	0.5%		37		45		25,315		—		—		—
Thereafter	2,323		42,257	1.1%		18		24		55,375		—		—		—

Total / Wtd. Avg.	8,126		$224,341	5.6%		$33		$39		$263,440		—		—		—


Total	Expiring Leases (1)	Annualized		Annualized	Annualized Rent Per		Annualized Rent Per		Annualized Rent Per		kW of Expiring		Annualized		Rent Per kW
Available	5,561		—	—		—		—		—		—		—		—
Month to Month ⁽³⁾	394		$84,513	2.1%		$215		$216		$85,081		—		—		—
2025	2,386		519,177	13.0%		218		218		520,536		—		—		—
2026	4,073		794,845	19.8%		195		197		803,654		—		—		—
2027	2,707		447,076	11.2%		165		173		469,332		—		—		—
2028	2,526		331,600	8.3%		131		140		353,967		—		—		—
2029	2,907		407,512	10.2%		140		153		444,107		—		—		—
2030	2,664		330,615	8.2%		124		139		370,052		—		—		—
2031	1,299		187,623	4.7%		144		165		214,900		—		—		—
2032	1,044		145,664	3.6%		140		157		163,884		—		—		—
2033	680		103,052	2.6%		152		176		119,527		—		—		—
2034	1,850		179,309	4.5%		97		113		208,368		—		—		—
Thereafter	4,843		477,496	11.9%		99		130		629,663		—		—		—

Total / Wtd. Avg.	32,934		$4,008,484	100.0%		$146		$160		$4,383,072		—		—		—

(1)

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

(2)	Annualized rent represents the monthly contractual base rent (defined as cash base rent before abatements) under existing leases as of June 30, 2025, multiplied by 12.

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

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

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

Table of Contents

Top 20 Customers by Annualized Rent		Financial Supplement
Dollars in Thousands			Second Quarter 2025


						Weighted
						Average
			Annualized		% of Annualized	Remaining
		Number of	Recurring		Recurring	Lease Term in
	Customer	Locations	Revenue ⁽¹⁾		Revenue	Years
1	Fortune 50 Software Company	76		$527,166	11.7%	8.7
2	Oracle Corporation	43		368,005	8.2%	10.1
3	Social Content Platform	30		238,383	5.3%	3.2
4	Global Cloud Provider	64		207,199	4.6%	3.7
5	IBM	36		119,445	2.7%	2.6
6	Equinix	16		92,469	2.1%	5.1
7	LinkedIn Corporation	7		80,721	1.8%	2.9
8	Meta Platforms, Inc.	49		70,597	1.6%	3.2
9	Fortune 25 Investment Grade-Rated Company	30		69,489	1.5%	2.3
10	Social Media Platform	4		64,228	1.4%	5.9
11	Specialized Cloud Provider	3		59,552	1.3%	4.2
12	Lumen Technologies, Inc.	113		51,070	1.1%	8.2
13	Fortune 25 Tech Company	55		50,772	1.1%	3.3
14	AT&T	77		46,345	1.0%	2.6
15	Comcast Corporation	45		46,134	1.0%	3.0
16	JPMorgan Chase & Co.	20		41,647	0.9%	3.0
17	Quantitative Research and Investment Firm	2		40,327	0.9%	6.0
18	Rackspace	25		39,733	0.9%	8.4
19	Morgan Stanley	13		39,416	0.9%	4.0
20	Zayo	117		37,310	0.8%	1.4
	Total / Weighted Average			$2,290,008	50.8%	6.0

(1)	Annualized recurring revenue represents the monthly contractual base rent (defined as cash base rent before abatements) and interconnection revenue under existing leases as of June 30, 2025, multiplied by 12.

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

Table of Contents

Occupancy Analysis		Financial Supplement
Dollars and Square Feet in Thousands			Second Quarter 2025


	Net Rentable	Space Under Active	Space Held for	Annualized		Occupancy ⁽⁵⁾		White Space	Data Center
Metropolitan Area	Square Feet ⁽¹⁾	Development ⁽²⁾	Development ⁽³⁾	Rent ⁽⁴⁾		30-Jun-25	31-Mar-25	IT Load ⁽⁶⁾	Count
North America

Northern Virginia	5,019	520	252		$691,086	94.9%	93.7%	482.1	16
Chicago	2,262	553	48		233,741	92.4%	92.9%	81.0	7
Dallas	3,027	408	97		197,220	81.1%	81.0%	101.2	18
New York	1,498	—	98		191,608	72.7%	72.7%	57.5	10
Portland	1,147	—	—		159,606	99.8%	98.9%	123.6	3
Silicon Valley	1,224	—	—		154,576	84.4%	83.8%	94.6	11
Phoenix	783	19	—		75,141	75.3%	74.9%	42.5	2
Toronto	593	—	135		66,843	96.4%	96.4%	55.8	2
San Francisco	844	—	—		62,232	56.9%	57.5%	31.5	4
Seattle	397	—	—		55,978	68.9%	73.1%	5.9	1
Atlanta	154	68	314		50,580	79.1%	79.4%	11.1	3
Los Angeles	622	—	—		45,371	79.3%	78.4%	17.2	2
Houston	393	—	14		19,508	69.6%	69.6%	12.0	6
Boston	336	—	51		10,829	40.6%	38.9%	13.9	2
Miami	226	—	—		9,385	84.3%	85.9%	1.3	2
Austin	86	—	—		7,554	59.6%	59.6%	4.3	1
Charlotte	95	—	—		6,426	94.4%	94.2%	1.5	3
North America Total/Weighted Average	18,706	1,569	1,007		$2,037,683	84.7%	84.3%	1,137.0	93

EMEA

London	1,402	23	76		$252,183	67.5%	63.8%	96.9	13
Frankfurt	1,867	1,305	—		247,646	87.6%	83.7%	122.4	24
Amsterdam	1,332	222	92		204,781	86.9%	86.2%	116.3	13
Paris	1,147	115	—		163,436	83.2%	85.7%	111.1	12
Johannesburg	1,448	760	—		161,663	84.1%	81.8%	77.4	5
Marseille	558	237	378		83,604	75.5%	75.5%	45.2	4
Zurich	596	—	—		81,093	75.0%	75.0%	42.4	3
Dublin	555	—	—		66,311	73.5%	74.0%	39.3	9
Madrid	352	56	—		55,831	76.4%	76.5%	22.6	4
Vienna	356	133	—		55,406	82.5%	82.5%	25.6	3
Cape Town	326	402	—		45,508	87.8%	87.5%	21.1	2
Brussels	338	—	—		41,665	70.8%	69.6%	21.5	3
Copenhagen	226	—	99		27,158	73.8%	69.6%	12.9	3
Stockholm	245	—	—		22,747	45.2%	46.9%	16.8	6
Dusseldorf	142	—	71		21,218	66.4%	59.8%	7.7	3
Athens	148	61	—		20,609	83.6%	84.4%	9.0	4
Durban	59	—	—		7,104	68.7%	68.3%	2.1	1
Mombasa	37	—	21		4,526	43.2%	42.9%	1.9	2
Zagreb	24	10	—		3,776	96.0%	94.6%	0.9	1
Nairobi	16	75	—		3,573	68.1%	66.3%	0.9	1
Maputo	3	—	—		487	41.6%	41.6%	0.2	1
Rome	0	37	—		199	100.0%	100.0%	0.1	1
Crete	11	—	—		69	2.2%	—	1.0	1
Barcelona	—	144	—		—	—	—	—	—
EMEA Total/Weighted Average	11,186	3,580	738		$1,570,594	79.2%	77.8%	795.2	119

Asia Pacific

Singapore	793	—	97		$225,350	89.8%	90.5%	72.1	3
Sydney	361	—	88		27,119	83.3%	83.2%	22.8	4
Melbourne	147	—	—		18,541	90.5%	90.5%	9.6	2
Hong Kong	114	66	104		10,944	73.6%	73.7%	7.5	1
Seoul	162	1,025	—		7,960	33.6%	33.6%	12.0	1
Asia Pacific Total/Weighted Average	1,577	1,091	289		$289,914	81.4%	81.8%	123.9	11


Consolidated Portfolio Total/Weighted Average	31,469	6,240	2,034		$3,898,190	82.6%	81.9%	2,056.1	223

Held For Sale ⁽⁷⁾	435	—	—		$12,686	82.9%	85.2%	5.1	2

Managed Unconsolidated entities

Northern Virginia	3,563	2,343	—		$321,254	97.5%	97.7%	254.1	15
Chicago	1,118	—	—		125,336	98.5%	96.9%	94.2	3
Frankfurt	551	—	—		57,249	85.7%	85.7%	46.1	5
Dallas	463	—	10		39,004	99.9%	99.9%	26.0	3
Silicon Valley	442	—	400		30,479	100.0%	100.0%	10.9	4
Paris	181	90	—		26,156	80.5%	73.3%	20.0	1
New York	144	—	—		20,224	100.0%	100.0%	7.2	1
Toronto	104	—	—		12,850	80.9%	54.5%	6.8	1
Hong Kong	186	—	—		11,205	44.4%	44.2%	11.0	1
Los Angeles	197	—	—		10,771	83.9%	82.1%	4.6	2
Lagos	8	26	—		2,413	58.7%	99.5%	0.7	2
Accra	—	24	—		—	—	—	—	—
Managed Unconsolidated Portfolio Total/Weighted Average	6,958	2,483	409		$656,943	94.5%	93.9%	481.3	38

Managed Portfolio Total/Weighted Average	38,427	8,723	2,443		$4,555,133	84.8%	84.0%	2,537.4	261

Digital Realty Share Total/Weighted Average ⁽⁸⁾	32,934	6,513	2,377		$4,008,484	83.1%	82.8%	2,152.5	—

Non-Managed Unconsolidated entities

Sao Paulo	1,490	37	1,161		$187,375	98.1%	93.2%	123.6	25
Tokyo	1,238	360	—		117,454	78.5%	77.2%	79.9	5
Osaka	615	84	80		82,609	85.1%	83.8%	61.9	4
Santiago	119	142	47		14,815	100.0%	90.6%	10.2	3
Queretaro	105	—	583		12,439	100.0%	100.0%	8.0	3
Rio De Janeiro	112	—	—		11,359	100.0%	100.0%	8.0	2
Seattle	51	—	—		7,770	100.0%	100.0%	9.0	1
Jakarta	222	—	—		3,181	64.4%	—	6.5	2
Fortaleza	94	—	—		2,114	12.6%	16.7%	6.2	1
Chennai	55	—	104		348	2.7%	2.7%	7.2	1
Mumbai	—	501	—		—	—	—	—	—
Bogota	—	—	197		—	—	—	—	2
Non-Managed Portfolio Total/Weighted Average	4,102	1,124	2,173		$439,464	85.3%	83.9%	320.4	49

Portfolio Total/Weighted Average	42,529	9,848	4,616		$4,994,597	84.8%	84.0%	2,857.8	310

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

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

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

(4)	Annualized base rent represents the monthly contractual base rent (defined as cash base rent before abatements) under existing leases as of June 30, 2025, 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 targeted to be sold in 3Q25.

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

Table of Contents

Development Lifecycle ⁽¹⁾		Financial Supplement
Dollars in Thousands			Second Quarter 2025


	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	900	70		$1,389,780		$842,073	344	72%	2Q26		$991,990		$2,880,999		$3,872,988		$423,337		$1,136,283		$1,559,620
Chicago	40	—		78,392		78,392	54	89%	4Q26		140,116		517,765		657,881		140,116		517,765		657,881
Dallas	680	50		497,447		148,306	56	100%	4Q26		63,232		570,553		633,785		63,072		477,287		540,359
Other	930	160		1,306,482		1,209,401	10	96%	1Q26		127,024		13,728		140,752		69,617		9,916		79,533
Americas	2,550	280		$3,272,102		$2,278,173	464	78%			$1,322,362		$3,983,045		$5,305,406		$696,142		$2,141,250		$2,837,392	13.5%

Frankfurt	90	90		$1,060,818		$881,160	35	41%	4Q25		$652,451		$61,849		$714,300		$652,451		$61,849		$714,300
Amsterdam	40	10		83,472		83,472	27	24%	1Q26		306,093		155,313		461,406		306,093		155,313		461,406
Paris	220	—		149,478		98,935	23	35%	4Q25		321,428		54,624		376,051		242,535		18,672		261,207
Other	520	100		774,067		742,334	132	21%	3Q26		647,587		866,643		1,514,230		514,575		776,259		1,290,834
EMEA	870	200		$2,067,835		$1,805,900	216	26%			$1,927,558		$1,138,429		$3,065,987		$1,715,654		$1,012,093		$2,727,747	11.3%

Tokyo	30	10		$111,201		$55,601	21	56%	1Q26		$134,365		$121,120		$255,485		$67,182		$60,560		$127,743
Hong Kong	—	—		26,066		26,066	6	100%	3Q25		72,071		10,446		82,518		72,071		10,446		82,518
Sydney	—	10		43,605		43,605	7	100%	2Q26		3,538		68,745		72,283		3,538		68,745		72,283
Other	200	110		748,910		580,731	19	16%	2Q26		55,783		82,415		138,198		25,729		35,776		61,505
APAC	230	130		$929,782		$706,003	53	52%			$265,757		$282,727		$548,484		$168,520		$175,528		$344,048	9.6%

Total	3,650	610		$6,269,719		$4,790,075	734	61%			$3,515,677		$5,404,201		$8,919,877		$2,580,315		$3,328,872		$5,909,187	12.2%

(1)	Includes development projects in consolidated and unconsolidated entities.

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

(3)	Represents cost incurred through June 30, 2025, 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 ventures projects.

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

(6)	Represents cost incurred through June 30, 2025.

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

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

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

Table of Contents

Construction Projects in Progress ⁽¹⁾		Financial Supplement
Dollars in Thousands			Second Quarter 2025


		100% Share ⁽²⁾					DLR Share ⁽³⁾
	Current		Future		Total		Current		Future		Total
Construction Projects in Progress	Investment ⁽⁴⁾ ⁽¹⁰⁾		Investment ⁽⁵⁾		Investment		Investment ^{(4) (6)} ⁽¹⁰⁾		Investment ⁽⁵⁾		Investment
Future Development Capacity ⁽⁷⁾		$3,522,070		$2,747,649		$6,269,719		$2,939,947		$1,850,128		$4,790,075
Data Center Construction		3,515,677		5,404,201		8,919,878		2,580,315		3,328,872		5,909,187
Equipment Pool & Other Inventory ⁽⁸⁾		282,595		—		282,595		282,595		—		282,595
Campus, Tenant Improvements & Other⁽⁹⁾		294,520		147,972		442,492		294,520		147,972		442,492
Total Land Held and Development CIP		$7,614,862		$8,299,822		$15,914,684		$6,097,377		$5,326,972		$11,424,349

Enhancement & Other		$14,057		$5,900		$19,957		$14,057		$5,900		$19,957
Recurring		27,217		46,116		73,333		27,217		46,116		73,333
Total Land Held and Construction in Progress		$7,656,136		$8,351,838		$16,007,974		$6,138,651		$5,378,988		$11,517,639

(1)	Includes development projects in consolidated and unconsolidated entities.

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

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

(4)	Represents cost incurred through June 30, 2025.

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

(6)

Excludes $121.8 million representing our partners' shares in consolidated entities included in Construction in Progress or Land Held for Future Development in our Consolidated Balance Sheet; includes $990 million representing Digital Realty's share in development projects classified as Investments in Unconsolidated entities in our Consolidated Balance Sheet.

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

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

(9)

Represents improvements in progress as of June 30, 2025, which benefit space recently converted to our operating portfolio and is composed primarily of shared infrastructure projects and first-generation tenant improvements. Includes $2.8 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.

(10)	Includes $74.3 million classified as assets held for sale and contribution in our Consolidated Balance Sheet related to development projects that are expected to be contributed to an unconsolidated entity and our U.S. Hyperscale Data Center Fund in the fourth quarter.

Table of Contents

Historical Capital Expenditures and Investments in Real Estate		Financial Supplement
Dollars and Square Feet in Thousands			Second Quarter 2025


	Three Months Ended									Six Months Ended
	30-Jun-25		31-Mar-25	31-Dec-24		30-Sep-24		30-Jun-24		30-Jun-25		30-Jun-24

Non-Recurring Capital Expenditures⁽¹⁾

Development ⁽²⁾		$565,168	$686,622		$528,356		$650,912		$531,903		$1,251,790		$1,081,425

Enhancements and Other Non-Recurring		10,234	5,588		13,384		7,070		7,051		15,822		14,789

Total Non-Recurring Capital Expenditures		$575,402	$692,210		$541,740		$657,982		$538,953		$1,267,612		$1,096,214

Recurring Capital Expenditures ⁽³⁾		$62,083	$35,305		$130,245		$67,308		$60,483		$97,388		$108,159

Total Direct Capital Expenditures		$637,485	$727,515		$671,985		$725,290		$599,436		$1,365,000		$1,204,373

Indirect Capital Expenditures

Capitalized Interest		$29,393	$30,095		$34,442		$28,312		$27,592		$59,488		$56,114

Capitalized Overhead		37,445	29,693		28,983		27,929		28,457		67,138		54,314

Total Indirect Capital Expenditures		$66,838	$59,788		$63,425		$56,241		$56,049		$126,626		$110,428

Total Improvements to and Advances for Investment in Real Estate		$704,323	$787,303		$735,410		$781,530		$655,485		$1,491,626		$1,314,801

(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 prior to their contribution.

(3)

Table of Contents

Acquisitions / Dispositions/ Joint Ventures		Financial Supplement
Dollars and Square Feet in Thousands			Second Quarter 2025

Closed Acquisitions:

Net

Rentable

Square Feet

% of Total Net

Acquisition

Metropolitan

Date

Purchase

Cap

Square

Under

Held For

Rentable Square

Property

Type

Area

Acquired

Price ⁽¹⁾

Rate ⁽²⁾

Feet ⁽³⁾

Development

Feet Occupied ⁽⁴⁾

Fort Gillem

Land

Atlanta, GA

4/2/2025

$120,000

—

Midlothian

Land

Dallas, TX

6/27/2025

11,050

—

Franklin Park

Land

Chicago, IL

Various

5,675

—

Total

$136,725

—

Closed Dispositions:

Net

Rentable

Square Feet

% of Total Net

Disposition

Metropolitan

Date

Sale

Cap

Square

Under

Held For

Rentable Square

Property

Type

Area

Disposed

Price ⁽¹⁾

Rate⁽²⁾

Feet ⁽³⁾

Development

Feet Occupied⁽⁴⁾

—

Total

—

Closed Joint Venture / Fund Contributions:

Net

Rentable

Square Feet

% of Total Net

Metropolitan

Contribution

Cap

Square

Under

Held For

Rentable Square

Property

Area

Date

Price

Rate ⁽²⁾ ⁽⁵⁾

Feet ⁽³⁾

Development

Feet Occupied ⁽⁴⁾

U.S. Hyperscale Data Center Fund

Various

5/15/2025

$1,600,000

5.8%

—

Total

—

$1,600,000

—

(1)	Represents the purchase price or sale price, as applicable before contractual price adjustments, transaction expenses, taxes, and potential currency fluctuations. All prices were converted to USD based on FX rate as of June 30, 2025.

(2)

We calculate the cash capitalization rate on acquisitions, dispositions, and joint venture and fund 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)	Cap Rate reflects the valuation of the stabilized assets contributed to the U.S. Hyperscale Data Center Fund, excluding the value of the development sites.

Table of Contents

Unconsolidated Entities		Financial Supplement
Dollars in Thousands			Second Quarter 2025


Summary Balance Sheet -	As of June 30, 2025
at the JV's 100% Share		Americas ⁽¹⁾	APAC ⁽²⁾	EMEA ⁽³⁾	Global ⁽⁴⁾	Total

Gross cost of operating real estate		$8,900,235	$2,364,308	$870,261	$1,795,276	$13,930,079
Accumulated depreciation and amortization		(1,134,113)	(337,453)	(13,630)	(139,858)	(1,625,054)
Net Book Value of Operating Real Estate		$7,766,122	$2,026,855	$856,631	$1,655,418	$12,305,026
Cash		451,517	398,299	80,253	60,718	990,787
Other assets		1,911,981	228,553	214,033	404,045	2,758,612
Total Assets		$10,129,620	$2,653,707	$1,150,917	$2,120,181	$16,054,425

Debt		3,579,730	953,221	376,103	673,657	5,582,711
Other liabilities		1,012,414	204,867	416,687	522,554	2,156,522
Equity / (deficit)		5,537,476	1,495,618	358,127	923,970	8,315,192
Total Liabilities and Equity		$10,129,620	$2,653,707	$1,150,917	$2,120,181	$16,054,425


Digital Realty's Pro Rata Share of Unconsolidated entities Debt		$1,287,961	$466,300	$75,221	$215,166	$2,044,648


Summary Statement of Operations -	Three Months Ended June 30, 2025
at the JV's 100% Share		Americas ⁽¹⁾	APAC ⁽²⁾	EMEA ⁽³⁾	Global ⁽⁴⁾	Total

Total revenues		$256,175	$86,253	$13,862	$48,378	$404,668
Operating expenses		(110,689)	(41,952)	(4,317)	(20,544)	(177,502)
Net Operating Income (NOI)		$145,486	$44,301	$9,545	$27,834	$227,166

Straight-line rent		(4,344)	(4,485)	(2,196)	(636)	(11,661)
Above and below market rent		(1,227)	—	(916)	(3,633)	(5,776)
Cash Net Operating Income (NOI)		$139,915	$39,816	$6,433	$23,565	$209,729

Interest expense		($55,833)	($2,934)	($4,124)	($10,251)	($73,141)
Depreciation and amortization		(112,031)	(25,305)	(5,014)	(24,476)	(166,826)
Other income / (expense)		(17,672)	75	(1,343)	432	(18,508)
FX remeasurement on USD debt		7,400	—	11,046	(35,187)	(16,740)
Total Non-Operating Expenses		($178,136)	($28,164)	$565	($69,482)	($275,215)

Net Income / (Loss)		($32,650)	$16,137	$10,110	($41,648)	($48,050)


Digital Realty's Pro Rata Share of Unconsolidated entities NOI		$48,386	$22,163	$2,086	$12,859	$85,494

Digital Realty's Pro Rata Share of Unconsolidated entities Cash NOI		$46,211	$19,921	$1,463	$10,714	$78,309

Digital Realty's Earnings (loss) income from unconsolidated entities		($11,436)	$6,407	$6,128	($13,161)	($12,062)

Digital Realty's Pro Rata Share of Core FFO ⁽⁵⁾		$21,821	$19,059	$512	$10,793	$52,184

Digital Realty's Fee Income from Unconsolidated entities		$16,410	$323	$1,470	$4,206	$22,409

(1)	Includes Ascenty, Blackstone NoVa, Clise, GI Partners, Mapletree, Menlo, Mitsubishi, Realty Income, TPG Real Estate, U.S. Hyperscale Data Center Fund and Walsh.

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

(3)	Includes Blackstone Frankfurt, 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 unconsolidated entities vary.

Table of Contents

Reconciliation of Earnings Before Interest, Taxes, Depreciation & Amortization and Financial Ratios		Financial Supplement
Unaudited and Dollars in Thousands			Second Quarter 2025


	Three Months Ended
Reconciliation of Earnings Before Interest, Taxes, Depreciation & Amortization (EBITDA) ⁽¹⁾		30-Jun-25	31-Mar-25	31-Dec-24	30-Sep-24	30-Jun-24

Net Income / (Loss) Available to Common Stockholders		$1,021,975	$99,793	$179,388	$41,012	$70,039
Interest		109,383	98,464	104,742	123,803	114,756
Loss on debt extinguishment and modifications		—	—	2,165	2,636	—
Income tax expense (benefit)		12,883	17,135	4,928	12,427	14,992
Depreciation and amortization		461,167	443,009	455,355	459,997	425,343
EBITDA		$1,605,408	$658,400	$746,578	$639,875	$625,130
Unconsolidated JV real estate related depreciation and amortization		59,172	55,861	49,463	48,474	47,117
Unconsolidated JV interest expense and tax expense		31,243	33,390	32,255	34,951	27,704
Severance, equity acceleration and legal expenses		2,262	2,428	2,346	2,481	884
Transaction and integration expenses		22,546	39,902	11,797	24,194	26,072
(Gain) / loss on sale of investments		(931,830)	(1,111)	(144,885)	556	(173,709)
Provision for impairment		—	—	22,881	—	168,303
Other non-core adjustments, net ⁽²⁾		9,545	(4,316)	24,539	8,642	743
Noncontrolling interests		14,790	(3,579)	(3,881)	(11,059)	(5,552)
Preferred stock dividends		10,181	10,181	10,181	10,181	10,181
Adjusted EBITDA		$823,319	$791,156	$751,276	$758,296	$726,874

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

(2)

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

Three Months Ended

Financial Ratios

30-Jun-25

31-Mar-25

31-Dec-24

30-Sep-24

30-Jun-24

Total GAAP interest expense

$109,383

$98,464

$104,742

$123,803

$114,756

Capitalized interest

29,393

30,095

34,442

28,312

27,592

Change in accrued interest and other non-cash amounts

(92,065)

45,416

(58,137)

43,720

(55,605)

Cash Interest Expense ⁽³⁾

$46,711

$173,975

$81,046

$195,835

$86,743

Preferred stock dividends

10,181

Total Fixed Charges ⁽⁴⁾

$148,957

$138,739

$149,364

$162,296

$152,529

Coverage

Interest coverage ratio ⁽⁵⁾

5.0x

5.3x

4.5x

4.3x

Cash interest coverage ratio ⁽⁶⁾

11.2x

4.1x

6.9x

3.4x

6.4x

Fixed charge coverage ratio ⁽⁷⁾

4.7x

4.9x

4.2x

4.1x

Cash fixed charge coverage ratio ⁽⁸⁾

9.9x

3.9x

6.3x

3.3x

5.9x

Leverage

Debt to total enterprise value ^(9)(10)

23.2%

25.4%

21.4%

23.5%

24.2%

Debt-plus-preferred-stock-to-total-enterprise-value ^(10)(11)

24.1%

26.6%

22.3%

24.5%

25.3%

Pre-tax income to interest expense ⁽¹²⁾

10.6x

2.1x

2.8x

1.3x

1.7x

Net Debt-to-Adjusted EBITDA ⁽¹³⁾

5.1x

4.8x

5.4x

5.3x

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

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

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

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

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

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

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

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

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

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

(13)

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

Table of Contents

Management Statements on Non-GAAP Measures		Financial Supplement
Unaudited			Second Quarter 2025

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 noncontrolling interests in operating partnership and reconciling items related to noncontrolling 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 on debt extinguishment and modifications, (iv) gain on / issuance costs associated with redeemed preferred stock, (v) severance, equity acceleration and legal expenses, (vi) gain/loss on FX and derivatives 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 on debt extinguishment and modifications, 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 entities real estate related depreciation & amortization, (ii) unconsolidated entities 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) noncontrolling interests, (ix) preferred stock dividends, and (x) gain on / issuance costs associated with redeemed preferred stock. Adjusted EBITDA is EBITDA excluding (i) unconsolidated entities real estate related depreciation & amortization, (ii) unconsolidated entities 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) noncontrolling interests, (ix) preferred stock dividends, and (x) gain on / issuance costs associated with redeemed preferred stock. In addition, we believe EBITDA and Adjusted EBITDA are frequently used by securities analysts, investors, and other interested parties in the evaluation of REITs. Because EBITDA and Adjusted EBITDA are calculated before recurring cash charges including interest expense and income taxes, exclude capitalized costs, such as leasing commissions, and are not adjusted for capital expenditures or other recurring cash requirements of our business, their utility as a measure of our performance is limited. Other REITs may calculate EBITDA and Adjusted EBITDA differently than we do and, accordingly, our EBITDA and Adjusted EBITDA may not be comparable to other REITs’ EBITDA and Adjusted EBITDA. Accordingly, EBITDA and Adjusted EBITDA should be considered only as supplements to net income computed in accordance with GAAP as a measure of our financial performance.

Table of Contents

Management Statements on Non-GAAP Measures		Financial Supplement
Unaudited			Second Quarter 2025

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, 2023 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 2024-2025, buildings classified as held for sale and contribution, 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

GAAP refers to United States generally accepted accounting principles.

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 entities debt, less cash and cash equivalents (including Digital Realty’s pro rata share of unconsolidated entities cash) divided by the product of Adjusted EBITDA (including Digital Realty’s pro rata share of unconsolidated entities EBITDA), multiplied by four.

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

Fixed charge coverage ratio is Adjusted EBITDA divided by the sum of GAAP interest expense, capitalized interest and preferred stock dividends. For the quarter ended June 30, 2025, GAAP interest expense was $109 million, capitalized interest was $29 million and preferred stock dividends was $10 million.


Reconciliation of Net Operating Income (NOI)	Three Months Ended						Six Months Ended
(in thousands)	30-Jun-25		31-Mar-25		30-Jun-24		30-Jun-25		30-Jun-24

Operating income		$211,697		$195,750		$9,889		$407,447		$159,256

Fee income		(34,427)		(20,643)		(15,656)		(55,070)		(28,666)
Other income		(1,363)		(133)		(2,125)		(1,496)		(2,987)
Depreciation and amortization		461,167		443,009		425,343		904,176		856,445
General and administrative		133,755		121,112		119,511		254,867		233,931
Severance, equity acceleration and legal expenses		2,262		2,428		884		4,690		1,675
Transaction and integration expenses		22,546		39,902		26,072		62,448		57,911
Provision for impairment		—		—		168,303		—		168,303
Other expenses		195		112		(529)		307		10,306

Net Operating Income		$795,832		$781,536		$731,692		$1,577,369		$1,456,175


Cash Net Operating Income (Cash NOI)

Net Operating Income		$795,832		$781,536		$731,692		$1,577,369		$1,456,175

Straight-line rental revenue		(24,015)		(9,693)		(2,873)		(33,708)		(5,395)
Straight-line rental expense		(469)		24		959		(445)		2,328
Above- and below-market rent amortization		(752)		(706)		(1,691)		(1,458)		(2,545)

Cash Net Operating Income		$770,596		$771,162		$728,088		$1,541,758		$1,450,563



Constant Currency CFFO Reconciliation	Three Months Ended						Six Months Ended
(in thousands, except per share data)	30-Jun-25				30-Jun-24		30-Jun-25		30-Jun-24

Core FFO ⁽¹⁾		$643,284				$538,482		$1,251,639		$1,070,634
Core FFO impact of holding '24 Exchange Rates Constant ⁽²⁾		(11,688)				—		(5,989)		—

Constant Currency Core FFO		$631,596				$538,482		$1,245,650		$1,070,634
Weighted-average shares and units outstanding - diluted		343,909				326,181		343,436		322,619
Constant Currency CFFO Per Share		$1.84				$1.65		$3.63		$3.32

1)	As reconciled to net income above.

2)	Adjustment calculated by holding currency translation rates for 2025 constant with average currency translation rates that were applicable to the same periods in 2024.

Table of Contents

Forward-Looking Statements		Financial Supplement
			Second Quarter 2025

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, 2025 outlook and underlying assumptions, information related to trends, our strategy and plans, leasing expectations, weighted average lease terms, the exercise of lease extensions, lease expirations, debt maturities, annualized rent at expiration of leases, the effect new leases and increases in rental rates will have on our rental revenue, our credit ratings, construction and development activity and plans, projected construction costs, estimated yields on investment, expected occupancy, expected square footage and IT load capacity upon completion of development projects, backlog NOI, NAV components, and other forward-looking financial data. Such statements are based on management’s beliefs and assumptions made based on information currently available to management. Such statements are subject to risks, uncertainties and assumptions and are not guarantees of future performance and may be affected by known and unknown risks, trends, uncertainties, and factors that are beyond our control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated, or projected. Some of the risks and uncertainties that may cause our actual results, performance, or achievements to differ materially from those expressed or implied by forward-looking statements include, among others, the following:

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

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

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increased competition or available supply of data center space;

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

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

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

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

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

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the impact from periods of heightened inflation on our costs, such as operating and general and administrative expenses, interest expense and real estate acquisition and construction costs;

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the impact on our customers’ and our suppliers’ operations during an epidemic, pandemic, or other global events;

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

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changes in political conditions, geopolitical turmoil, political instability, civil disturbances, restrictive governmental actions or nationalization in the countries in which we operate;

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

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information security and data privacy breaches;

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

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

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

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difficulties in identifying properties to acquire and completing acquisitions;

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

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

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

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financial market fluctuations and changes in foreign currency exchange rates;

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

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our inability to manage our growth effectively;

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losses in excess of our insurance coverage;

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our inability to attract and retain talent;

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

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

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

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

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

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restrictions on our ability to engage in certain business activities;

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

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

The risks included here are not exhaustive, and additional factors could adversely affect our business and financial performance. Several additional material risks are discussed in our annual report on Form 10-K for the year ended December 31, 2024, 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.