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): July 27, 2023

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 July 27, 2023, we issued a press release announcing our financial results for the quarter ended June 30, 2023. 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 July 27, 2023, 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 July 27, 2023, we issued a press release announcing our financial results for the quarter ended June 30, 2023. 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 July 27, 2023, 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 June 30, 2023.
99.2	Presentation Materials posted July 27, 2023.
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 and Secretary ​

Date: July 27, 2023

EX-99.1

		Financial Supplement
Table of Contents		Second Quarter 2023

Overview	PAGE
Corporate Information	3
Key Quarterly Financial Data	5
Consolidated Statements of Operations
Earnings Release	7
2023 Outlook	10
Consolidated Quarterly Statements of Operations	12
Funds From Operations and Core Funds From Operations	13
Adjusted Funds From Operations	14
Balance Sheet Information
Consolidated Balance Sheets	15
Components of Net Asset Value	16
Debt Maturities	17
Debt Analysisand Covenant Compliance	18
Internal Growth
Same-Capital Operating Trend Summary	19
Summary of Leasing Activity- Signed	20
Summary of Leasing Activity- Renewed	21
Lease Expirations- By Size	22
Top 20 Customers by Annualized Rent	23
Occupancy Analysis	24
External Growth
Development Lifecycle- Committed Active Development	25
Construction Projects in Progress	26
Historical Capital Expenditures and Investments in Real Estate	27
Development Lifecycle - Held for Development	28
Acquisitions / Dispositions / Joint Ventures	29
Unconsolidated Joint Ventures	30
Additional Information
Reconciliation of Earnings Before Interest, Taxes, Depreciation& Amortization and Financial Ratios	31
Management Statements on Non-GAAP Measures	32
Forward-Looking Statements	34

		Financial Supplement
Corporate Information		Second Quarter 2023

Corporate Profile

Digital Realty Trust, Inc. (“Digital Realty” or the “company”) owns, acquires, develops, and operates data centers through its operating partnership subsidiary, Digital Realty Trust, L.P. (the “operating partnership”). The company is focused on providing data center, colocation and interconnection solutions for domestic and international customers across a variety of industry verticals ranging from cloud and information technology services, communications and social networking to financial services, manufacturing, energy, healthcare, and consumer products. As of June 30, 2023, the company’s 316 data centers, including 61 data centers held as investments in unconsolidated joint ventures, contain applications and operations critical to the day-to-day operations of technology industry and corporate enterprise data center customers. Digital Realty’s portfolio is comprised of approximately 39.3 million square feet, excluding approximately 8.8 million square feet of space under active development and 3.9 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

President & Chief Executive Officer: Andrew P. Power
Chief Financial Officer: Matthew R. Mercier
Chief Investment Officer: Gregory S. Wright
Chief Technology Officer: Christopher L. Sharp
Chief Revenue Officer: Colin M. McLean

Investor Relations

To request more information or to be added to our e-mail distribution list, please visit the Investor Relations section of our website at https://investor.digitalrealty.com/

Analyst Coverage

BMO
	Bank of America		BMO Capital	BNP Paribas
Argus Research	Merrill Lynch	Barclays	Markets	Exane	Citigroup	Deutsche Bank
Marie Ferguson	David Barden	Brendan Lynch	Ari Klein	Nate Crossett	Michael Rollins	Matthew Niknam
(212) 425-7500	(646) 855-1320	(212) 526-9428	(212) 885-4103	(646) 725-3716	(212) 816-1116	(212) 250-4711
Edward Jones	Evercore ISI	Green Street Advisors	J.P. Morgan	Jefferies	MoffettNathanson	Morgan Stanley
Kyle Sanders	Irvin Liu	David Guarino	Richard Choe	Jonathan Petersen	Nick Del Deo	Simon Flannery
(314) 515-0198	(415) 800-0183	(949) 640-8780	(212) 662-6708	(212) 284-1705	(212) 519-0025	(212) 761-6432
Morningstar	Raymond James	RBC Capital Markets	Stifel	TD Cowen	Truist Securities	UBS
Matthew Dolgin	Frank Louthan	Jonathan Atkin	Erik Rasmussen	Michael Elias	Anthony Hau	John Hodulik
(312) 696-6783	(404) 442-5867	(415) 633-8589	(212) 271-3461	(646) 562-1358	(212) 303-4176	(212) 713- 4226
Wells Fargo	Wolfe Research
Eric Luebchow	Andrew Rosivach
(312) 630-2386	(646) 582-9250

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

3

		Financial Supplement
Corporate Information (Continued)		Second Quarter 2023

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	(Negative Outlook)
Preferred Stock:	BB+
Moody’s
Issuer Rating:	Baa2	(Stable Outlook)
Preferred Stock:	Baa3
Fitch
Issuer Default Rating:	BBB	(Stable Outlook)
Preferred Stock:	BB+

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

Common Stock Price Performance

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

	Three Months Ended
	30-Jun-23		31-Mar-23		31-Dec-22		30-Sep-22		30-Jun-22
High price		$114.43		$122.43		$114.86		$138.09		$153.50
Low price		$86.33		$90.72		$85.76		$96.08		$124.00
Closing price, end of quarter		$113.87		$98.31		$100.27		$99.18		$129.83
Average daily trading volume		3,112,901		2,232,417		2,168,114		1,608,999		1,580,520
Indicated dividend per common share (1)		$4.88		$4.88		$4.88		$4.88		$4.88
Closing annual dividend yield, end of quarter		4.3%		5.0%		4.9%		4.9%		3.8%
Shares and units outstanding, end of quarter (2)		305,723,430		297,760,767		297,436,891		293,803,727		291,033,400
Closing market value of shares and units outstanding (3)		$34,812,727		$29,272,861		$29,823,997		$29,139,454		$37,784,866

(1) On an annualized basis.

(2) As of June 30, 2023, the total number of shares and units includes 299,240,366 shares of common stock, 4,343,275 common units held by third parties and 2,139,789 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.

(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

Key Quarterly Financial Data		Financial Supplement
Unaudited, Dollars (except per share data) and Square Feet in Thousands		Second Quarter 2023

Shares and Units at End of Quarter	30-Jun-23		31-Mar-23		31-Dec-22		30-Sep-22		30-Jun-22
Common shares outstanding		299,240,366		291,298,610		291,148,222		287,509,059		284,733,922
Common partnership units outstanding		6,483,064		6,462,157		6,288,669		6,294,668		6,299,478
Total Shares and Units		305,723,430		297,760,767		297,436,891		293,803,727		291,033,400
Enterprise Value
Market value of common equity (1)		$34,812,727		$29,272,861		$29,823,997		$29,139,454		$37,784,866
Liquidation value of preferred equity		755,000		755,000		755,000		755,000		755,000
Total debt at balance sheet carrying value		17,729,452		17,875,511		16,596,803		15,758,509		14,294,307
Total Enterprise Value		$53,297,179		$47,903,372		$47,175,800		$45,652,963		$52,834,174
Total debt / total enterprise value		33.3%		37.3%		35.2%		34.5%		27.1%
Debt-plus-preferred-to-total-enterprise-value		34.7%		38.9%		36.8%		36.2%		28.5%
Selected Balance Sheet Data
Investments in real estate (before depreciation)		$33,958,096		$33,805,740		$33,035,069		$31,046,413		$29,408,055
Total Assets		42,388,735		41,953,068		41,484,998		39,215,217		35,956,057
Total Liabilities		22,916,155		22,799,620		21,862,853		20,230,276		18,284,791
Selected Operating Data
Total operating revenues		$1,366,267		$1,338,724		$1,233,108		$1,192,082		$1,139,321
Total operating expenses		1,211,407		1,161,388		1,112,127		1,034,701		968,950
Net income		115,647		68,839		763		238,791		63,862
Net income / (loss) available to common stockholders		108,003		58,547		(6,093)		226,894		53,245
Financial Ratios
EBITDA (2)		$667,866		$603,419		$493,244		$711,676		$515,642
Adjusted EBITDA (3)		696,604		667,804		638,969		619,786		610,994
Net Debt to Adjusted EBITDA (4)		6.8x		7.1x		6.9x		6.7x		6.2x
Interest expense		111,116		102,220		86,882		76,502		69,023
Fixed charges (5)		149,181		139,172		121,644		103,987		93,335
Interest coverage ratio (6)		4.5x		4.7x		5.3x		6.1x		6.6x
Fixed charge coverage ratio (7)		4.2x		4.4x		4.9x		5.5x		6.0x
Profitability Measures
Net income / (loss) per common share - basic		$0.37		$0.20		($0.02)		$0.79		$0.19
Net income / (loss) per common share - diluted		$0.37		$0.19		($0.02)		$0.75		$0.19
Funds from operations (FFO) / diluted share and unit (8)		$1.52		$1.60		$1.45		$1.55		$1.55
Core funds from operations (Core FFO) / diluted share and unit (8)		$1.68		$1.66		$1.65		$1.67		$1.72
Adjusted funds from operations (AFFO) / diluted share and unit (9)		$1.59		$1.56		$1.29		$1.50		$1.63
Dividends per share and common unit		$1.22		$1.22		$1.22		$1.22		$1.22
Diluted FFO payout ratio (8) (10)		80.3%		76.0%		83.9%		79.0%		78.7%
Diluted Core FFO payout ratio (8) (11)		72.6%		73.5%		73.9%		73.2%		71.1%
Diluted AFFO payout ratio (9) (12)		76.7%		78.2%		94.8%		81.5%		75.0%
Portfolio Statistics
Buildings (13)		330		328		329		316		309
Data Centers (13)		316		314		316		304		297
Cross-connects (13)(14)		216,000		214,000		211,000		188,000		185,000
Net rentable square feet, excluding development space (13)		39,310		38,804		38,156		36,699		36,803
Occupancy at end of quarter (15)		82.9%		83.5%		84.7%		84.7%		83.9%
Occupied square footage (13)		32,603		32,394		32,327		31,077		30,866
Space under active development (16)		8,841		9,243		9,245		8,878		8,289
Space held for development (17)		3,941		3,742		3,351		2,896		2,661
Weighted average remaining lease term (years) (18)		4.9		4.8		4.7		4.7		4.8
Same-capital occupancy at end of quarter (15) (19)		83.3%		83.3%		83.8%		83.1%		82.6%

5

Key Quarterly Financial Data		Financial Supplement
Unaudited, Dollars (except per share data) and Square Feet in Thousands		Second Quarter 2023

(1) The market value of common equity is based on the closing stock price at the end of the quarter and assumes 100% redemption of the limited partnership units in our operating partnership, including common units and vested and unvested long-term incentive units, for shares of our common stock on a one-for-one basis. Excludes shares of common stock potentially issuable upon conversion of our series J, series K and series L cumulative redeemable preferred stock upon certain change of control transactions, as applicable.

(2) EBITDA is calculated as earnings before interest expense, loss from early extinguishment of debt, tax expense, and depreciation and amortization. For a discussion of EBITDA, see page 32. For a reconciliation of net income available to common stockholders to EBITDA, see page 31.

(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 32. For a reconciliation of net income available to common stockholders to Adjusted EBITDA, see page 31.

(4) Net Debt to Adjusted EBITDA is calculated as total debt at balance sheet carrying value (see page 5), plus capital lease obligations, plus our share of joint venture debt at carrying value, less cash and cash equivalents (including our share of joint venture 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 share of unconsolidated joint venture interest expense).

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

(8) For definitions and discussion of FFO and Core FFO, see page 32. For reconciliations of net income available to common stockholders to FFO and Core FFO, see page 13.

(9) For a definition and discussion of AFFO, see page 32. For a reconciliation of Core FFO to AFFO, see page 14.

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

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

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

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

(14) Represents approximate amounts.

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

(16) Space under active development includes current Base Building and Data Centers projects in progress (see page 25). 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 28). 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, 2021, with less than 5% of total rentable square feet under development. Excludes buildings that were undergoing, or were expected to undergo, development activities in 2022-2023, buildings classified as held-for-sale, and buildings sold or contributed to joint ventures for all periods presented. Prior period results have been adjusted to reflect current same-capital pool.

6

Digital Realty Trust
Earnings Release		Second Quarter 2023

Digital Realty Reports Second Quarter 2023 Results

Austin, TX — July 27, 2023 — Digital Realty (NYSE: DLR), the largest global provider of cloud- and carrier-neutral data center, colocation and interconnection solutions, announced today financial results for the second quarter of 2023. All per share results are presented on a fully diluted basis.

Highlights

◾ Reported net income available to common stockholders of $0.37 per share in 2Q23, compared to $0.19 in 2Q22

◾ Reported FFO per share of $1.52 in 2Q23, compared to $1.55 in 2Q22

◾ Reported Core FFO per share of $1.68 in 2Q23, compared to $1.72 in 2Q22

◾ Reported Constant-Currency Core FFO per share of $1.69 in 2Q23 and $3.38 per share for the six months ended June 30, 2023

◾ Reported “Same-Capital” cash NOI growth of 5.6% in 2Q23

◾ Reported rental rate increases on renewal leases of 6.9% on a cash basis in 2Q23

◾ Signed total bookings during 2Q23 that are expected to generate $114 million of annualized GAAP rental revenue, including a $37 million contribution from the 0–1 megawatt category and a $13 million contribution from interconnection

◾ Adjusted 2023 Core FFO per share outlook to $6.55 - $6.65

Financial Results

Digital Realty reported revenues for the second quarter of 2023 of $1.4 billion, a 2% increase from the previous quarter and a 20% increase from the same quarter last year.

The company delivered second quarter of 2023 net income of $116 million, and net income available to common stockholders of $108 million, or $0.37 per diluted share, compared to $0.19 per diluted share in the previous quarter and $0.19 per diluted share in the same quarter last year.

Digital Realty generated second quarter of 2023 Adjusted EBITDA of $697 million, a 4% increase from the previous quarter and a 14% increase over the same quarter last year.

The company reported second quarter of 2023 funds from operations (FFO) of $466 million, or $1.52 per share, compared to $1.60 per share in the previous quarter and $1.55 per share in the same quarter last year.

Excluding certain items that do not represent core expenses or revenue streams, Digital Realty delivered second quarter of 2023 Core FFO per share of $1.68, compared to $1.66 per share in the previous quarter and $1.72 per share in the same quarter last year. Digital Realty delivered Constant-Currency Core FFO per share of $1.69 for the second quarter of 2023 and $3.38 per share for the six-month period ended June 30, 2023.

“Digital Realty’s second-quarter results demonstrate the positive momentum in our operating business, with improving fundamentals highlighted by strong enterprise leasing activity along with robust renewal spreads and healthy organic growth,” said Digital Realty President & Chief Executive Officer Andy Power. “We advanced our funding plan by completing two capital recycling transactions that generated more than $2 billion in gross proceeds, helping to position Digital Realty for the opportunity that lies ahead.”

Leasing Activity

In the second quarter, Digital Realty signed total bookings that are expected to generate $114 million of annualized GAAP rental revenue, including a $37 million contribution from the 0–1 megawatt category and a $13 million contribution from interconnection.

The weighted-average lag between new leases signed during the second quarter of 2023 and the contractual commencement date was eleven months.

In addition to new leases signed, Digital Realty also signed renewal leases representing $211 million of annualized GAAP rental revenue during the quarter. Rental rates on renewal leases signed during the second quarter of 2023 rolled up 6.9% on a cash basis and up 14.6% on a GAAP basis.

7

Digital Realty Trust
Earnings Release		Second Quarter 2023

New leases signed during the second quarter of 2023 are summarized by region as follows:

	Annualized GAAP
	Base Rent		Square Feet	GAAP Base Rent			GAAP Base Rent
The Americas	(in thousands)		(in thousands)	per Square Foot		Megawatts	per Kilowatt
0-1 MW		$15,019	65		$232	5.6		$225
> 1 MW (1)		11,506	30		387	3.2		300
Other (2)		2,915	41		71	—		—
Total		$29,441	136		$217	8.8		$252
EMEA (3)
0-1 MW		$15,427	60		$259	4.0		$319
> 1 MW		47,329	477		99	31.7		124
Other (2)		18	1		27	—		—
Total		$62,774	537		$117	35.8		$146
Asia Pacific (3)
0-1 MW		$6,235	15		$404	1.4		$377
> 1 MW		2,640	12		217	1.5		149
Other (2)		87	1		96	—		—
Total		$8,962	29		$314	2.9		$259
All Regions (3)
0-1 MW		$36,682	140		$263	11.0		$278
> 1 MW		61,475	519		118	36.4		141
Other (2)		3,020	43		70	—		—
Total		$101,177	701		$144	47.4		$173
Interconnection		$12,653	N/A		N/A	N/A		N/A
Grand Total		$113,830	701		$144	47.4		$173

Note: Totals may not foot due to rounding differences.

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

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

(3) Based on quarterly average exchange rates during the three months ended June 30, 2023.

Investment Activity

During the second quarter, Digital Realty sold a non‐core data center in Texas realizing approximately $150 million of net proceeds. The property was sold at a 4.4% cap rate, based on in-place net operating income (NOI), and generated a capital gain of approximately $88 million.

In Amsterdam during the second quarter, Digital Realty acquired the land and building shell of a previously leased 15 megawatts data center (AMS7) for €17 million or $18 million. This was a contractual purchase obligation which was a part of the Interxion transaction, and the asset was acquired at an 8.3% cap rate.

Digital Realty also acquired a nine‐acre land parcel located nearby AMS7 on its existing Amsterdam Schiphol campus for €26 million or $28 million. The Schiphol campus is one of the most highly connected data center campuses in the Netherlands. The parcel has the capacity to support a data center with a total IT load in excess of 40 megawatts and will be interconnected with Digital Realty’s existing Schiphol data centers.

After the close of the second quarter, Digital Realty partnered with GI Partners to establish a joint venture for the sale of a 65% interest in two stabilized hyperscale data center buildings in the Chicago metropolitan area. Digital received approximately $743 million of gross proceeds related to the joint venture and the associated financing and maintains a 35% interest in the joint venture while continuing to manage the day‐to‐day operations of the assets. Based on annualized in‐place cash NOI at June 30, 2023 and the benefit of leases signed but not yet commenced, the transaction values the two facilities at approximately a 6.5% cap rate. Digital Realty also granted GI Partners an option to purchase an interest in the third facility on the same data center campus.

In July, Digital Realty partnered with TPG Real Estate to establish a joint venture for the sale of an 80% interest in three stabilized hyperscale data center buildings in Northern Virginia. Digital Realty will receive approximately $1.3 billion of gross proceeds related to the joint venture and the associated financing and will maintain a 20% interest in the joint venture while continuing to manage the day‐to‐day operations of the assets. Based on annualized in‐place cash NOI on June 30, 2023, net of signed leases and known move-out, the transaction values the three facilities at approximately a 6.0% cap rate.

Also in July, Digital Realty announced the expansion of its joint venture in India with Brookfield Infrastructure through the addition of Jio, a Reliance Industries, Ltd. company. The new joint venture, ‘Digital Connexion: A Brookfield, Jio and Digital Realty Company’, succeeds BAM Digital Realty.

8

Digital Realty Trust
Earnings Release		Second Quarter 2023

Balance Sheet

Digital Realty had approximately $17.7 billion of total debt outstanding as of June 30, 2023, comprised of $17.2 billion of unsecured debt and approximately $0.5 billion of secured debt and other. At the end of the second quarter of 2023, net debt-to-Adjusted EBITDA was 6.8x, debt-plus-preferred-to-total enterprise value was 34.7% and fixed charge coverage was 4.2x. Pro forma for the completion of the two stabilized hyperscale joint ventures completed in July 2023 and full physical settlement of the outstanding amount under the 2Q23 forward equity sales agreements, net debt-to-adjusted EBITDA was 6.3x and fixed charge coverage ratio was 4.6x.

During the second quarter, Digital Realty sold 7.8 million shares of its common stock at a weighted average price of $95.96 per share through its ATM program, realizing approximately $743 million of net proceeds. In addition, the company entered into forward sale agreements under its ATM program with respect to 3.5 million shares of its common stock at approximately $97.68 per share. Subsequent to quarter end, the company settled the outstanding forward sales for net proceeds of approximately $336 million.

9

Digital Realty Trust
Earnings Release		Second Quarter 2023

2023 Outlook

Digital Realty adjusted its 2023 Core FFO per share and constant-currency Core FFO per share outlook to $6.55 - $6.65. The assumptions underlying the outlook are summarized in the following table.

	As of	As of	As of
Top-Line and Cost Structure	February 16, 2023	April 27, 2023	July 27, 2023
Total revenue	$5.700 - $5.800 billion	$5.500 - $5.600 billion	$5.500 - $5.600 billion
Net non-cash rent adjustments (1)	($55 - $60 million)	($55 - $60 million)	($55 - $60 million)
Adjusted EBITDA	$2.675 - $2.725 billion	$2.675 - $2.725 billion	$2.675 - $2.725 billion
G&A	$425 - $435 million	$425 - $435 million	$425 - $435 million
Internal Growth
Rental rates on renewal leases
Cash basis	Greater than 3.0%	Greater than 3.0%	Greater than 4.0%
GAAP basis	Greater than 3.0%	Greater than 3.0%	Greater than 8.0%
Year-end portfolio occupancy	85.0% - 86.0%	85.0% - 86.0%	84.0% - 85.0%
"Same-capital" cash NOI growth (2)	3.0% - 4.0%	3.0% - 4.0%	4.0% - 5.0%
Foreign Exchange Rates
U.S. Dollar / Pound Sterling	$1.20 - $1.25	$1.20 - $1.25	$1.20 - $1.25
U.S. Dollar / Euro	$1.00 - $1.05	$1.05 - $1.10	$1.05 - $1.10
External Growth
Dispositions / Joint Venture Capital
Dollar volume	$1.5 - $2.5 billion	$1.5 - $2.5 billion	$2.2 - $3.0 billion
Cap rate	0.0% - 10.0%	0.0% - 10.0%	0.0% - 10.0%
Development
CapEx (3)	$2.3 - $2.5 billion	$2.3 - $2.5 billion	$2.3 - $2.5 billion
Average stabilized yields	9.0% - 15.0%	9.0% - 15.0%	9.0% - 15.0%
Enhancements and other non-recurring CapEx (4)	$15 - $20 million	$15 - $20 million	$15 - $20 million
Recurring CapEx + capitalized leasing costs (5)	$230 - $240 million	$230 - $240 million	$230 - $240 million
Balance Sheet
Long-term debt issuance
Dollar amount	$1.0 - $1.5 billion	$1.0 - $1.5 billion	$740 million
Pricing	4.5% - 5.5%	5.5% - 6.0%	5.5%
Timing	First Half 2023	First Half 2023	Completed
Net income per diluted share	$1.15 - $1.25	$1.15 - $1.25	$1.05 - $1.15
Real estate depreciation and (gain) / loss on sale	$5.25 - $5.25	$5.25 - $5.25	$5.25 - $5.25
Funds From Operations / share (NAREIT-Defined)	$6.40 - $6.50	$6.40 - $6.50	$6.30 - $6.40
Non-core expenses and revenue streams	$0.25 - $0.25	$0.25 - $0.25	$0.25 - $0.25
Core Funds From Operations / share	$6.65 - $6.75	$6.65 - $6.75	$6.55 - $6.65
Foreign currency translation adjustments	$0.00 - $0.00	$0.00 - $0.00	$0.00 - $0.00
Constant-Currency Core Funds From Operations / share	$6.65 - $6.75	$6.65 - $6.75	$6.55 - $6.65

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

(2) The “same-capital” pool includes properties owned as of December 31, 2021 with less than 5% of total rentable square feet under development. It excludes properties that were undergoing, or were expected to undergo, development activities in 2022-2023, 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.

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

10

Digital Realty Trust
Earnings Release		Second Quarter 2023

Non-GAAP Financial Measures

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

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

Investor Conference Call

Prior to Digital Realty’s investor conference call at 5:00 p.m. ET / 4:00 p.m. CT on July 27, 2023, a presentation will be posted to the Investors section of the company’s website at https://investor.digitalrealty.com/. The presentation is designed to accompany the discussion of the company’s second quarter 2023 financial results and operating performance. The conference call will feature President & Chief Executive Officer Andy Power and Chief Financial Officer Matt Mercier.

To participate in the live call, investors are invited to dial +1 (888) 317-6003 (for domestic callers) or +1 (412) 317-6061 (for international callers) and reference the conference ID# 5098292 at least five minutes prior to start time. A live webcast of the call will be available via the Investors section of Digital Realty’s website at https://investor.digitalrealty.com/.

Telephone and webcast replays will be available after the call until August 27, 2023. The telephone replay can be accessed by dialing +1 (877) 344-7529 (for domestic callers) or +1 (412) 317-0088 (for international callers) and providing the conference ID# 3348387. The webcast replay can be accessed on Digital Realty’s website.

About Digital Realty

Digital Realty brings companies and data together by delivering the full spectrum of data center, colocation, and interconnection solutions. PlatformDIGITAL®, the company’s global data center platform, provides customers with a secure data “meeting place” and a proven Pervasive Datacenter Architecture (PDx®) solution methodology for powering innovation and efficiently managing Data Gravity challenges. Digital Realty gives its customers access to the connected communities that matter to them with a global data center footprint of 300+ facilities in 50+ metros across 27 countries on six continents. To learn more about Digital Realty, please visit digitalrealty.com or follow us on LinkedIn and Twitter.

Contact Information

Matt Mercier

Chief Financial Officer

Digital Realty

(737) 281-0101

Jordan Sadler / Jim Huseby

Investor Relations

Digital Realty

(737) 281-0101

11

Consolidated Quarterly Statements of Operations		Financial Supplement
Unaudited and Dollars in Thousands, Except Per Share Data		Second Quarter 2023

	Three Months Ended					Six Months Ended
	30-Jun-23	31-Mar-23	31-Dec-22	30-Sep-22	30-Jun-22		30-Jun-23	30-Jun-22
Rental revenues	$869,298	$870,975	$834,374	$787,839	$767,313		$1,740,273	$1,519,275
Tenant reimbursements - Utilities	330,416	317,148	247,725	251,420	218,198		647,565	442,745
Tenant reimbursements - Other	46,192	40,150	46,045	49,419	52,688		86,342	104,198
Interconnection & other	104,521	101,695	97,286	95,486	93,338		206,216	186,868
Fee income	14,908	7,868	7,508	6,169	5,072		22,777	10,829
Other	932	887	168	1,749	2,713		1,819	2,728
Total Operating Revenues	$1,366,267	$1,338,724	$1,233,108	$1,192,082	$1,139,321		$2,704,991	$2,266,644
Utilities	$374,934	$346,364	$268,561	$271,844	$223,426		$721,298	$464,665
Rental property operating	224,762	224,861	222,430	205,886	198,076		449,623	392,430
Property taxes	46,718	40,424	42,032	39,860	47,213		87,141	93,738
Insurance	4,385	4,355	4,578	4,002	3,836		8,739	7,534
Depreciation & amortization	432,573	421,198	430,130	388,704	376,967		853,771	759,099
General & administration	105,964	107,766	104,452	95,792	101,991		213,730	198,426
Severance, equity acceleration, and legal expenses	3,652	4,155	15,980	1,655	3,786		7,807	5,863
Transaction and integration expenses	17,764	12,267	17,350	25,862	13,586		30,031	25,554
Impairment of investments in real estate	—	—	3,000	—	—		—	—
Other expenses	655	—	3,615	1,096	70		655	7,727
Total Operating Expenses	$1,211,407	$1,161,388	$1,112,127	$1,034,701	$968,950		$2,372,795	$1,955,037
Operating Income	$154,860	$177,335	$120,981	$157,381	$170,371		$332,196	$311,607
Equity in earnings / (loss) of unconsolidated joint ventures	5,059	14,897	(28,112)	(12,254)	(34,088)		19,957	26,870
Gain / (loss) on sale of investments	89,946	—	(6)	173,990	—		89,946	2,770
Interest and other income / (expense), net	(6,930)	280	(22,894)	15,752	13,008		(6,650)	16,059
Interest (expense)	(111,116)	(102,220)	(86,882)	(76,502)	(69,023)		(213,336)	(135,748)
Income tax benefit / (expense)	(16,173)	(21,454)	17,676	(19,576)	(16,406)		(37,627)	(29,650)
Loss from early extinguishment of debt	—	—	—	—	—		—	(51,135)
Net Income	$115,647	$68,839	$763	$238,791	$63,862		$184,486	$140,773
Net income / (loss) attributable to noncontrolling interests	2,538	(111)	3,326	(1,716)	(436)		2,427	(4,065)
Net Income Attributable to Digital Realty Trust, Inc.	$118,185	$68,728	$4,089	$237,075	$63,426		$186,913	$136,708
Preferred stock dividends, including undeclared dividends	(10,181)	(10,181)	(10,181)	(10,181)	(10,181)		(20,363)	(20,363)
Net Income / (Loss) Available to Common Stockholders	$108,003	$58,547	($6,093)	$226,894	$53,245		$166,550	$116,346
Weighted-average shares outstanding - basic	295,390,446	291,218,549	289,364,739	286,693,071	284,694,064		293,316,022	284,610,492
Weighted-average shares outstanding - diluted	306,818,538	303,064,832	301,712,082	296,414,726	285,109,903		304,453,040	284,979,709
Weighted-average fully diluted shares and units	313,020,947	309,026,076	307,546,353	302,257,518	290,944,163		310,589,141	290,716,197
Net income / (loss) per share - basic	$0.37	$0.20	($0.02)	$0.79	$0.19		$0.57	$0.41
Net income / (loss) per share - diluted	$0.37	$0.19	($0.02)	$0.75	$0.19		$0.57	$0.41

12

Funds From Operations and Core Funds From Operations		Financial Supplement
Unaudited and in Thousands, Except Per Share Data		Second Quarter 2023

	Three Months Ended						Six Months Ended
Reconciliation of Net Income to Funds From Operations (FFO)		30-Jun-23	31-Mar-23	31-Dec-22	30-Sep-22	30-Jun-22		30-Jun-23	30-Jun-22
Net Income / (Loss) Available to Common Stockholders		$108,003	$58,547	($6,093)	$226,894	$53,245		$166,550	$116,346
Adjustments:
Non-controlling interest in operating partnership		2,500	1,500	(586)	5,400	1,500		4,000	3,100
Real estate related depreciation & amortization (1)		424,044	412,192	422,951	381,425	369,327		836,236	743,489
Depreciation related to non-controlling interests		(14,144)	(13,388)	(13,856)	(8,254)	-		(27,532)	-
Unconsolidated JV real estate related depreciation & amortization		35,386	33,719	33,927	30,831	29,022		69,105	58,341
(Gain) / loss on real estate transactions		(89,946)	(7,825)	572	(173,990)	(1,144)		(97,771)	(3,914)
Impairment of investments in real estate		-	-	3,000	-	-		-	-
Funds From Operations - diluted		$465,844	$484,745	$439,915	$462,306	$451,949		$950,589	$917,362
Weighted-average shares and units outstanding - basic		301,593	297,180	295,199	292,536	290,528		299,452	290,346
Weighted-average shares and units outstanding - diluted (2)(3)		313,021	309,026	307,546	302,258	290,944		310,589	290,716
Funds From Operations per share - basic		$1.54	$1.63	$1.49	$1.58	$1.56		$3.17	$3.16
Funds From Operations per share - diluted (2)(3)		$1.52	$1.60	$1.45	$1.55	$1.55		$3.13	$3.16

	Three Months Ended						Six Months Ended
Reconciliation of FFO to Core FFO		30-Jun-23	31-Mar-23	31-Dec-22	30-Sep-22	30-Jun-22		30-Jun-23	30-Jun-22
Funds From Operations - diluted		$465,844	$484,745	$439,915	$462,306	$451,949		$950,589	$917,362
Other non-core revenue adjustments		27,454	(887)	(3,786)	(1,818)	456		26,566	14,372
Transaction and integration expenses		17,764	12,267	17,350	25,862	13,586		30,031	25,554
Loss from early extinguishment of debt		-	-	-	-	-		-	51,135
Severance, equity acceleration, and legal expenses (4)		3,652	4,155	15,980	1,655	3,786		7,807	5,863
(Gain) / Loss on FX revaluation		(7,868)	(6,778)	14,564	(1,120)	29,539		(14,647)	(38,137)
Other non-core expense adjustments		655	-	3,615	1,046	70		655	7,727
Core Funds From Operations - diluted		$507,501	$493,500	$487,638	$487,931	$499,386		$1,001,001	$983,875
Weighted-average shares and units outstanding - diluted (2)(3)		301,806	297,382	295,519	292,830	290,944		299,730	290,716
Core Funds From Operations per share - diluted (2)		$1.68	$1.66	$1.65	$1.67	$1.72		$3.34	$3.38

(1) Real Estate Related Depreciation & Amortization	Three Months Ended						Six Months Ended
		30-Jun-23	31-Mar-23	31-Dec-22	30-Sep-22	30-Jun-22		30-Jun-23	30-Jun-22
Depreciation & amortization per income statement		$432,573	$421,198	$430,130	$388,704	$376,967		$853,771	$759,099
Non-real estate depreciation		(8,529)	(9,006)	(7,179)	(7,279)	(7,640)		(17,535)	(15,610)
Real Estate Related Depreciation & Amortization		$424,044	$412,192	$422,951	$381,425	$369,327		$836,236	$743,489

(2) Certain of Teraco's minority indirect shareholders have the right to put their shares in an upstream parent company of Teraco to Digital Realty in exchange for cash or the equivalent value of shares of Digital Realty common stock, or a combination thereof. US GAAP requires Digital Realty to assume the put right is settled in shares for purposes of calculating diluted EPS. This same approach was utilized to calculate FFO/share. The potential future dilutive impact associated with this put right will be excluded from Core FFO and AFFO until settlement occurs – causing diluted share count to be higher for FFO than for Core FFO and AFFO. When calculating diluted FFO, Teraco related minority interest is added back to the FFO numerator as the denominator assumes all shares have been put back to Digital Realty.

	Three Months Ended						Six Months Ended
		30-Jun-23	31-Mar-23	31-Dec-22	30-Sep-22	30-Jun-22		30-Jun-23	30-Jun-22
Teraco noncontrolling share of FFO		$9,645	$11,069	$7,213	$4,706	-		$20,714	-
Teraco related minority interest		$9,645	$11,069	$7,213	$4,706	-		$20,714	-

(3) For all periods presented, we have excluded the effect of dilutive series J, series K and series L preferred stock, as applicable, that may be converted into common stock upon the occurrence of specified change in control transactions as described in the articles supplementary governing the series J, series K and series L preferred stock, as applicable, which we consider highly improbable. See above for calculations of 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) Relates to severance and other charges related to the departure of company executives and integration-related severance.

13

Adjusted Funds From Operations (AFFO)		Financial Supplement
Unaudited and in Thousands, Except Per Share Data		Second Quarter 2023

	Three Months Ended						Six Months Ended
Reconciliation of Core FFO to AFFO		30-Jun-23	31-Mar-23	31-Dec-22	30-Sep-22	30-Jun-22		30-Jun-23	30-Jun-22
Core FFO available to common stockholders and unitholders		$507,501	$493,500	$487,638	$487,931	$499,386		$1,001,001	$983,875
Adjustments:
Non-real estate depreciation		8,529	9,006	7,179	7,279	7,640		17,535	15,610
Amortization of deferred financing costs		5,984	4,072	3,753	3,270	3,330		10,056	6,964
Amortization of debt discount/premium		1,339	1,301	1,276	1,146	1,193		2,640	2,407
Non-cash stock-based compensation expense		13,893	13,056	16,042	15,948	15,799		26,949	30,253
Straight-line rental revenue		(16,151)	(16,194)	(29,392)	(18,123)	(17,278)		(32,344)	(36,089)
Straight-line rental expense		520	(515)	(208)	2,679	(2,237)		5	1,931
Above- and below-market rent amortization		(1,195)	(1,226)	(762)	(465)	196		(2,421)	531
Deferred tax (benefit) / expense		1,339	(9,795)	(4,885)	(5,233)	(769)		(8,456)	(2,372)
Leasing compensation & internal lease commissions		11,611	11,067	9,578	9,866	9,411		22,678	22,672
Recurring capital expenditures (1)		(53,498)	(40,465)	(109,999)	(66,200)	(43,497)		(93,963)	(90,267)
AFFO available to common stockholders and unitholders (2)		$479,873	$463,807	$380,220	$438,097	$473,173		$943,679	$935,514
Weighted-average shares and units outstanding - basic		301,593	297,180	295,199	292,536	290,528		299,452	290,346
Weighted-average shares and units outstanding - diluted (3)		301,806	297,382	295,519	292,830	290,944		299,730	290,716
AFFO per share - diluted (3)		$1.59	$1.56	$1.29	$1.50	$1.63		$3.15	$3.22
Dividends per share and common unit		$1.22	$1.22	$1.22	$1.22	$1.22		$2.44	$2.44
								.
Diluted AFFO Payout Ratio		76.7%	78.2%	94.8%	81.5%	75.0%		77.5%	75.8%

	Three Months Ended						Six Months Ended
Share Count Detail		30-Jun-23	31-Mar-23	31-Dec-22	30-Sep-22	30-Jun-22		30-Jun-23	30-Jun-22
Weighted Average Common Stock and Units Outstanding		301,593	297,180	295,199	292,536	290,528		299,452	290,346
Add: Effect of dilutive securities		213	202	320	294	416		278	370
Weighted Avg. Common Stock and Units Outstanding - diluted		301,806	297,382	295,519	292,830	290,944		299,730	290,716

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

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

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

14

Consolidated Balance Sheets		Financial Supplement
Unaudited and in Thousands, Except Share and Per Share Data		Second Quarter 2023

	30-Jun-23		31-Mar-23		31-Dec-22		30-Sep-22		30-Jun-22
Assets
Investments in real estate:
Real estate		$27,087,769		$27,052,022		$26,136,057		$24,876,600		$24,065,933
Construction in progress		4,635,939		4,563,578		4,789,134		4,222,142		3,362,114
Land held for future development		193,936		194,564		118,452		34,713		37,460
Investments in real estate		$31,917,644		$31,810,164		$31,043,643		$29,133,455		$27,465,507
Accumulated depreciation and amortization		(7,739,462)		(7,600,559)		(7,268,981)		(6,826,918)		(6,665,118)
Net Investments in Properties		$24,178,182		$24,209,605		$23,774,662		$22,306,537		$20,800,389
Investment in unconsolidated joint ventures		2,040,452		1,995,576		1,991,426		1,912,958		1,942,549
Net Investments in Real Estate		$26,218,634		$26,205,180		$25,766,088		$24,219,495		$22,742,937
Cash and cash equivalents		$124,519		$131,406		$141,773		$176,969		$99,226
Accounts and other receivables (1)		1,158,383		1,070,066		969,292		861,117		797,208
Deferred rent		613,796		627,700		601,590		556,198		554,016
Customer relationship value, deferred leasing costs & other intangibles, net		2,825,596		3,015,291		3,092,627		3,035,861		2,521,390
Goodwill		9,148,603		9,199,636		9,208,497		8,728,105		7,545,107
Assets held for sale		593,892		—		—		—		—
Operating lease right-of-use assets		1,291,233		1,317,293		1,351,329		1,253,393		1,310,970
Other assets		414,078		386,495		353,802		384,079		385,202
Total Assets		$42,388,735		$41,953,068		$41,484,998		$39,215,217		$35,956,057
Liabilities and Equity
Global unsecured revolving credit facilities		$2,242,258		$2,514,202		$2,150,451		$2,255,139		$1,440,040
Unsecured term loans		1,548,780		1,542,275		797,449		729,976		—
Unsecured senior notes, net of discount		13,383,819		13,258,079		13,120,033		12,281,410		12,695,568
Secured debt and other, net of premiums		554,594		560,955		528,870		491,984		158,699
Operating lease liabilities		1,420,239		1,443,994		1,471,044		1,363,712		1,418,540
Accounts payable and other accrued liabilities		2,214,820		1,923,819		1,868,884		1,621,406		1,619,222
Deferred tax liabilities, net		1,128,961		1,164,276		1,192,752		1,145,097		611,582
Accrued dividends and distributions		—		—		363,716		—		—
Security deposits and prepaid rent		417,693		392,021		369,654		341,552		341,140
Liabilities associated with assets held for sale		4,990		—		—		—		—
Total Liabilities		$22,916,155		$22,799,620		$21,862,853		$20,230,276		$18,284,791
Redeemable non-controlling interests		1,367,422		1,448,772		1,514,680		1,429,920		41,047
Equity
Preferred Stock: $0.01 par value per share, 110,000,000 shares authorized:
Series J Cumulative Redeemable Preferred Stock (2)		$193,540		$193,540		$193,540		$193,540		$193,540
Series K Cumulative Redeemable Preferred Stock (3)		203,264		203,264		203,264		203,264		203,264
Series L Cumulative Redeemable Preferred Stock (4)		334,886		334,886		334,886		334,886		334,886
Common Stock: $0.01 par value per share, 392,000,000 shares authorized (5)		2,967		2,888		2,887		2,851		2,824
Additional paid-in capital		22,882,200		22,126,379		22,142,868		21,528,384		21,091,364
Dividends in excess of earnings		(5,253,915)		(4,995,982)		(4,698,313)		(4,336,201)		(4,211,685)
Accumulated other comprehensive (loss), net		(741,484)		(652,486)		(595,798)		(862,804)		(475,561)
Total Stockholders' Equity		$17,621,456		$17,212,490		$17,583,334		$17,063,920		$17,138,632
Noncontrolling Interests
Noncontrolling interest in operating partnership		$436,099		$444,843		$419,317		$421,484		$432,213
Noncontrolling interest in consolidated joint ventures		47,603		47,342		104,814		69,617		59,374
Total Noncontrolling Interests		$483,702		$492,185		$524,131		$491,101		$491,587
Total Equity		$18,105,158		$17,704,675		$18,107,465		$17,555,021		$17,630,219
Total Liabilities and Equity		$42,388,735		$41,953,068		$41,484,998		$39,215,217		$35,956,057

(1) Net of allowance for doubtful accounts of $42,624 and $33,048 as of June 30, 2023 and December 31, 2022, respectively.

(2) 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 June 30, 2023 and December 31, 2022, respectively.

(3) 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 June 30, 2023 and December 31, 2022, respectively.

(4) 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 June 30, 2023 and December 31, 2022, respectively.

(5) Common Stock: 299,240,366 and 291,148,222 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively.

15

Components of Net Asset Value (NAV) (1)		Financial Supplement
Unaudited and in Thousands		Second Quarter 2023

Consolidated Properties Cash Net Operating Income (NOI)(2), Annualized (3)
Network-Dense	$1,060,162
Campus	1,632,444
Other (4)	152,484
Total Cash NOI, Annualized	$2,845,090
less: Partners' share of consolidated JVs	(51,616)
Acquisitions / dispositions / expirations	(53,788)
FY 2023 backlog cash NOI and 2Q23 carry-over (stabilized) (5)	117,394
Total Consolidated Cash NOI, Annualized	$2,857,080
Digital Realty's Pro Rata Share of Unconsolidated Joint Venture Cash NOI (3)(6)	$182,448
Other Income
Development and Management Fees (net), Annualized	$59,632
Other Assets
Pre-stabilized inventory, at cost (7)	$327,021
Land held for development	193,936
Development CIP (8)	4,635,939
less: Investment associated with FY23 Backlog NOI	(720,987)
Cash and cash equivalents	124,519
Accounts and other receivables, net	1,158,383
Other assets	414,078
less: Partners' share of consolidated JV assets	(170,718)
Total Other Assets	$5,962,171
Liabilities
Global unsecured revolving credit facilities	$2,257,864
Unsecured term loans	1,558,175
Unsecured senior notes	13,479,365
Secured debt and other	557,138
Accounts payable and other accrued liabilities	2,214,820
Deferred tax liabilities, net	1,128,961
Security deposits and prepaid rents	417,693
Liabilities associated with assets held for sale	4,990
Backlog NOI cost to complete (9)	142,732
Preferred stock	755,000
Digital Realty's share of unconsolidated JV debt	1,118,743
less: Partners' share of consolidated JV liabilities	(362,954)
Total Liabilities	$23,272,527
Diluted Shares and Units Outstanding	305,925

(1) Backlog and associated financial line items exclude activity related to unconsolidated joint venture properties.

(2) For definitions and discussion of NOI and cash NOI and a reconciliation of operating income to NOI and cash NOI, see page 33.

(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 2Q23 Cash NOI of $2.8 billion. NOI is allocated based on management’s estimates derived using contractual ABR and stabilized margins.

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

(5) Estimated cash NOI related to signed leases that are expected to commence through December 31, 2023. Excludes Digital Realty’s share of signed leases at unconsolidated joint venture properties.

(6) For a reconciliation of Digital Realty’s pro rata share of unconsolidated joint venture operating income to cash NOI, see page 30.

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

(8) See page 26 for further details on the breakdown of the construction in progress balance.

(9) Excludes Digital Realty’s share of expected cost to complete at unconsolidated joint venture properties.

16

Debt Maturities		Financial Supplement
Unaudited and Dollars in Thousands		Second Quarter 2023

	As of June 30, 2023
		Interest Rate
	Interest	Including
	Rate	Swaps	2023	2024	2025	2026	2027	Thereafter	Total
Global Unsecured Revolving Credit Facilities (1)
Global unsecured revolving credit facility	4.290%	4.290%	—	—	—	—	$2,191,336	—	$2,191,336
Yen revolving credit facility	0.550%	0.550%	—	—	—	—	66,528	—	66,528
Deferred financing costs, net	—	—	—	—	—	—	—	—	(15,605)
Total Global Unsecured Revolving Credit Facilities	4.180%	4.180%	—	—	—	—	$2,257,864	—	$2,242,258
Unsecured Term Loans
Euro term loan facility	4.300%	3.765%	—	—	$409,088	—	$409,088	—	$818,176
USD term loan facility	6.181%	5.505%	—	—	—	$740,000	—	—	740,000
Deferred financing costs, net	—	—	—	—	—	—	—	—	(9,395)
Total Unsecured Term Loans	5.193%	4.591%	—	—	$409,088	$740,000	$409,088	—	$1,548,781
Senior Notes
₣100 million 0.600% Notes due 2023	0.600%	0.600%	$111,665	—	—	—	—	—	$111,665
€600 million 2.625% Notes due 2024	2.625%	2.625%	—	$654,540	—	—	—	—	654,540
£250 million 2.750% Notes due 2024	2.750%	2.750%	—	317,575	—	—	—	—	317,575
£400 million 4.250% Notes due 2025	4.250%	4.250%	—	—	$508,120	—	—	—	508,120
€650 million 0.625% Notes due 2025	0.625%	0.625%	—	—	709,085	—	—	—	709,085
€1.08 billion 2.500% Notes due 2026	2.500%	2.500%	—	—	—	$1,172,718	—	—	1,172,718
₣275 million 0.200% Notes due 2026	0.200%	0.200%	—	—	—	307,077	—	—	307,077
₣150 million 1.700% Notes due 2027	1.700%	1.700%	—	—	—	—	$167,497	—	167,497
$1.00 billion 3.700% Notes due 2027 (2)	3.700%	2.485%	—	—	—	—	1,000,000	—	1,000,000
€500 million 1.125% Notes due 2028	1.125%	1.125%	—	—	—	—	—	$545,450	545,450
$900 million 5.550% Notes due 2028 (2)	5.550%	3.996%	—	—	—	—	—	900,000	900,000
$650 million 4.450% Notes due 2028	4.450%	4.450%	—	—	—	—	—	650,000	650,000
₣270 million 0.550% Notes due 2029	0.550%	0.550%	—	—	—	—	—	301,494	301,494
$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%	—	—	—	—	—	444,605	444,605
€750 million 1.500% Notes due 2030	1.500%	1.500%	—	—	—	—	—	818,175	818,175
£550 million 3.750% Notes due 2030	3.750%	3.750%	—	—	—	—	—	698,665	698,665
€500 million 1.250% Notes due 2031	1.250%	1.250%	—	—	—	—	—	545,450	545,450
€1.00 billion 0.625% Notes due 2031	0.625%	0.625%	—	—	—	—	—	1,090,900	1,090,900
€750 million 1.000% Notes due 2032	1.000%	1.000%	—	—	—	—	—	818,175	818,175
€750 million 1.375% Notes due 2032	1.375%	1.375%	—	—	—	—	—	818,175	818,175
Unamortized discounts	—	—	—	—	—	—	—	—	(35,377)
Deferred financing costs	—	—	—	—	—	—	—	—	(60,169)
Total Senior Notes	2.431%	2.237%	$111,665	$972,115	$1,217,205	$1,479,795	$1,167,497	$8,531,089	$13,383,819
Secured Debt
ICN10 Facilities	5.740%	3.522%	—	—	—	—	—	$12,824	$12,824
Westin	3.290%	3.290%	—	—	—	—	$135,000	—	135,000
Teraco Loans	10.769%	9.081%	$113	$313	$569	$32,658	64,735	242,423	340,811
Deferred financing costs	—	—	—	—	—	—	—	.	(2,543)
Total Secured Debt	8.571%	7.335%	$113	$313	$569	$32,658	$199,735	$255,247	$486,092
Other Debt
Icolo loans	11.650%	11.650%	—	—	—	$4,837	$3,650	—	$8,487
Total Other Debt	11.650%	11.650%	—	—	—	$4,837	$3,650	—	$8,487
Mandatorily Redeemable Preferred Shares (Teraco)
Mandatorily Redeemable Preferred Shares (Teraco)	10.105%	10.105%	—	$4,245	—	$59,427	—	—	$63,672
Unamortized discounts	—	—	—	—	—	—	—	—	(3,657)
Total Redeemable Preferred Shares	10.105%	10.105%	—	$4,245	—	$59,427	—	—	$60,015
Total unhedged variable rate debt	—	—	$113	$4,558	$409,657	$92,085	$2,731,687	$65,169	$3,303,269
Total fixed rate / hedged variable rate debt	—	—	111,665	972,115	1,217,205	2,224,632	1,306,147	8,721,167	14,552,930
Total Debt	3.093%	2.860%	$111,778	$976,673	$1,626,862	$2,316,717	$4,037,833	$8,786,336	$17,856,199
Weighted Average Interest Rate			0.609%	2.700%	2.550%	1.704%	3.671%	2.433%	2.860%
Summary
Weighted Average Term to Initial Maturity									4.5 Years
Weighted Average Maturity (assuming exercise of extension options)									4.8 Years

Global Unsecured Revolving Credit Facilities Detail As of June 30, 2023
	Maximum Available	Existing Capacity (3)	Currently Drawn
Global Unsecured Revolving Credit Facilities	$3,910,003	$1,550,256	$2,257,864

(1) Assumes all extensions will be exercised.

(2) Subject to cross-currency swaps.

(3) Net of letters of credit issued of $101.9 million.

17

Debt Analysis and Covenant Compliance		Financial Supplement
Unaudited		Second Quarter 2023

	As of June 30, 2023
				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%	47%	43%	Less than 60% (5)	42%
Secured debt / total assets (6)	Less than 40%	1%	1%	Less than 40%	2%
Total unencumbered assets / unsecured debt	Greater than 150%	202%	223%	N/A	N/A
Consolidated EBITDA / interest expense (7)	Greater than 1.50x	4.1x	4.1x	N/A	N/A
Fixed charge coverage		N/A	N/A	Greater than 1.50x	5.0x
Unsecured debt / total unencumbered asset value (8)		N/A	N/A	Less than 60%	45%
Unencumbered assets debt service coverage ratio (8)		N/A	N/A	Greater than 1.50x	6.0x

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

(2) Ratios for the Unsecured Senior Notes listed on page17 except for the 0.60% notes due 2023, 0.20% notes due 2026, 1.70% notes due 2027,5.550% notes due 2028,0.55% notes due 2029, 1.250% notes due 2031, 0.625% notes due 2031, 1.00% notes due 2032 and 1.375% notes due 2032.

(3) Ratios for the 0.60% notes due 2023, 0.20% notes due 2026, 1.70% notes due 2027, 5.550% notes due 2028,0.55% notes due 2029, 1.250% notes due 2031, 0.625% notes due 2031, 1.00% notes due 2032 and 1.375% notes due 2032.

(4) This ratio is referred to as the Leverage Ratio, defined as Consolidated Debt / Total Asset Value, under the global unsecured revolving credit facility and the Yen facility. For the calculation of Total Assets, please refer to the indentures which govern the notes, the Second Amended and Restated Global Senior Credit Agreement dated as of November 18, 2021 and the Amended and Restated Yen facility Credit Agreement dated as of November 18, 2021, each as amended and which are filed as exhibits to our reports filed with the U.S. Securities and Exchange Commission.

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

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

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

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

18

Same-Capital Operating Trend Summary		Financial Supplement
Unaudited and in Thousands		Second Quarter 2023

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

	Three Months Ended										Six Months Ended
	30-Jun-23		30-Jun-22		% Change		31-Mar-23		% Change		30-Jun-23		30-Jun-22		% Change
Rental revenues		$664,744		$622,572		6.8%		$664,580		0.0%		$1,329,324		$1,245,456		6.7%
Tenant reimbursements - Utilities		265,651		181,384		46.5%		256,835		3.4%		522,486		367,512		42.2%
Tenant reimbursements - Other		34,899		39,986		(12.7%)		27,535		26.7%		62,434		77,708		(19.7%)
Interconnection & other		86,178		80,658		6.8%		83,780		2.9%		169,958		161,599		5.2%
Total Revenue		$1,051,472		$924,600		13.7%		$1,032,730		1.8%		$2,084,203		$1,852,275		12.5%
Utilities		$292,110		$195,498		49.4%		$276,723		5.6%		$568,832		$396,175		43.6%
Rental property operating		167,342		151,285		10.6%		165,399		1.2%		332,741		301,730		10.3%
Property taxes		34,332		36,474		(5.9%)		26,847		27.9%		61,179		71,025		(13.9%)
Insurance		3,879		3,726		4.1%		3,949		(1.8%)		7,828		7,187		8.9%
Total Expenses		$497,664		$386,984		28.6%		$472,918		5.2%		$970,581		$776,118		25.1%
Net Operating Income (2)		$553,809		$537,617		3.0%		$559,813		(1.1%)		$1,113,621		$1,076,157		3.5%
Less:
Stabilized straight-line rent		($15,425)		($1,405)		997.5%		$113		(13731.0%)		($15,312)		($6,170)		148.2%
Above- and below-market rent		1,556		1,505		3.4%		1,587		(2.0%)		3,143		3,016		4.2%
Cash Net Operating Income (3)		$567,678		$537,517		5.6%		$558,112		1.7%		$1,125,791		$1,079,311		4.3%
Stabilized Portfolio occupancy at period end (4)		83.3%		82.6%		0.8%		83.3%		0.0%		83.3%		82.6%		0.8%

(1) Represents buildings owned as of December 31, 2021 with less than 5% of total rentable square feet under development. Excludes buildings that were undergoing, or were expected to undergo, development activities in 2022-2023, 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 page33.

(3) For a definition and discussion of cash net operating income and a reconciliation of operating income to cash NOI, see page33.

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

19

Summary of Leasing Activity		Financial Supplement
Leases Signed in the Quarter Ended June 30, 2023		Second Quarter 2023

	0-1 MW				> 1 MW (5)				Other (3)				Total
Leasing Activity - New (1) (2)	2Q23		LTM		2Q23		LTM		2Q23		LTM		2Q23		LTM
Annualized GAAP Rent (in thousands)		$36,682		$131,703		$61,475		$285,240		$3,020		$19,988		$101,177		$436,931
Kilowatt leased		10,988		40,183		36,430		202,076		—		—		47,418		242,259
NRSF (in thousands)		140		470		519		2,307		43		358		701		3,135
Weighted Average Lease Term (years)		3.7		3.6		14.8		10.7		6.6		9.2		11.2		9.5
Initial stabilized cash rent per Kilowatt		$304		$273		$117		$110		—		—		$160		$137
GAAP rent per Kilowatt		$278		$284		$141		$115		—		—		$173		$143
Leasing cost per Kilowatt		$24		$24		$1		$35		—		—		$6		$33
Net Effective Economics by Kilowatt (4)
Base rent by Kilowatt		$322		$287		$131		$118		—		—		$175		$146
Rental concessions by Kilowatt		$3		$2		$3		$3		—		—		$3		$3
Estimated operating expense by Kilowatt		$80		$81		$32		$28		—		—		$43		$36
Net rent per Kilowatt		$239		$204		$96		$88		—		—		$129		$107
Tenant improvements by Kilowatt		$1		—		—		$1		—		—		—		$1
Leasing commissions by Kilowatt		$6		$11		—		—		—		—		$2		$2
Net effective rent per Kilowatt		$231		$193		$96		$87		—		—		$127		$104
Initial stabilized cash rent per NRSF		$249		$280		$109		$116		$71		$52		$134		$133
GAAP rent per NRSF		$263		$280		$118		$124		$70		$56		$144		$139
Leasing cost per NRSF		$23		$24		$1		$37		$280		$47		$22		$36
Net Effective Economics by NRSF (4)
Base rent by NRSF		$304		$294		$111		$124		$77		$57		$147		$142
Rental concessions by NRSF		$3		$2		$2		$3		$6		$1		$3		$3
Estimated operating expense by NRSF		$76		$79		$36		$31		$9		$9		$42		$36
Net rent per NRSF		$225		$213		$72		$90		$61		$46		$102		$103
Tenant improvements by NRSF		$1		—		—		$1		$27		$3		$2		$1
Leasing commissions by NRSF		$6		$11		—		—		—		$3		$1		$2
Net effective rent per NRSF		$218		$202		$72		$89		$34		$41		$99		$100

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

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

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

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

(5) >1 MW Base Rent includes the net uplift related to an eight-megawatt lease replacement which resulted in an increased rate for the same capacity. GAAP Base Rent per Square Foot and per Kilowatt metrics reflect the incremental additional Base Rent with no incremental capacity added.

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

20

Summary of Leasing Activity		Financial Supplement
Leases Renewed in the Quarter Ended June 30, 2023		Second Quarter 2023

	0-1 MW				> 1 MW				Other (4)				Total
Leasing Activity - Renewals (1) (2) (3)	2Q23		LTM		2Q23		LTM		2Q23		LTM		2Q23		LTM
Leases renewed (Kilowatt)		37,779		131,620		36,848		127,097		—		—		74,627		258,717
Leases renewed (NRSF in thousands)		528		1,761		467		1,530		222		434		1,217		3,725
Leasing cost per Kilowatt		$1		$1		$1		$5		—		—		$3		$3
Leasing cost per NRSF		$1		$1		$2		$5		$2		$2		$2		$3
Weighted Term (years)		1.6		1.5		6.6		5.4		5.1		4.5		4.2		3.5
Cash Rent
Expiring cash rent per Kilowatt		$279		$292		$142		$147		—		—		$215		$224
Renewed cash rent per Kilowatt		$292		$304		$155		$147		—		—		$230		$231
% Change Cash Rent Per Kilowatt		4.8%		4.2%		8.7%		(0.2%)		—		—		6.9%		3.0%
Expiring cash rent per NRSF		$239		$262		$135		$147		$14		$23		$158		$187
Renewed cash rent per NRSF		$251		$273		$146		$147		$22		$28		$169		$192
% Change Cash Rent Per NRSF		4.8%		4.2%		8.7%		(0.2%)		54.7%		19.1%		6.9%		3.0%
GAAP Rent
Expiring GAAP rent per Kilowatt		$276		$289		$126		$136		—		—		$205		$217
Renewed GAAP rent per Kilowatt		$294		$304		$164		$147		—		—		$235		$231
% Change GAAP Rent Per Kilowatt		6.5%		5.1%		29.9%		7.7%		—		—		14.6%		6.2%
Expiring GAAP rent per NRSF		$237		$259		$120		$136		$14		$22		$151		$194
Renewed GAAP rent per NRSF		$252		$272		$156		$146		$23		$27		$173		$201
% Change GAAP Rent Per NRSF		6.5%		5.1%		29.9%		7.7%		66.0%		21.9%		14.6%		3.6%
Retention ratio (5)		88.9%		76.9%		72.0%		84.8%		95.0%		40.3%		82.5%		72.2%
Churn (6)		1.5%		6.3%		1.7%		3.5%		0.3%		5.6%		1.5%		4.8%

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

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

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

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

(5) Based on square feet.

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

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

21

Lease Expirations - By Size		Financial Supplement
Dollars and Square Feet in Thousands (except per square foot and per KW data)		Second Quarter 2023

				% of	Annualized Rent Per		Annualized Rent Per								Rent Per kW
	Square Footage of	Annualized		Annualized	Occupied		Occupied Square		Annualized Rent		kW of Expiring		Rent per kW		Per Month at
Year	Expiring Leases (1)	Rent (2)		Rent	Square Foot		Foot at Expiration		at Expiration		Leases		Per Month		Expiration
0 - 1 MW
Available	2,494		—	—		—		—		—		—		—		—
Month to Month (3)	185		$42,572	1.2%		$230		$230		$42,688		9,756		$364		$365
2023	1,133		373,754	10.7%		330		330		373,392		80,967		385		384
2024	1,717		450,241	12.9%		262		263		451,161		121,042		310		311
2025	746		161,749	4.7%		217		223		166,051		47,152		286		293
2026	410		85,390	2.5%		208		217		89,154		30,869		231		241
2027	413		67,790	1.9%		164		174		71,860		29,347		192		204
2028	190		23,596	0.7%		124		138		26,168		10,673		184		204
2029	74		9,120	0.3%		123		148		10,975		5,100		149		179
2030	53		13,874	0.4%		262		267		14,135		3,907		296		302
2031	53		9,523	0.3%		178		190		10,141		2,681		296		315
2032	51		4,937	0.1%		96		109		5,608		1,650		249		283
Thereafter	216		8,105	0.2%		38		41		8,904		2,586		261		287
Total / Wtd. Avg.	7,736		$1,250,651	36.0%		$239		$242		$1,270,236		345,730		$301		$306

> 1 MW	Expiring Leases (1)	Annualized		Annualized	Annualized Rent Per		Annualized Rent Per		Annualized Rent Per		kW of Expiring		Annualized		Rent Per kW
Available	1,962		—	—		—		—		—		—		—		—
Month to Month (3)	181		$27,572	0.8%		$152		$152		$27,572		16,546		$139		$139
2023	717		88,170	2.5%		123		123		88,253		58,348		126		126
2024	1,427		220,199	6.3%		154		157		223,857		129,474		142		144
2025	1,912		284,766	8.2%		149		153		292,789		174,101		136		140
2026	1,928		268,012	7.7%		139		148		284,429		178,062		125		133
2027	1,825		244,023	7.0%		134		145		265,175		175,548		116		126
2028	915		113,592	3.3%		124		136		124,209		88,289		107		117
2029	1,005		125,421	3.6%		125		138		139,036		123,729		84		94
2030	1,117		152,795	4.4%		137		149		166,454		118,175		108		117
2031	1,066		124,172	3.6%		117		130		138,841		103,861		100		111
2032	815		100,436	2.9%		123		145		117,877		87,650		95		112
Thereafter	1,897		218,991	6.3%		115		136		257,255		182,860		100		117
Total / Wtd. Avg.	16,766		$1,968,150	56.6%		$133		$144		$2,125,746		1,436,642		$114		$123

Other (4)	Expiring Leases (1)	Annualized		Annualized	Annualized Rent Per		Annualized Rent Per		Annualized Rent Per		kW of Expiring		Annualized		Rent Per kW
Available	1,677		—	—		—		—		—		—		—		—
Month to Month (3)	65		$2,442	0.1%		$37		$37		$2,442		—		—		—
2023	316		9,971	0.3%		32		32		9,971		—		—		—
2024	441		19,990	0.6%		45		46		20,326		—		—		—
2025	627		26,607	0.8%		42		44		27,808		—		—		—
2026	808		25,105	0.7%		31		35		27,895		—		—		—
2027	374		15,185	0.4%		41		44		16,592		—		—		—
2028	505		16,594	0.5%		33		40		20,237		—		—		—
2029	551		26,891	0.8%		49		57		31,426		—		—		—
2030	643		27,787	0.8%		43		51		33,026		—		—		—
2031	63		2,085	0.1%		33		40		2,524		—		—		—
2032	108		6,222	0.2%		58		66		7,125		—		—		—
Thereafter	3,175		79,637	2.3%		25		33		103,219		—		—		—
Total / Wtd. Avg.	9,353		$258,517	7.4%		$34		$39		$302,591		—		—		—

Total	Expiring Leases (1)	Annualized		Annualized	Annualized Rent Per		Annualized Rent Per		Annualized Rent Per		kW of Expiring		Annualized		Rent Per kW
Available	6,133		—	—		—		—		—		—		—		—
Month to Month (3)	433		$72,586	2.1%		$168		$168		$72,702		—		—		—
2023	2,166		471,895	13.6%		218		218		471,616		—		—		—
2024	3,586		690,430	19.9%		193		194		695,343		—		—		—
2025	3,285		473,123	13.6%		144		148		486,649		—		—		—
2026	3,146		378,507	10.9%		120		128		401,477		—		—		—
2027	2,612		326,997	9.4%		125		135		353,627		—		—		—
2028	1,610		153,782	4.4%		96		106		170,614		—		—		—
2029	1,630		161,432	4.6%		99		111		181,437		—		—		—
2030	1,813		194,456	5.6%		107		118		213,615		—		—		—
2031	1,182		135,780	3.9%		115		128		151,506		—		—		—
2032	975		111,595	3.2%		115		134		130,609		—		—		—
Thereafter	5,288		306,734	8.8%		58		70		369,378		—		—		—
Total / Wtd. Avg.	33,858		$3,477,318	100.0%		$125		$133		$3,698,573		—		—		—

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

(2) Annualized rent represents the monthly contractual base rent (defined as cash base rent before abatements) under existing leases as of June 30, 2023, multiplied by 12.

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

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

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

22

Top 20 Customers by Annualized Rent		Financial Supplement
Dollars in Thousands		Second Quarter 2023

						Weighted
						Average
			Annualized		% of Annualized	Remaining
		Number of	Recurring		Recurring	Lease Term in
	Customer	Locations	Revenue (1)		Revenue	Years
1	Fortune 50 Software Company	67		$398,863	10.3%	8.3
2	Social Content Platform	22		187,705	4.8%	5.0
3	Global Cloud Provider	58		148,565	3.8%	5.4
4	Oracle Corporation	36		141,712	3.7%	6.5
5	IBM	36		137,152	3.5%	2.5
6	Fortune 25 Investment Grade-Rated Company	29		111,699	2.9%	3.5
7	Equinix	17		90,847	2.3%	6.5
8	LinkedIn Corporation	7		81,037	2.1%	1.7
9	Fortune 500 SaaS Provider	14		78,967	2.0%	2.9
10	Meta Platforms, Inc.	46		72,725	1.9%	3.8
11	Fortune 25 Tech Company	50		67,040	1.7%	3.7
12	Cyxtera	15		63,136	1.6%	8.8
13	Social Media Platform	8		62,075	1.6%	7.9
14	Rackspace	25		52,164	1.3%	9.7
15	Lumen Technologies, Inc.	126		50,775	1.3%	10.3
16	JPMorgan Chase & Co.	17		43,768	1.1%	2.6
17	Comcast Corporation	41		40,232	1.0%	4.6
18	AT&T	77		39,603	1.0%	3.0
19	Zayo	118		35,557	0.9%	1.6
20	International Telecom Provider	30		34,830	0.9%	1.9
	Total / Weighted Average			$1,938,452	49.7%	6.0

(1) Annualized recurring revenue represents the monthly contractual base rent (defined as cash base rent before abatements) and interconnection revenue under existing leases as of June 30, 2023, 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.

23

Occupancy Analysis		Financial Supplement
Dollars and Square Feet in Thousands		Second Quarter 2023

	Net Rentable	Space Under Active	Space Held for	Annualized		Occupancy (5)		White Space	Data Center
Metropolitan Area	Square Feet (1)	Development (2)	Development (3)	Rent (4)		30-Jun-23	31-Mar-23	IT Load (6)	Count
North America
Northern Virginia	5,983	1,742	266		$602,846	92.4%	93.8%	518.6	26
Chicago	3,428	35	113		325,651	92.4%	91.9%	162.7	10
New York	2,067	159	130		213,118	74.9%	78.0%	55.8	13
Dallas	3,065	327	77		197,915	83.0%	82.8%	111.2	21
Silicon Valley	1,590	—	131		170,908	92.1%	94.6%	94.6	15
Portland	798	352	—		95,103	98.5%	97.5%	82.5	3
Phoenix	796	—	—		71,697	71.1%	70.7%	42.5	2
San Francisco	843	—	—		63,592	65.2%	65.9%	31.5	4
Atlanta	557	—	314		56,799	93.3%	96.7%	9.1	4
Toronto	430	297	—		41,618	89.7%	88.1%	39.8	2
Los Angeles	614	11	—		40,788	78.4%	80.8%	16.2	2
Seattle	399	—	—		39,934	78.7%	78.6%	19.5	1
Boston	437	—	51		18,355	43.8%	44.7%	19.0	3
Houston	393	—	14		15,360	55.6%	55.7%	13.0	6
Miami	226	—	—		8,787	85.7%	85.4%	1.3	2
Austin	86	—	—		8,085	58.6%	58.6%	4.3	1
Charlotte	95	—	—		5,455	90.8%	90.4%	1.5	3
North America Total/Weighted Average	21,808	2,924	1,096		$1,976,009	85.3%	86.0%	1,223.1	118
EMEA
Frankfurt	2,092	1,632	—		$256,466	86.3%	84.7%	134.2	29
London	1,433	64	96		230,003	63.3%	64.9%	103.9	16
Amsterdam	1,270	—	92		169,759	80.6%	80.3%	116.8	13
Paris	940	758	—		96,735	72.8%	68.9%	76.1	13
Johannesburg	913	1,260	—		96,075	83.7%	81.6%	52.3	5
Marseille	519	—	38		64,211	71.7%	82.6%	45.4	4
Dublin	474	78	—		57,558	82.6%	81.2%	32.5	9
Zurich	433	165	—		53,535	67.0%	80.4%	29.0	3
Vienna	355	133	—		51,137	82.2%	80.9%	25.6	3
Madrid	238	171	—		42,805	87.7%	87.4%	16.8	4
Brussels	178	159	—		29,012	69.5%	78.9%	7.9	3
Cape Town	260	468	—		26,840	87.8%	87.4%	16.4	2
Stockholm	192	108	—		21,923	69.3%	70.3%	16.8	6
Copenhagen	225	99	—		20,591	64.0%	77.4%	12.9	3
Dusseldorf	116	98	—		19,448	72.5%	60.8%	11.0	3
Athens	55	159	—		8,213	86.8%	86.7%	2.2	4
Durban	45	—	—		5,113	76.9%	75.3%	1.1	1
Zagreb	22	13	—		2,695	83.2%	82.5%	0.9	1
Nairobi	16	—	—		2,442	76.5%	73.1%	0.5	1
Mombasa	46	—	12		1,844	16.0%	15.1%	2.8	2
Maputo	7	—	—		—	—	—	1.0	1
EMEA Total/Weighted Average	9,829	5,365	238		$1,256,403	77.1%	77.6%	706.0	126
Asia Pacific
Singapore	883	7	—		$203,555	95.4%	93.4%	78.5	3
Sydney	362	—	88		32,680	91.6%	90.1%	22.1	4
Melbourne	147	—	—		14,771	62.3%	62.3%	9.6	2
Seoul	162	—	—		1,057	5.0%	4.3%	12.0	1
Hong Kong	99	186	—		230	0.6%	0.6%	7.5	1
Asia Pacific Total/Weighted Average	1,653	192	88		$252,293	77.1%	75.6%	129.7	11
Non-Data Center Properties	380	—	212		$343	13.5%	13.5%	—	—
Consolidated Portfolio Total/Weighted Average	33,670	8,481	1,634		$3,485,047	81.7%	82.3%	2,058.8	255
Unconsolidated Joint Ventures
Northern Virginia	1,350	—	—		$98,231	100.0%	100.0%	89.7	7
Silicon Valley	414	—	—		25,715	100.0%	100.0%	10.9	4
Hong Kong	186	—	—		15,589	66.0%	87.4%	11.0	1
Toronto	104	—	—		13,118	67.4%	69.5%	6.8	1
Los Angeles	197	—	—		5,325	100.0%	100.0%	—	2
Lagos	4	—	—		781	100.0%	100.0%	0.2	1
Abuja	1	—	—		96	73.0%	73.0%	0.1	1
Managed Unconsolidated Portfolio Total/Weighted Average	2,257	—	—		$158,853	95.7%	97.5%	118.5	17
Managed Portfolio Total/Weighted Average	35,927	8,481	1,634		$3,643,901	82.5%	83.2%	2,177.3	272
Digital Realty Share Total/Weighted Average (7)	33,858	7,553	1,634		$3,477,318	81.9%	82.6%	2,059.4	—
Non-Managed Unconsolidated Joint Ventures
Sao Paulo	1,230	174	1,325		$164,739	97.6%	99.0%	104.6	25
Tokyo	1,272	27	—		72,917	71.2%	69.0%	58.8	3
Osaka	433	150	196		64,162	90.6%	88.5%	38.9	4
Queretaro	108	9	391		17,117	100.0%	100.0%	8.0	3
Santiago	96	—	198		13,916	100.0%	100.0%	10.2	3
Rio De Janeiro	99	—	—		11,136	100.0%	100.0%	8.0	2
Fortaleza	94	—	—		9,859	100.0%	100.0%	6.2	1
Seattle	51	—	—		7,770	100.0%	100.0%	9.0	1
Bogota	—	—	197		—	—	—	—	2
Non-Managed Portfolio Total/Weighted Average	3,383	360	2,307		$361,616	87.1%	86.1%	243.6	44
Portfolio Total/Weighted Average	39,310	8,841	3,941		$4,005,517	82.9%	83.5%	2,420.9	316

(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 page25).

(3) Space held for development includes space held for future Data Center development and excludes space under active development (see page28).

(4) Annualized base rent represents themonthly contractual base rent (defined as cash base rent before abatements) under existing leases as of June 30, 2023, 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.

24

Development Lifecycle - Committed Active Development		Financial Supplement
Dollars and Square Feet in Thousands		Second Quarter 2023

	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)
Northern Virginia	4	1,079		$188,888		$194,439		$383,326	6	663	72,000		$249,877		$508,867		$758,744	44.4%	1Q24		6	1,742		$438,765		$703,306		$1,142,070
Dallas	2	164		31,400		71,728		103,128	2	164	16,000		49,052		285,461		334,513	100.0%	2Q24		2	327		80,452		357,189		437,641
Toronto	—	—		—		—		—	1	297	16,000		67,460		122,539		189,999	100.0%	1Q24		1	297		67,460		122,539		189,999
New York	—	—		—		—		—	3	159	10,800		73,030		112,727		185,757	66.7%	1Q24		3	159		73,030		112,727		185,757
Portland	1	282		91,134		3,775		94,909	1	70	8,000		61,901		21,436		83,337	100.0%	3Q23		1	352		153,036		25,211		178,246
Other	—	—		—		—		—	2	45	5,200		46,369		36,821		83,190	38.5%	3Q23-4Q24		2	45		46,369		36,821		83,190
North America	7	1,525		$311,422		$269,942		$581,364	15	1,399	128,000		$547,689		$1,087,850		$1,635,540	63.4%		9.0%	15	2,924		$859,112		$1,357,792		$2,216,904
Frankfurt	5	1,054		$241,891		$139,943		$381,834	3	578	51,360		$370,325		$492,088		$862,413	80.3%	4Q24		7	1,632		$612,216		$632,031		$1,244,247
Paris	1	62		28,771		10,607		39,378	5	695	67,800		376,954		550,794		927,749	22.4%	3Q24		5	758		405,725		561,401		967,126
Zurich	—	—		—		—		—	1	165	13,468		128,904		130,776		259,680	52.1%	4Q24		1	165		128,904		130,776		259,680
Brussels	—	—		—		—		—	1	159	13,600		107,541		66,938		174,479	58.8%	4Q23		1	159		107,541		66,938		174,479
Athens	—	—		—		—		—	2	159	13,600		64,626		99,114		163,740	36.7%	1Q24		2	159		64,626		99,114		163,740
Other	8	1,250		154,830		159,445		314,274	10	1,242	83,839		282,694		412,894		695,589	57.0%	3Q23-2Q24		12	2,492		437,524		572,339		1,009,863
EMEA	14	2,366		$425,492		$309,994		$735,486	22	2,999	243,667		$1,331,044		$1,752,605		$3,083,649	51.0%		11.2%	28	5,365		$1,756,536		$2,062,599		$3,819,135
Other	1	186		$40,724		$823		$41,547	1	7	1,000		—		$8,904		$8,904	—	4Q23		2	192		$40,724		$9,727		$50,451
Asia Pacific	1	186		$40,724		$823		$41,547	1	7	1,000		—		$8,904		$8,904	—		17.3%	2	192		$40,724		$9,727		$50,451
Total	22	4,076		$777,638		$580,759		$1,358,397	38	4,405	372,667		$1,878,734		$2,849,359		$4,728,093	55.1%		10.5%	45	8,481		$2,656,372		$3,430,118		$6,086,490

(1) Represents costs incurred through June 30, 2023.

(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.

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

25

Construction Projects in Progress		Financial Supplement
Dollars (except per square foot data) and Square Feet in Thousands		Second Quarter 2023

											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		86.2		$193,936		—		$193,936
Development Construction in Progress
Land - Current Development (1)		N/A		707.7		$1,128,835		—		$1,128,835
Space Held for Development (1)		1,634		N/A		247,896		—		247,896		$152
Base Building Construction (2)		4,076		N/A		777,638		$580,759		1,358,397		333
Data Center Construction		4,405		N/A		1,878,734		2,849,359		4,728,093		1,073
Equipment Pool & Other Inventory (3)		N/A		N/A		116,833		—		116,833
Campus, Tenant Improvements & Other (4)		N/A		N/A		526,177		160,266		686,443
Total Development Construction in Progress (8)		10,115		707.7		$4,676,113		$3,590,384		$8,266,497
Enhancement & Other						$19,196		$10,637		$29,833
Recurring						12,434		31,038		43,472
Total Construction in Progress				793.9		$4,901,679		$3,632,059		$8,533,738

(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 June 30, 2023, which benefit space recently converted to our operating portfolio and is composed primarily of shared infrastructure projects and first-generation tenant improvements. Includes $302.6 million included in our Consolidated Balance Sheet related to fair value adjustments on Teraco portfolio projects that were partially constructed as of August 1, 2022.

(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 June 30, 2023. 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.

(8) Includes $40.2 million current investment classified as Assets Held for Sale on our Consolidated Balance Sheet.

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.

26

Historical Capital Expenditures and Investments in Real Estate		Financial Supplement
Dollars and Square Feet in Thousands		Second Quarter 2023

	Three Months Ended										Six Months Ended
	30-Jun-23		31-Mar-23		31-Dec-22		30-Sep-22		30-Jun-22		30-Jun-23		30-Jun-22
Non-Recurring Capital Expenditures (1)
Development		$523,406		$644,910		$730,341		$583,198		$466,304		$1,168,316		$897,251
Enhancements and Other Non-Recurring		1,479		2,796		2,023		1,571		3,310		4,275		8,697
Total Non-Recurring Capital Expenditures		$524,885		$647,706		$732,364		$584,769		$469,614		$1,172,591		$905,948
Recurring Capital Expenditures (2)		$53,498		$40,465		$109,999		$66,200		$43,497		$93,963		$90,267
Total Direct Capital Expenditures		$578,383		$688,171		$842,363		$650,969		$513,111		$1,266,554		$996,215
Indirect Capital Expenditures
Capitalized Interest		$27,883		$26,771		$24,581		$17,304		$14,131		$54,654		$28,882
Capitalized Overhead		23,717		23,735		22,632		21,583		21,051		47,452		41,930
Total Indirect Capital Expenditures		$51,600		$50,506		$47,213		$38,887		$35,182		$102,106		$70,812
Total Improvements to and Advances for Investment in Real Estate		$629,983		$738,677		$889,576		$689,856		$548,293		$1,368,660		$1,067,027
Consolidated Portfolio Net Rentable Square Feet (3)		33,858		33,511		32,905		32,170		32,396		33,858		32,396

(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.

27

Development Lifecycle – Held for Development		Financial Supplement
Dollars and Square Feet in Thousands		Second Quarter 2023

	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	314		$25,720
Boston	—	—		—		—	1	51		23,623
Chicago	1	1.4		—		$27,995	6	326		43,530
Dallas	2	60.4		—		45,608	3	77		10,126
Houston	—	—		—		—	1	14		2,726
New York	1	21.5		—		46,248	4	130		17,050
Northern Virginia	4	493.5		—		486,604	7	266		2,128
Silicon Valley	1	13.0		—		76,788	1	131		14,499
North America	9	589.8		—		$683,243	24	1,308		$139,402
Amsterdam	2	8.0		—		$65,357	2	92		$34,473
Barcelona	1	2.4		—		18,716	—	—		—
Crete	1	1.2		—		2,378	—	—		—
Dublin	2	5.0		—		17,335	—	—		—
Frankfurt	2	26.6		—		227,884	—	—		—
Johannesburg	1	3.6		—		4,532	—	—		—
London	1	6.7		$16,317		—	3	96		29,870
Madrid	1	1.8		19,300		—	—	—		—
Marseille	—	—		—		—	1	38		—
Maputo	1	1.2		—		2,993	—	—		—
Mombasa	1	1.0		717		—	1	12		1,674
Nairobi	2	4.4		1,275		2,637	—	—		—
Paris	2	47.8		—		39,353	—	—		—
Rome	1	55.1		—		24,720	—	—		—
Zagreb	1	6.5		8,491		—	—	—		—
Zurich	1	2.6		—		31,279	—	—		—
EMEA	20	174.1		$46,099		$437,186	7	238		$66,017
Melbourne	1	4.1		$4,017		—	—	—		—
Osaka	1	2.5		—		$8,406	—	—		—
Seoul	1	4.9		74,816		—	—	—		—
Sydney	1	18.5		69,005		—	1	88		$42,477
Asia Pacific	4	30.0		$147,837		$8,406	1	88		$42,477
Consolidated Portfolio	33	793.9		$193,936		$1,128,835	32	1,634		$247,896

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

(2) Represents costs incurred through June 30, 2023. 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.

28

Acquisitions / Dispositions/ Joint Ventures		Financial Supplement
Dollars and Square Feet in Thousands		Second Quarter 2023

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)
AMS7 (5)	Land and Building Shell	Amsterdam	4/30/2023	$18,547	8.3%	—	—	—	—
Schiphol Land (5)	Land	Amsterdam	6/21/2023	27,821	—	—	—	—	—
Johannesburg (6)	Land	Johannesburg	5/12/2023	4,532	—	—	—	—	—
Total	—	—	—	$50,900	8.3%	—	—	—	—

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)
Non-Core Texas Data Center	Building	Texas	5/15/2023	$151,000	4.4%	—	—	—	—
Total	—	—	—	$ 151,000	4.4%	—	—	—	—

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)
—	—	—	—	—	—	—	—	—
Total	—	—	—	—	—	—	—	—

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

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

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

(4) Occupancy excludes space under active development and space held for development.

(5) Represents USD to EUR exchange rate as of 6/30/23 of 0.92x.

(6) Represents USD to ZAR exchange rate as of 6/30/23 of 18.85x.

29

Unconsolidated Joint Ventures		Financial Supplement
Dollars in Thousands		Second Quarter 2023

Summary Balance Sheet -	As of June 30, 2023
at the JV's 100% Share		Ascenty	Mitsubishi	Digital Core REIT	Lumen (1)	Mapletree	Other (2)	Total
Undepreciated book value of operating real estate		$1,619,647	$1,299,594	$1,371,772	$184,447	$785,134	$506,900	$5,767,494
Accumulated depreciation & amortization		(351,432)	(122,035)	(56,432)	(64,000)	(154,559)	(24,137)	(772,596)
Net Book Value of Operating Real Estate		$1,268,215	$1,177,559	$1,315,339	$120,447	$630,575	$482,764	$4,994,898
Cash		40,036	293,259	16,869	19,768	33,335	21,177	424,444
Other assets		1,355,450	164,109	231,315	7,936	164,908	92,023	2,015,741
Total Assets		$2,663,701	$1,634,926	$1,563,524	$148,150	$828,819	$595,964	$7,435,084
Debt		1,074,094	640,332	501,722	—	—	96,818	2,312,966
Other liabilities		278,308	142,000	40,427	10,192	22,921	98,404	592,252
Equity / (deficit)		1,311,299	852,594	1,021,375	137,958	805,897	400,741	4,529,866
Total Liabilities and Equity		$2,663,701	$1,634,926	$1,563,524	$148,150	$828,819	$595,964	$7,435,084
Digital Realty's ownership percentage		49% (3)	50%	42% (4)	50%	20%	Various
Digital Realty's Pro Rata Share of Unconsolidated JV Debt		$547,788	$320,166	$210,517	—	—	$40,272	$1,118,743

Summary Statement of Operations -	Three Months Ended June 30, 2023
at the JV's 100% Share		Ascenty	Mitsubishi	Digital Core REIT	Lumen (1)	Mapletree	Other (2)	Total
Total revenues		$75,129	$61,176	$22,208	$4,930	$30,591	$7,955	$201,989
Operating expenses		(32,702)	(34,898)	(8,915)	(2,269)	(13,023)	(3,970)	(95,777)
Net Operating Income (NOI)		$42,427	$26,278	$13,293	$2,661	$17,568	$3,985	$106,212
Straight-line rent		—	(1,327)	(17)	216	(251)	(15)	(1,393)
Above and below market rent		—	—	(920)	—	178	—	(742)
Cash Net Operating Income (NOI)		$42,427	$24,952	$12,356	$2,877	$17,495	$3,970	$104,077
Interest expense		($22,219)	($1,173)	($6,908)	—	—	($3,050)	($33,350)
Depreciation & amortization		(33,831)	(12,900)	(16,460)	(2,092)	(16,936)	(1,021)	(83,241)
Other income / (expense)		(11,180)	(2,669)	(3,106)	(139)	(1,279)	(646)	(19,019)
FX remeasurement on USD debt		35,682	—	(1,002)	—	—	—	34,680
Total Non-Operating Expenses		($31,548)	($16,742)	($27,476)	($2,230)	($18,215)	($4,717)	($100,929)
Net Income / (Loss)		$10,879	$9,536	($14,184)	$431	($647)	($733)	$5,282
Digital Realty's ownership percentage		49% (3)	50%	42% (4)	50%	20%	Various
Digital Realty's Pro Rata Share of Unconsolidated JV NOI		$21,638	$13,139	$5,577	$1,330	$3,514	$1,380	$46,578
Digital Realty's Pro Rata Share of Unconsolidated JV Cash NOI		$21,638	$12,476	$5,184	$1,439	$3,499	$1,377	$45,612
Digital Realty's Earnings (loss) income from unconsolidated joint ventures		$5,529	$4,768	($4,672)	$215	($129)	($651)	$5,059
Digital Realty's Pro Rata Share of Core FFO (5)		$4,704	$11,296	$3,805	$1,261	$3,258	($393)	$23,931
Digital Realty's Fee Income from Joint Ventures		—	$109	$3,058	$195	$782	$392	$4,536

(1) Formerly known as 33 Chun Choi Street.

(2) Includes Medallion, Clise, Colovore, Menlo, Walsh, and BAM Digital Realty 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) As of June 30, 2023, Digital Realty owns approximately 36% of Digital Core REIT and separately owns a 10% retained interest in the underlying North American operating properties, and a 75% retained interest in the underlying German operating property.

(5) For a definition of Core FFO, see page 32.

30

Reconciliation of Earnings Before Interest, Taxes, Depreciation & Amortization and Financial Ratios		Financial Supplement
Unaudited and Dollars in Thousands		Second Quarter 2023

	Three Months Ended
Reconciliation of Earnings Before Interest, Taxes, Depreciation & Amortization (EBITDA) (1)		30-Jun-23	31-Mar-23	31-Dec-22	30-Sep-22	30-Jun-22
Net Income / (Loss) Available to Common Stockholders		$108,003	$58,547	($6,093)	$226,894	$53,245
Interest		111,116	102,220	86,882	76,502	69,023
Income tax expense (benefit)		16,173	21,454	(17,676)	19,576	16,406
Depreciation & amortization		432,573	421,198	430,130	388,704	376,967
EBITDA		$667,866	$603,419	$493,244	$711,676	$515,642
Unconsolidated JV real estate related depreciation & amortization		35,386	33,719	33,927	30,831	29,023
Unconsolidated JV interest expense and tax expense		32,105	18,556	53,481	11,948	6,708
Severance, equity acceleration, and legal expenses		3,652	4,155	15,980	1,655	3,786
Transaction and integration expenses		17,764	12,267	17,350	25,862	13,586
(Gain) / loss on sale of investments		(89,946)	—	6	(173,990)	—
Impairment of investments in real estate		—	—	3,000	—	—
Other non-core adjustments, net		22,132	(14,604)	15,127	(94)	31,633
Non-controlling interests		(2,538)	111	(3,326)	1,716	436
Preferred stock dividends, including undeclared dividends		10,181	10,181	10,181	10,181	10,181
Adjusted EBITDA		$696,604	$667,804	$638,969	$619,786	$610,994

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

	Three Months Ended
Financial Ratios		30-Jun-23	31-Mar-23	31-Dec-22	30-Sep-22	30-Jun-22
Total GAAP interest expense		$111,116	$102,220	$86,882	$76,502	$69,023
Capitalized interest		27,883	26,771	24,581	17,304	14,131
Change in accrued interest and other non-cash amounts		(60,612)	38,137	(67,909)	31,860	(43,952)
Cash Interest Expense (2)		$78,387	$167,128	$43,554	$125,666	$39,202
Preferred dividends		10,181	10,181	10,181	10,181	10,181
Total Fixed Charges (3)		$149,181	$139,172	$121,645	$103,987	$93,335
Coverage
Interest coverage ratio (4)		4.5x	4.7x	5.3x	6.1x	6.6x
Cash interest coverage ratio (5)		7.4x	3.7x	11.9x	4.6x	12.6x
Fixed charge coverage ratio (6)		4.2x	4.4x	4.9x	5.5x	6.0x
Cash fixed charge coverage ratio (7)		6.6x	3.5x	10.0x	4.3x	10.4x
Leverage
Debt to total enterprise value (8)(9)		33.3%	37.3%	35.2%	34.5%	27.1%
Debt plus preferred stock to total enterprise value (9)(10)		34.7%	38.9%	36.8%	36.2%	28.5%
Pre-tax income to interest expense (11)		2.0x	1.7x	1.0x	4.1x	1.9x
Net Debt to Adjusted EBITDA (12)		6.8x	7.1x	6.9x	6.7x	6.2x

(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 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.

31

Management Statements on Non-GAAP Measures		Financial Supplement
Unaudited		Second Quarter 2023

Definition

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, depreciation related to non-controlling interests 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.

32

Management Statements on Non-GAAP Measures		Financial Supplement
Unaudited		Second Quarter 2023

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

Debt-plus-preferred-to-total enterprise value is 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 June 30, 2023, GAAP interest expense was $111 million, capitalized interest was $28 million and scheduled debt principal payments and preferred dividends was $10 million.

Reconciliation of Net Operating Income (NOI)	Three Months Ended						Six Months Ended
(in thousands)	30-Jun-23		31-Mar-23		30-Jun-22		30-Jun-23		30-Jun-22
Operating income		$154,860		$177,335		$170,371		$332,196		$311,607
Fee income		(14,908)		(7,868)		(5,072)		(22,777)		(10,829)
Other income		(932)		(887)		(2,713)		(1,819)		(2,728)
Depreciation and amortization		432,573		421,198		376,967		853,771		759,099
General and administrative		105,964		107,766		101,991		213,730		198,426
Severance, equity acceleration, and legal expenses		3,652		4,155		3,786		7,807		5,863
Transaction expenses		17,764		12,267		13,586		30,031		25,554
Other expenses		655		—		70		655		7,727
Net Operating Income		$699,629		$713,965		$658,986		$1,413,594		$1,294,720
Cash Net Operating Income (Cash NOI)
Net Operating Income		$699,629		$713,965		$658,986		$1,413,594		$1,294,720
Straight-line rental revenue		12,116		(16,327)		(14,134)		(4,211)		(20,664)
Straight-line rental expense		722		(510)		(2,609)		212		1,037
Above- and below-market rent amortization		(1,195)		(1,226)		196		(2,421)		531
Cash Net Operating Income		$711,272		$695,902		$642,439		$1,407,174		$1,275,624
Constant Currency CFFO Reconciliation	Three Months Ended						Six Months Ended
(in thousands)	30-Jun-23		31-Mar-23		30-Jun-22		30-Jun-23		30-Jun-22
Core FFO (1)		$507,501				$499,386		$1,001,001		$983,875
Core FFO impact of holding '22 Exchange Rates Constant (2)		1,870				—		11,416		—
Constant Currency Core FFO		$509,371				$499,386		$1,012,417		$983,875
Weighted-average shares and units outstanding - diluted		301,806				290,944		299,730		290,716
Constant Currency CFFO Per Share		$1.69				$1.72		$3.38		$3.38

1) As reconciled to net income above.

2) Adjustment calculated by holding currency translation rates for 2023 constant with average currency translation rates that were applicable to the same periods in 2022.

33

Forward-Looking Statements		Financial Supplement
		Second Quarter 2023

This document contains forward-looking statements within the meaning of the federal securities laws, which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. Such forward-looking statements include statements relating to: our economic outlook, our expected investment and expansion activity, anticipated continued demand for our products and service, our liquidity, our joint ventures, supply and demand for data center and colocation space, our acquisition and disposition activity, pricing and net effective leasing economics, market dynamics and data center fundamentals, our strategic priorities, our product offerings, available inventory, rent from leases that have been signed but have not yet commenced and other contracted rent to be received in future periods, rental rates on future leases, lag between signing and commencement, cap rates and yields, investment activity, the company’s FFO, Core FFO, constant currency Core FFO, adjusted FFO, and net income, 2023 outlook and underlying assumptions, information related to trends, our strategy and plans, leasing expectations, weighted average lease terms, the exercise of lease extensions, lease expirations, debt maturities, annualized rent at expiration of leases, the effect new leases and increases in rental rates will have on our rental revenue, our credit ratings, construction and development activity and plans, projected construction costs, estimated yields on investment, expected occupancy, expected square footage and IT load capacity upon completion of development projects, backlog NOI, NAV components, and other forward-looking financial data. Such statements are based on management’s beliefs and assumptions made based on information currently available to management. Such statements are subject to risks, uncertainties and assumptions and are not guarantees of future performance and may be affected by known and unknown risks, trends, uncertainties, and factors that are beyond our control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated, or projected. Some of the risks and uncertainties that may cause our actual results, performance, or achievements to differ materially from those expressed or implied by forward-looking statements include, among others, the following:

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

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

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

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

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

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

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

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

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

The risks included here are not exhaustive, and additional factors could adversely affect our business and financial performance. Several additional material risks are discussed in our annual report on Form 10-K for the year ended December 31, 2022, and other filings with the U.S. Securities and Exchange Commission. Those risks continue to be relevant to our performance and financial condition. Moreover, we operate in a competitive and rapidly changing environment. New risk factors emerge from time to time and it is not possible for management to predict all such risk factors, nor can it assess the impact of all such risk factors on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. We expressly disclaim any responsibility to update forward-looking statements, whether as a result of new information, future events or otherwise. Digital Realty, Digital Realty Trust, the Digital Realty logo, Interxion, Turn-Key Flex, Powered Base Building, ServiceFabric, AnyScale Colo, Pervasive Data Center Architecture, PlatformDIGITAL, 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.

34

EX-99.2

Exhibit 99.2

Global. Connected. Sustainable. 2Q23 FINANCIAL RESULTS July 27, 2023 The meeting place for companies, technologies and data

5,000+ Customers 216,000 Cross connects 50+ Metros 300+ Data Centers A Global Platform Supporting Our Customers’ Data Center Requirements Capacity Host what you need, how you need Coverage Deploy where you need Connectivity Connect how you need to whom you need Control Implement and operate the way you need Note: As of June 30, 2023. Includes investments in unconsolidated entities. 2Q23 Financial Results 2

Global Forecast Total* Compute Forecast* Storage Forecast* Data Economy Driving Data Gravity AI Training & Inference Driving Data Gravity Data Regulations Driving Data Gravity 243M Storage Devices 15.3M Compute Servers 1.2M EXABYTES Enterprise Data Data Gravity Driving Data Center Demand PlatformDIGITAL® Poised to Capitalize(1) DGx™ 2.0 Non-Cloud Public Cloud 2025E 55M* Storage Devices 69M* Storage Devices 117M* Storage Devices AMERs EMEA APAC * Incremental # of Storage Devices required to address data gravity across G10000 enterprises in top 50 markets 2Q23 Financial Results 3 Projections are calculated based on the methodology described in Digital Realty's patented, proprietary Data Gravity Index DGx™ report as of June 2023. * Forecasted for 2025.

Connected Data Communities Record Interconnection Revenue 133 new logos $49 million total 2Q bookings from 0-1 MW + Interconnection 43% of total 2Q bookings from 0-1 MW + Interconnection ~35% of new signed leases contained inflation-linked increases Auto Manufacturer Asset Manager 2Q23 Financial Results 4

518 MW DLR’s in-place IT capacity in the world’s largest data center market(2) By the end of 2025 in Ashburn, including 24 MW of capacity in the current NoVA development pipeline 96 MW Buildable Capacity (1) Northern Virginia Update Note: As of June 30, 2023. 1. Represents Digital Realty’s white space IT load within its consolidated Northern Virginia portfolio. 2. Source: Cushman & Wakefield’s 2022 Global Data Center Market Comparison report. 2Q23 Financial Results 5 $103/kW In place monthly rent in the stabilized portfolio

6 Leading Data Center Partner for Sustainability Science-Based Target Commitment to Reduce Global Emissions by 68% by 2030 Renewable energy Leading data center purchaser of renewable energy • 1 GW contracted renewable capacity • 126 data centers matched with 100% renewable electricity • 100% renewable for European properties and U.S. productized colocation portfolio Green buildings More green building certified IT capacity than any other data center provider • 12M square feet of global operating portfolio has a sustainable building certification • 60% of certifications gold level and above Energy efficiency More energy star certifications than any other data center provider • Top Ten in the U.S. EPA Green Power Partnership • 7% reduction in water use intensity since 2020 • 30% of U.S. operating portfolio ENERGY STAR certified Note: As of June 30, 2023. 2Q23 Financial Results Leading the data center industry in green bonds • $6.4B in aggregate principal amount of green bonds issued • Executed first data center industry green bond • Climate bond initiative award for “Largest Financial Corporate Green Bond of 2020” Green Bonds

Social Demonstrated commitment to Diversity, Equity & Inclusion: established five employee resource groups & signed CEO Action Pledge for Diversity and Inclusion 12 philanthropic organizations supported as part of ‘Giving Tuesday’ campaign Newsweek’s America’s Most Responsible Companies of 2023 2021 2020 2022 Serving a Social Purpose Delivering Growth for All Stakeholders 2Q23 Financial Results 7 Top 100 ranking on JUST Capital America’s Most JUST Companies 2023 Governance Enhanced Board diversity with the addition of three new Directors Formalized oversight of ESG by the Nominating & Corporate Governance Committee; Signatory to the UN Global Compact Appointed Mary Hogan Preusse as Chair of the Board, which aligns with our commitment to strong governance Aligned ownership requirements to amend bylaws with SEC standard Enhanced Board diversity to 44% female + ethnically diverse

2Q23 Financial Results 2Q23 Financial Results 8

Note: Totals may not add up due to rounding. Digital Realty revised its reporting categories in 2Q 2020. For prior periods, "0-1 MW" includes Colocation, ">1 MW" includes Turn-Key Flex, "Other" includes Power Base Building and Non-Technical. “Interconnection” is unchanged. 1. Other includes Powered Base Building® shell capacity as well as storage and office space within fully improved data center facilities.. 2Q23 BOOKINGS HISTORICAL BOOKINGS ANNUALIZED GAAP BASE RENT Digital $ in millions Transformation Driving Steady Demand Global Full-Product Spectrum Provides Broadest Solutions 0-1 MW $36.7 mm 32% of total bookings INTERCONNECTION $12.7 mm 11% of total bookings >1 MW $61.5 mm 54% of total bookings OTHER(1) $3.0 mm 3% of total bookings TOTAL BOOKINGS $113.8 mm 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2Q23 Financial Results • Continued Strengthening in the 0-1 MW Bookings • Average Rental Rates Increased for the 5th Consecutive Quarter $0 $50 $100 $150 9

Firm Fundamentals Robust Demand, Constrained Supply 2021 Pricing Northern Virginia 2023 Pricing $70 $105 $95 Price / kW / Month $190 2021 Pricing Frankfurt 2023 Pricing $95 $140 $140 $165 Price / kW / Month 2021 Pricing Singapore 2023 Pricing $175 $350 $320 $630 Price / kW / Month 31% Decrease in Vacancy from 1Q22 to 1Q23 1. Source: datacenterHawk (January 2023). 2. Growth percentage at the midpoint. 3. Source: CBRE “Global Data Center Trends 2023” (July 14, 2023). (1) (1) (1) Down to 1.8% Vacancy in 1Q23 2021 Pricing 39% Growth (2) (3) 44% Decrease in Vacancy from 1Q22 to 1Q23 Down to 4.8% Vacancy in 1Q23 (3) 23% Growth (2) 57% Decrease in Vacancy from 1Q22 to 1Q23 Down to 0.6% Vacancy in 1Q23 (3) 45% Growth (2) 2Q23 Financial Results 10

Note: Totals may not add up due to rounding. 1. Amounts shown represent GAAP annualized base rent from leases signed. 2. Amounts shown represent GAAP annualized base rent from leases signed, but not yet commenced, based on estimated future commencement date at time of signing. Actual commencement dates may vary. Strong Backlog Healthy 2Q Commencements BACKLOG ROLL-FORWARD (1) $ in millions Digital Realty Backlog Unconsolidated Joint Venture Backlog COMMENCEMENT TIMING (2) $ in millions • Robust Backlog of $437 Million • $150 Million to Commence in the Remainder of 2023 2Q23 Financial Results 11 2023 2024 2025+ 2Q23 Backlog $132M $176M $70M $378M $150M $192M $437M 1Q23 Backlog Signed Commenced 2Q23 Backlog $95M $374M $434M $114M $110M $110M $100M $437M $378M

Improving Pricing Environment Robust Re-Leasing Spreads 2Q23 RE-LEASING SPREADS 0-1 MW > 1 MW OTHER (1) TOTAL Signed renewals representing $133 million of annualized CASH rental revenue Signed renewals representing $73 million of annualized CASH rental revenue Signed renewals representing $5 million of annualized CASH rental revenue Signed renewals representing $211 million of annualized CASH rental revenue RENTAL RATE CHANGE RENTAL RATE CHANGE RENTAL RATE CHANGE RENTAL RATE CHANGE 6.5% 8.7% GAAP Note: Totals may not add up due to rounding. Rental rate change represents the beginning rental rate on agreements renewed, relative to the ending rental rate at expiration, weighted by net rentable square feet. 1. Other includes Powered Base Building® shell capacity as well as storage and office space within fully improved data center facilities. • Strong Renewal Spreads for 2nd Consecutive Quarter • Largest >1 MW Increase Since 3Q19 4.8% CASH GAAP CASH 29.9% 54.7% CASH 66.0% GAAP 6.9% CASH 14.6% GAAP 2Q23 Financial Results 12

13 1. Same–Capital Net Operating Income is a non-GAAP financial measure. For a reconciliation of Stabilized Cash Net Operating Income to the nearest GAAP equivalent, see the Appendix. 2Q23 Financial Results -9% -6% -3% 0% 3% 6% 9% FY17 FY18 FY19 FY20 FY21 FY22 Actual: 5.6% Actual: 3.4% Highest Same-Capital Cash NOI(1) Growth in Recent Years Raising 2023 Same-Capital Cash NOI Guidance 1Q23 2Q23

ZAR 3% SGD Revenue Exposure by Currency Currency Headwinds Abating USD EURO GBP AUD HKD 24% 7% 6% <1% <1% DKK <1% CHF 2% <1% <1% KES HRK 50% 50% <1% 7% 24% 6% 2% 1% < 1% < 1% 2% < 1% < 1% 3% 2023E $6.60 / Sh 1.2% SOFR +/- 100bps 0.1% GBP +/- 10% 1.8% EUR +/- 10% CORE FFO/SHARE EXPOSURE (2) EXPOSURE BY REVENUE (1) Note: Totals may not add up due to rounding. 1. As of June 30, 2023. 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 reconciliation to its nearest GAAP equivalent, see the Appendix. 2Q23 Financial Results 14 3% < 1% • Local Operations Funded in Local Currencies act as a Natural Hedge Jun-23 1% <1% CAD MZN <1% <1% KRW NGN <1% <1% <1% 2Q22 U.S. DOLLAR INDEX 2Q23 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 JPY 2% SEK <1% BRL 3%

2Q Events Impact Second-Half Earnings Revenue and EBITDA Guidance Affirmed, Deleveraging Weighs 1Q23 2Q23 NOI Growth Customer Bankruptcy Deleveraging 3Q23E 4Q23E 2023E CORE FFO PER SHARE 2Q23 Financial Results 15 + NoVA Re-Lease

Significant De-Levering Capital Recycling and ATM Issuance Bolster Liquidity Please see Appendix for calculation of ratios. 1. Net Debt to Adjusted EBITDA is calculated as total debt at balance sheet carrying value (see Appendix), plus capital lease obligations, plus our share of joint venture debt at carrying value, less cash and cash equivalents (including our share of unconsolidated joint venture share of cash), divided by the product of Adjusted EBITDA (including our share of unconsolidated joint venture EBITDA), multiplied by four. 2. Fixed charge coverage ratio is Adjusted EBITDA including our pro rata share of unconsolidated joint venture EBITDA divided by fixed charges (including our pro rata share of unconsolidated joint venture fixed charges). 3. Pro forma for the completion of the two stabilized hyperscale joint ventures completed in July 2023 (and related financings) and full physical settlement of the outstanding amount under the 2Q23 forward equity sales agreements, assuming proceeds are used to pay down global revolving credit facility. Net Debt to Adjusted EBITDA (1) (0.5x) 6.8x 6.3x 2Q23 Reported Pro Forma Adjustments 2Q23 As Adjusted (3) (3) 4.6x 2Q23 Reported Pro Forma Adjustments 2Q23 As Adjusted (3) (3) Fixed Charge Coverage Ratio (2) • Pro Forma Liquidity of ~$4 Billion • 6.3x Pro Forma Leverage After JVs and Forward Equity Settlement 6% Floating Rate Debt (3) 17% Floating Rate Debt 2Q23 Financial Results 16 4.2x 0.4x

Stabilized Hyperscale Joint Venture Summary Raised $2B+ of Proceeds 17 Harvesting Value from Stabilized Hyperscale Assets to Redeploy into Premium Growth Opportunities 2Q23 Financial Results Chicago Hyperscale JV NoVA Hyperscale JV Total Hyperscale JVs 97% Occupancy 90% Occupancy 6.5% Cap Rate (2) 6.0% Cap Rate (2) $743M Gross Proceeds $1.3B Gross Proceeds 35% DLR Ownership 67 MW IT Load 20% DLR Ownership 104 MW IT Load 1. Digital Realty has also granted GI Partners an option to purchase an interest in the third facility on the same hyperscale data center campus. 2. Based on annualized in-place cash NOI at June 30, 2023, net of signed leases and known move-outs. 2 Stabilized Data Centers in Chicago Metro 3 Stabilized Data Centers in NoVa Adds ~$2 Billion of Liquidity Further Diversifies Digital Realty’s Sources of Capital Ability to Redeploy Capital into our Development Pipeline (1)

¥ ¥ $ ₣ Matching the Duration of Assets and Liabilities Modest Near-Term Maturities, Well-Laddered Debt Schedule DEBT MATURITY SCHEDULE AS OF June 30, 2023 (1)(2) (U.S. $ in billions) Note: As of June 30, 2023. 1. Includes Digital Realty’s pro rata share of unconsolidated joint venture loans and debt securities. Pro forma for the completion of the two stabilized hyperscale joint ventures completed in July 2023 (and related financings) and full physical settlement the outstanding amount under the 2Q23 forward equity sales agreements, assuming proceeds are used to pay down global revolving credit facility. 2. Assumes exercise of extension options. 3. Includes impact of cross-currency swaps. 4.9 YEARS Weighted Avg. Maturity (1)(2) DEBT PROFILE 97% Unsecured Unsecured Secured 84% Non-USD Euro USD GBP Other 83% Fixed Fixed Floating 2.7 % Weighted Avg. Coupon (1)(3) 2Q23 Financial Results (3) 18 $0.1 $1.0 $1.7 $2.5 $1.8 $3.0 $1.6 $1.7 $1.6 $1.6 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 Unsecured Senior Notes - CHF Other Unsecured Debt Unsecured Green Senior Notes - CHF Unsecured Green Senior Notes - EUR Euro Term Loan Pro Forma JV Debt Unsecured Credit Facilities Pro Forma Payoffs USD Term Loan € € € € € R € ₣ ¥ ¥ $ ₣ $

Over $2 Billion in Capital Recycling Transactions Completed Dispositions Guidance Raised 19 We have Substantially Bolstered and Diversified our Sources of Capital, Improving our Balance Sheet 2Q23 Financial Results 30% 133% Guidance: $500M $150M Completed Guidance: $1.5B $2B Completed Updated Guidance: $2.2 – $3.0B Previously: $1.5 - $2.5B $2.2B Completed Non-Core Dispositions Hyperscale JVs Total JVs & Dispositions

2023 Financial Guidance Update Improving Core Growth 20 As of April 27, 2023 As of July 27, 2023 Better/Worse Total Revenue $5,500 - $5,600 $5,500 - $5,600 Adjusted EBITDA $2,675 - $2,725 $2,675 - $2,725 Rental Renewal Rates (Cash Basis) Greater than 3% Greater than 4% Year-End Portfolio Occupancy 85 - 86% 84 - 85% Same-Capital Cash NOI Growth 3 - 4% 4 - 5% Dispositions $1.5 - $2.5B $2.2 - $3.0B Dispositions / JV Cap Rate 0 - 10% 0 - 10% Core FFO per Share $6.65 - $6.75 $6.55 - $6.65 Note: Dollars in millions except Cash Mark-to-Market, Year-End Portfolio Occupancy, Same-Capital Cash NOI Growth, Core FFO per Share, and Dispositions. The Company does not provide a reconciliation for non-GAAP estimates on a forward-looking basis, where it is unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and/or amount of various items that would impact net income attributable to common stockholders per diluted share, which is the most directly comparable forward-looking GAAP financial measure. This includes, for example, external growth factors, such as dispositions, and balance sheet items, that have not yet occurred, are out of the Company's control and/or cannot be reasonably predicted. For the same reasons, the Company is unable to address the probable significance of the unavailable information. Forward-looking non-GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures. 2Q23 Financial Results

Q&A Global. Connected. Sustainable. 2Q23 Financial Results 21

Successful 2Q23 Initiatives 1. Strengthening Customer Value Proposition Strong Leasing Led by 0-1 MW and Interconnection 2. Operating Results Inflect Upward 3. Diversifying and Bolstering Capital Sources Raised $3 Billion(1) Through Capital Recycling and ATM 2Q23 Financial Results 22 Fastest Same-Capital NOI Growth since 2014 with Strong New Logo Growth and Robust Re-Leasing Spreads 1. Includes transactions through July 27, 2023.

Appendix 2Q23 Financial Results 23

Appendix Management Statements on Non-GAAP Measures The information included in this presentation contains certain non-GAAP financial measures that management believes are helpful in understanding our business, as further described below. Our definition and calculation of non-GAAP financial measures may differ from those of other REITs, and, therefore, may not be comparable. The non-GAAP financial measures should not be considered alternatives to net income or any other GAAP measurement of performance and should not be considered an alternative to cash flows from operating, investing or financing activities as a measure of liquidity. Funds From Operations (FFO): We calculate funds from operations, or FFO, in accordance with the standards established by the National Association of Real Estate Investment Trusts, or NAREIT, in the NAREIT Funds From Operations White Paper - 2018 Restatement. FFO represents net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from real estate transactions, impairment of investment in real estate, real estate related depreciation and amortization (excluding amortization of deferred financing costs), unconsolidated JV real estate related depreciation & amortization, non-controlling interests in operating partnership depreciation related to non-controlling interests 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 revenues 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. 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. 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. Same–Capital Cash NOI: Same-Capital Cash NOI represents buildings owned as of December 31, 2021 of the prior year with less than 5% of total rentable square feet under development. Excludes buildings that were undergoing, or were expected to undergo, development activities in 2022-2023, 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. Constant-Currency Same-Capital Cash NOI: We Calculate constant-Currency Same-Capital Cash NOI by adjusting the Same-Capital Cash NOI for the effect of changes in foreign currency exchange rates relative to the comparable prior period. 2Q23 Financial Results 24

Appendix Forward-Looking Statements This information in this presentation contains forward-looking statements within the meaning of the federal securities laws, which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. Such forward-looking statements include statements relating to: our economic outlook; our expected investment and expansion activity; our joint ventures; the expected benefits and timing of PlatformDIGITAL®; the Data Gravity Index™; Data Gravity Index DGx™; public cloud services spending the potential impact of artificial intelligence and data regulations; our sustainability initiatives; the expected effect of foreign currency translation adjustments on our financials; anticipated continued demand for our products and services; our liquidity; demand drivers and economic growth outlook; business drivers; our expected development plans and completions, including timing, total square footage, IT capacity and raised floor space upon completion; expected availability for leasing efforts and colocation initiatives; organizational initiatives; our product offerings; our connected data communities; joint venture opportunities; occupancy and total investment; our expected investment in our properties; our estimated time to stabilization and targeted returns at stabilization of our properties; our expected future acquisitions; acquisitions strategy; available inventory and development strategy; the signing and commencement of leases, and related rental revenue; lag between signing and commencement of leases; our 2023 backlog; future rents; our expected same store portfolio growth; our expected growth and stabilization of development completions and acquisitions; lease rollovers and expected rental rate changes; our re-leasing spreads; our expected yields on investments; our expectations with respect to capital investments at lease expiration on existing data center or colocation space; debt maturities; lease maturities; our other expected future financial and other results, and the assumptions underlying such results; our customers’ capital investments; our plans and intentions; future data center utilization, utilization rates, growth rates, trends, supply and demand; datacenter expansion plans; estimated kW/MW requirements; capital expenditures; the effect new leases and increases in rental rates will have on our rental revenues and results of operations; estimates of the value of our development portfolio; our ability to meet our liquidity needs, including the ability to raise additional capital; market forecasts; projected financial information and covenant metrics; Core FFO run rate and NOI growth; other forward looking financial data; leasing expectations; our exposure to tenants in certain industries; our expectations and underlying assumptions regarding our sensitivity to fluctuations in foreign exchange rates; and the sufficiency of our capital to fund future requirements. You can identify forward-looking statements by the use of forward-looking terminology such as “believes,” “expects,” “may,” “will,” “should,” “seeks,” “approximately,” “intends,” “plans,” “pro forma,” “estimates” or “anticipates” or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and discussions which do not relate solely to historical matters. Such statements are based on management’s beliefs and assumptions made based on information currently available to management. Such statements are subject to risks, uncertainties and assumptions and are not guarantees of future performance and may be affected by known and unknown risks, trends, uncertainties and factors that are beyond our control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. Some of the risks and uncertainties that may cause our actual results, performance or achievements to differ materially from those expressed or implied by forward-looking statements include, among others, the following: reduced demand for data centers or decreases in information technology spending; increased competition or available supply of data center space; decreased rental rates, increased operating costs or increased vacancy rates; the impact on our or our customers’, suppliers’ or business partners’ operations during a pandemic, such as COVID-19; changes in political conditions, geopolitical turmoil, political instability, civil disturbances, restrictive governmental actions or nationalization in the countries in which we operate; the suitability of our data centers and data center infrastructure, delays or disruptions in connectivity or availability of power, or failures or breaches of our physical and information security infrastructure or services; our dependence upon significant customers, bankruptcy or insolvency of a major customer or a significant number of smaller customers, or defaults on or non-renewal of leases by customers breaches of our obligations or restrictions under our contracts with our customers; our inability to successfully develop and lease new properties and development space, and delays or unexpected costs in development of properties; the impact of current global and local economic, credit and market conditions, including impacts of inflation; global supply chain or procurement disruptions, or increased supply chain costs; our inability to retain data center space that we lease or sublease from third parties; information security and data privacy breaches; difficulties 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; environmental liabilities, risks related to natural disasters and our inability to achieve our sustainability goals; our inability to comply with rules and regulations applicable to our company; Digital Realty Trust, Inc.’s failure to maintain its status as a REIT for federal income tax purposes; Digital Realty Trust, L.P.’s failure to qualify as a partnership for federal income tax purposes; restrictions on our ability to engage in certain business activities; and changes in local, state, federal and international laws and regulations, including related to taxation, real estate and zoning laws. The risks included here are not exhaustive, and additional factors could adversely affect our business and financial performance. We discussed a number of additional material risks in our annual report on Form 10-K for the year ended December 31, 2022, and other filings with the Securities and Exchange Commission. Those risks continue to be relevant to our performance and financial condition. Moreover, we operate in a very competitive and rapidly changing environment. New risk factors emerge from time to time and it is not possible for management to predict all such risk factors, nor can it assess the impact of all such risk factors on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. We expressly disclaim any responsibility to update forward-looking statements, whether as a result of new information, future events or otherwise. Digital Realty, Digital Realty Trust, the Digital Realty logo, Interxion, Turn-Key Flex, Powered Base Building, PlatformDIGITAL, Data Gravity Index, Data Gravity Index DGx, ServiceFabric, AnyScale Colo, Pervasive Data Center Architecture (PDx) 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. 2Q23 Financial Results 25

Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent 26 June 30, 2023 June 30, 2022 Net income available to common stockholders $ 108,003 $ 53,245 Adjustments: Noncontrolling interests in operating partnership 2,500 1,500 Real estate related depreciation and amortization (1) 424,044 369,327 Depreciation related to non-controlling interests (14,144) - Real estate related depreciation and amortization related to investment in unconsolidated joint ventures 35,386 29,022 (Gain) on real estate transactions (89,946) (1,144) FFO available to common stockholders and unitholders $ 465,844 $ 451,949 Basic FFO per share and unit $ 1.54 $ 1.56 Diluted FFO per share and unit $ 1.52 $ 1.55 Weighted average common stock and units outstanding Basic 301,593 290,528 Diluted 313,021 290,944 (1) Real estate related depreciation and amortization was computed as follows: Depreciation and amortization per income statement 432,573 376,967 Non-real estate depreciation (8,529) (7,640) $ 424,044 $ 369,327 June 30, 2023 June 30, 2022 FFO available to common stockholders and unitholders $ 465,844 $ 451,949 FFO available to common stockholders and unitholders -- basic and diluted $ 465,844 $ 451,949 Weighted average common stock and units outstanding 301,593 290,528 Add: Effect of dilutive securities 213 416 Weighted average common stock and units outstanding -- diluted 301,806 290,944 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 June 30, 2023 June 30, 2022 Total operating revenues $ 1,366,267 $ 1,139,321 less: Proforma disposition adjustment (28,596) (30,150) plus: Constant currency adjustment 1,870 - Total operating revenues (as adjusted) $ 1,339,541 $ 1,109,171 Three Months Ended

Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent 2Q23 Financial Results 27 June 30, 2023 June 30, 2022 FFO available to common stockholders and unitholders -- diluted $ 465,844 $ 451,949 Other non-core revenue adjustments 27,454 456 Transaction and integration expenses 17,764 13,586 Loss from early extinguishment of debt - - (Gain) / Loss on FX revaluation (7,868) 29,539 Severance accrual and equity acceleration 3,652 3,786 Other non-core expense adjustments 655 7 0 CFFO available to common stockholders and unitholders -- diluted $ 507,501 $ 499,386 CFFO impact of holding '22 Exchange Rates Constant 1,870 - Constant Currency CFFO available to common stockholders and unitholders -- diluted $ 509,371 $ 499,386 Diluted CFFO per share and unit $ 1.68 $ 1.72 Diluted Constant Currency CFFO per share and unit $ 1.69 $ 1.72 Three Months Ended 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)

Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent 28 March 31, 2023 March 31, 2022 FFO available to common stockholders and unitholders -- diluted $ 484,745 $ 465,412 Other non-core revenue adjustments (887) 13,916 Transaction and integration expenses 12,267 11,968 Loss from early extinguishment of debt - 51,135 (Gain) / Loss on FX revaluation (6,778) (67,676) Severance accrual and equity acceleration 4,155 2,077 Other non-core expense adjustments - 7,657 CFFO available to common stockholders and unitholders -- diluted $ 493,500 $ 484,490 CFFO impact of holding '22 Exchange Rates Constant 9,413 - Constant Currency CFFO available to common stockholders and unitholders -- diluted $ 502,913 $ 484,490 Diluted CFFO per share and unit $ 1.66 $ 1.67 Diluted Constant Currency CFFO per share and unit $ 1.69 $ 1.67 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 2Q23 Financial Results

Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent 2Q23 Financial Results 29 June 30, 2023 June 30, 2022 Net income available to common stockholders $ 108,003 $ 53,245 Interest 111,116 69,023 Loss from early extinguishment of debt - - Income tax expense (benefit) 16,173 16,406 Depreciation and amortization 432,573 376,967 EBITDA 667,866 515,642 Unconsolidated JV real estate related depreciation & amortization 35,386 29,022 Unconsolidated JV interest expense and tax expense 32,105 6,708 Severance accrual and equity acceleration 3,652 3,786 Transaction and integration expenses 17,764 13,586 (Gain) / loss on sale of investments (89,946) - Other non-core adjustments, net 22,132 31,633 Noncontrolling interests (2,538) 436 Preferred stock dividends, including undeclared dividends 10,181 10,181 Adjusted EBITDA $ 696,604 $ 610,994 (in thousands) (unaudited) Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) and Adjusted EBITDA Three Months Ended Digital Realty Trust, Inc. and Subsidiaries Reconciliation of Net Income Available to Common Stockholders to

Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent 30 June 30, 2023 June 30, 2022 Rental revenues $ 664,744 $ 622,572 Tenant reimbursements - Utilities 265,651 181,384 Tenant reimbursements - Other 34,899 39,986 Interconnection and other 86,178 80,658 Total Revenue 1,051,472 924,600 Utilities 292,110 195,498 Rental property operating 167,342 151,285 Property taxes 34,332 36,474 Insurance 3,879 3,726 Total Expenses 497,664 386,984 Net Operating Income $ 553,809 $ 537,617 Less: Stabilized straight-line rent $ (15,425) $ (1,405) Above and below market rent 1,556 1,505 Same Capital Cash Net Operating Income $ 567,678 $ 537,517 Same Capital Cash NOI impact of holding '22 Exchange Rates Constant (4,034) - Constant Currency Same Capital Cash Net Operating Income $ 563,644 $ 537,517 (in thousands) (unaudited) Digital Realty Trust, Inc. and Subsidiaries Reconciliation of Same Capital Cash Net Operating Income Three Months Ended 2Q23 Financial Results

Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent 31 March 31, 2023 March 31, 2022 Rental revenues $ 684,585 $ 639,728 Tenant reimbursements - Utilities 262,406 190,406 Tenant reimbursements - Other 31,471 42,707 Interconnection and other 83,850 81,007 Total Revenue 1,062,312 953,847 Utilities 281,877 205,404 Rental property operating 169,589 155,715 Property taxes 30,257 37,089 Insurance 4,038 3,556 Total Expenses 485,761 401,764 Net Operating Income $ 576,551 $ 552,083 Less: Stabilized straight-line rent $ 998 $ (3,449) Above and below market rent 1,704 694 Same Capital Cash Net Operating Income $ 573,848 $ 554,838 Same Capital Cash NOI impact of holding '22 Exchange Rates Constant 10,014 - Constant Currency Same Capital Cash Net Operating Income $ 583,862 $ 554,838 Three Months Ended Digital Realty Trust, Inc. and Subsidiaries Reconciliation of Same Capital Cash Net Operating Income (in thousands) (unaudited) 2Q23 Financial Results

Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent 2Q23 Financial Results 32 Total Debt/Total Enterprise Value QE 06/30/23 Market value of common equity(i) $ 34,812,727 Liquidation value of preferred equity(ii) 755,000 Total GAAP interest expense (including unconsolidated JV interest expense) 127,468 Total debt at balance sheet carrying value 17,729,452 Add: Capitalized interest 27,883 Total Enterprise Value $ 53,297,179 GAAP interest expense plus capitalized interest 155,351 Total debt / total enterprise value 33.3% Debt-plus-preferred-to-total-enterprise-value 34.7% Debt Service Ratio 4.5x (i) Market Value of Common Equity Common shares outstanding 299,240 Common units outstanding 6,483 QE 06/30/23 Total Shares and Partnership Units 305,723 Fixed Charged Ratio (LQA Adjusted EBITDA/total fixed charges) Stock price as of June 30, 2023 $ 113.87 Market value of common equity $ 34,812,727 GAAP interest expense plus capitalized interest 155,351 Preferred dividends 10,181 (ii) Liquidation value of preferred equity ($25.00 per share) Total fixed charges 165,533 Shares O/S Liquidation Value Series J Preferred 8,000 200,000 Fixed charge ratio 4.2x Series K Preferred 8,400 210,000 Series L Preferred 13,800 345,000 755,000 (iv) QE 06/30/23 Unsecured Debt/Total Debt Net Debt/LQA Adjusted EBITDA QE 06/30/23 Global unsecured revolving credit facility 2,242,258 Total debt at balance sheet carrying value $ 17,729,452 Unsecured term loans 1,548,780 Add: DLR share of unconsolidated joint venture debt 1,118,743 Unsecured senior notes, net of discount 13,383,819 Add: Capital lease obligations, net 319,635 Secured debt, including premiums 554,594 Less: Unrestricted cash (324,938) Capital lease obligations, net 319,635 Net Debt as of June 30, 2023 $ 18,842,893 Total debt at balance sheet carrying value 18,049,086 Net Debt / LQA Adjusted EBITDA(iii) 6.8x Unsecured Debt / Total Debt 96.9% (iii) Adjusted EBITDA Net Debt Plus Preferred/LQA Adjusted EBITDA QE 06/30/23 Net loss available to common stockholders $ 108,003 Total debt at balance sheet carrying value 17,729,452 Interest expense 111,116 Less: Unrestricted cash (324,938) Taxes 16,173 Capital lease obligations, net 319,635 Depreciation and amortization 432,573 DLR share of unconsolidated joint venture debt 1,118,743 EBITDA 667,866 Net Debt as of June 30, 2023 18,842,893 Preferred Liquidation Value (iv) 755,000 Unconsolidated JV real estate related depreciation & amortization 35,386 Net Debt plus preferred 19,597,893 Unconsolidated JV interest expense and tax expense 32,105 Severance accrual and equity acceleration and legal expenses 3,652 Net Debt Plus Preferred/LQA Adjusted EBITDA(iii) 7.0x Transaction and integration expenses 17,764 (Gain) / loss on sale of investments (89,946) Other non-core adjustments, net 22,132 Impairment of investments in real estate - Noncontrolling interests (2,538) Preferred stock dividends, including undeclared dividends 10,181 Adjusted EBITDA $ 696,604 LQA Adjusted EBITDA (Adjusted EBITDA x 4) $ 2,786,415 Debt Service Ratio (LQA Adjusted EBITDA/GAAP interest expense plus capitalized interest and less bridge facility fees) Note: For Quarter ended June 30, 2023.

2Q23 Financial Results 33 Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent June 30, 2023 June 30, 2022 March 31, 2023 March 31, 2022 Operating income $154,860 $170,371 $177,335 $141,236 Fee income (14,908) (5,072) (7,868) (5,757) Other income (932) (2,713) (887) (15) Depreciation and amortization 432,573 376,967 421,198 382,132 General and administrative 105,964 101,991 107,766 96,435 Severance, equity acceleration, and legal expenses 3,652 3,786 4,155 2,077 Transaction expenses 17,764 13,586 12,267 11,968 Impairment in investments in real estate — — — — Other expenses 655 7 0 — 7,657 Net Operating Income $699,629 $658,986 $713,965 $635,734 Straight-line rental revenue 12,116 (14,134) (16,327) (6,530) Straight-line rental expense 722 (2,609) (510) 3,646 Above- and below-market rent amortization (1,195) 196 (1,226) 335 Cash Net Operating Income $711,272 $642,439 $695,902 $633,185 Same Capital Cash Net Operating Income 567,678 537,517 573,848 554,838 Non Same Capital Cash Net Operating Income 143,594 104,922 122,054 78,347 Three Months Ended Three Months Ended

2Q23 Financial Results 34 Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent December 31, 2022 December 31, 2021 December 31, 2021 December 31, 2020 December 31, 2020 December 31, 2019 Operating income $589,969 $694,010 $694,010 $557,530 $557,530 $594,216 Fee income (24,506) (13,442) (13,442) (15,215) (15,215) (11,654) Other income (4,645) (19,401) (19,401) (1,849) (1,849) (1,231) Depreciation and amortization 1,577,933 1,486,631 1,486,631 1,366,380 1,366,380 1,163,774 General and administrative 398,669 393,311 393,311 344,929 344,929 207,696 Severance, equity acceleration, and legal expenses 23,498 7,343 7,343 6,440 6,440 3,400 Transaction expenses 68,766 47,426 47,426 106,661 106,661 27,925 Impairment in investments in real estate 3,000 18,291 18,291 6,482 6,482 5,351 Other expenses 12,438 2,550 2,550 1,074 1,074 14,118 Net Operating Income $2,645,122 $2,616,719 $2,616,719 $2,372,432 $2,372,432 $2,003,595 Straight-line rental revenue (70,394) (64,108) (64,108) (48,770) (48,770) (48,595) Straight-line rental expense 2,857 27,050 27,050 16,223 16,223 1,075 Above- and below-market rent amortization (696) 6,069 6,069 12,686 12,686 17,097 Cash Net Operating Income $2,576,887 $2,585,731 $2,585,731 $2,352,571 $2,352,571 $1,973,173 Same Capital Cash Net Operating Income 1,964,711 2,085,024 1,381,815 1,445,712 1,544,921 1,574,854 Non Same Capital Cash Net Operating Income 612,176 500,707 1,203,916 906,859 807,650 398,319 Twelve Months Ended Twelve Months Ended Twelve Months Ended

2Q23 Financial Results 35 Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent December 31, 2019 December 31, 2018 December 31, 2018 December 31, 2017 December 31, 2017 December 31, 2016 $594,216 $549,787 $549,787 $451,295 $451,295 $497,286 (11,654) (7,841) (7,841) (6,372) (6,372) (6,285) (1,231) (1,924) (1,924) (1,031) (1,031) (33,197) 1,163,774 1,186,896 1,186,896 842,464 842,464 699,324 207,696 160,363 160,363 156,711 156,711 146,526 3,400 3,304 3,304 4,730 4,730 6,207 27,925 45,327 45,327 76,048 76,048 20,491 5,351 — — 28,992 28,992 — 14,118 2,818 2,818 3,077 3,077 213 $2,003,595 $1,938,730 $1,938,730 $1,555,914 $1,555,914 $1,330,565 (50,273) (40,423) (40,423) (16,564) (16,564) (24,254) 1,075 9,878 9,878 12,075 12,075 22,341 17,097 26,533 26,533 1,840 1,840 (8,313) $1,971,495 $1,934,718 $1,934,718 $1,553,266 $1,553,266 $1,320,339 1,540,650 1,604,864 1,076,981 1,073,225 923,556 895,059 430,845 329,854 857,737 480,041 629,710 425,280 Twelve Months Ended Twelve Months Ended Twelve Months Ended Operating income Fee income Other income Depreciation and amortization General and administrative Severance, equity acceleration, and legal expenses Transaction expenses Impairment in investments in real estate Other expenses Net Operating Income Straight-line rental revenue Straight-line rental expense Above- and below-market rent amortization Cash Net Operating Income Same Capital Cash Net Operating Income Non Same Capital Cash Net Operating Income

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Cover Page	Jul. 27, 2023
Entity Information [Line Items]
Document Type	8-K
Document Period End Date	Jul. 27, 2023
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