8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

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

Date of Report (Date of earliest event reported): February 15, 2024

DIGITAL REALTY TRUST, INC.

(Exact name of registrant as specified in its charter)

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

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

(737) 281-0101

(Registrant’s telephone number, including area code)

N/A

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

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

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

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

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

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

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

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

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

Emerging growth company ☐

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

Item 2.02 Results of Operations and Financial Condition.

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

On February 15, 2024, we issued a press release announcing our financial results for the quarter ended December 31, 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 February 15, 2024, we also posted presentation materials to our website at www.digitalrealty.com. The presentation materials are attached hereto as Exhibit 99.2 and incorporated by reference herein.

Item 7.01 Regulation FD Disclosure.

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

On February 15, 2024, we issued a press release announcing our financial results for the quarter ended December 31, 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 February 15, 2024, we also posted presentation materials to our website at www.digitalrealty.com. The presentation materials are attached hereto as Exhibit 99.2 and incorporated by reference herein.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.	Description
99.1	Earnings Press Release and Supplemental Information for the Quarter Ended December 31, 2023.
99.2	Presentation Materials posted February 15, 2024.
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: February 15, 2024

EX-99.1

Exhibit 99.1

.

		Financial Supplement
Table of Contents		Fourth Quarter 2023

Overview	PAGE
Corporate Information	3
Key Quarterly Financial Data	5
Consolidated Statements of Operations
Earnings Release	7
2024 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		Fourth 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 December 31, 2023, the company’s 309 data centers, including 67 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 39.7 million square feet, excluding approximately 8.5 million square feet of space under active development and 4.1 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 digitalrealty.com.

Corporate Headquarters 5707 Southwest Parkway, Building 1, Suite 275 Austin, TX  78735Telephone: (737) 281-0101
Website: 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	HSBC	Jefferies	J.P. Morgan	MoffettNathanson
Kyle Sanders	Irvin Liu	David Guarino	Phani Kanumuri	Jonathan Petersen	Richard Choe	Nick Del Deo
(314) 515-0198	(415) 800-0183	(949) 640-8780	+52 (551) 782-7350	(212) 284 1705	(212) 662 6708	(212) 519-0025
Morgan Stanley	Morningstar	Raymond James	RBC Capital Markets	Scotiabank	Stifel	TD Cowen
Simon Flannery	Matthew Dolgin	Frank Louthan	Jonathan Atkin	Maher Yaghi	Erik Rasmussen	Michael Elias
(212) 761-6432	(312) 696-6783	(404) 442-5867	(415) 633-8589	(437) 995-5548	(212) 271-3461	(646) 562-1358
Truist Securities	UBS	Wells Fargo	Wolfe Research
Anthony Hau	John Hodulik	Eric Luebchow	Andrew Rosivach
(212) 303-4176	(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 digitalrealty.com.

Upcoming Conference Schedule

March 4 – 6, 2024	Citi’s 2024 Global Property CEO Conference	Hollywood, FL
March 11 – 13, 2024	32nd Annual Deutsche Bank’s Media Internet Telecom Conference	Palm Beach, FL

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

3

		Financial Supplement
Corporate Information (Continued)		Fourth 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	(Stable Outlook)
Preferred Stock:	BB+
Moody’s
Issuer Rating:	Baa2	(Stable Outlook)
Preferred Stock:	Baa3
Fitch
Issuer Default Rating:	BBB	(Stable Outlook)
Preferred Stock:	BB+

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

Common Stock Price Performance

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

	Three Months Ended
	31-Dec-23		30-Sep-23		30-Jun-23		31-Mar-23		31-Dec-22
High price		$139.35		$133.39		$114.43		$122.43		$114.86
Low price		$113.94		$112.38		$86.33		$90.72		$85.76
Closing price, end of quarter		$134.58		$121.02		$113.87		$98.31		$100.27
Average daily trading volume (1)		1,932		2,301		3,113		2,232		2,168
Indicated dividend per common share (2)		$4.88		$4.88		$4.88		$4.88		$4.88
Closing annual dividend yield, end of quarter		3.6%		4.0%		4.3%		5.0%		4.9%
Shares and units outstanding, end of quarter (1) (3)		318,057		309,325		305,723		297,761		297,437
Closing market value of shares and units outstanding (4)		$42,804,053		$37,434,562		$34,812,727		$29,272,861		$29,823,997

(1) Shares or shares and units in thousands.

(2) On an annualized basis.

(3) As of December 31, 2023, the total number of shares and units includes 311,608 shares of common stock, 4,343 common units held by third parties and 2,106 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.

(4) 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 digitalrealty.com.

4

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

Shares and Units at End of Quarter	31-Dec-23		30-Sep-23		30-Jun-23		31-Mar-23		31-Dec-22
Common shares outstanding		311,608		302,846		299,240		291,299		291,148
Common partnership units outstanding		6,449		6,479		6,483		6,462		6,289
Total Shares and Units		318,057		309,325		305,723		297,761		297,437
Enterprise Value
Market value of common equity (1)		$42,804,053		$37,434,562		$34,812,727		$29,272,861		$29,823,997
Liquidation value of preferred equity		755,000		755,000		755,000		755,000		755,000
Total debt at balance sheet carrying value		17,425,908		16,869,776		17,729,452		17,875,511		16,596,803
Total Enterprise Value		$60,984,961		$55,059,338		$53,297,179		$47,903,372		$47,175,800
Total debt / total enterprise value		28.6%		30.6%		33.3%		37.3%		35.2%
Debt-plus-preferred-to-total-enterprise-value		29.8%		32.0%		34.7%		38.9%		36.8%
Selected Balance Sheet Data
Investments in real estate (before depreciation)		$34,355,662		$33,267,766		$33,958,096		$33,805,740		$33,035,069
Total Assets		44,113,257		41,932,515		42,388,735		41,953,068		41,484,998
Total Liabilities		23,116,936		21,895,634		22,916,155		22,799,620		21,862,853
Selected Operating Data
Total operating revenues		$1,369,633		$1,402,437		$1,366,267		$1,338,724		$1,233,108
Total operating expenses		1,235,598		1,344,206		1,211,407		1,161,388		1,112,127
Net income		19,884		745,941		115,647		68,839		763
Net income / (loss) available to common stockholders		18,122		723,440		108,003		58,547		(6,093)
Financial Ratios
EBITDA (2)		$572,958		$1,272,048		$667,866		$603,419		$493,244
Adjusted EBITDA (3)		699,509		685,943		696,604		667,804		638,969
Net Debt-to-Adjusted EBITDA (4)		6.2x		6.3x		6.8x		7.1x		6.9x
Interest expense		113,638		110,767		111,116		102,220		86,882
Fixed charges (5)		156,851		150,079		149,181		139,172		121,644
Interest coverage ratio (6)		4.0x		4.3x		4.5x		4.7x		5.3x
Fixed charge coverage ratio (7)		3.8x		4.1x		4.2x		4.4x		4.9x
Profitability Measures
Net income / (loss) per common share - basic		$0.06		$2.40		$0.37		$0.20		($0.02)
Net income / (loss) per common share - diluted		$0.08		$2.33		$0.37		$0.19		($0.02)
Funds from operations (FFO) / diluted share and unit (8)		$1.53		$1.55		$1.52		$1.60		$1.45
Core funds from operations (Core FFO) / diluted share and unit (8)		$1.63		$1.62		$1.68		$1.66		$1.65
Adjusted funds from operations (AFFO) / diluted share and unit (9)		$1.30		$1.40		$1.59		$1.56		$1.29
Dividends per share and common unit		$1.22		$1.22		$1.22		$1.22		$1.22
Diluted FFO payout ratio (8) (10)		79.8%		78.6%		80.3%		76.0%		83.9%
Diluted Core FFO payout ratio (8) (11)		75.0%		75.2%		72.6%		73.5%		73.9%
Diluted AFFO payout ratio (9) (12)		93.6%		87.3%		76.7%		78.2%		94.8%
Portfolio Statistics
Buildings (13)		323		326		330		328		329
Data Centers (13)		309		312		316		314		316
Cross-connects (13)(14)		220,000		218,000		216,000		214,000		211,000
Net rentable square feet, excluding development space (13)		39,688		39,542		39,310		38,804		38,156
Occupancy at end of quarter (15)		81.7%		82.8%		82.9%		83.5%		84.7%
Occupied square footage (13)		32,407		32,727		32,603		32,394		32,327
Space under active development (16)		8,470		9,205		8,841		9,243		9,245
Space held for development (17)		4,130		3,937		3,941		3,742		3,351
Weighted average remaining lease term (years) (18)		4.6		4.8		4.9		4.8		4.7
Same-capital occupancy at end of quarter (15) (19)		82.7%		82.7%		82.9%		82.8%		83.3%

5

Key Quarterly Financial Data		Financial Supplement
Unaudited, Dollars (except per share data) and Square Feet in Thousands		Fourth 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 (i) unconsolidated joint venture real estate related depreciation & amortization, (ii) unconsolidated joint venture interest and tax expense, (iii) severance, equity acceleration and legal expenses, (iv) transaction and integration expenses, (v) gain (loss) on sale / deconsolidation, (vi) provision for impairment, (vii) other non-core adjustments, net, (viii) non-controlling interests, (ix) preferred stock dividends, and (x) 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		Financial Supplement
Earnings Release		Fourth Quarter 2023

Digital Realty Reports Fourth Quarter 2023 Results

Austin, TX — February 15, 2024 — Digital Realty (NYSE: DLR), the largest global provider of cloud- and carrier-neutral data center, colocation, and interconnection solutions, announced today financial results for the fourth quarter of 2023. All per share results are presented on a fully diluted basis.

Highlights

◾ Reported net income available to common stockholders of $0.08 per share in 4Q23, compared to ($0.02) in 4Q22

◾ Reported FFO per share of $1.53 in 4Q23, compared to $1.45 in 4Q22

◾ Reported Core FFO per share of $1.63 in 4Q23, compared to $1.65 in 4Q22

◾ Reported Constant-Currency Core FFO per share of $1.62 in 4Q23 and $6.57 per share for the twelve months ended December 31, 2023

◾ Reported “Same-Capital” cash NOI growth of 9.9% in 4Q23

◾ Reported rental rate increases on renewal leases of 8.2% on a cash basis in 4Q23

◾ Signed total bookings during 4Q23 that are expected to generate $110 million of annualized GAAP rental revenue, including a $39 million contribution from the 0–1 megawatt category and $13 million contribution from interconnection

◾ Introduced 2024 Core FFO per share outlook of $6.60 - $6.75

Financial Results

Digital Realty reported revenues of $1.4 billion in the fourth quarter of 2023, a 2% decrease from the previous quarter and an 11% increase from the same quarter last year.

The company delivered net income of $20 million in the fourth quarter of 2023, and net income available to common stockholders of $18 million, or $0.08 per diluted share, compared to $2.33 per diluted share in the previous quarter and ($0.02) per diluted share in the same quarter last year.

Digital Realty generated Adjusted EBITDA of $700 million in the fourth quarter of 2023, a 2% increase from the previous quarter and 9% increase over the same quarter last year.

The company reported Funds From Operations (FFO) of $484 million in the fourth quarter of 2023, or $1.53 per share, compared to $1.55 per share in the previous quarter and $1.45 per share in the same quarter last year.

Excluding certain items that do not represent core expenses or revenue streams, Digital Realty delivered Core FFO per share of $1.63 in the fourth quarter of 2023, compared to $1.62 per share in the previous quarter and $1.65 per share in the same quarter last year. Digital Realty delivered Constant-Currency Core FFO per share of $1.62 for the fourth quarter of 2023 and $6.57 per share for the twelve-month period ended December 31, 2023.

“Our fourth quarter results marked the culmination of a transformative year for Digital Realty. We delivered on our strategic priorities and positioned the company for the growing opportunity that lies ahead,” said Digital Realty President & Chief Executive Officer Andy Power. “During the fourth quarter, we bolstered and diversified our capital sources through the formation of two new development joint ventures, while continuing to evolve our portfolio to capture the tremendous opportunities created by AI.”

Leasing Activity

In the fourth quarter, Digital Realty signed total bookings that are expected to generate $110 million of annualized GAAP rental revenue, including a $39 million contribution from the 0–1 megawatt category and a $13 million contribution from interconnection.

The weighted-average lag between new leases signed during the fourth quarter of 2023 and the contractual commencement date was 16 months.

In addition to new leases signed, Digital Realty also signed renewal leases representing $210 million of annualized rental revenue during the quarter. Rental rates on renewal leases signed during the fourth quarter of 2023 increased 8.2% on a cash basis and 10.6% on a GAAP basis.

7

Digital Realty Trust		Financial Supplement
Earnings Release		Fourth Quarter 2023

New leases signed during the fourth quarter of 2023 are summarized by region and product as follows:

	Annualized GAAP
	Base Rent		Square Feet	GAAP Base Rent			GAAP Base Rent
Americas	(in thousands)		(in thousands)	per Square Foot		Megawatts	per Kilowatt
0-1 MW		$13,068	57		$228	4.5		$241
> 1 MW		7,520	66		115	3.9		160
Other (1)		300	5		62	—		—
Total		$20,887	128		$163	8.4		$204
EMEA (2)
0-1 MW		$17,189	87		$198	6.3		$226
> 1 MW		44,669	306		146	25.7		145
Other (1)		49	2		28	—		—
Total		$61,908	395		$157	32.0		$161
Asia Pacific (2)
0-1 MW		$9,225	27		$343	2.8		$273
> 1 MW		4,453	28		158	3.0		124
Other (1)		128	4		30	—		—
Total		$13,806	59		$233	5.8		$196
All Regions (2)
0-1 MW		$39,482	171		$231	13.7		$241
> 1 MW		56,642	400		142	32.6		145
Other (1)		477	11		44	—		—
Total		$96,601	582		$166	46.3		$173
Interconnection		$13,483	N/A		N/A	N/A		N/A
Grand Total		$110,084	582		$166	46.3		$173

Note: Totals may not foot due to rounding differences.

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

(2) Based on quarterly average exchange rates during the three months ended December 31, 2023.

Investment Activity

During the fourth quarter, Digital Realty signed definitive agreements with Brookfield Infrastructure Partners L.P., Cyxtera Technologies and Digital Core REIT to successfully resolve the relationship with Cyxtera. These agreements were completed in conjunction with Brookfield's announced agreement to acquire Cyxtera, pursuant to its Plan of Reorganization under its Chapter 11 proceedings. As part of the agreements, Brookfield would acquire Digital Realty’s interest in four data centers for approximately $275 million, Digital Realty would redeploy $55 million to buy out Cyxtera’s leases in three Digital Realty data centers in Singapore and Frankfurt, Brookfield would grant Digital Realty a purchase option to acquire a data center outside of London, UK, Brookfield would assume the leases in three data centers previously leased to Cyxtera and Brookfield would amend the leases in these three data centers in New Jersey and Los Angeles, accelerating the expiration date to September 2024. Subsequent to year end, Digital Realty closed on the transactions and exercised its purchase option to acquire the data center outside of London, UK, which is expected to close at the end of the first quarter.

As previously disclosed, in mid-November, Digital Realty and Realty Income Corporation established a joint venture to support the development of two build-to-suit data centers in Northern Virginia. Realty Income initially invested approximately $200 million to acquire an 80% equity interest in the venture, while Digital Realty maintains a 20% interest. Each partner will fund its pro rata share of the remaining development costs for the two facilities. The build-to-suit facilities are 100% pre-leased and are expected to generate a 6.9% initial cash lease yield upon lease commencement in mid-2024.

Also previously disclosed, in December, Digital Realty and Blackstone Inc. announced a $7 billion joint venture to develop four hyperscale data center campuses across Frankfurt, Paris and Northern Virginia. The campuses are planned to support the construction of 10 data centers with approximately 500 megawatts of potential IT load capacity. Blackstone will initially invest approximately $700 million to acquire an 80% equity interest in the joint venture, while Digital Realty maintains a 20% interest. Digital Realty will manage the development and day-to-day operations of the joint venture, for which it will receive customary fees. Subsequent to year end, the first phase of the joint venture closed on hyperscale data center campuses in Paris and Northern Virginia, while the second phase is scheduled to close later this year, upon obtaining the required regulatory approvals.

8

Digital Realty Trust		Financial Supplement
Earnings Release		Fourth Quarter 2023

Additionally, Digital Realty completed the sale of an option maintained on a second parcel of land in Sydney, Australia with an area of 21 acres for approximately AU$29 million or $20 million.

Further during the fourth quarter, Digital Realty exercised its option to purchase approximately 19 acres of land (PAR 8 – 11) in Paris, France for approximately €70 million or $77 million. The parcel of land, previously leased to Digital Realty, is currently under development to support up to 77 megawatts of IT load. Subsequent to year end, Digital Realty closed on PAR 8 – 11.

In addition, during the fourth quarter, Digital Realty closed on the acquisition of approximately three acres adjacent to its existing campus near Athens, Greece for approximately €6 million or $6 million. This land can support the development of an additional data center (ATH5) with up to 15 megawatts of IT load.

Subsequent to year end, GI Partners executed its option to acquire an additional 15% interest in two stabilized hyperscale data center buildings in Chicago, increasing their interest from the 65% interest acquired in the third quarter to 80%. The top-up, completed at the same terms as the initial closing, resulted in approximately $68 million of gross proceeds to Digital Realty.

Balance Sheet

Digital Realty had approximately $17.4 billion of total debt outstanding as of December 31, 2023, comprised of $16.8 billion of unsecured debt and approximately $0.6 billion of secured debt and other. At the end of the fourth quarter of 2023, net debt-to-Adjusted EBITDA was 6.2x, debt-plus-preferred-to-total enterprise value was 29.8% and fixed charge coverage was 3.8x. Pro forma for the completion of the Blackstone development joint ventures announced in December 2023 and the completion of asset sales and the issuance of common stock subsequent to year end, net debt-to-Adjusted EBITDA was 5.8x.

During the quarter, Digital Realty sold 8.7 million shares of its common stock at a weighted average price of $133.21 per share through its ATM program, for net proceeds of approximately $1.1 billion. Subsequent to year end, the company sold 0.6 million shares of its common stock at a weighted average price of $133.43 per share for net proceeds of approximately $84 million. 

Subsequent to year end, the company retired $240 million of the $740 million U.S. dollar term loan.

9

Digital Realty Trust		Financial Supplement
Earnings Release		Fourth Quarter 2023

2024 Outlook

Digital Realty introduced its 2024 Core FFO per share and Constant-Currency Core FFO per share outlook of $6.60 - $6.75. The assumptions underlying the outlook are summarized in the following table.

	As of
Top-Line and Cost Structure	February 15, 2024
Total revenue	$5.550 - $5.650 billion
Net non-cash rent adjustments (1)	($35 - $40 million)
Adjusted EBITDA	$2.800 - $2.900 billion
G&A	$450 - $460 million
Internal Growth
Rental rates on renewal leases
Cash basis	4.0% - 6.0%
GAAP basis	6.0% - 8.0%
Year-end portfolio occupancy	+100 - 200 bps
"Same-Capital" cash NOI growth (2)	2.0% - 3.0%
Foreign Exchange Rates
U.S. Dollar / Pound Sterling	$1.25 - $1.30
U.S. Dollar / Euro	$1.05 - $1.10
External Growth
Dispositions / Joint Venture Capital
Dollar volume	$1,000 - $1,500 million
Cap rate	6.0% - 8.0%
Development
CapEx (Net of Partner Contributions) (3)	$2,000 - $2,500 million
Average stabilized yields	10.0%+
Enhancements and other non-recurring CapEx (4)	$15 - $20 million
Recurring CapEx + capitalized leasing costs (5)	$260 - $275 million
Balance Sheet
Long-term debt issuance
Dollar amount	$0 - $1,000 million
Pricing	5.0% - 5.5%
Timing	Mid-Year
Net income per diluted share	$1.80 - $1.95
Real estate depreciation and (gain) / loss on sale	$4.40 - $4.40
Funds From Operations / share (NAREIT-Defined)	$6.20 - $6.35
Non-core expenses and revenue streams	$0.40 - $0.40
Core Funds From Operations / share	$6.60 - $6.75
Foreign currency translation adjustments	$0.00 - $0.00
Constant-Currency Core Funds From Operations / share	$6.60 - $6.75

(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, 2022 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 2023-2024, properties classified as held for sale, and properties sold or contributed to joint ventures for all periods presented.

(3) Excludes land acquisitions and includes Digital Realty’s share of JV contributions. Figure is net of JV partner contributions.

(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		Financial Supplement
Earnings Release		Fourth 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 such as debt issuances, 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 February 15, 2024, a presentation will be posted to the Investors section of the company’s website at https://investor.digitalrealty.com. The presentation is designed to accompany the discussion of the company’s fourth quarter 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# 0216634 at least five minutes prior to start time. A live webcast of the call will be available via the Investors section of Digital Realty’s website at https://investor.digitalrealty.com.

Telephone and webcast replays will be available after the call until March 15, 2024. 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# 4147003. 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 data 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 in Thousands, Except Per Share Data		Fourth Quarter 2023

	Three Months Ended					Twelve Months Ended
	31-Dec-23	30-Sep-23	30-Jun-23	31-Mar-23	31-Dec-22		31-Dec-23	31-Dec-22
Rental revenues	$885,694	$886,960	$869,298	$870,975	$834,374		$3,512,926	$3,141,488
Tenant reimbursements - Utilities	316,634	335,477	330,416	317,148	247,725		1,299,676	941,891
Tenant reimbursements - Other	46,418	64,876	46,192	40,150	46,045		197,636	199,663
Interconnection & other	106,413	107,305	104,521	101,695	97,286		419,934	379,641
Fee income	14,330	7,819	14,908	7,868	7,508		44,926	24,506
Other	144	—	932	887	168		1,963	4,645
Total Operating Revenues	$1,369,633	$1,402,437	$1,366,267	$1,338,724	$1,233,108		$5,477,061	$4,691,834
Utilities	$366,083	$384,455	$374,934	$346,364	$268,561		$1,471,836	$1,005,070
Rental property operating	237,118	223,089	224,762	224,861	222,430		909,830	820,746
Property taxes	40,161	72,279	46,718	40,424	42,032		199,581	175,631
Insurance	3,794	4,289	4,385	4,355	4,578		16,823	16,114
Depreciation & amortization	420,475	420,613	432,573	421,198	430,130		1,694,859	1,577,933
General & administration	109,235	108,039	105,964	107,766	104,452		431,004	398,669
Severance, equity acceleration and legal expenses	7,565	2,682	3,652	4,155	15,980		18,054	23,498
Transaction and integration expenses	40,226	14,465	17,764	12,267	17,350		84,722	68,766
Provision for impairment	5,363	113,000	—	—	3,000		118,363	3,000
Other expenses	5,580	1,295	655	—	3,615		7,529	12,438
Total Operating Expenses	$1,235,598	$1,344,206	$1,211,407	$1,161,388	$1,112,127		$4,952,600	$4,101,865
Operating Income	$134,035	$58,231	$154,860	$177,335	$120,981		$524,461	$589,969
Equity in earnings / (loss) of unconsolidated joint ventures	(29,955)	(19,793)	5,059	14,897	(28,112)		(29,791)	(13,496)
Gain / (loss) on sale of investments	(103)	810,688	89,946	—	(6)		900,531	176,754
Interest and other income / (expense), net	50,269	24,812	(6,930)	280	(22,894)		68,431	8,918
Interest (expense)	(113,638)	(110,767)	(111,116)	(102,220)	(86,882)		(437,741)	(299,132)
Income tax benefit / (expense)	(20,724)	(17,228)	(16,173)	(21,454)	17,676		(75,579)	(31,551)
Loss from early extinguishment of debt	—	—	—	—	—		—	(51,135)
Net Income	$19,884	$745,941	$115,647	$68,839	$763		$950,311	$380,327
Net income / (loss) attributable to noncontrolling interests	8,419	(12,320)	2,538	(111)	3,326		(1,474)	(2,455)
Net Income Attributable to Digital Realty Trust, Inc.	$28,304	$733,621	$118,185	$68,728	$4,089		$948,838	$377,872
Preferred stock dividends	(10,181)	(10,181)	(10,181)	(10,181)	(10,181)		(40,725)	(40,725)
Net Income / (Loss) Available to Common Stockholders	$18,122	$723,440	$108,003	$58,547	($6,093)		$908,113	$337,147
Weighted-average shares outstanding - basic	305,781	301,827	295,390	291,219	289,365		298,603	286,334
Weighted-average shares outstanding - diluted	314,995	311,341	306,819	303,065	301,712		309,065	297,919
Weighted-average fully diluted shares and units	321,173	317,539	313,021	309,026	307,546		315,113	303,708
Net income / (loss) per share - basic	$0.06	$2.40	$0.37	$0.20	($0.02)		$3.04	$1.18
Net income / (loss) per share - diluted	$0.08	$2.33	$0.37	$0.19	($0.02)		$3.00	$1.13

12

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

	Three Months Ended						Twelve Months Ended
Reconciliation of Net Income to Funds From Operations (FFO)		31-Dec-23	30-Sep-23	30-Jun-23	31-Mar-23	31-Dec-22		31-Dec-23	31-Dec-22
Net Income / (Loss) Available to Common Stockholders		$18,122	$723,440	$108,003	$58,547	($6,093)		$908,112	$337,147
Adjustments:
Non-controlling interest in operating partnership		410	16,300	2,500	1,500	(586)		20,710	7,914
Real estate related depreciation & amortization (1)		410,167	410,836	424,044	412,192	422,951		1,657,239	1,547,865
Reconciling items related to non-controlling interests		(15,377)	(14,569)	(14,144)	(13,388)	(13,856)		(57,477)	(22,110)
Unconsolidated JV real estate related depreciation & amortization		64,833	43,215	35,386	33,719	33,927		177,153	123,099
(Gain) / loss on real estate transactions		103	(810,688)	(89,946)	(7,825)	572		(908,356)	(177,332)
Provision for impairment		5,363	113,000	—	—	3,000		118,363	3,000
Funds From Operations		$483,621	$481,535	$465,844	$484,745	$439,915		$1,915,745	$1,819,583
Weighted-average shares and units outstanding - basic		311,960	308,024	301,593	297,180	295,199		304,651	292,123
Weighted-average shares and units outstanding - diluted (2)(3)		321,173	317,539	313,021	309,026	307,546		315,113	303,708
Funds From Operations per share - basic		$1.55	$1.56	$1.54	$1.63	$1.49		$6.29	$6.23
Funds From Operations per share - diluted (2)(3)		$1.53	$1.55	$1.52	$1.60	$1.45		$6.20	$6.03

	Three Months Ended						Twelve Months Ended
Reconciliation of FFO to Core FFO		31-Dec-23	30-Sep-23	30-Jun-23	31-Mar-23	31-Dec-22		31-Dec-23	31-Dec-22
Funds From Operations		$483,621	$481,535	$465,844	$484,745	$439,915		$1,915,745	$1,819,583
Other non-core revenue adjustments		(146)	(27)	27,454	(887)	(3,786)		26,393	8,768
Transaction and integration expenses		40,226	14,465	17,764	12,267	17,350		84,722	68,766
Loss from early extinguishment of debt		—	—	—	—	—		—	51,135
Severance, equity acceleration and legal expenses (4)		7,565	2,682	3,652	4,155	15,980		18,054	23,498
(Gain) / Loss on FX revaluation		(24,804)	451	(7,868)	(6,778)	14,564		(39,000)	(24,694)
Other non-core expense adjustments		1,956	1,295	655	—	3,615		3,905	12,388
Core Funds From Operations		$508,417	$500,402	$507,501	$493,500	$487,638		$2,009,820	$1,959,444
Weighted-average shares and units outstanding - diluted (2)(3)		312,356	308,539	301,806	297,382	295,519		305,138	292,528
Core Funds From Operations per share - diluted (2)		$1.63	$1.62	$1.68	$1.66	$1.65		$6.59	$6.70

(1) Real Estate Related Depreciation & Amortization	Three Months Ended						Twelve Months Ended
		31-Dec-23	30-Sep-23	30-Jun-23	31-Mar-23	31-Dec-22		31-Dec-23	31-Dec-22
Depreciation & amortization per income statement		$420,475	$420,613	$432,573	$421,198	$430,130		$1,694,859	$1,577,933
Non-real estate depreciation		(10,308)	(9,777)	(8,529)	(9,006)	(7,179)		(37,619)	(30,068)
Real Estate Related Depreciation & Amortization		$410,167	$410,836	$424,044	$412,192	$422,951		$1,657,239	$1,547,865

(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						Twelve Months Ended
		31-Dec-23	30-Sep-23	30-Jun-23	31-Mar-23	31-Dec-22		31-Dec-23	31-Dec-22
Teraco noncontrolling share of FFO		$7,135	$11,537	$9,645	$11,069	$7,213		$39,386	$11,919
Teraco related minority interest		$7,135	$11,537	$9,645	$11,069	$7,213		$39,386	$11,919

(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 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		Fourth Quarter 2023

	Three Months Ended						Twelve Months Ended
Reconciliation of Core FFO to AFFO		31-Dec-23	30-Sep-23	30-Jun-23	31-Mar-23	31-Dec-22		31-Dec-23	31-Dec-22
Core FFO available to common stockholders and unitholders		$508,417	$500,402	$507,501	$493,500	$487,638		$2,009,820	$1,959,444
Adjustments:
Non-real estate depreciation		10,308	9,777	8,529	9,006	7,179		37,619	30,068
Amortization of deferred financing costs		5,744	5,776	5,984	4,072	3,753		21,575	13,987
Amortization of debt discount/premium		973	1,360	1,339	1,301	1,276		4,973	4,829
Non-cash stock-based compensation expense		9,226	14,062	13,893	13,056	16,042		50,238	62,242
Straight-line rental revenue		(21,992)	(14,080)	(16,151)	(16,194)	(29,392)		(68,417)	(83,604)
Straight-line rental expense		(4,999)	1,427	520	(515)	(208)		(3,567)	4,401
Above- and below-market rent amortization		(856)	(1,127)	(1,195)	(1,226)	(762)		(4,404)	(696)
Deferred tax (benefit) / expense		33,448	(8,539)	1,339	(9,795)	(4,885)		16,452	(12,491)
Leasing compensation & internal lease commissions		9,848	12,515	11,611	11,067	9,578		45,040	42,117
Recurring capital expenditures (1)		(142,808)	(90,251)	(53,498)	(40,465)	(109,999)		(327,022)	(266,466)
AFFO available to common stockholders and unitholders (2)		$407,306	$431,322	$479,873	$463,807	$380,220		$1,782,308	$1,753,831
Weighted-average shares and units outstanding - basic		311,960	308,024	301,593	297,180	295,199		304,651	292,123
Weighted-average shares and units outstanding - diluted (3)		312,356	308,539	301,806	297,382	295,519		305,138	292,528
AFFO per share - diluted (3)		$1.30	$1.40	$1.59	$1.56	$1.29		$5.84	$6.00
Dividends per share and common unit		$1.22	$1.22	$1.22	$1.22	$1.22		$4.88	$4.88
Diluted AFFO Payout Ratio		93.6%	87.3%	76.7%	78.2%	94.8%		83.5%	81.4%

	Three Months Ended						Twelve Months Ended
Share Count Detail		31-Dec-23	30-Sep-23	30-Jun-23	31-Mar-23	31-Dec-22		31-Dec-23	31-Dec-22
Weighted Average Common Stock and Units Outstanding		311,960	308,024	301,593	297,180	295,199		304,651	292,123
Add: Effect of dilutive securities		396	515	213	202	320		487	405
Weighted Avg. Common Stock and Units Outstanding - diluted		312,356	308,539	301,806	297,382	295,519		305,138	292,528

(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 FFO and for calculations of weighted average common stock and units outstanding.

14

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

	31-Dec-23		30-Sep-23		30-Jun-23		31-Mar-23		31-Dec-22
Assets
Investments in real estate:
Real estate		$27,306,369		$25,887,031		$27,087,769		$27,052,022		$26,136,057
Construction in progress		4,635,215		5,020,464		4,635,939		4,563,578		4,789,134
Land held for future development		118,190		179,959		193,936		194,564		118,452
Investments in Real Estate		$32,059,773		$31,087,453		$31,917,644		$31,810,164		$31,043,643
Accumulated depreciation and amortization		(7,823,685)		(7,489,193)		(7,739,462)		(7,600,559)		(7,268,981)
Net Investments in Properties		$24,236,089		$23,598,260		$24,178,182		$24,209,605		$23,774,662
Investment in unconsolidated joint ventures		2,295,889		2,180,313		2,040,452		1,995,576		1,991,426
Net Investments in Real Estate		$26,531,977		$25,778,573		$26,218,634		$26,205,180		$25,766,088
Operating lease right-of-use assets,net		$1,414,256		$1,274,410		$1,291,233		$1,317,293		$1,351,329
Cash and cash equivalents		1,625,495		1,062,050		124,519		131,406		141,773
Accounts and other receivables, net (1)		1,278,110		1,325,725		1,158,383		1,070,066		969,292
Deferred rent, net		624,427		586,418		613,796		627,700		601,590
Goodwill		9,239,871		8,998,074		9,148,603		9,199,636		9,208,497
Customer relationship value, deferred leasing costs & other intangibles, net		2,500,237		2,506,198		2,825,596		3,015,291		3,092,627
Assets held for sale		478,503		—		593,892		—		—
Other assets		420,382		401,068		414,078		386,495		353,802
Total Assets		$44,113,257		$41,932,515		$42,388,735		$41,953,068		$41,484,998
Liabilities and Equity
Global unsecured revolving credit facilities, net		$1,812,287		$1,698,780		$2,242,258		$2,514,202		$2,150,451
Unsecured term loans, net		1,560,305		1,524,663		1,548,780		1,542,275		797,449
Unsecured senior notes, net of discount		13,422,342		13,072,102		13,383,819		13,258,079		13,120,033
Secured and other debt, net of discount		630,973		574,231		554,594		560,955		528,870
Operating lease liabilities		1,542,094		1,404,510		1,420,239		1,443,994		1,471,044
Accounts payable and other accrued liabilities		2,168,983		2,147,103		2,214,820		1,923,819		1,868,884
Deferred tax liabilities, net		1,151,096		1,088,724		1,128,961		1,164,276		1,192,752
Accrued dividends and distributions		387,988		—		—		—		363,716
Security deposits and prepaid rents		401,867		385,521		417,693		392,021		369,654
Obligations associated with assets held for sale		39,001		—		4,990		—		—
Total Liabilities		$23,116,936		$21,895,634		$22,916,155		$22,799,620		$21,862,853
Redeemable non-controlling interests		1,394,814		1,360,308		1,367,422		1,448,772		1,514,680
Equity
Preferred Stock: $0.01 par value per share, 110,000 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 shares authorized (5)		3,088		3,002		2,967		2,888		2,887
Additional paid-in capital		24,396,797		23,239,088		22,882,200		22,126,379		22,142,868
Dividends in excess of earnings		(5,262,648)		(4,900,757)		(5,253,915)		(4,995,982)		(4,698,313)
Accumulated other comprehensive (loss), net		(751,393)		(882,996)		(741,484)		(652,486)		(595,798)
Total Stockholders' Equity		$19,117,535		$18,190,026		$17,621,456		$17,212,490		$17,583,334
Noncontrolling Interests
Noncontrolling interest in operating partnership		$438,081		$441,366		$436,099		$444,843		$419,317
Noncontrolling interest in consolidated joint ventures		45,892		45,182		47,603		47,342		104,814
Total Noncontrolling Interests		$483,972		$486,547		$483,702		$492,185		$524,131
Total Equity		$19,601,507		$18,676,573		$18,105,158		$17,704,675		$18,107,465
Total Liabilities and Equity		$44,113,257		$41,932,515		$42,388,735		$41,953,068		$41,484,998

(1) Net of allowance for doubtful accounts of $41,204 and $33,048 as of December 31, 2023 and December 31, 2022, respectively.

(2) SeriesJ Cumulative Redeemable Preferred Stock, 5.250%, $200,000 liquidation preference ($25.00 per share), 8,000 shares issued and outstanding as of December 31, 2023 and December 31, 2022.

(3) SeriesK Cumulative Redeemable Preferred Stock, 5.850%, $210,000 liquidation preference ($25.00 per share), 8,400 shares issued and outstanding as of December 31, 2023 and December 31, 2022.

(4) SeriesL Cumulative Redeemable Preferred Stock, 5.200%, $345,000 liquidation preference ($25.00 per share), 13,800 shares issued and outstanding as of December 31, 2023 and December 31, 2022.

(5) Common Stock: 311,608 and 291,148 shares issued and outstanding as of December 31, 2023 and December 31, 2022, respectively.

15

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

Consolidated Properties Cash Net Operating Income (NOI)(2), Annualized (3)
Network-Dense	$1,102,914
Campus	1,386,483
Other (4)	223,870
Total Cash NOI, Annualized	$2,713,267
less: Partners' share of consolidated JVs	(94,562)
Acquisitions / dispositions / expirations	(60,839)
FY 2024 backlog cash NOI and 4Q23 carry-over (stabilized) (5)	207,045
Total Consolidated Cash NOI, Annualized	$2,764,911
Digital Realty's Pro Rata Share of Unconsolidated Joint Venture Cash NOI (3)(6)	$241,396
Other Income
Development and Management Fees (net), Annualized	$57,322
Other Assets
Pre-stabilized inventory, at cost (7)	$363,915
Land held for development	118,190
Development CIP (8)	4,635,215
less: Investment associated with FY23 Backlog NOI	(2,028,595)
Cash and cash equivalents	1,625,495
Accounts and other receivables, net	1,278,110
Other assets	420,382
less: Partners' share of consolidated JV assets	(71,674)
Total Other Assets	$6,341,038
Liabilities
Global unsecured revolving credit facilities	$1,825,228
Unsecured term loans	1,567,925
Unsecured senior notes	13,507,426
Secured and other debt	633,319
Accounts payable and other accrued liabilities	2,168,983
Deferred tax liabilities, net	1,151,096
Accrued dividends and distributions	387,988
Security deposits and prepaid rents	401,867
Obligations associated with assets held for sale	39,001
Backlog NOI cost to complete (9)	434,837
Preferred stock	755,000
Digital Realty's share of unconsolidated JV debt	1,534,744
less: Partners' share of consolidated JV liabilities	(399,048)
Total Liabilities	$24,008,367

(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 4Q23 Cash NOI of $2.7 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, 2024. Excludes Digital Realty’s share of signed leases at unconsolidated joint venture properties.

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

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

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

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

16

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

	As of December 31, 2023
		Interest Rate
	Interest	Including
	Rate	Swaps	2024	2025	2026	2027	2028	Thereafter	Total
Global Unsecured Revolving Credit Facilities (1)
Global unsecured revolving credit facility	4.529%	4.529%	—	—	—	$1,733,058	—	—	$1,733,058
Yen revolving credit facility	0.560%	0.560%	—	—	—	92,170	—	—	92,170
Deferred financing costs, net	—	—	—	—	—	—	—	—	(12,941)
Total Global Unsecured Revolving Credit Facilities	4.328%	4.328%	—	—	—	$1,825,228	—	—	$1,812,287
Unsecured Term Loans
Euro term loan facility	4.815%	4.022%	—	$413,962	—	$413,963	—	—	$827,925
USD term loan facility	6.407%	5.578%	—	—	$740,000	—	—	—	740,000
Deferred financing costs, net	—	—	—	—	—	—	—	—	(7,620)
Total Unsecured Term Loans	5.567%	4.756%	—	$413,962	$740,000	$413,963	—	—	$1,560,305
Senior Notes
€600 million 2.625% Notes due 2024	2.625%	2.625%	$662,340	—	—	—	—	—	$662,340
£250 million 2.750% Notes due 2024	2.750%	2.750%	318,275	—	—	—	—	—	318,275
£400 million 4.250% Notes due 2025	4.250%	4.250%	—	$509,240	—	—	—	—	509,240
€650 million 0.625% Notes due 2025	0.625%	0.625%	—	717,535	—	—	—	—	717,535
€1.08 billion 2.500% Notes due 2026	2.500%	2.500%	—	—	$1,186,693	—	—	—	1,186,693
₣275 million 0.200% Notes due 2026	0.200%	0.200%	—	—	326,826	—	—	—	326,826
₣150 million 1.700% Notes due 2027	1.700%	1.700%	—	—	—	$178,269	—	—	178,269
$1.00 billion 3.700% Notes due 2027 (2)	3.700%	2.485%	—	—	—	1,000,000	—	—	1,000,000
€500 million 1.125% Notes due 2028	1.125%	1.125%	—	—	—	—	$551,950	—	551,950
$900 million 5.550% Notes due 2028 (2)	5.550%	3.996%	—	—	—	—	900,000	—	900,000
$650 million 4.450% Notes due 2028	4.450%	4.450%	—	—	—	—	650,000	—	650,000
₣270 million 0.550% Notes due 2029	0.550%	0.550%	—	—	—	—	—	$320,884	320,884
$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%	—	—	—	—	—	445,585	445,585
€750 million 1.500% Notes due 2030	1.500%	1.500%	—	—	—	—	—	827,925	827,925
£550 million 3.750% Notes due 2030	3.750%	3.750%	—	—	—	—	—	700,205	700,205
€500 million 1.250% Notes due 2031	1.250%	1.250%	—	—	—	—	—	551,950	551,950
€1.00 billion 0.625% Notes due 2031	0.625%	0.625%	—	—	—	—	—	1,103,900	1,103,900
€750 million 1.000% Notes due 2032	1.000%	1.000%	—	—	—	—	—	827,925	827,925
€750 million 1.375% Notes due 2032	1.375%	1.375%	—	—	—	—	—	827,925	827,925
Unamortized discounts	—	—	—	—	—	—	—	—	(33,325)
Deferred financing costs	—	—	—	—	—	—	—	—	(51,759)
Total Senior Notes	2.434%	2.240%	$980,615	$1,226,775	$1,513,519	$1,178,269	$2,101,950	$6,506,299	$13,422,342
Secured Debt
ICN10 Facilities	5.980%	3.614%	—	—	—	—	—	$13,091	$13,091
Westin	3.290%	3.290%	—	—	—	$135,000	—	—	135,000
Teraco Loans	10.665%	9.360%	$321	$584	$39,890	79,183	$293,775	—	413,753
Deferred financing costs	—	—	—	—	—	—	—	—	(2,346)
Total Secured Debt	8.784%	7.768%	$321	$584	$39,890	$214,183	$293,775	$13,091	$559,498
Other Debt
Icolo loans	11.650%	11.650%	—	—	$5,547	$4,328	—	—	$9,875
Total Other Debt	11.650%	11.650%	—	—	$5,547	$4,328	—	—	$9,875
Mandatorily Redeemable Preferred Shares (Teraco)
Mandatorily Redeemable Preferred Shares (Teraco)	10.105%	10.105%	—	—	$65,354	—	—	—	$65,354
Unamortized discounts	—	—	—	—	—	—	—	—	(3,754)
Total Redeemable Preferred Shares	10.105%	10.105%	—	—	$65,354	—	—	—	$61,600
Total unhedged variable rate debt	—	—	—	—	$305,354	$2,239,191	$30,170	$5,005	$2,579,720
Total fixed rate / hedged variable rate debt	—	—	$980,936	$1,641,321	2,058,956	1,396,780	2,365,555	6,514,385	14,957,932
Total Debt	3.148%	2.894%	$980,936	$1,641,321	$2,364,310	$3,635,971	$2,395,725	$6,519,390	$17,537,653
Weighted Average Interest Rate			2.668%	2.610%	3.493%	3.737%	4.115%	1.863%	2.894%
Summary
Weighted Average Term to Initial Maturity									4.1 Years
Weighted Average Maturity (assuming exercise of extension options)									4.3 Years

Global Unsecured Revolving Credit Facilities Detail As of December 31, 2023
	Maximum Available	Existing Capacity (3)	Currently Drawn
Global Unsecured Revolving Credit Facilities	$3,930,986	$2,007,238	$1,830,914

(1) Assumes all extensions will be exercised.

(2) Subject to cross-currency swaps.

(3) Net of letters of credit issued of $92.8 million.

17

Debt Analysis and Covenant Compliance		Financial Supplement
Unaudited		Fourth Quarter 2023

	As of December 31, 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%	45%	37%	Less than 60% (5)	39%
Secured debt / total assets (6)	Less than 40%	5%	1%	Less than 40%	3%
Total unencumbered assets / unsecured debt	Greater than 150%	227%	251%	N/A	N/A
Consolidated EBITDA / interest expense (7)	Greater than 1.50x	4.5x	4.5x	N/A	N/A
Fixed charge coverage		N/A	N/A	Greater than 1.50x	4.4x
Unsecured debt / total unencumbered asset value (8)		N/A	N/A	Less than 60%	41%
Unencumbered assets debt service coverage ratio (8)		N/A	N/A	Greater than 1.50x	5.2x

(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 0.20% 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 0.20% 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		Fourth Quarter 2023

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

	Three Months Ended										Twelve Months Ended
	31-Dec-23		31-Dec-22		% Change		30-Sep-23		% Change		31-Dec-23		31-Dec-22		% Change
Rental revenues		$650,450		$607,181		7.1%		$648,137		0.4%		$2,568,225		$2,369,161		8.4%
Tenant reimbursements - Utilities		250,387		188,607		32.8%		267,258		(6.3%)		1,023,387		743,015		37.7%
Tenant reimbursements - Other		36,497		30,807		18.5%		44,788		(18.5%)		135,956		125,395		8.4%
Interconnection & other		87,952		80,042		9.9%		87,563		0.4%		345,225		322,000		7.2%
Total Revenue		$1,025,285		$906,637		13.1%		$1,047,746		(2.1%)		$4,072,793		$3,559,571		14.4%
Utilities		$281,194		$213,169		31.9%		$312,322		(10.0%)		$1,146,241		$825,570		38.8%
Rental property operating		171,282		159,831		7.2%		157,269		8.9%		646,670		599,761		7.8%
Property taxes		29,370		28,741		2.2%		46,124		(36.3%)		131,945		121,871		8.3%
Insurance		3,477		3,642		(4.5%)		3,795		(8.4%)		14,731		13,999		5.2%
Total Expenses		$485,323		$405,383		19.7%		$519,509		(6.6%)		$1,939,586		$1,561,202		24.2%
Net Operating Income (2)		$539,962		$501,255		7.7%		$528,237		2.2%		$2,133,206		$1,998,369		6.7%
Less:
Stabilized straight-line rent		$1,019		$10,585		(90.4%)		($5,188)		(119.6%)		($17,037)		($3,420)		398.2%
Above- and below-market rent		855		1,207		(29.2%)		1,043		(18.0%)		4,206		5,090		(17.4%)
Cash Net Operating Income (3)		$538,088		$489,462		9.9%		$532,381		1.1%		$2,146,037		$1,996,699		7.5%
Stabilized Portfolio occupancy at period end (4)		82.7%		83.3%		(0.6%)		82.7%		0.1%		82.7%		83.3%		(0.6%)

(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 End December 31, 2023		Fourth Quarter 2023

	0-1 MW				> 1 MW (3)				Other (4)				Total
Leasing Activity - New (1) (2)	4Q23		LTM		4Q23		LTM		4Q23		LTM		4Q23		LTM
Annualized GAAP Rent (in thousands)		$39,482		$151,730		$56,642		$249,815		$477		$5,486		$96,601		$407,031
Kilowatt leased		13,679		48,122		32,611		150,176		—		—		46,289		198,298
NRSF (in thousands)		171		616		400		1,614		11		90		582		2,320
Weighted Average Lease Term (years)		5.4		4.3		13.2		13.0		5.1		6.0		10.8		10.4
Initial stabilized cash rent per Kilowatt		$241		$242		$128		$122		—		—		$162		$151
GAAP rent per Kilowatt		$241		$263		$145		$139		—		—		$173		$169
Leasing cost per Kilowatt		$20		$26		—		$8		—		—		$6		$12
Net Effective Economics by Kilowatt (5)
Base rent by Kilowatt		$244		$265		$148		$141		—		—		$176		$171
Rental concessions by Kilowatt		$4		$2		$3		$2		—		—		$3		$2
Estimated operating expense by Kilowatt		$70		$76		$41		$35		—		—		$49		$45
Net rent per Kilowatt		$171		$187		$104		$103		—		—		$124		$124
Tenant improvements by Kilowatt		—		—		—		$1		—		—		—		$1
Leasing commissions by Kilowatt		$6		$10		—		—		—		—		$2		$2
Net effective rent per Kilowatt		$165		$176		$104		$103		—		—		$122		$121
Initial stabilized cash rent per NRSF		$232		$227		$126		$136		$42		$58		$155		$158
GAAP rent per NRSF		$231		$246		$142		$155		$44		$61		$166		$175
Leasing cost per NRSF		$19		$25		—		$9		$3		$137		$6		$18
Net Effective Economics by NRSF (5)
Base rent by NRSF		$235		$248		$144		$157		$44		$64		$169		$178
Rental concessions by NRSF		$4		$2		$3		$2		—		$3		$3		$2
Estimated operating expense by NRSF		$67		$69		$40		$44		$8		$9		$47		$49
Net rent per NRSF		$164		$177		$102		$111		$36		$52		$119		$126
Tenant improvements by NRSF		—		—		—		$1		—		$13		—		$1
Leasing commissions by NRSF		$5		$9		—		—		$1		$2		$2		$3
Net effective rent per NRSF		$158		$168		$102		$110		$35		$37		$117		$122

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

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

(3) >1 MW Base Rent for the LTM includes the net uplift related to an eight-megawatt lease replacement which resulted in an increased rate for the same capacity. GAAP Base Rent for the LTM 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 December 31, 2023		Fourth Quarter 2023

	0-1 MW				> 1 MW				Other (4)				Total
Leasing Activity - Renewals (1) (2) (3)	4Q23		LTM		4Q23		LTM		4Q23		LTM		4Q23		LTM
Leases renewed (Kilowatt)		33,123		143,694		40,230		103,015		—		—		73,352		246,709
Leases renewed (NRSF in thousands)		469		2,017		506		1,299		65		459		1,040		3,775
Leasing cost per Kilowatt		$3		$1		$3		$3		—		—		$3		$2
Leasing cost per NRSF		$2		$1		$3		$2		$4		$6		$3		$2
Weighted Term (years)		1.6		1.6		3.7		4.5		5.3		5.1		2.8		3.0
Cash Rent
Expiring cash rent per Kilowatt		$311		$285		$139		$144		—		—		$217		$226
Renewed cash rent per Kilowatt		$329		$299		$157		$158		—		—		$235		$240
% Change Cash Rent Per Kilowatt		5.9%		4.9%		12.8%		9.2%		—		—		8.3%		6.0%
Expiring cash rent per NRSF		$264		$244		$132		$137		$45		$32		$186		$181
Renewed cash rent per NRSF		$279		$256		$149		$150		$47		$46		$202		$194
% Change Cash Rent Per NRSF		5.9%		4.9%		12.8%		9.2%		4.4%		43.4%		8.2%		6.8%
GAAP Rent
Expiring GAAP rent per Kilowatt		$310		$283		$130		$132		—		—		$211		$220
Renewed GAAP rent per Kilowatt		$327		$299		$156		$160		—		—		$234		$241
% Change GAAP Rent Per Kilowatt		5.6%		5.7%		20.0%		21.0%		—		—		10.5%		9.5%
Expiring GAAP rent per NRSF		$262		$242		$124		$126		$42		$31		$182		$176
Renewed GAAP rent per NRSF		$277		$256		$149		$152		$50		$48		$201		$195
% Change GAAP Rent Per NRSF		5.6%		5.7%		20.0%		21.0%		18.6%		55.5%		10.6%		10.5%
Retention ratio (5)		74.8%		82.8%		93.6%		74.9%		91.5%		47.1%		83.9%		73.3%
Churn (6)		1.8%		6.3%		0.3%		3.2%		0.2%		6.7%		1.0%		4.8%

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

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

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

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

(5) Based on square feet.

(6) Churn is defined as recurring revenue lost during the period due to leases terminated or not renewed, 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)		Fourth 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	2,854		—	—		—		—		—		—		—		—
Month to Month (3)	195		$49,254	1.4%		$253		$254		$49,540		10,498		$391		$393
2024	2,435		729,797	21.3%		300		300		730,713		173,152		351		352
2025	741		180,146	5.3%		243		250		185,467		51,752		290		299
2026	527		130,670	3.8%		248		260		136,826		39,385		276		290
2027	471		82,856	2.4%		176		184		86,710		33,939		203		213
2028	307		45,846	1.3%		149		165		50,792		19,024		201		222
2029	114		13,270	0.4%		116		133		15,194		7,339		151		173
2030	67		22,478	0.7%		337		348		23,242		5,654		331		343
2031	57		10,448	0.3%		183		208		11,901		3,014		289		329
2032	51		5,133	0.1%		100		113		5,773		1,707		251		282
2033	32		9,098	0.3%		289		362		11,414		2,809		270		339
Thereafter	11		1,718	0.1%		150		150		1,718		471		304		304
Total / Wtd. Avg.	7,861		$1,280,715	37.4%		$256		$261		$1,309,290		348,742		$306		$313

> 1 MW	Expiring Leases (1)	Annualized		Annualized	Annualized Rent Per		Annualized Rent Per		Annualized Rent Per		kW of Expiring		Annualized		Rent Per kW
Available	1,881		—	—		—		—		—		—		—		—
Month to Month (3)	242		$33,969	1.0%		$140		$140		$33,969		19,873		$142		$142
2024	1,208		189,463	5.5%		157		158		190,529		113,209		139		140
2025	1,855		273,158	8.0%		147		151		279,549		164,345		139		142
2026	1,814		258,110	7.5%		142		150		271,959		165,449		130		137
2027	1,557		224,297	6.6%		144		154		239,312		150,420		124		133
2028	949		123,373	3.6%		130		140		133,271		91,833		112		121
2029	1,046		136,556	4.0%		130		144		150,589		126,310		90		99
2030	1,114		153,620	4.5%		138		150		166,811		121,149		106		115
2031	1,157		139,248	4.1%		120		133		154,116		112,390		103		114
2032	787		97,718	2.9%		124		144		113,549		84,100		97		113
2033	436		66,453	1.9%		152		179		77,931		44,690		124		145
Thereafter	1,565		178,840	5.2%		114		134		209,136		146,352		102		119
Total / Wtd. Avg.	15,611		$1,874,806	54.8%		$137		$147		$2,020,719		1,340,120		$117		$126

Other (4)	Expiring Leases (1)	Annualized		Annualized	Annualized Rent Per		Annualized Rent Per		Annualized Rent Per		kW of Expiring		Annualized		Rent Per kW
Available	1,689		—	—		—		—		—		—		—		—
Month to Month (3)	82		$2,965	0.1%		$36		$36		$2,967		—		—		—
2024	548		20,816	0.6%		38		38		20,862		—		—		—
2025	668		29,696	0.9%		44		46		30,498		—		—		—
2026	734		26,060	0.8%		36		38		27,615		—		—		—
2027	370		16,139	0.5%		44		47		17,524		—		—		—
2028	509		18,572	0.5%		36		40		20,445		—		—		—
2029	666		30,941	0.9%		46		53		34,997		—		—		—
2030	774		48,161	1.4%		62		73		56,243		—		—		—
2031	67		1,998	0.1%		30		39		2,614		—		—		—
2032	107		6,327	0.2%		59		68		7,230		—		—		—
2033	147		5,315	0.2%		36		44		6,420		—		—		—
Thereafter	2,837		60,182	1.8%		21		27		77,534		—		—		—
Total / Wtd. Avg.	9,198		$267,172	7.8%		$36		$41		$304,948		—		—		—

Total	Expiring Leases (1)	Annualized		Annualized	Annualized Rent Per		Annualized Rent Per		Annualized Rent Per		kW of Expiring		Annualized		Rent Per kW
Available	6,424		—	—		—		—		—		—		—		—
Month to Month (3)	519		$86,188	2.5%		$166		$167		$86,476		—		—		—
2024	4,191		940,076	27.5%		224		225		942,104		—		—		—
2025	3,264		483,000	14.1%		148		152		495,513		—		—		—
2026	3,074		414,840	12.1%		135		142		436,400		—		—		—
2027	2,398		323,292	9.4%		135		143		343,545		—		—		—
2028	1,765		187,792	5.5%		106		116		204,508		—		—		—
2029	1,827		180,767	5.3%		99		110		200,780		—		—		—
2030	1,954		224,259	6.6%		115		126		246,295		—		—		—
2031	1,282		151,694	4.4%		118		132		168,630		—		—		—
2032	945		109,178	3.2%		116		134		126,552		—		—		—
2033	614		80,866	2.4%		132		156		95,764		—		—		—
Thereafter	4,413		240,740	7.0%		55		65		288,388		—		—		—
Total / Wtd. Avg.	32,670		$3,422,692	100.0%		$130		$138		$3,634,956		—		—		—

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

(2) Annualized rent represents the monthly contractual base rent (defined as cash base rent before abatements) under existing leases as of December 31, 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		Fourth 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	71		$418,935	10.9%	8.2
2	Social Content Platform	25		212,198	5.5%	4.7
3	Oracle Corporation	38		164,487	4.3%	6.4
4	Global Cloud Provider	60		156,892	4.1%	5.0
5	IBM	34		129,569	3.4%	2.3
6	Equinix	16		93,346	2.4%	5.9
7	LinkedIn Corporation	7		81,438	2.1%	1.2
8	Fortune 25 Investment Grade-Rated Company	29		76,737	2.0%	2.8
9	Fortune 25 Tech Company	53		69,304	1.8%	3.6
10	Social Media Platform	8		62,117	1.6%	7.3
11	Fortune 500 SaaS Provider	13		61,889	1.6%	2.9
12	Meta Platforms, Inc.	48		60,873	1.6%	3.8
13	Lumen Technologies, Inc.	123		49,804	1.3%	9.2
14	Cyxtera (2)	11		49,361	1.3%	7.0
15	AT&T	75		42,096	1.1%	2.8
16	Comcast Corporation	41		40,436	1.1%	4.1
17	JPMorgan Chase & Co.	16		39,629	1.0%	3.5
18	Rackspace	24		38,061	1.0%	9.5
19	Verizon	89		34,103	0.9%	11.1
20	Zayo	115		33,781	0.9%	2.2
	Total / Weighted Average			$1,915,056	49.9%	5.9

(1) Annualized recurring revenue represents the monthly contractual base rent (defined as cash base rent before abatements) and interconnection revenue under existing leases as of December 31, 2023, multiplied by 12.

(2) Following the completion of the previously announced transactions in January 2024, Cyxtera ceased to be a top 20 customer.

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		Fourth 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)		31-Dec-23	30-Sep-23	IT Load (6)	Count
North America
Northern Virginia	5,043	1,545	265		$499,907	88.8%	91.4%	438.5	19
Chicago	2,672	—	113		258,245	91.2%	91.0%	99.3	8
Dallas	3,065	327	77		202,426	83.6%	83.2%	111.2	21
New York	1,722	158	107		199,602	71.4%	71.8%	54.0	12
Silicon Valley	1,524	—	131		169,825	90.5%	91.9%	94.6	14
Portland	863	291	—		106,343	99.9%	98.1%	90.5	3
Phoenix	796	—	—		72,149	71.0%	70.6%	42.5	2
San Francisco	844	—	—		62,191	64.3%	64.8%	31.5	4
Atlanta	557	20	314		59,625	96.5%	95.6%	9.1	4
Toronto	509	218	—		49,909	87.0%	92.8%	47.8	2
Seattle	399	—	—		42,425	77.8%	78.7%	19.5	1
Los Angeles	591	31	—		42,059	85.4%	81.3%	16.2	2
Boston	437	—	51		18,158	42.1%	42.0%	19.0	3
Houston	393	—	14		15,632	63.9%	58.7%	13.0	6
Miami	226	—	—		9,271	85.5%	85.2%	1.3	2
Austin	86	—	—		7,585	56.3%	56.1%	4.3	1
Charlotte	95	—	—		5,646	90.7%	90.5%	1.5	3
North America Total/Weighted Average	19,821	2,590	1,071		$1,821,000	83.8%	84.3%	1,093.8	107
EMEA
Frankfurt	2,134	1,590	—		$261,738	87.1%	86.8%	139.2	29
London	1,383	—	77		214,049	56.5%	60.4%	95.8	15
Amsterdam	1,259	222	92		176,173	83.2%	82.6%	116.3	12
Johannesburg	1,103	1,105	—		110,189	71.1%	76.0%	57.2	5
Paris	1,042	656	—		109,891	71.9%	73.4%	85.5	13
Marseille	520	—	38		68,401	76.8%	77.7%	45.4	4
Dublin	553	—	—		60,156	76.0%	83.9%	39.3	9
Zurich	430	166	—		59,115	79.5%	77.9%	29.0	3
Vienna	356	133	—		51,964	84.0%	82.7%	25.6	3
Madrid	304	105	—		43,524	76.3%	71.4%	16.8	4
Cape Town	326	402	—		36,058	74.6%	92.1%	21.1	2
Brussels	258	80	—		35,643	66.8%	72.7%	14.7	3
Stockholm	190	108	—		22,263	70.0%	70.2%	16.8	6
Copenhagen	226	—	99		21,352	66.6%	63.9%	12.9	3
Dusseldorf	142	71	—		19,766	58.7%	58.4%	11.0	3
Athens	55	159	—		9,901	92.8%	86.2%	2.2	4
Durban	45	—	—		5,845	84.4%	80.6%	1.1	1
Mombasa	35	—	23		3,633	17.3%	18.4%	3.5	2
Zagreb	22	—	13		2,822	85.7%	82.9%	0.9	1
Nairobi	16	75	—		2,672	61.9%	77.8%	0.5	1
Maputo	3	—	—		487	41.6%	51.4%	0.2	1
EMEA Total/Weighted Average	10,402	4,872	342		$1,315,645	75.2%	77.0%	734.9	124
Asia Pacific
Singapore	883	7	—		$206,819	93.8%	95.8%	84.3	3
Sydney	361	—	88		32,746	92.2%	91.9%	22.8	4
Melbourne	147	—	—		14,908	62.3%	62.3%	9.6	2
Seoul	162	—	—		1,794	7.6%	5.1%	12.0	1
Hong Kong	99	66	120		494	2.2%	2.2%	7.5	1
Asia Pacific Total/Weighted Average	1,652	73	207		$256,761	76.7%	77.4%	136.1	11
Non-Data Center Properties	329	—	264		—	—	—	—	—
Consolidated Portfolio Total/Weighted Average	32,203	7,535	1,884		$3,393,406	79.8%	80.8%	1,964.8	242
Held For Sale (7)	684	—	23		$27,532	94.2%	94.3%	1.7	4
Unconsolidated Joint Ventures
Northern Virginia	2,418	364	—		$214,171	97.9%	97.9%	193.7	12
Chicago	790	—	—		75,913	91.3%	92.0%	63.4	2
Silicon Valley	142	—	—		18,229	100.0%	100.0%	10.9	2
Hong Kong	186	—	—		15,031	59.1%	66.2%	11.0	1
Toronto	104	—	—		12,977	55.8%	56.3%	6.8	1
Los Angeles	197	—	—		5,325	100.0%	100.0%	—	2
Lagos	4	—	—		646	100.0%	100.0%	0.2	1
Abuja	1	—	—		69	73.0%	73.0%	0.1	1
Managed Unconsolidated Portfolio Total/Weighted Average	3,843	364	—		$342,362	93.7%	94.3%	285.9	22
Managed Portfolio Total/Weighted Average	36,047	7,899	1,884		$3,735,768	81.3%	82.2%	2,250.8	264
Digital Realty Share Total/Weighted Average (8)	32,670	7,077	1,884		$3,422,692	80.3%	82.6%	2,006.6	—
Non-Managed Unconsolidated Joint Ventures
Sao Paulo	1,366	124	1,198		$175,038	91.8%	91.1%	115.6	25
Tokyo	1,272	267	—		80,689	76.2%	75.9%	57.4	4
Osaka	522	62	196		68,658	81.4%	91.3%	45.9	4
Queretaro	105	—	583		17,191	100.0%	100.0%	8.0	3
Santiago	119	118	71		13,952	90.1%	90.1%	10.2	3
Rio De Janeiro	112	—	—		11,399	100.0%	100.0%	8.0	2
Fortaleza	94	—	—		8,818	87.0%	87.0%	6.2	1
Seattle	51	—	—		7,770	100.0%	100.0%	9.0	1
Bogota	—	—	197		—	—	—	—	2
Non-Managed Portfolio Total/Weighted Average	3,641	571	2,246		$383,514	85.3%	86.1%	260.3	45
Portfolio Total/Weighted Average	39,688	8,470	4,130		$4,119,282	81.7%	82.6%	2,511.0	309

(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 page 25).

(3) Space held for development includes space held for future Data Center development and excludes space under active development (see page 28).

(4) Annualized base rent represents the monthly contractual base rent (defined as cash base rent before abatements) under existing leases as of December 31, 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) Held for Sale represents the assets being sold in the announced Cyxtera transaction which closed in January 2024.

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

24

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

	Base Building Construction								Data Center Construction												Total Active Development
			A		B		A + B					A		B		A + B							A		B		A + B
																			Average	Pre-tax
		Total	Current		Future		Total			Total		Current		Future		Total			Expected	Est.		Total	Current		Future		Total
	# of	Square	Investment		Funding		Expected		# of	Square		Investment		Funding		Expected		%	Completion	Stabilized	# of	Square	Investment		Funding		Expected
Metropolitan Area	Locations	Feet	(1)		Req. (2)		Investment (3)		Locations	Feet	kW	(1)		Req. (2)		Investment (3)		Leased	Period	Cash Yield (4)	Locations	Feet	(1)		Req. (2)		Investment (3)
Northern Virginia (5)	5	1,170		$198,888		$220,824		$419,713	6	448	59,200		$164,339		$359,672		$524,011	5.4%	4Q24		6	1,617		$363,227		$580,496		$943,723
Dallas	2	164		67,107		37,731		104,838	2	164	16,000		160,447		144,393		304,839	100.0%	3Q24		2	327		227,554		182,124		409,677
Portland	—	—		—		—		—	1	282	32,000		212,613		157,904		370,518	100.0%	2Q24		1	282		212,613		157,904		370,518
New York	—	—		—		—		—	3	158	10,800		96,927		87,283		184,211	66.7%	2Q24		3	158		96,927		87,283		184,211
Toronto	—	—		—		—		—	1	218	8,000		40,658		53,527		94,185	100.0%	3Q24		1	218		40,658		53,527		94,185
Other	—	—		—		—		—	2	31	3,200		24,385		45,560		69,945	—	4Q24		2	31		24,385		45,560		69,945
North America	7	1,333		$265,995		$258,555		$524,550	15	1,300	129,200		$699,369		$848,339		$1,547,708	51.4%		10.2%	15	2,634		$965,364		$1,106,894		$2,072,259
Frankfurt	4	927		$249,492		$73,997		$323,488	3	663	61,360		$651,678		$475,358		$1,127,035	59.0%	1Q25		7	1,590		$901,170		$549,354		$1,450,524
Paris	1	62		35,228		4,899		40,127	3	593	58,400		475,366		357,469		832,835	46.2%	4Q24		3	656		510,594		362,368		872,962
Amsterdam	1	111		38,817		55,355		94,172	1	111	13,500		50,949		183,706		234,655	—	1Q26		1	222		89,766		239,061		328,827
Zurich	—	—		—		—		—	1	166	13,468		155,460		127,215		282,675	52.1%	1Q25		1	166		155,460		127,215		282,675
Athens	—	—		—		—		—	2	159	13,600		81,827		83,864		165,691	36.7%	3Q24		2	159		81,827		83,864		165,691
Other	8	1,114		145,281		143,243		288,524	7	965	68,840		214,415		336,346		550,762	68.2%	1Q24-3Q25		9	2,079		359,696		479,589		839,285
EMEA	14	2,214		$468,817		$277,494		$746,311	17	2,657	229,168		$1,629,695		$1,563,958		$3,193,653	53.3%		10.3%	23	4,872		$2,098,512		$1,841,452		$3,939,964
Other	—	—		—		—		—	2	73	7,000		$22,028		$57,881		$79,910	100.0%	2Q24		2	73		$22,028		$57,881		$79,910
Asia Pacific	—	—		—		—		—	2	73	7,000		$22,028		$57,881		$79,910	100.0%		9.5%	2	73		$22,028		$57,881		$79,910
Total	21	3,548		$734,812		$536,049		$1,270,861	34	4,030	365,368		$2,351,092		$2,470,178		$4,821,271	53.5%		10.3%	40	7,578		$3,085,905		$3,006,227		$6,092,132

(1) Represents costs incurred through December 31, 2023.

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

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

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

(5) Includes Digital Realty’s 20% interest in two development projects, located in Northern Virginia, contributed to a joint venture with Realty Income on November 10, 2023.

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		Fourth Quarter 2023

											Total Cost/
	Net Rentable				Current		Future		Total		Net Rentable
Construction Projects in Progress	Square Feet (5)		Acreage		Investment (6) (7)		Investment (8)		Investment		Square Foot
Development Lifecycle
Land - Held for Development (1)		N/A		15.1		$118,197		—		$118,197
Development Construction in Progress
Land - Current Development (1)		N/A		728.0		$1,194,646		—		$1,194,646
Space Held for Development (1)		1,907		N/A		325,638		—		325,638		$171
Base Building Construction (2)		3,548		N/A		734,812		$536,049		1,270,861		358
Data Center Construction		4,030		N/A		2,351,092		2,470,178		4,821,271		1,196
Equipment Pool & Other Inventory (3)		N/A		N/A		203,821		—		203,821
Campus, Tenant Improvements & Other (4)		N/A		N/A		211,187		130,260		341,447
Total Development Construction in Progress		9,485		728.0		$5,021,197		$3,136,487		$8,157,684
Enhancement & Other						$21,055		$10,039		$31,094
Recurring						16,889		42,084		58,973
Total Construction in Progress				743.2		$5,177,338		$3,188,610		$8,365,948

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

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

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

(4) Represents improvements in progress as of December 31, 2023, which benefit space recently converted to our operating portfolio and is composed primarily of shared infrastructure projects and first-generation tenant improvements. Includes $3.1 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 December 31, 2023. Includes costs incurred on consolidated entities and $57.5 million classified as Investments in Unconsolidated Joint Ventures in our Consolidated Balance Sheet representing Digital Realty’s 20% interest in two development projects contributed to a joint venture with Realty Income on November 10, 2023.

(7) Includes $328.5 million classified as Assets Held for Sale in our Consolidated Balance Sheet related to two development projects that were contributed to a joint venture with Blackstone on January 11, 2024.

(8) 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		Fourth Quarter 2023

	Three Months Ended									Twelve Months Ended
	31-Dec-23		30-Sep-23	30-Jun-23		31-Mar-23		31-Dec-22		31-Dec-23		31-Dec-22
Non-Recurring Capital Expenditures (1)
Development (2)		$845,315	$953,267		$523,406		$644,910		$730,341		$2,966,898		$2,210,790
Enhancements and Other Non-Recurring		10,113	1,317		1,479		2,796		2,023		15,705		12,291
Total Non-Recurring Capital Expenditures		$855,428	$954,584		$524,885		$647,706		$732,364		$2,982,603		$2,223,081
Recurring Capital Expenditures (3)		$142,808	$90,251		$53,498		$40,465		$109,999		$327,022		$266,466
Total Direct Capital Expenditures		$998,236	$1,044,835		$578,383		$688,171		$842,363		$3,309,625		$2,489,547
Indirect Capital Expenditures
Capitalized Interest		$33,032	$29,130		$27,883		$26,771		$24,581		$116,816		$70,767
Capitalized Overhead		27,867	23,837		23,717		23,735		22,632		99,156		86,145
Total Indirect Capital Expenditures		$60,899	$52,967		$51,600		$50,506		$47,213		$215,972		$156,912
Total Improvements to and Advances for Investment in Real Estate		$1,059,136	$1,097,802		$629,983		$738,677		$889,576		$3,525,597		$2,646,459
Consolidated Portfolio Net Rentable Square Feet (4)		32,670	32,603		33,858		33,511		32,905		32,670		32,905

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

(2) Amount reflects the total capital expenditures on development projects during the quarter. The total includes 100% of spending on two data center projects prior to their contribution to a joint venture with Realty Income in November 2023. Development capex excludes any spending that took place subsequent to the contribution to the JV, as the projects were unconsolidated.

(3) 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.

(4) 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		Fourth 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		$25,731
Boston	—	—		—		—	1	51		23,623
Chicago	1	1.4		—		$28,905	6	377		44,814
Dallas	2	60.4		—		48,785	3	77		10,150
Houston	—	—		—		—	1	14		2,726
New York	1	21.5		—		48,527	4	130		17,050
Northern Virginia	4	462.5		—		506,569	7	265		2,128
Silicon Valley	1	13.0		—		79,154	1	131		14,499
North America	9	558.8		—		$711,941	24	1,357		$140,720
Amsterdam	1	3.6		—		$10,574	2	92		$34,884
Athens	1	2.7		—		9,712	—	—		—
Barcelona	1	2.4		—		19,937	—	—		—
Copenhagen	—	—		—		—	1	99		47,506
Crete	1	1.2		—		6,211	—	—		—
Dublin	2	5.0		—		18,040	—	—		—
Frankfurt	2	26.6		—		272,387	—	—		—
Johannesburg	1	3.6		—		4,693	—	—		—
London	1	6.7		$16,353		—	2	77		29,936
Madrid	1	1.8		19,530		—	—	—		—
Marseille	1	2.7		—		3,797	1	38		—
Maputo	1	1.2		—		2,835	—	—		—
Mombasa	1	1.0		660		—	1	23		1,540
Nairobi	1	2.2		1,173		—	—	—		—
Paris	2	47.8		—		60,217	—	—		—
Rome	1	55.1		—		27,000	—	—		—
Zagreb	1	6.5		—		3,353	1	13		1,257
Zurich	1	2.6		—		35,111	—	—		—
EMEA	20	172.8		$37,716		$473,867	8	342		$115,123
Hong Kong	—	—		—		—	1	120		$25,697
Melbourne	1	4.1		$4,106		—	—	—		—
Osaka	1	2.5		—		$8,839	—	—		—
Seoul	1	4.9		76,375		—	—	—		—
Sydney	—	—		—		—	1	88		44,097
Asia Pacific	3	11.5		$80,481		$8,839	2	207		$69,794
Consolidated Portfolio (3)	32	743.2		$118,197		$1,194,646	34	1,907		$325,638

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

(2) Represents costs incurred through December 31, 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		Fourth 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)
ATH5	Land	Athens, Greece	10/16/2023	$6,419	NA	—	—	—	—
Total	—	—	—	$6,419	—	—	—	—	—

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

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)
Realty Income JV (5)	Northern Virginia	11/13/2023	$249,717	6.9%	—	—	—	—
Total	—	—	$249,717	6.9%	—	—	—	—

(1) Represents the purchase price before contractual purchase price adjustments, transaction expenses, taxes, and potential currency fluctuations. All prices converted to USD based on FX rate as of 12/31/23.

(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) Realty Income invested approximately $200 million to acquire an 80% equity interest while Digital Realty maintains a 20% interest in the joint venture for the development of two build-to-suit hyperscale data centers in Northern Virginia.

29

Unconsolidated Joint Ventures		Financial Supplement
Dollars in Thousands		Fourth Quarter 2023

Summary Balance Sheet -	As of December 31, 2023
at the JV's 100% Share		Americas (1)	APAC (2)	EMEA (3)	Global (4)	Total
Gross cost of operating real estate		$5,108,668	$1,752,397	$31,839	$1,422,798	$8,315,702
Accumulated depreciation & amortization		(669,746)	(220,393)	—	(74,774)	(964,914)
Net Book Value of Operating Real Estate		$4,438,923	$1,532,003	$31,839	$1,348,024	$7,350,789
Cash		243,999	361,294	314	14,464	620,070
Other assets		1,944,599	203,818	48,372	179,844	2,376,633
Total Assets		$6,627,520	$2,097,115	$80,525	$1,542,331	$10,347,492
Debt		2,605,826	698,427	—	556,692	3,860,946
Other liabilities		499,300	182,544	83,819	34,778	800,442
Equity / (deficit)		3,522,394	1,216,144	(3,294)	950,861	5,686,104
Total Liabilities and Equity		$6,627,520	$2,097,115	$80,525	$1,542,331	$10,347,492
Digital Realty's Pro Rata Share of Unconsolidated JV Debt		$948,807	$349,214	—	$236,724	$1,534,744

Summary Statement of Operations -	Three Months Ended December 31, 2023
at the JV's 100% Share		Americas (1)	APAC (2)	EMEA (3)	Global (4)	Total
Total revenues		$191,673	$61,562	$446	$35,932	$289,613
Operating expenses		(87,253)	(30,594)	(165)	(10,816)	(128,828)
Net Operating Income (NOI)		$104,420	$30,968	$280	$25,116	$160,786
Straight-line rent		(1,993)	300	—	552	(1,140)
Above and below market rent		1,783	—	—	(6,441)	(4,658)
Cash Net Operating Income (NOI)		$104,211	$31,268	$280	$19,227	$154,987
Interest expense		($79,450)	($1,116)	($1,850)	($7,036)	($89,452)
Depreciation & amortization		(105,714)	(15,721)	—	(51,803)	(173,238)
Other income / (expense)		(14,985)	(1,549)	(896)	1,517	(15,913)
FX remeasurement on USD debt		40,206	—	—	(6,499)	33,707
Total Non-Operating Expenses		($159,943)	($18,386)	($2,746)	($63,821)	($244,896)
Net Income / (Loss)		($55,523)	$12,582	($2,466)	($38,704)	($84,110)
Digital Realty's Pro Rata Share of Unconsolidated JV NOI		$35,933	$15,484	$168	$10,680	$62,266
Digital Realty's Pro Rata Share of Unconsolidated JV Cash NOI		$36,371	$15,634	$168	$8,176	$60,349
Digital Realty's Earnings (loss) income from unconsolidated joint ventures		($18,162)	$6,291	($1,321)	($16,762)	($29,955)
Digital Realty's Pro Rata Share of Core FFO (5)		$4,211	$15,767	($1,321)	$8,708	$27,365
Digital Realty's Fee Income from Joint Ventures		$6,395	$569	—	$4,008	$10,971

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

(2) Includes Digital Connexion, Lumen, and MC Digital Realty.

(3) Includes Medallion and Mivne.

(4) Includes Digital Core REIT.

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

Note: Digital Realty’s ownership percentages in the joint ventures vary.

30

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

	Three Months Ended
Reconciliation of Earnings Before Interest, Taxes, Depreciation & Amortization (EBITDA) (1)		31-Dec-23	30-Sep-23	30-Jun-23	31-Mar-23	31-Dec-22
Net Income / (Loss) Available to Common Stockholders		$18,122	$723,440	$108,003	$58,547	($6,093)
Interest		113,638	110,767	111,116	102,220	86,882
Income tax expense (benefit)		20,724	17,228	16,173	21,454	(17,676)
Depreciation & amortization		420,475	420,613	432,573	421,198	430,130
EBITDA		$572,958	$1,272,048	$667,866	$603,420	$493,243
Unconsolidated JV real estate related depreciation & amortization		64,833	43,214	35,386	33,719	33,927
Unconsolidated JV interest expense and tax expense		42,140	27,000	32,105	18,556	53,481
Severance, equity acceleration and legal expenses		7,565	2,682	3,652	4,155	15,980
Transaction and integration expenses		40,226	14,465	17,764	12,267	17,350
(Gain) / loss on sale of investments		103	(810,688)	(89,946)	—	6
Provision for impairment		5,363	113,000	—	—	3,000
Other non-core adjustments, net		(35,439)	1,719	22,132	(14,604)	15,127
Non-controlling interests		(8,419)	12,320	(2,538)	111	(3,326)
Preferred stock dividends		10,181	10,181	10,181	10,181	10,181
Adjusted EBITDA		$699,509	$685,943	$696,604	$667,804	$638,969

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

	Three Months Ended
Financial Ratios		31-Dec-23	30-Sep-23	30-Jun-23	31-Mar-23	31-Dec-22
Total GAAP interest expense		$113,638	$110,767	$111,116	$102,220	$86,882
Capitalized interest		33,032	29,130	27,883	26,771	24,581
Change in accrued interest and other non-cash amounts		(66,013)	44,183	(60,612)	38,137	(67,909)
Cash Interest Expense (2)		$80,657	$184,081	$78,387	$167,128	$43,554
Preferred stock dividends		10,181	10,181	10,181	10,181	10,181
Total Fixed Charges (3)		$156,851	$150,079	$149,181	$139,172	$121,645
Coverage
Interest coverage ratio (4)		4.0x	4.3x	4.5x	4.7x	5.3x
Cash interest coverage ratio (5)		6.4x	3.4x	7.4x	3.7x	11.9x
Fixed charge coverage ratio (6)		3.8x	4.1x	4.2x	4.4x	4.9x
Cash fixed charge coverage ratio (7)		5.8x	3.2x	6.6x	3.5x	10.0x
Leverage
Debt to total enterprise value (8)(9)		28.6%	30.6%	33.3%	37.3%	35.2%
Debt-plus-preferred-stock-to-total-enterprise-value (9)(10)		29.8%	32.0%	34.7%	38.9%	36.8%
Pre-tax income to interest expense (11)		1.2x	7.7x	2.0x	1.7x	1.0x
Net Debt-to-Adjusted EBITDA (12)		6.2x	6.3x	6.8x	7.1x	6.9x

(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) Total debt 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		Fourth Quarter 2023

Definitions

Funds From Operations (FFO):

We calculate funds from operations, or FFO, in accordance with the standards established by the National Association of Real Estate Investment Trusts, or Nareit, in the Nareit Funds From Operations White Paper - 2018 Restatement. FFO represents net income (loss) (computed in accordance with GAAP), excluding (i) gains (or losses) from real estate transactions, (ii) provision for impairment, real estate related depreciation and amortization (excluding amortization of deferred financing costs), (iii) unconsolidated JV real estate related depreciation & amortization, (iv) non-controlling interests in operating partnership, (v) depreciation related to non-controlling interests and (vi) 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, (i) unconsolidated joint venture real estate related depreciation & amortization, (ii) unconsolidated joint venture interest expense and tax, (iii) severance, equity acceleration and legal expenses, (iv) transaction and integration expenses, (v) gain (loss) on sale / deconsolidation, (vi) provision for impairment, (vii) other non-core adjustments, net, (viii) non-controlling interests, (ix) preferred stock dividends, and (x) issuance costs associated with redeemed preferred stock. Adjusted EBITDA is EBITDA excluding (i) unconsolidated joint venture real estate related depreciation & amortization, (ii) unconsolidated joint venture interest expense and tax, (iii) severance, equity acceleration and legal expenses, (iv) transaction and integration expenses, (v) gain (loss) on sale / deconsolidation, (vi) provision for impairment, (vii) other non-core adjustments, net, (vii) non-controlling interests, (ix) preferred stock dividends, and (x) 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		Fourth 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 total debt plus preferred stock divided by total debt 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 and preferred stock dividends. For the quarter ended December 31, 2023, GAAP interest expense was $114 million, capitalized interest was $33 million and preferred stock dividends was $10 million.

Reconciliation of Net Operating Income (NOI)	Three Months Ended						Twelve Months Ended
(in thousands)	31-Dec-23		30-Sep-23		31-Dec-22		31-Dec-23		31-Dec-22
Operating income		$134,035		$58,231		$120,981		$524,461		$589,969
Fee income		(14,330)		(7,819)		(7,508)		(44,926)		(24,506)
Other income		(144)		—		(168)		(1,963)		(4,645)
Depreciation and amortization		420,475		420,613		430,130		1,694,859		1,577,933
General and administrative		109,235		108,039		104,452		431,004		398,669
Severance, equity acceleration and legal expenses		7,565		2,682		15,980		18,054		23,498
Transaction expenses		40,226		14,465		17,350		84,722		68,766
Provision for impairment		5,363		113,000		3,000		118,363		3,000
Other expenses		5,580		1,295		3,615		7,529		12,438
Net Operating Income		$708,003		$710,505		$687,831		$2,832,102		$2,645,122
Cash Net Operating Income (Cash NOI)
Net Operating Income		$708,003		$710,505		$687,831		$2,832,102		$2,645,122
Straight-line rental revenue		(22,085)		(14,185)		(32,226)		(40,480)		(69,998)
Straight-line rental expense		(4,745)		1,632		(680)		(2,901)		2,857
Above- and below-market rent amortization		(856)		(1,127)		(762)		(4,404)		(696)
Cash Net Operating Income		$680,317		$696,826		$654,164		$2,784,317		$2,577,283
Constant Currency CFFO Reconciliation	Three Months Ended						Twelve Months Ended
(in thousands, except per share data)	31-Dec-23		30-Sep-23		31-Dec-22		31-Dec-23		31-Dec-22
Core FFO (1)		$508,417				$487,638		$2,009,820		$1,959,444
Core FFO impact of holding '22 Exchange Rates Constant (2)		(3,781)				—		(3,964)		—
Constant Currency Core FFO		$504,636				$487,638		$2,005,856		$1,959,444
Weighted-average shares and units outstanding - diluted		312,356				295,519		305,138		292,528
Constant Currency CFFO Per Share		$1.62				$1.65		$6.57		$6.70

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
		Fourth 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, 2024 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;

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

● increased competition or available supply of data center space;

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

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

● 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;

● the expected operating performance of anticipated near-term acquisitions and descriptions relating to these expectations;

● 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. 4Q23 FINANCIAL RESULTS February 15, 2024 The meeting place for companies, technologies and data

5,000+ Customers 220,000 Cross Connects 50+ Metros 300+ Data Centers 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 1 2 3 Strengthen our Customer Value Proposition Integrate & Innovate for our Customers Diversify and Bolster Capital Sources 5 New Partners 4Q23 Financial Results 2 Executing on Key Strategic Priorities Positioning for Long-Term Sustainable Growth $12B New Capital STRATEGY TO FUEL GROWTH Note: As of December 31, 2023. Includes investments in unconsolidated entities.

1Q23 2Q23 3Q23 4Q23 Non-Core Dispositions Stabilized Hyperscale Private Capital Development Hyperscale Private Capital 4Q23 Financial Results 3 $10 Billion of Non-Core Asset Sales & Hyperscale Private Capital Diversify & Bolster Capital Sources Evolving Capital Sources CAPITAL TO MEET CUSTOMER DEMAND $2 Billion $7 Billion $150 Million

4Q23 Financial Results 4 Connected Data Communities Strong Interconnection Revenue 134 new logos $53M total 4Q bookings from 0-1 MW + Interconnection 48% of total 4Q bookings from 0-1 MW + Interconnection 4Q23 Results 506 new logos $204M total 2023 bookings from 0-1 MW + Interconnection 44% of total 2023 bookings from 0-1 MW + Interconnection 2023 Full-Year Results

Note: As of December 31, 2023. 4Q23 Financial Results 5 237 MW delivered in 2023 Offering a Global Data Center Platform Global Capacity to Meet Growing Customer Demand Global Capacity ~2,500 MW total capacity in place >3,000 MW buildable IT capacity

Note: As of December 31, 2023. 4Q23 Financial Results 6 Leading Data Center Partner for Sustainability Science-Based Target Commitment to Reduce Global Emissions by 68% by 2030 • 1 GW contracted renewable capacity • 100% renewable for European properties and U.S. productized colocation portfolio • 100% renewable for New Jersey, Texas, San Francisco, and Sydney More green building certified IT capacity 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 Leading the data center industry in green bonds Renewable Energy Leading data center purchaser of renewable energy • 1.1 GW-IT global operating portfolio has a sustainable building certification • 59% of certifications are gold level and above Green Buildings Energy Efficiency Green Bonds More energy star certifications than any other data center provider • $6.4B in aggregate principal amount of green bonds issued • Fully allocated all green bond funds to sustainable projects • Executed first data center industry green bond

4Q23 Financial Results 4Q23 Financial Results 7

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. 4Q23 BOOKINGS HISTORICAL BOOKINGS ANNUALIZED GAAP BASE RENT Healthy Demand $ in millions Across Regions and Products AI lifts demand 0-1 MW $39.5 mm 36% of total bookings INTERCONNECTION $13.5 mm 12% of total bookings >1 MW $56.6 mm 52% of total bookings OTHER(1) $0.5 mm 0.4% of total bookings TOTAL BOOKINGS $110.1 mm 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 4Q23 Financial Results • Strong 0-1MW + Interconnection signings • Record High >1 MW average leasing rate 8 $0.0 $50.0 $100.0 $150.0

2024 2025 2026+ 4Q23 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 Bodes Well for Future Growth BACKLOG ROLL-FORWARD (1) $ in millions Digital Realty Backlog Unconsolidated Joint Venture Backlog COMMENCEMENT TIMING (2) $ in millions • Record Backlog of $495 Million • Two-Thirds to Commence in 2024 4Q23 Financial Results 9 $120M $22M $426M $322M $145M 3Q23 Backlog Signed Commenced 4Q23 Backlog $27M $495M $421M $482M $97M $84M $92M $75M $495M $426M $285M

Strong Pricing Environment Robust Renewal Spreads 4Q23 RENEWAL SPREADS 0-1 MW > 1 MW OTHER (1) TOTAL Signed renewals representing $130 million of annualized rental revenue Signed renewals representing $75 million of annualized rental revenue Signed renewals representing $3 million of annualized rental revenue Signed renewals representing $210 million of annualized rental revenue RENTAL RATE CHANGE RENTAL RATE CHANGE RENTAL RATE CHANGE RENTAL RATE CHANGE 5.6% 12.8% 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. Signed renewals amounts represent cash annualized rental revenue. 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 • 6.9% Normalized Renewal Spreads in 4Q 5.9% CASH GAAP CASH 20.0% 4.4% CASH 18.6% GAAP 8.2% CASH 10.6% GAAP 4Q23 Financial Results 10

85 90 95 100 105 110 115 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 Revenue Exposure by Currency FX Slight Tailwind in the Fourth Quarter 50% 1% 6% 25% 5% 1% <1% 2% 4% 2024E $6.68 / Sh 1.0% SOFR +/- 100bps 0.1% GBP +/- 10% 2.0% EUR +/- 10% CORE FFO/SHARE EXPOSURE (2) EXPOSURE BY REVENUE (1) Note: Totals may not add up due to rounding. 1. As of December 31, 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. 4Q23 Financial Results 11 3% <1% • Local Operations Funded in Local Currencies act as a Natural Hedge Dec-23 <1% <1% 4Q22 U.S. DOLLAR INDEX 4Q23 ZAR 4% USD EURO GBP SGD AUD 25% 6% 6% 1% OTHER <1% CHF 50% 2% 1% JPY CAD 2% BRL 3% <1% <1% <1% 2%

4Q23 Financial Results 12 Significant De-Levering Capital Recycling and ATM Issuance Bolster Liquidity Please see Appendix for calculation of ratios. 1. Net Debt to Adjusted EBITDA is calculated as total debt at balance sheet carrying value (see Appendix), plus capital lease obligations, plus our share of joint venture debt at carrying value, less cash and cash equivalents (including our share of unconsolidated joint venture cash), divided by the product of Adjusted EBITDA (including our share of unconsolidated joint venture EBITDA), multiplied by four. 2. Pro forma for asset sales, completion of JVs and issuance of shares through the ATM program in January 2024. $4 Billion Pro Forma Liquidity 5.8x Pro Forma Leverage <$1 Billion Debt Maturities in 2024 1Q23 2Q23 3Q23 4Q23 1.3x Total Reduction in Leverage Net Debt to Adjusted EBITDA(1) December 14 2023 May 5 2023 Stable Negative Credit Outlook (2) (2) (2)

¥ ¥ $ ₣ Matching the Duration of Assets and Liabilities Modest Near-Term Maturities, Well-Laddered Debt Schedule DEBT MATURITY SCHEDULE AS OF DECEMBER 31, 2023 (1)(2) (U.S. $ in billions) Note: As of December 31, 2023. 1. Includes Digital Realty’s pro rata share of unconsolidated joint venture loans and debt securities. Pro forma for asset sales, completion of JVs and issuance of shares through the ATM program in January 2024; assuming proceeds therefrom are used to pay down the global revolving credit facility and $240 million of the USD Term Loan. 2. Assumes exercise of extension options. 3. Includes impact of cross-currency swaps. 4.4 YEARS Weighted Avg. Maturity (1)(2) DEBT PROFILE 97% Unsecured Unsecured Secured 84% Non-USD Euro USD GBP Other 85% Fixed Fixed Floating 2.7 % Weighted Avg. Coupon (1)(3) 4Q23 Financial Results (3) 13 $ ₣ $0 $1.0 $1.7 $2.3 $2.7 $3.3 $1.7 $1.7 $1.7 $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 Euro Term Loan Unsecured Senior Notes - CHF Other Unsecured Debt Unsecured Credit Facilities Unsecured Green Senior Notes - CHF Unsecured Green Senior Notes - EUR USD Term Loan Pro Forma Payoffs € € € € € R ¥ $ ¥

2024 Financial Guidance 14 Actual 2023 Full Year 2024 Total Revenue $5,477 $5,550 – $5,650 Adjusted EBITDA $2,750 $2,800 – $2,900 Rental Rates on Renewals Leases (Cash) 6.8% 4.0% – 6.0% Year-End Portfolio Occupancy 81.7% +100 – 200 bps Same-Capital Cash NOI Growth 7.5% 2.0% – 3.0% Core FFO per Share $6.59 $6.60 – $6.75 Note: Dollars in millions except Core FFO per Share. The Company does not provide a reconciliation for non-GAAP estimates on a forward-looking basis, as 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, such as debt issuances, 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. 1. Adjusted EBITDA, Same -Capital NOI and Core FFO Per Share are non-GAAP financial measures. For a reconciliation of these measures to their nearest GAAP equivalents, see the Appendix. 4Q23 Financial Results (1)

Q&A Global. Connected. Sustainable. 4Q23 Financial Results 15

16 Platform & Capacity to Drive Returns Balance Sheet Positioned For Growth Accelerating Opportunity Ahead Positioned for Long-Term Sustainable Growth 2024 Setting the Stage to Meet Next Wave of Customer Demand Over $12 Billion(1) of Capital and Commitments Sourced from New Hyperscale Private Capital Partners and ATM 1. Includes transactions announced in 2023. Continued Growth in the Enterprise and Hyperscale Segments with AI Driving New Wave of Demand Global Footprint in Core Markets with Near-Term and Future Capacity to Enhance Long-Term Growth 4Q23 Financial Results

Appendix 4Q23 Financial Results 17

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 interest in operating-partnership reconciling items 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 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. 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). 4Q23 Financial Results 18

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 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; or implied by forward-looking statements include, among others, the following: reduced demand for data centers or decreases in information technology spending; decreased rental rates, increased operating costs or increased vacancy rates; increased competition or available supply of data center space; the suitability of our data centers and data center infrastructure, delays or disruptions in connectivity or availability of power, or failures or breaches of our physical and information security infrastructure or services; our dependence upon significant customers, bankruptcy or insolvency of a major customer or a significant number of smaller customers, or defaults on or non-renewal of leases by customers; 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; 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; impact on our operations and on the operations of our customers, suppliers, and business partners during a pandemic, such as COVID-19; the expected operating performance of anticipated near-term acquisitions and descriptions relating to these expectations; 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 and increases in real property tax rates; the impact of any financial, accounting, legal or regulatory issues or litigation that may affect us. The risks included here are not exhaustive, and additional factors could adversely affect our business and financial performance. We discussed a number of additional material risks in our annual report on Form 10-K for the year ended December 31, 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. 4Q23 Financial Results 19

Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent 4Q23 Financial Results 20 December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 Net income available to common stockholders $ 18,122 $ (6,093) $ 908,113 $ 337,147 Adjustments: Noncontrolling interests in operating partnership 410 (586) 20,710 7,914 Real estate related depreciation and amortization (1) 410,167 422,951 1,657,239 1,547,865 Depreciation related to non-controlling interests (15,377) (13,856) (57,477) (22,110) Real estate related depreciation and amortization related to investment in unconsolidated joint ventures 64,833 33,927 177,153 123,099 (Gain) on real estate transactions 103 572 (908,356) (177,332) Provision for impairment 5,363 3,000 118,363 3,000 FFO available to common stockholders and unitholders $ 483,621 $ 439,915 $ 1,915,745 $ 1,819,583 Basic FFO per share and unit $ 1.55 $ 1.49 $ 6.29 $ 6.23 Diluted FFO per share and unit $ 1.53 $ 1.45 $ 6.20 $ 6.03 Weighted average common stock and units outstanding Basic 311,960 295,199 304,651 292,123 Diluted 321,173 307,546 315,113 303,708 (1) Real estate related depreciation and amortization was computed as follows: Depreciation and amortization per income statement 420,475 430,130 1,694,859 1,577,933 Non-real estate depreciation (10,308) (7,179) (37,619) (30,068) $ 410,167 $ 422,951 $ 1,657,239 $ 1,547,865 December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 FFO available to common stockholders and unitholders -- basic and diluted $ 483,621 $ 439,915 $ 1,915,745 $ 1,819,583 Weighted average common stock and units outstanding 311,960 295,199 304,651 292,123 Add: Effect of dilutive securities 396 320 487 405 Weighted average common stock and units outstanding -- diluted 312,356 295,519 305,138 292,528 Three Months Ended Twelve Months Ended Twelve Months Ended Digital Realty Trust, Inc. and Subsidiaries Reconciliation of Net Income Available to Common Stockholders to Funds From Operations (FFO) (in thousands, except per share and unit data) (unaudited) Three Months Ended

Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent 4Q23 Financial Results 21 December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 FFO available to common stockholders and unitholders -- diluted $ 483,621 $ 439,915 $ 1,915,745 $ 1,819,583 Other non-core revenue adjustments (146) (3,786) 26,393 8,768 Transaction and integration expenses 40,226 17,350 84,722 68,766 Loss from early extinguishment of debt - - - 51,135 Severance, equity acceleration and legal expenses 7,565 15,980 18,054 23,498 (Gain) / Loss on FX revaluation (24,804) 14,564 (39,000) (24,694) Other non-core expense adjustments 1,956 3,615 3,905 12,388 CFFO available to common stockholders and unitholders -- diluted $ 508,417 $ 487,638 $ 2,009,820 $ 1,959,444 CFFO impact of holding '22 Exchange Rates Constant (3,781) - (3,964) - Constant Currency CFFO available to common stockholders and unitholders -- diluted $ 504,636 $ 487,638 $ 2,005,856 $ 1,959,444 Diluted CFFO per share and unit $ 1.63 $ 1.65 $ 6.59 $ 6.70 Diluted Constant Currency CFFO per share and unit $ 1.62 $ 1.65 $ 6.57 $ 6.70 Digital Realty Trust, Inc. and Subsidiaries Reconciliation of Funds From Operations (FFO) to Core Funds From Operations (CFFO) (in thousands, except per share and unit data) (unaudited) Three Months Ended Twelve Months Ended

Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent 4Q23 Financial Results 22 Before Interest, Taxes, Depreciation and Amortization (EBITDA) and Adjusted EBITDA December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 Net income available to common stockholders $ 18,122 $ (6,093) $ 908,113 $ 337,147 Interest 113,638 86,882 437,741 299,132 Loss from early extinguishment of debt - - - 51,135 Income tax expense (benefit) 20,724 (17,676) 75,579 31,551 Depreciation and amortization 420,475 430,130 1,694,859 1,577,933 EBITDA 572,958 493,243 3,116,292 2,296,898 Unconsolidated JV real estate related depreciation & amortization 64,833 33,927 177,153 123,099 Unconsolidated JV interest expense and tax expense 42,140 53,481 119,801 93,247 Severance, equity acceleration and legal expenses 7,565 15,980 18,054 23,498 Transaction and integration expenses 40,226 17,350 84,722 68,766 (Gain) / loss on sale of investments 103 6 (900,531) (176,754) Provision for impairment 5,363 3,000 118,363 3,000 Other non-core adjustments, net (35,439) 15,127 (26,192) (2,192) Noncontrolling interests (8,419) (3,326) 1,474 2,455 Preferred stock dividends, including undeclared dividends 10,181 10,181 40,724 40,725 .. Adjusted EBITDA $ 699,509 $ 638,969 $ 2,749,859 $ 2,472,743 Digital Realty Trust, Inc. and Subsidiaries Reconciliation of Net Income Available to Common Stockholders to Earnings (in thousands) (unaudited) Three Months Ended Twelve Months Ended

Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent 4Q23 Financial Results 23 December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 Rental revenues $ 650,450 $ 607,181 $ 2,568,225 $ 2,369,161 Tenant reimbursements - Utilities 250,387 188,607 1,023,387 743,015 Tenant reimbursements - Other 36,497 30,807 135,956 125,395 Interconnection and other 87,952 80,042 345,225 322,000 Total Revenue 1,025,285 906,637 4,072,793 3,559,571 Utilities 281,194 213,169 1,146,241 825,570 Rental property operating 171,282 159,831 646,670 599,761 Property taxes 29,370 28,741 131,945 121,871 Insurance 3,477 3,642 14,731 13,999 Total Expenses 485,323 405,383 1,939,586 1,561,202 Net Operating Income $ 539,962 $ 501,255 $ 2,133,206 $ 1,998,369 Less: Stabilized straight-line rent $ 1,019 $ 10,585 $ (17,037) $ (3,420) Above and below market rent 855 1,207 4,206 5,090 Same Capital Cash Net Operating Income $ 538,088 $ 489,462 $ 2,146,037 $ 1,996,699 Same Capital Cash NOI impact of holding '22 Exchange Rates Constant (10,706) - $ (19,053) $ - Constant Currency Same Capital Cash Net Operating Income $ 527,382 $ 489,462 $ 2,126,984 $ 1,996,699 December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 Total operating revenues $ 1,369,633 $ 1,233,108 $ 5,477,061 $ 4,691,834 less: Proforma disposition adjustment 1,022 (83,456) (198,826) (327,951) plus: Constant currency adjustment (3,781) - (3,964) - Total operating revenues (as adjusted) $ 1,366,874 $ 1,149,652 $ 5,274,271 $ 4,363,883 Three Months Ended Twelve Months Ended Three Months Ended Twelve Months Ended Digital Realty Trust, Inc. and Subsidiaries Reconciliation of Same Capital Cash Net Operating Income (in thousands) (unaudited)

Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent 24 Note: For Quarter ended March 31, 2023. 4Q23 Financial Results Total Debt/Total Enterprise Value QE 03/31/23 Market value of common equity(i) $ 29,272,861 Liquidation value of preferred equity(ii) 755,000 Total GAAP interest expense (including unconsolidated JV interest expense) 113,931 Total debt at balance sheet carrying value 17,875,511 Add: Capitalized interest 26,771 Total Enterprise Value $ 47,903,372 GAAP interest expense plus capitalized interest 140,702 Total debt / total enterprise value 37.3% Debt-plus-preferred-to-total-enterprise-value 38.9% Debt Service Ratio 4.7x (i) Market Value of Common Equity Common shares outstanding 291,299 Common units outstanding 6,462 QE 03/31/23 Total Shares and Partnership Units 297,761 Fixed Charged Ratio (LQA Adjusted EBITDA/total fixed charges) Stock price as of March 31, 2023 $ 98.31 Market value of common equity $ 29,272,861 GAAP interest expense plus capitalized interest 140,702 Preferred dividends 10,181 (ii) Liquidation value of preferred equity ($25.00 per share) Total fixed charges 150,884 Shares O/S Liquidation Value Series J Preferred 8,000 200,000 Fixed charge ratio 4.4x Series K Preferred 8,400 210,000 Series L Preferred 13,800 345,000 755,000 (iv) QE 03/31/23 Unsecured Debt/Total Debt Net Debt/LQA Adjusted EBITDA QE 03/31/23 Global unsecured revolving credit facility 2,514,202 Total debt at balance sheet carrying value $ 17,875,511 Unsecured term loans 1,542,275 Add: DLR share of unconsolidated joint venture debt 1,123,360 Unsecured senior notes, net of discount 13,258,079 Add: Capital lease obligations, net 335,910 Secured debt, including premiums 560,955 Less: Unrestricted cash (361,380) Capital lease obligations, net 335,910 Net Debt as of March 31, 2023 $ 18,973,401 Total debt at balance sheet carrying value 18,211,421 Net Debt / LQA Adjusted EBITDA(iii) 7.1x Unsecured Debt / Total Debt 96.9% (iii) Adjusted EBITDA Net Debt Plus Preferred/LQA Adjusted EBITDA QE 03/31/23 Net loss available to common stockholders $ 58,547 Total debt at balance sheet carrying value 17,875,511 Interest expense 102,220 Less: Unrestricted cash (361,380) Taxes 21,454 Capital lease obligations, net 335,910 Depreciation and amortization 421,198 DLR share of unconsolidated joint venture debt 1,123,360 EBITDA 603,419 Net Debt as of March 31, 2023 18,973,401 Preferred Liquidation Value (iv) 755,000 Unconsolidated JV real estate related depreciation & amortization 33,719 Net Debt plus preferred 19,728,401 Unconsolidated JV interest expense and tax expense 18,556 Severance accrual and equity acceleration and legal expenses 4,155 Net Debt Plus Preferred/LQA Adjusted EBITDA(iii) 7.4x Transaction and integration expenses 12,267 Other non-core adjustments, net (14,604) Noncontrolling interests 111 Preferred stock dividends, including undeclared dividends 10,181 Adjusted EBITDA $ 667,804 LQA Adjusted EBITDA (Adjusted EBITDA x 4) $ 2,671,214 Debt Service Ratio (LQA Adjusted EBITDA/GAAP interest expense plus capitalized interest and less bridge facility fees)

Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent 25 Total Debt/Total Enterprise Value QE 06/30/23 Market value of common equity(i) $ 34,812,727 Liquidation value of preferred equity(ii) 755,000 Total GAAP interest expense (including unconsolidated JV interest expense) 127,468 Total debt at balance sheet carrying value 17,729,452 Add: Capitalized interest 27,883 Total Enterprise Value $ 53,297,179 GAAP interest expense plus capitalized interest 155,351 Total debt / total enterprise value 33.3% Debt-plus-preferred-to-total-enterprise-value 34.7% Debt Service Ratio 4.5x (i) Market Value of Common Equity Common shares outstanding 299,240 Common units outstanding 6,483 QE 06/30/23 Total Shares and Partnership Units 305,723 Fixed Charged Ratio (LQA Adjusted EBITDA/total fixed charges) Stock price as of June 30, 2023 $ 113.87 Market value of common equity $ 34,812,727 GAAP interest expense plus capitalized interest 155,351 Preferred dividends 10,181 (ii) Liquidation value of preferred equity ($25.00 per share) Total fixed charges 165,533 Shares O/S Liquidation Value Series J Preferred 8,000 200,000 Fixed charge ratio 4.2x Series K Preferred 8,400 210,000 Series L Preferred 13,800 345,000 755,000 (iv) QE 06/30/23 Unsecured Debt/Total Debt Net Debt/LQA Adjusted EBITDA QE 06/30/23 Global unsecured revolving credit facility 2,242,258 Total debt at balance sheet carrying value $ 17,729,452 Unsecured term loans 1,548,780 Add: DLR share of unconsolidated joint venture debt 1,118,743 Unsecured senior notes, net of discount 13,383,819 Add: Capital lease obligations, net 319,635 Secured debt, including premiums 554,594 Less: Unrestricted cash (324,938) Capital lease obligations, net 319,635 Net Debt as of June 30, 2023 $ 18,842,893 Total debt at balance sheet carrying value 18,049,086 Net Debt / LQA Adjusted EBITDA(iii) 6.8x Unsecured Debt / Total Debt 96.9% (iii) Adjusted EBITDA Net Debt Plus Preferred/LQA Adjusted EBITDA QE 06/30/23 Net loss available to common stockholders $ 108,003 Total debt at balance sheet carrying value 17,729,452 Interest expense 111,116 Less: Unrestricted cash (324,938) Taxes 16,173 Capital lease obligations, net 319,635 Depreciation and amortization 432,573 DLR share of unconsolidated joint venture debt 1,118,743 EBITDA 667,866 Net Debt as of June 30, 2023 18,842,893 Preferred Liquidation Value (iv) 755,000 Unconsolidated JV real estate related depreciation & amortization 35,386 Net Debt plus preferred 19,597,893 Unconsolidated JV interest expense and tax expense 32,105 Severance accrual and equity acceleration and legal expenses 3,652 Net Debt Plus Preferred/LQA Adjusted EBITDA(iii) 7.0x Transaction and integration expenses 17,764 (Gain) / loss on sale of investments (89,946) Other non-core adjustments, net 22,132 Impairment of investments in real estate - Noncontrolling interests (2,538) Preferred stock dividends, including undeclared dividends 10,181 Adjusted EBITDA $ 696,604 LQA Adjusted EBITDA (Adjusted EBITDA x 4) $ 2,786,415 Debt Service Ratio (LQA Adjusted EBITDA/GAAP interest expense plus capitalized interest and less bridge facility fees) Note: For Quarter ended June 30, 2023. 4Q23 Financial Results

Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent Note: For Quarter ended September 30, 2023. 4Q23 Financial Results 26 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)

Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent Note: For Quarter ended December 31, 2023. 4Q23 Financial Results 27 Total Debt/Total Enterprise Value QE 12/31/23 Market value of common equity(i) $ 42,804,053 Liquidation value of preferred equity(ii) 755,000 Total GAAP interest expense (including unconsolidated JV interest expense) 143,052 Total debt at balance sheet carrying value 17,425,908 Add: Capitalized interest 33,032 Total Enterprise Value $ 60,984,961 GAAP interest expense plus capitalized interest 176,084 Total debt / total enterprise value 28.6% Debt-plus-preferred-to-total-enterprise-value 29.8% Debt Service Ratio 4.0x (i) Market Value of Common Equity Common shares outstanding 311,608 Common units outstanding 6,449 QE 12/31/23 Total Shares and Partnership Units 318,057 Fixed Charged Ratio (LQA Adjusted EBITDA/total fixed charges) Stock price as of December 31, 2023 $ 134.58 Market value of common equity $ 42,804,053 GAAP interest expense plus capitalized interest 176,084 Preferred dividends 10,181 (ii) Liquidation value of preferred equity ($25.00 per share) Total fixed charges 186,265 Shares O/S Liquidation Value Series J Preferred 8,000 200,000 Fixed charge ratio 3.8x Series K Preferred 8,400 210,000 Series L Preferred 13,800 345,000 755,000 (iv) QE 12/31/23 Unsecured Debt/Total Debt Net Debt/LQA Adjusted EBITDA QE 12/31/23 Global unsecured revolving credit facility 1,812,287 Total debt at balance sheet carrying value $ 17,425,908 Unsecured term loans 1,560,305 Add: DLR share of unconsolidated joint venture debt 1,534,744 Unsecured senior notes, net of discount 13,422,342 Add: Capital lease obligations, net 315,178 Secured debt, including premiums 630,973 Less: Unrestricted cash (1,898,342) Capital lease obligations, net 315,178 Net Debt as of September 30, 2023 $ 17,377,488 Total debt at balance sheet carrying value 17,741,085 Net Debt / LQA Adjusted EBITDA(iii) 6.2x Unsecured Debt / Total Debt 96.4% (iii) Adjusted EBITDA Net Debt Plus Preferred/LQA Adjusted EBITDA QE 12/31/23 Net loss available to common stockholders $ 18,122 Total debt at balance sheet carrying value 17,425,908 Interest expense 113,638 Less: Unrestricted cash (1,898,342) Taxes 20,724 Capital lease obligations, net 315,178 Depreciation and amortization 420,475 DLR share of unconsolidated joint venture debt 1,534,744 EBITDA 572,958 Net Debt as of September 30, 2023 17,377,488 Preferred Liquidation Value (iv) 755,000 Unconsolidated JV real estate related depreciation & amortization 64,833 Net Debt plus preferred 18,132,488 Unconsolidated JV interest expense and tax expense 42,140 Severance accrual and equity acceleration and legal expenses 7,565 Net Debt Plus Preferred/LQA Adjusted EBITDA(iii) 6.5x Transaction and integration expenses 40,226 (Gain) / loss on sale of investments 103 Other non-core adjustments, net (35,439) Impairment of investments in real estate 5,363 Noncontrolling interests (8,419) Preferred stock dividends 10,181 Adjusted EBITDA $ 699,509 LQA Adjusted EBITDA (Adjusted EBITDA x 4) $ 2,798,037 Debt Service Ratio (LQA Adjusted EBITDA/GAAP interest expense plus capitalized interest and less bridge facility fees)

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Cover Page	Feb. 15, 2024
Entity Information [Line Items]
Document Type	8-K
Document Period End Date	Feb. 15, 2024
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