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 17, 2022

DIGITAL REALTY TRUST, INC.

(Exact name of registrant as specified in its charter)

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

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

(737) 281-0101

(Registrant’s telephone number, including area code)

N/A

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

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

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

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

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

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

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

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

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

Emerging growth company ☐

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

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 (Exchange Act), or otherwise subject to the liabilities of that Section. The information in this Current Report on Form 8-K shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended (Securities Act), or the Exchange Act regardless of any general incorporation language in such filing.

On February 17, 2022, we issued a press release announcing our financial results for the quarter ended December 31, 2021. 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 17, 2022, 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 17, 2022, we issued a press release announcing our financial results for the quarter ended December 31, 2021. 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 17, 2022, 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, 2021.
99.2	Presentation Materials posted February 17, 2022.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

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

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

Date: February 17, 2022

EX-99.1

		Financial Supplement
Table of Contents		Fourth Quarter 2021

Overview	PAGE
Corporate Information	3
Ownership Structure	5
Key Quarterly Financial Data	6
Consolidated Statements of Operations
Earnings Release	8
2022 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 2021

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, 2021, the company’s 287 data centers, including 50 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 35.6 million square feet, excluding approximately 7.2 million square feet of space under active development and 2.7 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
President & Chief Financial Officer: Andrew P. Power
Chief Investment Officer: Gregory S. Wright
Chief Technology Officer: Christopher L. Sharp
Chief Revenue Officer: Corey J. Dyer
Chief Operating Officer: 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

BMO
	Bank of America			BMO Capital		Cowen &
Argus Research	Merrill Lynch	Barclays	Berenberg	Markets	Citigroup	Company
Marie Ferguson	David Barden	Brendan Lynch	Nate Crossett	Ari Klein	Michael Rollins	Colby Synesael
(212) 425-7500	(646) 855-1320	(212) 526-9428	(646) 949-9030	(212) 885-4103	(212) 816-1116	(646) 562-1355
Credit Suisse	Deutsche Bank	Edward Jones	Evercore ISI	Green Street Advisors	J.P. Morgan	Jefferies
Sami Badri	Matthew Niknam	Kyle Sanders	Irvin Liu	David Guarino	Richard Choe	Jonathan Petersen
(212) 538-1727	(212) 250-4711	(314) 515-0198	(415) 800-0183	(949) 640-8780	(212) 662-6708	(212) 284-1705
KeyBanc Capital Markets	MoffettNathanson	Morgan Stanley	Morningstar	New Street Research	Raymond James	RBC Capital Markets
Jordan Sadler	Nick Del Deo	Simon Flannery	Matthew Dolgin	Jonathan Chaplin	Frank Louthan	Jonathan Atkin
(917) 368-2280	(212) 519-0025	(212) 761-6432	(312) 696-6783	(212) 921-9876	(404) 442-5867	(415) 633-8589
Stifel	TD Securities	Truist Securities	UBS	Wells Fargo	William Blair	Wolfe Research
Erik Rasmussen	Jonathan Kelcher	Gregory Miller	John Hodulik	Eric Luebchow	James Breen	Andrew Rosivach
(212) 271-3461	(416) 307-9931	(212) 303-4169	(212) 713-4226	(312) 630-2386	(617) 235-7513	(646) 582-9250

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

3

		Financial Supplement
Corporate Information (Continued)		Fourth Quarter 2021

Stock Listing Information

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

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

Symbols may vary by stock quote provider.

Credit Ratings

Standard & Poor’s
Corporate Credit Rating:	BBB	(Stable Outlook)
Preferred Stock:	BB+
Moody’s
Issuer Rating:	Baa2	(Stable Outlook)
Preferred Stock:	Baa3
Fitch
Issuer Default Rating:	BBB	(Stable Outlook)
Preferred Stock:	BB+

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

Common Stock Price Performance

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

	Three Months Ended
	31-Dec-21		30-Sep-21		30-Jun-21		31-Mar-21		31-Dec-20
High price		$178.22		$168.30		$164.04		$150.43		$159.58
Low price		$139.31		$143.01		$140.29		$124.65		$126.79
Closing price, end of quarter		$176.87		$144.45		$150.46		$140.84		$139.51
Average daily trading volume		1,242,203		1,239,685		1,293,054		1,809,056		1,666,992
Indicated dividend per common share (1)		$4.64		$4.64		$4.64		$4.64		$4.48
Closing annual dividend yield, end of quarter		2.6%		3.2%		3.1%		3.3%		3.2%
Shares and units outstanding, end of quarter (2)		290,346,784		290,340,867		289,658,561		289,113,581		288,335,993
Closing market value of shares and units outstanding (3)		$51,353,636		$41,939,738		$43,582,029		$40,718,757		$40,225,753

(1) On an annualized basis.

(2) As of December 31, 2021, the total number of shares and units includes 284,415,013 shares of common stock, 4,389,384 common units held by third parties and 1,542,387 common units and vested and unvested long-term incentive units held by directors, officers and others and excludes all shares of common stock potentially issuable upon conversion of our series J, series K and series L cumulative redeemable preferred stock upon certain change of control transactions and upon physical settlement of our September 2021 forward sale agreements.

(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 U.S. 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, 2021		Fourth Quarter 2021

Partner	# of Units (2)	% Ownership
Digital Realty Trust, Inc.	284,415,013	98.0%
Third-Party Unitholders	4,389,384	1.5%
Directors, Officers and Others (3)	1,542,387	0.5%
Total	290,346,784	100.0%

(1) Includes properties owned by joint ventures.

(2) The total number of units includes 284,415,013 general partnership common units, 4,389,384 common units held by third parties and 1,542,387 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 J, series K and series L cumulative redeemable preferred units upon certain change of control transactions and upon physical settlement of our September 2021 forward sale agreements.

(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 2021

Shares and Units at End of Quarter	31-Dec-21		30-Sep-21		30-Jun-21		31-Mar-21		31-Dec-20
Common shares outstanding		284,415,013		283,846,802		282,603,152		281,372,310		280,289,726
Common units outstanding		5,931,771		6,494,065		7,055,409		7,741,271		8,046,267
Total Shares and Partnership Units		290,346,784		290,340,867		289,658,561		289,113,581		288,335,993
Enterprise Value
Market value of common equity (1)		$51,353,636		$41,939,738		$43,582,029		$40,718,757		$40,225,753
Liquidation value of preferred equity		755,000		755,000		755,000		956,250		956,250
Total debt at balance sheet carrying value		13,448,210		14,087,539		13,927,821		13,256,839		13,304,717
Total Enterprise Value		$65,556,846		$56,782,277		$58,264,850		$54,931,846		$54,486,720
Total debt / total enterprise value		20.5%		24.8%		23.9%		24.1%		24.4%
Debt-plus-preferred-to-total-enterprise-value		21.7%		26.1%		25.2%		25.9%		26.2%
Selected Balance Sheet Data
Investments in real estate (before depreciation)		$28,780,211		$28,033,614		$27,821,024		$26,830,520		$27,286,333
Total Assets		36,369,560		35,847,648		36,151,220		35,542,491		36,076,291
Total Liabilities		17,845,778		18,040,369		17,945,483		17,157,070		17,587,944
Selected Operating Data
Total operating revenues		$1,111,168		$1,133,136		$1,093,188		$1,090,391		$1,062,609
Total operating expenses		979,671		948,769		907,561		897,873		902,345
Interest expense		71,762		71,417		75,014		75,653		77,848
Net income / (loss)		1,090,397		136,543		125,797		394,675		59,510
Net income / (loss) available to common stockholders		1,057,629		124,096		127,368		372,405		44,178
Financial Ratios
EBITDA (2)		$1,512,560		$578,257		$618,945		$843,685		$534,839
Adjusted EBITDA (3)		583,712		610,076		602,684		615,319		578,156
Net Debt to Adjusted EBITDA (4)		6.1x		6.0x		6.0x		5.6x		6.0x
Interest expense		71,762		71,417		75,014		75,653		77,848
Fixed charges (5)		97,271		96,740		98,457		100,601		103,198
Interest coverage ratio (6)		6.0x		6.5x		6.1x		6.6x		5.8x
Fixed charge coverage ratio (7)		5.4x		5.8x		5.4x		5.8x		5.1x
Profitability Measures
Net income / (loss) per common share - basic		$3.73		$0.44		$0.45		$1.32		$0.16
Net income / (loss) per common share - diluted		$3.71		$0.44		$0.45		$1.32		$0.16
Funds from operations (FFO) / diluted share and unit (8)		$1.54		$1.54		$1.78		$1.49		$1.45
Core funds from operations (Core FFO) / diluted share and unit (8)		$1.67		$1.65		$1.54		$1.67		$1.61
Adjusted funds from operations (AFFO) / diluted share and unit (9)		$1.41		$1.60		$1.63		$1.61		$1.41
Dividends per share and common unit		$1.16		$1.16		$1.16		$1.16		$1.12
Diluted FFO payout ratio (8) (10)		75.3%		75.3%		65.2%		77.9%		77.1%
Diluted Core FFO payout ratio (8) (11)		69.4%		70.3%		75.3%		69.6%		69.5%
Diluted AFFO payout ratio (9) (12)		82.1%		72.4%		71.2%		72.1%		79.5%
Portfolio Statistics
Buildings (13)		300		295		305		306		307
Data Centers (13)		287		282		291		290		291
Cross-connects (13)(14)		178,000		174,000		170,000		167,000		164,000
Net rentable square feet, excluding development space (13)		35,630,828		34,988,250		35,837,908		35,404,425		35,876,316
Occupancy at end of quarter (15)		83.6%		84.2%		84.7%		85.3%		86.3%
Occupied square footage (13)		29,774,698		29,471,445		30,352,404		30,215,898		30,955,049
Space under active development (16)		7,230,460		7,464,633		7,617,837		7,650,175		5,391,969
Space held for development (17)		2,682,456		2,088,701		1,958,306		2,217,118		2,290,810
Weighted average remaining lease term (years) (18)		4.7		4.8		4.7		4.8		4.7
Same-capital occupancy at end of quarter (15) (19)		83.6%		83.7%		84.2%		85.1%		86.0%

6

Key Quarterly Financial Data		Financial Supplement
Unaudited and Dollars in Thousands, Except Per Share Data		Fourth Quarter 2021

(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 J, series K and series L cumulative redeemable preferred stock upon certain change of control transactions, as applicable, and upon physical settlement of our September 2021 forward sale agreements.

(2) EBITDA is calculated as earnings before interest expense, loss from early extinguishment of debt, tax expense, and depreciation and amortization. For a discussion of EBITDA, see page 33. 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 page 33. For a reconciliation of net income available to common stockholders to Adjusted EBITDA, see page 32.

(4) Net Debt to Adjusted EBITDA is calculated as total debt at balance sheet carrying value (see page 6), plus capital lease obligations, plus our share of joint venture debt at carrying value, less cash and cash equivalents (including JV share of cash), 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 page 33. For reconciliations of net income available to common stockholders to FFO and core FFO, see page 14.

(9) For a definition and discussion of AFFO, see page 33. For a reconciliation of core FFO to AFFO, see page 15.

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

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

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

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

(14) Represents approximate amounts.

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

(16) Space under active development includes current Base Building and Data Centers projects in progress (see page 26). 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 page 29). 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, 2019 with less than 5% of total rentable square feet under development. Excludes buildings that were undergoing, or were expected to undergo, development activities in 2020-2021, 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.

Explanatory Note:Certain portfolio information regarding Medallion is excluded from the portfolio statistics included in this Earnings Press Release and Supplemental Information package, as indicated in the footnotes, where applicable. Specifically, we have excluded the following related to Medallion: two new metropolitan areas, 2 data centers, square footage, occupancy percentage and lease terms. Medallion’s financial results are included in our condensed consolidated financial information.

7

Digital Realty Trust
Earnings Release		Fourth Quarter 2021

DIGITAL REALTY REPORTS FOURTH QUARTER 2021 RESULTS

Austin, TX — February 17, 2022 — Digital Realty (NYSE: DLR), the largest global provider of cloud- and carrier-neutral data center, colocation and interconnection solutions, announced today financial results for the fourth quarter of 2021. All per-share results are presented on a fully-diluted share and unit basis.

Highlights

◾ Reported net income available to common stockholders of $3.71 per share in 4Q21, compared to $0.16 in 4Q20

◾ Reported FFO per share of $1.54 in 4Q21, compared to $1.45 in 4Q20

◾ Reported core FFO per share of $1.67 in 4Q21, compared to $1.61 in 4Q20

◾ Signed total bookings during 4Q21 expected to generate $156 million of annualized GAAP rental revenue, including an $11 million contribution from interconnection

◾ Introduced 2022 core FFO per share outlook of $6.80-$6.90

Financial Results

Digital Realty reported revenues for the fourth quarter of 2021 of $1.1 billion, a 2% decrease from the previous quarter and a 5% increase from the same quarter last year.

The company delivered fourth quarter of 2021 net income of $1.1 billion, and net income available to common stockholders of $1.1 billion, or $3.71 per diluted share, compared to $0.44 per diluted share in the previous quarter and $0.16 per diluted share in the same quarter last year.

Digital Realty generated fourth quarter of 2021 Adjusted EBITDA of $584 million, a 4% decrease from the previous quarter and a 1% increase over the same quarter last year.

The company reported fourth quarter of 2021 funds from operations of $449 million, or $1.54 per share, compared to $1.54 per share in the previous quarter and $1.45 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 2021 core FFO per share of $1.67, a 1% increase from $1.65 per share in the previous quarter, and a 4% increase from $1.61 per share in the same quarter last year.

Leasing Activity

In the fourth quarter, Digital Realty signed total bookings expected to generate $156 million of annualized GAAP rental revenue, including an $11 million contribution from interconnection.

“Digital Realty delivered record bookings in the fourth quarter and for the full year, with over $500 million of new business globally in 2021, demonstrating the strength of our global value proposition,” said Digital Realty Chief Executive Officer A. William Stein. “Demand for data center solutions remains robust, and we are investing organically as well as strategically to expand our global platform to provide customers the capacity and communities they require to execute their digital transformation strategies around the world.”

The weighted-average lag between new leases signed during the fourth quarter of 2021 and the contractual commencement date was fourteen months.

In addition to new leases signed, Digital Realty also signed renewal leases representing $151 million of annualized GAAP rental revenue during the quarter. Rental rates on renewal leases signed during the fourth quarter of 2021 rolled down 3.9% on a cash basis and down 2.6% on a GAAP basis.

8

Digital Realty Trust
Earnings Release		Fourth Quarter 2021

New leases signed during the fourth quarter of 2021 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		$16,113	69,789		$231	5.9		$228
> 1 MW		23,326	202,251		115	25.2		77
Other (1)		7,001	273,896		26	—		—
Total		$46,441	545,936		$85	31.1		$106
EMEA (2)
0-1 MW		$18,471	77,302		$239	7.0		$221
> 1 MW		73,350	512,010		143	54.6		112
Other (1)		266	—		—	—		—
Total		$92,087	589,312		$156	61.5		$124
Asia Pacific (2)
0-1 MW		$7,183	15,923		$451	1.5		$411
> 1 MW		—	—		—	—		—
Other (1)		182	3,195		57	—		—
Total		$7,366	19,118		$385	1.5		$411
All Regions (2)
0-1 MW		$41,767	163,014		$256	14.3		$243
> 1 MW		96,676	714,261		135	79.8		101
Other (1)		7,449	277,091		27	—		—
Total		$145,893	1,154,366		$126	94.1		$123
Interconnection		$10,566	N/A		N/A	N/A		N/A
Grand Total		$156,459	1,154,366		$126	94.1		$123

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, 2021.

Investment Activity

During the fourth quarter, Digital Realty announced the successful listing of Digital Core REIT as a standalone publicly traded vehicle listed on the Singapore Stock Exchange. Digital Realty contributed a 90% interest in a fully-leased portfolio of 10 assets in the U.S. and Canada that was valued at $1.4 billion at a 4.25% cap rate. The transaction generated net proceeds of approximately $960 million, and Digital Realty recognized a gain of approximately $1 billion in the fourth quarter of 2021. Digital Realty will provide operational support for Digital Core REIT and will earn fees for asset and property management as well as acquisitions, dispositions, and development. Following exercise of the overallotment option, Digital Realty owns approximately a 35% equity interest in Digital Core REIT.

During the fourth quarter, Digital Realty made a strategic investment in AtlasEdge Data Centres, a European edge data center provider; acquired 16 acres of land in Northern Virginia for approximately $23 million; and sold a mixed-use retail and data center property in San Jose, California for approximately $60 million.

During the fourth quarter, Medallion, a leading Nigerian colocation and interconnection provider jointly owned by Digital Realty and Pembani Remgro, acquired two land parcels in Lagos, Nigeria. Digital Realty’s share of the total consideration was approximately $22 million.

Subsequent to quarter-end, Digital Realty announced it has entered into a definitive agreement to acquire roughly a 55% stake in Teraco, Africa’s leading carrier-neutral colocation provider, from a consortium of investors including Berkshire Partners and Permira, in a transaction valuing Teraco at approximately $3.5 billion and representing a cap rate of approximately 3.5% on projected 2022 cash net operating income of approximately $121 million. The transaction is expected to close in the first half of 2022 and is subject to customary closing conditions.

9

Digital Realty Trust
Earnings Release		Fourth Quarter 2021

Balance Sheet

Digital Realty had approximately $13.4 billion of total debt outstanding as of December 31, 2021, comprised of $13.3 billion of unsecured debt and approximately $0.1 billion of secured debt. At the end of the fourth quarter of 2021, net debt-to-Adjusted EBITDA was 6.1x, debt-plus-preferred-to-total enterprise value was 21.7% and fixed charge coverage was 5.4x. Pro forma for settlement of the $1 billion forward equity offering, net debt-to-adjusted EBITDA was 5.7x and fixed charge coverage was also 5.7x.

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

● In mid-November, Digital Realty amended, extended, and upsized its existing global revolving credit facility from $2.35 billion to $3.0 billion. Digital Realty also amended and extended its existing ¥33.3 billion (approximately $290 million) Japanese yen-denominated revolving credit facility. Both facilities mature in January 2027, assuming the exercise of two six-month extension options. The revolving credit facilities now feature a sustainability-linked pricing component, with pricing subject to adjustment based on annual performance targets, further demonstrating Digital Realty’s continued leadership and commitment to sustainable business practices.

● Subsequent to quarter-end, Digital Realty closed an offering of €750 million, or approximately $850 million, of 1.375% Euro bonds due 2032.

● Likewise subsequent to quarter-end, Digital Realty redeemed all $450 million of its outstanding 4.75% notes due 2025.

10

Digital Realty Trust
Earnings Release		Fourth Quarter 2021

2022 Outlook

Digital Realty introduced its 2022 core FFO per share outlook of $6.80-$6.90. The assumptions underlying the outlook are summarized in the following table.

	As of
Top-Line and Cost Structure	February 17, 2022
Total revenue	$4.700 - $4.800 billion
Net non-cash rent adjustments (1)	($35) - ($40) million
Adjusted EBITDA	$2.475 - $2.525 billion
G&A	$410 - $420 million
Internal Growth
Rental rates on renewal leases
Cash basis	Flat
GAAP basis	Slightly positive
Year-end portfolio occupancy	83.0% - 84.0%
"Same-capital" cash NOI growth (2)	(2.5%) - (3.5%)
Foreign Exchange Rates
U.S. Dollar / Pound Sterling	$1.30 - $1.38
U.S. Dollar / Euro	$1.10 - $1.15
External Growth
Dispositions
Dollar volume	$0.5 - $1.0 billion
Cap rate	0.0% - 10.0%
Development
CapEx (3)	$2.3 - $2.5 billion
Average stabilized yields	9.0% - 15.0%
Enhancements and other non-recurring CapEx (4)	$5 - $10 million
Recurring CapEx + capitalized leasing costs (5)	$210 - $220 million
Balance Sheet
Long-term debt issuance
Dollar amount	$1.8 - $2.0 billion
Pricing	1.5% - 2.0%
Timing	Early & Late 2022
Net income per diluted share	$1.05 - $1.10
Real estate depreciation and (gain) / loss on sale	$5.35 - $5.35
Funds From Operations / share (NAREIT-Defined)	$6.40 - $6.45
Non-core expenses and revenue streams	$0.40 - $0.45
Core Funds From Operations / share	$6.80 - $6.90
Foreign currency translation adjustments	$0.10 - $0.10
Constant-Currency Core Funds From Operations / share	$6.90 - $7.00

(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) The “same-capital” pool includes properties owned as of December 31, 2020 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 2021-2022, properties classified as held for sale, and properties sold or contributed to joint ventures for all periods presented.

(3) Includes land acquisitions.

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

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

11

Digital Realty Trust
Earnings Release		Fourth Quarter 2021

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. EST / 2:30 p.m. PST on February 17, 2022, 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 2021 financial results and operating performance. The conference call will feature Chief Executive Officer A. William Stein and President & 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# 6195647 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 17, 2022. 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# 3330128. 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 over 280 facilities in nearly 50 metros across 25 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

President & Chief Financial Officer

Digital Realty

(415) 738-6500

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 2021

	Three Months Ended					Twelve Months Ended
	31-Dec-21	30-Sep-21	30-Jun-21	31-Mar-21	31-Dec-20		31-Dec-21	31-Dec-20
Rental revenues	$763,117	$773,195	$768,826	$754,544	$754,422		$3,059,682	$2,758,678
Tenant reimbursements - Utilities	195,340	189,060	169,743	184,973	154,937		739,116	565,144
Tenant reimbursements - Other	58,528	57,666	60,261	59,328	62,084		235,783	235,311
Interconnection & other	89,850	90,983	90,565	89,061	86,424		360,459	327,412
Fee income	4,133	3,255	3,628	2,426	4,722		13,442	15,214
Other	200	18,977	165	59	20		19,401	1,850
Total Operating Revenues	$1,111,168	$1,133,136	$1,093,188	$1,090,391	$1,062,609		$4,427,883	$3,903,609
Utilities	$213,933	$209,585	$185,010	$176,046	$169,282		$784,574	$636,905
Rental property operating	205,250	196,743	198,207	185,733	205,177		785,933	694,588
Property taxes	42,673	55,915	42,795	49,005	42,442		190,388	169,368
Insurance	3,507	4,718	5,703	3,498	3,410		17,426	13,253
Depreciation & amortization	378,883	369,035	368,981	369,733	359,915		1,486,632	1,366,379
General & administration	103,705	97,082	94,956	97,568	101,582		393,311	344,928
Severance, equity acceleration, and legal expenses	1,003	1,377	2,536	2,427	606		7,343	6,440
Transaction and integration expenses	12,427	13,804	7,075	14,120	19,290		47,426	106,662
Impairment of investments in real estate	18,291	—	—	—	—		18,291	6,482
Other expenses	(1)	510	2,298	(257)	641		2,550	1,074
Total Operating Expenses	$979,671	$948,769	$907,561	$897,873	$902,345		$3,733,874	$3,346,079
Operating Income	$131,497	$184,367	$185,627	$192,518	$160,264		$694,009	$557,530
Equity in (loss) earnings of unconsolidated joint ventures	(7,714)	40,884	52,143	(23,031)	31,055		62,282	(57,629)
Gain / (loss) on sale of investments	1,047,011	(635)	499	333,921	1,684		1,380,796	316,895
Interest and other (expense) income, net	(4,349)	(2,947)	10,124	(7,186)	(2,747)		(4,358)	20,222
Interest (expense)	(71,762)	(71,417)	(75,014)	(75,653)	(77,848)		(293,846)	(333,021)
Income tax (expense)	(3,961)	(13,709)	(47,582)	(7,547)	(3,322)		(72,799)	(38,047)
Loss from early extinguishment of debt	(325)	—	—	(18,347)	(49,576)		(18,672)	(103,215)
Net Income / (Loss)	$1,090,397	$136,543	$125,797	$394,675	$59,510		$1,747,412	$362,735
Net (income) loss attributable to noncontrolling interests	(22,587)	(2,266)	(4,544)	(8,756)	(1,818)		(38,153)	(6,333)
Net Income / (Loss) Attributable to Digital Realty Trust, Inc.	$1,067,810	$134,277	$121,253	$385,919	$57,692		$1,709,259	$356,402
Preferred stock dividends, including undeclared dividends	(10,181)	(10,181)	(11,885)	(13,514)	(13,514)		(45,761)	(76,536)
Gain on / (Issuance costs associated with) redeemed preferred stock	—	—	18,000	—	—		18,000	(16,520)
Net Income / (Loss) Available to Common Stockholders	$1,057,629	$124,096	$127,368	$372,405	$44,178		$1,681,498	$263,346
Weighted-average shares outstanding - basic	283,869,662	283,105,966	281,791,855	281,094,798	280,117,213		282,474,927	260,098,978
Weighted-average shares outstanding - diluted	284,868,184	283,817,950	282,433,857	281,928,182	281,122,368		283,221,968	262,522,508
Weighted-average fully diluted shares and units	290,893,110	290,228,785	289,484,805	289,210,666	288,903,143		289,912,489	270,496,513
Net income / (loss) per share - basic	$3.73	$0.44	$0.45	$1.32	$0.16		$5.95	$1.01
Net income / (loss) per share - diluted	$3.71	$0.44	$0.45	$1.32	$0.16		$5.94	$1.00

13

Funds From Operations and Core Funds From Operations		Financial Supplement
Unaudited and in Thousands, Except Per Share Data		Fourth Quarter 2021

	Three Months Ended						Twelve Months Ended
Reconciliation of Net Income to Funds From Operations (FFO)		31-Dec-21	30-Sep-21	30-Jun-21	31-Mar-21	31-Dec-20		31-Dec-21	31-Dec-20
Net Income / (Loss) Available to Common Stockholders		$1,057,629	$124,096	$127,368	$372,405	$44,178		$1,681,498	$263,346
Adjustments:
Non-controlling interest in operating partnership		23,100	3,000	3,200	9,800	1,300		39,100	9,500
Real estate related depreciation & amortization (1)		372,447	362,728	363,640	364,697	354,366		1,463,512	1,341,836
Unconsolidated JV real estate related depreciation & amortization		24,146	21,293	20,983	19,378	21,471		85,800	77,730
(Gain) on real estate transactions (2)		(1,047,011)	(63,799)	(499)	(333,921)	(1,684)		(1,445,230)	(316,895)
Impairment of investments in real estate		18,291	-	-	-	-		18,291	6,482
Funds From Operations - diluted		$448,602	$447,318	$514,692	$432,359	$419,631		$1,842,971	$1,381,998
Weighted-average shares and units outstanding - basic		289,895	289,542	288,843	288,377	287,898		289,165	268,073
Weighted-average shares and units outstanding - diluted (3)		290,893	290,228	289,485	289,211	288,903		289,912	270,497
Funds From Operations per share - basic		$1.55	$1.54	$1.78	$1.50	$1.46		$6.37	$5.16
Funds From Operations per share - diluted (3)		$1.54	$1.54	$1.78	$1.50	$1.45		$6.36	$5.11

	Three Months Ended						Twelve Months Ended
Reconciliation of FFO to Core FFO		31-Dec-21	30-Sep-21	30-Jun-21	31-Mar-21	31-Dec-20		31-Dec-21	31-Dec-20
Funds From Operations - diluted		$448,602	$447,318	$514,692	$432,359	$419,631		$1,842,971	$1,381,998
Other non-core revenue adjustments (4)		9,859	(18,066)	(11,122)	(59)	(25)		(19,388)	(30,071)
Transaction and integration expenses		12,427	13,804	7,075	14,120	19,290		47,426	106,662
Loss from early extinguishment of debt		325	-	-	18,347	49,576		18,672	103,215
(Gain on) / Issuance costs associated with redeemed preferred stock		-	-	(18,000)	-	-		(18,000)	16,520
Severance, equity acceleration, and legal expenses (5)		1,003	1,377	2,536	2,427	606		7,343	6,440
(Gain) / Loss on FX revaluation		14,308	33,774	(51,649)	34,072	(27,190)		30,505	81,936
Other non-core expense adjustments		(1)	1,004	2,298	(19,240)	3,353		(15,939)	15,581
Core Funds From Operations - diluted		$486,523	$479,211	$445,830	$482,026	$465,241		$1,893,590	$1,682,281
Weighted-average shares and units outstanding - diluted (3)		290,893	290,228	289,485	289,211	288,903		289,912	270,497
Core Funds From Operations per share - diluted (3)		$1.67	$1.65	$1.54	$1.67	$1.61		$6.53	$6.22

(1) Real Estate Related Depreciation & Amortization	Three Months Ended						Twelve Months Ended
		31-Dec-21	30-Sep-21	30-Jun-21	31-Mar-21	31-Dec-20		31-Dec-21	31-Dec-20
Depreciation & amortization per income statement		$378,883	$369,035	$368,981	$369,733	$359,915		1,486,632	1,366,379
Non-real estate depreciation		(6,436)	(6,307)	(5,341)	(5,036)	(5,549)		(23,120)	(24,543)
Real Estate Related Depreciation & Amortization		$372,447	$362,728	$363,640	$364,697	$354,366		$1,463,512	$1,341,836

(2) For the third quarter 2021, includes a $64 million gain that represents Digital Realty’s share from a sale of a portfolio of assets within an unconsolidated joint venture. The gain is included in equity in earnings of unconsolidated joint ventures in our consolidated income statement.

(3) For all periods presented, we have excluded the effect of dilutive series C, 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 J, series K and series L preferred stock, as applicable, which we consider highly improbable, and upon physical settlement of our September 2021 forward sales agreements. 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.

(4) Includes lease termination fees and certain other adjustments that are not core to our business. For the third quarter 2021, includes a $19 million promote received related to a sale of portfolio of assets within an unconsolidated joint venture. The promote is included in Other revenue in our consolidated income statement.

(5) 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 2021

	Three Months Ended						Twelve Months Ended
Reconciliation of Core FFO to AFFO		31-Dec-21	30-Sep-21	30-Jun-21	31-Mar-21	31-Dec-20		31-Dec-21	31-Dec-20
Core FFO available to common stockholders and unitholders		$486,523	$479,211	$445,830	$482,026	$465,241		$1,893,590	$1,682,281
Adjustments:
Non-real estate depreciation		6,436	6,307	5,341	5,036	5,549		23,120	24,543
Amortization of deferred financing costs		3,515	3,625	3,718	3,538	3,709		14,396	15,285
Amortization of debt discount/premium		1,107	1,138	1,166	1,134	1,033		4,545	3,974
Non-cash stock-based compensation expense		15,097	15,082	15,579	16,097	16,315		61,855	59,497
Straight-line rental revenue		(16,497)	(11,969)	(16,139)	(18,492)	(14,402)		(63,097)	(50,751)
Straight-line rental expense		5,754	7,862	7,175	6,709	3,629		27,500	16,396
Above- and below-market rent amortization		910	1,165	1,858	2,137	3,239		6,070	12,687
Deferred tax (expense) benefit		(13,731)	2,112	35,522	(4,509)	(4,226)		19,394	1,253
Leasing compensation & internal lease commissions		9,564	11,142	11,078	11,042	10,506		42,826	21,090
Recurring capital expenditures (1)		(87,550)	(50,800)	(39,231)	(39,522)	(83,571)		(217,103)	(210,727)
AFFO available to common stockholders and unitholders (2)		$411,128	$464,875	$471,897	$465,196	$407,022		$1,813,096	$1,575,528
Weighted-average shares and units outstanding - basic		289,895	289,542	288,843	288,377	287,898		289,165	268,073
Weighted-average shares and units outstanding - diluted (3)		290,893	290,228	289,485	289,211	288,903		289,912	270,497
AFFO per share - diluted (3)		$1.41	$1.60	$1.63	$1.61	$1.41		$6.25	$5.82
Dividends per share and common unit		$1.16	$1.16	$1.16	$1.16	$1.12		$4.64	$4.48
Diluted AFFO Payout Ratio		82.1%	72.4%	71.2%	72.1%	79.5%		74.2%	76.9%

	Three Months Ended						Twelve Months Ended
Share Count Detail		31-Dec-21	30-Sep-21	30-Jun-21	31-Mar-21	31-Dec-20		31-Dec-21	31-Dec-20
Weighted Average Common Stock and Units Outstanding		289,895	289,542	288,843	288,377	287,898		289,165	268,073
Add: Effect of dilutive securities		948	686	642	834	1,005		703	2,424
Weighted Avg. Common Stock and Units Outstanding - diluted		290,843	290,228	289,485	289,211	288,903		289,868	270,497

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

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

(3) For all periods presented, we have excluded the effect of dilutive series C, 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 J, series K and series L preferred stock, as applicable, which we consider highly improbable, and upon physical settlement of our September 2021 forward sales agreements. 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 2021

	31-Dec-21		30-Sep-21		30-Jun-21		31-Mar-21		31-Dec-20
Assets
Investments in real estate:
Real estate		$23,625,451		$23,384,809		$23,287,853		$22,762,279		$23,142,988
Construction in progress		3,213,387		3,238,388		3,270,570		2,904,642		2,768,326
Land held for future development		133,683		118,091		143,575		192,896		226,862
Investments in real estate		$26,972,522		$26,741,289		$26,701,998		$25,859,817		$26,138,175
Accumulated depreciation and amortization		(6,210,281)		(6,159,294)		(5,919,650)		(5,649,019)		(5,555,221)
Net Investments in Properties		$20,762,241		$20,581,995		$20,782,348		$20,210,798		$20,582,954
Investment in unconsolidated joint ventures		1,807,689		1,292,325		1,119,026		970,703		1,148,158
Net Investments in Real Estate		$22,569,930		$21,874,320		$21,901,374		$21,181,501		$21,731,112
Cash and cash equivalents		$142,698		$116,002		$120,482		$221,140		$108,501
Accounts and other receivables (1)		671,721		610,416		630,086		657,096		603,111
Deferred rent		547,385		552,850		539,379		524,200		528,180
Customer relationship value, deferred leasing costs & other intangibles, net		2,735,486		2,871,622		2,956,027		3,057,245		3,122,904
Goodwill		7,937,440		8,062,914		8,185,931		8,125,706		8,330,996
Operating lease right-of-use assets (2)		1,405,441		1,442,661		1,452,633		1,495,869		1,386,959
Other assets		359,459		316,863		365,308		279,734		264,528
Total Assets		$36,369,560		$35,847,648		$36,151,220		$35,542,491		$36,076,291
Liabilities and Equity
Global unsecured revolving credit facilities		$398,172		$832,322		$1,026,368		$451,007		$531,905
Unsecured term loans		—		—		—		—		536,580
Unsecured senior notes, net of discount		12,903,370		13,012,790		12,659,043		12,566,198		11,997,010
Secured debt and other, net of premiums		146,668		242,427		242,410		239,634		239,222
Operating lease liabilities (2)		1,512,187		1,543,231		1,545,689		1,581,759		1,468,712
Accounts payable and other accrued liabilities		1,543,623		1,341,866		1,367,240		1,305,921		1,420,162
Deferred tax liabilities, net		666,451		725,955		742,127		650,543		698,308
Accrued dividends and distributions		338,729		—		—		—		324,386
Security deposits and prepaid rent		336,578		341,778		362,606		362,008		371,659
Total Liabilities		$17,845,778		$18,040,369		$17,945,483		$17,157,070		$17,587,944
Redeemable non-controlling interests - operating partnership		46,995		40,920		41,490		40,097		42,011
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
Series J Cumulative Redeemable Preferred Stock (4)		$193,540		$193,540		$193,540		193,540		193,540
Series K Cumulative Redeemable Preferred Stock (5)		203,264		203,264		203,264		203,264		203,264
Series L Cumulative Redeemable Preferred Stock (6)		334,886		334,886		334,886		334,886		334,886
Common Stock: $0.01 par value per share, 392,000,000 shares authorized (7)		2,824		2,818		2,806		2,795		2,788
Additional paid-in capital		21,075,863		21,010,202		20,844,834		20,700,282		20,626,897
Dividends in excess of earnings		(3,631,929)		(4,359,033)		(4,153,407)		(3,952,497)		(3,997,938)
Accumulated other comprehensive income (loss), net		(173,880)		(111,560)		31,733		(77,783)		135,010
Total Stockholders' Equity		$18,004,568		$17,274,117		$17,457,656		$17,623,737		$17,717,697
Noncontrolling Interests
Noncontrolling interest in operating partnership		$425,337		$459,918		$513,897		$571,292		$608,980
Noncontrolling interest in consolidated joint ventures		46,882		32,324		192,694		150,295		119,659
Total Noncontrolling Interests		$472,219		$492,242		$706,591		$721,587		$728,639
Total Equity		$18,476,787		$17,766,359		$18,164,247		$18,345,324		$18,446,336
Total Liabilities and Equity		$36,369,560		$35,847,648		$36,151,220		$35,542,491		$36,076,291

(1) Net of allowance for doubtful accounts of $28,574 and $18,825 as of December 31, 2021 and December 31, 2020, 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%, $0 and $201,250 liquidation preference, respectively ($25.00 per share), 0 and 8,050,000 shares issued and outstanding as of December 31, 2021 and December 31, 2020, respectively.

(4) 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, 2021 and December 31, 2020, respectively.

(5) 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, 2021 and December 31, 2020, respectively.

(6) 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, 2021 and December 31, 2020, respectively.

(7) Common Stock: 284,415,013 and 208,900,758 shares issued and outstanding as of December 31, 2021 and December 31, 2020, respectively.

16

Components of Net Asset Value (NAV) (1)		Financial Supplement
Unaudited and in Thousands		Fourth Quarter 2021

Consolidated Properties Cash Net Operating Income (NOI)(2), Annualized (3)
Network-Dense	$884,172
Campus	1,484,318
Other (4)	157,470
Total Cash NOI, Annualized	$2,525,960
less: Partners' share of consolidated JVs	(849)
Acquisitions / dispositions / expirations	(109,757)
FY 2022 backlog cash NOI and 4Q21 carry-over (stabilized) (5)	198,599
Total Consolidated Cash NOI, Annualized	$2,613,953
Digital Realty's Pro Rata Share of Unconsolidated Joint Venture Cash NOI (3)(6)	$143,140
Other Income
Development and Management Fees (net), Annualized	$16,532
Other Assets
Pre-stabilized inventory, at cost (7)	$321,149
Land held for development	133,683
Development CIP (8)	3,213,387
less: Investment associated with FY21 Backlog NOI	(694,899)
Cash and cash equivalents	142,698
Accounts and other receivables, net	671,721
Other assets	359,459
less: Partners' share of consolidated JV assets	913
Total Other Assets	$4,148,112
Liabilities
Global unsecured revolving credit facilities	$415,116
Unsecured senior notes	13,000,042
Secured debt, excluding premiums	147,081
Accounts payable and other accrued liabilities	1,543,623
Deferred tax liabilities, net	666,451
Accrued dividends and distributions	338,729
Security deposits and prepaid rents	336,578
Backlog NOI cost to complete (9)	361,629
Preferred stock	755,000
Digital Realty's share of unconsolidated JV debt	826,799
Total Liabilities	$18,391,048
Diluted Shares and Units Outstanding	291,295

(1) Includes Digital Realty’s share of backlog leasing at unconsolidated joint venture buildings. Excludes Mitsubishi 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 4Q21 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, 2022. 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 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 2021

	As of December 31, 2021
		Interest Rate
	Interest	Including
	Rate	Swaps	2022	2023	2024	2025	2026	Thereafter	Total
Global Unsecured Revolving Credit Facilities (1)
Global unsecured revolving credit facility - Unhedged	0.865%	0.865%	—	—	—	—	—	$415,116	$415,116
Deferred financing costs, net	—	—	—	—	—	—	—	—	(16,944)
Total Global Unsecured Revolving Credit Facilities	0.865%	0.865%	—	—	—	—	—	$415,116	$398,172
Senior Notes
€300 million Floating Rate Notes due 2022	—	—	$341,100	—	—	—	—	—	$341,100
€300 million 0.125% Notes due 2022	0.125%	0.125%	341,100	—	—	—	—	—	341,100
€600 million 2.625% Notes due 2024	2.625%	2.625%	—	—	$682,200	—	—	—	682,200
£250 million 2.750% Notes due 2024	2.750%	2.750%	—	—	338,300	—	—	—	338,300
£400 million 4.250% Notes due 2025	4.250%	4.250%	—	—	—	$541,280	—	—	541,280
€650 million 0.625% Notes due 2025	0.625%	0.625%	—	—	—	739,050	—	—	739,050
$450 million 4.750% Notes due 2025 (2)	4.750%	4.750%	—	—	—	450,000	—	—	450,000
€1.08 billion 2.500% Notes due 2026	2.500%	2.500%	—	—	—	—	$1,222,275	—	1,222,275
₣275 million 0.200% Notes due 2026	0.200%	0.200%	—	—	—	—	301,419	—	301,419
$1.00 billion 3.700% notes due 2027	3.700%	3.700%	—	—	—	—	—	$1,000,000	1,000,000
€500 million 1.125% Notes due 2028	1.125%	1.125%	—	—	—	—	—	568,500	568,500
$650 million 4.450% Notes due 2028	4.450%	4.450%	—	—	—	—	—	650,000	650,000
₣270 million 0.550% Notes due 2029	0.550%	0.550%	—	—	—	—	—	295,938	295,938
$900 million 3.600% Notes due 2029	3.600%	3.600%	—	—	—	—	—	900,000	900,000
£350 million 3.300% Notes due 2029	3.300%	3.300%	—	—	—	—	—	473,620	473,620
€750 million 1.500% Notes due 2030	1.500%	1.500%	—	—	—	—	—	852,750	852,750
£550 million 3.750% Notes due 2030	3.750%	3.750%	—	—	—	—	—	744,260	744,260
€500 million 1.250% Notes due 2031	1.250%	1.250%	—	—	—	—	—	568,500	568,500
€1.00 billion 0.625% Notes due 2031	0.625%	0.625%	—	—	—	—	—	1,137,000	1,137,000
€750 million 1.000% Notes due 2032	1.000%	1.000%	—	—	—	—	—	852,750	852,750
Unamortized discounts	—	—	—	—	—	—	—	—	(33,609)
Deferred financing costs	—	—	—	—	—	—	—	—	(63,063)
Total Senior Notes (3)	2.255%	2.255%	$682,200	—	$1,020,500	$1,730,330	$1,523,694	$8,043,318	$12,903,370
Secured Debt
ICN10 Facility B	2.780%	2.780%	$336	—	—	—	—	—	$336
Westin	3.290%	3.290%	—	—	—	—	—	$135,000	135,000
ICN10 Facility A	3.580%	3.580%	—	—	—	—	—	4,794	4,794
Deferred financing costs	—	—	—	—	—	—	—	—	(413)
Total Secured Debt	3.299%	3.299%	$336	—	—	—	—	$139,794	$139,717
Other Debt
Digital Jubilee	1.113%	1.113%	—	$3,081	—	—	—	—	$3,081
Icolo loan	11.650%	11.650%	—	—	—	—	—	$3,870	3,870
Total Other Debt	6.980%	6.980%	—	$3,081	—	—	—	$3,870	$6,951
Total unhedged variable rate debt	—	—	$341,436	$3,081	—	—	—	$419,910	$764,427
Total fixed rate / hedged variable rate debt	—	—	341,100	—	$1,020,500	$1,730,330	$1,523,694	8,182,188	12,797,812
Total Debt	2.226%	2.226%	$682,536	$3,081	$1,020,500	$1,730,330	$1,523,694	$8,602,098	$13,562,239
Weighted Average Interest Rate			0.064%	1.113%	2.666%	2.832%	2.045%	2.256%	2.226%
Summary
Weighted Average Term to Initial Maturity									6.0 Years
Weighted Average Maturity (assuming exercise of extension options)									6.1 Years

Global Unsecured Revolving Credit Facility Detail As of December 31, 2021
	Maximum Available	Existing Capacity (4)	Currently Drawn
Global Unsecured Revolving Credit Facility	$3,283,258	$2,781,632	$415,116

(1) Assumes all extensions will be exercised.

(2) Redeemed in February 2022.

(3) Excludes €750 million 1.375% Notes due 2032 that were issued in January 2022.

(4) Net of letters of credit issued of $86.5 million.

18

Debt Analysis and Covenant Compliance		Financial Supplement
Unaudited		Fourth Quarter 2021

	As of December 31, 2021
				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)	36%
Secured debt / total assets (6)	Less than 40%	< 1%	< 1%	Less than 40%	2%
Total unencumbered assets / unsecured debt	Greater than 150%	205%	220%	N/A	N/A
Consolidated EBITDA / interest expense (7)	Greater than 1.5x	6.0x	6.0x	N/A	N/A
Fixed charge coverage		N/A	N/A	Greater than 1.5x	9.1x
Unsecured debt / total unencumbered asset value (8)		N/A	N/A	Less than 60%	37%
Unencumbered assets debt service coverage ratio		N/A	N/A	Greater than 1.5x	7.7x

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

(2) Ratios for the Unsecured Senior Notes listed on page18 except for the floating rate notes due 2022, 0.20% notes due 2026, 0.55% notes due 2029, 1.250% notes due 2031, 0.625% notes due 2031 and 1.00% notes due 2032.

(3) Ratios for the floating rate notes due 2022, 0.20% notes due 2026, 0.55% notes due 2029,1.250% notes due 2031, 0.625% 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 and the Yen facility. For the calculation of Total Assets, please refer to the indentures which govern the notes, the Second Amended and Restated Global Senior Credit Agreement dated as of November 18, 2021 and the Amended and Restated Yen facility Credit Agreement dated as of November 18, 2021, each as amended and which are, or will be, filed as exhibits to our reports filed with the U.S. Securities and Exchange Commission.

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

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

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

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

19

Same-Capital Operating Trend Summary		Financial Supplement
Unaudited and in Thousands		Fourth Quarter 2021

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

	Three Months Ended										Twelve Months Ended
	31-Dec-21		31-Dec-20		% Change		30-Sep-21		% Change		31-Dec-21		31-Dec-20		% Change
Rental revenues		$386,745		$404,052		(4.3%)		$394,001		(1.8%)		$1,573,284		$1,596,246		(1.4%)
Tenant reimbursements - Utilities		84,573		77,375		9.3%		84,819		(0.3%)		344,747		316,902		8.8%
Tenant reimbursements - Other		38,615		41,420		(6.8%)		40,329		(4.3%)		161,487		162,082		(0.4%)
Interconnection & other		56,076		56,197		(0.2%)		57,310		(2.2%)		228,150		223,465		2.1%
Total Revenue		$566,009		$579,044		(2.3%)		$576,459		(1.8%)		$2,307,668		$2,298,695		0.4%
Utilities		$101,494		$91,727		10.6%		$103,937		(2.4%)		$411,871		$372,666		10.5%
Rental property operating		106,984		103,224		3.6%		98,718		8.4%		400,081		375,207		6.6%
Property taxes		25,432		29,174		(12.8%)		37,514		(32.2%)		120,885		113,217		6.8%
Insurance		2,375		2,292		3.6%		2,274		4.4%		9,138		9,073		0.7%
Total Expenses		$236,285		$226,417		4.4%		$242,443		(2.5%)		$941,975		$870,163		8.3%
Net Operating Income (2)		$329,724		$352,627		(6.5%)		$334,016		(1.3%)		$1,365,693		$1,428,532		(4.4%)
Less:
Stabilized straight-line rent		($2,999)		($1,814)		65.3%		($3,930)		(23.7%)		($14,293)		($7,453)		91.8%
Above- and below-market rent		283		(1,571)		(118.0%)		(228)		(224.1%)		(1,829)		(9,727)		(81.2%)
Cash Net Operating Income (3)		$332,440		$356,012		(6.6%)		$338,174		(1.7%)		$1,381,815		$1,445,712		(4.4%)
Stabilized Portfolio occupancy at period end (4)		83.6%		86.0%		(2.4%)		83.7%		(0.1%)		83.6%		86.0%		(2.4%)

(1) Represents buildings owned as of December 31, 2019 with less than 5% of total rentable square feet under development. Excludes buildings that were undergoing, or were expected to undergo, development activities in 2020-2021, 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, 2021		Fourth Quarter 2021

	0-1 MW				> 1 MW				Other (3)				Total
Leasing Activity - New (1) (2)	4Q21		LTM		4Q21		LTM		4Q21		LTM		4Q21		LTM
Annualized GAAP Rent		$41,767		$148,303		$96,676		$293,885		$7,449		$10,087		$145,893		$452,276
Kilowatt leased		14,308		49,468		79,750		234,038		—		—		94,058		283,507
NRSF		163,014		549,391		714,261		2,180,268		277,091		351,853		1,154,366		3,081,512
Weighted Average Lease Term (years)		3.6		3.6		9.1		8.1		14.5		13.0		9.7		7.9
Initial stabilized cash rent per Kilowatt		$241		$248		$96		$100		—		—		$124		$135
GAAP rent per Kilowatt		$243		$250		$101		$105		—		—		$123		$130
Leasing cost per Kilowatt		$31		$33		$5		$9		—		—		$9		$13
Net Effective Economics by Kilowatt (4)
Base rent by Kilowatt		$244		$252		$100		$108		—		—		$124		$135
Rental concessions by Kilowatt		$2		$4		$3		$5		—		—		$2		$4
Estimated operating expense by Kilowatt		$100		$96		$30		$29		—		—		$41		$41
Net rent per Kilowatt		$143		$152		$67		$73		—		—		$82		$90
Tenant improvements by Kilowatt		$0		$0		$0		$1		—		—		$0		$1
Leasing commissions by Kilowatt		$14		$14		$1		$1		—		—		$3		$3
Net effective rent per Kilowatt		$129		$138		$66		$72		—		—		$79		$87
Initial stabilized cash rent per NRSF		$254		$268		$129		$129		$24		$25		$127		$152
GAAP rent per NRSF		$256		$270		$135		$135		$26		$27		$126		$147
Leasing cost per NRSF		$32		$36		$6		$12		$0		$2		$9		$15
Net Effective Economics by NRSF (4)
Base rent by NRSF		$257		$273		$134		$139		$27		$29		$131		$135
Rental concessions by NRSF		$1		$3		$2		$5		$0		$0		$2		$4
Estimated operating expense by NRSF		$101		$98		$26		$22		$15		$13		$34		$34
Net rent per NRSF		$156		$172		$106		$112		$12		$16		$96		$96
Tenant improvements by NRSF		$0		$0		$0		$1		$0		$0		$0		$1
Leasing commissions by NRSF		$14		$15		$1		$1		$0		$0		$3		$4
Net effective rent per NRSF		$141		$157		$105		$110		$12		$16		$93		$92

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

21

Summary of Leasing Activity		Financial Supplement
Leases Renewed in the Quarter Ended December 31, 2021		Fourth Quarter 2021

	0-1 MW				> 1 MW				Other (4)				Total
Leasing Activity - Renewals (1) (2) (3)	4Q21		LTM		4Q21		LTM		4Q21		LTM		4Q21		LTM
Leases renewed (Kilowatt)		24,788		125,933		26,710		133,682		—		—		51,498		259,614
Leases renewed (NRSF)		351,650		1,776,184		257,538		1,509,389		75,934		1,536,720		685,121		4,822,293
Leasing cost per Kilowatt		$1		$1		$4		$1		—		—		$3		$2
Leasing cost per NRSF		$1		$1		$5		$1		$0		$1		$2		$1
Weighted Term (years)		1.5		1.7		7.5		4.3		3.1		3.9		3.9		3.2
Cash Rent
Expiring cash rent per Kilowatt		$354		$317		$154		$154		—		—		$250		$233
Renewed cash rent per Kilowatt		$357		$320		$133		$136		—		—		$241		$225
% Change Cash Rent Per Kilowatt		0.7%		1.0%		(14.0%)		(11.9%)		—		—		(4.0%)		(3.4%)
Expiring cash rent per NRSF		$299		$269		$192		$164		$29		$22		$229		$158
Renewed cash rent per NRSF		$302		$272		$165		$144		$30		$23		$220		$153
% Change Cash Rent Per NRSF		0.7%		1.0%		(14.0%)		(11.9%)		4.1%		3.6%		(3.9%)		(3.1%)
GAAP Rent
Expiring GAAP rent per Kilowatt		$351		$315		$150		$147		—		—		$247		$229
Renewed GAAP rent per Kilowatt		$356		$320		$132		$138		—		—		$240		$226
% Change GAAP Rent Per Kilowatt		1.3%		1.8%		(11.8%)		(6.6%)		—		—		(2.8%)		(1.1)%
Expiring GAAP rent per NRSF		$297		$268		$186		$157		$28		$21		$226		$154
Renewed GAAP rent per NRSF		$301		$272		$164		$146		$31		$24		$220		$154
% Change GAAP Rent Per NRSF		1.3%		1.8%		(11.8%)		(6.6%)		10.2%		12.3%		(2.6%)		(0.4)%
Retention ratio (5)		78.4%		84.4%		65.8%		71.4%		58.7%		76.2%		70.7%		77.3%
Churn (6)		2.1%		9.2%		1.3%		5.9%		0.6%		5.1%		1.6%		7.2%

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

22

Lease Expirations - By Size		Financial Supplement
Dollars in Thousands, Except Per Square Foot		Fourth Quarter 2021

				% 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	1,927,200		—	—		—		—		—		—		—		—
Month to Month (3)	137,333		$39,264	1.3%		$286		$287		$39,411		8,807		$372		$373
2022	1,938,766		559,667	18.4%		289		289		559,936		144,323		323		323
2023	773,770		165,246	5.4%		214		220		170,269		51,947		265		273
2024	703,964		123,913	4.1%		176		180		126,684		47,852		216		221
2025	394,097		64,850	2.1%		165		170		66,879		23,478		230		237
2026	226,254		34,195	1.1%		151		157		35,444		15,359		186		192
2027	205,059		24,563	0.8%		120		132		26,967		11,571		177		194
2028	67,851		6,031	0.2%		89		102		6,902		2,406		209		239
2029	41,108		4,801	0.2%		117		131		5,371		2,641		151		169
2030	38,428		4,674	0.2%		122		125		4,804		3,193		122		125
2031	49,257		7,960	0.3%		162		177		8,725		2,689		247		270
Thereafter	207,577		3,523	0.1%		17		17		3,550		1,697		173		174
Total / Wtd. Avg.	6,710,664		$1,038,686	34.2%		$217		$221		$1,054,942		315,962		$274		$278

> 1 MW	Expiring Leases (1)	Annualized		Annualized	Annualized Rent Per		Annualized Rent Per		Annualized Rent Per		kW of Expiring		Annualized		Rent Per kW
Available	2,035,536		—	—		—		—		—		—		—		—
Month to Month (3)	103,805		$17,315	0.6%		$167		$167		$17,315		9,028		$160		$160
2022	1,451,754		231,937	7.6%		160		160		232,944		132,447		146		147
2023	1,753,693		243,493	8.0%		139		141		247,724		144,663		140		143
2024	1,240,668		184,024	6.1%		148		155		192,467		114,463		134		140
2025	1,624,948		213,083	7.0%		131		140		227,274		147,981		120		128
2026	1,692,139		226,425	7.5%		134		145		245,713		157,976		119		130
2027	1,058,460		154,345	5.1%		146		154		163,517		104,324		123		131
2028	483,972		54,168	1.8%		112		128		61,885		46,663		97		111
2029	584,810		72,560	2.4%		124		150		87,948		72,827		83		101
2030	497,907		57,619	1.9%		116		131		65,193		46,934		102		116
2031	932,643		111,421	3.7%		119		138		128,546		96,478		96		111
Thereafter	1,370,357		166,228	5.5%		121		138		189,645		139,746		99		113
Total / Wtd. Avg.	14,830,693		$1,732,619	57.1%		$135		$145		$1,860,173		1,213,529		$119		$128

Other (4)	Expiring Leases (1)	Annualized		Annualized	Annualized Rent Per		Annualized Rent Per		Annualized Rent Per		kW of Expiring		Annualized		Rent Per kW
Available	1,439,294		—	—		—		—		—		—		—		—
Month to Month (3)	48,770		$3,061	0.1%		$63		$63		$3,064		—		—		—
2022	439,218		15,052	0.5%		34		33		14,528		—		—		—
2023	1,118,639		27,692	0.9%		25		25		28,400		—		—		—
2024	563,605		20,285	0.7%		36		37		20,997		—		—		—
2025	949,231		42,562	1.4%		45		48		45,176		—		—		—
2026	731,286		20,282	0.7%		28		32		23,711		—		—		—
2027	355,964		13,022	0.4%		37		42		15,036		—		—		—
2028	228,535		11,487	0.4%		50		59		13,475		—		—		—
2029	787,107		27,482	0.9%		35		42		32,928		—		—		—
2030	719,172		30,411	1.0%		42		53		37,775		—		—		—
2031	60,553		1,983	0.1%		33		42		2,531		—		—		—
Thereafter	2,474,934		51,127	1.7%		21		27		66,589		—		—		—
Total / Wtd. Avg.	9,916,308		$264,448	8.7%		$31		$36		$304,211		—		—		—

Total	Expiring Leases (1)	Annualized		Annualized	Annualized Rent Per		Annualized Rent Per		Annualized Rent Per		kW of Expiring		Annualized		Rent Per kW
Available	5,402,030		—	—		—		—		—		—		—		—
Month to Month (3)	289,908		$59,640	2.0%		$206		$206		$59,790		—		—		—
2022	3,829,739		806,656	26.6%		211		211		807,409		—		—		—
2023	3,646,102		436,432	14.4%		120		122		446,393		—		—		—
2024	2,508,237		328,223	10.8%		131		136		340,148		—		—		—
2025	2,968,276		320,496	10.6%		108		114		339,329		—		—		—
2026	2,649,679		280,903	9.3%		106		115		304,869		—		—		—
2027	1,619,483		191,929	6.3%		119		127		205,520		—		—		—
2028	780,358		71,685	2.4%		92		105		82,262		—		—		—
2029	1,413,025		104,843	3.5%		74		89		126,247		—		—		—
2030	1,255,507		92,704	3.1%		74		86		107,772		—		—		—
2031	1,042,453		121,364	4.0%		116		134		139,803		—		—		—
Thereafter	4,052,868		220,878	7.3%		54		64		259,784		—		—		—
Total / Wtd. Avg.	31,457,664		$3,035,753	100.0%		$117		$124		$3,219,325		—		—		—

(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, 2021, 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 2021

						Weighted
						Average
			Annualized		% of Annualized	Remaining
		Number of	Recurring		Recurring	Lease Term in
	Customer	Locations	Revenue (1)		Revenue	Years
1	Fortune 50 Software Company	56		$340,515	10.0%	8.9
2	IBM	36		138,065	4.1%	2.3
3	Oracle America, Inc.	29		114,935	3.4%	3.2
4	Global Cloud Provider	51		110,186	3.2%	3.3
5	Facebook, Inc.	38		106,583	3.1%	4.0
6	Fortune 25 Investment Grade-Rated Company	25		94,292	2.8%	4.5
7	Equinix	21		87,739	2.6%	8.0
8	LinkedIn Corporation	8		78,298	2.3%	2.9
9	Social Content Platform	11		72,253	2.1%	5.5
10	Fortune 500 SaaS Provider	15		66,522	2.0%	4.3
11	Cyxtera Technologies, Inc.	15		62,080	1.8%	10.2
12	Rackspace	20		61,921	1.8%	10.7
13	Fortune 25 Tech Company	44		59,258	1.7%	3.1
14	Lumen Technologies, Inc.	129		54,197	1.6%	4.7
15	Comcast Corporation	32		42,132	1.2%	4.3
16	JPMorgan Chase & Co.	17		40,898	1.2%	2.5
17	Verizon	99		40,582	1.2%	3.1
18	AT&T	75		37,000	1.1%	2.9
19	Social Media Platform	7		34,680	1.0%	8.9
20	Zayo	124		33,290	1.0%	2.0
	Total / Weighted Average			$1,675,426	49.2%	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, 2021, 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 2021

	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-21	30-Sep-21	IT Load (6)	Count
North America
Northern Virginia	5,404,662	780,016	128,694		$564,992	91.1%	91.3%	462.9	22
Chicago	3,428,169	—	148,101		309,527	89.1%	87.5%	162.7	10
New York	2,103,114	147,753	106,407		213,337	82.4%	84.3%	53.4	13
Dallas	3,550,639	136,445	8,204		189,753	79.8%	80.5%	101.2	21
Silicon Valley	1,591,835	—	130,752		184,654	97.4%	96.1%	94.6	15
Phoenix	795,697	—	—		66,846	72.1%	71.8%	42.5	2
San Francisco	843,339	—	—		64,740	66.1%	64.1%	31.5	4
Atlanta	525,414	41,661	313,581		52,336	95.1%	94.9%	7.1	4
Seattle	398,735	—	—		40,593	85.3%	84.9%	19.5	1
Los Angeles	580,764	37,713	—		40,228	83.3%	80.9%	13.8	2
Portland	399,095	756,483	—		39,300	98.4%	97.9%	34.5	2
Toronto	300,307	427,050	—		25,727	85.6%	83.0%	27.0	2
Boston	437,119	—	50,649		21,430	49.9%	49.9%	19.0	3
Houston	392,816	—	13,969		18,315	70.4%	70.4%	13.0	6
Miami	226,314	—	—		8,498	89.9%	89.8%	1.3	2
Minneapolis/St. Paul	328,765	—	—		6,945	100.0%	100.0%	—	1
Austin	85,688	—	—		6,344	52.5%	51.2%	4.3	1
Charlotte	95,499	—	—		5,054	89.5%	89.5%	1.5	3
North America Total/Weighted Average	21,487,970	2,327,121	900,357		$1,858,620	85.4%	85.2%	1,089.8	114
EMEA
London	1,433,240	64,274	95,832		$224,532	68.0%	71.6%	103.9	16
Frankfurt	1,893,266	1,327,522	—		194,911	80.1%	86.9%	118.0	27
Amsterdam	1,220,639	46,240	95,262		144,317	70.2%	70.9%	112.8	13
Paris	598,536	314,876	—		74,469	82.7%	84.9%	49.9	10
Dublin	440,917	112,135	—		49,256	77.3%	75.7%	29.5	8
Marseille	389,484	165,435	—		45,978	74.0%	60.7%	31.8	4
Vienna	351,418	—	—		44,900	79.5%	80.0%	25.6	2
Zurich	284,671	258,240	—		40,113	82.5%	81.9%	17.0	3
Madrid	218,282	225,140	—		34,461	76.1%	75.8%	11.8	4
Brussels	171,470	186,464	—		23,510	62.6%	62.0%	7.5	4
Stockholm	205,304	48,492	—		23,128	63.7%	61.1%	14.2	6
Copenhagen	162,182	163,696	—		17,393	78.7%	77.5%	7.1	3
Dusseldorf	105,523	107,600	—		15,137	59.7%	60.2%	11.0	3
Athens	55,170	92,536	—		6,927	74.4%	82.9%	1.7	3
Zagreb	19,105	12,801	—		2,486	55.3%	55.6%	0.9	1
Nairobi	15,710	—	—		1,648	61.9%	57.6%	0.5	1
Mombasa	10,115	37,025	—		1,100	53.2%	41.4%	0.3	2
Maputo	—	3,940	—		—	—	—	0.7	1
EMEA Total/Weighted Average	7,575,033	3,166,416	191,094		$944,264	74.6%	76.1%	544.1	111
Asia Pacific
Singapore	882,847	—	—		$136,238	84.3%	91.3%	78.5	3
Sydney	226,697	222,838	—		26,815	86.4%	86.4%	14.9	4
Melbourne	146,570	—	—		15,183	62.8%	62.8%	9.6	2
Hong Kong	99,129	185,622	—		112	—	—	7.5	1
Seoul	—	162,260	—		98	—	—	—	1
Osaka	—	235,532	—		—	—	—	—	1
Asia Pacific Total/Weighted Average	1,355,243	806,252	—		$178,446	76.2%	86.6%	110.5	12
Non-Data Center Properties	263,668	—	—		$1,269	100.0%	100.0%	—	—
Consolidated Portfolio Total/Weighted Average	30,681,914	6,299,789	1,091,451		$2,982,599	82.5%	83.2%	1,744.4	237
Managed Unconsolidated Joint Ventures
Northern Virginia	1,482,337	—	—		$100,450	93.8%	93.8%	98.7	8
Silicon Valley	414,267	—	—		24,731	100.0%	100.0%	10.9	4
Hong Kong	186,300	—	—		20,227	87.3%	87.3%	11.0	1
Toronto	104,308	—	—		13,146	100.0%	100.0%	6.8	1
Los Angeles	196,517	—	—		5,091	100.0%	100.0%	—	2
Managed Unconsolidated Portfolio Total/Weighted Average	2,383,729	—	—		$163,645	95.2%	94.7%	127.3	16
Managed Portfolio Total/Weighted Average	33,065,643	6,299,789	1,091,451		$3,146,245	83.4%	84.1%	1,871.7	253
Digital Realty Share Total/Weighted Average (7)	31,457,664	6,303,891	1,094,326		$3,035,753	82.8%	83.9%	1,780.9
Non-Managed Unconsolidated Joint Ventures
Sao Paulo	1,022,251	183,498	1,033,967		138,846	96.9%	98.5%	87.4	20
Osaka	277,031	248,590	—		53,613	94.5%	94.5%	28.5	3
Tokyo	980,916	318,415	—		51,001	70.3%	70.3%	27.0	3
Fortaleza	94,205	—	—		9,258	100.0%	100.0%	6.2	1
Rio De Janeiro	72,442	26,781	—		7,893	100.0%	100.0%	6.0	2
Seattle	51,000	—	—		7,770	100.0%	100.0%	9.0	1
Santiago	67,340	45,209	180,835		6,459	68.7%	68.7%	6.3	2
Queretaro	—	108,178	376,202		—	—	—	—	2
Non-Managed Portfolio Total/Weighted Average	2,565,185	930,670	1,591,004		$274,840	86.0%	86.3%	170.3	34
Portfolio Total/Weighted Average	35,630,828	7,230,460	2,682,456		$3,421,085	83.6%	84.2%	2,042.0	287

(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, 2021, 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 2021

	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)
Atlanta	—	—		—		—		—	1	41,661	2,000		$23,208		$12,242		$35,450	—	3Q22		1	41,661		$23,208		$12,242		$35,450
Dallas	—	—		—		—		—	2	136,445	11,501		24,533		94,658		119,191	86.9%	3Q22		2	136,445		24,533		94,658		119,191
Los Angeles	—	—		—		—		—	1	37,713	2,400		21,574		39,262		60,836	—	4Q22		1	37,713		21,574		39,262		60,836
New York (5)	—	—		—		—		—	1	147,753	2,400		137,107		16,517		153,624	100.0%	1Q22		1	147,753		137,107		16,517		153,624
Northern Virginia (6)	3	458,481		$44,122		$69,107		$113,229	2	321,536	40,000		74,527		220,008		294,535	60.0%	4Q22		3	780,016		118,649		289,115		407,764
Portland	1	552,862		110,507		64,759		175,265	1	203,621	24,000		193,021		35,911		228,932	100.0%	2Q22		2	756,483		303,528		100,670		404,198
Toronto	1	348,251		44,355		44,300		88,655	2	78,799	4,800		22,997		26,204		49,201	—	2Q22		2	427,050		67,351		70,504		137,855
North America	5	1,359,593		$198,983		$178,166		$377,149	10	967,528	87,101		$496,968		$444,802		$941,770	69.3%		9.5%	12	2,327,121		$695,951		$622,968		$1,318,919
Amsterdam	—	—		—		—		—	1	46,240	4,000		$16,841		$23,567		$40,408	100.0%	4Q22		1	46,240		$16,841		$23,567		$40,408
Athens	—	—		—		—		—	1	92,536	6,800		12,290		64,454		76,744	—	1Q23		1	92,536		12,290		64,454		76,744
Brussels	1	79,522		$4,943		$36,898		$41,841	2	106,942	8,250		27,174		94,823		121,997	—	4Q22		2	186,464		32,117		131,721		163,838
Copenhagen	1	100,047		33,507		15,966		49,473	2	63,649	5,950		24,758		82,943		107,701	3.4%	4Q22		2	163,696		58,264		98,909		157,173
Dublin	—	—		—		—		—	2	112,135	9,840		27,600		97,515		125,115	30.5%	4Q22		2	112,135		27,600		97,515		125,115
Dusseldorf	1	71,737		4,003		14,407		18,410	1	35,863	3,333		18,028		42,351		60,379	21.0%	4Q22		1	107,600		22,031		56,757		78,789
Frankfurt	4	926,838		93,309		118,001		211,310	3	400,685	32,360		137,073		347,457		484,530	31.5%	1Q23		7	1,327,522		230,382		465,458		695,840
London	—	—		—		—		—	1	64,274	3,066		19,514		522		20,036	—	1Q23		1	64,274		19,514		522		20,036
Madrid	1	150,093		26,041		12,399		38,440	1	75,047	5,000		17,201		46,955		64,156	100.0%	4Q22		1	225,140		43,241		59,354		102,596
Maputo	—	—		—		—		—	1	3,940	370		2,460		8,144		10,604	—	2Q22		1	3,940		2,460		8,144		10,604
Marseille	—	—		—		—		—	1	165,435	13,600		89,506		92,049		181,556	40.4%	3Q22		1	165,435		89,506		92,049		181,556
Mombasa	1	18,513		1,018		708		1,726	1	18,513	855		6,703		2,694		9,397	—	1Q22		1	37,025		7,721		3,402		11,123
Paris	1	49,242		30,144		12,083		42,228	2	265,634	25,600		179,653		174,529		354,182	25.0%	3Q22		3	314,876		209,797		186,612		396,409
Stockholm	—	—		—		—		—	1	48,492	2,625		12,653		17,396		30,049	—	2Q22		1	48,492		12,653		17,396		30,049
Zagreb	—	—		—		—		—	1	12,801	1,800		536		19,930		20,466	—	1Q23		1	12,801		536		19,930		20,466
Zurich	1	55,306		38,156		19,607		57,763	1	202,934	18,860		142,370		137,299		279,669	79.6%	4Q22		1	258,240		180,526		156,906		337,432
EMEA	11	1,451,297		$231,121		$230,069		$461,190	22	1,715,119	142,309		$734,358		$1,252,629		$1,986,987	35.1%		11.0%	27	3,166,416		$965,479		$1,482,698		$2,448,178
Hong Kong	1	185,622		$23,317		$1,418		$24,735	—	—	—		—		—		—		—		1	185,622		$23,317		$1,418		$24,735
Osaka	1	168,237		22,601		34,299		56,900	1	67,295	6,000		$15,790		$78,817		$94,607	—	2Q23		1	235,532		38,391		113,116		151,507
Seoul	—	—		—		—		—	1	162,260	12,000		114,046		32,818		146,865	—	1Q22		1	162,260		114,046		32,818		146,865
Sydney (7)	2	155,249		69,507		16,644		86,151	1	67,589	7,200		48,241		16,302		64,543	100.0%	2Q22		2	222,838		117,747		32,946		150,694
Asia Pacific	4	509,108		$115,425		$52,361		$167,785	3	297,144	25,200		$178,077		$127,938		$306,015	28.6%		9.9%	5	806,252		$293,502		$180,298		$473,800
Total	20	3,319,999		$545,529		$460,595		$1,006,124	35	2,979,791	254,610		$1,409,403		$1,825,369		$3,234,773	46.2%		10.5%	44	6,299,789		$1,954,932		$2,285,964		$4,240,896

(1) Represents costs incurred through December 31, 2021.

(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) Northern Virginia includes 263,302 square feet of pre-leased Base Building.

(7) Sydney includes 135,178 square feet of pre-leased 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 2021

											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		166.9		$133,683		—		$133,683
Development Construction in Progress
Land - Current Development (1)		N/A		681.7		$974,464		—		$974,464
Space Held for Development (1)		1,091,451		N/A		210,903		—		210,903		$172
Base Building Construction (2)		3,319,999		N/A		545,529		$460,595		1,006,124		320
Data Center Construction		2,979,791		N/A		1,409,403		1,825,369		3,234,773		1,005
Equipment Pool & Other Inventory (3)		N/A		N/A		7,881		—		7,881
Campus, Tenant Improvements & Other (4)		N/A		N/A		65,207		99,118		164,325
Total Development Construction in Progress		7,391,241		681.7		$3,213,387		$2,385,082		$5,598,470
Enhancement & Other						$4,457		$23,758		$28,215
Recurring						3,795		19,281		23,076
Total Construction in Progress				848.6		$3,355,323		$2,428,121		$5,783,444

(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, 2021 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, 2021. 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 2021

	Three Months Ended										Year Ended
	31-Dec-21		30-Sep-21		30-Jun-21		31-Mar-21		31-Dec-20		31-Dec-21		31-Dec-20
Non-Recurring Capital Expenditures (1)
Development		$648,615		$581,853		$505,942		$439,793		$576,008		$2,176,203		$1,751,502
Enhancements and Other Non-Recurring		2,241		411		102		58		853		2,812		1,024
Total Non-Recurring Capital Expenditures		$650,856		$582,264		$506,044		$439,851		$576,861		$2,179,015		$1,752,526
Recurring Capital Expenditures (2)		$87,550		$50,800		$39,231		$39,522		$83,571		$217,103		$210,727
Total Direct Capital Expenditures		$738,406		$633,064		$545,275		$479,373		$660,432		$2,396,118		$1,963,253
Indirect Capital Expenditures
Capitalized Interest		$15,328		$15,142		$11,558		$11,434		$11,836		$53,462		$47,290
Capitalized Overhead		18,963		18,423		16,090		17,716		15,003		71,192		53,706
Total Indirect Capital Expenditures		$34,291		$33,565		$27,648		$29,150		$26,839		$124,654		$100,996
Total Improvements to and Advances for Investment in Real Estate		$772,697		$666,629		$572,923		$508,523		$687,271		$2,520,772		$2,064,249
Consolidated Portfolio Net Rentable Square Feet (3)		31,457,664		31,620,833		31,753,051		31,356,257		31,855,032		31,457,664		31,855,032

(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 2021

	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		$25,571		—	6	148,101		52,194
Dallas	2	114.0		33,113		—	1	8,204		3,133
Houston	—	—		—		—	1	13,969		2,726
New York	1	21.5		—		$48,126	5	106,407		19,133
Northern Virginia	7	617.8		30,978		490,014	5	128,694		2,128
Phoenix	—	—		—		—	—	—		—
Silicon Valley	1	13.0		—		70,033	1	130,752		14,451
North America	12	767.7		$89,661		$608,173	21	900,357		$143,008
Amsterdam	1	4.4		—		$26,163	2	95,262		$36,076
Athens	1	0.9		—		3,406	—	—		—
Dublin	2	5.0		6,294		—	—	—		—
Frankfurt	1	12.0		—		133,891	—	—		—
London	1	6.7		17,382		—	3	95,832		31,819
Madrid	1	1.8		20,346		—	—	—		—
Paris	2	8.4		—		34,760	—	—		—
Vienna	3	14.1		—		24,627	—	—		—
EMEA	12	53.4		$44,022		$222,848	5	191,094		$67,896
Melbourne	1	4.1		—		$4,261	—	—		—
Seoul	1	4.9		—		68,151	—	—		—
Sydney	1	18.5		—		71,032	—	—		—
Asia Pacific	3	27.5		—		$143,443	—	—		—
Consolidated Portfolio	27	848.6		$133,683		$974,464	26	1,091,451		$210,903

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

(2) Represents costs incurred through December 31, 2021. 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 / Dipositions/ Joint Ventures		Financial Supplement
Dollars in Thousands		Fourth Quarter 2021

Closed Acquisitions:

						Net
						Rentable	Square Feet	Square Feet	% of Total Net
	Acquisition	Metropolitan	Date	Purchase	Cap	Square	Under	Held For	Rentable Square
Property	Type	Area	Acquired	Price (1)	Rate (2)	Feet (3)	Development	Development	Feet Occupied (4)
Sterling Land Parcel	Land	Northern Virginia	12/16/2021	$22,900	—	—	—	—	—
Plot A Ahmadu Bello Way (5)	Land	Lagos, Nigeria	11/14/2021	21,800	—	—	—	—	—
Lekki Land (5)	Land	Lagos, Nigeria	12/23/2021	500	—	—	—	—	—
Atlas Edge (6)	Investment	EMEA	11/15/2021	21,950	—	—	—	—	—
Total	—	—	—	$67,150	—	—	—	—	—

Closed Dispositions:

						Net
						Rentable	Square Feet	Square Feet	% of Total Net
	Disposition	Metropolitan	Date	Sale	Cap	Square	Under	Held For	Rentable Square
Property	Type	Area	Disposed	Price (1)	Rate (2)	Feet (3)	Development	Development	Feet Occupied (4)
150 S First St (7)	Building	Silicon Valley	12/15/2021	$59,600	10.2%	179,763	—	—	96.0%
Total				$59,600	10.2%	179,763	—	—	96.0%

Closed Joint Venture Contributions:

					Net
					Rentable	Square Feet	Square Feet	% of Total Net
	Metropolitan		Contribution	Cap	Square	Under	Held For	Rentable Square
Property	Area	Date	Price	Rate (2)	Feet (3)	Development	Development	Feet Occupied (4)
Digital Core REIT (8)	North America	12/6/2021	$1,440,500	4.3%	1,209,063	—	—	100.0%
Total	—	—	$1,440,500	4.3%	1,209,063	—	—	100.0%

(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) Based on a spot rate of 0.002 NGN to USD. Purchase Price represents Digital Realty’s pro rata share of the total purchase price.

(6) Based on a spot rate of 1.137 EUR to USD as of December 31, 2021.

(7) Mixed-use retail and data center property expected to be redeveloped for residential use upon the near-term departure of the primary data center tenant.

(8) The $1.4 billion S-REIT transaction value reflects a 100% ownership interest. The purchase price for Digital Realty’s 90% interest was approximately $1.3 billion.

30

Unconsolidated Joint Ventures		Financial Supplement
Dollars in Thousands		Fourth Quarter 2021

Summary Balance Sheet -	As of December 31, 2021
at the JV's 100% Share		Ascenty	Mitsubishi	Lumen (1)	Mapletree	Other (2)	Total
Undepreciated book value of operating real estate		$977,787	1,130,562	184,926	$781,518	$1,851,337	$4,926,130
Accumulated depreciation & amortization		(178,891)	(76,350)	(51,538)	(89,580)	(23,735)	(420,093)
Net Book Value of Operating Real Estate		$798,896	$1,054,212	133,388.00	$691,938	$1,827,602	$4,506,036
Cash		120,682	$159,287	$5,115	30,520	19,711	335,315
Other assets		1,159,823	163,264	10,072	202,731	43,879	1,579,769
Total Assets		$2,079,401	$1,376,763	$148,575	$925,189	$1,891,192	$6,421,120
Debt		890,428	375,278	—	—	467,436	1,733,142
Other liabilities		155,651	162,596	10,867	24,864	80,496	434,474
Equity / (deficit)		1,033,322	838,889	137,708	900,325	1,343,260	4,253,504
Total Liabilities and Equity		$2,079,401	$1,376,763	$148,575	$925,189	$1,891,192	$6,421,120
Digital Realty's ownership percentage		49% (3)	50%	50%	20%	Various
Digital Realty's Pro Rata Share of Unconsolidated JV Debt		$454,118	$187,639	—	—	$185,042	$826,799

Summary Statement of Operations -	Three Months Ended December 31, 2021
at the JV's 100% Share		Ascenty	Mitsubishi	Lumen (1)	Mapletree	Other (2)	Total
Total revenues		$52,962	$47,554	$6,382	$28,765	$15,379	$151,042
Operating expenses		(19,886)	(22,871)	(2,861)	(12,481)	(7,701)	(65,800)
Net Operating Income (NOI)		$33,076	$24,683	$3,521	$16,284	$7,678	$85,242
Straight-line rent		—	(2,669)	75	(641)	(105)	(3,340)
Above and below market rent		—	—	—	178	—	178
Cash Net Operating Income (NOI)		$33,076	$22,014	$3,596	$15,821	$7,573	$82,080
Interest expense		($17,155)	($2,129)	$0	($2)	($2,247)	($21,533)
Depreciation & amortization		(20,684)	(16,323)	(2,294)	(17,796)	(5,477)	(62,574)
Other income / (expense)		7,396	(1,830)	(2,846)	(1,255)	(405)	1,060
FX remeasurement on USD debt		(19,552)	—	—	—	—	(19,552)
Total Non-Operating Expenses		($49,995)	($20,282)	($5,140)	($19,053)	($8,129)	($102,598)
Net Income / (Loss)		($16,919)	$4,401	($1,619)	($2,769)	($451)	($17,357)
Digital Realty's ownership percentage		49% (3)	50%	50%	20%	Various
Digital Realty's Pro Rata Share of Unconsolidated JV NOI		$16,869	$12,342	$1,761	$3,257	$2,962	$37,191
Digital Realty's Pro Rata Share of Unconsolidated JV Cash NOI		$16,869	$11,007	$1,798	$3,164	$2,947	$35,785
Digital Realty's Earnings (loss) income from unconsolidated joint ventures		($8,597)	$2,201	($809)	($554)	$45	($7,714)
Digital Realty's Pro Rata Share of core FFO (4)		$11,885	$9,011	$339	$3,005	$2,127	$26,367
Digital Realty's Fee Income from Joint Ventures		—	$81	$160	$761	$691	$1,693

(1) Formerly known as 33 Chun Choi Street.

(2) Includes Medallion, Clise, Menlo, Starwood, Digital Core REIT and Walsh joint ventures.

(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 page 33.

31

Reconciliation of Earnings Before Interest, Taxes, Depreciation & Amortization and Financial Ratios		Financial Supplement
Unaudited and Dollars in Thousands		Fourth Quarter 2021

	Three Months Ended
Reconciliation of Earnings Before Interest, Taxes, Depreciation & Amortization (EBITDA) (1)		31-Dec-21	30-Sep-21	30-Jun-21	31-Mar-21	31-Dec-20
Net Income / (Loss) Available to Common Stockholders		$1,057,629	$124,096	$127,368	$372,405	$44,178
Interest		71,762	71,417	75,014	75,653	77,848
Loss from early extinguishment of debt		325	—	—	18,347	49,576
Income tax expense (benefit)		3,961	13,709	47,582	7,547	3,322
Depreciation & amortization		378,883	369,035	368,981	369,733	359,915
EBITDA		$1,512,560	$578,257	$618,945	$843,685	$534,839
Unconsolidated JV real estate related depreciation & amortization		24,146	21,293	20,983	19,378	21,471
Unconsolidated JV interest expense and tax expense		15,222	11,008	15,523	8,786	12,143
Severance, equity acceleration, and legal expenses		1,003	1,377	2,536	2,427	606
Transaction and integration expenses		12,427	13,804	7,075	14,120	19,290
(Gain) / loss on sale of investments		(1,047,011)	635	(499)	(333,921)	(1,684)
Impairment of investments in real estate		18,291	—	—	—	—
Other non-core adjustments, net		14,307	(28,745)	(60,308)	38,574	(23,842)
Non-controlling interests		22,587	2,266	4,544	8,756	1,818
Preferred stock dividends, including undeclared dividends		10,181	10,181	11,885	13,514	13,514
(Gain on) / Issuance costs associated with redeemed preferred stock		—	—	(18,000)	—	—
Adjusted EBITDA		$583,712	$610,076	$602,684	$615,319	$578,156

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

	Three Months Ended
Financial Ratios		31-Dec-21	30-Sep-21	30-Jun-21	31-Mar-21	31-Dec-20
Total GAAP interest expense		$71,762	$71,417	$75,014	$75,653	$77,848
Capitalized interest		15,328	15,142	11,558	11,434	11,836
Change in accrued interest and other non-cash amounts		(37,974)	17,820	(43,604)	44,620	(37,182)
Cash Interest Expense (2)		$49,116	$104,379	$42,968	$131,707	$52,502
Preferred dividends		10,181	10,181	11,885	13,514	13,514
Total Fixed Charges (3)		$97,271	$96,740	$98,457	$100,601	$103,198
Coverage
Interest coverage ratio (4)		6.0x	6.5x	6.1x	6.6x	5.8x
Cash interest coverage ratio (5)		9.8x	5.4x	10.9x	4.5x	9.3x
Fixed charge coverage ratio (6)		5.4x	5.8x	5.4x	5.8x	5.1x
Cash fixed charge coverage ratio (7)		8.3x	5.0x	9.0x	4.1x	7.7x
Leverage
Debt to total enterprise value (8) (9)		20.5%	24.8%	23.9%	24.1%	24.4%
Debt plus preferred stock to total enterprise value (10)		21.7%	26.1%	25.2%	25.9%	26.2%
Pre-tax income to interest expense (11)		16.2x	2.9x	2.7x	6.2x	1.8x
Net Debt to Adjusted EBITDA (12)		6.1x	6.0x	6.0x	5.6x	6.0x

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

(3) Fixed charges consist of GAAP interest expense, capitalized interest, 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, and preferred dividends (including our pro rata share of unconsolidated joint venture cash 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 pro rata share of unconsolidated of joint venture debt, less cash and cash equivalents (including Digital Realty’s pro rata share of unconsolidated joint venture cash) divided by the product of Adjusted EBITDA (including Digital Realty’s pro rata share of unconsolidated joint venture EBITDA), multiplied by four.

32

Management Statements on Non-GAAP Measures		Financial Supplement
Unaudited		Fourth Quarter 2021

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) other non-core revenue adjustments, (ii) transaction and integration expenses, (iii) loss from early extinguishment of debt, (iv) gain on / issuance costs associated with redeemed preferred stock, (v) severance, equity acceleration, and legal expenses, (vi) gain/loss on FX revaluation, and (vii) other non-core expense adjustments. Because certain of these adjustments have a real economic impact on our financial condition and results from operations, the utility of core FFO as a measure of our performance is limited. Other REITs may calculate core FFO differently than we do and accordingly, our core FFO may not be comparable to other REITs’ core FFO. Core FFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance.

Adjusted Funds from Operations (AFFO):

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

EBITDA and Adjusted EBITDA:

We believe that earnings before interest, loss from early extinguishment of debt, income taxes, and depreciation and amortization, or EBITDA, and Adjusted EBITDA (as defined below), are useful supplemental performance measures because they allow investors to view our performance without the impact of non-cash depreciation and amortization or the cost of debt and, with respect to Adjusted EBITDA, 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 gain on / issuance costs associated with redeemed preferred stock. In addition, we believe EBITDA and Adjusted EBITDA are frequently used by securities analysts, investors and other interested parties in the evaluation of REITs. Because EBITDA and Adjusted EBITDA are calculated before recurring cash charges including interest expense and income taxes, exclude capitalized costs, such as leasing commissions, and are not adjusted for capital expenditures or other recurring cash requirements of our business, their utility as a measure of our performance is limited. Other REITs may calculate EBITDA and Adjusted EBITDA differently than we do and, accordingly, our EBITDA and Adjusted EBITDA may not be comparable to other REITs’ EBITDA and Adjusted EBITDA. Accordingly, EBITDA and Adjusted EBITDA should be considered only as supplements to net income computed in accordance with GAAP as a measure of our financial performance.

33

Management Statements on Non-GAAP Measures		Financial Supplement
Unaudited		Fourth Quarter 2021

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 unconsolidated JV debt, less unrestricted cash and cash equivalents (including our share of unconsolidated JV cash) divided by the product of Adjusted EBITDA (inclusive of our share of unconsolidated 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, 2021, GAAP interest expense was $72 million, capitalized interest was $15 million and scheduled debt principal payments and preferred dividends was $10 million.

Reconciliation of Net Operating Income (NOI)	Three Months Ended						Twelve Months Ended
(in thousands)	31-Dec-21		30-Sep-21		31-Dec-20		31-Dec-21		31-Dec-20
Operating income		$131,497		$184,367		$160,264		$694,009		$557,530
Fee income		(4,133)		(3,255)		(4,722)		(13,442)		(15,214)
Other income		(200)		(18,977)		(20)		(19,401)		(1,850)
Depreciation and amortization		378,883		369,035		359,915		1,486,632		1,366,379
General and administrative		103,705		97,082		101,582		393,311		344,928
Severance, equity acceleration, and legal expenses		1,003		1,377		606		7,343		6,440
Transaction expenses		12,427		13,804		19,290		47,426		106,662
Other expenses		(1)		510		641		2,550		1,074
Net Operating Income		$641,472		$643,943		$637,556		$2,616,719		$2,372,431
Cash Net Operating Income (Cash NOI)
Net Operating Income		$641,472		$643,943		$637,556		$2,616,719		$2,372,431
Straight-line rental revenue		(16,346)		(12,029)		(15,451)		(64,107)		(48,769)
Straight-line rental expense		5,453		7,779		3,758		27,050		16,223
Above- and below-market rent amortization		910		1,165		3,239		6,069		12,686
Cash Net Operating Income		$631,489		$640,858		$629,102		$2,585,731		$2,352,571

34

Forward-Looking Statements		Financial Supplement
		Fourth Quarter 2021

This document contains forward-looking statements within the meaning of the federal securities laws, which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. Such forward-looking statements include statements relating to: our economic outlook, our expected investment and expansion activity, our expected physical settlement of the forward sale agreements and use of proceeds from any such settlement, our liquidity, our joint ventures, supply and demand for data center and colocation space, our acquisition and disposition activity, pricing and net effective leasing economics, market dynamics and data center fundamentals, our strategic priorities, our product offerings, available inventory rent from leases that have been signed but have not yet commenced and other contracted rent to be received in future periods, rental rates on future leases, lag between signing and commencement, cap rates and yields, investment activity, the company’s FFO, core FFO and net income, 2022 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, 2022 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;

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

● information security and data privacy breaches;

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

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

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

● difficulties in identifying properties to acquire and completing acquisitions;

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

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

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

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

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

● our inability to manage our growth effectively;

● losses in excess of our insurance coverage;

● our inability to attract and retain talent;

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

● 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, 2020 and other filings with the U.S. Securities and Exchange Commission. Those risks continue to be relevant to our performance and financial condition. Moreover, we operate in a very competitive and rapidly changing environment. New risk factors emerge from time to time and it is not possible for management to predict all such risk factors, nor can it assess the impact of all such risk factors on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. We expressly disclaim any responsibility to update forward-looking statements, whether as a result of new information, future events or otherwise. Digital Realty, Digital Realty Trust, the Digital Realty logo, Interxion, Turn-Key Flex, Powered Base Building, and PlatformDIGITAL, Data Gravity Index and Data Gravity Index DGx are registered trademarks and service marks of Digital Realty Trust, Inc. in the United States and/or other countries. All other names, trademarks and service marks are the property of their respective owners.

35

EX-99.2

Exhibit 99.2

Digital Realty the trusted foundation | powering your digital ambitions 4Q21 FINANCIAL RESULTS FEBRUARY 2022 Global. Connected. Sustainable.

| 2 Navigating the Future Sustainable Growth for Customers, Shareholders and Employees Selling GLOBALLY … Supporting LOCALLY EMEA APAC AMERICAS A Digital Realty and Brookfield Infrastructure JV DIGITAL REALTY | 4Q21 FINANCIAL RESULTS | FEBRUARY 17, 2022 GLOBAL CONNECTED SUSTAINABLE

| 3 Serving a Social Purpose Delivering Sustainable Growth for All Stakeholders Earned Nareit Leader in the Light award for fifth consecutive year ENVIRONMENTAL Led disaster recovery assistance and community reinvestment programs: committed to enhancing the well - being of shareholders, customers, employees, vendors and communities Demonstrated senior leadership and employee commitment to Diversity, Equity & Inclusion; established five employee resource groups; signed CEO Action Pledge for diversity; co - chairing Nareit’s diversity initiative Am ended corporate governance guidelines to clarify that director candidate pools must include candidates with diversity of race, ethnicity and gender SOCIAL Instituted minimum stock ownership requirements for directors and management Established proxy access for shareholders and provided shareholders the ability to propose amendments to the bylaws Enhanced Board diversity with the addition of three new Directors 2015 2019 2018 GOVERNANCE 2021 Formalized ESG oversight under the Nominating & Corporate Governance Committee and became a Signatory to the UN Global Compact Named one of “America’s Most Responsible Companies” by Newsweek Published EEO - 1 report, providing transparency on the racial and gender composition of the U.S. workforce Incorporated sustainability - linked pricing into global credit facility Achieved five - star GRESB rating, ranked #1 in Tech / Science category 2020 DIGITAL REALTY | 4Q21 FINANCIAL RESULTS | FEBRUARY 17, 2022

| 4 Note: As of December 31, 2021 Global Platform Expanding Global Platform Supporting Customer Growth 4,000+ Customers 178,000+ Cross - Connects 50 Metro Areas Cape Town Johannesburg Hong Kong Frankfurt Lagos DIGITAL REALTY | 4Q21 FINANCIAL RESULTS | FEBRUARY 17, 2022

1) Projected compound annual growth in the intensity of data gravity, as measured in gigabytes per second, from 2020 - 2024. Projections according to Digital Realty’s proprietary Data Gravity Index DGx ™ report as of December 2020. Patent pending. 2) Gartner Worldwide IT Spend Forecast, Market Databook 4Q21 Update. 3) Gartner 100 Data and Analytics Predictions Through 2025, March 2021 .. New York D a ta Gra v i ty CAGR (1) 132% London D a ta Gra v i ty CAGR (1) 129% Zurich D a ta Gra v i ty CAGR (1) 135% ™ Frankfurt D a ta Gra v i ty CAGR (1) 144% Seoul D a ta Gra v i ty CAGR (1) 152% Mumbai D a ta Gra v i ty CAGR (1) 156% Singapore D a ta Gra v i ty CAGR (1) 200% Driving Data Hub Deployments Increased IT Spending By 2024, 75% of organizations are expected to have deployed multiple data hubs to drive mission - critical data analytics, sharing and governance (2) Gartner predicts 5.1% increase globally, digital data growth strategies (2) Excellence in Best Practices 2021 Company of the Year Data Gravity Driving Data Center Demand PlatformDIGITAL ® Poised to Capitalize 4.5T+ Worldwide IT Spend (1) 75% Deploying Data Hubs Needs Global MTDC Leader DIGITAL REALTY | 4Q21 FINANCIAL RESULTS | FEBRUARY 17, 2022 | 5

Financial Results | 6 DIGITAL REALTY | 4Q21 FINANCIAL RESULTS | FEBRUARY 17, 2022

$0 $50 $100 $150 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 fa cil ities. 4Q21 BOOKINGS 0 - 1 MW $41.8 mm > 1 MW $96.7 mm OTHER (1) $7.4 mm INTERCONNECTION $10.6 mm TOTAL BOOKINGS $156.5 mm HISTORICAL BOOKINGS ANNUALIZED GAAP BASE RENT $ in millions 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 | 7 DIGITAL REALTY | 4Q21 FINANCIAL RESULTS | FEBRUARY 17, 2022

$52 million of total 4Q bookings from 0 - 1 MW + interconnection 68% of bookings outside the Americas Connected Data Communities Attracting New Logos | 8 131 new logos Energy Provider Ivy League University Semiconductor Manufacturer Trading Platform Insurance Brokerage Aerospace Manufacturing Note: For quarter ended December 31, 2021. DIGITAL REALTY | 4Q21 FINANCIAL RESULTS | FEBRUARY 17, 2022

Top - Line Step Function Healthy Backlog Sets a Solid Foundation | 9 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 commen cem ent date at time of signing. Actual commencement dates may vary. Digital Realty Backlog Unconsolidated Joint Venture Backlog Digital Realty Backlog Unconsolidated Joint Venture Backlog BACKLOG ROLL - FORWARD (1) $ in millions COMMENCEMENT TIMING (2) $ in millions $24M DIGITAL REALTY | 4Q21 FINANCIAL RESULTS | FEBRUARY 17, 2022

Cycling Through Peak Vintage Renewals Narrowing the Gap on Cash Re - Leasing Spreads | 10 0 - 1 MW > 1 MW OTHER (1) TOTAL Signed renewal leases representing $106 million of annualized GAAP rental revenue Signed renewal leases representing $42 million of annualized GAAP rental revenue Signed renewal leases representing $2 million of annualized GAAP rental revenue Signed renewal leases representing $151 million of annualized GAAP rental revenue RENTAL RATE CHANGE 0.7 % CASH 1.3 % GAAP RENTAL RATE CHANGE - 14.0 % CASH - 11. 8 % GAAP RENTAL RATE CHANGE 4.1 % CASH 10.2 % GAAP RENTAL RATE CHANGE - 3.9 % CASH - 2.6 % GAAP 4Q21 RE - LEASING SPREADS Note: Totals may not add up due to rounding. Rental rate change represents the beginning rental rate on leases renewed, rela tiv e 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 fa cil ities. DIGITAL REALTY | 4Q21 FINANCIAL RESULTS | FEBRUARY 17, 2022

61% 1% 7% 23% <1% <1% 4% 1% 1% 1% 1% <1% <1% <1% Effective Economic Risk Mitigation Strategies Benefits of Scale and Diversification on Display Source: FactSet. Note: Totals may not add up due to rounding. 1) As of December 31, 2021. Includes Digital Realty’s share of revenue from unconsolidated joint ventures. 2) Core FFO is a non - GAAP financial measure. For a definition of core FFO and a reconciliation to its nearest GAAP equivalent, see the Appendix. 3) Based on average exchange rates for the quarter ended December 31, 2021 compared to average exchange rates for the quarter ended December 31, 2020. 2.0% INCREASE 4.1% DECREASE U.S. DOLLAR INDEX 4Q20 4Q21 EXPOSURE BY REVENUE (1) CORE FFO/SHARE EXPOSURE (2) EXCHANGE RATES (3) U.S. DOLLAR / BRITISH POUND U.S. DOLLAR / EURO | 11 2022 $6.85 / Sh 0.5% BENCHMARK RATES +/ - 100 bps 0.1% GBP +/ - 10% 2.0 % EUR +/ - 10% USD CAD GBP EURO JPY HKD SGD AUD 1% 7% 23% <1% <1% 4% 1% SEK 1% DKK 1% CH F 1% <1% <1% HRK KES KRW <1% 61% DIGITAL REALTY | 4Q21 FINANCIAL RESULTS | FEBRUARY 17, 2022 80 85 90 95 100 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21

Committed to Conservative Capital Structure Maximizing Capital Menu Options, Minimizing Cost 1) Net Debt to Adjusted EBITDA is calculated as total debt at balance sheet carrying value (see Appendix), plus capital lease ob lig ations, plus our share of joint venture debt at carrying value, less cash and cash equivalents (including JV share of cash), divided by the product of Adjusted EBITDA (including our share of joint venture EBITDA), multiplied by fou r. 2) Fixed charge coverage ratio is Adjusted EBITDA divided by fixed charges (including our pro rata share of unconsolidated joint ve nture fixed charges). 3) Pro forma for assuming full physical settlement of the September 2021 forward sales agreements, January 2022 issuance of €750mm 1 ..37 5% notes due 2032, and February 2022 redemption of the $450mm 4.75% notes due 2025. - 0.4x 6.1x 5.7x 4Q21 Reported Pro Forma Adjustments 4Q21 As Adjusted Net Debt to Adjusted EBITDA (1) (3) (3) 6 % Floating Rate Debt 3 % Floating Rate Debt (3) 0.3x 5.4x 5.7x 4Q21 Reported Pro Forma Adjustments 4Q21 As Adjusted Fixed Charge Coverage Ratio (2) | 12 (3) (3) DIGITAL REALTY | 4Q21 FINANCIAL RESULTS | FEBRUARY 17, 2022

DEBT MATURITY SCHEDULE AS OF DECE MBER 31, 2021 (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 99 % Unsecured Unsecured Secured Fixed Floating Euro USD GBP Other 94 % Fixed 77 % Non - USD 6.4 YEARS Weighted Avg. Maturity (1)(2) 2.1 % Weighted Avg. Coupon (1) DEBT PROFILE | 13 Note: As of December 3 1 , 2021. 1) Includes Digital Realty’s pro rata share of six unconsolidated joint venture loans and debt securities. Pro forma for the forward sale agreements entered into on September 8, 2021 relating to our common stock (assuming full physical settlement). Assumes proceeds from transactions are used to repay borro wi ngs under the global unsecured revolving credit facility and $450mm 4.75% notes due 2025. Pro forma for the € 750mm 1.375% notes due 2032 issued in January 2022. 2) Assumes exercise of extension options. $0.7 $0.0 $1.0 $1.3 $2.1 $1.2 $1.4 $1.7 $1.6 $1.7 $1.7 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 + Pro Rata Share of JV Debt Secured Mortgage Debt Unsecured Senior Notes - USD Unsecured Senior Notes - GBP Unsecured Senior Notes - EUR Other Unsecured Debt Unsecured Green Senior Notes - EUR Unsecured Green Senior Notes - CHF Unsecured Credit Facilities Pro Forma Payoffs Pro Forma Euro Notes € € € € € ¥$ ¥$ DIGITAL REALTY | 4Q21 FINANCIAL RESULTS | FEBRUARY 17, 2022

Q&A | 14 DIGITAL REALTY | 4Q21 FINANCIAL RESULTS | FEBRUARY 17, 2022

Consistent Execution on Strategic Vision Delivering Current Results, Seeding Future Growth | 15 SUCCESSFUL 2021 INITIATIVES 1. Strengthening Connections with Customers Booked $500 million of new business and landed nearly 500 new logos 2. Enhancing our Global Platform Established Digital Realty as the leading Pan - African provider 3. Exceeding Expectations Exceeded initial guidance for full - year 2021 4. Strengthening the Balance Sheet Raised attractively priced debt and equity capital DIGITAL REALTY | 4Q21 FINANCIAL RESULTS | FEBRUARY 17, 2022

Appendix | 16 DIGITAL REALTY | 4Q21 FINANCIAL RESULTS | FEBRUARY 17, 2022

Digital Transformation Driving Steady Demand Global Full - Product Spectrum Provides Broadest Solutions HISTORICAL BOOKINGS TRAILING FOUR - QUARTER AVERAGE ANNUALIZED GAAP BASE RENT $ in millions 4Q21 TRAILING FOUR - QUARTER AVERAGE BOOKINGS 0 - 1 MW $37.1 mm > 1 MW $73.5 mm OTHER (1) $2.5 mm INTERCONNECTION $ 12.1 mm TOTAL BOOKINGS $ 125.2 mm 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 | 17 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 fa cil ities. DIGITAL REALTY | 4Q21 FINANCIAL RESULTS | FEBRUARY 17, 2022

Appendix Management Statements on Non - GAAP Measures | 18 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 Est ate 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 rel ate d depreciation & amortization, non - controlling interests in operating partnership and after adjustments for unconsolidated partnerships and joint ventures. Management uses FFO as a supplemental performance mea sure 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 pro vides 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 performanc e o f 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 c han ges 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 RE ITs 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 accord anc e 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 t hat 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) gain on / issuance costs associated with redeemed preferred stock, (v) severance, equity acceleration, and legal expenses, (vi) gain/loss on FX revaluation, and (vii) other non - core expense adjustments. Because certain of these adjustments h ave 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 an d 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 amortiza tio n, 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 amorti zation 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 - control ling interests, preferred stock dividends, including undeclared dividends, and issuance costs associated with redeemed preferred stock. Adjusted EBITDA is EBITDA excluding unconsolidated joint venture rea l e state related depreciation & amortization, unconsolidated joint venture interest expense and tax, severance, equity acceleration, and legal expenses, transaction and integration expenses, gain on sale / dec ons olidation, impairment of investments in real estate, other non - core adjustments, net, non - controlling interests, preferred stock dividends, including undeclared dividends, and gain on / issuance costs associat ed 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 EB ITDA 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 e xpe nditures 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, accor din gly, 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 co mpu ted 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 utilit ies 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 an alysts 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 c apt ure 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 ope rat ing 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 limite d. 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 su ppl ements to net income computed in accordance with GAAP as measures of our performance. DIGITAL REALTY | 4Q21 FINANCIAL RESULTS | FEBRUARY 17, 2022

Appendix Forward - Looking Statements | 19 This information in this presentation contains forward - looking statements within the meaning of the federal securities laws, whi ch 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 sta tements relating to: our economic outlook; expected physical settlement of the forward sale agreements and use of proceeds from any such settlements; our expected investment and expansion activity; our jo int ventures; the expected benefits and timing of PlatformDIGITAL®; the Data Gravity Index ™ ; Data Gravity Index DGx ™ ; public cloud services spending; our corporate governance; our sustainability initiatives; the expected effect of foreign cu rre ncy translation adjustments on our financials; demand drivers and economic growth outlook; business drivers; sources and uses; our expected development plans and completion s, 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 off eri ngs; our connected data communities; our expected Go to Market strategy; joint venture opportunities; occupancy and total investment; our expected investment in our properties; our estimated time to stabilization an d targeted returns at stabilization of our properties; our expected future acquisitions; acquisitions strategy; available inventory and development strategy; the signing and commencement of leases, an d r elated rental revenue; lag between signing and commencement of leases; our 2022 backlog; future rents; our expected same store portfolio growth; our expected growth and stabilization of development co mpl etions 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 invest ments; 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 ret urn s 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 exp ected 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 util iza tion, utilization rates, growth rates, trends, supply and demand; datacenter outsourcing trends; datacenter expansion plans; estimated kW/MW requirements; growth in the overall Internet infrastructure s ect or 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 expe ndi tures; 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; estimate s o f 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; pote nti al 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 lookin g f inancial 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 pr ice s; 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 tre nds 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 statemen ts 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 c ont rol. 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. S ome 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 follo wing: 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 vac anc y 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 depen den ce 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 re strictions 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 impa ct 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 busi nes s 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 I nte rxion; 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 integrat e a nd 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 l ack 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 ra tings 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; fin anc ial 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 dec rea sing 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; environ men tal 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 inc ome 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, feder al 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 a nd 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 performa nce .. We discussed a number of additional material risks in our annual report on Form 10 - K for the year ended December 31, 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 mate ria lly 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. Digita l Realty, Digital Realty Trust, the Digital Realty logo, Interxion, Turn - Key Flex, Powered Base Building, PlatformDIGITAL, Data Gravity Index, Data Gravity Index DGx and Connected Data Communities are registered trademarks and service marks of Digital Realty Trust, Inc. in the United States and/or other countries. All other names, trademarks and service marks are the property of their respective owners. DIGITAL REALTY | 4Q21 FINANCIAL RESULTS | FEBRUARY 17, 2022

Reconciliation of Non - GAAP Items To Their Closest GAAP Equivalent | 20 December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020 Net income available to common stockholders 1,057,629 $ 44,178 $ 1,681,498 $ 263,346 $ Adjustments: Noncontrolling interests in operating partnership 23,100 1,300 39,100 9,500 Real estate related depreciation and amortization (1) 372,447 354,366 1,463,512 1,341,836 Real estate related depreciation and amortization related to investment in unconsolidated joint ventures 24,146 21,471 85,800 77,730 (Gain) on real estate transactions (1,047,010) (1,684) (1,445,229) (316,895) Impairment of investments in real estate 18,291 - 18,291 6,482 FFO available to common stockholders and unitholders 448,603 $ 419,631 $ 1,842,972 $ 1,381,998 $ Basic FFO per share and unit 1.55 $ 1.46 $ 6.37 $ 5.16 $ Diluted FFO per share and unit 1.54 $ 1.45 $ 6.36 $ 5.11 $ Weighted average common stock and units outstanding Basic 289,895 287,898 289,165 268,073 Diluted 290,843 288,903 289,868 270,497 (1) Real estate related depreciation and amortization was computed as follows: Depreciation and amortization per income statement 378,883 359,915 1,486,632 1,366,379 Non-real estate depreciation (6,436) (5,549) (23,120) (24,543) 372,447 $ 354,366 $ 1,463,512 $ 1,341,836 $ December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020 FFO available to common stockholders and unitholders -- basic and diluted 448,603 $ 419,631 $ 1,842,972 $ 1,381,998 $ Weighted average common stock and units outstanding 289,895 287,898 289,165 268,073 Add: Effect of dilutive securities 948 1,005 703 2,424 Weighted average common stock and units outstanding -- diluted 290,843 288,903 289,868 270,497 Twelve Months Ended Digital Realty Trust, Inc. and Subsidiaries Reconciliation of Net Income Available to Common Stockholders to Funds From Operations (FFO) (in thousands, except per share and unit data) (unaudited) Three Months Ended Three Months Ended Twelve Months Ended DIGITAL REALTY | 4Q21 FINANCIAL RESULTS | FEBRUARY 17, 2022

Reconciliation of Non - GAAP Items To Their Closest GAAP Equivalent | 21 December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020 FFO available to common stockholders and unitholders -- diluted 448,603 $ 419,631 $ 1,842,972 $ 1,381,998 $ Termination fees and other non-core revenues 9,859 (25) (19,388) (30,071) Transaction and integration expenses 12,427 19,290 47,426 106,662 Loss from early extinguishment of debt 325 49,576 18,672 103,215 (Gain) / Loss on FX revaluation 14,308 (27,190) 30,505 81,936 (Gain) on redemption of preferred stock - - (18,000) 16,520 Severance accrual and equity acceleration 1,003 606 7,343 6,440 Other non-core expense adjustments (1) 3,353 (15,939) 15,581 CFFO available to common stockholders and unitholders -- diluted 486,524 $ 465,241 $ 1,893,591 $ 1,682,281 $ Diluted CFFO per share and unit 1.67 $ 1.61 $ 6.53 $ 6.22 $ 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 DIGITAL REALTY | 4Q21 FINANCIAL RESULTS | FEBRUARY 17, 2022

Reconciliation of Non - GAAP Items To Their Closest GAAP Equivalent | 22 December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020 Net income available to common stockholders 1,057,629 $ 44,178 $ 1,681,498 $ 263,346 $ Interest 71,762 77,848 293,846 333,021 Loss from early extinguishment of debt 325 49,576 18,672 103,215 Income tax expense (benefit) 3,961 3,322 72,799 38,047 Depreciation and amortization 378,883 359,915 1,486,632 1,366,379 EBITDA 1,512,560 534,839 3,553,447 2,104,008 Unconsolidated JV real estate related depreciation & amortization 24,146 21,471 85,800 77,730 Unconsolidated JV interest expense and tax expense 15,222 12,143 50,538 40,292 Severance accrual and equity acceleration 1,003 606 7,343 6,440 Transaction and integration expenses 12,427 19,290 47,426 106,662 (Gain) on sale / deconsolidation (1,047,010) (1,684) (1,380,795) (316,895) Impairment of investments in real estate 18,291 - 18,291 6,482 Other non-core adjustments, net 14,307 (23,842) (36,172) 62,884 Noncontrolling interests 22,587 1,818 38,153 6,332 Preferred stock dividends, including undeclared dividends 10,181 13,514 45,761 76,536 (Gain) on redemption of preferred stock - - (18,000) 16,520 .. Adjusted EBITDA 583,713 $ 578,156 $ 2,411,792 $ 2,186,991 $ Twelve Months Ended Three Months Ended 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) DIGITAL REALTY | 4Q21 FINANCIAL RESULTS | FEBRUARY 17, 2022

Reconciliation of Non - GAAP Items To Their Closest GAAP Equivalent | 23 December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020 Rental revenues 386,745 $ 404,052 $ 1,573,284 $ 1,596,246 $ Tenant reimbursements - Utilities 84,573 77,375 344,747 316,902 Tenant reimbursements - Other 38,615 41,420 161,487 162,082 Interconnection and other 56,076 56,197 228,150 223,465 Total Revenue 566,009 579,044 2,307,668 2,298,695 Utilities 101,494 91,727 411,871 372,666 Rental property operating 106,984 103,224 400,081 375,207 Property taxes 25,432 29,174 120,885 113,217 Insurance 2,375 2,292 9,138 9,073 Total Expenses 236,285 226,417 941,975 870,163 Net Operating Income 329,724 $ 352,627 $ 1,365,693 $ 1,428,532 $ Less: Stabilized straight-line rent (2,999) $ (1,814) $ (14,293) $ (7,453) $ Above and below market rent 283 (1,571) (1,829) (9,727) Cash Net Operating Income 332,440 $ 356,012 $ 1,381,815 $ 1,445,712 $ Three Months Ended Twelve Months Ended Digital Realty Trust, Inc. and Subsidiaries Reconciliation of Same Capital Cash Net Operating Income (in thousands) (unaudited) DIGITAL REALTY | 4Q21 FINANCIAL RESULTS | FEBRUARY 17, 2022

Reconciliation of Non - GAAP Items To Their Closest GAAP Equivalent | 24 Note: For quarter ended December 31, 2021. Total Debt/Total Enterprise Value QE 12/31/21 Market value of common equity (i) $51,353,636 Debt Service Ratio (LQA Adjusted EBITDA/GAAP interest expense plus capitalized interest and less bridge facility fees) Liquidation value of preferred equity (ii) 755,000 Total GAAP interest expense (including unconsolidated JV interest expense) 82,451 Total debt at balance sheet carrying value 13,448,210 Add: Capitalized interest 15,328 Total Enterprise Value $65,556,846 GAAP interest expense plus capitalized interest 97,779 Total debt / total enterprise value 20.5% Debt - plus - preferred - to - total - enterprise - value 21.7% Debt Service Ratio 6.0x (i) Market Value of Common Equity Common shares outstanding 284,415 Common units outstanding 5,932 QE 12/31/21 Total Shares and Partnership Units 290,347 Fixed Charged Ratio (LQA Adjusted EBITDA/total fixed charges) Stock price as of December 31, 2021 $176.87 Market value of common equity $51,353,636 GAAP interest expense plus capitalized interest 97,779 Preferred dividends 10,181 (ii) Liquidation value of preferred equity ($25.00 per share) Total fixed charges 107,960 Shares O/S Liquidation Value Series J Preferred 8,000 200,000 Fixed charge ratio 5.4x Series K Preferred 8,400 210,000 Series L Preferred 13,800 345,000 755,000 (iv) QE 12/31/21 Unsecured Debt/Total Debt Net Debt/LQA Adjusted EBITDA QE 12/31/21 Global unsecured revolving credit facility 398,172 Total debt at balance sheet carrying value $13,448,210 Unsecured senior notes, net of discount 12,903,370 Add: DLR share of unconsolidated joint venture debt 826,799 Secured debt, including premiums 146,668 Add: Capital lease obligations, net 218,590 Capital lease obligations, net 218,590 Less: Unrestricted cash (299,410) Total debt at balance sheet carrying value 13,666,800 Net Debt as of December 31, 2021 $14,194,189 Unsecured Debt / Total Debt 98.9% Net Debt / LQA Adjusted EBITDA (iii) 6.1x (iii) Adjusted EBITDA Net Debt Plus Preferred/LQA Adjusted EBITDA QE 12/31/21 Net loss available to common stockholders $1,057,629 Total debt at balance sheet carrying value 13,448,210 Interest expense 71,762 Less: Unrestricted cash (299,410) Taxes 3,961 Capital lease obligations, net 218,590 Depreciation and amortization 378,883 DLR share of unconsolidated joint venture debt 826,799 EBITDA 1,512,560 Net Debt as of September 30, 2021 14,194,189 Preferred Liquidation Value (iv) 755,000 Unconsolidated JV real estate related depreciation & amortization 24,146 Net Debt plus preferred 14,949,189 Unconsolidated JV interest expense and tax expense 15,222 Severance accrual and equity acceleration and legal expenses 1,003 Net Debt Plus Preferred/LQA Adjusted EBITDA (iii) 6.4x Transaction and integration expenses 12,427 Gain on sale / deconsolidation (1,047,010) Other non - core adjustments, net 14,307 Noncontrolling interests 22,587 Preferred stock dividends, including undeclared dividends 10,181 Adjusted EBITDA $583,713 LQA Adjusted EBITDA (Adjusted EBITDA x 4) $2,334,854 DIGITAL REALTY | 4Q21 FINANCIAL RESULTS | FEBRUARY 17, 2022

XML

Cover Page	Feb. 17, 2022
Entity Information [Line Items]
Document Type	8-K
Document Period End Date	Feb. 17, 2022
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
Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Common Stock
Trading Symbol	DLR
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 [Member]
Entity Information [Line Items]
Title of 12(b) Security	Series L Cumulative Redeemable Preferred Stock
Trading Symbol	DLR Pr L
Security Exchange Name	NYSE