Exhibit 99.1

		Financial Supplement
Table of Contents		Third Quarter 2020

Overview	PAGE
Corporate Information	3
Ownership Structure	5
Key Quarterly Financial Data	6
Consolidated Statements of Operations
Earnings Release	8
2020 Outlook	11
Consolidated Quarterly Statements of Operations	13
Funds From Operations and Core Funds From Operations	14
Adjusted Funds From Operations	15
Balance Sheet Information
Consolidated Balance Sheets	16
Components of Net Asset Value	17
Debt Maturities	18
Debt Analysisand Covenant Compliance	19
Internal Growth
Same-Capital Operating Trend Summary	20
Summary of Leasing Activity- Signed	21
Summary of Leasing Activity- Renewed	22
Lease Expirations- By Size	23
Top 20 Customers by Annualized Rent	24
Occupancy Analysis	25
External Growth
Development Lifecycle- Committed Active Development	26
Construction Projects in Progress	27
Historical Capital Expenditures and Investments in Real Estate	28
Development Lifecycle – Held for Development	29
Acquisitions / Dispositions / Joint Ventures	30
Unconsolidated Joint Ventures	31
Additional Information
Reconciliation of Earnings Before Interest, Taxes, Depreciation& Amortization and Financial Ratios	32
Management Statements on Non-GAAP Measures	33
Forward-Looking Statements	35

		Financial Supplement
Corporate Information		Third Quarter 2020

Corporate Profile

Digital Realty owns, acquires, develops and operates data centers. 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 September 30, 2020, the company’s 284 data centers, including 43 data centers held as investments in unconsolidated joint ventures, contain applications and operations critical to the day-to-day operations of technology industry and corporate enterprise data center customers. Digital Realty’s portfolio is comprised of approximately 35.4 million square feet, excluding approximately 5.4 million square feet of space under active development and 2.4 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 https://www.digitalrealty.com/.

Corporate Headquarters

Four Embarcadero Center, Suite 3200
San Francisco, California 94111
Telephone: (415) 738-6500
Website: https://www.digitalrealty.com/

Senior Management

Chief Executive Officer: A. William Stein
Chief Financial Officer: Andrew P. Power
Chief Investment Officer: Gregory S. Wright
Chief Technology Officer: Christopher L. Sharp
Executive Vice President, Global Sales & Marketing: Corey J. Dyer
Executive Vice President, Operations: Erich J. Sanchack

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

	Bank of America		BMO Capital			Cowen &
Argus Research	Merrill Lynch	Barclays	Markets	Berenberg	Citigroup	Company
Angus Kelleher	Michael Funk	Tim Long	Ari Klein	Nate Crossett	Michael Rollins	Colby Synesael
(212) 425-7500	(646) 855-5664	(212) 526-4043	(212) 885-4103	(646) 949-9030	(212) 816-1116	(646) 562-1355
Credit Suisse	Deutsche Bank	Edward Jones	Green Street Advisors	J.P. Morgan	Jefferies	KeyBanc Capital
Sami Badri	Matthew Niknam	Kyle Sanders	David Guarino	Richard Choe	Jonathan Petersen	Jordan Sadler
(212) 538-1727	(212) 250-4711	(314) 515-0198	(949) 640-8780	(212) 662-6708	(212) 284-1705	(917) 368-2280
MoffettNathanson	Morgan Stanley	New Street Research	RBC Capital Markets	Raymond James	Robert W. Baird	Stifel
Nick Del Deo	Simon Flannery	Spencer Kurn	Jonathan Atkin	Frank Louthan	David Rodgers	Erik Rasmussen
(212) 519-0025	(212) 761-6432	(212) 921-2067	(415) 633-8589	(404) 442-5867	(216) 737-7341	(212) 271-3461
TD Securities	Truist Securities	UBS	Wells Fargo	William Blair
Jonathan Kelcher	Gregory Miller	John Hodulik	Eric Luebchow	James Breen
(416) 307-9931	(212) 303-4169	(212) 713-4226	(312) 630-2386	(617) 235-7513

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

3

		Financial Supplement
Corporate Information (Continued)		Third Quarter 2020

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
SeriesC Preferred Stock:	DLRPRC
SeriesJ Preferred Stock:	DLRPRJ
SeriesK Preferred Stock:	DLRPRK
SeriesL 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-Sep-20		30-Jun-20		31-Mar-20		31-Dec-19		30-Sep-19
High price		$165.49		$158.36		$143.61		$136.32		$130.10
Low price		$138.71		$127.12		$105.00		$112.32		$110.84
Closing price, end of quarter		$146.76		$142.11		$138.91		$119.74		$129.81
Average daily trading volume		1,427,781		2,483,290		3,631,748		1,624,959		1,155,865
Indicated dividend per common share (1)		$4.48		$4.48		$4.48		$4.32		$4.32
Closing annual dividend yield, end of quarter		3.1%		3.2%		3.2%		3.6%		3.3%
Shares and units outstanding, end of quarter (2)		288,087,282		276,686,892		272,068,948		217,743,913		217,727,225
Closing market value of shares and units outstanding (3)		$42,279,688		$39,319,974		$37,793,099		$26,072,656		$28,263,171

(1) On an annualized basis.

(2) As of September 30, 2020, the total number of shares and units includes 279,920,621 shares of common stock, 6,291,091 common units held by third parties and 1,875,570 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 C, series G (redeemed on October 15, 2020), series J, series K and series L cumulative redeemable preferred stock upon certain change of control transactions.

(3) 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 Securities and Exchange Commission. Additional information about us and our data centers is also available on our website at www.digitalrealty.com.

4

Ownership Structure		Financial Supplement
As of September 30, 2020		Third Quarter 2020

Partner	# of Units (2)	% Ownership
Digital Realty Trust, Inc.	279,920,621	97.2%
Third-Party Unitholders	6,291,091	2.2%
Directors, Officers and Others (3)	1,875,570	0.6%
Total	288,087,282	100.0%

(1) Includes properties owned by joint ventures.

(2) The total number of units includes 279,920,621 general partnership common units, 6,291,091 common units held by third parties and 1,875,570 common units and vested and unvested long-term incentive units held by directors, officers and others, and excludes all common units potentially issuable upon conversion of our series C, series G (redeemed on October 15, 2020), series J, series K and series L cumulative redeemable preferred units upon certain change of control transactions.

(3) Reflects limited partnership interests held by our directors, officers and others in the form of common units, and vested and unvested long-term incentive units.

5

Key Quarterly Financial Data		Financial Supplement
Unaudited and Dollars in Thousands, Except Per Share Data		Third Quarter 2020

Shares and Units at End of Quarter	30-Sep-20		30-Jun-20		31-Mar-20		31-Dec-19		30-Sep-19
Common shares outstanding		279,920,621		268,399,073		263,595,562		208,900,758		208,583,244
Common units outstanding		8,166,661		8,287,819		8,473,386		8,843,155		9,143,981
Total Shares and Partnership Units		288,087,282		276,686,892		272,068,948		217,743,913		217,727,225
Enterprise Value
Market value of common equity (1)		$42,279,688		$39,319,974		$37,793,099		$26,072,656		$28,263,171
Liquidation value of preferred equity		1,206,250		1,456,250		1,456,250		1,456,250		1,111,250
Total debt at balance sheet carrying value		12,874,760		12,371,621		12,251,332		10,122,448		10,924,035
Total Enterprise Value		$56,360,698		$53,147,845		$51,500,681		$37,651,354		$40,298,456
Total debt / total enterprise value		22.8%		23.3%		23.8%		26.9%		27.1%
Debt-plus-preferred-to-total-enterprise-value		25.0%		26.0%		26.6%		30.8%		29.9%
Selected Balance Sheet Data
Investments in real estate (before depreciation)		$25,712,654		$24,566,041		$23,883,615		$20,053,853		$19,240,336
Total Assets		35,435,333		33,862,636		33,113,300		23,068,131		23,172,765
Total Liabilities		16,995,581		16,139,403		15,896,733		12,418,566		12,942,820
Selected Operating Data
Total operating revenues		$1,024,668		$992,995		$823,337		$787,463		$806,466
Total operating expenses		880,263		840,184		723,288		648,530		641,699
Interest expense		89,499		79,874		85,800		80,880		84,574
Net (loss) / income		(1,452)		75,978		228,698		349,326		67,574
Net (loss) / income available to common stockholders		(37,368)		53,676		202,859		315,577		49,827
Financial Ratios
EBITDA (2)		$487,033		$494,205		$587,930		$669,734		$431,311
Adjusted EBITDA (3)		568,054		558,690		482,093		475,366		484,160
Net Debt to Adjusted EBITDA (4)		5.6x		5.7x		6.6x		5.7x		6.0x
Interest expense		89,499		79,874		85,800		80,880		84,574
Fixed charges (5)		122,590		114,219		117,560		111,674		111,343
Interest coverage ratio (6)		5.2x		5.6x		4.6x		4.7x		4.7x
Fixed charge coverage ratio (7)		4.4x		4.6x		3.8x		3.9x		4.0x
Profitability Measures
Net (loss) / income per common share - basic		($0.14)		$0.20		$0.91		$1.51		$0.24
Net (loss) / income per common share - diluted		($0.14)		$0.20		$0.90		$1.50		$0.24
Funds from operations (FFO) / diluted share and unit (8)		$1.19		$1.49		$0.91		$1.62		$1.59
Core funds from operations (Core FFO) / diluted share and unit (8)		$1.54		$1.54		$1.53		$1.62		$1.67
Adjusted funds from operations (AFFO) / diluted share and unit (9)		$1.47		$1.50		$1.44		$1.41		$1.48
Dividends per share and common unit		$1.12		$1.12		$1.12		$1.08		$1.08
Diluted FFO payout ratio (8) (10)		94.0%		75.3%		122.8%		66.8%		67.7%
Diluted Core FFO payout ratio (8) (11)		72.9%		72.7%		73.2%		66.7%		64.7%
Diluted AFFO payout ratio (9) (12)		76.0%		74.5%		78.0%		76.6%		72.9%
Portfolio Statistics
Buildings (13)(14)		301		292		226		225		223
Data Centers (13)(14)		284		280		213		213		211
Cross-connects (13)(15)		162,000		160,000		91,600		81,000		80,400
Net rentable square feet, excluding development space (13)		35,362,293		34,014,743		29,751,501		29,031,962		28,802,763
Occupancy at end of quarter (16)		85.9%		85.7%		87.2%		86.8%		87.4%
Occupied square footage (13)		30,380,962		29,137,446		25,955,208		25,197,701		25,168,859
Space under active development (17)		5,402,552		6,020,444		4,315,469		4,471,083		3,592,750
Space held for development (18)		2,423,801		2,234,248		1,676,219		1,758,489		2,267,926
Weighted average remaining lease term (years) (19)		4.8		4.8		5.1		5.2		5.3
Same-capital occupancy at end of quarter (16) (20)		87.2%		87.2%		87.0%		86.8%		88.0%

6

Key Quarterly Financial Data		Financial Supplement
Unaudited and Dollars in Thousands, Except Per Share Data		Third Quarter 2020

(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. Excludes shares of common stock potentially issuable upon conversion of our series C, series G, series I, series J, series K and series L cumulative redeemable preferred stock upon certain change of control transactions, as applicable.

(2) EBITDA is calculated as earnings before interest expense, loss from early extinguishment of debt, tax expense, and depreciation and amortization. For a discussion of EBITDA, see page33. For a reconciliation of net income available to common stockholders to EBITDA, see page 32.

(3) Adjusted EBITDA is EBITDA excluding unconsolidated joint venture real estate related depreciation & amortization, unconsolidated joint venture interest and tax expense, severance, equity acceleration, and legal expenses, transaction and integration expenses, gain on sale / deconsolidation, impairment of investments in real estate, other non-core adjustments, net, non-controlling interests, preferred stock dividends, including undeclared dividends, and issuance costs associated with redeemed preferred stock. For a discussion of Adjusted EBITDA, see page33. For a reconciliation of net income available to common stockholders to Adjusted EBITDA, see page32.

(4) Net Debt to Adjusted EBITDA is calculated as total debt at balance sheet carrying value (see page6), plus capital lease obligations, plus our share of joint venture debt at carrying value, less cash and cash equivalents, divided by the product of Adjusted EBITDA (including our share of joint venture EBITDA), multiplied by four.

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

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

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

(8) For definitions and discussion of FFO and core FFO, see page33. For reconciliations of net income available to common stockholders to FFO and core FFO, see page14.

(9) For a definition and discussion of AFFO, see page33. For a reconciliation of core FFO to AFFO, see page15.

(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 joint ventures. Excludes buildings held-for-sale.

(14) In September 2020, we acquired one data center in Zagreb, Croatia that is not reflected in the portfolio statistics.

(15) Represents approximate amounts.

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

(17) Space under active development includes current Base Building and Data Centers projects in progress (see page26). Excludes buildings held-for-sale.

(18) Space held for development includes space held for future Data Center development, and excludes space under active development (see page29). Excludes buildings held-for-sale.

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

(20) Represents buildings owned as of December 31, 2018 with less than 5% of total rentable square feet under development. Excludes buildings that were undergoing, or were expected to undergo, development activities in 2019-2020, buildings classified as held-for-sale, and buildings sold or contributed to joint ventures for all periods presented. Prior period results have been adjusted to reflect current same-capital pool.

7

Digital Realty Trust
Earnings Release		Third Quarter 2020

DIGITAL REALTY REPORTS THIRD QUARTER 2020 RESULTS

San Francisco, CA — October 29, 2020 — Digital Realty (NYSE: DLR), a leading global provider of cloud- and carrier-neutral data center, colocation and interconnection solutions, announced today financial results for the third quarter of 2020. All per-share results are presented on a fully-diluted share and unit basis.

Highlights

◾ Reported net loss available to common stockholders of ($0.14) per share in 3Q20, compared to net income available to common stockholders of $0.24 in 3Q19

◾ Reported FFO per share of $1.19 in 3Q20, compared to $1.59 in 3Q19

◾ Reported core FFO per share of $1.54 in 3Q20, compared to $1.67 in 3Q19

◾ Signed total bookings during 3Q20 expected to generate $89 million of annualized GAAP rental revenue, including a $14 million contribution from interconnection

◾ Raised 2020 core FFO per share outlook from $6.00-$6.10 to $6.10-$6.15

Financial Results

Digital Realty reported revenues for the third quarter of 2020 of $1.0 billion, a 3% increase from the previous quarter and a 27% increase from the same quarter last year.

The company delivered third quarter of 2020 net loss of ($1) million, and a net loss available to common stockholders of ($37) million, or ($0.14) per diluted share, compared to $0.20 per diluted share in the previous quarter and $0.24 per diluted share in the same quarter last year.

Digital Realty generated third quarter of 2020 Adjusted EBITDA of $568 million, a 2% increase from the previous quarter and a 17% increase over the same quarter last year.

The company reported third quarter of 2020 funds from operations of $336 million, or $1.19 per share, compared to $1.49 per share in the previous quarter and $1.59 per share in the same quarter last year.

Excluding certain items that do not represent core expenses or revenue streams, Digital Realty delivered third quarter of 2020 core FFO per share of $1.54, unchanged from $1.54 per share in the previous quarter, and an 8% decrease from $1.67 per share in the same quarter last year.

Leasing Activity

In the third quarter, Digital Realty signed total bookings expected to generate $89 million of annualized GAAP rental revenue, including a $14 million contribution from interconnection.

“We delivered solid third-quarter results, driven by consistent execution and growth across the business,” said Digital Realty Chief Executive Officer A. William Stein. “Our new logo growth and heightened deal velocity reflect the power of our global platform and the resiliency of our business. As we close out the year, we remain focused on delivering for our customers, maintaining our momentum, and investing in our global platform to support long-term growth.”

The weighted-average lag between leases signed during the third quarter of 2020 and the contractual commencement date was seven months.

In addition to new leases signed, Digital Realty also signed renewal leases representing $161 million of annualized GAAP rental revenue during the quarter. Rental rates on renewal leases signed during the third quarter of 2020 rolled down 0.2% on a cash basis and up 0.4% on a GAAP basis.

8

Digital Realty Trust
Earnings Release		Third Quarter 2020

New leases signed during the third quarter of 2020 are summarized by region as follows:

	Annualized GAAP
	Base Rent			GAAP Base Rent			GAAP Base Rent
The Americas	(in thousands)		Square Feet	per Square Foot		Megawatts	per Kilowatt
0-1 MW		$14,491	67,724		$214	6.1		$199
> 1 MW		12,340	99,141		124	9.6		107
Other (1)		62	1,394		45	—		—
Total		$26,894	168,259		$160	15.7		$143
Europe (2)
0-1 MW		$12,116	47,928		$253	4.1		$245
> 1 MW		19,715	117,021		168	12.4		133
Other (1)		281	1,056		266	—		—
Total		$32,112	166,004		$193	16.5		$161
Asia Pacific (2)
0-1 MW		$2,563	13,492		$190	1.0		$220
> 1 MW		13,476	73,238		184	9.0		125
Other (1)		93	2,733		—	—		—
Total		$16,133	89,463		$180	10.0		$134
All Regions (2)
0-1 MW		$29,171	129,144		$226	11.1		$218
> 1 MW		45,532	289,400		157	31.0		123
Other (1)		436	5,183		84	—		—
Total		$75,138	423,726		$177	42.1		$148
Interconnection		$13,576	N/A		N/A	N/A		N/A
Grand Total		$88,714	423,726		$177	42.1		$148

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 September 30, 2020.

Investment Activity

During the third quarter of 2020, Digital Realty closed on the previously announced acquisition of the freehold to the land under its Hanauer Landstraße campus in Frankfurt for €185 million, or approximately $217 million. The site includes nine Interxion data centers previously subject to leasehold agreements with approximately nine years of remaining lease term, along with Interxion’s German headquarters office as well as several buildings currently leased to other customers. Interxion now owns the freehold to all 15 data centers on its Frankfurt campus.

During the third quarter of 2020, Digital Realty acquired Altus IT, the leading carrier-neutral data center provider in Croatia, for approximately €11 million, or approximately $13 million. Altus IT’s highly-connected data center provides access to more than 100 customers, approximately 50 connectivity providers – including five tier-one carriers – and two main internet exchanges, establishing it as one of the most interconnected communities within Southeastern Europe.

Digital Realty also closed on the previously announced sale of a property in Gronigen, the Netherlands for €20 million, or approximately $23 million. The property is expected to generate 2020 cash net operating income of approximately €1.3 million, or approximately $1.6 million, representing a 6.7% cap rate.

During the third quarter of 2020, Digital Realty acquired the freehold to a parcel of land within approximately one kilometer of its existing campus in Vienna, Austria for €17 million, or approximately $19 million. The expansion parcel totals 22,000 square meters that will support the development of up to 40 megawatts of additional IT capacity. The parcel will be fully connected to the existing campus, the most highly connected in the Central and Eastern European region with 120 carriers, four Internet Exchanges and direct access to seven global cloud platforms.

9

Digital Realty Trust
Earnings Release		Third Quarter 2020

Balance Sheet

Digital Realty completed the following financing transactions during the third quarter of 2020.

◾ In early August, Digital Realty issued approximately 1.6 million shares of common stock under the company’s at-the-market equity offering program at a weighted average price of $160.15 per share, generating gross proceeds of approximately $249 million.

◾ Also in early August, Digital Realty redeemed all $300 million of its outstanding 3.625% notes due 2022 and all $500 million of its outstanding 3.950% notes due 2022.

◾ In early September, Digital Realty redeemed all $250 million of its 6.350% Series I preferred stock.

◾ In late September, Digital Realty closed an offering of €750 million, or approximately $880 million, of 1.0% Euro bonds due 2032 as well as €300 million, or approximately $350 million, of floating rate notes due 2022.

◾ Likewise in late September, Digital Realty settled the remaining 9.775 million shares subject to the forward sale agreements originally entered into during the third quarter of 2018, generating net proceeds of approximately $1 billion.

◾ Subsequent to quarter-end, Digital Realty redeemed all £300 million of its 4.750% notes due 2023 as well as all $250 million of its 5.875% Series G preferred stock.

Digital Realty had approximately $12.9 billion of total debt outstanding as of September 30, 2020, comprised of $12.7 billion of unsecured debt and approximately $0.2 billion of secured debt. At the end of the third quarter of 2020, net debt-to-Adjusted EBITDA was 5.6x, debt plus-preferred-to-total enterprise value was 25.0% and fixed charge coverage was 4.4x.

COVID-19

Throughout the COVID-19 global pandemic, Digital Realty’s data centers around the world have remained fully operational in accordance with business continuity and pandemic response plans, prioritizing the health and safety of employees, customers and partners while ensuring service levels are maintained. Digital Realty data centers have been deemed essential operations, allowing for critical personnel to remain in place and continue to provide services and support for customers. Construction activity has been somewhat delayed in a few markets due to government restrictions in certain locations and/or limited availability of labor. In some instances, these delays have impacted scheduled delivery dates. We are monitoring the situation closely and remain in frequent communication with customers, contractors and suppliers. We have proactively managed our supply chain, and we believe we have acquired the vast majority of the equipment needed to complete our 2020 development activities. We believe we have ample liquidity to fund our business needs, given the $971 million of cash on the balance sheet and $2.5 billion of availability under our global revolving credit facilities as of September 30, 2020. While we have not experienced any significant business disruptions from the COVID-19 pandemic to date, we cannot predict what impact the COVID-19 pandemic may have on our future financial condition, results of operations or cash flows due to numerous uncertainties.

10

Digital Realty Trust
Earnings Release		Third Quarter 2020

2020 Outlook

Digital Realty raised its 2020 core FFO per share outlook from $6.00-$6.10 to $6.10-$6.15. The assumptions underlying the outlook are summarized in the following table.

	As of	As of	As of
Top-Line and Cost Structure	May 7, 2020	July 30, 2020	October 29, 2020
Total revenue	$3.725 - $3.825 billion	$3.775 - $3.825 billion	$3.850 - $3.875 billion
Net non-cash rent adjustments (1)	($20 - $30 million)	($20 - $30 million)	($20 - $30 million)
Adjusted EBITDA	$2.075 - $2.125 billion	$2.100 - $2.125 billion	$2.150 - $2.175 billion
G&A	$320 - $330 million	$320 - $330 million	$325 - $335 million
Internal Growth
Rental rates on renewal leases
Cash basis	Down low single-digits	Down low single-digits	Slightly negative
GAAP basis	Unchanged	Unchanged	Slightly positive
Year-end portfolio occupancy (2)	85.0% - 86.0%	85.0% - 86.0%	85.0% - 86.0%
"Same-capital" cash NOI growth (3)	(2.5%) - (3.5%)	(2.5%) - (3.5%)	(1.5%) - (2.5%)
Foreign Exchange Rates
U.S. Dollar / Pound Sterling	$1.20 - $1.25	$1.20 - $1.25	$1.20 - $1.30
U.S. Dollar / Euro	$1.05 - $1.10	$1.05 - $1.15	$1.10 - $1.15
External Growth
Dispositions
Dollar volume	$0.6 - $1.0 billion	$0.6 - $1.0 billion	$0.6 - $1.0 billion
Cap rate	0.0% - 12.0%	0.0% - 12.0%	0.0% - 12.0%
Development
CapEx (4)	$1.9 - $2.2 billion	$1.9 - $2.2 billion	$1.9 - $2.2 billion
Average stabilized yields	9.0% - 15.0%	9.0% - 15.0%	9.0% - 15.0%
Enhancements and other non-recurring CapEx (5)	$5 - $10 million	$5 - $10 million	$5 - $10 million
Recurring CapEx + capitalized leasing costs (6)	$220 - $230 million	$220 - $230 million	$200 - $210 million
Balance Sheet
Long-term debt issuance
Dollar amount	$1.9 billion	$2.5 billion	$3.7 billion
Pricing	1.00%	1.00% - 1.25%	1.00%
Timing	Early 2020	Early-to-mid 2020	Early-to-mid 2020
Net income per diluted share	$1.60 - $1.75	$1.20 - $1.25	$1.25 - $1.30
Real estate depreciation and (gain) / loss on sale	$3.50 - $3.50	$3.90 - $3.90	$3.90 - $3.90
Funds From Operations / share (NAREIT-Defined)	$5.10 - $5.25	$5.10 - $5.15	$5.15 - $5.20
Non-core expenses and revenue streams	$0.80 - $0.85	$0.90 - $0.95	$0.95 - $0.95
Core Funds From Operations / share	$5.90 - $6.10	$6.00 - $6.10	$6.10 - $6.15
Foreign currency translation adjustments	$0.05 - $0.15	$0.05 - $0.15	$0.00 - $0.15
Constant-Currency Core FFO / share	$5.95 - $6.25	$6.05 - $6.25	$6.10 - $6.30

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

(2) Reflects inclusion of the Interxion portfolio, which was approximately 75% occupied as of September 30, 2020.

(3) The “same-capital” pool includes properties owned as of December 31, 2018 with less than 5% of total rentable square feet under development. It also excludes properties that were undergoing, or were expected to undergo, development activities in 2019-2020, properties classified as held for sale, and properties sold or contributed to joint ventures for all periods presented.

(4) Includes land acquisitions.

(5) 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.

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

11

Digital Realty Trust
Earnings Release		Third Quarter 2020

Non-GAAP Financial Measures

This press release contains non-GAAP financial measures, including FFO, core FFO and Adjusted EBITDA. A reconciliation from U.S. GAAP net income available to common stockholders to FFO, a reconciliation from FFO to core FFO, and definitions of FFO and core FFO 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.

Investor Conference Call

Prior to Digital Realty’s investor conference call at 5:30 p.m. EDT / 2:30 p.m. PDT on October 29, 2020, 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 third quarter 2020 financial results and operating performance. The conference call will feature Chief Executive Officer A. William Stein and Chief Financial Officer Andrew P. Power.

To participate in the live call, investors are invited to dial (888) 317-6003 (for domestic callers) or (412) 317-6061 (for international callers) and reference the conference ID# 1657717 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 November 29, 2020. The telephone replay can be accessed by dialing (877) 344-7529 (for domestic callers) or (412) 317-0088 (for international callers) and providing the conference ID# 10148191. The webcast replay can be accessed on Digital Realty’s website.

About Digital Realty

Digital Realty supports the world’s leading enterprises and service providers by delivering the full spectrum of data center, colocation and interconnection solutions. PlatformDIGITAL®, the company’s global data center platform, provides customers a trusted foundation and proven Pervasive Datacenter Architecture PDx™ solution methodology for scaling digital business and efficiently managing data gravity challenges. Digital Realty’s global data center footprint gives customers access to the connected communities that matter to them with more than 284 facilities in 48 metros across 23 countries on six continents. To learn more about Digital Realty, please visit digitalrealty.com or follow us on LinkedIn and Twitter.

Contact Information

Andrew P. Power

Chief Financial Officer

Digital Realty

(415) 738-6500

John J. Stewart / Jim Huseby

Investor Relations

Digital Realty

(415) 738-6500

12

Consolidated Quarterly Statements of Operations		Financial Supplement
Unaudited and Dollars in Thousands, Except Per Share Data		Third Quarter 2020

	Three Months Ended					Nine Months Ended
	30-Sep-20	30-Jun-20	31-Mar-20	31-Dec-19	30-Sep-19		30-Sep-20	30-Sep-19
Rental revenues	$726,441	$698,041	$579,774	$549,733	$564,975		$2,004,256	$1,716,325
Tenant reimbursements - Utilities	155,111	141,576	113,520	107,518	114,719		410,207	323,697
Tenant reimbursements - Other	53,654	62,630	56,943	59,641	57,466		173,227	176,154
Interconnection & other	85,725	85,428	69,835	65,576	65,312		240,988	197,712
Fee income	3,687	4,353	2,452	4,814	3,994		10,492	6,840
Other	50	967	813	181	—		1,830	1,050
Total Operating Revenues	$1,024,668	$992,995	$823,337	$787,463	$806,466		$2,841,000	$2,421,778
Utilities	$177,925	$160,173	$129,526	$125,127	$132,565		$467,623	$380,297
Rental property operating	180,755	172,474	136,182	129,034	126,866		489,411	386,120
Property taxes	39,732	45,071	42,123	42,541	38,255		126,926	117,052
Insurance	2,926	3,370	3,547	3,055	3,103		9,843	9,535
Depreciation & amortization	365,842	349,165	291,457	275,008	286,718		1,006,464	888,766
General & administration	90,431	90,649	62,266	53,540	49,862		243,346	154,156
Severance, equity acceleration, and legal expenses	920	3,642	1,272	1,130	123		5,834	2,271
Transaction and integration expenses	14,953	15,618	56,801	17,106	4,115		87,372	10,819
Impairment of investments in real estate	6,482	—	—	—	—		6,482	5,351
Other expenses	297	22	114	1,989	92		433	12,129
Total Operating Expenses	$880,263	$840,184	$723,288	$648,530	$641,699		$2,443,734	$1,966,496
Operating Income	$144,405	$152,811	$100,049	$138,933	$164,767		$397,266	$455,282
Equity in (loss) earnings of unconsolidated joint ventures	(2,056)	(7,632)	(78,996)	11,157	(19,269)		(88,684)	(3,090)
Gain on sale / deconsolidation	10,410	—	304,801	267,651	—		315,211	67,497
Interest and other income (expense), net	4,348	22,163	(3,542)	10,734	16,842		22,969	55,266
Interest (expense)	(89,499)	(79,874)	(85,800)	(80,880)	(84,574)		(255,173)	(272,177)
Income tax benefit (expense)	(16,053)	(11,490)	(7,182)	1,731	(4,826)		(34,725)	(13,726)
Loss from early extinguishment of debt	(53,007)	—	(632)	—	(5,366)		(53,639)	(39,157)
Net (Loss) / Income	($1,452)	$75,978	$228,698	$349,326	$67,574		$303,225	$249,895
Net (income) loss attributable to noncontrolling interests	1,316	(1,147)	(4,684)	(13,042)	(1,077)		(4,515)	(6,418)
Net Income Attributable to Digital Realty Trust, Inc.	($136)	$74,831	$224,014	$336,284	$66,497		$298,710	$243,477
Preferred stock dividends, including undeclared dividends	(20,712)	(21,155)	(21,155)	(20,707)	(16,670)		(63,022)	(54,283)
Issuance costs associated with redeemed preferred stock	(16,520)	—	—	—	—		(16,520)	(11,760)
Net (Loss) / Income Available to Common Stockholders	($37,368)	$53,676	$202,859	$315,577	$49,827		$219,168	$177,434
Weighted-average shares outstanding - basic	270,214,413	267,569,823	222,163,324	208,776,355	208,421,470		253,377,527	208,173,995
Weighted-average shares outstanding - diluted	270,214,413	270,744,408	224,474,295	210,286,278	209,801,771		256,362,579	209,199,535
Weighted-average fully diluted shares and units	281,523,515	278,719,109	232,753,630	218,901,078	218,755,597		264,401,464	218,280,351
Net (loss) / income per share - basic	($0.14)	$0.20	$0.91	$1.51	$0.24		$0.86	$0.85
Net (loss) / income per share - diluted	($0.14)	$0.20	$0.90	$1.50	$0.24		$0.85	$0.85

13

Funds From Operations and Core Funds From Operations		Financial Supplement
Unaudited and in Thousands, Except Per Share Data		Third Quarter 2020

	Three Months Ended						Nine Months Ended
Reconciliation of Net Income to Funds From Operations (FFO)		30-Sep-20	30-Jun-20	31-Mar-20	31-Dec-19	30-Sep-19		30-Sep-20	30-Sep-19
Net (Loss) / Income Available to Common Stockholders		($37,368)	$53,676	$202,859	$315,577	$49,827		$219,167	$177,434
Adjustments:
Non-controlling interest operating partnership		(1,000)	1,400	7,800	13,100	2,300		8,200	8,000
Real estate related depreciation & amortization (1)		358,619	342,334	286,517	271,371	283,090		987,470	877,869
Unconsolidated JV real estate related depreciation & amortization		19,213	17,123	19,923	21,631	13,612		56,259	31,086
(Gain) on real estate transactions		(10,410)	-	(304,801)	(267,651)	-		(315,211)	-
Impairment of investments in real estate		6,482	-	-	-	-		6,482	5,351
Funds From Operations		$335,536	$414,533	$212,298	$354,028	$348,829		$962,367	$1,099,740
Funds From Operations - diluted		$335,536	$414,533	$212,298	$354,028	$348,829		$962,367	$1,099,740
Weighted-average shares and units outstanding - basic		278,079	275,545	230,443	217,391	217,375		261,416	217,255
Weighted-average shares and units outstanding - diluted (2)		281,524	278,719	232,754	218,901	218,756		264,401	218,280
Funds From Operations per share - basic		$1.21	$1.50	$0.92	$1.63	$1.60		$3.68	$5.06
Funds From Operations per share - diluted (2)		$1.19	$1.49	$0.91	$1.62	$1.59		$3.64	$5.04

	Three Months Ended						Nine Months Ended
Reconciliation of FFO to Core FFO		30-Sep-20	30-Jun-20	31-Mar-20	31-Dec-19	30-Sep-19		30-Sep-20	30-Sep-19
Funds From Operations - diluted		$335,536	$414,533	$212,298	$354,028	$348,829		$962,367	$1,099,740
Termination fees and other non-core revenues (3)		(5,713)	(21,908)	(2,425)	(5,634)	(16,792)		(30,046)	(48,063)
Transaction and integration expenses		14,953	15,618	56,801	17,106	4,115		87,372	10,819
Loss from early extinguishment of debt		53,007	-	632	-	5,366		53,639	39,157
Issuance costs associated with redeemed preferred stock		16,520	-	-	-	-		16,520	11,760
Severance, equity acceleration, and legal expenses (4)		920	3,642	1,272	1,130	123		5,834	2,271
(Gain) / Loss on FX revaluation		10,312	17,526	81,288	(10,422)	23,136		109,126	28,489
(Gain) on contribution to unconsolidated JV, net of related tax		-	-	-	-	-		-	(58,497)
Other non-core expense adjustments		6,697	22	5,509	(1,511)	92		12,228	12,129
Core Funds From Operations - diluted		$432,232	$429,433	$355,375	$354,697	$364,869		$1,217,040	$1,097,805
Weighted-average shares and units outstanding - diluted (2)		281,524	278,719	232,754	218,901	218,756		264,401	218,280
Core Funds From Operations per share - diluted (2)		$1.54	$1.54	$1.53	$1.62	$1.67		$4.60	$5.03

(1) Real Estate Related Depreciation & Amortization	Three Months Ended						Nine Months Ended
		30-Sep-20	30-Jun-20	31-Mar-20	31-Dec-19	30-Sep-19		30-Sep-20	30-Sep-19
Depreciation & amortization per income statement		$365,842	$349,165	$291,457	$275,008	$286,718		1,006,464	888,766
Non-real estate depreciation		(7,223)	(6,831)	(4,940)	(3,637)	(3,628)		(18,994)	(10,897)
Real Estate Related Depreciation & Amortization		$358,619	$342,334	$286,517	$271,371	$283,090		$987,470	$877,869

(2) For all periods presented, we have excluded the effect of dilutive series C, series G, series H, series I, 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 C, series G, series H, series I, series J, series K and series L preferred stock, as applicable, which we consider highly improbable. See above for calculations of diluted 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 definition section.

(3) Includes lease termination fees and certain other adjustments that are not core to our business.

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

14

Adjusted Funds From Operations (AFFO)		Financial Supplement
Unaudited and in Thousands, Except Per Share Data		Third Quarter 2020

	Three Months Ended						Nine Months Ended
Reconciliation of Core FFO to AFFO		30-Sep-20	30-Jun-20	31-Mar-20	31-Dec-19	30-Sep-19		30-Sep-20	30-Sep-19
Core FFO available to common stockholders and unitholders		$432,232	$429,433	$355,375	$354,697	$364,869		$1,217,040	$1,097,805
Adjustments:
Non-real estate depreciation		7,223	6,831	4,940	3,637	3,628		18,994	10,897
Amortization of deferred financing costs		3,655	3,661	4,260	3,064	2,900		11,576	10,298
Amortization of debt discount/premium		987	1,011	943	612	466		2,941	1,741
Non-cash stock-based compensation expense		15,969	15,060	12,153	8,937	8,906		43,182	25,966
Straight-line rental revenue		(10,017)	(10,928)	(15,404)	(13,994)	(12,764)		(36,349)	(41,776)
Straight-line rental expense		3,934	7,373	1,460	(342)	(209)		12,767	1,342
Above- and below-market rent amortization		2,360	3,794	3,294	4,109	2,824		9,448	12,988
Deferred tax expense		6,421	(150)	(792)	(998)	(1,418)		5,479	(17,794)
Leasing compensation & internal lease commissions (1)		6,052	1,739	2,793	3,646	3,254		10,584	10,860
Recurring capital expenditures (2)		(53,683)	(38,796)	(34,677)	(54,731)	(48,408)		(127,156)	(125,982)
AFFO available to common stockholders and unitholders (3)		$415,133	$419,028	$334,345	$308,637	$324,048		$1,168,506	$986,345
Weighted-average shares and units outstanding - basic		278,079	275,545	230,443	217,391	217,375		261,416	217,255
Weighted-average shares and units outstanding - diluted (4)		281,524	278,719	232,754	218,901	218,756		264,401	218,280
AFFO per share - diluted (4)		$1.47	$1.50	$1.44	$1.41	$1.48		$4.42	$4.52
Dividends per share and common unit		$1.12	$1.12	$1.12	$1.08	$1.08		$3.36	$3.24
Diluted AFFO Payout Ratio		76.0%	74.5%	78.0%	76.6%	72.9%		76.0%	71.7%

	Three Months Ended						Nine Months Ended
Share Count Detail		30-Sep-20	30-Jun-20	31-Mar-20	31-Dec-19	30-Sep-19		30-Sep-20	30-Sep-19
Weighted Average Common Stock and Units Outstanding		278,079	275,545	230,443	217,391	217,375		261,416	217,255
Add: Effect of dilutive securities		3,445	3,174	2,311	1,510	1,381		2,985	1,025
Weighted Avg. Common Stock and Units Outstanding - diluted		281,524	278,719	232,754	218,901	218,756		264,401	218,280

(1) The company adopted ASC 842 in the first quarter of 2019.

(2) 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.

(3) 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.

(4) For all periods presented, we have excluded the effect of dilutive series C, series G, series H, series I, 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 C, series G, series H, series I, series J, series K and series L preferred stock, as applicable, which we consider highly improbable. See above for calculations of diluted FFO available to common stockholders and unitholders and for calculations of weighted average common stock and units outstanding.

15

Consolidated Balance Sheets		Financial Supplement
Unaudited and in Thousands, Except Share and Per Share Data		Third Quarter 2020

	30-Sep-20		30-Jun-20		31-Mar-20		31-Dec-19		30-Sep-19
Assets
Investments in real estate:
Real estate		$22,125,486		$20,843,273		$20,477,290		$16,886,592		$16,407,080
Construction in progress		2,328,654		2,514,324		2,204,869		1,732,555		1,647,130
Land held for future development		198,536		175,209		137,447		147,597		150,265
Investments in real estate		$24,652,676		$23,532,806		$22,819,606		$18,766,744		$18,204,475
Accumulated depreciation and amortization		(5,250,140)		(4,945,534)		(4,694,713)		(4,536,169)		(4,298,629)
Net Investments in Properties		$19,402,536		$18,587,272		$18,124,893		$14,230,575		$13,905,846
Investment in unconsolidated joint ventures		1,059,978		1,033,235		1,064,009		1,287,109		1,035,861
Net Investments in Real Estate		$20,462,514		$19,620,507		$19,188,902		$15,517,684		$14,941,707
Cash and cash equivalents		$971,305		$505,174		$246,480		$89,817		$7,190
Accounts and other receivables (1)		585,506		542,750		527,699		305,501		304,712
Deferred rent		510,627		496,684		484,179		478,744		471,516
Customer relationship value, deferred leasing costs & other intangibles, net		3,106,414		3,128,140		3,500,588		2,195,324		2,245,017
Acquired above-market leases, net		50,080		57,535		66,033		74,815		84,315
Goodwill		8,012,256		7,791,522		7,466,046		3,363,070		3,338,168
Assets associated with real estate held for sale		—		10,981		—		229,934		967,527
Operating lease right-of-use assets (2)		1,363,285		1,375,427		1,364,621		628,681		634,085
Other assets		373,346		333,916		268,752		184,561		178,528
Total Assets		$35,435,333		$33,862,636		$33,113,300		$23,068,131		$23,172,765
Liabilities and Equity
Global unsecured revolving credit facilities		$124,082		$64,492		$603,101		$234,105		$1,833,512
Unsecured term loans		512,642		799,550		771,425		810,219		796,232
Unsecured senior notes, net of discount		11,999,170		11,268,753		10,637,006		8,973,190		8,189,138
Secured debt, net of premiums		238,866		238,826		239,800		104,934		105,153
Operating lease liabilities (2)		1,444,060		1,451,152		1,431,292		693,539		699,381
Accounts payable and other accrued liabilities		2,187,025		1,828,288		1,732,318		1,007,761		938,740
Accrued dividends and distributions		571		—		—		234,620		—
Acquired below-market leases		135,263		139,851		145,208		148,774		153,422
Security deposits and prepaid rent		353,902		348,253		336,583		208,724		203,708
Liabilities associated with assets held for sale		—		238		—		2,700		23,534
Total Liabilities		$16,995,581		$16,139,403		$15,896,733		$12,418,566		$12,942,820
Redeemable non-controlling interests - operating partnership		41,265		40,584		40,027		41,465		19,090
Equity
Preferred Stock: $0.01 par value per share, 110,000,000 shares authorized:
Series C Cumulative Redeemable Perpetual Preferred Stock (3)		$219,250		$219,250		$219,250		$219,250		$219,250
Series G Cumulative Redeemable Preferred Stock (4)		—		241,468		241,468		241,468		241,468
Series I Cumulative Redeemable Preferred Stock (5)		—		242,012		242,012		242,012		242,012
Series J Cumulative Redeemable Preferred Stock (6)		193,540		193,540		193,540		193,540		193,540
Series K Cumulative Redeemable Preferred Stock (7)		203,264		203,264		203,264		203,264		203,264
Series L Cumulative Redeemable Preferred Stock (8)		334,886		334,886		334,886		334,886		—
Common Stock: $0.01 par value per share, 392,000,000 shares authorized (9)		2,784		2,670		2,622		2,073		2,069
Additional paid-in capital		20,566,645		19,292,311		18,606,766		11,577,320		11,540,980
Dividends in excess of earnings		(3,726,901)		(3,386,525)		(3,139,350)		(3,046,579)		(3,136,668)
Accumulated other comprehensive (loss), net		(123,623)		(358,349)		(444,222)		(87,922)		(68,625)
Total Stockholders' Equity		$17,669,845		$16,984,527		$16,460,236		$9,879,312		$9,437,290
Noncontrolling Interests
Noncontrolling interest in operating partnership		$620,676		$633,831		$656,266		$708,163		$732,314
Noncontrolling interest in consolidated joint ventures		107,966		64,291		60,038		20,625		41,251
Total Noncontrolling Interests		$728,642		$698,122		$716,304		$728,788		$773,565
Total Equity		$18,398,487		$17,682,649		$17,176,540		$10,608,100		$10,210,855
Total Liabilities and Equity		$35,435,333		$33,862,636		$33,113,300		$23,068,131		$23,172,765

(1) Net of allowance for doubtful accounts of $19,146 and $13,753 as of September 30, 2020 and December 31, 2019, respectively.

(2) Adoption of the new lease accounting standard required that we adjust the consolidated balance sheet to include the recognition of additional right-of-use assets and lease liabilities for operating leases. See our quarterly report on Form10-Q filed on May10, 2019 for additional information.

(3) SeriesC Cumulative Redeemable Perpetual Preferred Stock, 6.625%, $201,250 and $201,250 liquidation preference, respectively ($25.00 per share), 8,050,000 and 8,050,000 shares issued and outstanding as of September 30, 2020 and December 31, 2019, respectively.

(4) SeriesG Cumulative Redeemable Preferred Stock, 5.875%, $0 (redeemed October 15, 2020, reclassed to accounts payable as of September 30, 2020 for accounting purposes) and $250,000 liquidation preference, respectively ($25.00 per share), 0 and 10,000,000 shares issued and outstanding as of September 30, 2020 and December 31, 2019, respectively.

(5) SeriesI Cumulative Redeemable Preferred Stock, 6.350%, $0 and $250,000 liquidation preference, respectively ($25.00 per share), 0 and 10,000,000 shares issued and outstanding as of September 30, 2020 and December 31, 2019, respectively.

(6) SeriesJ Cumulative Redeemable Preferred Stock, 5.250%, $200,000 and $200,000 liquidation preference, respectively ($25.00 per share), 8,000,000 and 8,000,000 shares issued and outstanding as of September 30, 2020 and December 31, 2019, respectively.

(7) SeriesK Cumulative Redeemable Preferred Stock, 5.850%, $210,000 and $210,000 liquidation preference, respectively ($25.00 per share), 8,400,000 and 8,400,000 shares issued and outstanding as of September 30, 2020 and December 31, 2019, respectively.

(8) SeriesL Cumulative Redeemable Preferred Stock, 5.200%, $345,000 and $345,000 liquidation preference, respectively ($25.00 per share), 13,800,000 and 13,800,000 shares issued and outstanding as of September 30, 2020 and December 31, 2019, respectively.

(9) Common Stock: 279,920,621 and 208,900,758 shares issued and outstanding as of September 30, 2020 and December 31, 2019, respectively.

16

Components of Net Asset Value (NAV) (1)		Financial Supplement
Unaudited and in Thousands		Third Quarter 2020

Consolidated Properties Cash Net Operating Income (NOI)(2), Annualized (3)
Network-Dense	$873,571
Campus	1,387,131
Other (4)	204,946
Total Cash NOI, Annualized	$2,465,648
less: Partners' share of consolidated JVs	37
Acquisitions / dispositions / expirations	(11,262)
FY 2020 backlog cash NOI and 3Q20 carry-over (stabilized) (5)	78,322
Total Consolidated Cash NOI, Annualized	$2,532,745
Digital Realty's Pro Rata Share of Unconsolidated Joint Venture Cash NOI (3)(6)	$128,848
Other Income
Development and Management Fees (net), Annualized	$14,748
Other Assets
Pre-stabilized inventory, at cost (7)	$372,977
Land held for development	198,536
Development CIP (8)	2,328,654
less: Investment associated with FY20 Backlog NOI	(241,732)
Cash and cash equivalents	971,305
Accounts and other receivables, net	585,506
Other assets	373,346
less: Partners' share of consolidated JV assets	247
Total Other Assets	$4,588,839
Liabilities
Global unsecured revolving credit facilities	$133,146
Unsecured term loans	513,747
Unsecured senior notes	12,098,843
Secured debt, excluding premiums	239,000
Accounts payable and other accrued liabilities (9)	2,187,025
Accrued dividends and distributions	571
Security deposits and prepaid rents	353,902
Backlog NOI cost to complete (10)	65,472
Preferred stock	956,250
Digital Realty's share of unconsolidated JV debt	568,757
Total Liabilities	$17,116,713
Diluted Shares and Units Outstanding	291,532

(1) Includes Digital Realty’s share of backlog leasing at unconsolidated joint venture buildings. Excludes MCDR and Ascenty joint venture.

(2) For definitions and discussion of NOI and cash NOI and a reconciliation of operating income to NOI and cash NOI, see page 34.

(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 3Q20 Cash NOI of $2.5 billion. NOI is allocated based on management’s best 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 leasing expected to commence through December 31, 2020. Includes Digital Realty’s share of signed leases at unconsolidated joint venture buildings. Excludes MCDR and Ascenty joint venture.

(6) For a reconciliation of Digital Realty’s pro rata share of unconsolidated joint venture operating income to cash NOI, see page 31.

(7) Includes Digital Realty’s share of cost at unconsolidated joint venture buildings. Excludes MCDR and Ascenty joint venture.

(8) See page 27 for further details on the breakdown of the construction in progress balance.

(9) Includes net deferred tax liability of approximately $703.1 million.

(10) Includes Digital Realty’s share of expected cost to complete at unconsolidated joint venture buildings. Excludes Mitsbushi Corporation Digital Realty (MCDR) and Ascenty joint venture.

17

Debt Maturities		Financial Supplement
Unaudited and Dollars in Thousands		Third Quarter 2020

	As of September 30, 2020
		Interest Rate
	Interest	Including
	Rate	Swaps	2020	2021	2022	2023	2024	Thereafter	Total
Global Unsecured Revolving Credit Facilities (1)
Global unsecured revolving credit facilities - Unhedged	1.025%	1.025%	—	—	—	—	$87,153	—	$87,153
Yen revolving credit facility	0.500%	0.500%	—	—	—	—	45,993	—	45,993
Deferred financing costs, net	-	-	—	—	—	—	—	—	(9,064)
Total Global Unsecured Revolving Credit Facilities	0.844%	0.844%	—	—	—	—	$133,146	—	$124,082
Unsecured Term Loans (1)
Unhedged variable rate portion of five-year term loan	1.166%	1.166%	—	—	—	—	$439,803	—	$439,803
Hedged variable rate portion of five-year term loan	1.490%	1.778%	—	—	—	—	73,944	—	73,944
Deferred financing costs, net	-	-	—	—	—	—	—	—	(1,105)
Total Unsecured Term Loan	1.213%	1.254%	—	—	—	—	$513,747	—	$512,642
Senior Notes
Floating rate notes due 2022	-	-	—	—	$351,630	—	—	—	$351,630
0.125% notes due 2022	0.125%	0.125%	—	—	351,630	—	—	—	351,630
2.750% notes due 2023	2.750%	2.750%	—	—	—	$350,000	—	—	350,000
4.750% notes due 2023	4.750%	4.750%	—	—	—	387,600	—	—	387,600
2.625% notes due 2024	2.625%	2.625%	—	—	—	—	$703,260	—	703,260
2.750% notes due 2024	2.750%	2.750%	—	—	—	—	323,000	—	323,000
4.250% notes due 2025	4.250%	4.250%	—	—	—	—	—	$516,800	516,800
0.625% notes due 2025	0.625%	0.625%	—	—	—	—	—	761,865	761,865
4.750% notes due 2025	4.750%	4.750%	—	—	—	—	—	450,000	450,000
2.500% notes due 2026	2.500%	2.500%	—	—	—	—	—	1,260,008	1,260,008
3.700% notes due 2027	3.700%	3.700%	—	—	—	—	—	1,000,000	1,000,000
1.125% notes due 2028	1.125%	1.125%	—	—	—	—	—	586,050	586,050
4.450% notes due 2028	4.450%	4.450%	—	—	—	—	—	650,000	650,000
3.600% notes due 2029	3.600%	3.600%	—	—	—	—	—	900,000	900,000
3.300% notes due 2029	3.300%	3.300%	—	—	—	—	—	452,200	452,200
1.500% notes due 2030	1.500%	1.500%	—	—	—	—	—	879,075	879,075
3.750% notes due 2030	3.750%	3.750%	—	—	—	—	—	710,600	710,600
1.250% notes due 2031	1.250%	1.250%	—	—	—	—	—	586,050	586,050
1.000% notes due 2032	1.000%	1.000%	—	—	—	—	—	879,075	879,075
Unamortized discounts	-	-	—	—	—	—	—	—	(35,448)
Deferred financing costs	-	-	—	—	—	—	—	—	(64,225)
Total Senior Notes	2.572%	2.572%	—	—	$703,260	$737,600	$1,026,260	$9,631,723	$11,999,170
Secured Debt
Westin	3.290%	3.290%	—	—	—	—	—	$135,000	$135,000
Secured note due 2023	1.152%	2.435%	—	—	—	$104,000	—	—	104,000
Deferred financing costs	-	-	—	—	—	—	—	—	(134)
Total Secured Debt	2.360%	2.918%	—	—	—	$104,000	—	$135,000	$238,866
Total unhedged variable rate debt	-	-	—	—	$351,630	—	$572,949	—	$924,579
Total fixed rate / hedged variable rate debt	-	-	—	—	351,630	$841,600	1,100,204	$9,766,723	12,060,157
Total Debt	2.497%	2.509%	—	—	$703,260	$841,600	$1,673,153	$9,766,723	$12,984,736
Weighted Average Interest Rate			—	—	0.063%	3.632%	2.086%	2.660%	2.509%
Summary
Weighted Average Term to Initial Maturity									6.5 Years
Weighted Average Maturity (assuming exercise of extension options)									6.5 Years

Global Unsecured Revolving Credit Facility Detail As of September 30, 2020
	Maximum Available	Existing Capacity (2)	Currently Drawn
Global Unsecured Revolving Credit Facility	$2,676,830	$2,490,239	$133,146

(1) Assumes all extensions will be exercised.

(2) Net of letters of credit issued of $53.4 million.

18

Debt Analysis and Covenant Compliance		Financial Supplement
Unaudited		Third Quarter 2020

	As of September 30, 2020
				Global Unsecured
	Unsecured Senior Notes			Credit Facilities
Debt Covenant Ratios (1)	Required	Actual (2)	Actual (3)	Required	Actual
Total outstanding debt / total assets (4)	Less than 60%	42%	39%	Less than 60% (5)	31%
Secured debt / total assets (6)	Less than 40%	1%	1%	Less than 40%	2%
Total unencumbered assets / unsecured debt	Greater than 150%	252%	277%	N/A	N/A
Consolidated EBITDA / interest expense (7)	Greater than 1.5x	4.2x	4.2x	N/A	N/A
Fixed charge coverage		N/A	N/A	Greater than 1.5x	6.1x
Unsecured debt / total unencumbered asset value (8)		N/A	N/A	Less than 60%	37%
Unencumbered assets debt service coverage ratio		N/A	N/A	Greater than 1.5x	6.8x

(1) For definitions of the terms used in the table above and related footnotes, please refer to the indentures which govern the notes, the Amended and Restated Global Senior Credit Agreement dated as of October24, 2018, the Amended and Restated Term Loan Agreement dated as of October24, 2018 and the Yen facility Credit Agreement dated as of October24, 2018, each as amended and which are filed as exhibits to our reports filed with the Securities and Exchange Commission.

(2) Ratios for the Unsecured Senior Notes listed on page18 except for the floating rates due 2022, 1.250% notes due 2031 and 1.00% notes due 2032.

(3) Ratios in the table above are based on the indenture which governs the floating rates due 2022, 1.250% notes due 2031 and 1.00% notes due 2032.

(4) This ratio is referred to as the Leverage Ratio, defined as Consolidated Debt / Total Asset Value, under the global unsecured revolving credit facility, the term loan facility and the Yen facility. For the calculation of Total Assets, please refer to the indentures which govern the notes, the Amended and Restated Global Senior Credit Agreement dated as of October24, 2018, the Amended and Restated Term Loan Agreement dated as of October24, 2018 and the Yen facility Credit Agreement dated as of October24, 2018, each as amended and which are filed as exhibits to our reports filed with the Securities and Exchange Commission.

(5) The company has the right to maintain a Leverage Ratio of greater than 60.0% but less than or equal to 65.0% for up to four consecutive fiscal quarters during the term of the facility following an acquisition of one or more Assets for a purchase price and other consideration in an amount not less than 5% of Total Asset Value.

(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, the term loan facility and the Yen facility.

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

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

19

Same-Capital Operating Trend Summary		Financial Supplement
Unaudited and in Thousands		Third Quarter 2020

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

	Three Months Ended										Nine Months Ended
	30-Sep-20		30-Sep-19		% Change		30-Jun-20		% Change		30-Sep-20		30-Sep-19		% Change
Rental revenues		$425,997		$432,092		(1.4%)		$424,606		0.3%		$1,272,187		$1,303,702		(2.4%)
Tenant reimbursements - Utilities		83,306		88,569		(5.9%)		78,695		5.9%		243,501		255,592		(4.7%)
Tenant reimbursements - Other		42,788		44,777		(4.4%)		49,915		(14.3%)		137,956		137,622		0.2%
Interconnection & other		56,296		55,177		2.0%		55,967		0.6%		167,091		162,969		2.5%
Total Revenue		$608,387		$620,615		(2.0%)		$609,183		(0.1%)		$1,820,735		$1,859,885		(2.1%)
Utilities		$100,698		$103,636		(2.8%)		$92,172		9.3%		$284,575		$295,859		(3.8%)
Rental property operating		98,947		95,963		3.1%		94,387		4.8%		286,704		288,009		(0.5%)
Property taxes		27,204		28,057		(3.0%)		31,403		(13.4%)		88,680		83,159		6.6%
Insurance		2,876		2,471		16.4%		2,671		7.7%		8,623		7,617		13.2%
Total Expenses		$229,725		$230,127		(0.2%)		$220,633		4.1%		$668,582		$674,644		(0.9%)
Net Operating Income (2)		$378,662		$390,488		(3.0%)		$388,550		(2.5%)		$1,152,153		$1,185,241		(2.8%)
Less:
Stabilized straight-line rent		($3,395)		$3,022		(212.3%)		($2,679)		26.7%		($5,995)		$12,204		(149.1%)
Above- and below-market rent		(1,435)		(3,438)		(58.3%)		(2,177)		(34.1%)		(5,939)		(14,827)		(59.9%)
Cash Net Operating Income (3)		$383,492		$390,904		(1.9%)		$393,406		(2.5%)		$1,164,087		$1,187,864		(2.0%)
Stabilized Portfolio occupancy at period end (4)		87.2%		88.0%		(0.8%)		87.2%		0.0%		87.2%		88.0%		(0.8%)

(1) Represents buildings owned as of December 31, 2018 with less than 5% of total rentable square feet under development. Excludes buildings that were undergoing, or were expected to undergo, development activities in 2019-2020, buildings classified as held for sale, and buildings sold or contributed to joint ventures for all periods presented. Prior period numbers adjusted to reflect current same-capital pool.

(2) For a definition and discussion of net operating income and a reconciliation of operating income to NOI, see page34.

(3) For a definition and discussion of cash net operating income and a reconciliation of operating income to cash NOI, see page34.

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

20

Summary of Leasing Activity		Financial Supplement
Leases Signed in the Quarter Ended September 30, 2020		Third Quarter 2020

	0-1 MW				> 1 MW				Other (3)				Total
Leasing Activity - New (1) (2)	3Q20		LTM		3Q20		LTM		3Q20		LTM		3Q20		LTM
Annualized GAAP Rent		$29,171		$82,966		$45,532		$232,241		$436		$20,279		$75,138		$335,487
Kilowatt leased		11,147		32,711		30,957		189,573		—		—		42,104		222,284
NRSF		129,144		391,362		289,400		1,862,128		11,860		619,013		430,403		2,872,503
Weighted Average Lease Term (years)		4.1		4.2		7.4		7.2		3.5		13.8		6.4		7.9
Initial stabilized cash rent per Kilowatt		$219		$212		$123		$101		—		—		$168		$130
GAAP rent per Kilowatt		$218		$211		$120		$101		—		—		$148		$118
Leasing cost per Kilowatt		$33		$26		$43		$22		—		—		$40		$23
Net Effective Economics by Kilowatt (4)
Base rent by Kilowatt		$220		$215		$128		$107		—		—		$168		$130
Rental concessions by Kilowatt		$8		$6		$8		$5		—		—		$5		$5
Estimated operating expense by Kilowatt		$72		$79		$20		$22		—		—		$34		$30
Net rent per Kilowatt		$141		$131		$100		$80		—		—		$129		$96
Tenant improvements by Kilowatt		$0		$1		$4		$1		—		—		$3		$1
Leasing commissions by Kilowatt		$8		$11		$1		$1		—		—		$3		$2
Net effective rent per Kilowatt		$132		$120		$96		$78		—		—		$124		$92
Initial stabilized cash rent per NRSF		$227		$212		$158		$124		$37		$30		$199		$127
GAAP rent per NRSF		$226		$212		$157		$125		$47		$33		$175		$117
Leasing cost per NRSF		$24		$24		$37		$25		$0		$2		$32		$20
Net Effective Economics by NRSF (4)
Base rent by NRSF		$228		$216		$164		$131		$37		$33		$203		$133
Rental concessions by NRSF		$6		$7		$7		$6		$1		$0		$6		$5
Estimated operating expense by NRSF		$73		$66		$36		$29		$17		$1		$47		$28
Net rent per NRSF		$149		$143		$121		$96		$20		$32		$150		$101
Tenant improvements by NRSF		$0		$0		$3		$2		$0		$0		$2		$1
Leasing commissions by NRSF		$9		$11		$1		$1		$0		$0		$3		$3
Net effective rent per NRSF		$141		$132		$117		$93		$20		$31		$145		$97

(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 metrics are presented in monthly values. Per NRSF are presented in yearly values.

Note: LTM is last twelve months, including current quarter.

21

Summary of Leasing Activity		Financial Supplement
Leases Renewed in the Quarter Ended September 30, 2020		Third Quarter 2020

	0-1 MW				> 1 MW				Other (4)				Total
Leasing Activity - Renewals (1) (2) (3)	3Q20		LTM		3Q20		LTM		3Q20		LTM		3Q20		LTM
Leases renewed (Kilowatt)		33,912		93,213		14,078		88,296		—		—		47,990		181,509
Leases renewed (NRSF)		473,577		1,347,559		96,951		996,342		13,940		290,625		584,468		2,634,526
Leasing cost per Kilowatt		$0		$1		$1		$3		—		—		$0		$2
Leasing cost per NRSF		$0		$1		$1		$3		—		$4		$0		$2
Weighted Term (years)		1.5		1.8		2.4		6.7		3.1		5.6		1.7		4.0
Cash Rent
Expiring cash rent per Kilowatt		$311		$327		$126		$139		—		—		$257		$236
Renewed cash rent per Kilowatt		$310		$327		$126		$133		—		—		$256		$232
% Change Cash Rent Per Kilowatt		(0.2%)		(0.2%)		(0.0%)		(4.3%)		—		—		(0.2%)		(1.4%)
Expiring cash rent per NRSF		$267		$272		$219		$148		$34		$32		$254		$198
Renewed cash rent per NRSF		$267		$271		$219		$142		$37		$32		$253		$196
% Change Cash Rent Per NRSF		(0.2%)		(0.2%)		(0.0%)		(4.3%)		10.2%		0.3%		(0.2%)		(1.3%)
GAAP Rent
Expiring GAAP rent per Kilowatt		$340		$336		$125		$130		—		—		$277		$236
Renewed GAAP rent per Kilowatt		$341		$348		$125		$132		—		—		$278		$243
% Change GAAP Rent Per Kilowatt		0.4%		3.6%		(0.1%)		1.5%		—		—		0.3%		3.0%
Expiring GAAP rent per NRSF		$292		$279		$218		$138		$33		$29		$274		$198
Renewed GAAP rent per NRSF		$293		$289		$218		$140		$38		$35		$275		$205
% Change GAAP Rent Per NRSF		0.4%		3.6%		(0.1%)		1.5%		16.6%		21.4%		0.4%		3.3%
Retention ratio (5)		83.3%		81.2%		82.0%		76.1%		20.8%		59.1%		77.5%		76.2%
Churn (6)		3.1%		8.1%		0.2%		4.0%		0.9%		3.0%		1.5%		5.6%

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

(2) Rental rates represent annual estimated cash rent per kilowatt, adjusted for straight-line rents in accordance with GAAP. The number of leases represents the leased-unit count; a lease may include multiple units.

(3) Per Kilowatt metrics are presented in monthly values. Per NRSF metrics 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 during the period, divided by recurring revenue at the beginning of the period.

Note: LTM is last twelve months, including current quarter.

22

Lease Expirations - By Size		Financial Supplement
Dollars in Thousands, Except Per Square Foot		Third Quarter 2020

				% 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	1,782,344		—	—		—		—		—		—		—		—
Month to Month (3)	117,026		$30,534	1.1%		$261		$261		$30,520		6,331		$402		$402
2020	325,878		85,999	3.0%		264		264		85,939		24,152		297		297
2021	1,885,216		493,811	17.1%		262		262		494,316		138,155		298		298
2022	610,996		138,694	4.8%		227		230		140,403		43,839		264		267
2023	478,386		92,303	3.2%		193		198		94,596		32,141		239		245
2024	442,473		64,346	2.2%		145		151		67,013		30,760		174		182
2025	358,574		51,606	1.8%		144		151		53,986		18,282		235		246
2026	65,279		10,837	0.4%		166		177		11,562		4,978		181		194
2027	133,212		14,209	0.5%		107		117		15,631		7,088		167		184
2028	54,804		4,577	0.2%		84		103		5,623		2,071		184		226
2029	34,514		3,892	0.1%		113		132		4,547		2,235		145		170
Thereafter	223,138		8,668	0.3%		39		43		9,555		3,499		206		228
Total / Wtd. Avg.	6,511,840		$999,475	34.5%		$211		$214		$1,013,690		313,530		$266		$269

> 1 MW	Expiring Leases (1)	Annualized		Annualized	Annualized Rent Per		Annualized Rent Per		Annualized Rent Per		kW of Expiring		Annualized		Rent Per kW
Available	1,598,803		—	—		—		—		—		—		—		—
Month to Month (3)	281,861		$30,233	1.0%		$107		$107		$30,233		22,880		$110		$110
2020	116,014		19,353	0.7%		167		167		19,353		9,916		163		163
2021	1,473,664		229,541	7.9%		156		159		233,906		132,511		144		147
2022	1,712,006		270,417	9.3%		158		162		277,286		161,533		140		143
2023	1,369,170		185,209	6.4%		135		140		191,208		117,379		131		136
2024	1,304,322		192,271	6.6%		147		158		205,741		122,135		131		140
2025	1,447,759		190,790	6.6%		132		143		206,484		127,948		124		134
2026	914,237		121,407	4.2%		133		158		144,180		87,340		116		138
2027	396,434		60,645	2.1%		153		177		70,355		39,453		128		149
2028	234,023		26,906	0.9%		115		134		31,465		21,513		104		122
2029	503,994		57,026	2.0%		113		132		66,654		58,515		81		95
Thereafter	1,837,932		197,431	6.8%		107		135		248,531		178,049		92		116
Total / Wtd. Avg.	13,190,219		$1,581,229	54.6%		$136		$149		$1,725,395		1,079,170		$122		$133

Other (4)	Expiring Leases (1)	Annualized		Annualized	Annualized Rent Per		Annualized Rent Per		Annualized Rent Per		kW of Expiring		Annualized		Rent Per kW
Available	1,375,554		—	—		—		—		—		—		—		—
Month to Month (3)	55,904		$4,021	0.1%		$72		$73		$4,064		—		—		—
2020	159,045		4,346	0.2%		27		27		4,335		—		—		—
2021	1,399,776		37,326	1.3%		27		27		37,594		—		—		—
2022	1,035,782		25,747	0.9%		25		25		25,626		—		—		—
2023	758,862		19,590	0.7%		26		27		20,742		—		—		—
2024	965,059		38,255	1.3%		40		43		41,057		—		—		—
2025	968,913		39,046	1.3%		40		44		42,532		—		—		—
2026	411,915		16,447	0.6%		40		45		18,414		—		—		—
2027	348,298		13,286	0.5%		38		45		15,820		—		—		—
2028	223,966		11,046	0.4%		49		60		13,328		—		—		—
2029	565,902		20,716	0.7%		37		46		25,868		—		—		—
Thereafter	3,438,987		85,323	2.9%		25		33		113,872		—		—		—
Total / Wtd. Avg.	11,707,962		$315,149	10.9%		$31		$35		$363,252		—		—		—

Total (5)	Expiring Leases (1)	Annualized		Annualized	Annualized Rent Per		Annualized Rent Per		Annualized Rent Per		kW of Expiring		Annualized		Rent Per kW
Available	4,756,702		—	—		—		—		—		—		—		—
Month to Month (3)	454,790		$64,788	2.2%		$142		$143		$64,816		—		—		—
2020	600,937		109,698	3.8%		183		182		109,627		—		—		—
2021	4,758,655		760,678	26.3%		160		161		765,816		—		—		—
2022	3,358,784		434,858	15.0%		129		132		443,314		—		—		—
2023	2,606,418		297,102	10.3%		114		118		306,546		—		—		—
2024	2,711,854		294,872	10.2%		109		116		313,811		—		—		—
2025	2,775,247		281,442	9.7%		101		109		303,001		—		—		—
2026	1,391,430		148,690	5.1%		107		125		174,156		—		—		—
2027	877,943		88,140	3.0%		100		116		101,806		—		—		—
2028	512,793		42,530	1.5%		83		98		50,415		—		—		—
2029	1,104,410		81,634	2.8%		74		88		97,069		—		—		—
Thereafter	5,500,057		291,423	10.1%		53		68		371,959		—		—		—
Total / Wtd. Avg.	31,410,022		$2,895,854	100.0%		$109		$116		$3,102,336		—		—		—

(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 September 30, 2020, multiplied by 12.

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

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

(5) In September 2020, we acquired one data center in Zagreb, Croatia that is not reflected in our portfolio statistics.

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

23

Top 20 Customers by Annualized Rent		Financial Supplement
Dollars in Thousands		Third Quarter 2020

						Weighted
						Average
			Annualized		% of Annualized	Remaining
		Number of	Recurring		Recurring	Lease Term in
	Customer	Locations	Revenue (1)		Revenue	Years
1	Fortune 50 Software Company	49		$290,993	9.0%	8.8
2	IBM	38		156,271	4.8%	3.1
3	Facebook, Inc.	36		145,152	4.5%	4.2
4	Equinix	26		92,589	2.9%	8.7
5	Oracle America, Inc.	28		92,142	2.8%	2.4
6	Fortune 25 Investment Grade-Rated Company	25		81,540	2.5%	3.0
7	LinkedIn Corporation	8		70,219	2.2%	4.2
8	Global Cloud Provider	45		70,062	2.2%	2.1
9	Cyxtera Technologies, Inc.	18		68,189	2.1%	11.3
10	Fortune 500 SaaS Provider	14		64,081	2.0%	5.2
11	Rackspace	17		58,142	1.8%	9.1
12	CenturyLink, Inc.	128		57,932	1.8%	5.2
13	Fortune 25 Tech Company	35		55,454	1.7%	3.1
14	Verizon	103		46,448	1.4%	3.5
15	Comcast Corporation	26		41,063	1.3%	5.3
16	JPMorgan Chase & Co.	16		37,326	1.2%	3.1
17	AT&T	72		36,795	1.1%	1.6
18	Social Content Platform	5		34,756	1.1%	6.2
19	DXC Technology Company	19		34,707	1.1%	2.9
20	Zayo	117		33,062	1.0%	6.2
	Total / Weighted Average (2)			$1,566,923	48.4%	6.2

(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 September 30, 2020, multiplied by 12.

(2) In September 2020, we acquired one data center in Zagreb, Croatia that is not reflected in the portfolio statistics.

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

24

Occupancy Analysis		Financial Supplement
Dollars in Thousands		Third Quarter 2020

	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-Sep-20	30-Jun-20	IT Load (6)	Count
North America
Northern Virginia	5,504,164	985,748	78,538		$556,244	93.8%	93.8%	422.4	24
Chicago	3,427,367	—	148,101		297,789	87.7%	86.3%	162.7	10
New York	2,049,300	234,580	100,487		211,128	83.0%	82.8%	51.0	13
Silicon Valley	2,251,021	65,594	—		203,587	95.0%	95.4%	105.5	20
Dallas	3,512,875	143,051	45,968		201,572	81.1%	81.3%	101.2	21
Phoenix	795,687	—	227,274		70,561	71.5%	72.5%	42.5	3
San Francisco	824,972	23,321	—		65,859	73.0%	73.0%	29.1	4
Atlanta	525,414	—	313,581		51,692	94.7%	94.0%	7.1	4
Los Angeles	818,479	—	—		44,916	84.5%	87.4%	13.8	4
Seattle	400,369	—	—		38,552	86.8%	89.5%	19.5	1
Toronto, Canada	276,827	539,182	—		25,305	87.8%	87.1%	19.8	2
Boston	467,519	—	50,649		22,187	53.2%	55.1%	19.0	4
Portland	198,477	402,959	—		20,174	98.3%	92.1%	16.5	2
Houston	392,816	—	13,969		18,545	82.2%	81.8%	12.6	6
Miami	226,314	—	—		8,251	90.0%	89.3%	1.3	2
Austin	85,688	—	—		6,749	65.0%	65.0%	4.3	1
Minneapolis/St. Paul	328,765	—	—		5,957	100.0%	100.0%	—	1
Charlotte	95,499	—	—		4,789	89.2%	89.1%	1.5	3
North America Total/Weighted Average	22,181,553	2,394,435	978,567		$1,853,857	86.8%	86.7%	1,029.7	125
Europe
London, England	1,715,123	—	161,728		$246,661	78.8%	81.6%	115.0	19
Frankfurt, Germany	1,623,757	270,853	—		174,367	86.8%	89.0%	96.4	20
Amsterdam, Netherlands (7)	1,380,266	133,027	95,262		138,082	66.6%	63.6%	105.6	18
Paris, France	658,681	376,162	—		69,573	89.5%	85.4%	35.4	12
Dublin, Ireland	380,647	94,410	—		43,415	74.2%	67.3%	24.2	8
Vienna, Austria	383,562	—	—		42,644	84.6%	73.9%	25.6	2
Madrid, Spain	220,634	—	—		31,772	77.7%	78.8%	11.8	3
Marseille, France	274,352	78,865	—		28,906	61.7%	63.7%	20.8	3
Zurich, Switzerland	227,087	315,830	—		21,279	49.8%	64.6%	11.0	3
Brussels, Belgium	133,564	—	—		20,627	68.9%	67.5%	8.5	2
Stockholm, Sweden	167,555	89,276	—		19,282	78.6%	79.5%	11.5	6
Copenhagen, Denmark	164,489	11,318	—		16,239	77.5%	78.2%	8.6	2
Dusseldorf, Germany	105,523	—	—		15,251	59.3%	81.4%	4.3	2
Geneva, Switzerland	59,190	—	—		1,891	100.0%	100.0%	—	1
Manchester, England	38,016	—	—		1,793	100.0%	100.0%	—	1
Europe Total/Weighted Average	7,532,446	1,369,741	256,990		$871,783	77.6%	77.1%	478.7	102
Asia Pacific
Singapore	540,638	344,826	—		$90,337	95.5%	90.9%	37.3	3
Sydney, Australia	226,697	87,660	—		26,775	85.6%	72.8%	14.9	3
Melbourne, Australia	146,570	—	—		17,045	71.4%	85.9%	9.6	2
Tokyo, Japan	—	406,664	—		—	—	—	—	1
Osaka, Japan	—	193,535	—		—	—	—	—	1
Seoul, South Korea	—	162,260	—		—	—	—	—	1
Hong Kong	—	—	284,751		—	—	N/A	—	1
Asia Pacific Total/Weighted Average	913,905	1,194,945	284,751		$134,157	89.2%	85.6%	61.7	12
Africa
Mombasa, Kenya	15,710	—	—		$1,095	49.9%	51.4%	—	1
Nairobi, Kenya	10,276	—	—		696	40.8%	40.8%	—	1
Africa Total/Weighted Average	25,985	—	—		$1,791	46.3%	46.6%	—	2
Non-Data Center Properties	263,668	—	—		$1,254	100.0%	100.0%	—	—
Consolidated Portfolio Total/Weighted Average	30,917,557	4,959,120	1,520,308		$2,862,842	84.7%	84.5%	1,570.1	241
Managed Unconsolidated Joint Ventures
Northern Virginia	1,250,419	—	—		$93,380	100.0%	100.0%	75.2	7
Hong Kong	182,954	—	3,346		19,629	87.9%	85.5%	11.0	1
Silicon Valley	326,305	—	—		13,592	100.0%	100.0%	—	4
Dallas	319,876	—	—		5,555	82.4%	82.4%	—	3
New York	108,336	—	—		3,460	100.0%	100.0%	3.4	1
Managed Unconsolidated Portfolio Total/Weighted Average	2,187,890	—	3,346		$135,615	96.4%	96.2%	89.6	16
Managed Portfolio Total/Weighted Average	33,105,447	4,959,120	1,523,654		$2,998,457	85.5%	85.3%	1,659.7	257
Digital Realty Share Total/Weighted Average (8)	31,410,022	4,525,406	1,521,981		$2,895,854	84.9%	84.6%	1,591.3
Non-Managed Unconsolidated Joint Ventures
Sao Paulo, Brazil	897,625	209,931	245,922		112,588	97.4%	96.1%	73.9	15
Tokyo, Japan	892,667	—	—		66,372	87.8%	87.8%	21.0	2
Osaka, Japan	248,906	52,306	30,874		43,551	85.3%	82.9%	21.6	2
Rio De Janeiro, Brazil	72,442	26,781	—		10,833	100.0%	100.0%	6.0	2
Fortaleza, Brazil	94,205	—	—		9,609	100.0%	100.0%	6.2	1
Seattle	51,000	—	—		7,562	100.0%	100.0%	9.0	1
Queretaro, Mexico	—	108,178	376,202		—	—	—	—	2
Santiago, Chile	—	46,235	247,148		—	—	—	—	2
Non-Managed Portfolio Total/Weighted Average	2,256,845	443,432	900,146		$250,514	92.5%	91.6%	137.6	27
Portfolio Total/Weighted Average (9)	35,362,293	5,402,552	2,423,801		$3,248,971	85.9%	85.7%	1,797.3	284

(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 (see page26).

(3) Space held for development includes space held for future Data Center development, and excludes space under active development (see page29).

(4) Annualized base rent represents themonthly contractual base rent (defined as cash base rent before abatements) under existing leases as of September 30, 2020, 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) Region has a held-for-sale property.

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

(9) In September 2020, we acquired one data center in Zagreb, Croatia that is not reflected in the portfolio statistics.

25

Development Lifecycle - Committed Active Development		Financial Supplement
Dollars in Thousands		Third Quarter 2020

	Base Building Construction								Data Center Construction												Total Active Development
			A		B		A + B					A		B		A + B							A		B		A + B
																			Average	Pre-tax
		Total	Current		Future		Total			Total		Current		Future		Total			Expected	Est.		Total	Current		Future		Total
	# of	Square	Investment		Funding		Expected		# of	Square		Investment		Funding		Expected		%	Completion	Stabilized	# of	Square	Investment		Funding		Expected
Metropolitan Area	Locations	Feet	(1)		Req. (2)		Investment (3)		Locations	Feet	kW	(1)		Req. (2)		Investment (3)		Leased	Period	Cash Yield (4)	Locations	Feet	(1)		Req. (2)		Investment (3)
Dallas	1	115,060		$61		$15,077		$15,138	1	27,991	1,500		$3,189		$28,948		$32,137	0.0%	2Q21		2	143,051		$3,250		$44,025		$47,275
New York (5)	—	—		—		—		—	3	234,579	8,400		64,871		197,423		262,294	76.9%	2Q22		3	234,579		64,871		197,423		262,294
Northern Virginia	1	433,715		47,144		48,030		95,175	2	552,033	42,000		210,122		111,974		322,097	100.0%	1Q21		3	985,748		257,267		160,005		417,272
Portland	1	268,639		80,819		4,044		84,863	1	134,320	12,000		93,592		32,099		125,690	100.0%	4Q20		1	402,959		174,411		36,142		210,554
San Francisco	—	—		—		—		—	1	23,321	2,400		19,172		8,555		27,727	100.0%	4Q20		1	23,321		19,172		8,555		27,727
Silicon Valley (6)	1	65,594		28,583		10,489		39,072	—	—	—		—		—		—	—	—		1	65,594		28,583		10,489		39,072
Toronto	1	412,286		25,486		1,554		27,040	1	126,896	14,000		116,446		34,392		150,839	57.1%	2Q21		1	539,182		141,932		35,947		177,879
North America	5	1,295,294		$182,094		$79,194		$261,288	9	1,099,140	80,300		$507,392		$413,391		$920,783	87.6%		8.4%	12	2,394,434		$689,486		$492,586		$1,182,071
Amsterdam, Netherlands	—	—		—		—		—	2	133,027	9,200		$83,358		$40,358		$123,715	2.8%	4Q20		2	133,027		$83,358		$40,358		$123,715
Copenhagen, Denmark	—	—		—		—		—	1	11,318	1,150		199		11,053		11,252	0.0%	2Q21		1	11,318		199		11,053		11,252
Dublin, Ireland	1	94,410		$22,406		$34,411		$56,816	—	—	—		—		—		—	—	—		1	94,410		22,406		34,411		56,816
Frankfurt, Germany	—	—		—		—		—	3	270,853	22,180		136,444		127,719		264,163	29.3%	2Q21		3	270,853		136,444		127,719		264,163
Marseille, France	—	—		—		—		—	1	78,865	11,250		52,990		60,485		113,475	0.0%	3Q21		1	78,865		52,990		60,485		113,475
Paris, France	2	234,674		42,169		99,535		141,704	2	141,488	12,400		37,025		124,020		161,045	34.1%	2Q21		2	376,162		79,194		223,555		302,749
Stockholm, Sweden	1	49,598		6,591		2,919		9,510	1	39,678	2,325		21,649		3,183		24,833	0.0%	4Q20		1	89,276		28,240		6,102		34,343
Zurich, Switzerland	1	258,240		34,718		140,629		175,346	1	57,590	6,000		66,206		20,998		87,204	75.0%	1Q21		2	315,830		100,924		161,627		262,550
Europe	5	636,921		$105,883		$277,493		$383,377	11	732,820	64,505		$397,871		$387,816		$785,687	23.8%		13.5%	13	1,369,741		$503,755		$665,309		$1,169,064
Osaka, Japan	1	128,962		$19,826		$34,116		$53,942	1	64,573	7,000		$23,011		$105,312		$128,322	0.0%	3Q21		1	193,535		$42,837		$139,428		$182,265
Seoul, South Korea	1	81,130		12,575		49,217		61,791	1	81,130	6,000		$17,267		$74,697		$91,964	0.0%	4Q21		1	162,260		29,842		123,914		153,755
Singapore	1	68,967		12,027		18,125		30,151	1	275,859	31,500		83,788		183,692		267,480	61.9%	1Q21		1	344,826		95,814		201,817		297,631
Sydney, Australia	1	87,660		40,193		5,778		45,971	—	—	—		—		—		—	—	—		1	87,660		40,193		5,778		45,971
Tokyo, Japan	1	338,887		33,159		92,674		125,832	1	67,777	6,000		12,086		95,294		107,380	0.0%	3Q21		1	406,664		45,245		187,968		233,213
Asia Pacific	5	705,606		117,780		199,909		317,688	4	489,340	50,500		$136,151		$458,995		$595,147	34.9%		10.3%	5	1,194,945		$253,931		$658,904		$912,835
Total	15	2,637,821		$405,757		$556,596		$962,353	24	2,321,299	195,305		$1,041,415		$1,260,203		$2,301,617	56.3%		10.6%	30	4,959,120		$1,447,172		$1,816,799		$3,263,971

(1) Represents costs incurred through September 30, 2020.

(2) Represents estimated cost to complete specific scope of work pursuant to contract, budget or approved capital plan.

(3) For Base Building Construction, represents the pro rata share of the acquisition and infrastructure costs related to the specific Base Building project. For Data Center Construction, represents the pro rata share of the acquisition and infrastructure costs, or Base Building Construction costs, applicable to the specific Data Center project, plus the total direct investment in the specific Data Center project.

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

(5) Includes the first phase of a fully-leased build-to-suit.

(6) 100% pre-leased as Base Building in Silicon Valley.

Note: Square footage is based on current estimates and project plans, and may change upon completion of the project or due to remeasurement.

26

Construction Projects in Progress		Financial Supplement
Dollars in Thousands, Except Per Square Foot		Third Quarter 2020

											Total Cost/
	Net Rentable				Current		Future		Total		Net Rentable
Construction Projects in Progress	Square Feet (5)		Acreage		Investment (6)		Investment (7)		Investment		Square Foot
Development Lifecycle
Land - Held for Development (1)		N/A		156.4		$198,536		—		$198,536
Development Construction in Progress
Land - Current Development (1)		N/A		751.1		$584,931		—		$584,931
Space Held for Development (1)		1,520,308		N/A		231,036		—		231,036		$172
Base Building Construction (2)		2,637,821		N/A		405,757		$556,596		962,353		320
Data Center Construction		2,321,299		N/A		1,041,415		1,260,203		2,301,617		1,005
Equipment Pool & Other Inventory (3)		N/A		N/A		30,940		—		30,940
Campus, Tenant Improvements & Other (4)		N/A		N/A		34,575		36,234		70,809
Total Development Construction in Progress		6,479,429		751.1		$2,328,654		$1,853,033		$4,181,687
Enhancement & Other						$1,141		$2,118		$3,259
Recurring						9,299		11,167		20,466
Total Construction in Progress				907.5		$2,537,630		$1,866,318		$4,403,947

(1) Land and Space Held for Development reflect cumulative cost spent to date pending future development. Excludes square footage and cost incurred on unconsolidated joint ventures.

(2) Base Building Construction consists of ongoing improvements to building infrastructure in preparation for future data center fit-out.

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

(4) Represents improvements in progress as of September 30, 2020 which benefit space recently converted to our operating portfolio and is composed primarily of shared infrastructure projects and first-generation tenant improvements.

(5) 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. Excludes square footage of properties held in unconsolidated joint ventures.

(6) Represents costs incurred through September 30, 2020. Excludes costs incurred by unconsolidated joint ventures.

(7) Represents estimated cost to complete specific scope of work pursuant to contract, budget or approved capital plan.

Note: We capitalize interest on active construction work. Base Building Construction, Data Center Construction, Equipment Pool, Campus Improvements, Enhancements and Recurring are considered active construction work. Square footage is based on current estimates and project plans, and may change upon completion of the project or due to remeasurement.

27

Historical Capital Expenditures and Investments in Real Estate		Financial Supplement
Dollars in Thousands		Third Quarter 2020

	Three Months Ended										Nine Months Ended
	30-Sep-20		30-Jun-20		30-Mar-20		31-Dec-19		30-Sep-19		30-Sep-20		30-Sep-19
Non-Recurring Capital Expenditures (1)
Development		$441,958		$413,443		$320,093		$233,848		$274,752		$1,175,494		$932,370
Enhancements and Other Non-Recurring		49		94		28		790		195		171		2,459
Total Non-Recurring Capital Expenditures		$442,007		$413,537		$320,121		$234,638		$274,947		$1,175,665		$934,829
Recurring Capital Expenditures (2)		$53,683		$38,796		$34,677		$54,731		$48,408		$127,156		$125,982
Total Direct Capital Expenditures		$495,690		$452,333		$354,798		$289,369		$323,355		$1,302,821		$1,060,811
Indirect Capital Expenditures
Capitalized Interest		$12,379		$13,133		$9,942		$9,877		$9,936		$35,454		$30,326
Capitalized Overhead		14,024		12,124		12,555		11,884		11,910		38,703		34,635
Total Indirect Capital Expenditures		$26,403		$25,257		$22,497		$21,761		$21,846		$74,157		$64,961
Total Improvements to and Advances for Investment in Real Estate		$522,093		$477,590		$377,295		$311,130		$345,201		$1,376,978		$1,125,772
Consolidated Portfolio Net Rentable Square Feet (3)		31,410,022		30,225,412		25,992,054		25,341,641		25,504,614		31,410,022		25,504,614

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

(2) 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.

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

28

Development Lifecycle – Held for Development		Financial Supplement
Dollars in Thousands		Third Quarter 2020

	Land Inventory (1)						Space Held for Development
			Land -		Land -			Total
	# of		Held for		Current		# of	Square	Current
Metropolitan Area	Locations	Acres	Development		Development		Locations	Feet	Investment (2)
Atlanta	—	—		—		—	1	313,581		$25,621
Boston	—	—		—		—	1	50,649		23,623
Chicago	1	1.4		$25,247		—	6	148,101		52,194
Dallas	3	116.3		33,063		—	3	45,968		3,133
Houston	—	—		—		—	1	13,969		2,726
New York	1	21.5		—		$28,952	6	100,487		17,034
Northern Virginia	8	607.7		24,380		384,325	4	78,538		2,128
Phoenix	2	56.5		—		16,460	1	227,274		18,026
Portland	1	23.4		—		30,687	—	—		—
Silicon Valley	1	13.0		—		63,827	—	—		—
North America	17	839.7		$82,690		$524,250	23	978,567		$144,484
Amsterdam, Netherlands	1	4.4		$22,973		—	2	95,262		$37,114
Copenhagen, Denmark	1	11.4		11,135		—	—	—		—
Dublin, Ireland	3	7.0		7,123		—	—	—		—
Frankfurt, Germany	1	1.4		—		$12,620	—	—		—
London, United Kingdom	1	6.7		16,596		—	4	161,728		49,042
Madrid, Spain	1	3.6		38,679		—	—	—		—
Paris, France	3	12.6		—		26,460	—	—		—
Vienna, Austria	1	5.6		19,340		—	—	—		—
Europe	12	52.6		$115,845		$39,080	6	256,990		$86,156
Hong Kong	—	—		—		—	1	284,751		$395
Melbourne, Australia	1	4.1		—		$3,925	—	—		—
Osaka, Japan	1	7.5		—		6,560	—	—		—
Sydney, Australia	1	3.5		—		11,116	—	—		—
Asia Pacific	3	15.1		—		$21,602	1	284,751		$395
Consolidated Portfolio	32	907.5		$198,536		$584,931	30	1,520,308		$231,036
Hong Kong	—	—		—		—	1	3,346		—
Subtotal JV (3)	—	—		—		—	1	3,346		—
Total	32	907.5		$198,536		$584,931	31	1,523,654		$231,036

(1) Represents buildings acquired to support ground-up development.

(2) Represents costs incurred through September 30, 2020. Includes the cost of acquisition as well as cost of improvements since acquisition to prepare for future building construction.

(3) Square footage, kW and investment figures shown in the table above represent the gross amounts at the joint venture levels. For Hong Kong, Digital Realty’s ownership percentage is 50%.

Note: Square footage is based on current estimates and project plans, and may change upon completion of the project or due to remeasurement.

29

Acquisitions / Dispositions / Joint Ventures		Financial Supplement
Dollars in Thousands		Third Quarter 2020

Closed Acquisitions:

						Net
					Cap	Rentable	Square Feet	Square Feet	% of Total Net
	Acquisition	Metropolitan	Date	Purchase	Rate	Square	Under	Held For	Rentable Square
Property	Type	Area	Acquired	Price (1)	(2)	Feet (3)	Development	Development	Feet Occupied (4)
Hanauer Landstrasse (5)	Leasehold	Frankfurt	7/3/2020	$216,839	—	463,341	—	—	94%
VIE3 (5)	Land	Vienna	7/29/2020	19,340	—	—	—	—	—
ALTUS IT (5)	Corporate	Zagreb	9/2/2020	12,916	—	—	—	—	—
Total	—	—	—	$249,095	—	463,341	—	—	94%

Closed Dispositions:

						Net
					Cap	Rentable	Square Feet	Square Feet	% of Total Net
	Disposition	Metropolitan	Date	Sale	Rate	Square	Under	Held For	Rentable Square
Property	Type	Area	Disposed	Price (1)	(2)	Feet (3)	Development	Development	Feet Occupied (4)
Liverpoolweg 10 (5)	Building	Netherlands	7/17/2020	$23,442	6.7%	29,988	—	—	100%
Total	—	—	—	$23,442	6.7%	29,988	—	—	100%

Closed Joint Venture Contributions:

					Net
				Cap	Rentable	Square Feet	Square Feet	% of Total Net
	Metropolitan		Contribution	Rate	Square	Under	Held For	Rentable Square
Property	Area	Date	Price	(2)	Feet (3)	Development	Development	Feet Occupied (4)
	—	—	—	—	—	—	—	—
Total	—	—	—	—	—	—	—	—

(1) Represents the purchase price before contractual purchase price adjustments, transaction expenses, taxes and potential currency fluctuations.

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

(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 development and space held for development.

(5) Assumes 1.172x EUR to USD exchange rate.

30

Unconsolidated Joint Ventures (“JVs”)		Financial Supplement
Dollars in Thousands		Third Quarter 2020

Summary Balance Sheet -	As of September 30, 2020
at the JV's 100% Share		Ascenty	Clise (1)	CenturyLink (2)	Mitsubishi	Mapletree	Prudential	Griffin	Colovore	Total
Undepreciated book value of operating real estate		$654,411	$48,513	$184,864	$707,901	$772,929	$429,980	$126,826	$27,337	$2,952,761
Accumulated depreciation & amortization		(75,838)	(5,092)	(40,737)	(35,530)	(37,671)	(67,938)	(19,635)	(8,087)	(290,528)
Net Book Value of Operating Real Estate		$578,573	$43,421	$144,127	$672,371	$735,258	$362,042	$107,191	$19,250	$2,662,233
Other assets		1,191,210	9,353	40,345	183,153	268,826	52,629	12,087	5,559	1,763,162
Total Assets		$1,769,783	$52,774	$184,472	$855,524	$1,004,084	$414,671	$119,278	$24,809	$4,425,395
Debt		714,850	47,740	—	238,023	—	211,132	91,825	4,175	1,307,745
Other liabilities		107,025	385	9,310	97,228	25,109	69,185	2,847	455	311,544
Equity / (deficit)		947,908	4,649	175,162	520,273	978,975	134,354	24,606	20,179	2,806,106
Total Liabilities and Equity		$1,769,783	$52,774	$184,472	$855,524	$1,004,084	$414,671	$119,278	$24,809	$4,425,395
Digital Realty's ownership percentage		49% (3)	50%	50%	50%	20%	20%	20%	17%
Digital Realty's Pro Rata Share of Unconsolidated JV Debt		$364,574	$23,870	—	$119,012	—	$42,226	$18,365	$710	$568,757

Summary Statement of Operations -	Three Months Ended September 30, 2020
at the JV's 100% Share		Ascenty	Clise (1)	CenturyLink (2)	Mitsubishi	Mapletree	Prudential	Griffin	Colovore	Total
Total revenues		$41,967	$2,578	$6,290	$35,014	$26,690	$10,604	$5,726	$2,541	$131,410
Operating expenses		(14,112)	(765)	(2,609)	(15,467)	(10,430)	(2,391)	(1,697)	(1,643)	(49,114)
Net Operating Income (NOI)		$27,855	$1,813	$3,681	$19,547	$16,260	$8,213	$4,029	$898	$82,296
Straight-line rent		—	—	(13)	(159)	(980)	(34)	27	—	(1,159)
Above and below market rent		—	—	—	—	214	(822)	182	—	(426)
Cash Net Operating Income (NOI)		$27,855	$1,813	$3,668	$19,388	$15,494	$7,357	$4,238	$898	$80,711
Interest expense		($10,110)	($521)	($1)	($937)	($19)	($2,540)	($640)	($376)	($15,144)
Depreciation & amortization		(18,694)	(186)	(2,232)	(7,808)	(18,074)	(3,178)	(1,098)	(564)	(51,834)
Other income / (expense)		4,351	—	(214)	(1,828)	(1,263)	—	(158)	(58)	830
FX remeasurement on USD debt		(20,963)	—	—	—	—	—	—	—	(20,963)
Total Non-Operating Expenses		($45,416)	($707)	($2,447)	($10,573)	($19,356)	($5,718)	($1,896)	($998)	($87,111)
Net Income / (Loss)		($17,561)	$1,106	$1,234	$8,974	($3,096)	$2,495	$2,133	($100)	($4,815)
Digital Realty's ownership percentage		49% (3)	50%	50%	50%	20%	20%	20%	17%
Digital Realty's Pro Rata Share of Unconsolidated JV NOI		$14,206	$907	$1,841	$9,774	$3,252	$1,643	$806	$153	$32,582
Digital Realty's Pro Rata Share of Unconsolidated JV Cash NOI		$14,206	$907	$1,834	$9,694	$3,099	$1,471	$848	$153	$32,212
Digital Realty's Earnings income (loss) from unconsolidated joint ventures		($8,925)	$553	617	$6,432	($619)	$918	($1,015)	($17)	($2,056)
Digital Realty's Pro Rata Share of CFFO (4)		$11,300	$646	$1,733	$10,336	$2,996	$1,554	$(795)	$79	$27,849
Digital Realty's Fee Income from Joint Ventures		—	—	$160	$86	$998	$622	$689	—	$2,555

(1) Formerly known as 2020 Fifth Avenue.

(2) Formerly known as 33 Chun Choi Street.

(3) Equity in income pick-up comprised of 49% owned by Digital Realty and 2% owned by management, with a corresponding offset for the 2% in minority interest.

(4) For a definition of Core FFO, see page33.

31

Reconciliation of Earnings Before Interest, Taxes, Depreciation & Amortization and Financial Ratios		Financial Supplement
Unaudited and Dollars in Thousands		Third Quarter 2020

	Three Months Ended
Reconciliation of Earnings Before Interest, Taxes, Depreciation & Amortization (EBITDA) (1)		30-Sep-20	30-Jun-20	31-Mar-20	31-Dec-19	30-Sep-19
Net (Loss) / Income Available to Common Stockholders		($37,368)	$53,676	$202,859	$315,577	$49,827
Interest		89,499	79,874	85,800	80,880	84,574
Loss from early extinguishment of debt		53,007	—	632	—	5,366
Income tax (benefit) expense		16,053	11,490	7,182	(1,731)	4,826
Depreciation & amortization		365,842	349,165	291,457	275,008	286,718
EBITDA		$487,033	$494,205	$587,930	$669,734	$431,311
Unconsolidated JV real estate related depreciation & amortization		19,213	17,123	19,923	21,631	13,612
Unconsolidated JV interest expense and tax expense		9,002	9,203	9,944	13,553	10,816
Severance, equity acceleration, and legal expenses		920	3,642	1,272	1,130	123
Transaction and integration expenses		14,953	15,618	56,801	17,106	4,115
(Gain) on sale / deconsolidation		(10,410)	—	(304,801)	(267,651)	—
Impairment of investments in real estate		6,482	—	—	—	—
Other non-core adjustments, net		4,945	(3,404)	85,185	(13,886)	6,436
Non-controlling interests		(1,316)	1,147	4,684	13,042	1,077
Preferred stock dividends, including undeclared dividends		20,712	21,155	21,155	20,707	16,670
Issuance costs associated with redeemed preferred stock		16,520	—	—	—	—
Adjusted EBITDA		$568,054	$558,690	$482,093	$475,366	$484,160

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

	Three Months Ended
Financial Ratios		30-Sep-20	30-Jun-20	31-Mar-20	31-Dec-19	30-Sep-19
Total GAAP interest expense		$89,499	$79,874	$85,800	$80,880	$84,574
Capitalized interest		12,379	13,133	10,480	9,877	9,936
Change in accrued interest and other non-cash amounts		19,718	(38,478)	24,321	(30,564)	8,490
Cash Interest Expense (2)		$121,596	$54,529	$120,601	$60,193	$103,000
Scheduled debt principal payments		—	57	125	210	163
Preferred dividends		20,712	21,155	21,155	20,707	16,670
Total Fixed Charges (3)		$122,590	$114,219	$117,560	$111,674	$111,343
Coverage
Interest coverage ratio (4)		5.2x	5.6x	4.6x	4.7x	4.7x
Cash interest coverage ratio (5)		4.4x	9.1x	3.7x	6.7x	4.3x
Fixed charge coverage ratio (6)		4.4x	4.6x	3.8x	3.9x	4.0x
Cash fixed charge coverage ratio (7)		3.8x	6.8x	3.2x	5.2x	3.8x
Leverage
Debt to total enterprise value (8) (9)		22.8%	23.3%	23.8%	26.9%	27.1%
Debt plus preferred stock to total enterprise value (10)		25.0%	26.0%	26.6%	30.8%	29.9%
Pre-tax income to interest expense (11)		1.0x	2.0x	3.7x	5.3x	1.8x
Net Debt to Adjusted EBITDA (12)		5.6x	5.7x	6.6x	5.7x	6.0x

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

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

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

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

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

(7) Adjusted EBITDA divided by the sum of cash interest expense, scheduled debt principal payments and preferred dividends (including our pro rata share of unconsolidated joint venture fixed charges).

(8) Mortgage debt and other loans divided by market value of equity plus debt plus preferred stock.

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

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

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

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

32

Management Statements on Non-GAAP Measures		Financial Supplement
Unaudited		Third Quarter 2020

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

Core Funds from Operations (Core FFO):

We present core funds from operations, or core FFO, as a supplemental operating measure because, in excluding certain items that do not reflect core revenue or expense streams, it provides a performance measure that, when compared year over year, captures trends in our core business operating performance. We calculate core FFO by adding to or subtracting from FFO (i) termination fees and other non-core revenues, (ii) transaction and integration expenses, (iii) loss from early extinguishment of debt, (iv) issuance costs associated with redeemed preferred stock, (v) severance, equity acceleration, and legal expenses, (vi) gain/loss on FX revaluation, (vii) gain on contribution to unconsolidated joint venture, net of related tax, and (viii) 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, (ix) leasing compensation and internal lease commissions, and (x) recurring capital expenditures. Other REITs may calculate AFFO differently than we do and accordingly, our AFFO may not be comparable to other REITs’ AFFO. AFFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance.

EBITDA and Adjusted EBITDA:

We believe that earnings before interest, loss from early extinguishment of debt, income taxes, and depreciation and amortization, or EBITDA, and Adjusted EBITDA (as defined below), are useful supplemental performance measures because they allow investors to view our performance without the impact of non-cash depreciation and amortization or the cost of debt and, with respect to Adjusted EBITDA, unconsolidated joint venture real estate related depreciation & amortization, unconsolidated joint venture interest expense and tax, severance, equity acceleration, and legal expenses, transaction and integration expenses, gain on sale / deconsolidation, other non-core adjustments, net, non-controlling interests, preferred stock dividends, including undeclared dividends, and issuance costs associated with redeemed preferred stock. Adjusted EBITDA is EBITDA excluding unconsolidated joint venture real estate related depreciation & amortization, unconsolidated joint venture interest expense and tax, severance, equity acceleration, and legal expenses, transaction and integration expenses, gain on sale / deconsolidation, impairment of investments in real estate, other non-core adjustments, net, non-controlling interests, preferred stock dividends, including undeclared dividends, and 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.

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Management Statements on Non-GAAP Measures		Financial Supplement
Unaudited		Third Quarter 2020

Net Operating Income (NOI) and Cash NOI:

Net operating income, or NOI, represents rental revenue, tenant reimbursement revenue and interconnection revenue less utilities expense, rental property operating expenses, property taxes and insurance expenses (as reflected in the statement of operations). NOI is commonly used by stockholders, company management and industry analysts as a measurement of operating performance of the company’s rental portfolio. Cash NOI is NOI less straight-line rents and above- and below-market rent amortization. Cash NOI is commonly used by stockholders, company management and industry analysts as a measure of property operating performance on a cash basis. However, because NOI and cash NOI exclude depreciation and amortization and capture neither the changes in the value of our data centers that result from use or market conditions, nor the level of capital expenditures and capitalized leasing commissions necessary to maintain the operating performance of our data centers, all of which have real economic effect and could materially impact our results from operations, the utility of NOI and cash NOI as measures of our performance is limited. Other REITs may calculate NOI and cash NOI differently than we do and, accordingly, our NOI and cash NOI may not be comparable to other REITs’ NOI and cash NOI. NOI and cash NOI should be considered only as supplements to net income computed in accordance with GAAP as measures of our performance.

Additional Definitions

Net debt-to-Adjusted EBITDA ratio is calculated using total debt at balance sheet carrying value, plus capital lease obligations, plus our share of JV debt, less unrestricted cash and cash equivalents divided by the product of Adjusted EBITDA (inclusive of our share of JV EBITDA) multiplied by four.

Debt-plus-preferred-to-total enterprise value is mortgage debt and other loans plus preferred stock divided by mortgage debt and other loans 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, scheduled debt principal payments and preferred dividends. For the Quarter Ended September 30, 2020, GAAP interest expense was $89 million, capitalized interest was $12 million and scheduled debt principal payments and preferred dividends was $21 million.

Reconciliation of Net Operating Income (NOI)	Three Months Ended						Nine Months Ended
(in thousands)	30-Sep-20		30-Jun-20		30-Sep-19		30-Sep-20		30-Sep-19
Operating income		$144,405		$152,811		$164,767		$397,266		$455,282
Fee income		(3,687)		(4,353)		(3,994)		(10,492)		(6,840)
Other income		(50)		(967)		—		(1,830)		(1,050)
Depreciation and amortization		365,842		349,165		286,718		1,006,464		888,766
General and administrative		90,431		90,649		49,862		243,346		154,156
Severance, equity acceleration, and legal expenses		920		3,642		123		5,834		2,271
Transaction expenses		14,953		15,618		4,115		87,372		10,819
Impairment in investments in real estate		6,482		—		—		6,482		5,351
Other expenses		297		22		92		433		12,129
Net Operating Income		$619,593		$606,587		$501,683		$1,734,875		$1,520,884
Cash Net Operating Income (Cash NOI)
Net Operating Income		$619,593		$606,587		$501,683		$1,734,875		$1,520,884
Straight-line rental revenue		(9,215)		(10,713)		(12,673)		(33,321)		(42,208)
Straight-line rental expense		3,674		7,296		(192)		12,465		1,381
Above- and below-market rent amortization		2,360		3,794		2,824		9,447		12,988
Cash Net Operating Income		$616,412		$606,964		$491,642		$1,723,466		$1,493,045

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Forward-Looking Statements		Financial Supplement
		Third Quarter 2020

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 expected investment and expansion activity, COVID-19, 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, 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 and net income, 2020 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, 2020 backlog NOI, NAV components, and other forward-looking financial data. Such statements are based on management’s beliefs and assumptions made based on information currently available to management. Such statements are subject to risks, uncertainties and assumptions and are not guarantees of future performance and may be affected by known and unknown risks, trends, uncertainties and factors that are beyond our control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. Some of the risks and uncertainties that may cause our actual results, performance or achievements to differ materially from those expressed or implied by forward-looking statements include, among others, the following:

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

● increased competition or available supply of data center space;

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

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

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

● our ability to attract and retain customers;

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

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

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

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

● information security and data privacy breaches;

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

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

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

● difficulties in identifying properties to acquire and completing acquisitions;

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

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

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

● financial market fluctuations and changes in foreign currency exchange rates;

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

● our inability to manage our growth effectively;

● losses in excess of our insurance coverage;

● our inability to attract and retain talent;

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

● environmental liabilities, risks related to natural disastersand our inability to achieve our sustainability goals;

● our inability to comply with rulesand regulations applicable to our company;

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

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

● restrictions on our ability to engage in certain business activities;

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

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

The risks included here are not exhaustive, and additional factors could adversely affect our business and financial performance. Several additional material risks are discussed in our annual report on Form 10-K for the year ended December 31, 2019, our quarterly reports on Form 10-Q for the quarters ended June 30, 2020 and other filings with the Securities and Exchange Commission. Those risks continue to be relevant to our performance and financial condition. Moreover, we operate in a very competitive and rapidly changing environment. New risk factors emerge from time to time and it is not possible for management to predict all such risk factors, nor can it assess the impact of all such risk factors on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. We expressly disclaim any responsibility to update forward-looking statements, whether as a result of new information, future events or otherwise. Digital Realty, Digital Realty Trust, the Digital Realty logo, Turn-Key Flex and Powered Base Building are registered trademarks and service marks of Digital Realty Trust, Inc. in the United States and/or other countries.

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