8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d)
of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 11, 2021

DIGITAL REALTY TRUST, INC.

(Exact name of registrant as specified in its charter)

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

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

(737) 281-0101

(Registrant’s telephone number, including area code)

Four Embarcadero Center, Suite 3200
San Francisco, California 94111

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common Stock	DLR	New York Stock Exchange
Series C Cumulative Redeemable Perpetual Preferred Stock	DLR Pr C	New York Stock Exchange
Series J Cumulative Redeemable Preferred Stock	DLR Pr J	New York Stock Exchange
Series K Cumulative Redeemable Preferred Stock	DLR Pr K	New York Stock Exchange
Series L Cumulative Redeemable Preferred Stock	DLR Pr L	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

Item 2.02 Results of Operations and Financial Condition.

The information in this Item 2.02 of this Current Report on Form 8-K is also being furnished under Item 7.01 “Regulation FD Disclosure” of Form 8-K. Such information, including the exhibits attached hereto, is furnished pursuant to Item 2.02 and shall not be deemed “filed” for any purpose, including for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or the Exchange Act, or otherwise subject to the liabilities of that Section. The information in this Current Report on Form 8-K shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Securities Act, or the Exchange Act regardless of any general incorporation language in such filing.

On February 11, 2021, we issued a press release announcing our financial results for the quarter ended December 31, 2020. The press release referred to certain supplemental information that is available on the Company’s website at www.digitalrealty.com. A copy of the press release and supplemental information is attached hereto as Exhibit 99.1 and incorporated by reference herein.

On February 11, 2021, we also posted presentation materials to our website at www.digitalrealty.com. The presentation materials are attached hereto as Exhibit 99.2 and incorporated by reference herein.

Item 7.01 Regulation FD Disclosure.

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

On February 11, 2021, we issued a press release announcing our financial results for the quarter ended December 31, 2020. The press release referred to certain supplemental information that is available on the Company’s website at www.digitalrealty.com. A copy of the press release and supplemental information is attached hereto as Exhibit 99.1 and incorporated by reference herein.

On February 11, 2021, we also posted presentation materials to our website at www.digitalrealty.com. The presentation materials are attached hereto as Exhibit 99.2 and incorporated by reference herein.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.	Description
99.1	Earnings Press Release and Supplemental Information for the Quarter Ended December 31, 2020.
99.2	Presentation Materials posted February 11, 2021.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	Digital Realty Trust, Inc.
By:	/s/    JOSHUA A. MILLS
	Joshua A. Mills
	Executive Vice President, General Counsel and Secretary

Date: February 11, 2021

EX-99.1

		Financial Supplement
Table of Contents		Fourth Quarter 2020

Overview	PAGE
Corporate Information	3
Ownership Structure	5
Key Quarterly Financial Data	6
Consolidated Statements of Operations
Earnings Release	8
2021 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		Fourth 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 December 31, 2020, the company’s 291 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 35.9 million square feet, excluding approximately 5.4 million square feet of space under active development and 2.3 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

5707 Southwest Parkway, Building 1, Suite 275

Austin, TX  78735Telephone: (737) 281-0101
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
Mizuho Securities	MoffettNathanson	Morgan Stanley	Morningstar	New Street Research	RBC Capital Markets	Raymond James
Omotayo Okusanya	Nick Del Deo	Simon Flannery	Matthew Dolgin	Spencer Kurn	Jonathan Atkin	Frank Louthan
(646) 949-9672	(212) 519-0025	(212) 761-6432	(312) 696-6783	(212) 921-2067	(415) 633-8589	(404) 442-5867
Robert W. Baird	Stifel	TD Securities	Truist Securities	UBS	Wells Fargo	William Blair
David Rodgers	Erik Rasmussen	Jonathan Kelcher	Gregory Miller	John Hodulik	Eric Luebchow	James Breen
(216) 737-7341	(212) 271-3461	(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)		Fourth 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
	31-Dec-20		30-Sep-20		30-Jun-20		31-Mar-20		31-Dec-19
High price		$159.58		$165.49		$158.36		$143.61		$136.32
Low price		$126.79		$138.71		$127.12		$105.00		$112.32
Closing price, end of quarter		$139.51		$146.76		$142.11		$138.91		$119.74
Average daily trading volume		1,666,992		1,427,781		2,483,290		3,631,748		1,624,959
Indicated dividend per common share (1)		$4.48		$4.48		$4.48		$4.48		$4.32
Closing annual dividend yield, end of quarter		3.2%		3.1%		3.2%		3.2%		3.6%
Shares and units outstanding, end of quarter (2)		288,335,993		288,087,282		276,686,892		272,068,948		217,743,913
Closing market value of shares and units outstanding (3)		$40,225,753		$42,279,688		$39,319,974		$37,793,099		$26,072,656

(1) On an annualized basis.

(2) As of December 31, 2020, the total number of shares and units includes 280,289,726 shares of common stock, 6,212,369 common units held by third parties and 1,833,898 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 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 December 31, 2020		Fourth Quarter 2020

Partner	# of Units (2)	% Ownership
Digital Realty Trust, Inc.	280,289,726	97.2%
Third-Party Unitholders	6,212,369	2.2%
Directors, Officers and Others (3)	1,833,898	0.6%
Total	288,335,993	100.0%

(1) Includes properties owned by joint ventures.

(2) The total number of units includes 280,289,726 general partnership common units, 6,212,369 common units held by third parties and 1,833,898 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 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		Fourth Quarter 2020

Shares and Units at End of Quarter	31-Dec-20		30-Sep-20		30-Jun-20		31-Mar-20		31-Dec-19
Common shares outstanding		280,289,726		279,920,621		268,399,073		263,595,562		208,900,758
Common units outstanding		8,046,267		8,166,661		8,287,819		8,473,386		8,843,155
Total Shares and Partnership Units		288,335,993		288,087,282		276,686,892		272,068,948		217,743,913
Enterprise Value
Market value of common equity (1)		$40,225,753		$42,279,688		$39,319,974		$37,793,099		$26,072,656
Liquidation value of preferred equity		956,250		1,206,250		1,456,250		1,456,250		1,456,250
Total debt at balance sheet carrying value		13,304,717		12,874,760		12,371,621		12,251,332		10,122,448
Total Enterprise Value		$54,486,720		$56,360,698		$53,147,845		$51,500,681		$37,651,354
Total debt / total enterprise value		24.4%		22.8%		23.3%		23.8%		26.9%
Debt-plus-preferred-to-total-enterprise-value		26.2%		25.0%		26.0%		26.6%		30.8%
Selected Balance Sheet Data
Investments in real estate (before depreciation)		$27,286,333		$25,712,654		$24,566,041		$23,883,615		$20,053,853
Total Assets		36,076,291		35,435,333		33,862,636		33,113,300		23,068,131
Total Liabilities		17,587,944		16,995,581		16,139,403		15,896,733		12,418,566
Selected Operating Data
Total operating revenues		$1,062,609		$1,024,668		$992,995		$823,337		$787,463
Total operating expenses		902,345		880,263		840,184		723,288		648,530
Interest expense		77,848		89,499		79,874		85,800		80,880
Net income / (loss)		59,510		(1,452)		75,978		228,698		349,326
Net income / (loss) available to common stockholders		44,178		(37,368)		53,676		202,859		315,577
Financial Ratios
EBITDA (2)		$534,839		$487,033		$494,205		$587,930		$669,734
Adjusted EBITDA (3)		578,156		568,054		558,690		482,093		475,366
Net Debt to Adjusted EBITDA (4)		6.1x		5.6x		5.7x		6.6x		5.7x
Interest expense		77,848		89,499		79,874		85,800		80,880
Fixed charges (5)		103,198		122,590		114,219		117,560		111,674
Interest coverage ratio (6)		5.8x		5.2x		5.6x		4.6x		4.7x
Fixed charge coverage ratio (7)		5.1x		4.4x		4.6x		3.8x		3.9x
Profitability Measures
Net income / (loss) per common share - basic		$0.16		($0.14)		$0.20		$0.91		$1.51
Net income / (loss) per common share - diluted		$0.16		($0.14)		$0.20		$0.90		$1.50
Funds from operations (FFO) / diluted share and unit (8)		$1.45		$1.19		$1.49		$0.91		$1.62
Core funds from operations (Core FFO) / diluted share and unit (8)		$1.61		$1.54		$1.54		$1.53		$1.62
Adjusted funds from operations (AFFO) / diluted share and unit (9)		$1.41		$1.47		$1.50		$1.44		$1.41
Dividends per share and common unit		$1.12		$1.12		$1.12		$1.12		$1.08
Diluted FFO payout ratio (8) (10)		77.1%		94.0%		75.3%		122.8%		66.8%
Diluted Core FFO payout ratio (8) (11)		69.5%		72.9%		72.7%		73.2%		66.7%
Diluted AFFO payout ratio (9) (12)		79.5%		76.0%		74.5%		78.0%		76.6%
Portfolio Statistics
Buildings (13)		307		301		292		226		225
Data Centers (13)		291		284		280		213		213
Cross-connects (13)(14)		164,000		162,000		160,000		91,600		81,000
Net rentable square feet, excluding development space (13)		35,876,316		35,362,293		34,014,743		29,751,501		29,031,962
Occupancy at end of quarter (15)		86.3%		85.9%		85.7%		87.2%		86.8%
Occupied square footage (13)		30,955,049		30,380,962		29,137,446		25,955,208		25,197,701
Space under active development (16)		5,391,969		5,402,552		6,020,444		4,315,469		4,471,083
Space held for development (17)		2,290,810		2,423,801		2,234,248		1,676,219		1,758,489
Weighted average remaining lease term (years) (18)		4.7		4.8		4.8		5.1		5.2
Same-capital occupancy at end of quarter (15) (19)		87.1%		87.5%		87.5%		87.3%		87.1%

6

Key Quarterly Financial Data		Financial Supplement
Unaudited and Dollars in Thousands, Except Per Share Data		Fourth 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 on a one-for-one basis. 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) Represents approximate amounts.

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

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

(17) 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.

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

(19) Represents buildings owned as of December 31, 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		Fourth Quarter 2020

DIGITAL REALTY REPORTS FOURTH QUARTER 2020 RESULTS

Austin, TX — February 11, 2021 — 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 fourth quarter of 2020. All per-share results are presented on a fully-diluted share and unit basis.

Highlights

◾ Reported net income available to common stockholders of $0.16 per share in 4Q20, compared to net income available to common stockholders of $1.50 in 4Q19

◾ Reported FFO per share of $1.45 in 4Q20, compared to $1.62 in 4Q19

◾ Reported core FFO per share of $1.61 in 4Q20, compared to $1.62 in 4Q19

◾ Signed total bookings during 4Q20 expected to generate $130 million of annualized GAAP rental revenue, including a $12 million contribution from interconnection

◾ Introduced core FFO per share outlook from $6.40-$6.50

Financial Results

Digital Realty reported revenues for the fourth quarter of 2020 of $1.1 billion, a 4% increase from the previous quarter and a 35% increase from the same quarter last year.

The company delivered fourth quarter of 2020 net income of $60 million, and net income available to common stockholders of $44 million, or $0.16 per diluted share, compared to a net loss available to common stockholders of ($0.14) per diluted share in the previous quarter and net income available to common stockholders of $1.50 per diluted share in the same quarter last year.

Digital Realty generated fourth quarter of 2020 Adjusted EBITDA of $578 million, a 2% increase from the previous quarter and a 22% increase over the same quarter last year.

The company reported fourth quarter of 2020 funds from operations of $420 million, or $1.45 per share, compared to $1.19 per share in the previous quarter and $1.62 per share in the same quarter last year.

Excluding certain items that do not represent core expenses or revenue streams, Digital Realty delivered fourth quarter of 2020 core FFO per share of $1.61, a 5% increase from $1.54 per share in the previous quarter, and a 1% decrease from $1.62 per share in the same quarter last year.

Leasing Activity

In the fourth quarter, Digital Realty signed total bookings expected to generate $130 million of annualized GAAP rental revenue, including a $12 million contribution from interconnection.

“We closed 2020 with a strong finish, delivering record bookings for the full year,” said Digital Realty Chief Executive Officer A. William Stein. “This tremendous achievement is a testament to the consistent execution and growth across our global platform. Our book of business outside the Americas has expanded meaningfully, while our colocation and interconnection business represents a rapidly growing share as we continue to gain traction with enterprise customers as well as service providers. We look forward to building upon this momentum into 2021 and beyond, and we remain confident that our global platform will continue to deliver sustainable growth for all stakeholders.”

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

In addition to new leases signed, Digital Realty also signed renewal leases representing $156 million of annualized GAAP rental revenue during the quarter. Rental rates on renewal leases signed during the fourth quarter of 2020 rolled up 1.0% on a cash basis and up 3.4% on a GAAP basis.

8

Digital Realty Trust
Earnings Release		Fourth Quarter 2020

New leases signed during the fourth 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		$11,787	47,661		$247	4.3		$226
> 1 MW		20,285	175,729		115	19.2		88
Other (1)		611	12,931		47	—		—
Total		$32,683	236,321		$138	23.6		$113
EMEA (2)
0-1 MW		$12,968	55,393		$234	3.9		$274
> 1 MW		51,718	439,791		118	38.6		112
Other (1)		74	753		98	—		—
Total		$64,760	495,937		$131	42.5		$127
Asia Pacific (2)
0-1 MW		$6,292	18,967		$332	1.0		$525
> 1 MW		9,820	86,105		114	8.7		94
Other (1)		4,678	135,178		35	—		—
Total		$20,790	240,250		$87	9.7		$138
All Regions (2)
0-1 MW		$31,047	122,021		$254	9.3		$279
> 1 MW		81,824	701,625		117	66.5		103
Other (1)		5,363	148,862		36	—		—
Total		$118,234	972,507		$122	75.8		$124
Interconnection		$12,110	N/A		N/A	N/A		N/A
Grand Total		$130,344	972,507		$122	75.8		$124

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 December 31, 2020.

Investment Activity

During the fourth quarter of 2020, Digital Realty closed on the previously announced acquisition of Lamda Hellix, the largest carrier-neutral colocation and interconnection provider in Greece.

Likewise during the fourth quarter of 2020, Digital Realty closed on the previously announced acquisition of the Neckerman expansion parcel within approximately one kilometer of the Hanauer Landstraße campus for €177 million, or approximately $217 million. The expansion parcel totals 107,000 square meters, will support the development of up to 180 megawatts of additional IT capacity and will be fully connected to the existing campus.

During the fourth quarter of 2020, Digital Realty acquired a building in Paris, France previously subject to a leasehold for a total purchase price of €6 million, or approximately $7 million. Digital Realty also sold a vacant building in Amsterdam, the Netherlands for €6 million, or approximately $7 million.

9

Digital Realty Trust
Earnings Release		Fourth Quarter 2020

Balance Sheet

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

◾ In mid-October, Digital Realty redeemed all £300 million of its 4.750% notes due 2023 and redeemed all $250 million of its 5.875% series G preferred stock.

◾ Subsequent to quarter-end, Digital Realty closed an offering of €1.0 billion, or approximately $1.2 billion, of 0.625% Euro bonds due 2031.

◾ Also subsequent to quarter end, Digital Realty redeemed all $350 million of its outstanding 2.75% notes due 2023 and repaid the entire $537 million outstanding balance on its unsecured term loan.

Digital Realty had approximately $13.3 billion of total debt outstanding as of December 31, 2020, comprised of $13.2 billion of unsecured debt and approximately $0.2 billion of secured debt. At the end of the fourth quarter of 2020, net debt-to-Adjusted EBITDA was 6.1x, debt plus-preferred-to-total enterprise value was 26.2% and fixed charge coverage was 5.1x.

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 2021 development activities. We believe we have ample liquidity to fund our business needs, given the $109 million of cash on the balance sheet and $2.1 billion of availability under our global revolving credit facilities as of December 31, 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		Fourth Quarter 2020

2021 Outlook

Digital Realty introduced its 2021 core FFO per share outlook of $6.40-$6.50. The assumptions underlying the outlook are summarized in the following table.

	As of
Top-Line and Cost Structure	February 11, 2021
Total revenue	$4.250 - $4.350 billion
Net non-cash rent adjustments (1)	($10) - ($15) million
Adjusted EBITDA	$2.300 - $2.350 billion
G&A	$365 - $375 million
Internal Growth
Rental rates on renewal leases
Cash basis	Slightly negative
GAAP basis	Slightly positive
Year-end portfolio occupancy (2)	84.0% - 85.0%
"Same-capital" cash NOI growth (3)	(2.5%) - (3.5%)
Foreign Exchange Rates
U.S. Dollar / Pound Sterling	$1.25 - $1.30
U.S. Dollar / Euro	$1.15 - $1.20
External Growth
Dispositions
Dollar volume	$0.6 - $1.0 billion
Cap rate	0.0% - 12.0%
Development
CapEx (4)	$2.0 - $2.3 billion
Average stabilized yields	9.0% - 15.0%
Enhancements and other non-recurring CapEx (5)	$5 - $10 million
Recurring CapEx + capitalized leasing costs (6)	$220 - $230 million
Balance Sheet
Long-term debt issuance
Dollar amount	$1.0 - $1.5 billion
Pricing	1.00%
Timing	Early-to-mid 2021
Net income per diluted share	$1.40 - $1.45
Real estate depreciation and (gain) / loss on sale	$4.90 - $4.90
Funds From Operations / share (NAREIT-Defined)	$6.30 - $6.35
Non-core expenses and revenue streams	$0.10 - $0.15
Core Funds From Operations / share	$6.40 - $6.50

(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 December 31, 2020.

(3) The “same-capital” pool includes properties owned as of December 31, 2019 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 2020-2021, 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		Fourth 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. ESST / 2:30 p.m. PSST on February 11, 2021, 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 Fourth 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# 4603911 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 March 11, 2021. 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# 10150290. 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 290 facilities in 49 metros across 24 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		Fourth Quarter 2020

	Three Months Ended					Twelve Months Ended
	31-Dec-20	30-Sep-20	30-Jun-20	31-Mar-20	31-Dec-19		31-Dec-20	31-Dec-19
Rental revenues	$754,422	$726,441	$698,041	$579,774	$549,733		$2,758,678	$2,266,058
Tenant reimbursements - Utilities	154,937	155,111	141,576	113,520	107,518		565,144	431,215
Tenant reimbursements - Other	62,084	53,654	62,630	56,943	59,641		235,311	235,795
Interconnection & other	86,424	85,725	85,428	69,835	65,576		327,412	263,288
Fee income	4,722	3,687	4,353	2,452	4,814		15,214	11,654
Other	20	50	967	813	181		1,850	1,231
Total Operating Revenues	$1,062,609	$1,024,668	$992,995	$823,337	$787,463		$3,903,609	$3,209,241
Utilities	$169,282	$177,925	$160,173	$129,526	$125,127		$636,905	$505,424
Rental property operating	205,177	180,755	172,474	136,182	129,034		694,588	515,154
Property taxes	42,442	39,732	45,071	42,123	42,541		169,368	159,593
Insurance	3,410	2,926	3,370	3,547	3,055		13,253	12,590
Depreciation & amortization	359,915	365,842	349,165	291,457	275,008		1,366,379	1,163,774
General & administration	101,582	90,431	90,649	62,266	53,540		344,928	207,696
Severance, equity acceleration, and legal expenses	606	920	3,642	1,272	1,130		6,440	3,401
Transaction and integration expenses	19,290	14,953	15,618	56,801	17,106		106,662	27,925
Impairment of investments in real estate	—	6,482	—	—	—		6,482	5,351
Other expenses	641	297	22	114	1,989		1,074	14,118
Total Operating Expenses	$902,345	$880,263	$840,184	$723,288	$648,530		$3,346,079	$2,615,026
Operating Income	$160,264	$144,405	$152,811	$100,049	$138,933		$557,530	$594,215
Equity in earnings (loss) of unconsolidated joint ventures	31,055	(2,056)	(7,632)	(78,996)	11,157		(57,629)	8,067
Gain on sale / deconsolidation	1,684	10,410	—	304,801	267,651		316,895	335,148
Interest and other (expense) income, net	(2,747)	4,348	22,163	(3,542)	10,734		20,222	66,000
Interest (expense)	(77,848)	(89,499)	(79,874)	(85,800)	(80,880)		(333,021)	(353,057)
Income tax (expense) benefit	(3,322)	(16,053)	(11,490)	(7,182)	1,731		(38,047)	(11,995)
Loss from early extinguishment of debt	(49,576)	(53,007)	—	(632)	—		(103,215)	(39,157)
Net Income / (Loss)	$59,510	($1,452)	$75,978	$228,698	$349,326		$362,735	$599,221
Net (income) loss attributable to noncontrolling interests	(1,818)	1,316	(1,147)	(4,684)	(13,042)		(6,333)	(19,460)
Net Income / (Loss) Attributable to Digital Realty Trust, Inc.	$57,692	($136)	$74,831	$224,014	$336,284		$356,402	$579,761
Preferred stock dividends, including undeclared dividends	(13,514)	(20,712)	(21,155)	(21,155)	(20,707)		(76,536)	(74,990)
Issuance costs associated with redeemed preferred stock	—	(16,520)	—	—	—		(16,520)	(11,760)
Net Income / (Loss) Available to Common Stockholders	$44,178	($37,368)	$53,676	$202,859	$315,577		$263,346	$493,011
Weighted-average shares outstanding - basic	280,117,213	270,214,413	267,569,823	222,163,324	208,776,355		260,098,978	208,325,823
Weighted-average shares outstanding - diluted	281,122,368	270,214,413	270,744,408	224,474,295	210,286,278		262,522,508	209,481,231
Weighted-average fully diluted shares and units	288,903,143	281,523,515	278,719,109	232,753,630	218,901,078		270,496,513	218,440,163
Net income / (loss) per share - basic	$0.16	($0.14)	$0.20	$0.91	$1.51		$1.01	$2.37
Net income / (loss) per share - diluted	$0.16	($0.14)	$0.20	$0.90	$1.50		$1.00	$2.35

13

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

	Three Months Ended						Year Ended
Reconciliation of Net Income to Funds From Operations (FFO)		31-Dec-20	30-Sep-20	30-Jun-20	31-Mar-20	31-Dec-19		31-Dec-20	31-Dec-19
Net (Loss) / Income Available to Common Stockholders		$44,178	($37,368)	$53,676	$202,859	$315,577		$263,345	$493,011
Adjustments:
Non-controlling interest operating partnership		1,300	(1,000)	1,400	7,800	13,100		9,500	21,100
Real estate related depreciation & amortization (1)		354,366	358,619	342,334	286,517	271,371		1,341,836	1,149,240
Unconsolidated JV real estate related depreciation & amortization		21,471	19,213	17,123	19,923	21,631		77,730	52,716
(Gain) on real estate transactions		(1,684)	(10,410)	-	(304,801)	(267,651)		(316,895)	(267,651)
Impairment of investments in real estate		-	6,482	-	-	-		6,482	5,351
Funds From Operations - diluted		$419,631	$335,536	$414,533	$212,298	$354,028		$1,381,998	$1,453,767
Weighted-average shares and units outstanding - basic		287,898	278,079	275,545	230,443	217,391		268,073	217,285
Weighted-average shares and units outstanding - diluted (2)		288,903	281,524	278,719	232,754	218,901		270,497	218,440
Funds From Operations per share - basic		$1.46	$1.21	$1.50	$0.92	$1.63		$5.16	$6.69
Funds From Operations per share - diluted (2)		$1.45	$1.19	$1.49	$0.91	$1.62		$5.11	$6.66

	Three Months Ended						Year Ended
Reconciliation of FFO to Core FFO		31-Dec-20	30-Sep-20	30-Jun-20	31-Mar-20	31-Dec-19		31-Dec-20	31-Dec-19
Funds From Operations - diluted		$419,631	$335,536	$414,533	$212,298	$354,028		$1,381,998	$1,453,767
Termination fees and other non-core revenues (3)		(25)	(5,713)	(21,908)	(2,425)	(5,634)		(30,071)	(53,697)
Transaction and integration expenses		19,290	14,953	15,618	56,801	17,106		106,662	27,925
Loss from early extinguishment of debt		49,576	53,007	-	632	-		103,215	39,157
Issuance costs associated with redeemed preferred stock		-	16,520	-	-	-		16,520	11,760
Severance, equity acceleration, and legal expenses (4)		606	920	3,642	1,272	1,130		6,440	3,401
(Gain) / Loss on FX revaluation		(27,190)	10,312	17,526	81,288	(10,422)		81,936	18,067
(Gain) on contribution to unconsolidated JV, net of related tax		-	-	-	-	-		-	(58,497)
Other non-core expense adjustments		3,353	6,697	22	5,509	(1,511)		15,581	10,618
Core Funds From Operations - diluted		$465,241	$432,232	$429,433	$355,375	$354,697		$1,682,281	$1,452,501
Weighted-average shares and units outstanding - diluted (2)		288,903	281,524	278,719	232,754	218,901		270,497	218,440
Core Funds From Operations per share - diluted (2)		$1.61	$1.54	$1.54	$1.53	$1.62		$6.22	$6.65

(1) Real Estate Related Depreciation & Amortization	Three Months Ended						Year Ended
		31-Dec-20	30-Sep-20	30-Jun-20	31-Mar-20	31-Dec-19		31-Dec-20	31-Dec-19
Depreciation & amortization per income statement		$359,915	$365,842	$349,165	$291,457	$275,008		1,366,379	1,163,774
Non-real estate depreciation		(5,549)	(7,223)	(6,831)	(4,940)	(3,637)		(24,543)	(14,534)
Real Estate Related Depreciation & Amortization		$354,366	$358,619	$342,334	$286,517	$271,371		$1,341,836	$1,149,240

(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 definitions 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		Fourth Quarter 2020

	Three Months Ended						Year Ended
Reconciliation of Core FFO to AFFO		31-Dec-20	30-Sep-20	30-Jun-20	31-Mar-20	31-Dec-19		31-Dec-20	31-Dec-19
Core FFO available to common stockholders and unitholders		$465,241	$432,232	$429,433	$355,375	$354,697		$1,682,281	$1,452,501
Adjustments:
Non-real estate depreciation		5,549	7,223	6,831	4,940	3,637		24,543	14,534
Amortization of deferred financing costs		3,709	3,655	3,661	4,260	3,064		15,285	13,362
Amortization of debt discount/premium		1,033	987	1,011	943	612		3,974	2,353
Non-cash stock-based compensation expense		16,315	15,969	15,060	12,153	8,937		59,497	34,903
Straight-line rental revenue		(14,402)	(10,017)	(10,928)	(15,404)	(13,994)		(50,751)	(55,770)
Straight-line rental expense		3,629	3,934	7,373	1,460	(342)		16,396	1,002
Above- and below-market rent amortization		3,239	2,360	3,794	3,294	4,109		12,687	17,097
Deferred tax (expense) benefit		(4,226)	6,421	(150)	(792)	(998)		1,253	(18,792)
Leasing compensation & internal lease commissions (1)		10,506	6,052	1,739	2,793	3,646		21,090	14,506
Recurring capital expenditures (2)		(83,571)	(53,683)	(38,796)	(34,677)	(54,731)		(210,727)	(180,713)
AFFO available to common stockholders and unitholders (3)		$407,022	$415,133	$419,028	$334,345	$308,637		$1,575,528	$1,294,983
Weighted-average shares and units outstanding - basic		287,898	278,079	275,545	230,443	217,391		268,073	217,285
Weighted-average shares and units outstanding - diluted (4)		288,903	281,524	278,719	232,754	218,901		270,497	218,440
AFFO per share - diluted (4)		$1.41	$1.47	$1.50	$1.44	$1.41		$5.82	$5.93
Dividends per share and common unit		$1.12	$1.12	$1.12	$1.12	$1.08		$4.48	$4.32
Diluted AFFO Payout Ratio		79.5%	76.0%	74.5%	78.0%	76.6%		76.9%	72.9%

	Three Months Ended						Year Ended
Share Count Detail		31-Dec-20	30-Sep-20	30-Jun-20	31-Mar-20	31-Dec-19		31-Dec-20	31-Dec-19
Weighted Average Common Stock and Units Outstanding		287,898	278,079	275,545	230,443	217,391		268,073	217,285
Add: Effect of dilutive securities		1,005	3,445	3,174	2,311	1,510		2,424	1,155
Weighted Avg. Common Stock and Units Outstanding - diluted		288,903	281,524	278,719	232,754	218,901		270,497	218,440

(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		Fourth Quarter 2020

	31-Dec-20		30-Sep-20		30-Jun-20		31-Mar-20		31-Dec-19
Assets
Investments in real estate:
Real estate		$23,142,988		$22,125,486		$20,843,273		$20,477,290		$16,886,592
Construction in progress		2,768,326		2,328,654		2,514,324		2,204,869		1,732,555
Land held for future development		226,862		198,536		175,209		137,447		147,597
Investments in real estate		$26,138,175		$24,652,676		$23,532,806		$22,819,606		$18,766,744
Accumulated depreciation and amortization		(5,555,221)		(5,250,140)		(4,945,534)		(4,694,713)		(4,536,169)
Net Investments in Properties		$20,582,954		$19,402,536		$18,587,272		$18,124,893		$14,230,575
Investment in unconsolidated joint ventures		1,148,158		1,059,978		1,033,235		1,064,009		1,287,109
Net Investments in Real Estate		$21,731,112		$20,462,514		$19,620,507		$19,188,902		$15,517,684
Cash and cash equivalents		$108,501		$971,305		$505,174		$246,480		$89,817
Accounts and other receivables (1)		603,111		585,506		542,750		527,699		305,501
Deferred rent		528,180		510,627		496,684		484,179		478,744
Customer relationship value, deferred leasing costs & other intangibles, net		3,122,904		3,106,414		3,128,140		3,500,588		2,195,324
Acquired above-market leases, net		43,294		50,080		57,535		66,033		74,815
Goodwill		8,330,996		8,012,256		7,791,522		7,466,046		3,363,070
Assets associated with real estate held for sale		—		—		10,981		—		229,934
Operating lease right-of-use assets (2)		1,386,959		1,363,285		1,375,427		1,364,621		628,681
Other assets		221,234		373,346		333,916		268,752		184,561
Total Assets		$36,076,291		$35,435,333		$33,862,636		$33,113,300		$23,068,131
Liabilities and Equity
Global unsecured revolving credit facilities		$531,905		$124,082		$64,492		$603,101		$234,105
Unsecured term loans		536,580		512,642		799,550		771,425		810,219
Unsecured senior notes, net of discount		11,997,010		11,999,170		11,268,753		10,637,006		8,973,190
Secured debt, net of premiums		239,222		238,866		238,826		239,800		104,934
Operating lease liabilities (2)		1,468,712		1,444,060		1,451,152		1,431,292		693,539
Accounts payable and other accrued liabilities		1,987,580		2,187,025		1,828,288		1,732,318		1,007,761
Accrued dividends and distributions		324,386		571		—		—		234,620
Acquired below-market leases		130,890		135,263		139,851		145,208		148,774
Security deposits and prepaid rent		371,659		353,902		348,253		336,583		208,724
Liabilities associated with assets held for sale		—		—		238		—		2,700
Total Liabilities		$17,587,944		$16,995,581		$16,139,403		$15,896,733		$12,418,566
Redeemable non-controlling interests - operating partnership		42,011		41,265		40,584		40,027		41,465
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
Series I Cumulative Redeemable Preferred Stock (5)		—		—		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		334,886
Common Stock: $0.01 par value per share, 392,000,000 shares authorized (9)		2,788		2,784		2,670		2,622		2,073
Additional paid-in capital		20,626,897		20,566,645		19,292,311		18,606,766		11,577,320
Dividends in excess of earnings		(3,997,938)		(3,726,901)		(3,386,525)		(3,139,350)		(3,046,579)
Accumulated other comprehensive income (loss), net		135,010		(123,623)		(358,349)		(444,222)		(87,922)
Total Stockholders' Equity		$17,717,697		$17,669,845		$16,984,527		$16,460,236		$9,879,312
Noncontrolling Interests
Noncontrolling interest in operating partnership		$608,980		$620,676		$633,831		$656,266		$708,163
Noncontrolling interest in consolidated joint ventures		119,659		107,966		64,291		60,038		20,625
Total Noncontrolling Interests		$728,639		$728,642		$698,122		$716,304		$728,788
Total Equity		$18,446,336		$18,398,487		$17,682,649		$17,176,540		$10,608,100
Total Liabilities and Equity		$36,076,291		$35,435,333		$33,862,636		$33,113,300		$23,068,131

(1) Net of allowance for doubtful accounts of $18,825 and $13,753 as of December 31, 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 December 31, 2020 and December 31, 2019, respectively.

(4) SeriesG Cumulative Redeemable Preferred Stock, 5.875%, $0 (redeemed October 15, 2020, reclassified 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 December 31, 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 December 31, 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 December 31, 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 December 31, 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 December 31, 2020 and December 31, 2019, respectively.

(9) Common Stock: 280,289,726 and 208,900,758 shares issued and outstanding as of December 31, 2020 and December 31, 2019, respectively.

16

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

Consolidated Properties Cash Net Operating Income (NOI)(2), Annualized (3)
Network-Dense	$909,253
Campus	1,407,426
Other (4)	199,730
Total Cash NOI, Annualized	$2,516,409
less: Partners' share of consolidated JVs	(712)
Acquisitions / dispositions / expirations	(76,492)
FY 2021 backlog cash NOI and 4Q20 carry-over (stabilized) (5)	157,712
Total Consolidated Cash NOI, Annualized	$2,596,917
Digital Realty's Pro Rata Share of Unconsolidated Joint Venture Cash NOI (3)(6)	$143,244
Other Income
Development and Management Fees (net), Annualized	$18,888
Other Assets
Pre-stabilized inventory, at cost (7)	$393,647
Land held for development	226,862
Development CIP (8)	2,768,326
less: Investment associated with FY21 Backlog NOI	(611,392)
Cash and cash equivalents	108,501
Accounts and other receivables, net	603,111
Other assets	221,234
less: Partners' share of consolidated JV assets	(193)
Total Other Assets	$3,710,095
Liabilities
Global unsecured revolving credit facilities	$540,184
Unsecured term loans	537,470
Unsecured senior notes	12,096,030
Secured debt, excluding premiums	239,330
Accounts payable and other accrued liabilities (9)	1,987,580
Accrued dividends and distributions	324,386
Security deposits and prepaid rents	371,659
Backlog NOI cost to complete (10)	471,701
Preferred stock	956,250
Digital Realty's share of unconsolidated JV debt	574,055
Total Liabilities	$18,098,645
Diluted Shares and Units Outstanding	289,341

(1) Includes Digital Realty’s share of backlog leasing at unconsolidated joint venture buildings. Excludes Mitsbushi Corporation Digital Realty (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 4Q20 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 $659.3 million.

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

17

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

	As of December 31, 2020
		Interest Rate
	Interest	Including
	Rate	Swaps	2021	2022	2023	2024	2025	Thereafter	Total
Global Unsecured Revolving Credit Facilities (1)
Global unsecured revolving credit facilities - Unhedged	0.950%	0.950%	—	—	—	$493,241	—	—	$493,241
Yen revolving credit facility	0.500%	0.500%	—	—	—	46,943	—	—	46,943
Deferred financing costs, net	—	—	—	—	—	—	—	—	(8,279)
Total Global Unsecured Revolving Credit Facilities	0.911%	0.911%	—	—	—	$540,184	—	—	$531,905
Unsecured Term Loans (1)
Unhedged variable rate portion of five-year term loan	1.106%	1.106%	—	—	—	$460,118	—	—	$460,118
Hedged variable rate portion of five-year term loan	1.470%	1.779%	—	—	—	77,352	—	—	77,352
Deferred financing costs, net	—	—	—	—	—	—	—	—	(890)
Total Unsecured Term Loan	1.159%	1.203%	—	—	—	$537,470	—	—	$536,580
Senior Notes
Floating rate notes due 2022	—	—	—	$366,480	—	—	—	—	$366,480
0.125% notes due 2022	0.125%	0.125%	—	366,480	—	—	—	—	366,480
2.750% notes due 2023	2.750%	2.750%	—	—	$350,000	—	—	—	350,000
2.625% notes due 2024	2.625%	2.625%	—	—	—	$732,960	—	—	732,960
2.750% notes due 2024	2.750%	2.750%	—	—	—	341,750	—	—	341,750
4.250% notes due 2025	4.250%	4.250%	—	—	—	—	$546,800	—	546,800
0.625% notes due 2025	0.625%	0.625%	—	—	—	—	794,040	—	794,040
4.750% notes due 2025	4.750%	4.750%	—	—	—	—	450,000	—	450,000
2.500% notes due 2026	2.500%	2.500%	—	—	—	—	—	$1,313,220	1,313,220
3.700% notes due 2027	3.700%	3.700%	—	—	—	—	—	1,000,000	1,000,000
1.125% notes due 2028	1.125%	1.125%	—	—	—	—	—	610,800	610,800
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%	—	—	—	—	—	478,450	478,450
1.500% notes due 2030	1.500%	1.500%	—	—	—	—	—	916,200	916,200
3.750% notes due 2030	3.750%	3.750%	—	—	—	—	—	751,850	751,850
1.250% notes due 2031	1.250%	1.250%	—	—	—	—	—	610,800	610,800
1.000% notes due 2032	1.000%	1.000%	—	—	—	—	—	916,200	916,200
Unamortized discounts	—	—	—	—	—	—	—	—	(34,990)
Deferred financing costs	—	—	—	—	—	—	—	—	(64,030)
Total Senior Notes	2.487%	2.487%	—	732,960	$350,000	$1,074,710	$1,790,840	$8,147,520	$11,997,010
Secured Debt
Lamda Hellix S.A. loan	1.200%	1.200%	—	$330	—	—	—	—	$330
Westin	3.290%	3.290%	—	—	—	—	—	$135,000	135,000
Secured note due 2023	1.159%	2.435%	—	—	$104,000	—	—	—	104,000
Unamortized discounts	—	—	—	—	—	—	—	—	(4)
Deferred financing costs	—	—	—	—	—	—	—	—	(104)
Total Secured Debt	2.361%	2.916%	—	$330	$104,000	—	—	$135,000	$239,222
Total unhedged variable rate debt	—	—	—	$366,480	—	$1,000,302	—	—	$1,366,782
Total fixed rate / hedged variable rate debt	—	—	—	366,810	$454,000	1,152,062	$1,790,840	$8,282,520	12,046,232
Total Debt	2.368%	2.380%	—	$733,290	$454,000	$2,152,364	$1,790,840	$8,282,520	$13,413,014
Weighted Average Interest Rate			—	0.062%	2.678%	1.860%	2.768%	2.620%	2.380%
Summary
Weighted Average Term to Initial Maturity									6.2 Years
Weighted Average Maturity (assuming exercise of extension options)									6.3 Years

Global Unsecured Revolving Credit Facility Detail As of December 31, 2020
	Maximum Available	Existing Capacity (2)	Currently Drawn
Global Unsecured Revolving Credit Facility	$2,724,097	$2,121,534	$540,184

(1) Assumes all extensions will be exercised.

(2) Net of letters of credit issued of $62.4 million.

Note: Excludes €1.0 billion aggregate principal amount of 0.625% Guaranteed Notes due 2031 that were issued in January 2021.

18

Debt Analysis and Covenant Compliance		Financial Supplement
Unaudited		Fourth Quarter 2020

	As of December 31, 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%	38%	Less than 60% (5)	29%
Secured debt / total assets (6)	Less than 40%	1%	1%	Less than 40%	1%
Total unencumbered assets / unsecured debt	Greater than 150%	216%	239%	N/A	N/A
Consolidated EBITDA / interest expense (7)	Greater than 1.5x	5.7x	5.7x	N/A	N/A
Fixed charge coverage		N/A	N/A	Greater than 1.5x	5.8x
Unsecured debt / total unencumbered asset value (8)		N/A	N/A	Less than 60%	38%
Unencumbered assets debt service coverage ratio		N/A	N/A	Greater than 1.5x	6.3x

(1) For definitions of the terms used in the table above and related footnotes, please refer to the indentures which govern the notes, the 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 rate notes due 2022, 1.250% notes due 2031 and 1.00% notes due 2032.

(3) Ratios for the floating rate notes 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		Fourth Quarter 2020

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

	Three Months Ended										Twelve Months Ended
	31-Dec-20		31-Dec-19		% Change		30-Sep-20		% Change		31-Dec-20		31-Dec-19		% Change
Rental revenues		$430,052		$422,472		1.8%		$425,997		1.0%		$1,702,239		$1,726,174		(1.4%)
Tenant reimbursements - Utilities		78,526		82,833		(5.2%)		83,306		(5.7%)		322,027		338,425		(4.8%)
Tenant reimbursements - Other		47,876		49,691		(3.7%)		42,788		11.9%		185,832		187,313		(0.8%)
Interconnection & other		56,133		55,355		1.4%		56,296		(0.3%)		223,223		218,324		2.2%
Total Revenue		$612,587		$610,351		0.4%		$608,387		0.7%		$2,433,321		$2,470,236		(1.5%)
Utilities		$92,868		$95,882		(3.1%)		$100,698		(7.8%)		$377,444		$391,741		(3.6%)
Rental property operating		108,577		98,256		10.5%		98,947		9.7%		395,283		386,264		2.3%
Property taxes		30,979		32,549		(4.8%)		27,204		13.9%		119,659		115,708		3.4%
Insurance		2,921		2,668		9.5%		2,876		1.6%		11,545		10,285		12.3%
Total Expenses		$235,345		$229,355		2.6%		$229,725		2.4%		$903,931		$903,998		(0.0%)
Net Operating Income (2)		$377,242		$380,996		(1.0%)		$378,662		(0.4%)		$1,529,390		$1,566,238		(2.4%)
Less:
Stabilized straight-line rent		($2,745)		($2,900)		(5.3%)		($3,395)		(19.1%)		($8,740)		$9,304		(193.9%)
Above- and below-market rent		(851)		(3,093)		(72.5%)		(1,435)		(40.7%)		(6,791)		(17,920)		(62.1%)
Cash Net Operating Income (3)		$380,838		$386,989		(1.6%)		$383,492		(0.7%)		$1,544,921		$1,574,854		(1.9%)
Stabilized Portfolio occupancy at period end (4)		87.1%		87.1%		0.0%		87.5%		(0.4%)		87.1%		87.1%		0.0%

(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 December 31, 2020		Fourth Quarter 2020

	0-1 MW				> 1 MW				Other (3)				Total
Leasing Activity - New (1) (2)	4Q20		LTM		4Q20		LTM		4Q20		LTM		4Q20		LTM
Annualized GAAP Rent		$31,047		$97,065		$81,824		$270,197		$5,363		$24,144		$118,234		$391,405
Kilowatt leased		9,281		34,994		66,470		221,765		—		—		75,751		256,759
NRSF		122,021		434,220		701,625		2,223,564		148,862		714,945		972,507		3,372,729
Weighted Average Lease Term (years)		4.2		4.1		8.7		7.9		9.4		13.2		8.3		8.5
Initial stabilized cash rent per Kilowatt		$279		$230		$102		$100		—		—		$132		$129
GAAP rent per Kilowatt		$279		$231		$96		$99		—		—		$124		$119
Leasing cost per Kilowatt		$29		$25		$7		$17		—		—		$9		$18
Net Effective Economics by Kilowatt (4)
Base rent by Kilowatt		$281		$234		$103		$105		—		—		$132		$129
Rental concessions by Kilowatt		$7		$9		$2		$4		—		—		$1		$4
Estimated operating expense by Kilowatt		$81		$91		$19		$21		—		—		$27		$31
Net rent per Kilowatt		$194		$134		$82		$79		—		—		$104		$95
Tenant improvements by Kilowatt		$0		$0		$0		$1		—		—		$0		$1
Leasing commissions by Kilowatt		$20		$13		$1		$1		—		—		$3		$3
Net effective rent per Kilowatt		$174		$121		$81		$77		—		—		$100		$91
Initial stabilized cash rent per NRSF		$254		$222		$116		$120		$34		$31		$129		$125
GAAP rent per NRSF		$254		$224		$117		$122		$36		$34		$122		$116
Leasing cost per NRSF		$27		$21		$7		$20		$4		$2		$9		$17
Net Effective Economics by NRSF (4)
Base rent by NRSF		$257		$226		$118		$126		$36		$34		$131		$130
Rental concessions by NRSF		$4		$6		$1		$0		$0		$0		$1		$4
Estimated operating expense by NRSF		$82		$82		$33		$34		$0		$1		$34		$33
Net rent per NRSF		$172		$138		$83		$92		$36		$33		$95		$93
Tenant improvements by NRSF		$0		$0		$0		$1		$0		$0		$0		$1
Leasing commissions by NRSF		$18		$13		$1		$1		$0		$0		$3		$3
Net effective rent per NRSF		$153		$125		$82		$89		$35		$33		$92		$89

(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 December 31, 2020		Fourth Quarter 2020

	0-1 MW				> 1 MW				Other (4)				Total
Leasing Activity - Renewals (1) (2) (3)	4Q20		LTM		4Q20		LTM		4Q20		LTM		4Q20		LTM
Leases renewed (Kilowatt)		25,296		101,661		26,641		76,483		—		—		51,937		178,144
Leases renewed (NRSF)		348,166		1,438,498		308,882		848,270		138,693		321,722		795,741		2,608,490
Leasing cost per Kilowatt		$0		$1		$2		$3		—		—		$3		$2
Leasing cost per NRSF		$0		$1		$3		$3		$6		$3		$2		$2
Weighted Term (years)		1.5		1.7		4.4		6.3		5.4		2.9		3.3		3.3
Cash Rent
Expiring cash rent per Kilowatt		$345		$343		$146		$139		—		—		$243		$256
Renewed cash rent per Kilowatt		$348		$343		$149		$136		—		—		$246		$254
% Change Cash Rent Per Kilowatt		0.8%		(0.2%)		2.0%		(2.7%)		—		—		1.2%		(0.8%)
Expiring cash rent per NRSF		$301		$291		$151		$151		$25		$23		$195		$212
Renewed cash rent per NRSF		$303		$290		$154		$147		$24		$22		$197		$211
% Change Cash Rent Per NRSF		0.8%		(0.2%)		2.0%		(2.7%)		(4.6%)		(3.0%)		1.0%		(0.8%)
GAAP Rent
Expiring GAAP rent per Kilowatt		$343		$341		$136		$128		—		—		$237		$249
Renewed GAAP rent per Kilowatt		$347		$343		$147		$133		—		—		$245		$253
% Change GAAP Rent Per Kilowatt		1.3%		0.7%		8.1%		3.4%		—		—		3.3%		1.3%
Expiring GAAP rent per NRSF		$299		$289		$141		$139		$23		$22		$190		$207
Renewed GAAP rent per NRSF		$303		$291		$152		$143		$25		$23		$196		$210
% Change GAAP Rent Per NRSF		1.3%		0.7%		8.1%		3.4%		6.1%		6.8%		3.4%		1.3%
Retention ratio (5)		79.6%		83.3%		86.4%		85.9%		65.7%		61.6%		79.1%		80.6%
Churn (6)		2.1%		8.2%		0.6%		1.6%		0.9%		3.0%		1.3%		4.4%

(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.

(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		Fourth 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	1,693,765		—	—		—		—		—		—		—		—
Month to Month (3)	116,163		$30,336	1.0%		$261		$261		$30,329		6,336		$399		$399
2021	1,957,590		549,784	18.2%		281		280		548,495		146,918		312		311
2022	757,015		191,966	6.3%		254		255		193,330		54,549		293		295
2023	538,462		109,938	3.6%		204		208		112,112		36,069		254		259
2024	461,840		67,893	2.2%		147		152		70,336		31,597		179		186
2025	335,740		55,406	1.8%		165		173		58,019		20,090		230		241
2026	69,887		12,833	0.4%		184		196		13,673		5,218		205		218
2027	156,312		17,836	0.6%		114		126		19,773		8,551		174		193
2028	62,786		4,728	0.2%		75		92		5,761		2,071		190		232
2029	35,552		4,117	0.1%		116		134		4,773		2,271		151		175
2030	28,968		3,657	0.1%		126		132		3,832		1,633		187		196
Thereafter	196,103		5,792	0.2%		30		33		6,559		2,055		235		266
Total / Wtd. Avg.	6,410,184		$1,054,286	34.8%		$224		$226		$1,066,993		317,359		$277		$280

> 1 MW	Expiring Leases (1)	Annualized		Annualized	Annualized Rent Per		Annualized Rent Per		Annualized Rent Per		kW of Expiring		Annualized		Rent Per kW
Available	1,597,822		—	—		—		—		—		—		—		—
Month to Month (3)	212,117		$24,520	0.8%		$116		$116		$24,520		15,090		$135		$135
2021	1,453,129		228,335	7.5%		157		159		231,577		131,865		144		146
2022	1,639,606		267,141	8.8%		163		168		275,120		153,448		145		149
2023	1,436,516		198,234	6.6%		138		142		204,260		119,458		138		142
2024	1,262,249		185,690	6.1%		147		157		198,345		117,637		132		141
2025	1,621,764		215,540	7.1%		133		145		235,034		146,336		123		134
2026	951,895		126,930	4.2%		133		154		146,710		90,865		116		135
2027	589,724		82,211	2.7%		139		161		94,758		59,013		116		134
2028	309,632		35,259	1.2%		114		133		41,039		28,713		102		119
2029	503,994		58,399	1.9%		116		135		68,030		58,515		83		97
2030	433,157		48,549	1.6%		112		131		56,931		39,787		102		119
Thereafter	1,668,574		181,883	6.0%		109		136		227,273		164,287		92		115
Total / Wtd. Avg.	13,680,179		$1,652,690	54.6%		$137		$149		$1,803,595		1,125,012		$122		$134

Other (4)	Expiring Leases (1)	Annualized		Annualized	Annualized Rent Per		Annualized Rent Per		Annualized Rent Per		kW of Expiring		Annualized		Rent Per kW
Available	1,388,540		—	—		—		—		—		—		—		—
Month to Month (3)	43,713		$1,484	0.0%		$34		$34		$1,488		—		—		—
2021	1,479,375		39,783	1.3%		27		27		39,901		—		—		—
2022	1,005,059		25,618	0.8%		25		25		25,533		—		—		—
2023	767,280		20,069	0.7%		26		27		21,076		—		—		—
2024	936,860		37,936	1.3%		40		43		40,579		—		—		—
2025	1,030,603		43,251	1.4%		42		45		46,439		—		—		—
2026	412,235		16,884	0.6%		41		45		18,708		—		—		—
2027	365,761		14,034	0.5%		38		45		16,637		—		—		—
2028	227,639		11,190	0.4%		49		59		13,472		—		—		—
2029	540,902		21,056	0.7%		39		48		25,899		—		—		—
2030	758,118		30,082	1.0%		40		51		38,330		—		—		—
Thereafter	2,808,584		57,195	1.9%		20		27		76,686		—		—		—
Total / Wtd. Avg.	11,764,669		$318,581	10.5%		$31		$35		$364,747		—		—		—

Total	Expiring Leases (1)	Annualized		Annualized	Annualized Rent Per		Annualized Rent Per		Annualized Rent Per		kW of Expiring		Annualized		Rent Per kW
Available	4,680,127		—	—		—		—		—		—		—		—
Month to Month (3)	371,993		$56,340	1.9%		$151		$151		$56,337		—		—		—
2021	4,890,094		817,901	27.0%		167		168		819,973		—		—		—
2022	3,401,680		484,725	16.0%		142		145		493,983		—		—		—
2023	2,742,258		328,240	10.8%		120		123		337,448		—		—		—
2024	2,660,949		291,519	9.6%		110		116		309,259		—		—		—
2025	2,988,107		314,197	10.4%		105		114		339,491		—		—		—
2026	1,434,017		156,647	5.2%		109		125		179,091		—		—		—
2027	1,111,798		114,081	3.8%		103		118		131,168		—		—		—
2028	600,057		51,177	1.7%		85		100		60,272		—		—		—
2029	1,080,449		83,573	2.8%		77		91		98,702		—		—		—
2030	1,220,243		82,288	2.7%		67		81		99,093		—		—		—
Thereafter	4,673,261		244,870	8.1%		52		66		310,518		—		—		—
Total / Wtd. Avg.	31,855,032		$3,025,558	100.0%		$111		$119		$3,235,336		—		—		—

(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 December 31, 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.

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		Fourth 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	53		$321,760	9.5%	8.9
2	IBM	40		159,995	4.7%	3.1
3	Facebook, Inc.	36		146,031	4.3%	4.0
4	Oracle America, Inc.	29		96,751	2.9%	2.4
5	Equinix	26		94,329	2.8%	8.4
6	Fortune 25 Investment Grade-Rated Company	25		83,744	2.5%	2.7
7	Global Cloud Provider	48		79,201	2.3%	2.0
8	LinkedIn Corporation	8		71,327	2.1%	3.9
9	Cyxtera Technologies, Inc.	17		67,630	2.0%	11.3
10	Fortune 500 SaaS Provider	13		65,059	1.9%	4.9
11	Rackspace	19		62,862	1.9%	8.7
12	CenturyLink, Inc.	129		59,867	1.8%	5.0
13	Fortune 25 Tech Company	36		58,177	1.7%	2.9
14	Social Content Platform	8		55,398	1.6%	6.3
15	Verizon	101		46,361	1.4%	3.4
16	Comcast Corporation	27		41,343	1.2%	5.1
17	AT&T	71		38,079	1.1%	1.5
18	DXC Technology Company	19		36,426	1.1%	2.6
19	JPMorgan Chase & Co.	16		35,840	1.1%	2.8
20	Zayo	117		34,167	1.0%	6.1
	Total / Weighted Average			$1,654,347	48.8%	6.1

(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 December 31, 2020, multiplied by 12.

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		Fourth 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)		31-Dec-20	30-Sep-20	IT Load (6)	Count
North America
Northern Virginia	5,721,264	699,908	78,538		$584,085	94.6%	93.8%	448.4	24
Chicago	3,427,367	—	148,101		299,046	87.6%	87.7%	162.7	10
New York	2,050,605	233,807	99,955		211,307	83.8%	83.0%	51.0	13
Silicon Valley	2,251,021	65,594	—		211,214	96.8%	95.0%	105.5	20
Dallas	3,530,749	143,051	28,094		193,258	81.4%	81.1%	101.2	21
Phoenix	795,687	—	227,274		70,533	71.1%	71.5%	42.5	3
San Francisco	824,972	23,321	—		65,175	71.1%	73.0%	29.1	4
Atlanta	525,414	—	313,581		52,112	94.6%	94.7%	7.1	4
Los Angeles	798,571	19,908	—		43,447	85.5%	84.5%	13.8	4
Seattle	400,369	—	—		38,724	87.4%	86.8%	19.5	1
Toronto, Canada	316,170	499,839	—		27,986	83.7%	87.8%	23.8	2
Portland	264,973	336,463	—		26,544	98.7%	98.3%	22.5	2
Boston	467,519	—	50,649		21,170	47.3%	53.2%	19.0	4
Houston	392,816	—	13,969		15,881	76.5%	82.2%	13.0	6
Miami	226,314	—	—		8,390	90.0%	90.0%	1.3	2
Austin	85,688	—	—		6,760	63.4%	65.0%	4.3	1
Minneapolis/St. Paul	328,765	—	—		5,957	100.0%	100.0%	—	1
Charlotte	95,499	—	—		4,804	89.2%	89.2%	1.5	3
North America Total/Weighted Average	22,503,763	2,021,891	960,161		$1,886,393	87.0%	86.8%	1,066.1	125
Europe
London, England	1,715,719	—	161,136		$259,830	77.4%	78.8%	112.5	19
Frankfurt, Germany	1,627,677	357,733	—		191,190	88.5%	86.8%	96.4	21
Amsterdam, Netherlands	1,442,910	48,490	95,262		149,828	67.6%	66.6%	112.6	17
Paris, France	658,681	376,162	—		74,845	89.9%	89.5%	35.4	12
Vienna, Austria	359,809	—	—		46,758	84.0%	84.6%	25.6	2
Dublin, Ireland	380,739	94,005	—		45,145	75.0%	74.2%	24.3	8
Marseille, France	278,617	161,449	—		37,813	78.1%	61.7%	20.8	4
Madrid, Spain	222,047	—	—		35,044	77.7%	77.7%	9.0	3
Zurich, Switzerland	229,388	315,197	—		30,614	70.6%	49.8%	10.5	3
Brussels, Belgium	132,501	—	—		23,153	76.1%	68.9%	8.5	2
Stockholm, Sweden	164,421	89,276	—		22,440	73.4%	78.6%	10.4	6
Copenhagen, Denmark	164,489	61,342	—		18,120	76.7%	77.5%	8.6	3
Dusseldorf, Germany	105,523	—	—		16,970	60.2%	59.3%	4.3	2
Athens, Greece	55,167	—	—		6,288	58.0%	N/A	1.7	2
Zagreb, Croatia	19,365	12,538	—		2,032	49.9%	N/A	0.9	1
Geneva, Switzerland	59,190	—	—		2,012	100.0%	100.0%	—	1
Manchester, England	38,016	—	—		1,863	100.0%	100.0%	—	1
Europe Total/Weighted Average	7,654,259	1,516,192	256,398		$963,945	78.7%	77.6%	481.4	107
Asia Pacific
Singapore	540,638	344,826	—		$93,438	95.3%	95.5%	37.3	3
Sydney, Australia	226,697	222,838	—		27,733	85.7%	85.6%	14.9	4
Melbourne, Australia	146,570	—	—		17,829	71.3%	71.4%	9.6	2
Tokyo, Japan	—	406,664	—		—	—	—	—	1
Osaka, Japan	—	193,535	—		—	—	—	—	1
Seoul, South Korea	—	162,260	—		—	—	—	—	1
Hong Kong	—	—	284,751		—	—	—	—	1
Asia Pacific Total/Weighted Average	913,905	1,330,123	284,751		$139,001	89.0%	89.2%	61.7	13
Africa
Nairobi, Kenya	15,710	—	—		$1,114	52.2%	49.9%	0.5	1
Mombasa, Kenya	9,591	37,025	—		645	41.7%	40.8%	0.3	2
Africa Total/Weighted Average	25,300	37,025	—		$1,759	48.3%	46.3%	0.8	3
Non-Data Center Properties	263,668	—	—		$1,254	100.0%	100.0%	—	—
Consolidated Portfolio Total/Weighted Average	31,360,895	4,905,231	1,501,310		$2,992,352	85.2%	84.7%	1,610.0	248
Managed Unconsolidated Joint Ventures
Northern Virginia	1,250,419	—	—		$93,381	100.0%	100.0%	75.2	7
Hong Kong	186,300	—	—		19,970	87.3%	87.9%	11.0	1
Silicon Valley	326,305	—	—		13,705	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	2,191,236	—	—		$136,071	96.4%	96.4%	89.6	16
Managed Portfolio Total/Weighted Average	33,552,131	4,905,231	1,501,310		$3,128,423	85.9%	85.5%	1,699.5	264
Digital Realty Share Total/Weighted Average (7)	31,855,032	5,087,995	1,501,310		$3,025,558	85.3%	84.9%	1,631.2
Non-Managed Unconsolidated Joint Ventures
Sao Paulo, Brazil	897,625	254,264	201,589		119,500	97.9%	97.4%	77.4	15
Tokyo, Japan	892,667	—	—		64,702	87.8%	87.8%	21.0	2
Osaka, Japan	248,906	52,306	30,874		45,273	85.6%	85.3%	21.6	2
Rio De Janeiro, Brazil	72,442	26,781	—		10,926	100.0%	100.0%	6.0	2
Fortaleza, Brazil	94,205	—	—		9,860	100.0%	100.0%	6.2	1
Seattle	51,000	—	—		7,562	100.0%	100.0%	9.0	1
Santiago, Chile	67,340	45,209	180,835		6,709	68.7%	—	6.3	2
Queretaro, Mexico	—	108,178	376,202		—	—	—	—	2
Non-Managed Portfolio Total/Weighted Average	2,324,185	486,738	789,500		$264,533	92.1%	92.5%	147.4	27
Portfolio Total/Weighted Average	35,876,316	5,391,969	2,290,810		$3,392,956	86.3%	85.9%	1,846.9	291

(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 December 31, 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) Represents consolidated portfolio plus our managed portfolio of unconsolidated joint ventures based on our ownershippercentage.

25

Development Lifecycle - Committed Active Development		Financial Supplement
Dollars in Thousands		Fourth 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		$611		$15,116		$15,727	1	27,991	1,500		$3,553		$29,008		$32,562	—	2Q21		2	143,051		$4,165		$44,124		$48,289
Los Angeles	—	—		—		—		—	1	19,908	1,200		2,091		22,063		24,154	—	4Q21		1	19,908		2,091		22,063		24,154
New York (5)	—	—		—		—		—	3	233,807	8,400		92,576		159,219		251,795	77.2%	2Q22		3	233,807		92,576		159,219		251,795
Northern Virginia	1	433,715		69,064		60,060		129,124	2	266,193	22,000		95,298		51,763		147,061	100.0%	1Q21		3	699,908		164,362		111,823		276,185
Portland	1	201,878		58,875		1,425		60,300	1	134,585	12,000		79,366		48,925		128,291	100.0%	3Q21		1	336,463		138,240		50,351		188,591
San Francisco	—	—		—		—		—	1	23,321	2,400		22,971		7,077		30,048	100.0%	1Q21		1	23,321		22,971		7,077		30,048
Silicon Valley (6)	1	65,594		33,297		7,086		40,383	—	—	—		—		—		—	—	—		1	65,594		33,297		7,086		40,383
Toronto	1	360,291		23,474		35,039		58,513	1	139,548	14,000		84,166		93,728		177,894	28.6%	3Q21		1	499,839		107,641		128,767		236,408
North America	5	1,176,538		$185,321		$118,725		$304,047	10	845,353	61,500		$380,021		$411,784		$791,805	76.2%		8.5%	13	2,021,891		$565,342		$530,509		$1,095,852
Amsterdam, Netherlands	—	—		—		—		—	1	48,490	2,400		$42,713		$7,684		$50,397	—	1Q21		1	48,490		$42,713		$7,684		$50,397
Copenhagen, Denmark	1	25,012		$13,325		$25,875		$39,200	2	36,330	5,950		6,870		80,773		87,643	—	1Q22		2	61,342		20,195		106,647		126,843
Dublin, Ireland	—	—		—		—		—	1	94,005	6,000		20,742		37,781		58,523	100.0%	3Q21		1	94,005		20,742		37,781		58,523
Frankfurt, Germany	—	—		—		—		—	4	357,733	28,180		209,387		158,504		367,891	22.1%	2Q21		4	357,733		209,387		158,504		367,891
Marseille, France	1	41,359		1,346		37,501		38,847	2	120,090	18,050		81,623		101,756		183,379	32.6%	4Q21		2	161,449		82,969		139,257		222,226
Mombasa, Kenya	1	18,513		701		705		1,406	1	18,513	855		701		6,953		7,654	—	4Q21		1	37,025		1,402		7,658		9,060
Paris, France	1	48,201		21,457		10,623		32,080	2	327,961	25,200		124,801		241,222		366,023	64.2%	3Q21		2	376,162		146,258		251,845		398,103
Stockholm, Sweden	1	49,598		6,673		3,239		9,912	1	39,678	2,325		25,211		670		25,881	10.5%	1Q21		1	89,276		31,884		3,909		35,793
Zagreb, Croatia	—	—		—		—		—	1	12,538	1,800		—		21,989		21,989	—	3Q21		1	12,538		—		21,989		21,989
Zurich, Switzerland	1	199,060		43,118		97,753		140,871	2	116,137	11,500		101,446		70,779		172,225	72.2%	3Q22		2	315,197		144,564		168,532		313,096
EMEA	6	381,742		$86,620		$175,695		$262,315	17	1,171,475	102,260		$613,494		$728,112		$1,341,606	43.6%		12.5%	17	1,553,217		$700,114		$903,807		$1,603,920
Osaka, Japan	1	128,962		$35,305		$30,987		$66,292	1	64,573	7,000		$61,122		$58,763		$119,885	—	3Q21		1	193,535		$96,427		$89,749		$186,177
Seoul, South Korea	1	81,130		17,129		48,985		66,114	1	81,130	6,000		$19,746		$77,920		$97,666	—	4Q21		1	162,260		36,875		126,904		163,779
Singapore	1	68,965		14,451		20,569		35,020	1	275,861	31,500		124,032		161,208		285,240	69.0%	1Q21		1	344,826		138,483		181,777		320,260
Sydney, Australia (6)	2	155,249		50,372		23,438		73,810	1	67,589	7,200		$6,779		$68,275		$75,054	100.0%	4Q21		2	222,838		57,151		91,713		148,864
Tokyo, Japan	1	338,887		69,159		67,213		136,372	1	67,777	6,000		27,567		90,760		118,328	—	3Q21		1	406,664		96,726		157,974		254,700
Asia Pacific	6	773,193		186,416		191,192		377,608	5	556,930	57,700		$239,247		$456,926		$696,172	46.3%		10.5%	6	1,330,123		$425,662		$648,118		$1,073,780
Total	17	2,331,472		$458,357		$485,613		$943,969	32	2,573,759	221,460		$1,232,762		$1,596,821		$2,829,583	54.9%		10.9%	36	4,905,231		$1,691,118		$2,082,434		$3,773,552

(1) Represents costs incurred through December 31, 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) Silicon Valley and one location in Sydney, Australia are 100% pre-leased as Base Building.

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		Fourth 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		256.4		$226,862		—		$226,862
Development Construction in Progress
Land - Current Development (1)		N/A		670.7		$785,182		—		$785,182
Space Held for Development (1)		1,501,310		N/A		236,545		—		236,545		$172
Base Building Construction (2)		2,331,472		N/A		458,357		$485,613		943,969		320
Data Center Construction		2,573,759		N/A		1,232,762		1,596,821		2,829,583		1,005
Equipment Pool & Other Inventory (3)		N/A		N/A		9,761		—		9,761
Campus, Tenant Improvements & Other (4)		N/A		N/A		45,719		42,848		88,567
Total Development Construction in Progress		6,406,541		670.7		$2,768,326		$2,125,282		$4,893,608
Enhancement & Other						$714		$11,792		$12,506
Recurring						2,270		6,618		8,888
Total Construction in Progress				927.1		$2,998,171		$2,143,692		$5,141,863

(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 December 31, 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 December 31, 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		Fourth Quarter 2020

	Three Months Ended										Year Ended
	31-Dec-20		30-Sep-20		30-Jun-20		31-Mar-20		31-Dec-19		31-Dec-20		31-Dec-19
Non-Recurring Capital Expenditures (1)
Development		$576,008		$441,958		$413,443		$320,093		$233,848		$1,751,502		$1,166,218
Enhancements and Other Non-Recurring		853		49		94		28		790		1,024		3,249
Total Non-Recurring Capital Expenditures		$576,861		$442,007		$413,537		$320,121		$234,638		$1,752,526		$1,169,467
Recurring Capital Expenditures (2)		$83,571		$53,683		$38,796		$34,677		$54,731		$210,727		$180,713
Total Direct Capital Expenditures		$660,432		$495,690		$452,333		$354,798		$289,369		$1,963,253		$1,350,180
Indirect Capital Expenditures
Capitalized Interest		$11,836		$12,379		$13,133		$9,942		$9,877		$47,290		$40,203
Capitalized Overhead		15,003		14,024		12,124		12,555		11,884		53,706		46,519
Total Indirect Capital Expenditures		$26,839		$26,403		$25,257		$22,497		$21,761		$100,996		$86,722
Total Improvements to and Advances for Investment in Real Estate		$687,271		$522,093		$477,590		$377,295		$311,130		$2,064,249		$1,436,902
Consolidated Portfolio Net Rentable Square Feet (3)		31,855,032		31,410,022		30,225,412		25,992,054		25,341,641		31,855,032		25,341,641

(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		Fourth 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		—	2	28,094		3,133
Houston	—	—		—		—	1	13,969		2,726
New York	1	21.5		—		$28,906	6	99,955		17,999
Northern Virginia	8	607.7		24,380		405,563	4	78,538		2,128
Phoenix	2	56.5		16,460		—	1	227,274		18,026
Portland	1	23.4		—		31,897	—	—		—
Silicon Valley	1	13.0		—		65,203	—	—		—
North America	17	839.7		$99,150		$531,569	22	960,161		$145,450
Amsterdam, Netherlands	1	4.4		$24,044		—	2	95,262		$38,682
Athens, Greece	2	1.8		3,671		—	—	—		—
Copenhagen, Denmark	2	7.6		7,662		—	—	—		—
Dublin, Ireland	3	7.0		7,423		—	—	—		—
Frankfurt, Germany	1	26.5		—		218,889	—	—		—
London, United Kingdom	1	6.7		17,559		—	4	161,136		51,889
Madrid, Spain	1	3.6		40,313		—	—	—		—
Paris, France	3	12.6		—		$30,418	—	—		—
Vienna, Austria	1	5.6		20,332		—	—	—		—
EMEA	15	75.8		$121,004		$249,307	6	256,398		$90,571
Hong Kong	—	—		—		—	1	284,751		$524
Melbourne, Australia	1	4.1		—		$4,306	—	—		—
Osaka, Japan	1	7.5		$6,707		—	—	—		—
Asia Pacific	2	11.6		$6,707		$4,306	1	284,751		$524
Consolidated Portfolio	34	927.1		$226,862		$785,182	29	1,501,310		$236,545

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

(2) Represents costs incurred through December 31, 2020. Includes the cost of acquisition as well as cost of improvements since acquisition to prepare for future building construction.

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		Fourth 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)
Neckermann Campus (5)	Land	Frankfurt	10/30/2020	$217,000	—	—	—	—	—
PAR6 (5)	Land	Paris	10/2/2020	7,059	7.6%	—	—	—	—
Lamda Hellix (5)	Company	Greece	10/29/2020	ND (6)	—	463,341	—	—	—
Total	—	—	—	$224,059	—	463,341	—	—	—

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)
Naritaweg 52	Building	Amsterdam	12/30/2020	$6,050	N/A	63,260	—	—	—
Total	—	—	—	$6,050	N/A	63,260	—	—	—

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 or sale price, as applicable, before contractual 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) EUR converted to USD based on spot rate of 1.224x as of December 31, 2020.

(6) Not discosed due to confidentiality restrictions.

30

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

Summary Balance Sheet -	As of December 31, 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		$690,295	$48,513	$185,534	$782,243	$771,556	$430,196	$126,826	$27,867	$3,063,030
Accumulated depreciation & amortization		(95,973)	(5,258)	(42,939)	(47,881)	(47,878)	(70,490)	(20,510)	(8,606)	(339,535)
Net Book Value of Operating Real Estate		$594,322	$43,255	$142,595	$734,362	$723,678	$359,706	$106,316	$19,261	$2,723,495
Other assets		1,268,080	9,180	38,868	234,595	262,222	50,130	11,257	5,110	1,879,442
Total Assets		$1,862,402	$52,435	$181,463	$968,957	$985,900	$409,836	$117,573	$24,371	$4,602,937
Debt		720,623	47,748	—	243,911	—	211,205	89,300	3,563	1,316,350
Other liabilities		113,178	371	8,264	114,838	38,140	67,440	1,409	313	343,953
Equity / (deficit)		1,028,601	4,316	173,199	610,208	947,760	131,191	26,864	20,495	2,942,634
Total Liabilities and Equity		$1,862,402	$52,435	$181,463	$968,957	$985,900	$409,836	$117,573	$24,371	$4,602,937
Digital Realty's ownership percentage		49% (3)	50%	50%	50%	20%	20%	20%	17%
Digital Realty's Pro Rata Share of Unconsolidated JV Debt		$367,518	$23,874	—	$121,956	—	$42,241	$17,860	$606	$574,055

Summary Statement of Operations -	Three Months Ended December 31, 2020
at the JV's 100% Share		Ascenty	Clise (1)	CenturyLink (2)	Mitsubishi	Mapletree	Prudential	Griffin	Colovore	Total
Total revenues		$46,466	$2,551	$6,281	$42,470	$26,606	$9,509	$5,450	$2,669	$142,002
Operating expenses		(15,712)	(756)	(2,921)	(18,451)	(9,775)	(1,928)	(1,333)	(1,615)	(52,491)
Net Operating Income (NOI)		$30,754	$1,795	$3,360	$24,019	$16,831	$7,581	$4,117	$1,054	$89,511
Straight-line rent		—	—	(13)	(74)	(933)	(21)	27	—	(1,014)
Above and below market rent		—	—	—	—	47	(822)	182	—	(593)
Cash Net Operating Income (NOI)		$30,754	$1,795	$3,347	$23,945	$15,945	$6,738	$4,326	$1,054	$87,904
Interest expense		($15,729)	($517)	$0	($955)	($18)	($2,515)	($526)	($77)	($20,337)
Depreciation & amortization		(20,135)	(189)	(2,286)	(10,682)	(18,303)	(3,266)	(1,099)	(532)	(56,492)
Other income / (expense)		102	—	(402)	(2,295)	(1,235)	(38)	(235)	(78)	(4,181)
FX remeasurement on USD debt		53,640	—	—	—	—	—	—	—	53,640
Total Non-Operating Expenses		$17,878	($706)	($2,688)	($13,932)	($19,556)	($5,819)	($1,860)	($687)	($27,370)
Net Income / (Loss)		$48,632	$1,089	$672	$10,087	($2,725)	$1,762	$2,257	$367	$62,141
Digital Realty's ownership percentage		49% (3)	50%	50%	50%	20%	20%	20%	17%
Digital Realty's Pro Rata Share of Unconsolidated JV NOI		$15,685	$898	$1,680	$12,010	$3,366	$1,516	$823	$179	$36,157
Digital Realty's Pro Rata Share of Unconsolidated JV Cash NOI		$15,685	$898	$1,674	$11,973	$3,189	$1,348	$865	$179	$35,811
Digital Realty's Earnings income (loss) from unconsolidated joint ventures		$24,715	$545	336	$5,044	($545)	$927	($21)	$63	$31,064
Digital Realty's Pro Rata Share of CFFO (4)		$7,627	$640	$1,479	$10,385	$3,116	$1,580	$199	$153	$25,179
Digital Realty's Fee Income from Joint Ventures		—	—	$156	$128	$1,485	$682	$178	—	$2,629

(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		Fourth Quarter 2020

	Three Months Ended
Reconciliation of Earnings Before Interest, Taxes, Depreciation & Amortization (EBITDA) (1)		31-Dec-20	30-Sep-20	30-Jun-20	31-Mar-20	31-Dec-19
Net Income / (Loss) Available to Common Stockholders		$44,178	($37,368)	$53,676	$202,859	$315,577
Interest		77,848	89,499	79,874	85,800	80,880
Loss from early extinguishment of debt		49,576	53,007	—	632	—
Income tax expense (benefit)		3,322	16,053	11,490	7,182	(1,731)
Depreciation & amortization		359,915	365,842	349,165	291,457	275,008
EBITDA		$534,839	$487,033	$494,205	$587,930	$669,734
Unconsolidated JV real estate related depreciation & amortization		21,471	19,213	17,123	19,923	21,631
Unconsolidated JV interest expense and tax expense		12,143	9,002	9,203	9,944	13,553
Severance, equity acceleration, and legal expenses		606	920	3,642	1,272	1,130
Transaction and integration expenses		19,290	14,953	15,618	56,801	17,106
(Gain) on sale / deconsolidation		(1,684)	(10,410)	—	(304,801)	(267,651)
Impairment of investments in real estate		—	6,482	—	—	—
Other non-core adjustments, net		(23,842)	4,945	(3,404)	85,185	(13,886)
Non-controlling interests		1,818	(1,316)	1,147	4,684	13,042
Preferred stock dividends, including undeclared dividends		13,514	20,712	21,155	21,155	20,707
Issuance costs associated with redeemed preferred stock		—	16,520	—	—	—
Adjusted EBITDA		$578,156	$568,054	$558,690	$482,093	$475,366

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

	Three Months Ended
Financial Ratios		31-Dec-20	30-Sep-20	30-Jun-20	31-Mar-20	31-Dec-19
Total GAAP interest expense		$77,848	$89,499	$79,874	$85,800	$80,880
Capitalized interest		11,836	12,379	13,133	10,480	9,877
Change in accrued interest and other non-cash amounts		(37,182)	19,718	(38,478)	24,321	(30,564)
Cash Interest Expense (2)		$52,502	$121,596	$54,529	$120,601	$60,193
Scheduled debt principal payments		—	—	57	125	210
Preferred dividends		13,514	20,712	21,155	21,155	20,707
Total Fixed Charges (3)		$103,198	$122,590	$114,219	$117,560	$111,674
Coverage
Interest coverage ratio (4)		5.8x	5.2x	5.6x	4.6x	4.7x
Cash interest coverage ratio (5)		9.3x	4.4x	9.1x	3.7x	6.7x
Fixed charge coverage ratio (6)		5.1x	4.4x	4.6x	3.8x	3.9x
Cash fixed charge coverage ratio (7)		7.7x	3.8x	6.8x	3.2x	5.2x
Leverage
Debt to total enterprise value (8) (9)		24.4%	22.8%	23.3%	23.8%	26.9%
Debt plus preferred stock to total enterprise value (10)		26.2%	25.0%	26.0%	26.6%	30.8%
Pre-tax income to interest expense (11)		1.8x	1.0x	2.0x	3.7x	5.3x
Net Debt to Adjusted EBITDA (12)		6.1x	5.6x	5.7x	6.6x	5.7x

(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 common equity plus debt plus preferred stock.

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

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

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

(12) Calculated as total debt at balance sheet carrying value, plus capital lease obligations, plus Digital Realty’s 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		Fourth 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) benefit, (ix) leasing compensation and internal lease commissions, and (x) recurring capital expenditures. Other REITs may calculate AFFO differently than we do and accordingly, our AFFO may not be comparable to other REITs’ AFFO. AFFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance.

EBITDA and Adjusted EBITDA:

We believe that earnings before interest, loss from early extinguishment of debt, income taxes, and depreciation and amortization, or EBITDA, and Adjusted EBITDA (as defined below), are useful supplemental performance measures because they allow investors to view our performance without the impact of non-cash depreciation and amortization or the cost of debt and, with respect to Adjusted EBITDA, 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.

33

Management Statements on Non-GAAP Measures		Financial Supplement
Unaudited		Fourth 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 December 31, 2020, GAAP interest expense was $78 million, capitalized interest was $12 million and scheduled debt principal payments and preferred dividends was $14 million.

Reconciliation of Net Operating Income (NOI)	Three Months Ended						Year Ended
(in thousands)	31-Dec-20		30-Sep-20		31-Dec-19		31-Dec-20		31-Dec-19
Operating income		$160,264		$144,405		$138,933		$557,530		$594,215
Fee income		(4,722)		(3,687)		(4,814)		(15,214)		(11,654)
Other income		(20)		(50)		(181)		(1,850)		(1,231)
Depreciation and amortization		359,915		365,842		275,008		1,366,379		1,163,774
General and administrative		101,582		90,431		53,540		344,928		207,696
Severance, equity acceleration, and legal expenses		606		920		1,130		6,440		3,401
Transaction expenses		19,290		14,953		17,106		106,662		27,925
Impairment in investments in real estate		—		6,482		—		6,482		5,351
Other expenses		641		297		1,989		1,074		14,118
Net Operating Income		$637,556		$619,593		$482,711		$2,372,431		$2,003,595
Cash Net Operating Income (Cash NOI)
Net Operating Income		$637,556		$619,593		$482,711		$2,372,431		$2,003,595
Straight-line rental revenue		(15,451)		(9,215)		(6,385)		(48,769)		(48,595)
Straight-line rental expense		3,758		3,674		(306)		16,223		1,075
Above- and below-market rent amortization		3,239		2,360		4,109		12,686		17,097
Cash Net Operating Income		$629,102		$616,412		$480,129		$2,352,571		$1,973,172

34

Forward-Looking Statements		Financial Supplement
		Fourth 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, 2021 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, 2021 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 March 31, 2020, June 30, 2020 and September 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.

35

EX-99.2

Exhibit 99.2

Digital Realty the trusted foundation | powering your digital ambitions Global. Connected. Sustainable. 4Q20 FINANCIAL RESULTS FEBRUARY 2021

| 2 Navigating the Future Sustainable Growth for Customers, Shareholders and Employees GLOBAL CONNECTED SUSTAINABLE Selling GLOBALLY… Supporting LOCALLY EMEA APAC AMERICAS A Digital Realty and Brookfield Infrastructure JV DIGITAL REALTY | 4Q20 FINANCIAL RESULTS | FEBRUARY 11, 2021

| 3 Serving a Social Purpose Delivering Sustainable Growth for All Stakeholders Reached carbon neutral certification for operations in France Committed to reducing direct emissions by 68% and indirect emissions by 24% by 2030 Earned 2020 Nareit Leader in the Light award for fourth consecutive year ENVIRONMENTAL Committed to enhancing the well- being of our stockholders, customers, employees, vendors, and communities Demonstrated senior leadership and employee commitment to Diversity, Equity & Inclusion; signed CEO Action Pledge for diversity; co-chairing Nareit’s diversity initiative Sponsored corporate and employee gift- matching contributions supporting COVID-19 pandemic relief and racial justice efforts SOCIAL Instituted minimum stock ownership requirements for directors and management Provided shareholders the ability to propose amendments to the bylaws Established proxy access for shareholders 2015 2018 2019 GOVERNANCE 2020 Enhanced Board diversity with the addition of three new Directors Named 2020 EPA ENERGY STAR® Partner of the Year Led disaster recovery assistance and community reinvestment programs DIGITAL REALTY | 4Q20 FINANCIAL RESULTS | FEBRUARY 11, 2021

| 4 European Platform Expanding Global Platform Supporting Customer Growth Manchester Zagreb Note: As of December 31, 2020. 700+ Connectivity Providers 88,000+ Cross-Connects 17 Metro Areas Marseille Madrid Vienna Zurich Geneva Frankfurt Paris Dusseldorf Dublin London Manchester Brussels Amsterdam Copenhagen Stockholm Athens DIGITAL REALTY | 4Q20 FINANCIAL RESULTS | FEBRUARY 11, 2021 Zurich Vienna Copenhagen Athens

| 5 Two-way traffic, with numerous referral wins on both sides of the pond Capitalizing on investment grade balance sheet to lower borrowing costs, fund profitable growth investments, create value and control destiny by securing ownership position Customers Growth Communities of Interest London Data Gravity Score (1) 167.1 EMEA DIGITAL REALTY | 4Q20 FINANCIAL RESULTS | FEBRUARY 11, 2021 1) As defined in Digital Realty’s Data Gravity Index™ report, December 2020. One or more features of the Data Gravity Index DGx system are subject to a pending US patent application. Dublin Amsterdam Paris Marseille Combining Leading Platforms in EMEA Further Solidifying Global Connection with Customers

| 6 Data Gravity Driving Data Center Demand PlatformDIGITAL® Poised to Capitalize New York Data Gravity Score 79.6 London Data Gravity Score 167.1 Tokyo Data Gravity Score 80.3 Enterprise Data Growth Driving Data Localization Global MTDC Leader Note: Data Gravity Scores are as defined in Digital Realty’s Data Gravity Index™ report, December 2020. Patent pending. 1) 1IDC #US44413318, Data Age 2025, The Digitization of the World From Edge to Core, November 2018. 2) 451 Research, Infrastructure Imperative – IT Leader Survey, November 2019. ™ DIGITAL REALTY | 4Q20 FINANCIAL RESULTS | FEBRUARY 11, 2021 By 2025, 80% of data worldwide will reside in enterprises (1) 80% By 2022, 87% of IT leaders will maintain local copies of customer and transaction data for compliance (2) 87% 2020 APAC Data Center Strategy Innovator Award Singapore Data Gravity Score 118.2

Financial Results | 7 DIGITAL REALTY | 4Q20 FINANCIAL RESULTS | FEBRUARY 11, 2021

Digital Transformation Driving Steady Demand Global Full-Product Spectrum Provides Broadest Solutions Note: Darker shading represents interconnection bookings. Fourth-quarter bookings are highlighted in lighter blue. Totals may not add up due to rounding. 1) Other includes Powered Base Building® shell capacity as well as storage and office space within fully improved data center facilities. 4Q20 BOOKINGS 0-1 MW $31.0 mm > 1 MW $81.8 mm OTHER (1) $5.4 mm INTERCONNECTION $12.1 mm TOTAL BOOKINGS $130.3 mm HISTORICAL BOOKINGS ANNUALIZED GAAP BASE RENT $ in millions 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 | 8 DIGITAL REALTY | 4Q20 FINANCIAL RESULTS | FEBRUARY 11, 2021 $0 $50 $100 $150 Space & Power Interconnection #1 #3 #2

33% of total bookings from 0-1 MW + interconnection 74% of total bookings outside North America Communities of Interest Attracting New Logos | 9 120 new logos Global Exchange Operator Financial Services Cloud-Based Cyber Provider Travel Retail Video Game Developer Digital Telecom Provider DIGITAL REALTY | 4Q20 FINANCIAL RESULTS | FEBRUARY 11, 2021 Note: For quarter ended December 31, 2020.

Top-Line Step Function Healthy Backlog Sets a Solid Foundation | 10 Note: Totals may not add up due to rounding. 1) Amounts shown represent GAAP annualized base rent from leases signed. 2) Amounts shown represent GAAP annualized base rent from leases signed, but not yet commenced, based on estimated future commencement date at time of signing. Actual commencement dates may vary. Digital Realty Backlog Unconsolidated Joint Venture Backlog DIGITAL REALTY | 4Q20 FINANCIAL RESULTS | FEBRUARY 11, 2021 Digital Realty Backlog Unconsolidated Joint Venture Backlog $201M $51M $254M $14M $2M $1M $15M 2021 2022 2023 4Q20 Backlog BACKLOG ROLL-FORWARD (1) $ in millions COMMENCEMENT TIMING (2) $ in millions $213M $112M $74M $254M $16M $6M $4M $15M 3Q20 Backlog Sign Commence 4Q20 Backlog

Cycling Through Peak Vintage Renewals Narrowing the Gap on Cash Re-Leasing Spreads | 11 0-1 MW > 1 MW OTHER (1) TOTAL Signed renewal leases representing $105 million of annualized GAAP rental revenue Signed renewal leases representing $47 million of annualized GAAP rental revenue Signed renewal leases representing $3 million of annualized GAAP rental revenue Signed renewal leases representing $156 million of annualized GAAP rental revenue RENTAL RATE CHANGE 0.8% CASH 1.3% GAAP RENTAL RATE CHANGE 2.0% CASH 8.1% GAAP RENTAL RATE CHANGE -4.6% CASH 6.1% GAAP RENTAL RATE CHANGE 1.0% CASH 3.4% GAAP 4Q20 RE-LEASING SPREADS Note: Totals may not add up due to rounding. Rental rate change represents the beginning rental rate on leases renewed, relative to the ending rental rate at expiration, weighted by net rentable square feet. 1) Other includes Powered Base Building® shell capacity as well as storage and office space within fully improved data center facilities. DIGITAL REALTY | 4Q20 FINANCIAL RESULTS | FEBRUARY 11, 2021

Effective Economic Risk Mitigation Strategies Benefits of Scale and Diversification on Display Source: Bloomberg. Note: Totals may not add up due to rounding. 1) As of December 31, 2020. Includes DLR’s share of revenue from unconsolidated joint ventures. 2) Calculation based on annualized base rents (monthly contractual cash base rent before abatements) under existing leases as of December 31, 2020 multiplied by 12. 3) Based on average exchange rates for the quarter ended December 31, 2020 compared to average exchange rates for the quarter ended December 31, 2019. 2.6% DECREASE 7.2% DECREASE U.S. DOLLAR INDEX 4Q19 4Q20 EXPOSURE BY REVENUE (1) USD CAD GBP EURO JPY HKD SGD AUD CUSTOMER CONCENTRATION BY REVENUE (2) EXCHANGE RATES (3) U.S. DOLLAR / BRITISH POUND U.S. DOLLAR / EURO | 12 BRL Network 18% IT 14% Cloud 30% Content 16% Financial 11% Other 11% Potential At-Risk Enterprise 4% DIGITAL REALTY | 4Q20 FINANCIAL RESULTS | FEBRUARY 11, 2021 SEK DKK CHF KES 61% 1% 11% 14% < 1% 3% 2% 1% 2% 2% 2% 2% < 1%

Four Quarter Two-Step Beat, Dip, Shuffle, Bounce Note: Based on management estimates; actual performance may differ materially. Core FFO and NOI are non-GAAP financial measures. For descriptions and reconciliations to the closest GAAP equivalents, see the Appendix. 2021E CORE FFO PER SHARE | 13 DIGITAL REALTY | 4Q20 FINANCIAL RESULTS | FEBRUARY 11, 2021 4Q20 NOI Growth Asset Sales Down-Time 1Q21 2Q21 3Q21 4Q21 on Vacancy

DEBT MATURITY SCHEDULE AS OF DECEMBER 31, 2020 (1)(2) (U.S. $ in billions) Matching the Duration of Assets and Liabilities Clear Runway on the Left, No Bar Too Tall on the Right 98% Unsecured Unsecured Secured Fixed Floating USD Euro GBP Other 90% Fixed 52% Euro 6.9 YEARS Weighted Avg. Maturity (1)(2) 2.3% Weighted Avg. Coupon (1) DEBT PROFILE | 14 Note: As of December 31, 2020. 1) Includes Digital Realty’s pro rata share of five unconsolidated joint venture loans and debt securities. Pro forma for the redemption of all $350 million of the 2.75% notes due 2023, payoff of the revolver, unsecured term loan and Lamba Hellix S.A. loan, as well as issuance of €1 billion 0.625% notes due 2031 (completed in January 2021). 2) Assumes exercise of extension options. DIGITAL REALTY | 4Q20 FINANCIAL RESULTS | FEBRUARY 11, 2021 $0.0 $0.7 $0.6 $1.1 $1.8 $1.3 $1.1 $1.3 $1.4 $1.7 $1.8 $0.9 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 Pro Rata Share of JV Debt Secured Mortgage Debt Unsecured Senior Notes Unsecured Green Bonds Pro Forma Payoffs Unsecured Credit Facilities Unsecured Term Loan Pro Forma Notes £ £ £ € € £ € € € ¥ € € € €

Consistent Execution on Strategic Vision Delivering Current Results, Seeding Future Growth | 15 SUCCESSFUL 4Q20 INITIATIVES 1.Strengthening Connections with Customers Delivered bookings with high-quality product mix, geographic split, new logos and volume 2.Extending Our Global Platform Entered Greece, broke ground on strategic expansion projects, acquired key land parcels 3.Exceeding Expectations Beat quarterly consensus estimates, delivered full-year results 4% ahead of initial guidance 4.Strengthening the Balance Sheet Raised attractively priced long-term capital, redeemed high-coupon debt + preferred equity 2.3% Weighted-Average Coupon 8¢ Core FFO/sh Beat 120 New Logos DIGITAL REALTY | 4Q20 FINANCIAL RESULTS | FEBRUARY 11, 2021

Appendix | 16 DIGITAL REALTY | 4Q20 FINANCIAL RESULTS | FEBRUARY 11, 2021

Robust Long-Term Demand, Lumpy Near-Term Signings Diverse Customer Base HISTORICAL BOOKINGS TRAILING FOUR-QUARTER AVERAGE ANNUALIZED GAAP BASE RENT $ in millions 4Q20 TRAILING FOUR-QUARTER AVERAGE BOOKINGS 0-1 MW $24.3 mm > 1 MW $67.5 mm OTHER (1) $6.0 mm INTERCONNECTION $11.5 mm TOTAL BOOKINGS $109.4 mm 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 | 17 1) Other includes Powered Base Building® shell capacity as well as storage and office space within fully improved data center facilities. DIGITAL REALTY | 4Q20 FINANCIAL RESULTS | FEBRUARY 11, 2021 $0 $25 $50 $75 $100 $125 Space & Power Interconnection

Firm Fundamentals Robust Demand, Rational Supply 1) Management estimates, based on a sub-set of Digital Realty metros (North America: Northern Virginia, Chicago, Dallas, Silicon Valley, New Jersey, Phoenix and Toronto; EMEA: Amsterdam, Dublin, Frankfurt, and London; APAC: Melbourne, Osaka, Singapore and Sydney). 2) Prior periods may be adjusted to reflect updated information. 3) Trailing 12-month market absorption divided by available data center construction. | 18 NORTH AMERICA PERCENT LEASED (4Q20)(1) 2.8x 90% REGION 88% DIGITAL REALTY 3Q19 3Q20 EMEA PERCENT LEASED (4Q20)(1) 0.9x 91% REGION 77% DIGITAL REALTY MEGAWATTS COMMISSIONED(1)(2) APAC PERCENT LEASED (4Q20)(1) 1.4x 91% REGION 89% DIGITAL REALTY MEGAWATTS COMMISSIONED(1)(2) Market Absorption-to-Available Current Construction(3) Market Absorption-to-Available Current Construction(3) Market Absorption-to-Available Current Construction(3) 3Q19 3Q20 DIGITAL REALTY | 4Q20 FINANCIAL RESULTS | FEBRUARY 11, 2021 MEGAWATTS COMMISSIONED(1)(2) 1,272 1,513 4Q19 4Q20 987 1,171 4Q19 4Q20

Appendix Management Statements on Non-GAAP Measures | 19 The information included in this presentation contains certain non-GAAP financial measures that management believes are helpful in understanding our business, as further described below. Our definition and calculation of non-GAAP financial measures may differ from those of other REITs, and, therefore, may not be comparable. The non-GAAP financial measures should not be considered alternatives to net income or any other GAAP measurement of performance and should not be considered an alternative to cash flows from operating, investing or financing activities as a measure of liquidity. Funds From Operations (FFO): We calculate funds from operations, or FFO, in accordance with the standards established by the National Association of Real Estate Investment Trusts, or NAREIT, in the NAREIT Funds From Operations White Paper - 2018 Restatement. FFO represents net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from real estate transactions, 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. 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, 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. 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. 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. DIGITAL REALTY | 4Q20 FINANCIAL RESULTS | FEBRUARY 11, 2021

Appendix Forward-Looking Statements | 20 This information in this presentation contains forward-looking statements within the meaning of the federal securities laws, which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. Such forward-looking statements include statements relating to: our economic outlook; the expected benefits of Interxion and Lamda Hellix transactions; our expected investment and expansion activity; our joint ventures; the expected benefits and timing of PlatformDIGITAL®; the Westin Building Exchange and the related transaction; the Data Gravity Index™; Data Gravity Index DGx™; public cloud services spending; our corporate governance; our sustainability initiatives; the expected effect of foreign currency translation adjustments on our financials; the COVID-19 pandemic; demand drivers and economic growth outlook; business drivers; sources and uses; our expected development plans and completions, including timing, total square footage, IT capacity and raised floor space upon completion; expected availability for leasing efforts and colocation initiatives; organizational initiatives; our product offerings; our communities of interest; our expected Go to Market strategy; joint venture opportunities; occupancy and total investment; our expected investment in our properties; our estimated time to stabilization and targeted returns at stabilization of our properties; our expected future acquisitions; acquisitions strategy; available inventory and development strategy; the signing and commencement of leases, and related rental revenue; lag between signing and commencement of leases; our 2020 backlog; future rents; our expected same store portfolio growth; our expected growth and stabilization of development completions and acquisitions; our expected mark to market rates on lease expirations, lease rollovers and expected rental rate changes; our re-leasing spreads; our leasing expirations; our expected yields on investments; our expectations with respect to capital investments at lease expiration on existing data center or colocation space; barriers to entry; competition; debt maturities; lease maturities; our expected returns on invested capital; estimated absorption rates; our other expected future financial and other results, and the assumptions underlying such results; our top investment geographies and market opportunities; our expected colocation expansions; our ability to access the capital markets; expected time and cost savings to our customers; our customers’ capital investments; our plans and intentions; future data center utilization, utilization rates, growth rates, trends, supply and demand; datacenter outsourcing trends; datacenter expansion plans; estimated kW/MW requirements; growth in the overall Internet infrastructure sector and segments thereof; the replacement cost of our assets; the development costs of our buildings, and lead times; estimated costs for customers to deploy or migrate to a new data center; capital expenditures; the effect new leases and increases in rental rates will have on our rental revenues and results of operations; lease expiration rates; our ability to borrow funds under our credit facilities; estimates of the value of our development portfolio; our ability to meet our liquidity needs, including the ability to raise additional capital; credit ratings; capitalization rates, or cap rates; market forecasts; potential new locations; the expected impact of our global expansion; dividend payments and our dividend policy; projected financial information and covenant metrics; core FFO run rate and NOI growth; other forward looking financial data; leasing expectations; our exposure to tenants in certain industries; our expectations and underlying assumptions regarding our sensitivity to fluctuations in foreign exchange rates and energy prices ; and the sufficiency of our capital to fund future requirements. You can identify forward-looking statements by the use of forward-looking terminology such as “believes,” “expects,” “may,” “will,” “should,” “seeks,” “approximately,” “intends,” “plans,” “pro forma,” “estimates” or “anticipates” or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and discussions which do not relate solely to historical matters. Such statements are based on management’s beliefs and assumptions made based on information currently available to management. Such statements are subject to risks, uncertainties and assumptions and are not guarantees of future performance and may be affected by known and unknown risks, trends, uncertainties and factors that are beyond our control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. Some of the risks and uncertainties that may cause our actual results, performance or achievements to differ materially from those expressed or implied by forward-looking statements include, among others, the following: reduced demand for data centers or decreases in information technology spending; the competitive environment in which we operate; decreased rental rates, increased operating costs or increased vacancy rates; the impact of the COVID-19 pandemic on our or our customers’, suppliers’ or business partners’ operations; increased competition or available supply of data center space; the suitability of our data centers and data center infrastructure, delays or disruptions in connectivity or availability of power, or failures or breaches of our physical and information security infrastructure or services; our dependence upon significant customers, bankruptcy or insolvency of a major customer or a significant number of smaller customers, or defaults on or non-renewal of leases by customers; 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; difficulty managing an international business and acquiring or operating properties in foreign jurisdictions and unfamiliar metropolitan areas; our inability to achieve expected revenue synergies or cost savings as a result of our combination with Interxion; 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; environmental liabilities and risks related to natural disasters; our inability to comply with rules and regulations applicable to our company; Digital Realty Trust, Inc.’s failure to maintain its status as a REIT for federal income tax purposes; Digital Realty Trust, L.P.’s failure to qualify as a partnership for federal income tax purposes; restrictions on our ability to engage in certain business activities; and changes in local, state, federal and international laws and regulations, including related to taxation, real estate and zoning laws, and increases in real property tax rates; our ability to attract and retain qualified personnel and to attract and retain customers; 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. We discussed a number of additional material risks 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 March 31, 2020, June 30, 2020 and September 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. DIGITAL REALTY | 4Q20 FINANCIAL RESULTS | FEBRUARY 11, 2021

Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent | 21 DIGITAL REALTY | 4Q20 FINANCIAL RESULTS | FEBRUARY 11, 2021 Digital Realty Trust, Inc. and Subsidiaries Reconciliation of Net Income Available to Common Stockholders to Funds From Operations (FFO) (in thousands, except per share and unit data) (unaudited) Three Months Ended Twelve Months Ended December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 Net income available to common stockholders $ 44,178 $ 315,577 $ 263,345 $ 493,011 Adjustments: Noncontrolling interests in operating partnership 1,300 13,100 9,500 21,100 Real estate related depreciation and amortization (1) 354,366 271,371 1,341,836 1,149,240 Real estate related depreciation and amortization related to investment in unconsolidated joint ventures 21,471 21,631 77,730 52,716 Impairment of investments in real estate -- 6,482 5,351 (Gain) on real estate transactions (1,684) (267,651) (316,895) (267,651) FFO available to common stockholders and unitholders $ 419,631 $ 354,028 $ 1,381,998 $ 1,453,767 Basic FFO per share and unit $ 1.46 $ 1.63 $ 5.16 $ 6.69 Diluted FFO per share and unit $ 1.45 $ 1.62 $ 5.11 $ 6.66 Weighted average common stock and units outstanding Basic 287,898 217,391 268,073 217,285 Diluted 288,903 218,901 270,497 218,440 (1) Real estate related depreciation and amortization was computed as follows: Depreciation and amortization per income statement 359,915 275,008 1,366,379 1,163,774 Non-real estate depreciation (5,549) (3,637) (24,543) (14,534) $ 354,366 $ 271,371 $ 1,341,836 $ 1,149,240 Three Months Ended Twelve Months Ended December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 FFO available to common stockholders and unitholders -- basic and diluted $ 419,631 $ 354,028 $ 1,381,998 $ 1,453,767 Weighted average common stock and units outstanding 287,898 217,391 268,073 217,285 Add: Effect of dilutive securities 1,005 1,510 2,424 1,155 Weighted average common stock and units outstanding -- diluted 288,903 218,901 270,497 218,440

Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent | 22 DIGITAL REALTY | 4Q20 FINANCIAL RESULTS | FEBRUARY 11, 2021 Digital Realty Trust, Inc. and Subsidiaries Reconciliation of Funds From Operations (FFO) to Core Funds From Operations (CFFO) (in thousands, except per share and unit data) (unaudited) Three Months Ended Twelve Months Ended December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 FFO available to common stockholders and unitholders -- diluted $ 419,631 $ 354,028 $ 1,381,998 $ 1,453,767 Termination fees and other non-core revenues (25) (5,634) (30,071) (53,697) Transaction and integration expenses 19,290 17,106 106,662 27,925 Loss from early extinguishment of debt 49,576 - 103,215 39,157 (Gain) / Loss on FX revaluation (27,190) (10,422) 81,936 18,067 Issuance costs associated with redeemed preferred stock -- 16,520 11,760 Severance accrual and equity acceleration 606 1,130 6,440 3,401 (Gain) on contribution to unconsolidated JV, net of related tax ---(58,497) Other non-core expense adjustments 3,353 (1,511) 15,581 10,618 CFFO available to common stockholders and unitholders -- diluted $ 465,241 $ 354,697 $ 1,682,281 $ 1,452,501 Diluted CFFO per share and unit $ 1.61 $ 1.62 $ 6.22 $ 6.65

Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent | 23 DIGITAL REALTY | 4Q20 FINANCIAL RESULTS | FEBRUARY 11, 2021 Digital Realty Trust, Inc. and Subsidiaries Reconciliation of Net Income Available to Common Stockholders to Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) and Adjusted EBITDA (in thousands) (unaudited) Three Months Ended Twelve Months Ended December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 Net income available to common stockholders $ 44,178 $ 315,577 $ 263,345 $ 493,011 Interest 77,848 80,880 333,021 353,057 Loss from early extinguishment of debt 49,576 - 103,215 39,157 Income tax expense (benefit) 3,322 (1,731) 38,047 11,995 Depreciation and amortization 359,915 275,008 1,366,379 1,163,774 EBITDA 534,839 669,734 2,104,007 2,060,994 Unconsolidated JV real estate related depreciation & amortization 21,471 21,631 77,730 52,716 Unconsolidated JV interest expense and tax expense 12,143 13,553 40,292 36,836 Severance accrual and equity acceleration 606 1,130 6,440 3,401 Transaction and integration expenses 19,290 17,106 106,662 27,925 (Gain) on sale / deconsolidation (1,684) (267,651) (316,895) (335,148) Impairment of investments in real estate -- 6,482 5,351 Other non-core adjustments, net (23,842) (13,886) 62,884 (34,732) Noncontrolling interests 1,818 13,042 6,332 19,460 Preferred stock dividends, including undeclared dividends 13,514 20,707 76,536 74,990 Issuance costs associated with redeemed preferred stock -- 16,520 11,760 .. Adjusted EBITDA $ 578,156 $ 475,366 $ 2,186,990 $ 1,923,554

Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent | 24 DIGITAL REALTY | 4Q20 FINANCIAL RESULTS | FEBRUARY 11, 2021 Digital Realty Trust, Inc. and Subsidiaries Reconciliation of Same Capital Cash Net Operating Income (in thousands) (unaudited) Three Months Ended Twelve Months Ended December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 Rental revenues $ 430,052 $ 422,472 $ 1,702,239 $ 1,726,174 Tenant reimbursements - Utilities 78,526 82,833 322,027 338,425 Tenant reimbursements - Other 47,876 49,691 185,832 187,313 Interconnection and other 56,133 55,355 223,223 218,324 Total Revenue 612,587 610,351 2,433,321 2,470,236 Utilities 92,868 95,882 377,444 391,741 Rental property operating 108,577 98,256 395,283 386,264 Property taxes 30,979 32,549 119,659 115,708 Insurance 2,921 2,668 11,545 10,285 Total Expenses 235,345 229,355 903,931 903,998 Net Operating Income $ 377,242 $ 380,996 $ 1,529,390 $ 1,566,238 Less: Stabilized straight-line rent $ (2,745) $ (2,900) $ (8,740) $ 9,304 Above and below market rent (851) (3,093) (6,791) (17,920) Cash Net Operating Income $ 380,838 $ 386,989 $ 1,544,921 $ 1,574,854

Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent | 25 Note: For quarter ended December 31, 2020 DIGITAL REALTY | 4Q20 FINANCIAL RESULTS | FEBRUARY 11, 2021 Total Debt/Total Enterprise Value Market value of common equity(i) 40,225,753 $ Liquidation value of preferred equity(ii) 956,250 Total debt at balance sheet carrying value 13,304,717 Total Enterprise Value 54,486,720 $ Total debt / total enterprise value 24.4% Debt-plus-preferred-to-total-enterprise-value 26.2% (i) Market Value of Common Equity Common shares outstanding 280,290 Common units outstanding 8,046 Total Shares and Partnership Units 288,336 Stock price as of September 30, 2020 139.51 $ Market value of common equity 40,225,753 $ (ii) Liquidation value of preferred equity ($25.00 per share) Shares O/S Liquidation Value Series C Preferred 8,050 201,250 Series J Preferred 8,000 200,000 Series K Preferred 8,400 210,000 Series L Preferred 13,800 345,000 956,250 (iv) Net Debt/LQA Adjusted EBITDA QE 12/31/20 Total debt at balance sheet carrying value 13,304,717 $ Add: DLR share of unconsolidated joint venture debt 574,055 Add: Capital lease obligations 239,846 Less: Unrestricted cash (108,501) Net Debt as of September 30, 2020 14,010,117 $ Net Debt / LQA Adjusted EBITDA(iii) 6.1x (iii) Adjusted EBITDA Net loss available to common stockholders 44,178 $ Interest expense 77,848 Loss from early extinguishment of debt 49,576 Taxes 3,322 Depreciation and amortization 359,915 EBITDA 534,839 Unconsolidated JV real estate related depreciation & amortization 21,471 Unconsolidated JV interest expense and tax expense 12,143 Severance accrual and equity acceleration and legal expenses 606 Transaction and integration expenses 19,290 Gain on sale / deconsolidation (1,684) Other non-core adjustments, net (23,842) Noncontrolling interests 1,818 Preferred stock dividends, including undeclared dividends 13,514 Adjusted EBITDA 578,156 $ LQA Adjusted EBITDA (Adjusted EBITDA x 4) 2,312,623 $ QE 12/31/20 Total GAAP interest expense (including unconsolidated JV interest expense) 87,231 Add: Capitalized interest 11,836 GAAP interest expense plus capitalized interest 99,067 Debt Service Ratio 5.8x QE 12/31/20 Fixed Charged Ratio (LQA Adjusted EBITDA/total fixed charges) GAAP interest expense plus capitalized interest 99,067 Preferred dividends 13,514 Total fixed charges 112,581 Fixed charge ratio 5.1x Unsecured Debt/Total Debt QE 12/31/20 Global unsecured revolving credit facility 531,905 Unsecured term loan 536,580 Unsecured senior notes, net of discount 11,997,010 Secured debt, including premiums 239,222 Capital lease obligations 239,846 Total debt at balance sheet carrying value 13,544,563 Unsecured Debt / Total Debt 98.2% Net Debt Plus Preferred/LQA Adjusted EBITDA QE 12/31/20 Total debt at balance sheet carrying value 13,304,717 Less: Unrestricted cash (108,501) Capital lease obligations 239,846 DLR share of unconsolidated joint venture debt 574,055 Net Debt as of September 30, 2020 14,010,117 Preferred Liquidation Value(iv) 956,250 Net Debt plus preferred 14,966,367 Net Debt Plus Preferred/LQA Adjusted EBITDA(iii) 6.5x Debt Service Ratio (LQA Adjusted EBITDA/GAAP interest expense plus capitalized interest and less bridge facility fees)

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Cover Page	Feb. 11, 2021
Entity Information [Line Items]
Document Type	8-K
Document Period End Date	Feb. 11, 2021
Entity File Number	001-32336
Entity Registrant Name	DIGITAL REALTY TRUST, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	26-0081711
Entity Address, Address Line One	5707 Southwest Parkway, Building 1, Suite 275
Entity Address, City or Town	Austin
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	78735
City Area Code	737
Local Phone Number	281-0101
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Central Index Key	0001297996
Amendment Flag	false
Former Address
Entity Information [Line Items]
Entity Address, Address Line One	Four Embarcadero Center, Suite 3200
Entity Address, City or Town	San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94111
Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Common Stock
Trading Symbol	DLR
Security Exchange Name	NYSE
Series C Preferred Stock
Entity Information [Line Items]
Title of 12(b) Security	Series C Cumulative Redeemable Perpetual Preferred Stock
Trading Symbol	DLR Pr C
Security Exchange Name	NYSE
Series J Preferred Stock
Entity Information [Line Items]
Title of 12(b) Security	Series J Cumulative Redeemable Preferred Stock
Trading Symbol	DLR Pr J
Security Exchange Name	NYSE
Series K Preferred Stock
Entity Information [Line Items]
Title of 12(b) Security	Series K Cumulative Redeemable Preferred Stock
Trading Symbol	DLR Pr K
Security Exchange Name	NYSE
Series L Preferred Stock
Entity Information [Line Items]
Title of 12(b) Security	Series L Cumulative Redeemable Preferred Stock
Trading Symbol	DLR Pr L
Security Exchange Name	NYSE