8-K - DLR - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

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

Date of Report (Date of earliest event reported): October 23, 2025

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.)


2323 Bryan Street, Suite 1 800 Dallas , Texas	75201
(Address of principal executive offices)	(Zip Code)

( 214 ) 231-1350

(Registrant’s telephone number, including area code)

N/A

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

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

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

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

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

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

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


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

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


	Emerging growth company ☐

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

Item 2.02 Results of Operations and Financial Condition.

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

On October 23, 2025, we issued a press release announcing our financial results for the quarter ended September 30, 2025. The press release referred to certain supplemental information that is available on the Company’s website at www.digitalrealty.com. A copy of the press release and supplemental information is attached hereto as Exhibit 99.1 and incorporated by reference herein.

On October 23, 2025, 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.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.



Exhibit No.		Description

99.1		Earnings Press Release and Supplemental Information for the Quarter Ended September 30, 2025.
99.2		Presentation Materials posted October 23, 2025.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

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

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

Date: October 23, 2025

Table of Contents

Exhibit 99.1

Table of Contents

	Financial Supplement
Table of Contents		Third Quarter 2025

Overview	PAGE

Corporate Information	3

Key Quarterly Financial Data	5

Consolidated Statements of Operations

Earnings Release	7

2025 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 Analysis and 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	25

Construction Projects in Progress	26

Historical Capital Expenditures and Investments in Real Estate	27

Acquisitions / Dispositions / Joint Ventures	28

Unconsolidated Entities	29

Additional Information

Reconciliation of Earnings Before Interest, Taxes, Depreciation & Amortization and Financial Ratios	30

Management Statements on Non-GAAP Measures	31

Forward-Looking Statements	33

Table of Contents

	Financial Supplement
Corporate Information		Third Quarter 2025

Corporate Profile

Digital Realty Trust, Inc. (“Digital Realty” or the “company”) owns, acquires, develops, and operates data centers through its operating partnership subsidiary, Digital Realty Trust, L.P. (the “operating partnership”). The company is focused on providing data center, colocation, and interconnection solutions for domestic and international customers across a variety of industry verticals ranging from cloud and information technology services, communications and social networking to financial services, manufacturing, energy, healthcare, and consumer products. As of September 30, 2025, the company’s 311 data centers, including 89 data centers held as investments in unconsolidated entities, 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 42.7 million square feet, excluding approximately 10.2 million square feet of space under active development and 4.8 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<br><br>Austin, TX<br>Website: digitalrealty.com	Senior Management<br><br>President & Chief Executive Officer: Andrew P. Power<br>Chief Financial Officer: Matthew R. Mercier<br>Chief Investment Officer: Gregory S. Wright<br>Chief Technology Officer: Christopher L. Sharp<br>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
			BMO Capital	BNP Paribas
Argus Research	BofA Securities	Barclays	Markets	Exane	Citigroup	Citizens JMP Securities
Marie Ferguson	Michael Funk	Brendan Lynch	Ari Klein	Nate Crossett	Michael Rollins	Greg Miller
(212) 425-7500	(646) 855-5664	(212) 526-9428	(212) 885-4103	(646) 725-3716	(212) 816-1116	(212) 699-2917

Evercore ISI	Goldman Sachs	Green Street Advisors	Guggenheim	HSBC	Jefferies	J.P. Morgan
Irvin Liu	Jim Schneider	David Guarino	Joseph Osha	Phani Kanumuri	Jonathan Petersen	Richard Choe
(415) 800-0183	(212) 357-2929	(949) 640-8780	(415) 852-6468	(240) 709-8135	(212) 284-1705	(212) 662-6708

KeyBanc	Mizuho Group	MoffettNathanson	Morningstar	Oppenheimer	Raymond James	RBC Capital Markets
Brandon Nispel	Vikram Malhotra	Nick Del Deo	Mark Giarelli	Timothy Horan	Frank Louthan	Jonathan Atkin
(503) 821-3871	(212) 282-3827	(212) 519-0025	(312) 244-7966	(212) 667-8137	(404) 442-5867	(415) 633-8589

Scotiabank	Stifel	TD Cowen	Truist Securities	UBS	Wells Fargo	Wolfe Research
Maher Yaghi	Erik Rasmussen	Michael Elias	Anthony Hau	John Hodulik	Eric Luebchow	Andrew Rosivach
(437) 995-5548	(212) 271-3461	(646) 562-1358	(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



November 18, 2025	Jefferies Real Estate Conference	Miami, FL
December 9 - 11, 2025	REITworld: 2025 Annual Conference	Dallas, TX

Webcasts for these events are available through the Digital Realty Investor Relations website when possible. Please check our website for additional information. 3

Table of Contents

	Financial Supplement
Corporate Information (Continued)		Third Quarter 2025

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:	BBB-

Moody’s
Issuer Rating:	Baa2	(Stable Outlook)
Preferred Stock:	Baa3

Fitch
Issuer Default Rating:	BBB	(Stable Outlook)
Preferred Stock:	BB+

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

Common Stock Price Performance

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


	Three Months Ended
	30-Sep-25		30-Jun-25		31-Mar-25		31-Dec-24		30-Sep-24
High price		182.00		178.85		187.74		198.00		165.17
Low price		159.22		129.95		139.27		155.16		141.00
Closing price, end of quarter		172.88		174.33		143.29		177.33		161.83
Average daily trading volume ^(1)^		1,520		2,034		2,529		1,911		1,615
Indicated dividend per common share ^(2)^		4.88		4.88		4.88		4.88		4.88
Closing annual dividend yield, end of quarter		2.8%		2.8%		3.4%		2.8%		3.0%
Shares and units outstanding, end of quarter ^(1) (3)^		349,244		346,644		343,092		342,772		337,744
Closing market value of shares and units outstanding ^(4)^		60,377,303		60,430,449		49,161,653		60,783,759		54,657,112

All values are in US Dollars.

(1)	Shares or shares and units in thousands.
(2)	On an annualized basis.
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(3)	As of September 30, 2025, the total number of shares and units includes 343,041 shares of common stock, 4,046 common units held by third parties and 2,157 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.
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(4)	Dollars in thousands as of the end of the quarter.
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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.

Table of Contents

Key Quarterly Financial Data	Financial Supplement
Unaudited, Dollars (except per share data) and Square Feet in Thousands		Third Quarter 2025


** Shares and Units at End of Quarter**	****	30-Sep-25		****	30-Jun-25		****	31-Mar-25		****	31-Dec-24		****	30-Sep-24
Common shares outstanding			343,041			340,372			336,743			336,637			331,347
Common partnership units outstanding			6,203			6,272			6,349			6,135			6,397
Total Shares and Units	****		349,244	****		346,644	****		343,092	****		342,772	****		337,744

** Enterprise Value**
Market value of common equity ^(1)^			$60,377,303			$60,430,449			$49,161,653			$60,783,759			$54,657,112
Liquidation value of preferred equity			755,000			755,000			755,000			755,000			755,000
Total debt at balance sheet carrying value			18,225,434			18,452,148			17,016,279			16,714,377			16,986,546
Total Enterprise Value			$79,357,737			$79,637,597			$66,932,932			$78,253,136			$72,398,658
Total debt / total enterprise value			23.0%			23.2%			25.4%			21.4%			23.5%
Debt-plus-preferred-to-total-enterprise-value			23.9%			24.1%			26.6%			22.3%			24.5%

** Selected Balance Sheet Data**
Investments in real estate (before depreciation)			$39,374,646			$38,613,260			$35,693,166			$35,401,912			$36,463,664
Total Assets			48,728,634			48,714,995			45,080,562			45,283,616			45,295,392
Total Liabilities			23,739,412			23,853,149			21,902,406			22,107,836			22,118,781

** Selected Operating Data**
Total operating revenues			$1,577,234			$1,493,150			$1,407,637			$1,435,862			$1,431,214
Total operating expenses			1,438,813			1,281,453			1,211,887			1,291,540			1,262,928
Net income			63,713			1,046,946			106,395			185,688			40,134
Net income / (loss) available to common stockholders			57,631			1,021,975			99,793			179,388			41,012

** Financial Ratios**
EBITDA ^(2)^			$679,912			$1,605,408			$658,400			$746,578			$639,875
Adjusted EBITDA^(3)^			867,807			823,319			791,156			751,276			758,296
Net Debt-to-Adjusted EBITDA ^(4)^			4.9x			5.1x			5.1x			4.8x			5.4x
Interest expense			113,584			109,383			98,464			104,742			123,803
Fixed charges ^(5)^			156,687			148,957			138,739			149,364			162,296
Interest coverage ratio ^(6)^			4.9x			5.0x			5.3x			4.5x			4.3x
Fixed charge coverage ratio ^(7)^			4.6x			4.7x			4.9x			4.2x			4.1x

** Profitability Measures**
Net income / (loss) per common share - basic			$0.17			$3.03			$0.30			$0.54			$0.13
Net income / (loss) per common share - diluted			$0.15			$2.94			$0.27			$0.51			$0.09
Funds from operations (FFO) / diluted share and unit ^(8)^			$1.65			$1.75			$1.67			$1.61			$1.55
Core funds from operations (Core FFO) / diluted share and unit ^(8)^			$1.89			$1.87			$1.77			$1.73			$1.67
Adjusted funds from operations (AFFO) / diluted share and unit ^(9)^			$1.76			$1.68			$1.78			$1.36			$1.52
Dividends per share and common unit			$1.22			$1.22			$1.22			$1.22			$1.22
Diluted FFO payout ratio ^(8) (10)^			73.8%			69.6%			73.2%			75.6%			78.8%
Diluted Core FFO payout ratio ^(8) (11)^			64.7%			65.2%			68.8%			70.7%			73.2%
Diluted AFFO payout ratio ^(9) (12)^			69.2%			72.8%			68.6%			89.5%			80.4%

** Portfolio Statistics**
Buildings ^(13)^			330			330			328			328			331
Data Centers ^(13)^			311			310			308			308			312
Cross-connects^(13) (14)^			231,000			229,000			228,000			227,000			225,000
Net rentable square feet, excluding development space ^(13)^			42,706			42,529			41,778			41,326			41,092
Occupancy at end of quarter ^(15)^			84.8%			84.8%			84.0%			84.1%			83.9%
Occupied square footage ^(13)^			36,197			36,073			35,100			34,741			34,479
Space under active development ^(16)^			10,230			9,848			9,463			8,904			9,126
Space held for development ^(17)^			4,758			4,616			5,062			4,686			4,862
Weighted average remaining lease term (years) ^(18)^			5.0			5.1			4.9			4.8			4.8
Same-capital occupancy at end of quarter ^(15) (19)^			83.7%			83.7%			83.4%			83.5%			83.7%

Table of Contents

Key Quarterly Financial Data	Financial Supplement
Unaudited, Dollars (except per share data) and Square Feet in Thousands		Third Quarter 2025

(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 on debt extinguishment and modifications, tax expense, and depreciation and amortization. For a discussion of EBITDA, see page 31. For a reconciliation of net income available to common stockholders to EBITDA, see page 30.
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(3)	Adjusted EBITDA is EBITDA excluding (i) unconsolidated entities real estate related depreciation & amortization, (ii) unconsolidated entities 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) noncontrolling interests, (ix) preferred stock dividends, and (x) gain on / issuance costs associated with redeemed preferred stock. For a discussion of Adjusted EBITDA, see page 31. For a reconciliation of net income available to common stockholders to Adjusted EBITDA, see page 30.
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(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 entities debt at carrying value, less cash and cash equivalents (including our share of unconsolidated entities cash), divided by the product of Adjusted EBITDA (including our pro rata share of unconsolidated entities EBITDA), multiplied by four.
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(5)	Fixed charges consist of GAAP interest expense, capitalized interest, scheduled debt principal payments and preferred stock dividends.
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(6)	Interest coverage ratio is Adjusted EBITDA (including our pro rata share of unconsolidated entities EBITDA), divided by GAAP interest expense plus capitalized interest (including our share of unconsolidated entities interest expense).
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(7)	Fixed charge coverage ratio is Adjusted EBITDA (including our pro rata share of unconsolidated entities EBITDA), divided by fixed charges (including our share of unconsolidated entities fixed charges).
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(8)	For definitions and discussion of FFO and Core FFO, see page 31. For reconciliations of net income available to common stockholders to FFO and Core FFO, see page 13.
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(9)	For a definition and discussion of AFFO, see page 31. For a reconciliation of Core FFO to AFFO, see page 14.
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(10)	Diluted FFO payout ratio is dividends declared per common share and unit divided by diluted FFO per share and unit.
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(11)	Diluted Core FFO payout ratio is dividends declared per common share and unit divided by diluted Core FFO per share and unit.
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(12)	Diluted AFFO payout ratio is dividends declared per common share and unit divided by diluted AFFO per share and unit.
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(13)	Includes buildings held as investments in unconsolidated entities. Excludes buildings held for sale and contribution.
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(14)	Represents approximate amounts.
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(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 entities and non-managed unconsolidated entities. 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 and contribution.
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(16)	Space under active development includes current Base Building and Data Centers projects in progress. Excludes buildings held for sale and contribution.
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(17)	Space held for development includes space held for future Data Center development and excludes space under active development. Excludes buildings held for sale and contribution.
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(18)	Weighted average remaining lease term excludes renewal options and is weighted by net rentable square feet.
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(19)	Represents buildings owned as of December 31, 2023, with less than 5% of total rentable square feet under development. Excludes buildings that were undergoing, or were expected to undergo, development activities in 2024-2025, buildings classified as held for sale and contribution, and buildings sold or contributed to joint ventures for all periods presented. Prior period results have been adjusted to reflect current same-capital pool.
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Table of Contents

Digital Realty Trust	Financial Supplement
Earnings Release		Third Quarter 2025

Digital Realty Reports Third Quarter 2025 Results

Austin, TX — October 23, 2025 — Digital Realty (NYSE: DLR), the largest global provider of cloud- and carrier-neutral data center, colocation and interconnection solutions, announced today financial results for the third quarter of 2025. All per share results are presented on a fully diluted basis.

Highlights

◾	Reported net income available to common stockholders of $0.15 per share in 3Q25, compared to $0.09 in 3Q24
◾	Reported FFO per share of $1.65 in 3Q25, compared to $1.55 in 3Q24
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◾	Reported Core FFO per share of $1.89 in 3Q25, compared to $1.67 in 3Q24; reported Constant-Currency Core FFO per share of $1.85 in 3Q25
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◾	Reported rental rate increases on renewal leases of 8.0% on a cash basis in 3Q25
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◾	Signed total bookings during 3Q25 that are expected to generate $201 million of annualized GAAP rental revenue at 100% share; at Digital Realty’s share, total bookings were $162 million, including an $85 million contribution from the 0-1 megawatt plus interconnection category
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◾	Reported a backlog of $852 million of annualized GAAP base rent at the end of 3Q25
---	---
◾	Raised 2025 Core FFO per share outlook to $7.32 - $7.38 and Constant-Currency Core FFO per share outlook to $7.25 - $7.30
---	---

Financial Results

Digital Realty reported revenues of $1.6 billion in the third quarter of 2025, a 6% increase from the previous quarter and a 10% increase from the same quarter last year.

The company delivered net income of $64 million in the third quarter of 2025, as well as net income available to common stockholders of $58 million and $0.15 per share, compared to $2.94 per share in the previous quarter and $0.09 per share in the same quarter last year.

Digital Realty generated Adjusted EBITDA of $868 million in the third quarter of 2025, a 5% increase from the previous quarter and a 14% increase over the same quarter last year.

The company reported Funds From Operations (FFO) of $570 million in the third quarter of 2025, or $1.65 per share, compared to $1.75 per share in the previous quarter and $1.55 per share in the same quarter last year.

Excluding certain items that do not represent core expenses or revenue streams, Digital Realty delivered Core FFO per share of $1.89 in the third quarter of 2025, compared to $1.87 per share in the previous quarter and $1.67 per share in the same quarter last year. Digital Realty delivered Constant-Currency Core FFO per share of $1.85 in the third quarter of 2025 and $5.48 per share for the nine-month period ended September 30, 2025.

"Digital Realty delivered strong financial results this quarter, featuring record Core FFO per share and double-digit revenue and Adjusted EBITDA growth. These achievements are supported by a substantial backlog, providing clear visibility into 2026," said Digital Realty President and CEO Andy Power. "Robust enterprise demand continues to drive our 0-1 megawatt plus interconnection offering, with companies expanding on PlatformDIGITAL®. With five gigawatts of buildable IT capacity worldwide, we are well-positioned to meet our customers' evolving needs."

Leasing Activity

In the third quarter, Digital Realty signed total bookings that are expected to generate $201 million of annualized GAAP rental revenue at 100% share; at Digital Realty’s share, total bookings were $162 million, including a $65 million contribution from the 0-1 megawatt category and a $20 million contribution from interconnection.

The weighted-average lag between new leases signed during the third quarter of 2025 and the contractual commencement date was eight months. The backlog of signed-but-not-commenced leases at quarter-end was $852 million of annualized GAAP base rent at Digital Realty’s share.

In addition to new leases signed, Digital Realty also signed renewal leases representing $192 million of annualized cash rental revenue during the quarter. Rental rates on renewal leases signed during the third quarter of 2025 increased 8.0% on a cash basis and 11.5% on a GAAP basis.

Table of Contents

Digital Realty Trust	Financial Supplement
Earnings Release		Third Quarter 2025

New leases signed during the third quarter of 2025 at Digital Realty’s share 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		31,606	94		338	7.7		$340
> 1 MW		35,688	101		353	16.2		184
Other ^(1)^		551	10		53	—		—
Total		67,844	205		331	23.9		$235

EMEA ^(2)^
0-1 MW		28,518	80		359	8.4		$283
> 1 MW		26,087	90		288	12.0		181
Other ^(1)^		434	8		55	—		—
Total		55,040	178		310	20.4		$223

Asia Pacific ^(2)^
0-1 MW		4,756	27		179	2.0		$194
> 1 MW		14,373	32		453	3.4		348
Other ^(1)^		142	1		121	—		—
Total		19,271	60		324	5.5		$291

All Regions ^(2)^
0-1 MW		64,880	200		325	18.2		$297
> 1 MW		76,148	223		341	31.6		201
Other ^(1)^		1,127	19		58	—		—
Total		142,155	442		321	49.8		$236

Interconnection		19,649	N/A		N/A	N/A		N/A

Grand Total at DLR Share		161,804	442		321	49.8		$236

Grand Total at 100% Share		201,471	462		387	71.4		$209

All values are in US Dollars.

Note: Totals may not foot due to rounding differences.

(1)	Other includes Powered Base Building® shell capacity as well as storage and office space within fully improved data center facilities.
(2)	Based on quarterly average exchange rates during the three months ended September 30, 2025.
---	---

Investment Activity

During the third quarter, Digital Realty sold non-core data centers in the Atlanta, Boston and Miami metro areas for gross proceeds of approximately $90 million.

Digital Realty acquired a property containing approximately five acres of land in the Los Angeles metro area for approximately $49 million that is expected to support 32 megawatts of IT capacity. Additionally, Digital Realty acquired two land parcels near its Franklin Park campus for approximately $18 million that, together with previously acquired land parcels, are expected to support over 40 megawatts of incremental IT capacity in the Chicago metro area.

Subsequent to quarter end, Digital Realty sold a non-core data center in the Dallas metro area for gross proceeds of approximately $33 million.

Table of Contents

Digital Realty Trust	Financial Supplement
Earnings Release		Third Quarter 2025

Balance Sheet

Digital Realty had approximately $18.2 billion of total debt outstanding as of September 30, 2025, comprised of $17.4 billion of unsecured debt and approximately $0.8 billion of secured debt and other debt. At the end of the third quarter of 2025, net debt-to-Adjusted EBITDA was 4.9x, debt-plus-preferred-to-total enterprise value was 23.9% and fixed charge coverage was 4.6x.

In July, Digital Realty repaid €650 million ($754 million) in aggregate principal amount of its 0.625% senior notes.

Since June 30, 2025, the company also sold 2.9 million shares of common stock under its At-The-Market (ATM) equity issuance program at a weighted average price of $172.46 per share, for net proceeds of approximately $501 million.

Table of Contents

Digital Realty Trust	Financial Supplement
Earnings Release		Third Quarter 2025

2025 Outlook

Digital Realty raised its 2025 Core FFO per share outlook to $7.32 - $7.38 and Constant-Currency Core FFO per share outlook to $7.25 - $7.30. The assumptions underlying the outlook are summarized in the following table.


	****	As of	****	As of	****	As of	As of
Top-Line and Cost Structure		February 13, 2025		April 24, 2025		July 24, 2025	October 23, 2025
Total revenue		$5.800 - $5.900 billion		$5.825 - $5.925 billion		5.925 - 6.025 billion	$6.025 - $6.075 billion
Net non-cash rent adjustments ^(1)^		($45 - $50 million)		($50 - $55 million)		(65 - 70 million)	($75 - $80 million)
Adjusted EBITDA		$3.100 - $3.200 billion		$3.125 - $3.225 billion		3.200 - 3.300 billion	$3.300 - $3.350 billion
G&A		$500 - $510 million		$505 - $515 million		520 - 530 million	$530 - $535 million

Internal Growth
Rental rates on renewal leases
Cash basis		4.0% - 6.0%		4.0% - 6.0%		5.0% - 6.0%	5.75% - 6.25%
GAAP basis		6.0% - 8.0%		6.0% - 8.0%		7.0% - 8.0%	7.75% - 8.25%
Year-end portfolio occupancy		+100 - 200 bps		+100 - 200 bps		+100 - 200 bps	+100 - 200 bps
"Same-Capital" cash NOI growth ^(2)^		3.5% - 4.5%		3.5% - 4.5%		3.5% - 4.5%	4.25% - 4.75%

Foreign Exchange Rates
U.S. Dollar / Pound Sterling		$1.20 - $1.25		$1.25 - $1.35		1.30 - 1.35	$1.30 - $1.35
U.S. Dollar / Euro		$1.00 - $1.05		$1.05 - $1.15		1.10 - 1.15	$1.13 - $1.18

External Growth
Dispositions / Joint Venture Capital
Dollar volume		$500 - $1,000 million		$500 - $1,000 million		700 - 1,000 million	$700 - $1,000 million
Cap rate		0.0% - 10.0%		0.0% - 10.0%		0.0% - 10.0%	0.0% - 10.0%
Development
CapEx (Net of Partner Contributions) ^(3)^		$3,000 - $3,500 million		$3,000 - $3,500 million		3,000 - 3,500 million	$3,000 - $3,500 million
Average stabilized yields		10.0%+		10.0%+		10.0%+	10.0%+
Enhancements and other non-recurring CapEx ^(4)^		$30 - $35 million		$30 - $35 million		30 - 35 million	$30 - $35 million
Recurring CapEx + capitalized leasing costs ^(5)^		$320 - $335 million		$320 - $335 million		320 - 335 million	$300 - $320 million

Balance Sheet
Long-term debt issuance
Dollar amount		$900 - $1,500 million		$900 - $1,500 million		~2,000 million	~$2,000 million
Pricing		5.0% - 5.5%		4.0% - 5.5%		~4.0%	~4.0%
Timing		Mid-Year		Mid-Year		Mid-Year	Mid-Year

Net income per diluted share		$2.10 - $2.20		$2.15 - $2.25		3.45 - 3.55	$3.57 - $3.62
Real estate depreciation and (gain) / loss on sale		$4.50 - $4.50		$4.50 - $4.50		3.25 - 3.25	$3.20 - $3.20
Funds From Operations / share (NAREIT-Defined)		$6.60 - $6.70		$6.65 - $6.75		6.70 - 6.80	$6.77 - $6.82
Non-core expenses and revenue streams		$0.40 - $0.40		$0.40 - $0.40		0.45 - 0.45	$0.55 - $0.55
Core Funds From Operations / share		$7.00 - $7.10		$7.05 - $7.15		7.15 - 7.25	$7.32 - $7.38
Foreign currency translation adjustments		$0.05 - $0.05		$0.00 - $0.00		(0.05) - ( 0.05)	($0.07) - ( $0.07)
Constant-Currency Core Funds From Operations / share		$7.05 - $7.15		$7.05 - $7.15		7.10 - 7.20	$7.25 - $7.30

All values are in US Dollars.

(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, 2023 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 2024-2025, properties classified as held for sale and contribution, and properties sold or contributed to joint ventures for all periods presented. The 2025 “Same-Capital” cash NOI growth outlook is presented on a constant currency basis.
---	---
(3)	Excludes land acquisitions and includes Digital Realty’s share of joint venture and fund contributions. Figure is net of joint venture and fund partners’ share of 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

Table of Contents

Digital Realty Trust	Financial Supplement
Earnings Release		Third Quarter 2025

Non-GAAP Financial Measures

This document contains non-GAAP financial measures, including FFO, Core FFO, Constant Currency 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, a reconciliation from NOI to Cash NOI, and definitions of FFO, Core FFO, Constant Currency 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 October 23, 2025, a presentation will be posted to the Investors section of the company’s website at https://investor.digitalrealty.com. The presentation is designed to accompany the discussion of the company’s third quarter 2025 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# 1402737 at least five minutes prior to start time. A live webcast of the call will be available via the Investors section of Digital Realty’s website at https://investor.digitalrealty.com.

Telephone and webcast replays will be available after the call until November 23, 2025. 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# 3414347. 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, from cloud and digital transformation to emerging technologies like artificial intelligence (AI), 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

Jordan Sadler / Jim Huseby

Investor Relations

Digital Realty

(415) 275-5344

Table of Contents

Consolidated Quarterly Statements of Operations	Financial Supplement
Unaudited and in Thousands, Except Per Share Data		Third Quarter 2025


	Three Months Ended					Nine Months Ended
	30-Sep-25	30-Jun-25	31-Mar-25	31-Dec-24	30-Sep-24		30-Sep-25	30-Sep-24
Rental revenues	$1,045,708	$1,003,550	$960,526	$958,892	$956,351		$3,009,784	$2,763,753
Tenant reimbursements - Utilities	332,681	294,503	271,189	302,664	305,097		898,373	855,959
Tenant reimbursements - Other	37,302	37,355	42,177	38,591	39,624		116,834	120,021
Interconnection and other	120,399	121,952	112,969	112,360	112,655		355,320	330,231
Fee income	36,398	34,427	20,643	23,316	12,907		91,468	41,572
Other	4,746	1,363	133	40	4,581		6,242	7,568
Total Operating Revenues	$1,577,234	$1,493,150	$1,407,637	$1,435,862	$1,431,214		$4,478,021	$4,119,106

Utilities	$375,627	$339,288	$313,385	$337,534	$356,063		$1,028,301	$995,882
Rental property operating	278,292	267,724	238,600	273,104	249,796		784,615	711,817
Property taxes	51,823	49,570	48,856	46,044	45,633		150,249	136,408
Insurance	4,508	4,946	4,483	6,007	4,869		13,937	12,318
Depreciation and amortization	497,002	461,167	443,009	455,355	459,997		1,401,178	1,316,442
General and administration	139,911	133,755	121,112	124,470	115,120		394,778	349,051
Severance, equity acceleration and legal expenses	1,794	2,262	2,428	2,346	2,481		6,484	4,156
Transaction and integration expenses	86,559	22,546	39,902	11,797	24,194		149,007	82,105
Provision for impairment	—	—	—	22,881	—		—	168,303
Other expenses	3,297	195	112	12,002	4,774		3,604	15,080
Total Operating Expenses	$1,438,813	$1,281,453	$1,211,887	$1,291,540	$1,262,928		$3,932,153	$3,791,564

Operating Income	$138,421	$211,697	$195,750	$144,322	$168,286		$545,868	$327,542

Equity in earnings / (loss) of unconsolidated entities	(16,944)	(12,062)	(7,640)	(36,201)	(26,486)		(36,646)	(83,936)
Gain / (loss) on sale of investments	19,780	931,830	1,111	144,885	(556)		952,721	450,940
Interest and other income / (expense), net	47,735	37,747	32,773	44,517	37,756		118,255	109,726
Interest (expense)	(113,584)	(109,383)	(98,464)	(104,742)	(123,803)		(321,431)	(348,095)
Income tax benefit / (expense)	(11,695)	(12,883)	(17,135)	(4,928)	(12,427)		(41,713)	(49,832)
Loss on debt extinguishment and modifications	—	—	—	(2,165)	(2,636)		—	(3,706)
Net Income	$63,713	$1,046,946	$106,395	$185,688	$40,134		$1,217,054	$402,639

Net (income) / loss attributable to noncontrolling interests	4,099	(14,790)	3,579	3,881	11,059		(7,112)	10,282
Net Income Attributable to Digital Realty Trust, Inc.	$67,812	$1,032,156	$109,974	$189,569	$51,193		$1,209,942	$412,921

Preferred stock dividends	(10,181)	(10,181)	(10,181)	(10,181)	(10,181)		(30,543)	(30,544)
Net Income / (Loss) Available to Common Stockholders	$57,631	$1,021,975	$99,793	$179,388	$41,012		$1,179,399	$382,377

Weighted-average shares outstanding - basic	341,370	337,589	336,683	333,376	327,977		338,565	319,965
Weighted-average shares outstanding - diluted	349,234	345,734	344,721	340,690	336,249		346,631	328,641
Weighted-average fully diluted shares and units	355,165	351,691	350,632	346,756	342,374		352,571	334,830

Net income / (loss) per share - basic	$0.17	$3.03	$0.30	$0.54	$0.13		$3.48	$1.20
Net income / (loss) per share - diluted	$0.15	$2.94	$0.27	$0.51	$0.09		$3.35	$1.10

Table of Contents

Funds From Operations and Core Funds From Operations	Financial Supplement
Unaudited and in Thousands, Except Per Share Data		Third Quarter 2025


	Three Months Ended						Nine Months Ended
Reconciliation of Net Income to Funds From Operations (FFO)		30-Sep-25	30-Jun-25	31-Mar-25	31-Dec-24	30-Sep-24		30-Sep-25	30-Sep-24

Net Income / (Loss) Available to Common Stockholders		$57,631	$1,021,975	$99,793	$179,388	$41,012		$1,179,399	$382,377
Adjustments:
Noncontrolling interest in operating partnership		2,000	21,000	3,000	4,000	1,000		26,000	8,700
Real estate related depreciation and amortization ^(1)^		487,182	451,050	432,652	445,462	449,086		1,370,884	1,284,597
Reconciling items related to noncontrolling interests		(22,888)	(21,038)	(19,480)	(19,531)	(19,746)		(63,406)	(45,081)
Unconsolidated entities real estate related depreciation and amortization		65,922	59,172	55,861	49,463	48,474		180,955	143,468
(Gain) / loss on real estate transactions		(19,780)	(931,830)	(1,111)	(137,047)	556		(952,721)	(459,857)
Provision for impairment		—	—	—	22,881	—		—	168,303
Funds From Operations		$570,067	$600,329	$570,715	$544,616	$520,382		$1,741,111	$1,482,506

Weighted-average shares and units outstanding - basic		347,301	343,546	342,594	339,442	334,103		344,504	326,154
Weighted-average shares and units outstanding - diluted ^(2) (3)^		355,165	351,691	350,632	346,756	342,374		352,571	334,830

Funds From Operations per share - basic		$1.64	$1.75	$1.67	$1.60	$1.56		$5.05	$4.55

Funds From Operations per share - diluted^(2) (3)^		$1.65	$1.75	$1.67	$1.61	$1.55		$5.07	$4.52


	Three Months Ended						Nine Months Ended
Reconciliation of FFO to Core FFO		30-Sep-25	30-Jun-25	31-Mar-25	31-Dec-24	30-Sep-24		30-Sep-25	30-Sep-24

Funds From Operations		$570,067	$600,329	$570,715	$544,616	$520,382		$1,741,111	$1,482,506
Other non-core revenue adjustments ^(4)^		(4,746)	4,228	(1,925)	4,537	(4,583)		(2,443)	(34,876)
Transaction and integration expenses		86,559	22,546	39,902	11,797	24,194		149,007	82,105
Loss on debt extinguishment and modifications		—	—	—	2,165	2,636		—	3,706
Severance, equity acceleration and legal expenses ^(5)^		1,794	2,262	2,428	2,346	2,481		6,484	4,156
(Gain) / Loss on FX and derivatives revaluation		252	8,827	(2,064)	7,127	1,513		7,015	67,337
Other non-core expense adjustments ^(6)^		2,075	5,092	(702)	14,229	11,120		6,465	23,443
Core Funds From Operations		$656,001	$643,284	$608,354	$586,816	$557,744		$1,907,639	$1,628,377

Weighted-average shares and units outstanding - diluted^(2) (3)^		347,700	343,909	343,050	339,982	334,476		344,873	326,545

Core Funds From Operations per share - diluted ^(2)^		$1.89	$1.87	$1.77	$1.73	$1.67		$5.53	$4.99


(1)	Three Months Ended						Nine Months Ended
Real Estate Related Depreciation & Amortization		30-Sep-25	30-Jun-25	31-Mar-25	31-Dec-24	30-Sep-24		30-Sep-25	30-Sep-24

Depreciation and amortization per income statement		$497,002	$461,167	$443,009	$455,355	$459,997		$1,401,178	$1,316,442
Non-real estate depreciation		(9,820)	(10,117)	(10,356)	(9,894)	(10,911)		(30,294)	(31,845)
Real Estate Related Depreciation & Amortization		$487,182	$451,050	$432,652	$445,462	$449,086		$1,370,884	$1,284,597

(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. U.S. 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 noncontrolling interest is added back to the FFO numerator as the denominator assumes all shares have been put back to Digital Realty.

---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Three Months Ended																Nine Months Ended
			30-Sep-25			30-Jun-25			31-Mar-25			31-Dec-24			30-Sep-24				30-Sep-25			30-Sep-24
Teraco noncontrolling share of FFO			$17,018			$15,850			$13,286			$14,905			$9,828				$46,154			$32,049
Teraco related minority interest			$17,018			$15,850			$13,286			$14,905			$9,828				$46,154			$32,049

(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)	Includes deferred rent adjustments related to a customer bankruptcy, development fees included in gains, lease termination fees and gain on sale of equity investment included in other income.
---	---
(5)	Relates to severance and other charges related to the departure of company executives and integration-related severance.
---	---
(6)	Includes write-offs associated with bankrupt or terminated customers, non-recurring legal and insurance expenses and adjustments to reflect our proportionate share of transaction costs associated with noncontrolling interests.
---	---

Table of Contents

Adjusted Funds From Operations (AFFO)	Financial Supplement
Unaudited and in Thousands, Except Per Share Data		Third Quarter 2025


	Three Months Ended						Nine Months Ended
Reconciliation of Core FFO to AFFO		30-Sep-25	30-Jun-25	31-Mar-25	31-Dec-24	30-Sep-24		30-Sep-25	30-Sep-24

Core FFO available to common stockholders and unitholders		$656,001	$643,284	$608,354	$586,816	$557,744		$1,907,639	$1,628,377
Adjustments:
Non-real estate depreciation		9,820	10,117	10,356	9,894	10,911		30,293	31,845
Amortization of deferred financing costs		6,565	6,451	6,548	5,697	4,853		19,564	15,501
Amortization of debt discount/premium		1,293	1,251	1,125	1,324	1,329		3,669	4,481
Non-cash stock-based compensation expense		18,174	18,026	16,700	13,386	15,026		52,900	42,083
Straight-line rental revenue		(33,351)	(23,698)	(9,692)	(18,242)	(17,581)		(66,741)	(7,271)
Straight-line rental expense		(271)	(475)	(160)	(136)	1,690		(906)	3,583
Above- and below-market rent amortization		(864)	(752)	(706)	(269)	(742)		(2,322)	(3,287)
Deferred tax (benefit) / expense		18,187	(30,714)	(517)	(15,048)	(9,366)		(13,044)	(22,786)
Leasing compensation and internal lease commissions		15,013	14,721	13,405	10,505	10,918		43,139	34,728
Recurring capital expenditures ^(1)^		(77,998)	(62,083)	(35,305)	(130,245)	(67,308)		(175,386)	(175,467)

AFFO available to common stockholders and unitholders ^(2)^		$612,569	$576,127	$610,108	$463,682	$507,474		$1,798,805	$1,551,787

Weighted-average shares and units outstanding - basic		347,301	343,546	342,594	339,442	334,103		344,504	326,154
Weighted-average shares and units outstanding - diluted ^(3)^		347,700	343,909	343,050	339,982	334,476		344,873	326,545

AFFO per share - diluted ^(3)^		$1.76	$1.68	$1.78	$1.36	$1.52		$5.22	$4.75

Dividends per share and common unit		$1.22	$1.22	$1.22	$1.22	$1.22		$3.66	$3.66

Diluted AFFO Payout Ratio		69.2%	72.8%	68.6%	89.5%	80.4%		70.2%	77.0%


	Three Months Ended						Nine Months Ended
Share Count Detail		30-Sep-25	30-Jun-25	31-Mar-25	31-Dec-24	30-Sep-24		30-Sep-25	30-Sep-24

Weighted Average Common Stock and Units Outstanding		347,301	343,546	342,594	339,442	334,103		344,504	326,154
Add: Effect of dilutive securities		399	362	456	540	373		369	391
Weighted Avg. Common Stock and Units Outstanding - diluted		347,700	343,909	343,050	339,982	334,476		344,873	326,545

(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.
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Table of Contents

Consolidated Balance Sheets	Financial Supplement
Unaudited and in Thousands, Except Per Share Data		Third Quarter 2025


	30-Sep-25		30-Jun-25		31-Mar-25		31-Dec-24		30-Sep-24
Assets
Investments in real estate:
Real estate		$30,194,891		$29,836,218		$27,947,964		$27,558,993		$28,808,770
Construction in progress		5,422,338		5,080,701		4,973,266		5,164,334		5,175,054
Land held for future development		66,668		73,665		69,089		38,785		23,392
Investments in Real Estate		$35,683,897		$34,990,583		$32,990,319		$32,762,112		$34,007,216
Accumulated depreciation and amortization		(9,665,380)		(9,341,719)		(8,856,535)		(8,641,331)		(8,777,002)
Net Investments in Properties		$26,018,517		$25,648,865		$24,133,784		$24,120,781		$25,230,214
Investment in unconsolidated entities		3,690,749		3,622,677		2,702,847		2,639,800		2,456,448
Net Investments in Real Estate		$29,709,266		$29,271,542		$26,836,631		$26,760,582		$27,686,662

Operating lease right-of-use assets, net		$1,167,398		$1,180,657		$1,165,924		$1,178,853		$1,228,507
Cash and cash equivalents		3,299,703		3,554,126		2,321,885		3,870,891		2,175,605
Accounts and other receivables, net (1)		1,496,105		1,586,146		1,373,521		1,257,464		1,274,460
Deferred rent, net		710,624		681,375		641,290		642,456		641,778
Goodwill		9,647,754		9,636,513		9,174,165		8,929,431		9,395,233
Customer relationship value, deferred leasing costs and other intangibles, net		2,080,898		2,171,318		2,124,989		2,178,054		2,367,467
Assets held for sale and contribution		116,624		139,993		953,236		—		—
Other assets		500,262		493,325		488,921		465,885		525,679
Total Assets		$48,728,634		$48,714,995		$45,080,562		$45,283,616		$45,295,392

Liabilities and Equity
Global unsecured revolving credit facilities, net		$1,152,042		$567,699		$1,096,931		$1,611,308		$1,786,921
Unsecured term loans, net		438,933		440,788		404,335		386,903		913,733
Unsecured senior notes, net of discount		15,808,565		16,641,367		14,744,063		13,962,852		13,528,061
Secured and other debt, net of discount		825,894		802,294		770,950		753,314		757,831
Operating lease liabilities		1,285,067		1,298,085		1,281,572		1,294,219		1,343,903
Accounts payable and other accrued liabilities		2,377,726		2,310,882		1,927,611		2,056,215		2,140,764
Deferred tax liabilities		1,151,374		1,137,305		1,109,294		1,084,562		1,223,771
Accrued dividends and distributions		—		—		—		418,661		—
Security deposits and prepaid rents		699,528		653,640		559,768		539,802		423,797
Obligations associated with assets held for sale and contribution		283		1,089		7,882		—		—
Total Liabilities		$23,739,412		$23,853,149		$21,902,406		$22,107,836		$22,118,781

Redeemable noncontrolling interests		1,535,972		1,505,889		1,459,322		1,433,185		1,465,636

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, 502,000 shares authorized (5)		3,400		3,374		3,338		3,337		3,285
Additional paid-in capital		29,182,332		28,720,826		28,091,661		28,079,738		27,229,143
Dividends in excess of earnings		(6,358,501)		(5,997,607)		(6,604,217)		(6,292,085)		(6,060,642)
Accumulated other comprehensive (loss), net		(533,891)		(543,756)		(926,874)		(1,182,283)		(657,364)
Total Stockholders' Equity		$23,025,030		$22,914,527		$21,295,598		$21,340,397		$21,246,112

Noncontrolling Interests
Noncontrolling interest in operating partnership		$420,280		$431,000		$415,956		$396,099		$427,930
Noncontrolling interest in consolidated entities		7,940		10,430		7,280		6,099		36,933

Total Noncontrolling Interests		$428,220		$441,430		$423,236		$402,198		$464,863

Total Equity		$23,453,250		$23,355,957		$21,718,834		$21,742,595		$21,710,975

Total Liabilities and Equity		$48,728,634		$48,714,995		$45,080,562		$45,283,616		$45,295,392

All values are in US Dollars.

(1)	Net of allowance for doubtful accounts of $85,274 and $56,353 as of September 30, 2025 and September 30, 2024, respectively.
(2)	Series J Cumulative Redeemable Preferred Stock, 5.250%, $200,000 liquidation preference ($25.00 per share), 8,000 shares issued and outstanding as of September 30, 2025 and September 30, 2024.
---	---
(3)	Series K Cumulative Redeemable Preferred Stock, 5.850%, $210,000 liquidation preference ($25.00 per share), 8,400 shares issued and outstanding as of September 30, 2025 and September 30, 2024.
---	---
(4)	Series L Cumulative Redeemable Preferred Stock, 5.200%, $345,000 liquidation preference ($25.00 per share), 13,800 shares issued and outstanding as of September 30, 2025 and September 30, 2024.
---	---
(5)	Common Stock: 343,041 and 331,347 shares issued and outstanding as of September 30, 2025 and September 30, 2024, respectively.
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Table of Contents

Components of Net Asset Value (NAV) ^(1)^	Financial Supplement
Unaudited and in Thousands		Third Quarter 2025


Consolidated Properties Cash Net Operating Income (NOI)^(2)^, Annualized ^(3)^
Network-Dense			$1,157,869
Campus			1,926,759
Other ^(4)^			81,297
Total Cash NOI, Annualized			$3,165,925
less: Partners' share of consolidated JVs			(82,234)
Acquisitions / dispositions / expirations			(25,104)
FY 2025 backlog cash NOI and 3Q25 carry-over (stabilized) ^(5)^			103,307
Total Consolidated Cash NOI, Annualized			$3,161,894

Digital Realty's Pro Rata Share of Unconsolidated Entities Cash NOI ^(3) (6)^			$348,450

Other Income
Development and Management Fees (net), Annualized			$145,591

Other Assets
Pre-stabilized inventory, at cost ^(7)^			$295,056
Land held for development			66,668
Development CIP ^(8)^			5,422,338
less: Investment associated with FY25 Backlog NOI ^(9)^			(454,243)
Cash and cash equivalents			3,299,703
Accounts and other receivables, net			1,496,105
Other assets			500,262
less: Partners' share of consolidated entities assets			(132,065)
Total Other Assets			$10,493,824

Liabilities
Global unsecured revolving credit facilities			$1,173,282
Unsecured term loans			440,025
Unsecured senior notes			15,923,345
Secured and other debt			833,431
Accounts payable and other accrued liabilities			2,377,726
Deferred tax liabilities			1,151,374
Security deposits and prepaid rents			699,528
Obligations associated with assets held for sale and contribution			283
Backlog NOI cost to complete ^(9)^			78,616
Preferred stock			755,000
Digital Realty's share of unconsolidated entities debt			2,082,912
less: Partners' share of consolidated entities liabilities			(489,824)
Total Liabilities			$25,025,698

(1)	Backlog and associated financial line items include activity related to unconsolidated entities properties.
(2)	For definitions and discussion of NOI and cash NOI and a reconciliation of operating income to NOI and cash NOI, see page 32.
---	---
(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 3Q25 Cash NOI of $3.2 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, 2025. Includes Digital Realty’s share of signed leases at unconsolidated entities properties.
---	---
(6)	For a reconciliation of Digital Realty’s pro rata share of unconsolidated entities operating income to cash NOI, see page 29.
---	---
(7)	Excludes Digital Realty’s share of cost at unconsolidated entities properties.
---	---
(8)	See page 26 for further details on the breakdown of the construction in progress balance.
---	---
(9)	Includes Digital Realty’s share of construction in progress and expected cost to complete at unconsolidated entities properties.
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Table of Contents

Debt Maturities	Financial Supplement
Unaudited and Dollars in thousands		Third Quarter 2025


	As of September 30, 2025
		Interest Rate
	Interest	Including
	Rate	Swaps	2025	2026	2027	2028	2029	Thereafter	Total
Global Unsecured Revolving Credit Facilities ^(1)^ ****
Global unsecured revolving credit facility	2.894%	2.894%	—	—	—	—	—	$1,053,613	$1,053,613
Yen revolving credit facility	1.030%	1.030%	—	—	—	—	—	119,670	119,670
Deferred financing costs, net	—	—	—	—	—	—	—	—	(21,241)
Total Global Unsecured Revolving Credit Facilities	2.704%	2.704%	—	—	—	—	—	$1,173,282	$1,152,042

Unsecured Term Loans^(1)^
Euro term loan facility	2.746%	2.746%	—	—	$440,025	—	—	—	$440,025
Deferred financing costs, net	—	—	—	—	—	—	—	—	(1,092)
Total Unsecured Term Loans	2.746%	2.746%	—	—	$440,025	—	—	—	$438,933

Senior Notes
€1.08 billion 2.500% Notes due 2026	2.500%	2.500%	—	$1,261,405	—	—	—	—	$1,261,405
₣275 million 0.200% Notes due 2026	0.200%	0.200%	—	345,305	—	—	—	—	345,305
₣150 million 1.700% Notes due 2027	1.700%	1.700%	—	—	$188,348	—	—	—	188,348
$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%	—	—	—	$586,700	—	—	586,700
$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%	—	—	—	—	$339,027	—	339,027
$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%	—	—	—	—	470,610	—	470,610
$1.15 billion 1.875% Exchangeable Notes due 2029 ^(2)^	1.875%	1.263%	—	—	—	—	1,150,000	—	1,150,000
€750 million 1.500% Notes due 2030	1.500%	1.500%	—	—	—	—	—	$880,050	880,050
£550 million 3.750% Notes due 2030	3.750%	3.750%	—	—	—	—	—	739,530	739,530
€500 million 1.250% Notes due 2031	1.250%	1.250%	—	—	—	—	—	586,700	586,700
€1.00 billion 0.625% Notes due 2031	0.625%	0.625%	—	—	—	—	—	1,173,400	1,173,400
€750 million 1.000% Notes due 2032	1.000%	1.000%	—	—	—	—	—	880,050	880,050
€750 million 1.375% Notes due 2032	1.375%	1.375%	—	—	—	—	—	880,050	880,050
€850 million 3.875% Notes due 2033	3.875%	3.875%	—	—	—	—	—	997,390	997,390
€850 million 3.875% Notes due 2034	3.875%	3.875%	—	—	—	—	—	997,390	997,390
€850 million 3.875% Notes due 2035	3.875%	3.875%	—	—	—	—	—	997,390	997,390
Unamortized discounts, net	—	—	—	—	—	—	—	—	(41,302)
Deferred financing costs, net	—	—	—	—	—	—	—	—	(73,478)
Total Senior Notes	2.648%	2.440%	—	$1,606,710	$1,188,348	$2,136,700	$2,859,637	$8,131,950	$15,808,565

Secured Debt
ICN10 Facilities	4.720%	3.133%	—	—	—	—	—	$12,036	$12,036
Westin	3.290%	3.290%	—	—	$135,000	—	—	—	135,000
Teraco Loans	9.260%	9.891%	$216	$52,745	104,626	$392,462	$12,739	45,212	608,000
Deferred financing costs, net	—	—	—	—	—	—	—	—	(3,546)
Total Secured Debt	8.120%	8.603%	$216	$52,745	$239,626	$392,462	$12,739	$57,248	$751,490

Other Debt
Icolo loans	12.804%	12.804%	—	$5,965	$4,504	$1,129	$5,999	—	$17,597
Total Other Debt	12.804%	12.804%	—	$5,965	$4,504	$1,129	$5,999	—	$17,597

Mandatorily Redeemable Preferred Shares (Teraco)
Mandatorily Redeemable Preferred Shares (Teraco)	9.675%	9.675%	—	$60,798	—	—	—	—	$60,798
Unamortized discounts, net	—	—	—	—	—	—	—	—	(3,991)
Total Redeemable Preferred Shares	9.675%	9.675%	—	$60,798	—	—	—	—	$56,807

Total unhedged variable rate debt	—	—	$41	$61,883	$442,031	$10,806	—	$1,177,884	$1,692,645
Total fixed rate / hedged variable rate debt	—	—	175	1,664,335	1,430,473	2,519,485	$2,878,375	8,184,596	16,677,439
Total Debt	2.912%	2.751%	$216	$1,726,218	$1,872,504	$2,530,291	$2,878,375	$9,362,480	$18,370,084

Weighted Average Interest Rate			9.891%	2.554%	2.964%	4.365%	2.305%	2.446%	2.751%

Summary

Weighted Average Term to Initial Maturity									4.4 Years

Weighted Average Maturity (assuming exercise of extension options)									4.5 Years


Global Unsecured Revolving Credit Facilities Detail As of September 30, 2025

	Maximum Available	Existing Capacity (3)	Currently Drawn

Global Unsecured Revolving Credit Facilities	4,471,652	3,200,994	1,173,283

All values are in US Dollars.

(1)	Assumes all extensions will be exercised.
(2)	Subject to cross-currency swaps.
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(3)	Net of letters of credit issued of $97.4 million.
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Table of Contents

Debt Analysis and Covenant Compliance	Financial Supplement
Unaudited		Third Quarter 2025


	As of September 30, 2025

				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%	41%	35%	Less than 60%^(5)^	31%
Secured debt / total assets ^(6)^	Less than 40%	5%	1%	Less than 40% ^(7)^	4%
Total unencumbered assets / unsecured debt	Greater than 150%	254%	278%	N/A	N/A
Consolidated EBITDA / interest expense ^(8)^	Greater than 1.50x	4.3x	4.3x	N/A	N/A
Fixed charge coverage		N/A	N/A	Greater than 1.50x	4.8x
Unsecured debt / total unencumbered asset value ^(9)^ ^(10)^		N/A	N/A	Less than 60%	N/A
Unencumbered assets debt service coverage ratio ^(9)^		N/A	N/A	Greater than 1.50x	5.4x

(1)	For definitions of the terms used in the table above and related footnotes, please refer to the indentures which govern the notes, the Third Amended and Restated Global Senior Credit Agreement dated as of September 24, 2024 and the Second Amended and Restated Yen facility Credit Agreement dated as of September 24, 2024, 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 page 17 except for the 0.20% notes due 2026, 1.70% notes due 2027, 5.550% notes due 2028, 0.55% notes due 2029, 1.875% notes due 2029, 1.250% notes due 2031, 0.625% notes due 2031, 1.00% notes due 2032, 1.375% notes due 2032, 3.875% notes due 2033, 3.875% notes due 2034 and 3.875% notes due 2035.
---	---
(3)	Ratios for the 0.20% notes due 2026, 1.70% notes due 2027, 5.550% notes due 2028, 0.55% notes due 2029, 1.875% notes due 2029, 1.250% notes due 2031, 0.625% notes due 2031, 1.00% notes due 2032, 1.375% notes due 2032, 3.875% notes due 2033, 3.875% notes due 2034 and 3.875% notes due 2035.
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(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 Third Amended and Restated Global Senior Credit Agreement dated as of September 24, 2024 and the Second Amended and Restated Yen facility Credit Agreement dated as of September 24, 2024, 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 any 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)	The company has the right to maintain a Secured Debt Leverage Ratio of greater than 40.0% but less than or equal to 45.0% for up to four consecutive fiscal quarters during the term of the facility following any acquisition of one or more Assets.
---	---
(8)	Calculated as current quarter annualized consolidated EBITDA to current quarter annualized Interest Expense (including capitalized interest and debt discounts).
---	---
(9)	Assets must satisfy certain conditions to qualify for inclusion as an Unencumbered Asset under the global unsecured revolving credit facility and the Yen facility.
---	---
(10)	The Unsecured Debt to Total Unencumbered Asset Value covenant under the Global Revolving Credit Facility currently is not applicable based on the company's debt rating of BBB+.
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Table of Contents

Same-Capital Operating Trend Summary	Financial Supplement
Unaudited and in Thousands		Third Quarter 2025

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


	Three Months Ended										Nine Months Ended
	30-Sep-25		30-Sep-24		% Change		30-Jun-25		% Change		30-Sep-25		30-Sep-24		% Change
Rental revenues		$738,157		$686,016		7.6%		$708,370		4.2%		$2,144,448		$2,029,085		5.7%
Tenant reimbursements - Utilities		244,830		230,725		6.1%		226,623		8.0%		681,226		659,819		3.2%
Tenant reimbursements - Other		26,283		26,988		(2.6%)		26,255		0.1%		79,062		79,828		(1.0%)
Interconnection and other		91,126		83,143		9.6%		90,656		0.5%		266,569		241,891		10.2%
Total Revenue		$1,100,396		$1,026,872		7.2%		$1,051,904		4.6%		$3,171,304		$3,010,623		5.3%

Utilities		$275,180		$270,051		1.9%		$250,323		9.9%		$765,651		$757,885		1.0%
Rental property operating		199,350		175,037		13.9%		190,062		4.9%		561,119		514,581		9.0%
Property taxes		41,001		35,844		14.4%		36,267		13.1%		111,800		109,987		1.6%
Insurance		4,849		3,802		27.5%		4,876		(0.6%)		14,185		11,403		24.4%
Total Expenses		$520,380		$484,734		7.4%		$481,528		8.1%		$1,452,756		$1,393,856		4.2%

Net Operating Income ^(2)^		$580,016		$542,138		7.0%		$570,377		1.7%		$1,718,549		$1,616,767		6.3%
Less:
Stabilized straight-line rent		$5,920		$10,542		(43.8%)		$4,843		22.3%		$8,739		$2,170		302.6%
Above- and below-market rent		580		550		5.5%		537		8.1%		1,682		1,704		(1.3%)
Cash Net Operating Income ^(3)^		$573,516		$531,046		8.0%		$564,997		1.5%		$1,708,127		$1,612,893		5.9%

Cash NOI impact of holding '24 Exchange Rates Constant ^(4)^		(14,968)		—								(22,865)		—
Constant Currency Cash Net Operating Income		$558,548		$531,046		5.2%						$1,685,262		$1,612,893		4.5%

Stabilized Portfolio occupancy at period end ^(5)^		83.7%		83.7%		0.0%		83.7%		0.0%		83.7%		83.7%		0.0%

(1)	Represents buildings owned as of December 31, 2023 with less than 5% of total rentable square feet under development. Excludes buildings that were undergoing, or were expected to undergo, development activities in 2024-2025, buildings classified as held for sale and contribution, 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 page 32.
---	---
(3)	For a definition and discussion of cash net operating income and a reconciliation of operating income to cash NOI, see page 32.
---	---
(4)	Adjustment calculated by holding currency translation rates for 2025 constant with average currency translation rates that were applicable to the same periods in 2024.
---	---
(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.
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Table of Contents

Summary of Leasing Activity	Financial Supplement
Leases Signed in the Quarter End September 30, 2025		Third Quarter 2025


	0-1 MW				> 1 MW				Other ^(3)^				Total
Leasing Activity - New ^(1) (2)^	3Q25		LTM		3Q25		LTM		3Q25		LTM		3Q25		LTM

Annualized GAAP Rent (in thousands)		64,880		253,267		$76,148		$315,889		$1,127		$3,549		$142,155		$572,705

Kilowatt leased		18,187		75,117		31,613		130,261		—		—		49,800		205,377
NRSF (in thousands)		200		835		223		1,049		19		61		442		1,945

Weighted Average Lease Term (years)		4.7		4.5		7.2		9.7		6.9		7.7		6.2		7.5

Initial stabilized cash rent per Kilowatt		291		278		$185		$173		—		—		$224		$211
GAAP rent per Kilowatt		297		281		$201		$202		—		—		$236		$231
Leasing cost per Kilowatt		45		25		$4		$2		—		—		$19		$10

Net Effective Economics by Kilowatt ^(4)^

Base rent by Kilowatt		302		284		$202		$204		—		—		$238		$234
Rental concessions by Kilowatt		4		3		$1		$2		—		—		$2		$3
Estimated operating expense by Kilowatt		84		80		$50		$51		—		—		$63		$62

Net rent per Kilowatt		213		201		$151		$151		—		—		$173		$169

Tenant improvements by Kilowatt		10		2		—		—		—		—		$4		$1
Leasing commissions by Kilowatt		11		8		$1		$0		—		—		$4		$3

Net effective rent per Kilowatt		192		190		$150		$150		—		—		$165		$165

Initial stabilized cash rent per NRSF		319		300		$314		$258		$54		$52		$305		$269
GAAP rent per NRSF		325		303		$341		$301		$58		$58		$321		$294
Leasing cost per NRSF		49		27		$7		$3		$3		$3		$26		$13

Net Effective Economics by NRSF ^(4)^

Base rent by NRSF		330		307		$342		$304		$58		$58		$324		$298
Rental concessions by NRSF		5		4		$1		$3		—		$0		$3		$3
Estimated operating expense by NRSF		92		87		$85		$78		$8		$8		$85		$80

Net rent per NRSF		233		216		$256		$223		$50		$49		$236		$215

Tenant improvements by NRSF		11		3		—		—		—		—		$5		$1
Leasing commissions by NRSF		12		8		$1		—		$2		$1		$6		$4

Net effective rent per NRSF		209		205		$255		$223		$48		$48		$225		$210

All values are in US Dollars.

(1)	Excludes short-term, roof, storage, and garage leases.
(2)	Includes leases for new and re-leased space.
---	---
(3)	Other includes Powered Base Building shell capacity as well as storage and office space within fully improved data center facilities.
---	---
(4)	All dollar amounts are per square foot averaged over lease term. Per Kilowatt amounts are presented in monthly values. Per NRSF amounts are presented in yearly values.
---	---

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

Table of Contents

Summary of Leasing Activity	Financial Supplement
Leases Renewed in the Quarter Ended September 30, 2025		Third Quarter 2025


	0-1 MW				> 1 MW				Other ^(4)^				Total
Leasing Activity - Renewals ^(1) (2) (3)^	3Q25		LTM		3Q25		LTM		3Q25		LTM		3Q25		LTM

Leases renewed (Kilowatt)		34,934		140,294		19,258		104,707		—		—		54,192		245,001
Leases renewed (NRSF in thousands)		486		1,957		223		1,215		65		443		774		3,616
Leasing cost per Kilowatt		1		$1		—		$1		—		—		$1		$1
Leasing cost per NRSF		1		$1		—		$1		—		$2		$1		$1

Weighted Term (years)		1.3		1.3		4.1		4.1		6.4		4.2		2.8		2.6

Cash Rent

Expiring cash rent per Kilowatt		315		$312		$178		$138		—		—		$267		$237
Renewed cash rent per Kilowatt		329		$325		$214		$151		—		—		$288		$251

% Change Cash Rent Per Kilowatt		4.2%		4.3%		19.9%		9.7%		—		—		7.9%		5.6%

Expiring cash rent per NRSF		272		$268		$184		$142		$64		$51		$229		$199
Renewed cash rent per NRSF		284		$280		$221		$156		$71		$65		$248		$212

% Change Cash Rent Per NRSF		4.2%		4.3%		19.9%		9.7%		11.2%		26.2%		8.0%		6.3%

GAAP Rent

Expiring GAAP rent per Kilowatt		315		$311		$164		$128		—		—		$261		$232
Renewed GAAP rent per Kilowatt		329		$326		$222		$154		—		—		$291		$252

% Change GAAP Rent Per Kilowatt		4.4%		4.8%		35.8%		20.8%		—		—		11.4%		8.5%

Expiring GAAP rent per NRSF		272		$267		$169		$132		$61		$47		$224		$195
Renewed GAAP rent per NRSF		284		$280		$230		$159		$72		$67		$250		$213

% Change GAAP Rent Per NRSF		4.4%		4.8%		35.8%		20.8%		17.5%		40.9%		11.5%		9.5%

Retention ratio ^(5)^		85.7%		79.5%		49.8%		71.7%		73.0%		57.4%		70.1%		73.3%

Churn ^(6)^		1.9%		8.8%		1.5%		3.4%		0.5%		7.1%		1.6%		5.8%

All values are in US Dollars.

(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.

Table of Contents

Lease Expirations - By Size	Financial Supplement
Dollars and Square Feet in Thousands (except per square foot and per kW data)		Third Quarter 2025


	****		****			% 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		2,901			—	—			—		—		—		—			—		—
Month to Month ^(3)^		246			73,327	1.8%			298		299		73,769		14,624			418		$420
2025		656			215,995	5.2%			329		329		216,002		46,444			388		388
2026		2,036			649,569	15.7%			319		321		652,672		149,114			363		365
2027		736			187,511	4.5%			255		261		192,527		57,633			271		278
2028		526			136,414	3.3%			259		279		146,672		40,652			280		301
2029		331			72,453	1.8%			219		238		78,889		24,682			245		266
2030		292			66,011	1.6%			226		251		73,237		20,220			272		302
2031		111			20,746	0.5%			187		219		24,295		7,190			240		282
2032		68			15,968	0.4%			236		270		18,298		5,528			241		276
2033		34			9,031	0.2%			268		314		10,578		2,640			285		334
2034		20			2,419	0.1%			123		123		2,429		814			248		249
Thereafter		41			5,793	0.1%			142		159		6,513		2,834			170		192

Total / Wtd. Avg.	****	7,998			1,455,237	35.2%			285		293		1,495,881		372,375			326		$335

All values are in US Dollars.


> 1 MW		Expiring Leases (1)	Annualized		Annualized	Annualized Rent Per		Annualized Rent Per		Annualized Rent Per		kW of Expiring		Annualized		Rent Per kW
Available		1,288		—	—		—		—		—		—		—		—
Month to Month ^(3)^		115		23,793	0.6%		207		207		23,820		10,187		195		$195
2025		287		55,061	1.3%		192		192		55,061		30,412		151		151
2026		1,774		275,082	6.6%		155		157		278,158		160,859		143		144
2027		1,641		269,614	6.5%		164		170		278,161		156,036		144		149
2028		1,680		230,035	5.6%		137		144		242,744		152,316		126		133
2029		1,954		300,589	7.3%		154		166		324,047		217,043		115		124
2030		1,689		266,307	6.4%		158		172		290,189		175,732		126		138
2031		1,125		170,822	4.1%		152		174		195,539		115,720		123		141
2032		872		126,909	3.1%		146		163		141,717		94,087		112		126
2033		537		90,683	2.2%		169		194		104,299		56,629		133		153
2034		1,274		158,804	3.8%		125		144		182,777		122,408		108		124
Thereafter		2,741		478,523	11.6%		175		230		630,676		279,218		143		188

Total / Wtd. Avg.	****	16,976		2,446,223	59.1%		156		175		2,747,188		1,570,647		130		$146

All values are in US Dollars.


Other ^(4)^		Expiring Leases (1)	Annualized		Annualized	Annualized Rent Per		Annualized Rent Per		Annualized Rent Per		kW of Expiring		Annualized		Rent Per kW
Available		1,221		—	—		—		—		—		—		—		—
Month to Month ^(3)^		80		5,277	0.1%		66		66		5,277		—		—		—
2025		148		1,941	0.0%		13		13		1,956		—		—		—
2026		913		26,557	0.6%		29		29		26,705		—		—		—
2027		373		14,648	0.4%		39		41		15,174		—		—		—
2028		499		15,209	0.4%		31		32		16,055		—		—		—
2029		634		42,053	1.0%		66		73		46,303		—		—		—
2030		894		47,877	1.2%		54		61		54,178		—		—		—
2031		133		4,390	0.1%		33		39		5,153		—		—		—
2032		111		6,703	0.2%		61		67		7,379		—		—		—
2033		109		4,439	0.1%		41		46		5,065		—		—		—
2034		566		20,871	0.5%		37		45		25,336		—		—		—
Thereafter		2,335		45,985	1.1%		20		23		54,366		—		—		—

Total / Wtd. Avg.	****	8,015		235,950	5.7%		35		39		262,946		—		—		—

All values are in US Dollars.


Total		Expiring Leases (1)	Annualized		Annualized	Annualized Rent Per		Annualized Rent Per		Annualized Rent Per		kW of Expiring		Annualized		Rent Per kW
Available		5,410		—	—		—		—		—		—		—		—
Month to Month ^(3)^		441		102,396	2.5%		232		233		102,866		—		—		—
2025		1,092		272,997	6.6%		250		250		273,019		—		—		—
2026		4,724		951,208	23.0%		201		203		957,535		—		—		—
2027		2,750		471,774	11.4%		172		177		485,862		—		—		—
2028		2,705		381,672	9.2%		141		150		405,486		—		—		—
2029		2,919		415,119	10.0%		142		154		449,265		—		—		—
2030		2,875		380,196	9.2%		132		145		417,604		—		—		—
2031		1,368		195,957	4.7%		143		164		224,986		—		—		—
2032		1,050		149,579	3.6%		142		159		167,393		—		—		—
2033		679		104,153	2.5%		153		177		119,942		—		—		—
2034		1,860		182,095	4.4%		98		113		210,542		—		—		—
Thereafter		5,117		530,301	12.8%		104		135		691,555		—		—		—

Total / Wtd. Avg.	****	32,991		4,137,447	100.0%		150		163		4,506,057		—		—		—

All values are in US Dollars.

(1)	For some buildings, we calculate square footage based on factors in addition to contractually leased square feet, including available power, required support space and common areas. We estimate the total net rentable square feet available for lease based on a number of factors in addition to contractually leased square feet, including available power, required support space and common areas.
(2)	Annualized rent represents the monthly contractual base rent (defined as cash base rent before abatements) under existing leases as of September 30, 2025, multiplied by 12.
---	---
(3)	Includes leases, licenses, and similar agreements that upon expiration have been automatically renewed on a month-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 entities based on our ownership percentage.

Table of Contents

Top 20 Customers by Annualized Rent	Financial Supplement
Dollars in Thousands		Third Quarter 2025


			****			****		****	Weighted
									Average
				Annualized			% of Annualized		Remaining
		Number of		Recurring			Recurring		Lease Term in
	Customer	Locations		Revenue^(1)^			Revenue		Years
1	Fortune 50 Software Company	74			$561,963		12.1%		8.9
2	Oracle Corporation	43			388,673		8.4%		10.0
3	Social Content Platform	33			245,093		5.3%		3.1
4	Global Cloud Provider	64			213,198		4.6%		3.6
5	IBM	34			114,120		2.5%		2.7
6	Equinix	16			93,702		2.0%		4.9
7	LinkedIn Corporation	8			81,016		1.7%		2.7
8	Meta Platforms, Inc.	49			72,971		1.6%		3.1
9	Fortune 25 Investment Grade-Rated Company	29			68,830		1.5%		2.1
10	Social Media Platform	3			63,416		1.4%		5.6
11	Specialized Cloud Provider	4			60,350		1.3%		3.9
12	Lumen Technologies, Inc.	113			56,666		1.2%		8.0
13	Fortune 25 Tech Company	54			53,500		1.2%		3.2
14	AT&T	77			48,503		1.0%		2.5
15	Comcast Corporation	43			46,807		1.0%		2.8
16	JPMorgan Chase & Co.	21			43,261		0.9%		2.8
17	Quantitative Research and Investment Firm	2			40,509		0.9%		5.8
18	Rackspace	25			39,762		0.9%		8.3
19	Morgan Stanley	13			39,750		0.9%		3.8
20	Zayo	116			36,607		0.8%		1.2
	Total / Weighted Average				$2,368,697		51.2%		6.0

(1)	Annualized recurring revenue represents the monthly contractual base rent (defined as cash base rent before abatements) and interconnection revenue under existing leases as of September 30, 2025, multiplied by 12.

Note: Represents consolidated portfolio in addition to our managed portfolio of unconsolidated entities based on ownership percentage. Our direct customers may be the entities named in the table above or their subsidiaries or affiliates.

Table of Contents

Occupancy Analysis	Financial Supplement
Dollars and Square Feet in Thousands		Third Quarter 2025


		Net Rentable		Space Under Active		Space Held for		Annualized		Occupancy^(5)^				White Space		Data Center
Metropolitan Area	****	Square Feet^(1)^	****	Development^(2)^	****	Development^(3)^	****	Rent^(4)^		30-Sep-25	****	30-Jun-25	****	IT Load^(6)^	****	Count
** North America**

Northern Virginia		5,074		465		252			720,519	95.0%		94.9%		491.1		16
Chicago		2,230		565		68			245,022	93.6%		92.4%		81.0		7
New York		1,498		—		98			194,837	72.3%		72.7%		57.5		10
Dallas		2,840		408		158			191,668	82.2%		81.7%		96.7		17
Silicon Valley		1,191		—		33			160,643	88.0%		84.4%		94.6		11
Portland		1,147		—		—			157,837	99.9%		99.8%		123.6		3
Phoenix		783		19		—			76,426	75.6%		75.3%		42.5		2
Toronto		593		—		135			66,998	96.5%		96.4%		55.8		2
San Francisco		844		—		—			62,637	58.9%		56.9%		31.5		5
Seattle		405		—		—			61,628	68.2%		68.9%		5.9		1
Atlanta		154		68		314			49,485	77.4%		79.1%		11.1		3
Los Angeles		778		—		80			47,366	83.5%		79.3%		17.2		2
Houston		393		—		14			18,710	69.7%		69.6%		12.0		6
Boston		336		—		51			11,876	40.9%		40.6%		13.9		2
Miami		150		—		12			8,847	85.5%		78.1%		1.3		1
Austin		86		—		—			7,645	60.8%		59.6%		4.3		1
Charlotte		95		—		—			6,509	94.3%		94.4%		1.5		3
North America Total/Weighted Average	****	18,598	****	1,526	****	1,213			2,088,652	85.5%		84.8%		1,141.5		92

** EMEA**

Frankfurt		1,963		1,210		—			253,869	83.8%		87.6%		125.3		24
London		1,359		66		76			247,463	65.7%		67.5%		96.9		13
Amsterdam		1,314		240		92			211,418	87.6%		86.9%		116.3		13
Johannesburg		1,681		530		—			184,054	83.2%		84.1%		92.4		5
Paris		1,147		737		—			177,162	87.0%		83.2%		111.1		12
Zurich		596		—		—			88,871	78.3%		75.0%		44.8		3
Marseille		558		237		378			87,245	76.5%		75.5%		45.2		4
Dublin		555		—		—			67,707	73.6%		73.5%		39.3		9
Madrid		352		56		—			59,122	79.3%		76.4%		22.6		4
Vienna		356		133		—			56,354	82.2%		82.5%		25.6		3
Cape Town		326		402		—			48,938	89.1%		87.8%		21.1		2
Brussels		338		—		—			42,567	70.8%		70.8%		21.5		3
Copenhagen		226		—		99			27,660	73.5%		73.8%		12.9		3
Stockholm		245		—		—			23,273	44.9%		45.2%		16.8		6
Dusseldorf		142		—		71			21,767	66.7%		66.4%		7.7		3
Athens		148		61		—			21,247	82.7%		83.6%		9.0		4
Durban		59		—		—			7,841	69.6%		68.7%		2.1		1
Mombasa		37		—		21			4,761	45.6%		43.2%		1.9		2
Zagreb		24		10		—			4,088	98.0%		96.0%		0.9		1
Nairobi		16		75		—			3,764	70.1%		68.1%		0.9		1
Maputo		3		—		—			636	45.7%		41.6%		0.2		1
Rome		0		37		—			203	100.0%		100.0%		0.1		1
Crete		11		—		—			172	4.6%		2.2%		1.0		1
Barcelona		—		144		—			—	—		—		—		—
EMEA Total/Weighted Average	****	11,454	****	3,938	****	738			1,640,182	79.2%		79.2%		815.5		119

** Asia Pacific**

Singapore		793		—		97			230,839	89.9%		89.8%		72.1		3
Sydney		361		—		88			28,537	83.3%		83.3%		22.8		4
Hong Kong		180		—		104			22,429	86.1%		73.6%		13.5		1
Melbourne		147		—		—			18,938	90.5%		90.5%		9.6		2
Seoul		162		1,025		—			8,677	35.6%		33.6%		12.0		1
Asia Pacific Total/Weighted Average	****	1,643	****	1,025	****	289			309,420	82.7%		81.4%		129.9		11


Consolidated Portfolio Total/Weighted Average	****	31,694	****	6,488	****	2,240			4,038,255	83.1%		82.6%		2,087.0		222

Held For Sale ^(7)^		126		—		—			4,467	32.6%		81.6%		4.5		2

Managed Unconsolidated entities

Northern Virginia		3,390		2,516		—			332,684	97.2%		97.5%		252.5		15
Chicago		1,118		—		—			126,395	97.0%		98.5%		94.2		3
Frankfurt		551		—		—			58,037	85.5%		85.7%		46.1		5
Dallas		463		—		10			39,346	99.9%		99.9%		26.0		3
Silicon Valley		442		—		400			30,575	100.0%		100.0%		10.9		4
Paris		181		90		—			26,681	80.5%		80.5%		20.0		1
New York		144		—		—			20,224	100.0%		100.0%		7.2		1
Los Angeles		197		—		—			11,139	84.9%		83.9%		4.6		2
Toronto		104		—		—			12,550	81.4%		80.9%		6.8		1
Hong Kong		186		—		—			7,361	32.9%		44.4%		11.0		1
Lagos		8		26		—			2,548	56.3%		58.7%		0.7		3
Accra		24		—		—			—	—		—		1.7		1
Managed Unconsolidated Portfolio Total/Weighted Average	****	6,809	****	2,632	****	409			667,540	93.5%		94.5%		481.4		40

Managed Portfolio Total/Weighted Average	****	38,503	****	9,120	****	2,650			4,705,795	84.9%		84.8%		2,568.4		262

Digital Realty Share Total/Weighted Average ^(8)^	****	32,991	****	6,296	****	2,584			4,137,447	83.6%		82.8%		2,176.6		—

** Non-Managed Unconsolidated entities**

Sao Paulo		1,490		37		1,161			192,633	98.7%		98.1%		125.6		25
Tokyo		1,238		360		—			114,019	76.1%		78.5%		79.9		5
Osaka		615		164		—			81,620	85.1%		85.1%		61.9		4
Santiago		214		47		47			26,890	95.4%		100.0%		16.2		3
Queretaro		105		—		583			12,914	100.0%		100.0%		8.0		3
Rio De Janeiro		112		—		—			11,378	100.0%		100.0%		8.0		2
Seattle		51		—		—			7,770	100.0%		100.0%		9.0		1
Jakarta		222		—		—			3,590	30.1%		64.4%		6.5		2
Fortaleza		94		—		—			2,174	13.6%		12.6%		6.2		1
Chennai		61		—		119			476	8.5%		2.7%		7.2		1
Mumbai		—		501		—			—	—		—		—		—
Bogota		—		—		197			—	—		—		—		2
Non-Managed Portfolio Total/Weighted Average	****	4,203	****	1,110	****	2,109			453,464	83.1%		85.3%		328.4		49

Portfolio Total/Weighted Average	****	42,706	****	10,230	****	4,758			5,159,259	84.8%		84.8%		2,896.8		311

All values are in US Dollars.

(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.
---	---
(3)	Space held for development includes space held for future Data Center development and excludes space under active development.
---	---
(4)	Annualized base rent represents the monthly contractual base rent (defined as cash base rent before abatements) under existing leases as of September 30, 2025, 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 targeted to be sold or contributed in 4Q25.
---	---
(8)	Represents consolidated portfolio plus our managed portfolio of unconsolidated entities based on our ownership percentage.
---	---

Table of Contents

Development Lifecycle ^(1)^	Financial Supplement
Dollars in Thousands		Third Quarter 2025


		Future Development Capacity							Data Center Construction

		IT Capacity (100% Share) ^(2)^			Total Investment ^(3)^				Project Summary ^(4)^					100% Share ^(4)^						DLR Share ^(5)^

									Under				Average	Current		Future		Total		Current		Future		Total
					100% Share		DLR Share		Construction				Expected	Investment		Investment		Investment		Investment		Investment		Investment		Yields
Region		Land (MW)		Shell (MW)		^(4)^	^(5)^		(MW)		% Leased		Completion		^(6)^		^(7)^		^(8)^	^(6)^		^(7)^			^(8)^	^(9)^
Northern Virginia		900		60		$2,184,302		1,496,952	340		72%		3Q26		$1,266,885		$2,701,768		$3,968,652		$568,814		$943,296		$1,512,110
Chicago		80		—		113,126		113,126	54		89%		4Q26		184,877		477,137		662,014		184,877		477,137		662,014
Dallas		680		40		503,071		151,453	68		100%		3Q26		90,997		852,652		943,649		89,546		566,377		655,922
Other		960		130		1,737,059		1,630,925	6		87%		3Q26		70,769		36,759		107,528		41,926		27,746		69,672
Americas	****	2,620	****	230		$4,537,558		3,392,456	468	****	78%	****			$1,613,528		$4,068,316		$5,681,844		$885,163		$2,014,556		$2,899,718	13.2%

Frankfurt		90		60		$958,355		770,951	44		24%		3Q26		$651,655		$316,805		$968,460		$651,655		$316,805		$968,460
Amsterdam		40		—		40,361		40,361	39		47%		1Q26		419,414		187,079		606,493		419,414		187,079		606,493
Paris		230		50		481,635		421,394	35		23%		4Q26		338,608		278,337		616,945		251,961		250,589		502,551
Other		520		130		925,820		852,954	90		19%		3Q26		613,088		650,095		1,263,183		535,398		602,455		1,137,854
EMEA	****	880	****	240		$2,406,171		2,085,659	208	****	26%	****			$2,022,765		$1,432,316		$3,455,081		$1,858,429		$1,356,929		$3,215,357	10.3%

Tokyo		30		20		$108,286		54,143	21		56%		1Q26		$154,299		$94,489		$248,788		$77,150		$47,244		$124,394
Osaka		40		—		27,189		13,594	15		20%		3Q26		109,308		78,764		188,072		54,654		39,382		94,036
Sydney		—		10		43,906		43,906	7		100%		2Q26		6,139		66,489		72,628		6,139		66,489		72,628
Other		150		110		705,091		564,625	10		_		4Q26		15,500		29,763		45,263		5,162		9,911		15,073
APAC	****	220	****	140		$884,471		676,268	53	****	41%	****			$285,246		$269,505		$554,751		$143,104		$163,027		$306,131	10.2%

Total	****	3,720	****	610		$7,828,200		6,154,384	730	****	61%				$3,921,539		$5,770,138		$9,691,676		$2,886,695		$3,534,511		$6,421,207	11.6%

All values are in US Dollars.

(1)	Includes development projects in consolidated and unconsolidated entities.
(2)	Represents the expected megawatt capacity to be developed based on our current plans and estimates; actual megawatt capacity developed may differ. Includes land and space held or actively under construction in preparation for future data center fit-out.
---	---
(3)	Represents cost incurred through September 30, 2025, plus remaining cost to complete on approved phases in preparation for future data center fit-out, including pro-rata share of acquisition, shell, and infrastructure costs.
---	---
(4)	Includes Digital Realty's and partners' shares in development joint ventures projects.
---	---
(5)	Includes only Digital Realty's share in development joint ventures projects.
---	---
(6)	Represents cost incurred through September 30, 2025.
---	---
(7)	Represents estimated cost to complete scope of work pursuant to approved development budget.
---	---
(8)	Represents total cost to develop a data center, including pro-rata share of acquisition, infrastructure, and shell space, plus the direct investment in the data center fit-out.
---	---
(9)	Represents pre-tax estimated stabilized cash yields, which are based on total expected investment amounts and anticipated net operating income from leases signed or other assumptions based on market conditions.
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Table of Contents

Construction Projects in Progress ^(1)^	Financial Supplement
Dollars in Thousands		Third Quarter 2025


	****		100% Share ^(2)^					****	DLR Share ^(3)^
		Current		Future		Total			Current		Future		Total
Construction Projects in Progress		Investment ^(4)^ **** ^(10)^		Investment ^(5)^		Investment			Investment ^(4) (6)^ **** ^(10)^		Investment ^(5)^		Investment
Future Development Capacity ^(7)^			$3,740,424		$4,087,776		$7,828,200			$3,104,277		$3,050,107		6,154,384
Data Center Construction			3,921,539		5,770,138		9,691,677			2,886,695		3,534,511		6,421,206
Equipment Pool & Other Inventory ^(8)^			243,605		—		243,605			243,605		—		243,605
Campus, Tenant Improvements & Other^(9)^			339,460		240,627		580,087			339,460		240,627		580,087
Total Land Held and Development CIP			$8,245,028		$10,098,541		$18,343,569			$6,574,037		$6,825,245		13,399,282

Enhancement & Other			$8,819		$3,771		$12,590			$8,819		$3,771		12,590
Recurring			33,805		51,866		85,671			33,805		51,866		85,671
Total Land Held and Construction in Progress			$8,287,652		$10,154,178		$18,441,830			$6,616,661		$6,880,882		13,497,543

All values are in US Dollars.

(1)	Includes development projects in consolidated and unconsolidated entities.
(2)	Includes Digital Realty's and partners' shares in development joint ventures projects.
---	---
(3)	Includes only Digital Realty's share in development joint ventures projects.
---	---
(4)	Represents cost incurred through September 30, 2025.
---	---
(5)	Represents estimated cost to complete scope of work pursuant to approved development budget.
---	---
(6)	Excludes $106.5 million representing our partners' shares in consolidated entities included in Construction in Progress or Land Held for Future Development in our Consolidated Balance Sheet; includes $1,090 million representing Digital Realty's share in development projects classified as Investments in Unconsolidated entities in our Consolidated Balance Sheet.
---	---
(7)	Includes land and space held or actively under construction in preparation for future data center fit-out.
---	---
(8)	Represents long-lead equipment and materials required for timely deployment and delivery of data center fit-out.
---	---
(9)	Represents improvements in progress as of September 30, 2025, which benefit space recently converted to our operating portfolio and is composed primarily of shared infrastructure projects and first-generation tenant improvements. Includes $2.8 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.
---	---
(10)	Includes $101 million classified as assets held for sale and contribution in our Consolidated Balance Sheet related to development projects that are expected to be contributed to our U.S. Hyperscale Data Center Fund.
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Table of Contents

Historical Capital Expenditures and Investments in Real Estate	Financial Supplement
Dollars and Square Feet in Thousands		Third Quarter 2025


		Three Months Ended													Nine Months Ended
	****	30-Sep-25		30-Jun-25	31-Mar-25		****	31-Dec-24		****	30-Sep-24		****	****	30-Sep-25		****	30-Sep-24

Non-Recurring Capital Expenditures^(1)^

Development ^(2)^			$532,590	$565,168		$686,622			$528,356			$650,912				$1,784,380			$1,732,337

Enhancements and Other Non-Recurring			8,114	10,234		5,588			13,384			7,070				23,936			21,859

Total Non-Recurring Capital Expenditures			$540,704	$575,402		$692,210			$541,740			$657,982				$1,808,316			$1,754,194

Recurring Capital Expenditures ^(3)^			$77,998	$62,083		$35,305			$130,245			$67,308				$175,386			$175,467

Total Direct Capital Expenditures			$618,702	$637,485		$727,515			$671,985			$725,290				$1,983,702			$1,929,661

Indirect Capital Expenditures

Capitalized Interest			$32,923	$29,393		$30,095			$34,442			$28,312				$92,411			$84,426

Capitalized Overhead			35,767	37,445		29,693			28,983			27,929				102,905			82,243

Total Indirect Capital Expenditures			$68,690	$66,838		$59,788			$63,425			$56,241				$195,316			$166,669

Total Improvements to and Advances for Investment in Real Estate			$687,392	$704,323		$787,303			$735,410			$781,530				$2,179,018			$2,096,330

(1)	Non-recurring capital expenditures are primarily for development of space and land, excluding acquisition costs.
(2)	Amount reflects the total capital expenditures on consolidated development projects during the quarter. The total includes 100% of spending on projects contributed to joint ventures prior to their contribution.
---	---
(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.
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Table of Contents

Acquisitions / Dispositions/ Joint Ventures	Financial Supplement
Dollars and Square Feet in Thousands		Third Quarter 2025

Closed Acquisitions:


	****		****		****		****		****

		Acquisition		Metropolitan		Date		Purchase	Cap
Property		Type		Area		Acquired		Price (1)	Rate ^(2)^
Franklin Park ^(3)^		Land		Chicago, IL		Various		18,000	NA
Vernon		Property		Los Angeles, CA		8/1/2025		48,800	NA
Total								66,800	—

All values are in US Dollars.

Closed Dispositions:


		****		****		****		****

	Disposition		Metropolitan		Date		Sale		Cap
Property	Type		Area		Disposed		Price ^(1)^****		Rate^(2)^
Doug Davis	Building		Atlanta, GA		7/1/2025		$65,500		NA
89th NW Place	Building		Miami, FL		8/27/2025		8,000		NA
Middlesex	Building		Boston, MA		9/2/2025		16,000		NA
Total							$89,500		—

Closed Joint Venture / Fund Contributions:


	****		****		****		****

		Metropolitan				Contribution		Cap
Property		Area		Date		Price^^		Rate ^(2)^ ****
		—		—		—		—
Total	****	—	****	—	****	—	****	—

(1)	Represents the purchase price or sale price, as applicable before contractual price adjustments, transaction expenses, taxes, and potential currency fluctuations. All prices were converted to USD based on FX rate as of September 30, 2025.
(2)	We calculate the cash capitalization rate on acquisitions, dispositions, and joint venture and fund 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)	Franklin Park closed in two separate transactions on July 14, 2025 and July 18, 2025.
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Table of Contents

Unconsolidated Entities	Financial Supplement
Dollars in Thousands		Third Quarter 2025


Summary Balance Sheet -	As of September 30, 2025
at the JV's 100% Share		Americas (1)	APAC (2)	EMEA (3)	Global (4)	Total

Gross cost of operating real estate		9,264,387	2,402,345	922,562	1,797,034	$14,386,328
Accumulated depreciation and amortization		(1,221,207)	(357,083)	(18,561)	(156,695)	(1,753,546)
Net Book Value of Operating Real Estate		8,043,180	2,045,262	904,001	1,640,339	$12,632,782
Cash		482,645	410,165	56,082	29,022	977,914
Other assets		1,918,731	245,798	243,494	404,239	2,812,262
Total Assets		10,444,556	2,701,225	1,203,577	2,073,600	$16,422,958

Debt		3,769,614	953,339	378,362	670,108	5,771,423
Other liabilities		1,014,355	227,282	473,022	522,966	2,237,625
Equity / (deficit)		5,660,587	1,520,604	352,193	880,526	8,413,910
Total Liabilities and Equity		10,444,556	2,701,225	1,203,577	2,073,600	$16,422,958


Digital Realty's Pro Rata Share of Unconsolidated entities Debt		1,330,771	462,437	75,672	214,032	$2,082,912

All values are in US Dollars.


Summary Statement of Operations -	Three Months Ended September 30, 2025
at the JV's 100% Share		Americas (1)	APAC (2)	EMEA (3)	Global (4)	Total

Total revenues		291,959	87,598	15,064	46,797	$441,418
Operating expenses		(125,590)	(41,837)	(4,813)	(21,960)	(194,200)
Net Operating Income (NOI)		166,369	45,761	10,251	24,837	$247,218

Straight-line rent		(6,545)	(3,387)	(2,973)	(939)	(13,844)
Above and below market rent		(2,881)	—	(943)	(3,046)	(6,870)
Cash Net Operating Income (NOI)		156,943	42,374	6,335	20,852	$226,504

Interest expense		(60,134)	(3,666)	(19,216)	(11,191)	($94,207)
Depreciation and amortization		(122,370)	(26,015)	(5,530)	(23,199)	(177,114)
Other income / (expense)		(13,701)	(4,488)	(2,864)	4,262	(16,791)
FX remeasurement on USD debt		614	—	(2,833)	(5,773)	(7,992)
Total Non-Operating Expenses		(195,591)	(34,169)	(30,443)	(35,901)	($296,104)

Net Income / (Loss)		(29,222)	11,592	(20,192)	(11,064)	($48,886)


Digital Realty's Pro Rata Share of Unconsolidated entities NOI		58,702	22,902	2,280	11,726	$95,610

Digital Realty's Pro Rata Share of Unconsolidated entities Cash NOI		54,767	21,208	1,497	9,640	$87,112

Digital Realty's Earnings (loss) income from unconsolidated entities		(12,447)	5,454	(5,765)	(4,186)	($16,944)

Digital Realty's Pro Rata Share of Core FFO ^(5)^		27,355	18,462	(2,861)	4,947	$47,903

Digital Realty's Fee Income from Unconsolidated entities		18,728	2,027	1,336	5,014	$27,105

All values are in US Dollars.

(1)	Includes Ascenty, Blackstone NoVa, Clise, GI Partners, Mapletree, Menlo, Mitsubishi, Realty Income, TPG Real Estate, U.S. Hyperscale Data Center Fund and Walsh.
(2)	Includes Digital Realty Bersama, Digital Connexion, Lumen, and MC Digital Realty.
---	---
(3)	Includes Blackstone Frankfurt, Blackstone Paris, Medallion, and Mivne.
---	---
(4)	Includes Digital Core REIT.
---	---
(5)	For a definition of Core FFO, see page 31.
---	---

Note: Digital Realty’s ownership percentages in the unconsolidated entities vary.

Table of Contents

Reconciliation of Earnings Before Interest, Taxes, Depreciation & Amortization and Financial Ratios	Financial Supplement
Unaudited and Dollars in Thousands		Third Quarter 2025


	Three Months Ended
Reconciliation of Earnings Before Interest, Taxes, Depreciation & Amortization (EBITDA) ^(1)^		30-Sep-25	30-Jun-25	31-Mar-25	31-Dec-24	30-Sep-24

Net Income / (Loss) Available to Common Stockholders		$57,631	$1,021,975	$99,793	$179,388	$41,012
Interest		113,584	109,383	98,464	104,742	123,803
Loss on debt extinguishment and modifications		—	—	—	2,165	2,636
Income tax expense (benefit)		11,695	12,883	17,135	4,928	12,427
Depreciation and amortization		497,002	461,167	443,009	455,355	459,997
EBITDA		$679,912	$1,605,408	$658,400	$746,578	$639,875
Unconsolidated JV real estate related depreciation and amortization		65,922	59,172	55,861	49,463	48,474
Unconsolidated JV interest expense and tax expense		44,795	31,243	33,390	32,255	34,951
Severance, equity acceleration and legal expenses		1,794	2,262	2,428	2,346	2,481
Transaction and integration expenses		86,559	22,546	39,902	11,797	24,194
(Gain) / loss on sale of investments		(19,780)	(931,830)	(1,111)	(144,885)	556
Provision for impairment		—	—	—	22,881	—
Other non-core adjustments, net ^(2)^		2,523	9,545	(4,316)	24,539	8,642
Noncontrolling interests		(4,099)	14,790	(3,579)	(3,881)	(11,059)
Preferred stock dividends		10,181	10,181	10,181	10,181	10,181
Adjusted EBITDA		$867,807	$823,319	$791,156	$751,276	$758,296

(1)	For definitions and discussion of EBITDA and Adjusted EBITDA, see the Definitions section.
(2)	Includes foreign exchange net unrealized gains/losses attributable to remeasurement, deferred rent adjustments related to a customer bankruptcy, write offs associated with bankrupt or terminated customers, non-recurring legal and insurance expenses, gain on sale of land option and lease termination fees.
---	---


	Three Months Ended
Financial Ratios		30-Sep-25	30-Jun-25	31-Mar-25	31-Dec-24	30-Sep-24

Total GAAP interest expense		113,584	109,383	98,464	104,742	$123,803
Capitalized interest		32,923	29,393	30,095	34,442	28,312
Change in accrued interest and other non-cash amounts		41,265	(92,065)	45,416	(58,137)	43,720
Cash Interest Expense ^(3)^		187,772	46,711	173,975	81,046	$195,835

Preferred stock dividends		10,181	10,181	10,181	10,181	10,181
Total Fixed Charges ^(4)^		156,687	148,957	138,739	149,364	$162,296


Coverage
Interest coverage ratio ^(5)^		4.9x	5.0x	5.3x	4.5x	4.3x
Cash interest coverage ratio ^(6)^		3.9x	11.2x	4.1x	6.9x	3.4x
Fixed charge coverage ratio ^(7)^		4.6x	4.7x	4.9x	4.2x	4.1x
Cash fixed charge coverage ratio ^(8)^		3.8x	9.9x	3.9x	6.3x	3.3x

Leverage
Debt to total enterprise value ^(9)(10)^		23.0%	23.2%	25.4%	21.4%	23.5%
Debt-plus-preferred-stock-to-total-enterprise-value ^(10)(11)^		23.9%	24.1%	26.6%	22.3%	24.5%
Pre-tax income to interest expense ^(12)^		1.6x	10.6x	2.1x	2.8x	1.3x
Net Debt-to-Adjusted EBITDA ^(13)^		4.9x	5.1x	5.1x	4.8x	5.4x

All values are in US Dollars.

(3)	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.
(4)	Fixed charges consist of GAAP interest expense, capitalized interest, and preferred stock dividends.
---	---
(5)	Adjusted EBITDA (including our pro rata share of unconsolidated entities EBITDA), divided by GAAP interest expense plus capitalized interest (including our pro rata share of unconsolidated entities interest expense).
---	---
(6)	Adjusted EBITDA (including our pro rata share of unconsolidated entities EBITDA), divided by cash interest expense (including our pro rata share of unconsolidated entities interest expense).
---	---
(7)	Adjusted EBITDA (including our pro rata share of unconsolidated entities EBITDA), divided by fixed charges (including our pro rata share of unconsolidated entities fixed charges).
---	---
(8)	Adjusted EBITDA (including our pro rata share of unconsolidated entities EBITDA), divided by the sum of cash interest expense and preferred stock dividends (including our pro rata share of unconsolidated entities cash fixed charges).
---	---
(9)	Total debt divided by market value of common equity plus debt plus preferred stock.
---	---
(10)	Total enterprise value defined as market value of common equity plus debt plus preferred stock.
---	---
(11)	Same as (9), except numerator includes preferred stock.
---	---
(12)	Calculated as net income plus interest expense divided by GAAP interest expense.
---	---
(13)	Calculated as total debt at balance sheet carrying value, plus capital lease obligations, plus Digital Realty’s pro rata share of unconsolidated entities debt, less cash and cash equivalents (including Digital Realty’s pro rata share of unconsolidated entities cash) divided by the product of Adjusted EBITDA (including Digital Realty’s pro rata share of unconsolidated entities EBITDA), multiplied by four.
---	---

Table of Contents

Management Statements on Non-GAAP Measures	Financial Supplement
Unaudited		Third Quarter 2025

Definition s

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 (Nareit) in the Nareit Funds From Operations White Paper - 2018 Restatement. FFO is a non-GAAP financial measure and represents net income (loss) (computed in accordance with GAAP), excluding gain (loss) from the disposition of real estate assets, provision for impairment, real estate related depreciation and amortization (excluding amortization of deferred financing costs), our share of unconsolidated JV real estate related depreciation & amortization, net income attributable to noncontrolling interests in operating partnership and reconciling items related to noncontrolling interests. 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 on debt extinguishment and modifications, (iv) gain on / issuance costs associated with redeemed preferred stock, (v) severance, equity acceleration and legal expenses, (vi) gain/loss on FX and derivatives 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 on debt extinguishment and modifications, 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 entities real estate related depreciation & amortization, (ii) unconsolidated entities interest expense 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) noncontrolling interests, (ix) preferred stock dividends, and (x) gain on / issuance costs associated with redeemed preferred stock. Adjusted EBITDA is EBITDA excluding (i) unconsolidated entities real estate related depreciation & amortization, (ii) unconsolidated entities 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) noncontrolling 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. 31

Table of Contents

Management Statements on Non-GAAP Measures	Financial Supplement
Unaudited		Third Quarter 2025

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, 2023 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 2024-2025, buildings classified as held for sale and contribution, 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

GAAP refers to United States generally accepted accounting principles.

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 entities debt, less cash and cash equivalents (including Digital Realty’s pro rata share of unconsolidated entities cash) divided by the product of Adjusted EBITDA (including Digital Realty’s pro rata share of unconsolidated entities 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 September 30, 2025, GAAP interest expense was $114 million, capitalized interest was $33 million and preferred stock dividends were $10 million.


Reconciliation of Net Operating Income (NOI)		Three Months Ended										Nine Months Ended
(in thousands)	****	30-Sep-25		****	30-Jun-25		****	30-Sep-24		****	****	30-Sep-25		****	30-Sep-24
		****			****			****				****			****
Operating income			$138,421			$211,697			$168,286				$545,868			$327,542

Fee income			(36,398)			(34,427)			(12,907)				(91,468)			(41,572)
Other income			(4,746)			(1,363)			(4,581)				(6,242)			(7,568)
Depreciation and amortization			497,002			461,167			459,997				1,401,178			1,316,442
General and administrative			139,911			133,755			115,120				394,778			349,051
Severance, equity acceleration and legal expenses			1,794			2,262			2,481				6,484			4,156
Transaction and integration expenses			86,559			22,546			24,194				149,007			82,105
Provision for impairment			—			—			—				—			168,303
Other expenses			3,297			195			4,774				3,604			15,080

Net Operating Income			$825,840			$795,832			$757,365				$2,403,209			$2,213,540


Cash Net Operating Income (Cash NOI)

Net Operating Income			$825,840			$795,832			$757,365				$2,403,209			$2,213,540

Straight-line rental revenue			(33,196)			(24,015)			(18,423)				(66,904)			(23,818)
Straight-line rental expense			(297)			(469)			1,683				(742)			4,011
Above- and below-market rent amortization			(864)			(752)			(742)				(2,322)			(3,287)

Cash Net Operating Income			$791,483			$770,596			$739,883				$2,333,241			$2,190,446



Constant Currency CFFO Reconciliation		Three Months Ended										Nine Months Ended
(in thousands, except per share data)	****	30-Sep-25		****			****	30-Sep-24		****	****	30-Sep-25		****	30-Sep-24
		****			****			****				****			****
Core FFO ^(1)^			$656,001						$557,744				$1,907,639			$1,628,377
Core FFO impact of holding '24 Exchange Rates Constant ^(2)^			(11,062)						—				(17,348)			—

Constant Currency Core FFO			$644,939						$557,744				$1,890,291			$1,628,377
Weighted-average shares and units outstanding - diluted			347,700						334,476				344,873			326,545
Constant Currency CFFO Per Share			$1.85						$1.67				$5.48			$4.99

1)	As reconciled to net income above.
2)	Adjustment calculated by holding currency translation rates for 2025 constant with average currency translation rates that were applicable to the same periods in 2024.
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Table of Contents

Forward-Looking Statements	Financial Supplement
		Third Quarter 2025

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, 2025 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;
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●	breaches of our obligations or restrictions under our contracts with our customers;
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●	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;
---	---
●	increased tariffs, global supply chain or procurement disruptions, or increased supply chain costs;
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●	the impact from periods of heightened inflation on our costs, such as operating and general and administrative expenses, interest expense and real estate acquisition and construction costs;
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●	the impact on our customers’ and our suppliers’ operations during an epidemic, pandemic, or other global events;
---	---
●	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;
---	---
●	changes in political conditions, geopolitical turmoil, political instability, civil disturbances, restrictive governmental actions or nationalization in the countries in which we operate;
---	---
●	our inability to retain data center space that we lease or sublease from third parties;
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●	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 and future acquisitions;
---	---
●	our failure to successfully integrate and operate acquired or developed properties or businesses;
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●	difficulties in identifying properties to acquire and completing acquisitions;
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●	risks related to joint venture investments, including as a result of our lack of control of such investments;
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●	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;
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●	financial market fluctuations and changes in foreign currency exchange rates;
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●	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;
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●	our inability to manage our growth effectively;
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●	losses in excess of our insurance coverage;
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●	our inability to attract and retain talent;
---	---
●	environmental liabilities, risks related to natural disasters and our inability to achieve our sustainability goals;
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●	the expected operating performance of anticipated near-term acquisitions and descriptions relating to these expectations;
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●	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 U.S. federal income tax purposes;
---	---
●	Digital Realty Trust, L.P.’s failure to qualify as a partnership for U.S. federal income tax purposes;
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●	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.
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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, 2024, 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. 33

Exhibit 99.2

Global. Connected. Sustainable.<br>3Q25 FINANCIAL<br>RESULTS<br>October 23, 2025<br>The meeting place for companies,<br>technologies and data
5,000+<br>Customers<br>231,000+<br>Cross Connects<br>50+<br>Metros<br>300+<br>Data Centers<br>Capacity<br>Host What You Need,<br>How You Need<br>Coverage<br>Deploy Where You<br>Need<br>Connectivity<br>Connect How You Need<br>to Whom You Need<br>Control<br>Implement and Operate<br>the Way You Need<br>3Q25 Financial Results 2<br>Executing on Key Strategic Priorities<br>Positioned for Long-Term Sustainable Growth<br>Note: As of September 30, 2025. Includes investments in unconsolidated entities.<br>1) Core FFO per share is a non-GAAP financial measure. For a reconciliation of this measure to the nearest GAAP equivalent, see the Appendix. Net Income per share for 3Q25 is $0.15.<br>Strengthen Our<br>Customer Value<br>Proposition<br>1 2 3<br>Innovate & Integrate<br>for Our Customers<br>Diversify and<br>Bolster Capital<br>Sources<br>9%<br>Y/Y Growth in<br>Data Center Revenue<br>$1.89<br>CFFO per Share(1) Record<br>$201M<br>Total Bookings at<br>100% share<br>Digital Realty<br>Innovation Lab<br>Partnerships with AMD, Cisco,<br>CommScope, Lenovo, Supermicro,<br>ePlus and Zenlayer<br>~$7B<br>Liquidity at the end<br>of 3Q25<br>>$15B<br>JV and Fund Capital<br>Available for Hyperscale<br>Data Center Development
---
3<br>Offering a Global Data Center Platform<br>Capacity in Major Metros to Meet Growing Customer Demand<br>Global Capacity<br>730 MW<br>under construction<br>3Q25 Financial Results<br>51 MW<br>delivered in 3Q<br>50 MW<br>net new starts in 3Q<br>~2,890 MW<br>in-place IT capacity<br>Note: As of September 30, 2025.<br>1) Buildable IT Capacity is the sum of the following: Land, Shell, and Data Center under Construction.
---
Note: As of September 30, 2025. Totals reflect Consolidated and Unconsolidated facilities at 100% Share. Totals may not add due to rounding. 4<br>>5 GW<br>Future Development Capacity<br>= >25MWs and <100 MWs of Buildable Capacity<br>= <25MWs of Buildable Capacity<br>= >100MWs of Buildable Capacity<br>Development Capacity<br>For Growing AI Workloads and Digital Economy<br>>5 G<br>Future Development Capacity<br>W<br>52%<br>36%<br>12%<br>>100 MW < 100 MW and > 25 MW < 25 MW<br>CAPACITY BLOCKS<br>3Q25 Financial Results
---
3Q25 Financial Results 5<br>Enabling the Meeting Place<br>Second Highest Quarter of 0-1MW + Interconnection Bookings<br>156<br>New Logos Added<br>$85M<br>3Q Bookings from<br>0-1MW + IX<br>3Q25 Results<br>52%<br>of total 3Q bookings from<br>0-1 MW + IX
---
Note: As of September 30, 2025. 3Q25 Financial Results<br>1) Most recent Energy Star Partner of the Year – Sustained Excellence Award received in 2024.<br>• 1.7 GW contracted renewable<br>capacity<br>• 75% renewable energy globally<br>• 185 sites matched with 100%<br>renewable, including Europe, New<br>Jersey, Texas, San Francisco, and<br>Sydney markets<br>• Expanded HVO diesel to 20 global<br>sites and 17% of our global portfolio<br>by IT capacity<br>More green building certified IT capacity<br>than any other data center provider<br>• ENERGY STAR Partner of the<br>Year(1) ; 69% of U.S. operating<br>portfolio ENERGY STAR certified<br>• Top 10 in the U.S. EPA Green<br>Power Partnership<br>• 42% of our irrigation and cooling<br>needs came from non-potable water<br>sources<br>• Swiss Datacenter Efficiency<br>Association (SDEA) certification for<br>100% of Zurich portfolio<br>Leading the data center industry in<br>green bonds<br>Renewable Energy<br>Leading data center purchaser of<br>renewable energy<br>• 1.3 GW-IT global operating portfolio<br>has a sustainable building certification<br>• 61% of certifications are gold level<br>and above<br>Green Buildings Resource Efficiency Green Bonds<br>More Energy Star certifications than any<br>other data center provider<br>• $7.2B in aggregate principal amount<br>of green bonds issued<br>• Allocated 100% of Sep 2024 green<br>bond to six data center projects<br>• Sustainability-linked credit facility<br>refinanced and upsized to $4.5B<br>• Executed first data center industry<br>green bond<br>Leading Data Center Partner for Sustainability<br>Building, Powering, and Operating More Sustainable Data Centers<br>6
---
3Q25<br>Financial<br>Results<br>3Q25 Financial Results 7
---
Note: Totals may not add up due to rounding.<br>1) Other includes Powered Base Building® shell capacity as well as storage and office space within fully improved data center facilities.<br>3Q25 BOOKINGS AT DLR SHARE<br>HISTORICAL BOOKINGS AT DLR SHARE<br>ANNUALIZED GAAP BASE RENT<br>Strong Demand $ in millions<br>Environment<br>0-1 MW<br>$64.9M<br>40% of total bookings<br>INTERCONNECTION<br>$19.6M<br>12% of total bookings<br>>1 MW<br>$76.1M<br>47% of total bookings<br>OTHER(1)<br>$1.1M<br>>1% of total bookings<br>TOTAL BOOKINGS<br>$161.8M<br>3Q25 Financial Results 8<br>2021 2022 2023 2024 YTD 2025<br>$200<br>$400<br>$600<br>$800<br>0-1MW (Left y-axis) Interconnection (L) >1 MW (Right y-axis) Other(1) (R)<br>• Second Highest Signings<br>in 0-1MW+ IX Category<br>• Record IX Bookings<br>• $201M Bookings at<br>100% Share<br>$75<br>$150<br>$225<br>$300
---
Note: Totals may not add up due to rounding.<br>1) Amounts shown represent GAAP annualized base rent from leases signed.<br>2) Historical backlog adjusted for asset sales and purchases, joint venture and fund contributions and other non-material reconciling items.<br>3) Amounts shown represent GAAP annualized base rent from leases signed, but not yet commenced, based on estimated future commencement date at time of signing. Actual commencement<br>dates may vary.<br>BACKLOG ROLL-FORWARD (1)<br>$ in millions<br>Digital Realty Backlog, at Share Unconsolidated Entities Backlog, at DLR Share<br>COMMENCEMENT TIMING (3)<br>$ in millions<br>3Q25 Financial Results 9<br>$577M<br>$147M $123M<br>$602M<br>$826M<br>$162M $137M<br>$852M<br>2Q25 Backlog Signed Commenced 3Q25 Backlog (2)<br>• Backlog Represents<br>>20% of In-place<br>Annualized Rent<br>• 85% of Backlog<br>Expected to Commence<br>through 2026<br>Multi-Year Backlog<br>Enhances Visibility<br>$126M<br>$361M<br>$114M<br>$602M<br>$165M<br>$555M<br>$132M $852M<br>2025 2026 2027+ 3Q25 Backlog
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Robust Pricing<br>Environment<br>Renewal Spreads<br>Increase Q/Q<br>3Q25 RENEWAL SPREADS<br>0-1 MW > 1 MW OTHER (1) TOTAL<br>72%<br>of total renewals<br>25%<br>of total renewals<br>3%<br>of total renewals<br>Signed renewals<br>representing<br>$192 million<br>of annualized<br>rental revenue<br>RENTAL RATE CHANGE RENTAL RATE CHANGE RENTAL RATE CHANGE RENTAL RATE CHANGE<br>4.4%<br>19.9%<br>GAAP<br>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.<br>Signed renewals amounts represent cash annualized rental revenue.<br>1) Other includes Powered Base Building® shell capacity as well as storage and office space within fully improved data center facilities.<br>4.2%<br>CASH<br>GAAP<br>CASH<br>35.8%<br>11.2%<br>CASH<br>17.5%<br>GAAP<br>8.0%<br>CASH<br>11.5%<br>GAAP<br>3Q25 Financial Results 10<br>• >1MW Spreads Drive<br>Upside from Healthy<br>0-1MW<br>• Guidance for Cash<br>Renewal Spreads<br>Increased
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Revenue Exposure<br>by Currency<br>Currency Tailwinds 2% 5%<br>23%<br>6%<br>50%<br><1%<br>2%<br>6%<br>2025E<br>$7.35 / Sh<br>1%<br>SOFR<br>+/-<br>100bps<br>+0%<br>GBP<br>+/- 10%<br>2%<br>EUR<br>+/- 10%<br>CORE FFO/SHARE EXPOSURE (2)<br>EXPOSURE BY REVENUE (1)<br>Note: Totals may not add up due to rounding.<br>1) As of September 30, 2025. Includes Digital Realty’s share of revenue from unconsolidated entities.<br>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. 3Q25 Financial Results 11<br>2%<br><1%<br>• Local Operations Funded<br>in Local Currencies Act as<br>a Natural Hedge<br>• 2% per share benefit in<br>3Q25 from FX tailwinds<br><1%<br><1%<br>3Q24 3Q25 U.S. DOLLAR INDEX<br>SGD<br>6%<br>USD EURO ZAR GBP<br>23% 6% 5%<br>OTHER<br><1%<br>CHF<br>50% 2% 2%<br>BRL CAD<br>2%<br>JPY<br>2%<br><1%<br><1%<br><1%<br>2%<br>Oct-25<br><1%<br><1%<br>85<br>90<br>95<br>100<br>105<br>110<br>115<br>Jul-24 Oct-24 Jan-25 Apr-25 Jul-25<br><1%<br><1%
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Matching the Duration of Assets and Liabilities<br>Modest Near-Term Maturities, Well-Laddered Debt Schedule<br>DEBT MATURITY SCHEDULE AS OF SEPTEMBER 30, 2025 (1)(2)<br>(U.S. $ in billions)<br>Note: As of September 30, 2025.<br>1) Includes Digital Realty’s pro rata share of unconsolidated entities’ loans and debt securities.<br>2) Assumes exercise of extension options.<br>3) Includes impact of cross-currency swaps.<br>DEBT PROFILE<br>96%<br>Unsecured<br>Unsecured<br>Secured<br>84%<br>Non-USD<br>Euro<br>USD<br>GBP<br>Other<br>91%<br>Fixed<br>Fixed<br>Floating<br>3Q25 Financial Results<br>(3)<br>4.5 YEARS<br>Weighted Avg.<br>Maturity (1)(2)<br>12<br>2.8%<br>Weighted Avg.<br>Coupon (1)(3)<br>$0.0<br>$1.8<br>$1.9<br>$3.0 $3.1<br>$3.7<br>$1.8 $2.0<br>$1.2<br>$2.0<br>2025 2026 2027 2028 2029 2030 2031 2032 2033 2034+<br>Unsecured Credit Facilities Unsecured Convertible Notes Unsecured Green Senior Notes - EUR<br>Unsecured Green Senior Notes - CHF Other Unsecured Debt Unsecured Senior Notes - CHF<br>Euro Term Loan Unsecured Senior Notes - GBP Pro Rata Share of JV Debt<br>Secured Mortgage Debt Unsecured Senior Notes - USD Unsecured Senior Notes - EUR<br>€<br>R<br>€<br>₣<br>¥ $<br>¥ $ € R$<br>$ € ¥ R$<br>S R$
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2025 Financial Guidance Update<br>Improving Core Growth<br>(1)<br>(1) (2)<br>3Q25 Financial Results 13<br>As of Feb. 13, 2025 As of July 24, 2025 As of Oct. 23, 2025 Better/Worse<br>Total Revenue $5,800 – $5,900 $5,925 – $6,025 $6,025 – $6,075<br>Adjusted EBITDA $3,100 – $3,200 $3,200 – $3,300 $3,300 – $3,350<br>Rental Rates on Renewal Leases (Cash) 4.0% – 6.0% 5.0% – 6.0% 5.75% – 6.25%<br>Year-End Portfolio Occupancy +100 – 200 bps +100 – 200 bps +100 – 200 bps<br>Same-Capital Cash NOI Growth 3.5% – 4.5% 3.5% – 4.5% 4.25% – 4.75%<br>Core FFO per Share $7.00 – $7.10 $7.15 – 7.25 $7.32 – $7.38<br>Constant Currency Core FFO per Share $7.05 – $7.15 $7.10 – 7.20 $7.25 – $7.30<br>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<br>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<br>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<br>GAAP financial measures.<br>1) Adjusted EBITDA, Same-Capital Cash NOI Growth, Core FFO Per Share, and Constant-Currency Core FFO per Share are non-GAAP financial measures. For definitions and reconciliation of these measures to their nearest GAAP equivalents, see the Appendix.<br>2) Presented on a constant currency basis.<br>(1)<br>(1)
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14<br>Diversifying<br>and Bolstering<br>Capital<br>Sources<br>Strengthening<br>Customer<br>Value<br>Proposition<br>Innovating<br>and<br>Integrating<br>Consistent Execution on Strategic Vision<br>Delivering Current Results, Seeding Future Growth<br>• Record IX Bookings<br>• Strong $85M 0-1MW + IX Bookings<br>• $201M Bookings at 100% Share<br>• Launched Digital Realty Innovation Lab<br>• Partnered With Dell and DXC to<br>Accelerate Enterprise AI<br>• Launched First Quantum-AI<br>Data Center in NYC with Oxford<br>Quantum Circuits<br>• Record Core FFO per Share and<br>Double-Digit Revenue Growth<br>• >$15B of Capital Available For<br>Hyperscale Development<br>• Sold Non-Core Assets<br>3Q25 Financial Results<br>Successful 3Q25 Initiatives<br>Note: Core FFO is a non-GAAP financial measure. For a definition of Core FFO and reconciliation to its nearest GAAP equivalent, see the Appendix.
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Appendix<br>3Q25 Financial Results 15
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Appendix<br>Management Statements on Non-GAAP Measures<br>3Q25 Financial Results 16<br>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<br>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<br>from operating, investing or financing activities as a measure of liquidity.<br>Funds From Operations (FFO):<br>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<br>(loss) (computed in accordance with GAAP), excluding gain (loss) from the disposition of real estate assets, provision for impairment, real estate related depreciation and amortization (excluding amortization of deferred financing costs), our share of unconsolidated JV<br>real estate related depreciation & amortization, net income (loss) attributable to noncontrolling interests in operating partnership, and reconciling items related to noncontrolling interests. Management uses FFO as a supplemental performance measure because, in<br>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<br>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,<br>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<br>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<br>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.<br>Core Funds from Operations (Core FFO):<br>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<br>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 on debt extinguishment and modifications, (iv) gain on /<br>issuance costs associated with redeemed preferred stock, (v) severance, equity acceleration and legal expenses, (vi) gain/loss on FX and derivatives revaluation, and (vii) other non-core expense adjustments. Because certain of these adjustments have a real<br>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<br>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.<br>EBITDA and Adjusted EBITDA:<br>We believe that earnings before interest, loss on debt extinguishment and modifications, income taxes, and depreciation and amortization, or EBITDA, and Adjusted EBITDA (as defined below), are useful supplemental performance measures because they allow<br>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 entities real estate related depreciation & amortization, (ii) unconsolidated entities interest<br>expense 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) noncontrolling interests, (ix)<br>preferred stock dividends, and (x) gain on / 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<br>and tax, severance, equity acceleration, and legal expenses, transaction and integration expenses, gain (loss) on sale / deconsolidation, provision for impairment, other non-core adjustments, net, non-controlling interests, preferred stock dividends, and gain on /<br>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<br>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<br>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<br>and Adjusted EBITDA should be considered only as supplements to net income computed in accordance with GAAP as a measure of our financial performance.<br>Net Operating Income (NOI) and Cash NOI:<br>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<br>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<br>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<br>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<br>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<br>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.<br>Same–Capital Cash NOI:<br>Same-Capital Cash NOI represents buildings owned as of December 31, 2023 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 2024-2025,<br>buildings classified as held for sale, and buildings sold or contributed to joint ventures for all periods presented (prior period numbers are adjusted to reflect the current same-capital pool).
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Appendix<br>Forward-Looking Statements<br>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<br>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<br>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<br>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<br>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<br>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<br>leases; our 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<br>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<br>such results; our customers’ capital investments; our plans and intentions; future data center utilization, utilization rates, growth rates, trends, supply and demand; data center expansion plans; estimated kW/MW requirements; capital expenditures; the effect new leases<br>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; access to power; market forecasts;<br>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<br>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,”<br>“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<br>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<br>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,<br>estimated or projected. Some of the risks and uncertainties that may cause our actual results, performance or achievements to differ materially from those by forward-looking statements include, among others, the following: reduced demand for data centers or<br>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<br>disruptions in connectivity or availability of power, or failures or breaches of our physical and information security infrastructure or services; breaches of our obligations or restrictions under our contracts with our customers; our inability to successfully develop and lease<br>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; increased tariffs, global supply chain or procurement disruptions, or increased supply<br>chain costs; the impact from periods of heightened inflation on our costs, such as operating and general and administrative expenses, interest expense and real estate acquisition and construction costs; the impact on our customers’ and our suppliers’ operations<br>during an epidemic, pandemic, or other global events; 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; changes in political<br>conditions, geopolitical turmoil, political instability, civil disturbances, restrictive governmental actions or nationalization in the countries in which we operate; our inability to retain data center space that we lease or sublease from third parties; information security and<br>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<br>or contingent liabilities related to, our recent and future 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<br>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<br>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<br>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<br>manage our growth effectively; losses in excess of our insurance coverage; our inability to attract and retain talent; environmental liabilities, risks related to natural disasters and our inability to achieve our sustainability goals; the expected operating performance of<br>anticipated near-term acquisitions and descriptions relating to these expectations; 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 U.S. federal income tax purposes; Digital<br>Realty Trust, L.P.’s failure to qualify as a partnership for U.S. 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<br>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.<br>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, 2024, and other<br>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<br>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<br>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<br>Base Building, PlatformDIGITAL, Data Gravity Index, Data Gravity Index DGx, ServiceFabric, AnyScale Colo, and Pervasive Data Center Architecture (PDx),among others, are registered trademarks and service marks of Digital Realty Trust, Inc. in the United States<br>and/or other countries. All other names, trademarks and service marks are the property of their respective owners.<br>3Q25 Financial Results 17
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Reconciliation of<br>Non-GAAP Items<br>To Their Closest GAAP<br>Equivalent<br>3Q25 Financial Results 18<br>Digital Realty Trust, Inc. and Subsidiaries<br>Reconciliation of Net Income Available to Common Stockholders to Funds From Operations (FFO)<br>(in thousands, except per share and unit data)<br>(unaudited)<br>Three Months Ended<br>September 30, 2025 September 30, 2024<br>Net income available to common stockholders $ 57,631 $ 41,012<br>Adjustments:<br>Noncontrolling interests in operating partnership 2,000 1,000<br>Real estate related depreciation and amortization (1) 487,182 449,086<br>Depreciation related to non-controlling interests (22,888) (19,746)<br>Real estate related depreciation and amortization related to investment in<br> unconsolidated entities 65,922 48,474<br>(Gain) on real estate transactions (19,780) 556<br>Provision for impairment - -<br>FFO available to common stockholders and unitholders $ 570,067 $ 520,382<br>Basic FFO per share and unit $ 1.64 $ 1.56<br>Diluted FFO per share and unit $ 1.65 $ 1.55<br>Weighted average common stock and units outstanding<br>Basic 347,301 334,103<br>Diluted 355,165 342,374<br>(1) Real estate related depreciation and amortization was computed as follows:<br>Depreciation and amortization per income statement 497,002 459,997<br>Non-real estate depreciation (9,820) (10,911)<br>$ 487,182 $ 449,086<br>Three Months Ended<br>September 30, 2025 September 30, 2024<br>FFO available to common stockholders and unitholders -- basic and diluted $ 570,067 $ 520,382<br>Weighted average common stock and units outstanding 347,301 334,103<br>Add: Effect of dilutive securities 399 373<br>Weighted average common stock and units outstanding -- diluted 347,700 334,476
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Reconciliation of<br>Non-GAAP Items<br>To Their Closest GAAP<br>Equivalent<br>3Q25 Financial Results 19<br>Digital Realty Trust, Inc. and Subsidiaries<br>Reconciliation of Funds From Operations (FFO) to Core Funds From Operations (CFFO)<br>(in thousands, except per share and unit data)<br>(unaudited)<br>Three Months Ended<br>September 30, 2025 September 30, 2024<br>FFO available to common stockholders and unitholders -- diluted $ 570,067 $ 520,382<br>Other non-core revenue adjustments (4,746) (4,583)<br>Transaction and integration expenses 86,559 24,194<br>Loss from early extinguishment of debt - 2,636<br>Severance, equity acceleration and legal expenses 1,794 2,481<br>(Gain) / Loss on FX and derivatives revaluation 252 1,513<br>Other non-core expense adjustments 2,075 11,120<br>CFFO available to common stockholders and unitholders -- diluted $ 656,001 $ 557,744<br>CFFO impact of holding '24 Exchange Rates Constant (11,062) -<br>Constant Currency CFFO available to common stockholders and unitholders -- diluted $ 644,939 $ 557,744<br>Diluted CFFO per share and unit $ 1.89 $ 1.67<br>Diluted Constant Currency CFFO per share and unit $ 1.85 $ 1.67
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Reconciliation of<br>Non-GAAP Items<br>To Their Closest GAAP<br>Equivalent<br>3Q25 Financial Results 20<br>Digital Realty Trust, Inc. and Subsidiaries<br>Reconciliation of Net Income Available to Common Stockholders to Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) and Adjusted EBITDA<br>(in thousands)<br>(unaudited)<br>Three Months Ended<br>September 30, 2025 September 30, 2024<br>Net income available to common stockholders $ 57,631 $ 41,012<br>Interest 113,584 123,803<br>Loss from early extinguishment of debt - 2,636<br>Income tax expense (benefit) 11,695 12,427<br>Depreciation and amortization 497,002 459,997<br>EBITDA 679,912 639,875<br>Unconsolidated JV real estate related depreciation & amortization 65,922 48,474<br>Unconsolidated JV interest expense and tax expense 44,795 34,951<br>Severance, equity acceleration and legal expenses 1,794 2,481<br>Transaction and integration expenses 86,559 24,194<br>(Gain) / loss on sale of investments (19,780) 556<br>Provision for impairment - -<br>Other non-core adjustments, net 2,523 8,642<br>Noncontrolling interests (4,099) (11,059)<br>Preferred stock dividends, including undeclared dividends 10,181 10,181<br>(Gain) on redemption of preferred stock - -<br>Adjusted EBITDA $ 867,807 $ 758,296
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Reconciliation of<br>Non-GAAP Items<br>To Their Closest GAAP<br>Equivalent<br>3Q25 Financial Results 21<br>Digital Realty Trust, Inc. and Subsidiaries<br>Reconciliation of Same Capital Cash Net Operating Income<br>(in thousands)<br>(unaudited)<br>Three Months Ended<br>September 30, 2025 September 30, 2024<br>Rental revenues $ 738,157 $ 686,016<br>Tenant reimbursements - Utilities 244,830 230,725<br>Tenant reimbursements - Other 26,283 26,988<br>Interconnection and other 91,126 83,143<br>Total Revenue 1,100,396 1,026,872<br>Utilities 275,180 270,051<br>Rental property operating 199,350 175,037<br>Property taxes 41,001 35,844<br>Insurance 4,849 3,802<br>Total Expenses 520,380 484,734<br>Net Operating Income $ 580,016 $ 542,138<br>Less:<br>Stabilized straight-line rent $ 5,920 $ 10,542<br>Above and below market rent 580 550<br>Same Capital Cash Net Operating Income $ 573,516 $ 531,046<br>Same Capital Cash NOI impact of holding '24 Exchange Rates Constant (14,968) -<br>Constant Currency Same Capital Cash Net Operating Income $ 558,548 $ 531,046<br>Three Months Ended<br>September 30, 2025 September 30, 2024<br>Total operating revenues $ 1,577,234 $ 1,431,214<br>less:<br>Proforma disposition adjustment 750,939 (65,231)<br>plus:<br>Constant currency adjustment (11,062) -<br>Total operating revenues (as adjusted) $ 2,317,111 $ 1,365,983
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Reconciliation of<br>Non-GAAP Items<br>To Their Closest GAAP<br>Equivalent<br>3Q25 Financial Results 22<br>Total Debt/Total Enterprise Value QE 09/30/25<br>Market value of common equity(i) $ 60,377,303<br>Debt Service Ratio (LQA Adjusted EBITDA/GAAP interest expense plus capitalized interest and less bridge<br>facility fees)<br>Liquidation value of preferred equity(ii) 755,000 Total GAAP interest expense (including unconsolidated JV interest expense) 145,620<br>Total debt at balance sheet carrying value 18,225,434 Add: Capitalized interest 32,923<br>Total Enterprise Value $ 79,357,737 GAAP interest expense plus capitalized interest 178,543<br>Total debt / total enterprise value 23.0%<br>Debt-plus-preferred-to-total-enterprise-value 23.9% Debt Service Ratio 4.9x<br>(i) Market Value of Common Equity<br>Common shares outstanding 343,041<br>Common units outstanding 6,203 QE 09/30/25<br>Total Shares and Partnership Units 349,244 Fixed Charged Ratio (LQA Adjusted EBITDA/total fixed charges)<br>Stock price as of September 30, 2025 $ 172.88<br>Market value of common equity $ 60,377,303 GAAP interest expense plus capitalized interest 178,543<br>Preferred dividends 10,181<br>(ii) Liquidation value of preferred equity ($25.00 per share) Total fixed charges 188,724<br>Shares O/S Liquidation Value<br>Series J Preferred 8,000 200,000 Fixed charge ratio 4.6x<br>Series K Preferred 8,400 210,000<br>Series L Preferred 13,800 345,000<br>755,000 (iv) QE 09/30/25<br>Unsecured Debt/Total Debt<br>Net Debt/LQA Adjusted EBITDA<br>QE 09/30/25 Global unsecured revolving credit facility 1,152,042<br>Total debt at balance sheet carrying value $ 18,225,434 Unsecured term loans 438,933<br>Add: DLR share of unconsolidated joint venture debt 2,082,912 Unsecured senior notes, net of discount 15,808,565<br>Add: Capital lease obligations, net 343,908 Secured debt, including premiums 825,894<br>Less: Unrestricted cash (3,714,693) Capital lease obligations, net 343,908<br>Net Debt as of September 30, 2025 $ 16,937,561 Total debt at balance sheet carrying value 18,569,342<br>Net Debt / LQA Adjusted EBITDA(iii) 4.9x Unsecured Debt / Total Debt 95.6%<br>(iii) Adjusted EBITDA Net Debt Plus Preferred/LQA Adjusted EBITDA QE 09/30/25<br>Net loss available to common stockholders $ 57,631 Total debt at balance sheet carrying value 18,225,434<br>Interest expense 113,584 Less: Unrestricted cash (3,714,693)<br>Loss from early extinguishment of debt -<br>Taxes 11,695 Capital lease obligations, net 343,908<br>Depreciation and amortization 497,002 DLR share of unconsolidated joint venture debt 2,082,912<br>EBITDA 679,912 Net Debt as of September 30, 2025 16,937,561<br>Preferred Liquidation Value (iv) 755,000<br>Unconsolidated JV real estate related depreciation & amortization 65,922 Net Debt plus preferred 17,692,561<br>Unconsolidated JV interest expense and tax expense 44,795<br>Severance accrual and equity acceleration and legal expenses 1,794 Net Debt Plus Preferred/LQA Adjusted EBITDA(iii) 5.1x<br>Transaction and integration expenses 86,559<br>(Gain) / loss on sale of investments (19,780)<br>Provision for impairment -<br>Other non-core adjustments, net 2,523<br>Noncontrolling interests (4,099)<br>Preferred stock dividends 10,181<br>Adjusted EBITDA $ 867,807<br>LQA Adjusted EBITDA (Adjusted EBITDA x 4) $ 3,471,229<br>Note: For quarter ended September 30, 2025
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Thank you
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