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): October 26, 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 October 26, 2023, we issued a press release announcing our financial results for the quarter ended September 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 October 26, 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 October 26, 2023, we issued a press release announcing our financial results for the quarter ended September 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 October 26, 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 September 30, 2023.
99.2	Presentation Materials posted October 26, 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: October 26, 2023

EX-99.1

		Financial Supplement
Table of Contents		Third 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		Third 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 September 30, 2023, the company’s 312 data centers, including 66 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 39.5 million square feet, excluding approximately 9.2 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	Scotiabank	Stifel	TD Cowen	Truist Securities
Matthew Dolgin	Frank Louthan	Jonathan Atkin	Maher Yaghi	Erik Rasmussen	Michael Elias	Anthony Hau
(312) 696-6783	(404) 442-5867	(415) 633-8589	(437) 995-5548	(212) 271-3461	(646) 562-1358	(212) 303-4176
UBS	Wells Fargo	Wolfe Research
John Hodulik	Eric Luebchow	Andrew Rosivach
(212) 713-4226	(312) 630-2386	(646) 582-9250

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

Upcoming Conference Schedule

Nov. 14 – 16, 2023	REITworld 2023 Annual Conference	Los Angeles, CA
Dec. 5, 2023	Jefferies 3rd Annual Global Real Estate	Miami, FL

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

3

		Financial Supplement
Corporate Information (Continued)		Third 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-Sep-23		30-Jun-23		31-Mar-23		31-Dec-22		30-Sep-22
High price		$133.39		$114.43		$122.43		$114.86		$138.09
Low price		$112.38		$86.33		$90.72		$85.76		$96.08
Closing price, end of quarter		$121.02		$113.87		$98.31		$100.27		$99.18
Average daily trading volume		2,300,855		3,112,901		2,232,417		2,168,114		1,608,999
Indicated dividend per common share (1)		$4.88		$4.88		$4.88		$4.88		$4.88
Closing annual dividend yield, end of quarter		4.0%		4.3%		5.0%		4.9%		4.9%
Shares and units outstanding, end of quarter (2)		309,325,420		305,723,430		297,760,767		297,436,891		293,803,727
Closing market value of shares and units outstanding (3)		$37,434,562		$34,812,727		$29,272,861		$29,823,997		$29,139,454

(1) On an annualized basis.

(2) As of September 30, 2023, the total number of shares and units includes 302,846,026 shares of common stock, 4,343,275 common units held by third parties and 2,136,119 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		Third Quarter 2023

Shares and Units at End of Quarter	30-Sep-23		30-Jun-23		31-Mar-23		31-Dec-22		30-Sep-22
Common shares outstanding		302,846,026		299,240,366		291,298,610		291,148,222		287,509,059
Common partnership units outstanding		6,479,394		6,483,064		6,462,157		6,288,669		6,294,668
Total Shares and Units		309,325,420		305,723,430		297,760,767		297,436,891		293,803,727
Enterprise Value
Market value of common equity (1)		$37,434,562		$34,812,727		$29,272,861		$29,823,997		$29,139,454
Liquidation value of preferred equity		755,000		755,000		755,000		755,000		755,000
Total debt at balance sheet carrying value		16,869,776		17,729,452		17,875,511		16,596,803		15,758,509
Total Enterprise Value		$55,059,338		$53,297,179		$47,903,372		$47,175,800		$45,652,963
Total debt / total enterprise value		30.6%		33.3%		37.3%		35.2%		34.5%
Debt-plus-preferred-to-total-enterprise-value		32.0%		34.7%		38.9%		36.8%		36.2%
Selected Balance Sheet Data
Investments in real estate (before depreciation)		$33,267,766		$33,958,096		$33,805,740		$33,035,069		$31,046,413
Total Assets		41,932,515		42,388,735		41,953,068		41,484,998		39,215,217
Total Liabilities		21,895,634		22,916,155		22,799,620		21,862,853		20,230,276
Selected Operating Data
Total operating revenues		$1,402,437		$1,366,267		$1,338,724		$1,233,108		$1,192,082
Total operating expenses		1,344,206		1,211,407		1,161,388		1,112,127		1,034,701
Net income		745,941		115,647		68,839		763		238,791
Net income / (loss) available to common stockholders		723,440		108,003		58,547		(6,093)		226,894
Financial Ratios
EBITDA (2)		$1,272,048		$667,866		$603,419		$493,244		$711,676
Adjusted EBITDA (3)		685,943		696,604		667,804		638,969		619,786
Net Debt to Adjusted EBITDA (4)		6.3x		6.8x		7.1x		6.9x		6.7x
Interest expense		110,767		111,116		102,220		86,882		76,502
Fixed charges (5)		150,079		149,181		139,172		121,644		103,987
Interest coverage ratio (6)		4.3x		4.5x		4.7x		5.3x		6.1x
Fixed charge coverage ratio (7)		4.1x		4.2x		4.4x		4.9x		5.5x
Profitability Measures
Net income / (loss) per common share - basic		$2.40		$0.37		$0.20		($0.02)		$0.79
Net income / (loss) per common share - diluted		$2.33		$0.37		$0.19		($0.02)		$0.75
Funds from operations (FFO) / diluted share and unit (8)		$1.55		$1.52		$1.60		$1.45		$1.55
Core funds from operations (Core FFO) / diluted share and unit (8)		$1.62		$1.68		$1.66		$1.65		$1.67
Adjusted funds from operations (AFFO) / diluted share and unit (9)		$1.40		$1.59		$1.56		$1.29		$1.50
Dividends per share and common unit		$1.22		$1.22		$1.22		$1.22		$1.22
Diluted FFO payout ratio (8) (10)		78.6%		80.3%		76.0%		83.9%		79.0%
Diluted Core FFO payout ratio (8) (11)		75.2%		72.6%		73.5%		73.9%		73.2%
Diluted AFFO payout ratio (9) (12)		87.3%		76.7%		78.2%		94.8%		81.5%
Portfolio Statistics
Buildings (13)		326		330		328		329		316
Data Centers (13)		312		316		314		316		304
Cross-connects (13)(14)		218,000		216,000		214,000		211,000		188,000
Net rentable square feet, excluding development space (13)		39,542		39,310		38,804		38,156		36,699
Occupancy at end of quarter (15)		82.8%		82.9%		83.5%		84.7%		84.7%
Occupied square footage (13)		32,727		32,603		32,394		32,327		31,077
Space under active development (16)		9,205		8,841		9,243		9,245		8,878
Space held for development (17)		3,937		3,941		3,742		3,351		2,896
Weighted average remaining lease term (years) (18)		4.8		4.9		4.8		4.7		4.7
Same-capital occupancy at end of quarter (15) (19)		82.7%		83.0%		83.3%		83.8%		83.1%

5

Key Quarterly Financial Data		Financial Supplement
Unaudited, Dollars (except per share data) and Square Feet in Thousands		Third 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, provision for impairment, other non-core adjustments, net, non-controlling interests, preferred stock 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 unconsolidated joint venture debt at carrying value, less cash and cash equivalents (including our share of unconsolidated joint venture cash), divided by the product of Adjusted EBITDA (including our share of unconsolidated joint venture EBITDA), multiplied by four.

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

(6) Interest coverage ratio is Adjusted EBITDA divided by GAAP interest expense plus capitalized interest (including our share of unconsolidated 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		Third Quarter 2023

Digital Realty Reports Third Quarter 2023 Results

Austin, TX — October 26, 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 third quarter of 2023. All per share results are presented on a fully diluted basis.

Highlights

◾ Reported net income available to common stockholders of $2.33 per share in 3Q23, compared to $0.75 in 3Q22

◾ Reported FFO per share of $1.55 in 3Q23, compared to $1.55 in 3Q22

◾ Reported Core FFO per share of $1.62 in 3Q23, compared to $1.67 in 3Q22

◾ Reported Constant-Currency Core FFO per share of $1.60 in 3Q23 and $4.96 per share for the nine months ended September 30, 2023

◾ Reported “Same-Capital” cash NOI growth of 9.4% in 3Q23

◾ Reported rental rate increases on renewal leases of 7.4% on a cash basis in 3Q23

◾ Signed total bookings during 3Q23 that are expected to generate $152 million of annualized GAAP rental revenue, including a $42 million contribution from the 0–1 megawatt category and $12 million contribution from interconnection

◾ Narrowed 3Q23 Core FFO per share outlook to $6.58 - $6.62

Financial Results

Digital Realty reported revenues of $1.4 billion in the third quarter of 2023, a 3% increase from the previous quarter and an 18% increase from the same quarter last year.

The company delivered net income of $746 million in the third quarter of 2023, and net income available to common stockholders of $723 million, or $2.33 per diluted share, compared to $0.37 per diluted share in the previous quarter and $0.75 per diluted share in the same quarter last year.

Digital Realty generated Adjusted EBITDA of $686 million in the third quarter of 2023, a 2% decrease from the previous quarter and 11% increase over the same quarter last year.

The company reported Funds From Operations (FFO) of $482 million in the third quarter of 2023, or $1.55 per share, compared to $1.52 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 Core FFO per share of $1.62 in the third quarter of 2023, compared to $1.68 per share in the previous quarter and $1.67 per share in the same quarter last year. Digital Realty delivered Constant-Currency Core FFO per share of $1.60 for the third quarter of 2023 and $4.96 per share for the nine-month period ended September 30, 2023.

“Digital Realty’s third quarter results demonstrate strong and broad-based demand across our product spectrum. We posted record leasing in the 0-1 megawatt plus interconnection category and robust leasing in the greater-than-a-megawatt category,” said Digital Realty President & Chief Executive Officer Andy Power. “Accelerating Same-Capital cash NOI growth combined with strong progress on our funding plan have enabled the company to de-lever while reinvesting to meet the needs of our customers.” 

Leasing Activity

In the third quarter, Digital Realty signed total bookings that are expected to generate $152 million of annualized GAAP rental revenue, including a $42 million contribution from the 0–1 megawatt category and a $12 million contribution from interconnection.

The weighted-average lag between new leases signed during the third quarter of 2023 and the contractual commencement date was 12 months.

In addition to new leases signed, Digital Realty also signed renewal leases representing $157 million of annualized GAAP rental revenue during the quarter. Rental rates on renewal leases signed during the third quarter of 2023 increased 7.4% on a cash basis and 9.5% on a GAAP basis.

7

Digital Realty Trust
Earnings Release		Third Quarter 2023

New leases signed during the third quarter of 2023 are summarized by region and product 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		$22,233	96		$230	8.2		$227
> 1 MW		68,378	274		250	40.9		139
Other (1)		1,128	11		100	—		—
Total		$91,739	382		$240	49.1		$154
EMEA (2)
0-1 MW		$15,164	56		$270	4.4		$286
> 1 MW		5,193	41		125	3.2		135
Other (1)		188	4		46	—		—
Total		$20,545	102		$202	7.6		$223
Asia Pacific (2)
0-1 MW		$4,378	11		$383	1.3		$284
> 1 MW		23,307	132		176	11.9		164
Other (1)		53	1		100	—		—
Total		$27,738	144		$192	13.1		$176
All Regions (2)
0-1 MW		$41,776	164		$254	13.9		$251
> 1 MW		96,877	447		217	56.0		144
Other (1)		1,370	16		86	—		—
Total		$140,023	627		$223	69.8		$166
Interconnection		$12,106	N/A		N/A	N/A		N/A
Grand Total		$152,128	627		$223	69.8		$166

Note: Totals may not foot due to rounding differences.

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

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

Investment Activity

As previously disclosed, in July, Digital Realty formed a joint venture in which GI Partners purchased a 65% interest in two stabilized hyperscale data centers in the Chicago metro area. Digital Realty received approximately $743 million of gross proceeds from the sale and the associated financing and maintains a 35% interest in the joint venture. Based on annualized in‐place cash NOI at June 30, 2023 and the benefit of leases signed but not yet commenced, the transaction valued the two facilities at an approximate 6.5% cap rate. Digital Realty also granted GI Partners an options to purchase an interest in the third facility on the same data center campus, along with the ability to increase its stake in the assets up to 80%. 

Also previously disclosed, in late July, Digital Realty formed a joint venture in which TPG Real Estate purchased an 80% interest in three stabilized hyperscale data centers in Northern Virginia. Digital Realty received approximately $1.4 billion of gross proceeds from the sale and the associated financing and maintains a 20% interest in the joint venture. Based on annualized in‐place cash NOI at June 30, 2023, net of signed leases and known move-outs, the transaction valued the facilities at an approximate 6.0% cap rate.

In addition, Digital Realty previously announced plans to expand its joint venture in India with Brookfield Infrastructure through the addition of Jio, a Reliance Industries, Ltd. company. Upon closing, the new joint venture, ‘Digital Connexion: A Brookfield, Jio and Digital Realty Company’, will succeed BAM Digital Realty.

During the third quarter, Digital Realty signed a 50-year right of use agreement related to a 2.7-acre site (MRS5) in Marseille, France, which can support the development of data center capacity with approximately 22 megawatts of IT load, as an extension to its existing highly connected campus in the port of Marseille. The minimum total payments over the next 30 years for MRS5 will be €62 million or $65 million. Marseille is a key connectivity gateway in Europe.

Additionally, Digital Realty secured approximately 27 acres (MRS6) near Marseille for a purchase price of €47 million or $49 million. MRS6 can support the development of data center capacity of up to 50 megawatts of IT load to support the increasing demand from cloud service providers.

Further during the third quarter, Digital Realty sold a non-core data center in Watford, United Kingdom for approximately $146 million of net proceeds representing a 9.8% cap rate based on in-place NOI adjusted for known move-outs. Additionally, Digital Realty sold a non-core data center in Chantilly, Virginia for approximately $43 million, representing a 9.3% cap rate based on in-place NOI at September 30, 2023.

8

Digital Realty Trust
Earnings Release		Third Quarter 2023

Balance Sheet

Digital Realty had approximately $16.9 billion of total debt outstanding as of September 30, 2023, comprised of $16.3 billion of unsecured debt and approximately $0.6 billion of secured debt and other. At the end of the third quarter of 2023, net debt-to-Adjusted EBITDA was 6.3x, debt-plus-preferred-to-total enterprise value was 32.0% and fixed charge coverage was 4.1x.

During the quarter, Digital Realty settled its previously disclosed forward sales agreements under its ATM program, issuing 3.5 million shares at a weighted average price of $97.23 per share, realizing approximately $336 million of net proceeds. 

9

Digital Realty Trust
Earnings Release		Third Quarter 2023

2023 Outlook

Digital Realty narrowed its 2023 Core FFO per share and constant-currency Core FFO per share outlook to $6.58 - $6.62. The assumptions underlying the outlook are summarized in the following table.

	As of	As of	As of	As of
Top-Line and Cost Structure	February 16, 2023	April 27, 2023	July 27, 2023	October 26, 2023
Total revenue	$5.700 - $5.800 billion	$5.500 - $5.600 billion	$5.500 - $5.600 billion	$5.475 - $5.525 billion
Net non-cash rent adjustments (1)	($55 - $60 million)	($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	$2.685 - $2.715 billion
G&A	$425 - $435 million	$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%	Greater than 5.0%
GAAP basis	Greater than 3.0%	Greater than 3.0%	Greater than 8.0%	Greater than 9.0%
Year-end portfolio occupancy	85.0% - 86.0%	85.0% - 86.0%	84.0% - 85.0%	83.0% - 84.0%
"Same-capital" cash NOI growth (2)	3.0% - 4.0%	3.0% - 4.0%	4.0% - 5.0%	6.0% - 7.0%
Foreign Exchange Rates
U.S. Dollar / Pound Sterling	$1.20 - $1.25	$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	$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	$2.7 - $3.2 billion
Cap rate	0.0% - 10.0%	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	$2.7 - $2.9 billion
Average stabilized yields	9.0% - 15.0%	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	$15 - $20 million
Recurring CapEx + capitalized leasing costs (5)	$230 - $240 million	$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	$740 million
Pricing	4.5% - 5.5%	5.5% - 6.0%	5.5%	5.5%
Timing	First Half 2023	First Half 2023	Completed	Completed
Net income per diluted share	$1.15 - $1.25	$1.15 - $1.25	$1.05 - $1.15	$3.18 - $3.22
Real estate depreciation and (gain) / loss on sale	$5.25 - $5.25	$5.25 - $5.25	$5.25 - $5.25	$3.15 - $3.15
Funds From Operations / share (NAREIT-Defined)	$6.40 - $6.50	$6.40 - $6.50	$6.30 - $6.40	$6.33 - $6.37
Non-core expenses and revenue streams	$0.25 - $0.25	$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	$6.58 - $6.62
Foreign currency translation adjustments	$0.00 - $0.00	$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	$6.58 - $6.62

(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		Third 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 October 26, 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 third 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# 0455927 at least five minutes prior to start time. A live webcast of the call will be available via the Investors section of Digital Realty’s website at https://investor.digitalrealty.com/.

Telephone and webcast replays will be available after the call until November 26, 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# 5888857. 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 25+ countries on six continents. To learn more about Digital Realty, please visit digitalrealty.com or follow us on LinkedIn and X.

Contact Information

Matt Mercier

Chief Financial Officer

Digital Realty

(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		Third Quarter 2023

	Three Months Ended					Nine Months Ended
	30-Sep-23	30-Jun-23	31-Mar-23	31-Dec-22	30-Sep-22		30-Sep-23	30-Sep-22
Rental revenues	$886,960	$869,298	$870,975	$834,374	$787,839		$2,627,233	$2,307,114
Tenant reimbursements - Utilities	335,477	330,416	317,148	247,725	251,420		983,041	694,166
Tenant reimbursements - Other	64,876	46,192	40,150	46,045	49,419		151,218	153,618
Interconnection & other	107,305	104,521	101,695	97,286	95,486		313,521	282,354
Fee income	7,819	14,908	7,868	7,508	6,169		30,596	16,998
Other	—	932	887	168	1,749		1,819	4,477
Total Operating Revenues	$1,402,437	$1,366,267	$1,338,724	$1,233,108	$1,192,082		$4,107,428	$3,458,726
Utilities	$384,455	$374,934	$346,364	$268,561	$271,844		$1,105,753	$736,509
Rental property operating	223,089	224,762	224,861	222,430	205,886		672,712	598,317
Property taxes	72,279	46,718	40,424	42,032	39,860		159,420	133,598
Insurance	4,289	4,385	4,355	4,578	4,002		13,029	11,536
Depreciation & amortization	420,613	432,573	421,198	430,130	388,704		1,274,384	1,147,803
General & administration	108,039	105,964	107,766	104,452	95,792		321,769	294,217
Severance, equity acceleration, and legal expenses	2,682	3,652	4,155	15,980	1,655		10,489	7,519
Transaction and integration expenses	14,465	17,764	12,267	17,350	25,862		44,496	51,416
Provision for impairment	113,000	—	—	3,000	—		113,000	—
Other expenses	1,295	655	—	3,615	1,096		1,949	8,823
Total Operating Expenses	$1,344,206	$1,211,407	$1,161,388	$1,112,127	$1,034,701		$3,717,001	$2,989,738
Operating Income	$58,231	$154,860	$177,335	$120,981	$157,381		$390,426	$468,988
Equity in earnings / (loss) of unconsolidated joint ventures	(19,793)	5,059	14,897	(28,112)	(12,254)		164	14,616
Gain / (loss) on sale of investments	810,688	89,946	—	(6)	173,990		900,634	176,760
Interest and other income / (expense), net	24,812	(6,930)	280	(22,894)	15,752		18,162	31,811
Interest (expense)	(110,767)	(111,116)	(102,220)	(86,882)	(76,502)		(324,103)	(212,250)
Income tax benefit / (expense)	(17,228)	(16,173)	(21,454)	17,676	(19,576)		(54,855)	(49,227)
Loss from early extinguishment of debt	—	—	—	—	—		—	(51,135)
Net Income	$745,941	$115,647	$68,839	$763	$238,791		$930,427	$379,564
Net income / (loss) attributable to noncontrolling interests	(12,320)	2,538	(111)	3,326	(1,716)		(9,893)	(5,781)
Net Income Attributable to Digital Realty Trust, Inc.	$733,621	$118,185	$68,728	$4,089	$237,075		$920,534	$373,783
Preferred stock dividends	(10,181)	(10,181)	(10,181)	(10,181)	(10,181)		(30,544)	(30,544)
Net Income / (Loss) Available to Common Stockholders	$723,440	$108,003	$58,547	($6,093)	$226,894		$889,990	$343,240
Weighted-average shares outstanding - basic	301,826,890	295,390,446	291,218,549	289,364,739	286,693,071		296,184,154	285,312,314
Weighted-average shares outstanding - diluted	311,341,418	306,818,538	303,064,832	301,712,082	296,414,726		306,734,807	294,257,222
Weighted-average fully diluted shares and units	317,538,689	313,020,947	309,026,076	307,546,353	302,257,518		312,866,880	300,028,470
Net income / (loss) per share - basic	$2.40	$0.37	$0.20	($0.02)	$0.79		$3.00	$1.20
Net income / (loss) per share - diluted	$2.33	$0.37	$0.19	($0.02)	$0.75		$2.93	$1.15

12

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

	Three Months Ended						Nine Months Ended
Reconciliation of Net Income to Funds From Operations (FFO)		30-Sep-23	30-Jun-23	31-Mar-23	31-Dec-22	30-Sep-22		30-Sep-23	30-Sep-22
Net Income / (Loss) Available to Common Stockholders		$723,440	$108,003	$58,547	($6,093)	$226,894		$889,990	$343,240
Adjustments:
Non-controlling interest in operating partnership		16,300	2,500	1,500	(586)	5,400		20,300	8,500
Real estate related depreciation & amortization (1)		410,836	424,044	412,192	422,951	381,425		1,247,072	1,124,914
Depreciation related to non-controlling interests		(14,569)	(14,144)	(13,388)	(13,856)	(8,254)		(42,101)	(8,254)
Unconsolidated JV real estate related depreciation & amortization		43,215	35,386	33,719	33,927	30,831		112,320	89,172
(Gain) / loss on real estate transactions		(810,688)	(89,946)	(7,825)	572	(173,990)		(908,459)	(177,904)
Provision for impairment		113,000	-	-	3,000	-		113,000	-
Funds From Operations - diluted		$481,535	$465,844	$484,745	$439,915	$462,306		$1,432,124	$1,379,667
Weighted-average shares and units outstanding - basic		308,024	301,593	297,180	295,199	292,536		302,316	291,084
Weighted-average shares and units outstanding - diluted (2)(3)		317,539	313,021	309,026	307,546	302,258		312,867	300,028
Funds From Operations per share - basic		$1.56	$1.54	$1.63	$1.49	$1.58		$4.74	$4.74
Funds From Operations per share - diluted (2)(3)		$1.55	$1.52	$1.60	$1.45	$1.55		$4.68	$4.61

	Three Months Ended						Nine Months Ended
Reconciliation of FFO to Core FFO		30-Sep-23	30-Jun-23	31-Mar-23	31-Dec-22	30-Sep-22		30-Sep-23	30-Sep-22
Funds From Operations - diluted		$481,535	$465,844	$484,745	$439,915	$462,306		$1,432,124	$1,379,667
Other non-core revenue adjustments		(27)	27,454	(887)	(3,786)	(1,818)		26,540	12,554
Transaction and integration expenses		14,465	17,764	12,267	17,350	25,862		44,496	51,416
Loss from early extinguishment of debt		-	-	-	-	-		-	51,135
Severance, equity acceleration, and legal expenses (4)		2,682	3,652	4,155	15,980	1,655		10,489	7,519
(Gain) / Loss on FX revaluation		451	(7,868)	(6,778)	14,564	(1,120)		(14,195)	(39,258)
Other non-core expense adjustments		1,295	655	-	3,615	1,046		1,949	8,773
Core Funds From Operations - diluted		$500,402	$507,501	$493,500	$487,638	$487,931		$1,501,403	$1,471,806
Weighted-average shares and units outstanding - diluted (2)(3)		308,539	301,806	297,382	295,519	292,830		302,740	291,461
Core Funds From Operations per share - diluted (2)		$1.62	$1.68	$1.66	$1.65	$1.67		$4.96	$5.05

(1) Real Estate Related Depreciation & Amortization	Three Months Ended						Nine Months Ended
		30-Sep-23	30-Jun-23	31-Mar-23	31-Dec-22	30-Sep-22		30-Sep-23	30-Sep-22
Depreciation & amortization per income statement		$420,613	$432,573	$421,198	$430,130	$388,704		$1,274,384	$1,147,803
Non-real estate depreciation		(9,777)	(8,529)	(9,006)	(7,179)	(7,279)		(27,312)	(22,889)
Real Estate Related Depreciation & Amortization		$410,836	$424,044	$412,192	$422,951	$381,425		$1,247,072	$1,124,914

(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						Nine Months Ended
		30-Sep-23	30-Jun-23	31-Mar-23	31-Dec-22	30-Sep-22		30-Sep-23	30-Sep-22
Teraco noncontrolling share of FFO		$11,537	$9,645	$11,069	$7,213	$4,706		$32,251	$4,706
Teraco related minority interest		$11,537	$9,645	$11,069	$7,213	$4,706		$32,251	$4,706

(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		Third Quarter 2023

	Three Months Ended						Nine Months Ended
Reconciliation of Core FFO to AFFO		30-Sep-23	30-Jun-23	31-Mar-23	31-Dec-22	30-Sep-22		30-Sep-23	30-Sep-22
Core FFO available to common stockholders and unitholders		$500,402	$507,501	$493,500	$487,638	$487,931		$1,501,403	$1,471,806
Adjustments:
Non-real estate depreciation		9,777	8,529	9,006	7,179	7,279		27,312	22,889
Amortization of deferred financing costs		5,776	5,984	4,072	3,753	3,270		15,832	10,234
Amortization of debt discount/premium		1,360	1,339	1,301	1,276	1,146		4,000	3,553
Non-cash stock-based compensation expense		14,062	13,893	13,056	16,042	15,948		41,012	46,201
Straight-line rental revenue		(14,080)	(16,151)	(16,194)	(29,392)	(18,123)		(46,424)	(54,212)
Straight-line rental expense		1,427	520	(515)	(208)	2,679		1,432	4,609
Above- and below-market rent amortization		(1,127)	(1,195)	(1,226)	(762)	(465)		(3,548)	65
Deferred tax (benefit) / expense		(8,539)	1,339	(9,795)	(4,885)	(5,233)		(16,995)	(7,605)
Leasing compensation & internal lease commissions		12,515	11,611	11,067	9,578	9,866		35,193	32,538
Recurring capital expenditures (1)		(90,251)	(53,498)	(40,465)	(109,999)	(66,200)		(184,214)	(156,467)
AFFO available to common stockholders and unitholders (2)		$431,322	$479,873	$463,807	$380,220	$438,097		$1,375,001	$1,373,611
Weighted-average shares and units outstanding - basic		308,024	301,593	297,180	295,199	292,536		302,316	291,084
Weighted-average shares and units outstanding - diluted (3)		308,539	301,806	297,382	295,519	292,830		302,740	291,461
AFFO per share - diluted (3)		$1.40	$1.59	$1.56	$1.29	$1.50		$4.54	$4.71
Dividends per share and common unit		$1.22	$1.22	$1.22	$1.22	$1.22		$3.66	$3.66
								.
Diluted AFFO Payout Ratio		87.3%	76.7%	78.2%	94.8%	81.5%		80.6%	77.7%

	Three Months Ended						Nine Months Ended
Share Count Detail		30-Sep-23	30-Jun-23	31-Mar-23	31-Dec-22	30-Sep-22		30-Sep-23	30-Sep-22
Weighted Average Common Stock and Units Outstanding		308,024	301,593	297,180	295,199	292,536		302,316	291,084
Add: Effect of dilutive securities		515	213	202	320	294		424	377
Weighted Avg. Common Stock and Units Outstanding - diluted		308,539	301,806	297,382	295,519	292,830		302,740	291,461

(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		Third Quarter 2023

	30-Sep-23		30-Jun-23		31-Mar-23		31-Dec-22		30-Sep-22
Assets
Investments in real estate:
Real estate		$25,887,031		$27,087,769		$27,052,022		$26,136,057		$24,876,600
Construction in progress		5,020,464		4,635,939		4,563,578		4,789,134		4,222,142
Land held for future development		179,959		193,936		194,564		118,452		34,713
Investments in Real Estate		$31,087,453		$31,917,644		$31,810,164		$31,043,643		$29,133,455
Accumulated depreciation and amortization		(7,489,193)		(7,739,462)		(7,600,559)		(7,268,981)		(6,826,918)
Net Investments in Properties		$23,598,260		$24,178,182		$24,209,605		$23,774,662		$22,306,537
Investment in unconsolidated joint ventures		2,180,313		2,040,452		1,995,576		1,991,426		1,912,958
Net Investments in Real Estate		$25,778,573		$26,218,634		$26,205,180		$25,766,088		$24,219,495
Cash and cash equivalents		$1,062,050		$124,519		$131,406		$141,773		$176,969
Accounts and other receivables (1)		1,325,725		1,158,383		1,070,066		969,292		861,117
Deferred rent		586,418		613,796		627,700		601,590		556,198
Customer relationship value, deferred leasing costs & other intangibles, net		2,506,198		2,825,596		3,015,291		3,092,627		3,035,861
Goodwill		8,998,074		9,148,603		9,199,636		9,208,497		8,728,105
Assets held for sale		—		593,892		—		—		—
Operating lease right-of-use assets		1,274,410		1,291,233		1,317,293		1,351,329		1,253,393
Other assets		401,068		414,078		386,495		353,802		384,079
Total Assets		$41,932,515		$42,388,735		$41,953,068		$41,484,998		$39,215,217
Liabilities and Equity
Global unsecured revolving credit facilities		$1,698,780		$2,242,258		$2,514,202		$2,150,451		$2,255,139
Unsecured term loans		1,524,663		1,548,780		1,542,275		797,449		729,976
Unsecured senior notes, net of discount		13,072,102		13,383,819		13,258,079		13,120,033		12,281,410
Secured debt and other, net of premiums		574,231		554,594		560,955		528,870		491,984
Operating lease liabilities		1,404,510		1,420,239		1,443,994		1,471,044		1,363,712
Accounts payable and other accrued liabilities		2,147,103		2,214,820		1,923,819		1,868,884		1,621,406
Deferred tax liabilities, net		1,088,724		1,128,961		1,164,276		1,192,752		1,145,097
Accrued dividends and distributions		—		—		—		363,716		—
Security deposits and prepaid rent		385,521		417,693		392,021		369,654		341,552
Liabilities associated with assets held for sale		—		4,990		—		—		—
Total Liabilities		$21,895,634		$22,916,155		$22,799,620		$21,862,853		$20,230,276
Redeemable non-controlling interests		1,360,308		1,367,422		1,448,772		1,514,680		1,429,920
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)		3,002		2,967		2,888		2,887		2,851
Additional paid-in capital		23,239,088		22,882,200		22,126,379		22,142,868		21,528,384
Dividends in excess of earnings		(4,900,757)		(5,253,915)		(4,995,982)		(4,698,313)		(4,336,201)
Accumulated other comprehensive (loss), net		(882,996)		(741,484)		(652,486)		(595,798)		(862,804)
Total Stockholders' Equity		$18,190,026		$17,621,456		$17,212,490		$17,583,334		$17,063,920
Noncontrolling Interests
Noncontrolling interest in operating partnership		$441,366		$436,099		$444,843		$419,317		$421,484
Noncontrolling interest in consolidated joint ventures		45,182		47,603		47,342		104,814		69,617
Total Noncontrolling Interests		$486,547		$483,702		$492,185		$524,131		$491,101
Total Equity		$18,676,573		$18,105,158		$17,704,675		$18,107,465		$17,555,021
Total Liabilities and Equity		$41,932,515		$42,388,735		$41,953,068		$41,484,998		$39,215,217

(1) Net of allowance for doubtful accounts of $46,643 and $33,048 as of September 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 September 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 September 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 September 30, 2023 and December 31, 2022, respectively.

(5) Common Stock: 302,846,026 and 291,148,222 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively.

15

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

Consolidated Properties Cash Net Operating Income (NOI)(2), Annualized (3)
Network-Dense	$1,083,225
Campus	1,511,305
Other (4)	192,775
Total Cash NOI, Annualized	$2,787,305
less: Partners' share of consolidated JVs	(55,347)
Acquisitions / dispositions / expirations	(50,124)
FY 2023 backlog cash NOI and 3Q23 carry-over (stabilized) (5)	65,386
Total Consolidated Cash NOI, Annualized	$2,747,220
Digital Realty's Pro Rata Share of Unconsolidated Joint Venture Cash NOI (3)(6)	$228,272
Other Income
Development and Management Fees (net), Annualized	$31,276
Other Assets
Pre-stabilized inventory, at cost (7)	$239,076
Land held for development	179,959
Development CIP (8)	5,020,464
less: Investment associated with FY23 Backlog NOI	(603,091)
Cash and cash equivalents	1,062,050
Accounts and other receivables, net	1,325,725
Other assets	401,068
less: Partners' share of consolidated JV assets	(137,114)
Total Other Assets	$7,488,136
Liabilities
Global unsecured revolving credit facilities	$1,713,024
Unsecured term loans	1,532,975
Unsecured senior notes	13,161,305
Secured debt and other	576,729
Accounts payable and other accrued liabilities	2,147,103
Deferred tax liabilities, net	1,088,724
Security deposits and prepaid rents	385,521
Backlog NOI cost to complete (9)	66,148
Preferred stock	755,000
Digital Realty's share of unconsolidated JV debt	1,463,211
less: Partners' share of consolidated JV liabilities	(362,954)
Total Liabilities	$22,526,786
Diluted Shares and Units Outstanding	309,538

(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 3Q23 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 Analysis and Covenant Compliance		Financial Supplement
Unaudited		Third Quarter 2023

	As of September 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	4.704%	4.704%	—	—	—	—	$1,627,462	—	$1,627,462
Yen revolving credit facility	0.570%	0.570%	—	—	—	—	85,562	—	85,562
Deferred financing costs, net	—	—	—	—	—	—	—	—	(14,244)
Total Global Unsecured Revolving Credit Facilities	4.498%	4.498%	—	—	—	—	$1,713,024	—	$1,698,780
Unsecured Term Loans
Euro term loan facility	4.841%	4.035%	—	—	$396,488	—	$396,487	—	$792,975
USD term loan facility	6.379%	5.569%	—	—	—	$740,000	—	—	740,000
Deferred financing costs, net	—	—	—	—	—	—	—	—	(8,312)
Total Unsecured Term Loans	5.584%	4.776%	—	—	$396,488	$740,000	$396,487	—	$1,524,663
Senior Notes
₣100 million 0.600% Notes due 2023 (2)	0.600%	0.600%	$109,272	—	—	—	—	—	$109,272
€600 million 2.625% Notes due 2024	2.625%	2.625%	—	$634,380	—	—	—	—	634,380
£250 million 2.750% Notes due 2024	2.750%	2.750%	—	304,975	—	—	—	—	304,975
£400 million 4.250% Notes due 2025	4.250%	4.250%	—	—	$487,960	—	—	—	487,960
€650 million 0.625% Notes due 2025	0.625%	0.625%	—	—	687,245	—	—	—	687,245
€1.08 billion 2.500% Notes due 2026	2.500%	2.500%	—	—	—	$1,136,598	—	—	1,136,598
₣275 million 0.200% Notes due 2026	0.200%	0.200%	—	—	—	300,498	—	—	300,498
₣150 million 1.700% Notes due 2027	1.700%	1.700%	—	—	—	—	$163,908	—	163,908
$1.00 billion 3.700% Notes due 2027 (3)	3.700%	2.485%	—	—	—	—	1,000,000	—	1,000,000
€500 million 1.125% Notes due 2028	1.125%	1.125%	—	—	—	—	—	$528,650	528,650
$900 million 5.550% Notes due 2028 (3)	5.550%	3.996%	—	—	—	—	—	900,000	900,000
$650 million 4.450% Notes due 2028	4.450%	4.450%	—	—	—	—	—	650,000	650,000
₣270 million 0.550% Notes due 2029	0.550%	0.550%	—	—	—	—	—	295,034	295,034
$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%	—	—	—	—	—	426,965	426,965
€750 million 1.500% Notes due 2030	1.500%	1.500%	—	—	—	—	—	792,975	792,975
£550 million 3.750% Notes due 2030	3.750%	3.750%	—	—	—	—	—	670,945	670,945
€500 million 1.250% Notes due 2031	1.250%	1.250%	—	—	—	—	—	528,650	528,650
€1.00 billion 0.625% Notes due 2031	0.625%	0.625%	—	—	—	—	—	1,057,300	1,057,300
€750 million 1.000% Notes due 2032	1.000%	1.000%	—	—	—	—	—	792,975	792,975
€750 million 1.375% Notes due 2032	1.375%	1.375%	—	—	—	—	—	792,975	792,975
Unamortized discounts	—	—	—	—	—	—	—	—	(33,066)
Deferred financing costs	—	—	—	—	—	—	—	—	(56,136)
Total Senior Notes	2.443%	2.245%	$109,272	$939,355	$1,175,205	$1,437,095	$1,163,908	$8,336,469	$13,072,102
Secured Debt
ICN10 Facilities	5.900%	3.584%	—	—	—	—	—	$12,536	$12,536
Westin	3.290%	3.290%	—	—	—	—	$135,000	—	135,000
Teraco Loans	10.600%	9.193%	$56	$312	$567	$34,641	68,703	256,404	360,683
Deferred financing costs	—	—	—	—	—	—	—	—	(2,498)
Total Secured Debt	8.542%	7.487%	$56	$312	$567	$34,641	$203,703	$268,940	$505,721
Other Debt
Icolo loans	11.650%	11.650%	—	—	—	$5,016	$3,721	—	$8,737
Total Other Debt	11.650%	11.650%	—	—	—	$5,016	$3,721	—	$8,737
Mandatorily Redeemable Preferred Shares (Teraco)
Mandatorily Redeemable Preferred Shares (Teraco)	10.105%	10.105%	—	$4,228	—	$59,188	—	—	$63,416
Unamortized discounts	—	—	—	—	—	—	—	—	(3,643)
Total Redeemable Preferred Shares	10.105%	10.105%	—	$4,228	—	$59,188	—	—	$59,773
Total unhedged variable rate debt	—	—	$56	$4,540	$397,055	$93,829	$2,178,214	$59,218	$2,732,912
Total fixed rate / hedged variable rate debt	—	—	109,272	939,355	1,175,205	2,182,111	1,302,629	8,546,191	14,254,764
Total Debt	3.150%	2.891%	$109,328	$943,895	$1,572,260	$2,275,940	$3,480,843	$8,605,409	$16,987,676
Weighted Average Interest Rate			0.604%	2.701%	2.613%	3.514%	3.788%	2.464%	2.891%
Summary
Weighted Average Term to Initial Maturity									4.3 Years
Weighted Average Maturity (assuming exercise of extension options)									4.5 Years

Global Unsecured Revolving Credit Facilities Detail As of September 30, 2023
	Maximum Available	Existing Capacity (4)	Currently Drawn
Global Unsecured Revolving Credit Facilities	$3,882,091	$2,064,218	$1,713,024

(1) Assumes all extensions will be exercised.

(2) Repaid in full on October 2, 2023.

(3) Subject to cross-currency swaps.

(4) Net of letters of credit issued of $104.8 million.

17

Debt Analysis and Covenant Compliance		Financial Supplement
Unaudited		Third Quarter 2023

	As of September 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%	43%	37%	Less than 60% (5)	40%
Secured debt / total assets (6)	Less than 40%	5%	1%	Less than 40%	3%
Total unencumbered assets / unsecured debt	Greater than 150%	223%	245%	N/A	N/A
Consolidated EBITDA / interest expense (7)	Greater than 1.50x	4.3x	4.3x	N/A	N/A
Fixed charge coverage		N/A	N/A	Greater than 1.50x	4.6x
Unsecured debt / total unencumbered asset value (8)		N/A	N/A	Less than 60%	42%
Unencumbered assets debt service coverage ratio (8)		N/A	N/A	Greater than 1.50x	5.4x

(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		Third Quarter 2023

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

	Three Months Ended										Nine Months Ended
	30-Sep-23		30-Sep-22		% Change		30-Jun-23		% Change		30-Sep-23		30-Sep-22		% Change
Rental revenues		$648,940		$584,452		11.0%		$634,827		2.2%		$1,916,920		$1,764,585		8.6%
Tenant reimbursements - Utilities		267,258		195,042		37.0%		256,811		4.1%		773,000		554,408		39.4%
Tenant reimbursements - Other		44,906		29,530		52.1%		29,792		50.7%		99,756		94,792		5.2%
Interconnection & other		87,563		80,566		8.7%		86,076		1.7%		257,273		241,957		6.3%
Total Revenue		$1,048,667		$889,591		17.9%		$1,007,506		4.1%		$3,046,949		$2,655,742		14.7%
Utilities		$312,322		$224,113		39.4%		$284,037		10.0%		$865,055		$612,435		41.2%
Rental property operating		157,331		151,078		4.1%		160,529		(2.0%)		475,465		440,154		8.0%
Property taxes		46,192		26,251		76.0%		32,075		44.0%		102,944		93,350		10.3%
Insurance		3,849		3,467		11.0%		3,751		2.6%		11,416		10,370		10.1%
Total Expenses		$519,695		$404,908		28.3%		$480,393		8.2%		$1,454,879		$1,156,310		25.8%
Net Operating Income (2)		$528,973		$484,683		9.1%		$527,113		0.4%		$1,592,070		$1,499,432		6.2%
Less:
Stabilized straight-line rent		($5,188)		($4,038)		28.5%		($15,056)		(65.5%)		($20,785)		($11,926)		74.3%
Above- and below-market rent		1,043		1,293		(19.3%)		1,132		(7.8%)		3,351		3,883		(13.7%)
Cash Net Operating Income (3)		$533,117		$487,428		9.4%		$541,038		(1.5%)		$1,609,504		$1,507,474		6.8%
Stabilized Portfolio occupancy at period end (4)		82.7%		83.1%		(0.4%)		83.0%		(0.3%)		82.7%		83.1%		(0.4%)

(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 September 30, 2023		Third Quarter 2023

	0-1 MW				> 1 MW (3)				Other (4)				Total
Leasing Activity - New (1) (2)	3Q23		LTM		3Q23		LTM		3Q23		LTM		3Q23		LTM
Annualized GAAP Rent (in thousands)		$41,776		$144,568		$96,877		$263,230		$1,370		$5,418		$140,023		$413,216
Kilowatt leased		13,862		49,938		55,950		166,612		—		—		69,812		216,550
NRSF (in thousands)		164		530		447		1,769		16		81		627		2,381
Weighted Average Lease Term (years)		3.9		3.9		10.2		12.1		5.6		6.0		8.4		10.1
Initial stabilized cash rent per Kilowatt		$200		$255		$122		$116		—		—		$138		$148
GAAP rent per Kilowatt		$251		$241		$144		$132		—		—		$166		$157
Leasing cost per Kilowatt		$46		$29		—		$9		—		—		$9		$14
Net Effective Economics by Kilowatt (5)
Base rent by Kilowatt		$253		$283		$146		$131		—		—		$167		$166
Rental concessions by Kilowatt		$2		$3		$1		$2		—		—		$1		$2
Estimated operating expense by Kilowatt		$73		$71		$36		$32		—		—		$44		$41
Net rent per Kilowatt		$179		$210		$108		$97		—		—		$122		$123
Tenant improvements by Kilowatt		—		—		—		$1		—		—		—		$1
Leasing commissions by Kilowatt		$11		$11		—		—		—		—		$2		$3
Net effective rent per Kilowatt		$168		$199		$108		$96		—		—		$119		$119
Initial stabilized cash rent per NRSF		$17		$21		$15		$11		$6		$5		$15		$13
GAAP rent per NRSF		$254		$273		$217		$149		$86		$67		$223		$174
Leasing cost per NRSF		$47		$29		—		$10		$6		$152		$12		$19
Net Effective Economics by NRSF (5)
Base rent by NRSF		$256		$283		$218		$148		$87		$70		$225		$176
Rental concessions by NRSF		$2		$3		$2		$3		—		$4		$2		$3
Estimated operating expense by NRSF		$73		$78		$55		$42		$7		$9		$58		$49
Net rent per NRSF		$181		$203		$162		$104		$80		$58		$165		$124
Tenant improvements by NRSF		—		—		—		$1		—		$14		—		$1
Leasing commissions by NRSF		$11		$11		—		—		—		$6		$3		$3
Net effective rent per NRSF		$170		$192		$162		$103		$80		$38		$162		$120

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

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

(3) >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.

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

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

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

20

Summary of Leasing Activity		Financial Supplement
Leases Renewed in the Quarter Ended September 30, 2023		Third Quarter 2023

	0-1 MW				> 1 MW				Other (4)				Total
Leasing Activity - Renewals (1) (2) (3)	3Q23		LTM		3Q23		LTM		3Q23		LTM		3Q23		LTM
Leases renewed (Kilowatt)		32,829		139,686		10,879		112,177		—		—		43,708		251,863
Leases renewed (NRSF in thousands)		457		1,965		128		1,358		94		470		679		3,794
Leasing cost per Kilowatt		$1		$1		$1		$4		—		—		$5		$3
Leasing cost per NRSF		$1		$1		$1		$4		$20		$5		$4		$3
Weighted Term (years)		1.6		1.5		2.3		5.4		5.4		4.5		2.3		3.5
Cash Rent
Expiring cash rent per Kilowatt		$306		$292		$140		$145		—		—		$276		$230
Renewed cash rent per Kilowatt		$319		$307		$148		$149		—		—		$297		$241
% Change Cash Rent Per Kilowatt		4.4%		5.2%		5.6%		2.5%		—		—		7.4%		4.7%
Expiring cash rent per NRSF		$264		$249		$142		$144		$66		$25		$213		$184
Renewed cash rent per NRSF		$275		$262		$150		$147		$113		$29		$229		$192
% Change Cash Rent Per NRSF		4.4%		5.2%		5.6%		2.5%		71.6%		17.5%		7.4%		4.7%
GAAP Rent
Expiring GAAP rent per Kilowatt		$304		$289		$136		$135		—		—		$274		$224
Renewed GAAP rent per Kilowatt		$321		$308		$150		$149		—		—		$300		$241
% Change GAAP Rent Per Kilowatt		5.6%		6.4%		10.3%		10.4%		—		—		9.5%		7.7%
Expiring GAAP rent per NRSF		$262		$247		$138		$134		$64		$24		$212		$179
Renewed GAAP rent per NRSF		$277		$262		$152		$148		$119		$29		$232		$192
% Change GAAP Rent Per NRSF		5.6%		6.4%		10.3%		10.4%		85.5%		20.3%		9.5%		7.7%
Retention ratio (5)		83.4%		85.2%		47.9%		75.9%		64.6%		41.3%		70.7%		72.9%
Churn (6)		1.3%		5.7%		0.8%		3.1%		1.9%		7.5%		1.1%		4.5%

(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)		Third 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	2,641		—	—		—		—		—		—		—		—
Month to Month (3)	193		$47,626	1.4%		$247		$247		$47,756		9,859		$403		$404
2023	523		173,569	5.1%		332		332		173,572		37,710		384		384
2024	2,150		602,174	17.8%		280		281		603,867		151,622		331		332
2025	698		163,574	4.8%		234		240		167,264		47,650		286		293
2026	467		103,471	3.1%		221		232		108,338		34,496		250		262
2027	432		75,035	2.2%		174		184		79,495		30,463		205		217
2028	245		35,005	1.0%		143		157		38,596		14,795		197		217
2029	96		11,411	0.3%		118		134		12,934		6,369		149		169
2030	66		21,128	0.6%		318		329		21,822		5,374		328		338
2031	54		9,495	0.3%		177		188		10,110		2,681		295		314
2032	51		4,985	0.1%		97		110		5,655		1,700		244		277
Thereafter	248		10,176	0.3%		41		50		12,351		3,283		258		313
Total / Wtd. Avg.	7,866		$1,257,649	37.2%		$241		$245		$1,281,759		346,003		$303		$309

> 1 MW	Expiring Leases (1)	Annualized		Annualized	Annualized Rent Per		Annualized Rent Per		Annualized Rent Per		kW of Expiring		Annualized		Rent Per kW
Available	1,708		—	—		—		—		—		—		—		—
Month to Month (3)	149		$24,515	0.7%		$165		$169		$25,216		14,105		$145		$149
2023	483		62,400	1.8%		129		129		62,400		40,593		128		128
2024	1,394		215,238	6.4%		154		156		217,388		128,707		139		141
2025	1,722		257,789	7.6%		150		153		263,914		154,044		139		143
2026	1,711		240,654	7.1%		141		149		254,516		156,033		129		136
2027	1,503		213,738	6.3%		142		153		230,614		145,333		123		132
2028	917		119,082	3.5%		130		141		129,600		89,555		111		121
2029	1,019		129,325	3.8%		127		139		141,465		123,730		87		95
2030	1,070		143,242	4.2%		134		146		156,400		116,780		102		112
2031	1,006		116,851	3.5%		116		129		129,776		98,615		99		110
2032	787		96,641	2.9%		123		143		112,682		84,100		96		112
Thereafter	1,837		218,440	6.5%		119		140		257,384		175,159		104		122
Total / Wtd. Avg.	15,306		$1,837,914	54.4%		$135		$146		$1,981,356		1,326,753		$115		$124

Other (4)	Expiring Leases (1)	Annualized		Annualized	Annualized Rent Per		Annualized Rent Per		Annualized Rent Per		kW of Expiring		Annualized		Rent Per kW
Available	1,726		—	—		—		—		—		—		—		—
Month to Month (3)	56		$1,904	0.1%		$34		$34		$1,905		—		—		—
2023	58		2,546	0.1%		44		44		2,546		—		—		—
2024	528		20,605	0.6%		39		39		20,717		—		—		—
2025	670		30,120	0.9%		45		46		31,052		—		—		—
2026	769		26,072	0.8%		34		36		27,740		—		—		—
2027	365		15,186	0.4%		42		45		16,556		—		—		—
2028	508		18,334	0.5%		36		40		20,264		—		—		—
2029	648		29,957	0.9%		46		54		34,713		—		—		—
2030	762		47,756	1.4%		63		74		56,030		—		—		—
2031	56		1,977	0.1%		35		42		2,367		—		—		—
2032	107		6,137	0.2%		58		66		7,038		—		—		—
Thereafter	3,178		80,648	2.4%		25		33		104,323		—		—		—
Total / Wtd. Avg.	9,431		$281,243	8.3%		$36		$42		$325,251		—		—		—

Total	Expiring Leases (1)	Annualized		Annualized	Annualized Rent Per		Annualized Rent Per		Annualized Rent Per		kW of Expiring		Annualized		Rent Per kW
Available	6,074		—	—		—		—		—		—		—		—
Month to Month (3)	398		$74,045	2.2%		$186		$188		$74,877		—		—		—
2023	1,065		238,514	7.1%		224		224		238,518		—		—		—
2024	4,072		838,017	24.8%		206		207		841,972		—		—		—
2025	3,090		451,484	13.4%		146		150		462,230		—		—		—
2026	2,948		370,197	11.0%		126		132		390,594		—		—		—
2027	2,301		303,958	9.0%		132		142		326,665		—		—		—
2028	1,670		172,422	5.1%		103		113		188,460		—		—		—
2029	1,763		170,693	5.1%		97		107		189,112		—		—		—
2030	1,898		212,127	6.3%		112		123		234,252		—		—		—
2031	1,116		128,324	3.8%		115		127		142,252		—		—		—
2032	945		107,762	3.2%		114		133		125,375		—		—		—
Thereafter	5,262		309,264	9.2%		59		71		374,058		—		—		—
Total / Wtd. Avg.	32,603		$3,376,806	100.0%		$127		$135		$3,588,366		—		—		—

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

(2) Annualized rent represents the monthly contractual base rent (defined as cash base rent before abatements) under existing leases as of September 30, 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		Third 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	68		$389,926	10.3%	8.4
2	Social Content Platform	22		207,852	5.5%	5.0
3	Oracle Corporation	37		152,172	4.0%	6.5
4	Global Cloud Provider	59		150,107	4.0%	5.1
5	IBM	34		128,687	3.4%	2.3
6	Equinix	17		91,686	2.4%	6.2
7	LinkedIn Corporation	7		81,176	2.2%	1.4
8	Fortune 25 Investment Grade-Rated Company	29		76,406	2.0%	3.1
9	Fortune 25 Tech Company	51		67,175	1.8%	3.8
10	Fortune 500 SaaS Provider	14		66,854	1.8%	3.1
11	Cyxtera	15		63,359	1.7%	8.6
12	Social Media Platform	8		62,070	1.6%	7.6
13	Meta Platforms, Inc.	46		59,947	1.6%	4.1
14	Lumen Technologies, Inc.	124		50,855	1.3%	10.1
15	JPMorgan Chase & Co.	17		43,604	1.2%	3.5
16	AT&T	77		41,477	1.1%	3.0
17	Comcast Corporation	41		41,333	1.1%	4.3
18	Rackspace	25		36,565	1.0%	9.7
19	International Telecom Provider	31		34,858	0.9%	1.7
20	Zayo	114		33,316	0.9%	1.4
	Total / Weighted Average			$1,879,425	49.8%	6.0

(1) Annualized recurring revenue represents the monthly contractual base rent (defined as cash base rent before abatements) and interconnection revenue under existing leases as of September 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		Third 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-Sep-23	30-Jun-23	IT Load (6)	Count
North America
Northern Virginia	4,914	2,040	265		$498,100	91.4%	92.4%	422.5	21
Chicago	2,672	—	113		255,309	91.0%	92.4%	99.3	8
New York	2,067	159	130		214,828	74.7%	74.9%	55.8	13
Dallas	3,065	327	77		201,331	83.2%	83.0%	111.2	21
Silicon Valley	1,590	—	131		172,158	92.2%	92.1%	94.6	15
Portland	873	282	—		106,110	98.1%	98.5%	90.5	3
Phoenix	796	—	—		70,326	70.6%	71.1%	42.5	2
San Francisco	844	—	—		62,953	64.8%	65.2%	31.5	4
Atlanta	557	—	314		57,833	95.6%	93.3%	9.1	4
Toronto	430	297	—		43,550	92.8%	89.7%	39.8	2
Los Angeles	614	11	—		41,155	81.3%	78.4%	16.2	2
Seattle	399	—	—		40,172	78.7%	78.7%	19.5	1
Boston	437	—	51		17,583	42.0%	43.8%	19.0	3
Houston	393	—	14		16,036	58.7%	55.6%	13.0	6
Miami	226	—	—		9,809	85.2%	85.7%	1.3	2
Austin	86	—	—		7,315	56.1%	58.6%	4.3	1
Charlotte	95	—	—		5,521	90.5%	90.8%	1.5	3
North America Total/Weighted Average	20,059	3,115	1,094		$1,820,092	84.4%	85.3%	1,071.5	111
EMEA
Frankfurt	2,092	1,632	—		$254,261	86.8%	86.3%	134.2	29
London	1,319	64	77		212,994	60.4%	63.3%	92.7	15
Amsterdam	1,259	222	92		171,042	82.6%	80.6%	116.3	12
Paris	964	734	—		103,580	73.4%	72.8%	79.1	13
Johannesburg	1,026	1,182	—		101,075	76.0%	83.7%	52.3	5
Marseille	520	—	38		67,133	77.7%	71.7%	45.4	4
Dublin	475	78	—		58,268	83.9%	82.6%	32.5	9
Zurich	439	159	—		57,701	77.9%	67.0%	29.0	3
Vienna	356	133	—		50,572	82.7%	82.2%	25.6	3
Madrid	304	105	—		42,889	71.4%	87.7%	16.8	4
Brussels	178	159	—		30,369	72.7%	69.5%	7.9	3
Cape Town	260	468	—		35,209	92.1%	87.8%	16.4	2
Stockholm	190	108	—		21,658	70.2%	69.3%	16.8	6
Copenhagen	226	99	—		20,272	63.9%	64.0%	12.9	3
Dusseldorf	142	71	—		19,200	58.4%	72.5%	11.0	3
Athens	55	159	—		9,302	86.2%	86.8%	2.2	4
Durban	45	—	14		5,653	80.6%	76.9%	1.1	1
Zagreb	22	—	13		2,669	82.9%	83.2%	0.9	1
Nairobi	16	—	—		2,631	77.8%	76.5%	0.5	1
Mombasa	46	—	12		4,013	18.4%	16.0%	2.8	2
Maputo	3	—	—		480	51.4%	-	1.0	1
EMEA Total/Weighted Average	9,936	5,375	246		$1,270,971	77.0%	77.1%	697.3	124
Asia Pacific
Singapore	883	7	—		$203,013	95.8%	95.4%	78.5	3
Sydney	362	—	88		31,349	91.9%	91.6%	22.1	4
Melbourne	147	—	—		14,189	62.3%	62.3%	9.6	2
Seoul	162	—	—		1,027	5.1%	5.0%	12.0	1
Hong Kong	99	186	—		488	2.2%	0.6%	7.5	1
Asia Pacific Total/Weighted Average	1,653	192	88		$250,066	77.4%	77.1%	129.7	11
Non-Data Center Properties	329	—	264		—	-	13.5%	—	—
Consolidated Portfolio Total/Weighted Average	31,976	8,683	1,691		$3,341,128	80.9%	81.7%	1,898.5	246
Unconsolidated Joint Ventures
Northern Virginia	2,418	—	—		$214,004	97.9%	100.0%	193.7	10
Chicago	756	35	—		71,771	92.0%	-	63.4	2
Silicon Valley	414	—	—		25,807	100.0%	100.0%	10.9	4
Hong Kong	186	—	—		15,883	66.2%	66.0%	11.0	1
Toronto	104	—	—		13,018	56.3%	67.4%	6.8	1
Los Angeles	197	—	—		5,325	100.0%	100.0%	—	2
Lagos	4	—	—		675	100.0%	100.0%	0.2	1
Abuja	1	—	—		75	73.0%	73.0%	0.1	1
Managed Unconsolidated Portfolio Total/Weighted Average	4,081	35	—		$346,558	94.6%	95.7%	285.9	22
Managed Portfolio Total/Weighted Average	36,057	8,717	1,691		$3,687,686	82.4%	82.5%	2,184.4	268
Digital Realty Share Total/Weighted Average (7)	32,603	7,817	1,686		$3,376,806	81.4%	82.6%	1,942.3	—
Non-Managed Unconsolidated Joint Ventures
Sao Paulo	1,267	224	1,198		$167,942	91.1%	97.6%	107.6	25
Tokyo	1,272	27	—		77,157	75.9%	71.2%	58.8	3
Osaka	465	118	196		66,279	91.3%	90.6%	38.9	4
Queretaro	105	—	583		19,615	100.0%	100.0%	8.0	3
Santiago	119	118	71		14,185	90.1%	100.0%	10.2	3
Rio De Janeiro	112	—	—		12,853	100.0%	100.0%	8.0	2
Fortaleza	94	—	—		9,031	87.0%	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	3,485	487	2,246		$374,833	86.1%	87.1%	246.6	44
Portfolio Total/Weighted Average	39,542	9,205	3,937		$4,062,519	82.8%	82.9%	2,431.1	312

(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 September 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 (1)		Financial Supplement
Dollars and Square Feet in Thousands		Third 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	(2)		Req. (3)		Investment (4)		Locations	Feet	kW	(2)		Req. (3)		Investment (4)		Leased	Period	Cash Yield (5)	Locations	Feet	(2)		Req. (3)		Investment (4)
Northern Virginia	5	1,315		$222,528		$273,867		$496,395	6	724	88,000		$291,990		$624,530		$916,520	18.2%	2Q24		6	2,040		$514,518		$898,396		$1,412,915
Dallas	2	164		54,116		49,682		103,798	2	164	16,000		90,461		242,520		332,982	100.0%	2Q24		2	327		144,577		292,203		436,780
Portland	—	—		—		—		—	1	282	32,000		136,284		234,006		370,290	100.0%	2Q24		1	282		136,284		234,006		370,290
Toronto	—	—		—		—		—	1	297	16,000		92,681		93,078		185,758	100.0%	1Q24		1	297		92,681		93,078		185,758
New York	—	—		—		—		—	3	159	10,800		86,791		97,440		184,230	66.7%	1Q24		3	159		86,791		97,440		184,230
Other	—	—		—		—		—	1	11	1,200		12,483		29,520		42,003	—	4Q24		1	11		12,483		29,520		42,003
North America	7	1,479		$276,644		$323,549		$600,193	14	1,636	164,000		$710,690		$1,321,093		$2,031,783	53.2%		10.0%	14	3,115		$987,334		$1,644,642		$2,631,976
Frankfurt	4	927		$234,070		$74,911		$308,981	3	704	66,360		$583,480		$552,328		$1,135,808	62.1%	1Q25		7	1,632		$817,549		$627,239		$1,444,789
Paris	1	62		31,929		6,505		38,433	4	672	64,800		417,166		449,542		866,709	23.8%	3Q24		4	734		449,095		456,047		905,142
Amsterdam	1	111		29,823		60,342		90,165	1	111	13,500		29,876		194,958		224,834	—	1Q26		1	222		59,699		255,301		315,000
Zurich	—	—		—		—		—	1	159	13,468		133,851		119,826		253,677	52.1%	4Q24		1	159		133,851		119,826		253,677
Brussels	—	—		—		—		—	1	159	13,600		119,167		47,863		167,031	60.1%	4Q23		1	159		119,167		47,863		167,031
Other	8	1,222		166,212		143,877		310,089	10	1,247	88,706		319,517		433,636		753,153	48.2%	4Q23-1Q25		13	2,469		485,729		577,513		1,063,242
EMEA	14	2,323		$462,033		$285,635		$747,668	20	3,052	260,434		$1,603,057		$1,798,154		$3,401,211	44.0%		10.5%	27	5,375		$2,065,090		$2,083,789		$4,148,879
Other	1	103		$24,263		$467		$24,730	2	89	7,000		$19,490		$58,047		$77,536	85.7%	2Q24		2	192		$43,753		$58,513		$102,266
Asia Pacific	1	103		$24,263		$467		$24,730	2	89	7,000		$19,490		$58,047		$77,536	85.7%		9.5%	2	192		$43,753		$58,513		$102,266
Total	22	3,905		$762,940		$609,651		$1,372,591	36	4,778	431,434		$2,333,237		$3,177,294		$5,510,531	48.2%		10.3%	43	8,683		$3,096,177		$3,786,945		$6,883,122

(1) Unconsolidated joint ventures are excluded.

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

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

(4) 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.

(5) 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		Third 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		41.5		$179,959		—		$179,959
Development Construction in Progress
Land - Current Development (1)		N/A		719.7		$1,120,228		—		$1,120,228
Space Held for Development (1)		1,691		N/A		247,766		—		247,766		$146
Base Building Construction (2)		3,905		N/A		762,940		$609,651		1,372,591		351
Data Center Construction		4,778		N/A		2,333,237		3,177,294		5,510,531		1,153
Equipment Pool & Other Inventory (3)		N/A		N/A		131,996		—		131,996
Campus, Tenant Improvements & Other (4)		N/A		N/A		424,296		179,649		603,945
Total Development Construction in Progress		10,374		719.7		$5,020,464		$3,966,594		$8,987,057
Enhancement & Other						$19,929		$11,265		$31,194
Recurring						9,018		34,808		43,826
Total Construction in Progress				761.2		$5,229,370		$4,012,667		$9,242,036

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

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

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

(4) Represents improvements in progress as of September 30, 2023, which benefit space recently converted to our operating portfolio and is composed primarily of shared infrastructure projects and first-generation tenant improvements. Includes $190.6 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 September 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.

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		Third Quarter 2023

	Three Months Ended										Nine Months Ended
	30-Sep-23		30-Jun-23		31-Mar-23		31-Dec-22		30-Sep-22		30-Sep-23		30-Sep-22
Non-Recurring Capital Expenditures (1)
Development		$953,267		$523,406		$644,910		$730,341		$583,198		$2,121,583		$1,480,449
Enhancements and Other Non-Recurring		1,317		1,479		2,796		2,023		1,571		5,592		10,268
Total Non-Recurring Capital Expenditures		$954,584		$524,885		$647,706		$732,364		$584,769		$2,127,175		$1,490,717
Recurring Capital Expenditures (2)		$90,251		$53,498		$40,465		$109,999		$66,200		$184,214		$156,467
Total Direct Capital Expenditures		$1,044,835		$578,383		$688,171		$842,363		$650,969		$2,311,389		$1,647,184
Indirect Capital Expenditures
Capitalized Interest		$29,130		$27,883		$26,771		$24,581		$17,304		$83,784		$46,186
Capitalized Overhead		23,837		23,717		23,735		22,632		21,583		71,289		65,513
Total Indirect Capital Expenditures		$52,967		$51,600		$50,506		$47,213		$38,887		$155,073		$109,699
Total Improvements to and Advances for Investment in Real Estate		$1,097,802		$629,983		$738,677		$889,576		$689,856		$2,466,462		$1,756,883
Consolidated Portfolio Net Rentable Square Feet (3)		32,603		33,858		33,511		32,905		32,170		32,603		32,170

(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		Third 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		$25,730
Boston	—	—		—		—	1	51		23,623
Chicago	1	1.4		—		$28,461	6	377		44,612
Dallas	2	60.4		—		46,716	3	77		10,138
Houston	—	—		—		—	1	14		2,726
New York	1	21.5		—		47,653	4	130		17,050
Northern Virginia	4	462.5		—		485,501	7	265		2,128
Silicon Valley	1	13.0		—		77,989	1	131		14,499
North America	9	558.8		—		$686,320	24	1,358		$140,505
Amsterdam	1	3.6		—		$10,017	2	92		$33,412
Barcelona	1	2.4		—		17,635	—	—		—
Crete	1	1.2		—		3,806	—	—		—
Dublin	2	5.0		—		17,039	—	—		—
Durban	—	—		—		—	1	14		—
Frankfurt	2	26.6		—		253,534	—	—		—
Johannesburg	1	3.6		—		4,554	—	—		—
London	1	6.7		$15,669		—	2	77		28,685
Madrid	1	1.8		18,705		—	—	—		—
Marseille	1	2.7		—		2,002	1	38		—
Maputo	1	1.2		—		2,985	—	—		—
Mombasa	1	1.0		695		—	1	12		1,622
Nairobi	2	4.4		1,236		3,049	—	—		—
Paris	2	47.8		—		51,115	—	—		—
Rome	1	55.1		—		26,798	—	—		—
Zagreb	1	6.5		—		1,855	1	13		799
Zurich	1	2.6		—		31,352	—	—		—
EMEA	20	172.3		$36,305		$425,740	8	246		$64,517
Melbourne	1	4.1		$3,879		—	—	—		—
Osaka	1	2.5		—		$8,169	—	—		—
Seoul	1	4.9		73,141		—	—	—		—
Sydney	1	18.5		66,633		—	1	88		$42,744
Asia Pacific	4	30.0		$143,653		$8,169	1	88		$42,744
Consolidated Portfolio (3)	33	761.2		$179,959		$1,120,228	33	1,691		$247,766

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

(2) Represents costs incurred through September 30, 2023. Includes the cost of acquisition as well as cost of improvements since acquisition to prepare for future building construction.

(3) Consolidated portfolio does not include managed and non-managed unconsolidated joint ventures.

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		Third 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)
MRS5 Land (5)	Land	Marseille, France	8/8/2023	$65,147	—	—	—	—	—
MRS6 Land (6)	Land	Marseille, France	9/15/2023	NM	—	—	—	—	—
Total	—	—	—	$65,147	—	—	—	—	—

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)
4030-50 Lafayette, Chantilly VA	Building	Chantilly, VA	9/28/2023	$43,000	9.3% (7)	145,409	—	—	—
LHR14 (8)	Building	London	8/16/2023	145,810	9.8%	114,059	—	—	—
Total	—	—	—	$ 188,810	—	259,468	—	—	—

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)
GI Partners JV (9)	Chicago, IL	7/17/2023	$900,000	6.5%	755,660	—	—	90.7%
TPG Real Estate Partners JV (10)	Northern Virignia	7/27/2023	1,500,000	6.0%	1,067,997	—	—	94.7%
Total	—	—	$ 2,400,000	—	1,823,657	—	—	—

(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) 50-year right of use agreement with minimum rental payments of €62 million or $65 million over the next 30 years. Represents USD to EUR exchange rate as of 9/30/23 of 0.95x.

(6) Purchase option with a strike price of €47 million or $49 million. Represents USD to EUR exchange rate as of 9/30/23 of 0.95x.

(7) When adjusting annual net operating income to reflect the net impact of signed leases and known move-outs, the cap rate is not meaningful.

(8) Represents USD to GBP exchange rate as of 9/30/23 of 0.82x.

(9) GI Partners purchased a 65% interest in two stabilized hyperscale data centers and their associated equipment in the Chicago metro area.Digital Realty received $743 million of gross proceeds related to the joint venture and the associated financing, and maintains a 35% interest in the portfolio.

(10) TPG Real Estate acquired an 80% interest in three stabilized hyperscale data centers in Northern Virginia. Digital Realty received $1.4 billion of gross proceeds related to the joint venture and the associated financing, and maintains a 20% interest in the portfolio.

29

Unconsolidated Joint Ventures		Financial Supplement
Dollars in Thousands		Third Quarter 2023

Summary Balance Sheet -	As of September 30, 2023
at the JV's 100% Share		The Americas (1)	APAC (2)	EMEA (3)	Global (4)	Total
Gross cost of operating real estate		$4,740,119	$1,629,224	$24,701	$1,367,870	$7,761,914
Accumulated depreciation & amortization		(597,632)	(196,381)	—	(65,354)	(859,367)
Net Book Value of Operating Real Estate		$4,142,487	$1,432,843	$24,700	$1,302,516	$6,902,547
Cash		135,623	304,353	14,661	11,119	465,756
Other assets		1,931,298	177,597	50,381	221,904	2,381,180
Total Assets		$6,209,407	$1,914,793	$89,742	$1,535,540	$9,749,482
Debt		2,558,001	649,649	—	503,483	3,711,134
Other liabilities		384,109	164,579	81,498	44,918	675,104
Equity / (deficit)		3,267,298	1,100,564	8,244	987,138	5,363,245
Total Liabilities and Equity		$6,209,407	$1,914,793	$89,742	$1,535,540	$9,749,482
Digital Realty's ownership percentage		Various	50%	Various	42%
Digital Realty's Pro Rata Share of Unconsolidated JV Debt		$924,615	$324,825	—	$213,772	$1,463,211

Summary Statement of Operations -	Three Months Ended September 30, 2023
at the JV's 100% Share		The Americas (1)	APAC (2)	EMEA (3)	Global (4)	Total
Total revenues		$174,371	$63,599	$315	$26,213	$264,498
Operating expenses		(78,517)	(33,180)	(164)	(10,489)	(122,350)
Net Operating Income (NOI)		$95,854	$30,419	$152	$15,723	$142,149
Straight-line rent		(1,409)	(429)	—	592	(1,246)
Above and below market rent		3,527	—	—	(920)	2,608
Cash Net Operating Income (NOI)		$97,972	$29,991	$152	$15,395	$143,510
Interest expense		($40,800)	($981)	($1,755)	($6,885)	($50,421)
Depreciation & amortization		(79,515)	(14,987)	—	(16,541)	(111,043)
Other income / (expense)		(199)	(5,545)	(435)	(1,854)	(8,032)
FX remeasurement on USD debt		(25,084)	—	—	4,690	(20,394)
Total Non-Operating Expenses		($145,599)	($21,512)	($2,190)	($20,590)	($189,890)
Net Income / (Loss)		($49,744)	$8,906	($2,040)	($4,866)	($47,742)
Digital Realty's ownership percentage		Various	50%	Various	42%
Digital Realty's Pro Rata Share of Unconsolidated JV NOI		$34,841	$15,210	$91	$6,676	$56,818
Digital Realty's Pro Rata Share of Unconsolidated JV Cash NOI		$35,446	$14,995	$91	$6,537	$57,068
Digital Realty's Earnings (loss) income from unconsolidated joint ventures		($21,067)	$4,454	($1,223)	($1,957)	($19,793)
Digital Realty's Pro Rata Share of Core FFO (5)		$19,663	$11,930	($1,223)	$3,323	$33,693
Digital Realty's Fee Income from Joint Ventures		$2,408	$368	—	$2,934	$5,710

(1) Includes Ascenty, Clise, Colovore, GI Partners, Mapletree, Menlo, TPG Real Estate, and Walsh.

(2) Includes BAM Digital Realty, Lumen, and MCDR.

(3) Includes Medallion and Mivne.

(4) Includes Digital Core REIT.

(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		Third Quarter 2023

	Three Months Ended
Reconciliation of Earnings Before Interest, Taxes, Depreciation & Amortization (EBITDA) (1)		30-Sep-23	30-Jun-23	31-Mar-23	31-Dec-22	30-Sep-22
Net Income / (Loss) Available to Common Stockholders		$723,440	$108,003	$58,547	($6,093)	$226,894
Interest		110,767	111,116	102,220	86,882	76,502
Income tax expense (benefit)		17,228	16,173	21,454	(17,676)	19,576
Depreciation & amortization		420,613	432,573	421,198	430,130	388,704
EBITDA		$1,272,048	$667,866	$603,420	$493,243	$711,676
Unconsolidated JV real estate related depreciation & amortization		43,214	35,386	33,719	33,927	30,831
Unconsolidated JV interest expense and tax expense		27,000	32,105	18,556	53,481	11,948
Severance, equity acceleration, and legal expenses		2,682	3,652	4,155	15,980	1,655
Transaction and integration expenses		14,465	17,764	12,267	17,350	25,862
(Gain) / loss on sale of investments		(810,688)	(89,946)	—	6	(173,990)
Provision for impairment		113,000	—	—	3,000	—
Other non-core adjustments, net		1,719	22,132	(14,604)	15,127	(94)
Non-controlling interests		12,320	(2,538)	111	(3,326)	1,716
Preferred stock dividends		10,181	10,181	10,181	10,181	10,181
Adjusted EBITDA		$685,943	$696,604	$667,804	$638,969	$619,786

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

	Three Months Ended
Financial Ratios		30-Sep-23	30-Jun-23	31-Mar-23	31-Dec-22	30-Sep-22
Total GAAP interest expense		$110,767	$111,116	$102,220	$86,882	$76,502
Capitalized interest		29,130	27,883	26,771	24,581	17,304
Change in accrued interest and other non-cash amounts		44,183	(60,612)	38,137	(67,909)	31,860
Cash Interest Expense (2)		$184,081	$78,387	$167,128	$43,554	$125,666
Preferred stock dividends		10,181	10,181	10,181	10,181	10,181
Total Fixed Charges (3)		$150,079	$149,181	$139,172	$121,645	$103,987
Coverage
Interest coverage ratio (4)		4.3x	4.5x	4.7x	5.3x	6.1x
Cash interest coverage ratio (5)		3.4x	7.4x	3.7x	11.9x	4.6x
Fixed charge coverage ratio (6)		4.1x	4.2x	4.4x	4.9x	5.5x
Cash fixed charge coverage ratio (7)		3.2x	6.6x	3.5x	10.0x	4.3x
Leverage
Debt to total enterprise value (8)(9)		30.6%	33.3%	37.3%	35.2%	34.5%
Debt plus preferred stock to total enterprise value (9)(10)		32.0%	34.7%	38.9%	36.8%	36.2%
Pre-tax income to interest expense (11)		7.7x	2.0x	1.7x	1.0x	4.1x
Net Debt to Adjusted EBITDA (12)		6.3x	6.8x	7.1x	6.9x	6.7x

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

(3) Fixed charges consist of GAAP interest expense, capitalized interest, and preferred stock 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 stock 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		Third 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, provision for impairment, 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, provision for impairment, other non-core adjustments, net, non-controlling interests, preferred stock 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, provision for impairment, other non-core adjustments, net, non-controlling interests, preferred stock 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		Third 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. 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 and 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). 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 stock dividends. For the quarter ended September 30, 2023, GAAP interest expense was $111 million, capitalized interest was $29 million and scheduled debt principal payments and preferred stock dividends was $10 million.

Reconciliation of Net Operating Income (NOI)	Three Months Ended						Nine Months Ended
(in thousands)	30-Sep-23		30-Jun-23		30-Sep-22		30-Sep-23		30-Sep-22
Operating income		$58,231		$154,860		$157,381		$390,426		$468,988
Fee income		(7,819)		(14,908)		(6,169)		(30,596)		(16,998)
Other income		—		(932)		(1,749)		(1,819)		(4,477)
Depreciation and amortization		420,613		432,573		388,704		1,274,384		1,147,803
General and administrative		108,039		105,964		95,792		321,769		294,217
Severance, equity acceleration, and legal expenses		2,682		3,652		1,655		10,489		7,519
Transaction expenses		14,465		17,764		25,862		44,496		51,416
Provision for impairment		113,000		—		—		113,000		—
Other expenses		1,295		655		1,096		1,949		8,823
Net Operating Income		$710,505		$699,629		$662,572		$2,124,099		$1,957,291
Cash Net Operating Income (Cash NOI)
Net Operating Income		$710,505		$699,629		$662,572		$2,124,099		$1,957,291
Straight-line rental revenue		(14,185)		12,116		(17,505)		(18,395)		(38,168)
Straight-line rental expense		1,632		722		2,499		1,844		3,536
Above- and below-market rent amortization		(1,127)		(1,195)		(465)		(3,548)		65
Cash Net Operating Income		$696,826		$711,272		$647,101		$2,104,000		$1,922,725
Constant Currency CFFO Reconciliation	Three Months Ended						Nine Months Ended
(in thousands)	30-Sep-23		30-Jun-23		30-Sep-22		30-Sep-23		30-Sep-22
Core FFO (1)		$500,402				$487,931		$1,501,403		$1,471,806
Core FFO impact of holding '22 Exchange Rates Constant (2)		(5,393)				—		(683)		—
Constant Currency Core FFO		$495,009				$487,931		$1,500,720		$1,471,806
Weighted-average shares and units outstanding - diluted		308,539				292,830		302,740		291,461
Constant Currency CFFO Per Share		$1.60				$1.67		$4.96		$5.05

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
		Third 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, PDx, Data Gravity Index and Data Gravity Index DGx are registered trademarks and service marks of Digital Realty Trust, Inc. in the United States and/or other countries. All other names, trademarks and service marks are the property of their respective owners.

34

EX-99.2

Exhibit 99.2

Global. Connected. Sustainable. 3Q23 FINANCIAL RESULTS October 26, 2023 The meeting place for companies, technologies and data

5,000+ Customers 218,000 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 September 30, 2023. Includes investments in unconsolidated entities. 3Q23 Financial Results 2

3 Executing on Strategic Vision Refining Strategy to Fuel Future Growth 3Q23 Financial Results Strengthen our Customer Value Proposition Integrate and Innovate for our Customers Diversifying and Bolstering Capital Sources Added new on-ramps and expanded our colo capacities and metros Aligned organization into three regions. Announced High Density Colo offering in 28 global metros. Reduced leverage and increased liquidity through diverse forms of capital recycling 1 2 3

Connected Data Communities Record Interconnection Revenue 117 new logos $54 million total 3Q bookings from 0-1 MW + Interconnection 35% of total 3Q bookings from 0-1 MW + Interconnection Auto Manufacturer 3Q23 Financial Results 4

422 MW DLR’s in-place IT capacity in the world’s largest data center market(2) New development capacity to be brought ~100 MW to market prior to 2026 In Loudoun County (1) Northern Virginia Update Note: As of September 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. 3Q23 Financial Results 5 192 MW Capacity in a nearby development site outside the power-constrained area

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 have a sustainable building certification • 60% of certifications gold level and above Energy efficiency More energy star certifications than any other data center provider • Top 10 in the U.S. EPA Green Power Partnership • Awarded SEAA’s “Green Innovations: Water Solutions” in Singapore • 7% reduction in water use intensity since 2020 • 30% of U.S. operating portfolio ENERGY STAR certified Note: As of September 30, 2023. 3Q23 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 3Q23 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 consistent with SEC standard Enhanced Board diversity to 44% female or ethnically diverse

3Q23 Financial Results 3Q23 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.. 3Q23 BOOKINGS HISTORICAL BOOKINGS ANNUALIZED GAAP BASE RENT Strong Demand $ in millions Across Region and Products AI adds incremental layer of demand 0-1 MW $41.8 mm 28% of total bookings INTERCONNECTION $12.1 mm 8% of total bookings >1 MW $96.9 mm 64% of total bookings OTHER(1) $1.4 mm 1% of total bookings TOTAL BOOKINGS $152.1 mm 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 3Q23 Financial Results • Record 0-1MW + Interconnection signings • Highest >1 MW average leasing rate since 2016 9 $0.0 $50.0 $100.0 $150.0

2023 2024 2025+ 3Q23 Backlog 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. Record Backlog Healthy 3Q Commencements BACKLOG ROLL-FORWARD (1) $ in millions Digital Realty Backlog Unconsolidated Joint Venture Backlog COMMENCEMENT TIMING (2) $ in millions • Record Backlog of $482 Million • $76 Million to Commence in the Remainder of 2023 3Q23 Financial Results10 $267M $87M $422M $76M $286M 2Q23 Backlog Signed Commenced 3Q23 Backlog $120M $482M $378M $437M $140M $98M $127M $85M $482M $422M $68M

Improving Pricing Environment Robust Renewal Spreads 3Q23 RENEWAL SPREADS 0-1 MW > 1 MW OTHER (1) TOTAL Signed renewals representing $125 million of annualized CASH rental revenue Signed renewals representing $19 million of annualized CASH rental revenue Signed renewals representing $11 million of annualized CASH rental revenue Signed renewals representing $156 million of annualized CASH rental revenue RENTAL RATE CHANGE RENTAL RATE CHANGE RENTAL RATE CHANGE RENTAL RATE CHANGE 5.6% 5.6% 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. • Highest Cash Renewal Spreads since 2015 • Excluding “Other” outlier, Pro-forma Cash Renewal Spreads up 4.5% 4.4% CASH GAAP CASH 10.3% 71.6% CASH 85.5% GAAP 7.4% CASH 9.5% GAAP 3Q23 Financial Results 11

12 1. Same–Capital Net Operating Income (NOI) is a non-GAAP financial measure. For a reconciliation of Same-Capital Cash Net Operating Income to the nearest GAAP equivalent, see the Appendix. 3Q23 Financial Results -9% -6% -3% 0% 3% 6% 9% 12% FY17 FY18 FY19 FY20 FY21 FY22 9.4% 3.4% Highest Same-Capital Cash NOI(1) Growth in 10+ Years Raising 2023 Same-Capital Cash NOI Guidance 1Q23 2Q23 3Q23 5.6%

Revenue Exposure by Currency FX Slight Tailwind in 3Q 50% 1% 7% 24% 6% 2% 1% < 1% < 1% 2% < 1% 4% 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 September 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. 3Q23 Financial Results 13 3% < 1% • Local Operations Funded in Local Currencies act as a Natural Hedge Sep-23 <1% <1% <1% 3Q22 U.S. DOLLAR INDEX 3Q23 ZAR 4% USD EURO GBP SGD AUD HKD 24% 7% 6% 1% <1% DKK <1% CHF 2% <1% KES 50% 1% <1% CAD MZN <1% <1% JPY KRW NGN 2% SEK <1% BRL 3% 85 90 95 100 105 110 115 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23

¥ ¥ $ ₣ Matching the Duration of Assets and Liabilities Modest Near-Term Maturities, Well-Laddered Debt Schedule DEBT MATURITY SCHEDULE AS OF SEPTEMBER 30, 2023 (1)(2) (U.S. $ in billions) Note: As of September 30, 2023. 1. Includes Digital Realty’s pro rata share of unconsolidated joint venture loans and debt securities. Pro forma for the payoff of the 0.60% CHF notes that matured on October 2, 2023. 2. Assumes exercise of extension options. 3. Includes impact of cross-currency swaps. 4.6 YEARS Weighted Avg. Maturity (1)(2) DEBT PROFILE 97% Unsecured Unsecured Secured 84% Non-USD Euro USD GBP Other 86% Fixed Fixed Floating 2.9 % Weighted Avg. Coupon (1)(3) 3Q23 Financial Results (3) 14 $0.0 $0.9 $1.6 $2.5 $3.5 $3.2 $1.6 $1.6 $1.6 $1.7 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 Unsecured Credit Facilities Pro Forma Payoffs USD Term Loan € € € € R € $ ₣ ¥ $ ¥

$2.5 Billion in Capital Recycling Transactions Completed Strong Demand from Private Capital 15 Substantially Bolstered and Diversified our Sources of Capital, Improving our Balance Sheet 3Q23 Financial Results 140% Guidance: $500M $350M Completed 70% Guidance: $1.5B $2.1B Completed Updated Guidance: $2.7 – $3.2B Previously: $2.2 - $3.0B $2.5B Completed Non-Core Dispositions Hyperscale JVs Total JVs & Dispositions Note: Totals may not add up due to rounding.

2023 Financial Guidance Update 16 As of April 27, 2023 As of July 27, 2023 As of October 26, 2023 Total Revenue $5,500 - $5,600 $5,500 - $5,600 $5,475 - $5,525 Adjusted EBITDA $2,675 - $2,725 $2,675 - $2,725 $2,685 - $2,715 Rental Renewal Rates (Cash Basis) Greater than 3% Greater than 4% Greater than 5% Year-End Portfolio Occupancy 85 - 86% 84 - 85% 83 – 84% Same-Capital Cash NOI Growth 3 - 4% 4 - 5% 6 - 7% Dispositions $1.5 - $2.5B $2.2 - $3.0B $2.7 - $3.2B Dispositions / JV Cap Rate 0 - 10% 0 - 10% 0 - 10% Core FFO per Share $6.65 - $6.75 $6.55 - $6.65 $6.58 - $6.62 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. 3Q23 Financial Results

Q&A Global. Connected. Sustainable. 3Q23 Financial Results 17

Successful 3Q23 Initiatives 1. Strengthening Customer Value Proposition Strong Leasing Led by 0-1 MW Plus Interconnection 2. Core Operating Results Inflect Upward 3. Diversifying and Bolstering Capital Sources Raised ~$3.5 Billion(1) Through Capital Recycling and ATM 3Q23 Financial Results 18 Accelerated Same-Capital NOI Growth with Robust Re-Leasing Spreads 1. Includes transactions through September 30, 2023.

Appendix 3Q23 Financial Results 19

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, provision for impairment, 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, provision for impairment, other non-core adjustments, net, non-controlling interests, preferred stock 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, provision for impairment, other non-core adjustments, net, non-controlling interests, preferred stock 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. 3Q23 Financial Results 20

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 including guidance, 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. 3Q23 Financial Results 21

Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent 3Q23 Financial Results 22 September 30, 2023 September 30, 2022 Net income available to common stockholders $ 723,440 $ 226,894 Adjustments: Noncontrolling interests in operating partnership 16,300 5,400 Real estate related depreciation and amortization (1) 410,836 381,425 Depreciation related to non-controlling interests (14,569) (8,254) Real estate related depreciation and amortization related to investment in unconsolidated joint ventures 43,215 30,831 (Gain) on real estate transactions (810,688) (173,990) Provision for impairment 113,000 - FFO available to common stockholders and unitholders $ 481,535 $ 462,306 Basic FFO per share and unit $ 1.56 $ 1.58 Diluted FFO per share and unit $ 1.55 $ 1.55 Weighted average common stock and units outstanding Basic 308,024 292,536 Diluted 317,539 302,258 (1) Real estate related depreciation and amortization was computed as follows: Depreciation and amortization per income statement 420,613 388,704 Non-real estate depreciation (9,777) (7,279) $ 410,836 $ 381,425 Three Months Ended Digital Realty Trust, Inc. and Subsidiaries Reconciliation of Net Income Available to Common Stockholders to Funds From Operations (FFO) (in thousands, except per share and unit data) (unaudited) September 30, 2023 September 30, 2022 FFO available to common stockholders and unitholders $ 481,535 $ 462,306 FFO available to common stockholders and unitholders -- basic and diluted $ 481,535 $ 462,306 Weighted average common stock and units outstanding 308,024 292,536 Add: Effect of dilutive securities 515 294 Weighted average common stock and units outstanding -- diluted 308,539 292,830 Three Months Ended September 30, 2023 September 30, 2022 Total operating revenues $ 1,402,437 $ 1,192,082 less: Proforma disposition adjustment (30,884) (81,804) plus: Constant currency adjustment (5,393) - Total operating revenues (as adjusted) $ 1,366,160 $ 1,110,278 Three Months Ended

Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent 3Q23 Financial Results 23 September 30, 2023 September 30, 2022 FFO available to common stockholders and unitholders -- diluted $ 481,535 $ 462,306 Other non-core revenue adjustments (27) (1,818) Transaction and integration expenses 14,465 25,862 Loss from early extinguishment of debt - - (Gain) / Loss on FX revaluation 451 (1,120) Severance accrual and equity acceleration 2,682 1,655 Other non-core expense adjustments 1,295 1,046 CFFO available to common stockholders and unitholders -- diluted $ 500,402 $ 487,931 CFFO impact of holding '22 Exchange Rates Constant (5,393) - Constant Currency CFFO available to common stockholders and unitholders -- diluted $ 495,009 $ 487,931 Diluted CFFO per share and unit $ 1.62 $ 1.67 Diluted Constant Currency CFFO per share and unit $ 1.60 $ 1.67 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 3Q23 Financial Results 24 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 25 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 3Q23 Financial Results

Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent 3Q23 Financial Results 26 September 30, 2023 September 30, 2022 Net income available to common stockholders $ 723,440 $ 226,894 Interest 110,767 76,502 Loss from early extinguishment of debt - - Income tax expense (benefit) 17,228 19,576 Depreciation and amortization 420,613 388,704 EBITDA 1,272,048 711,676 Unconsolidated JV real estate related depreciation & amortization 43,215 30,831 Unconsolidated JV interest expense and tax expense 27,000 11,948 Severance accrual and equity acceleration 2,682 1,655 Transaction and integration expenses 14,465 25,862 (Gain) / loss on sale of investments (810,688) (173,990) Provision for impairment 113,000 - Other non-core adjustments, net 1,719 (94) Noncontrolling interests 12,320 1,716 Preferred stock dividends, including undeclared dividends 10,181 10,181 Adjusted EBITDA $ 685,943 $ 619,785 Before Interest, Taxes, Depreciation and Amortization (EBITDA) and Adjusted EBITDA Digital Realty Trust, Inc. and Subsidiaries Reconciliation of Net Income Available to Common Stockholders to Earnings Three Months Ended (in thousands) (unaudited)

Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent 3Q23 Financial Results 27 September 30, 2023 September 30, 2022 Rental revenues $ 589,988 $ 584,452 Tenant reimbursements - Utilities 267,258 195,042 Tenant reimbursements - Other 44,906 29,530 Interconnection and other 87,563 80,566 Total Revenue 989,715 889,591 Utilities 312,322 224,113 Rental property operating 157,331 151,078 Property taxes 46,192 26,251 Insurance 3,849 3,467 Total Expenses 519,695 404,908 Net Operating Income $ 470,020 $ 484,683 Less: Stabilized straight-line rent $ (5,188) $ (4,038) Above and below market rent 1,043 1,293 Same-Capital Cash Net Operating Income $ 474,165 $ 487,428 Same-Capital Cash NOI impact of holding '22 Exchange Rates Constant 45,280 - Constant Currency Same-Capital Cash Net Operating Income $ 519,445 $ 487,428 Three Months Ended (unaudited) Digital Realty Trust, Inc. and Subsidiaries Reconciliation of Same-Capital Cash Net Operating Income (in thousands)

Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent Note: For Quarter ended September 30, 2023. 3Q23 Financial Results 28 Total Debt/Total Enterprise Value QE 09/30/23 Market value of common equity(i) $ 37,434,562 Liquidation value of preferred equity(ii) 755,000 Total GAAP interest expense (including unconsolidated JV interest expense) 129,948 Total debt at balance sheet carrying value 16,869,776 Add: Capitalized interest 29,130 Total Enterprise Value $ 55,059,338 GAAP interest expense plus capitalized interest 159,078 Total debt / total enterprise value 30.6% Debt-plus-preferred-to-total-enterprise-value 32.0% Debt Service Ratio 4.3x (i) Market Value of Common Equity Common shares outstanding 302,846 Common units outstanding 6,479 QE 09/30/23 Total Shares and Partnership Units 309,325 Fixed Charged Ratio (LQA Adjusted EBITDA/total fixed charges) Stock price as of September 30, 2023 $ 121.02 Market value of common equity $ 37,434,562 GAAP interest expense plus capitalized interest 159,078 Preferred dividends 10,181 (ii) Liquidation value of preferred equity ($25.00 per share) Total fixed charges 169,259 Shares O/S Liquidation Value Series J Preferred 8,000 200,000 Fixed charge ratio 4.1x Series K Preferred 8,400 210,000 Series L Preferred 13,800 345,000 755,000 (iv) QE 09/30/23 Unsecured Debt/Total Debt Net Debt/LQA Adjusted EBITDA QE 09/30/23 Global unsecured revolving credit facility 1,698,780 Total debt at balance sheet carrying value $ 16,869,776 Unsecured term loans 1,524,663 Add: DLR share of unconsolidated joint venture debt 1,463,211 Unsecured senior notes, net of discount 13,072,102 Add: Capital lease obligations, net 306,538 Secured debt, including premiums 574,231 Less: Unrestricted cash (1,275,978) Capital lease obligations, net 306,538 Net Debt as of September 30, 2023 $ 17,363,548 Total debt at balance sheet carrying value 17,176,314 Net Debt / LQA Adjusted EBITDA(iii) 6.3x Unsecured Debt / Total Debt 96.7% (iii) Adjusted EBITDA Net Debt Plus Preferred/LQA Adjusted EBITDA QE 09/30/23 Net loss available to common stockholders $ 723,440 Total debt at balance sheet carrying value 16,869,776 Interest expense 110,767 Less: Unrestricted cash (1,275,978) Taxes 17,228 Capital lease obligations, net 306,538 Depreciation and amortization 420,613 DLR share of unconsolidated joint venture debt 1,463,211 EBITDA 1,272,048 Net Debt as of September 30, 2023 17,363,548 Preferred Liquidation Value (iv) 755,000 Unconsolidated JV real estate related depreciation & amortization 43,214 Net Debt plus preferred 18,118,548 Unconsolidated JV interest expense and tax expense 27,000 Severance accrual and equity acceleration and legal expenses 2,682 Net Debt Plus Preferred/LQA Adjusted EBITDA(iii) 6.6x Transaction and integration expenses 14,465 (Gain) / loss on sale of investments (810,688) Other non-core adjustments, net 1,719 Provision for impairment 113,000 Noncontrolling interests 12,320 Preferred stock dividends 10,181 Adjusted EBITDA $ 685,943 LQA Adjusted EBITDA (Adjusted EBITDA x 4) $ 2,743,770 Debt Service Ratio (LQA Adjusted EBITDA/GAAP interest expense plus capitalized interest and less bridge facility fees)

3Q23 Financial Results 29 Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent September 30, 2023 September 30, 2022 June 30, 2023 June 30, 2022 March 31, 2023 March 31, 2022 Operating income $58,231 $157,381 $154,860 $170,371 $177,335 $141,236 Fee income (7,819) (6,169) (14,908) (5,072) (7,868) (5,757) Other income — (1,749) (932) (2,713) (887) (15) Depreciation and amortization 420,613 388,704 432,573 376,967 421,198 382,132 General and administrative 108,039 95,792 105,964 101,991 107,766 96,435 Severance, equity acceleration, and legal expenses 2,682 1,655 3,652 3,786 4,155 2,077 Transaction expenses 14,465 25,862 17,764 13,586 12,267 11,968 Impairment in investments in real estate 113,000 — — — — — Other expenses 1,295 1,096 655 7 0 — 7,657 Net Operating Income $710,506 $662,572 $699,629 $658,986 $713,965 $635,734 Straight-line rental revenue (14,185) (17,505) 12,116 (14,134) (16,327) (6,530) Straight-line rental expense 1,632 2,499 722 (2,609) (510) 3,646 Above- and below-market rent amortization (1,127) (465) (1,195) 196 (1,226) 335 Cash Net Operating Income $696,826 $647,101 $711,272 $642,439 $695,902 $633,185 Same Capital Cash Net Operating Income 533,117 487,428 541,038 510,402 535,349 509,644 Non Same Capital Cash Net Operating Income 155,788 136,699 170,234 132,037 160,553 123,541 Three Months Ended Three Months Ended Three Months Ended

3Q23 Financial Results 30 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

3Q23 Financial Results 31 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	Oct. 26, 2023
Entity Information [Line Items]
Document Type	8-K
Document Period End Date	Oct. 26, 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