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): April 28, 2022

DIGITAL REALTY TRUST, INC.

(Exact name of registrant as specified in its charter)


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


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

( 737 ) 281-0101

(Registrant’s telephone number, including area code)

N/A

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

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

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

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

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

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

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


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

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


	Emerging growth company ☐

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

Item 2.02 Results of Operations and Financial Condition.

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

On April 28, 2022, we issued a press release announcing our financial results for the quarter ended March 31, 2022. 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 April 28, 2022, we also posted presentation materials to our website at www.digitalrealty.com. The presentation materials are attached hereto as Exhibit 99.2 and incorporated by reference herein.

Item 7.01 Regulation FD Disclosure.

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

On April 28, 2022, we also posted presentation materials to our website at www.digitalrealty.com. The presentation materials are attached hereto as Exhibit 99.2 and incorporated by reference herein.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.



Exhibit No.		Description

99.1		Earnings Press Release and Supplemental Information for the Quarter Ended March 31, 2022.
99.2		Presentation Materials posted April 28, 2022.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

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

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

Date: April 28, 2022

Table of Contents

	Financial Supplement
Table of Contents		First Quarter 2022

Overview	PAGE

Corporate Information	3

Ownership Structure	5

Key Quarterly Financial Data	6

Consolidated Statements of Operations

Earnings Release	8

2022 Outlook	11

Consolidated Quarterly Statements of Operations	13

Funds From Operations and Core Funds From Operations	14

Adjusted Funds From Operations	15

Balance Sheet Information

Consolidated Balance Sheets	16

Components of Net Asset Value	17

Debt Maturities	18

Debt Analysis and Covenant Compliance	19

Internal Growth

Same-Capital Operating Trend Summary	20

Summary of Leasing Activity - Signed	21

Summary of Leasing Activity - Renewed	22

Lease Expirations - By Size	23

Top 20 Customers by Annualized Rent	24

Occupancy Analysis	25

External Growth

Development Lifecycle - Committed Active Development	26

Construction Projects in Progress	27

Historical Capital Expenditures and Investments in Real Estate	28

Development Lifecycle - Held for Development	29

Acquisitions / Dispositions / Joint Ventures	30

Unconsolidated Joint Ventures	31

Additional Information

Reconciliation of Earnings Before Interest, Taxes, Depreciation & Amortization and Financial Ratios	32

Management Statements on Non-GAAP Measures	33

Forward-Looking Statements	35

Table of Contents

	Financial Supplement
Corporate Information		First Quarter 2022

Corporate Profile

Digital Realty owns, acquires, develops and operates data centers. The company is focused on providing data center, colocation and interconnection solutions for domestic and international customers across a variety of industry verticals ranging from cloud and information technology services, communications and social networking to financial services, manufacturing, energy, healthcare, and consumer products. As of March 31, 2022, the company’s 291 data centers, including 50 data centers held as investments in unconsolidated joint ventures, contain applications and operations critical to the day-to-day operations of technology industry and corporate enterprise data center customers. Digital Realty’s portfolio is comprised of approximately 35.8 million square feet, excluding approximately 8.1 million square feet of space under active development and 2.6 million square feet of space held for future development, located throughout North America, Europe, South America, Asia, Australia and Africa. For additional information, please visit the company’s website at https://www.digitalrealty.com/.

Corporate Headquarters

5707 Southwest Parkway, Building 1, Suite 275

Austin, TX 78735 Telephone: (737) 281-0101 Website: https://www.digitalrealty.com/

Senior Management

Chief Executive Officer: A. William Stein President & Chief Financial Officer: Andrew P. Power Chief Investment Officer: Gregory S. Wright Chief Technology Officer: Christopher L. Sharp Chief Revenue Officer: Corey J. Dyer Chief Operating Officer: Erich J. Sanchack

Investor Relations

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

Analyst Coverage

BMO
	Bank of America			BMO Capital		Cowen &
Argus Research	Merrill Lynch	Barclays	Berenberg	Markets	Citigroup	Company
Marie Ferguson	David Barden	Brendan Lynch	Nate Crossett	Ari Klein	Michael Rollins	Michael Elias
(212) 425-7500	(646) 855-1320	(212) 526-9428	(646) 949-9030	(212) 885-4103	(212) 816-1116	(646) 562-1358

Credit Suisse	Deutsche Bank	Edward Jones	Evercore ISI	Green Street Advisors	J.P. Morgan	Jefferies
Sami Badri	Matthew Niknam	Kyle Sanders	Irvin Liu	David Guarino	Richard Choe	Jonathan Petersen
(212) 538-1727	(212) 250-4711	(314) 515-0198	(415) 800-0183	(949) 640-8780	(212) 662-6708	(212) 284-1705

MoffettNathanson	Morgan Stanley	Morningstar	New Street Research	Raymond James	RBC Capital Markets	Stifel
Nick Del Deo	Simon Flannery	Matthew Dolgin	Jonathan Chaplin	Frank Louthan	Jonathan Atkin	Erik Rasmussen
(212) 519-0025	(212) 761-6432	(312) 696-6783	(212) 921-9876	(404) 442-5867	(415) 633-8589	(212) 271-3461

TD Securities	Truist Securities	UBS	Wells Fargo	William Blair	Wolfe Research
Jonathan Kelcher	Gregory Miller	John Hodulik	Eric Luebchow	James Breen	Andrew Rosivach
(416) 307-9931	(212) 303-4169	(212) 713-4226	(312) 630-2386	(617) 235-7513	(646) 582-9250

This Earnings Press Release and Supplemental Information package supplements the information provided in our quarterly and annual reports filed with the U.S. Securities and Exchange Commission. Additional information about Digital Realty and our business is also available on our website at www.digitalrealty.com. 3

Table of Contents

	Financial Supplement
Corporate Information (Continued)		First Quarter 2022

Stock Listing Information

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

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

Symbols may vary by stock quote provider.

Credit Ratings

Standard & Poor’s
Corporate Credit Rating:	BBB	(Stable Outlook)
Preferred Stock:	BB+

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

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

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

Common Stock Price Performance

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


	Three Months Ended
	31-Mar-22		31-Dec-21		30-Sep-21		30-Jun-21		31-Mar-21
High price		177.15		178.22		168.30		164.04		150.43
Low price		130.10		139.31		143.01		140.29		124.65
Closing price, end of quarter		141.80		176.87		144.45		150.46		140.84
Average daily trading volume		1,661,700		1,242,203		1,239,685		1,293,054		1,809,056
Indicated dividend per common share (1)		4.88		4.64		4.64		4.64		4.64
Closing annual dividend yield, end of quarter		3.4%		2.6%		3.2%		3.1%		3.3%
Shares and units outstanding, end of quarter (2)		290,956,547		290,346,784		290,340,867		289,658,561		289,113,581
Closing market value of shares and units outstanding (3)		41,257,638		51,353,636		41,939,738		43,582,029		40,718,757

All values are in US Dollars.

(1)	On an annualized basis.
(2)	As of March 31, 2022, the total number of shares and units includes 284,666,082 shares of common stock, 4,386,944 common units held by third parties and 1,903,521 common units and vested and unvested long-term incentive units held by directors, officers and others and excludes all shares of common stock potentially issuable upon conversion of our series J, series K and series L cumulative redeemable preferred stock upon certain change of control transactions and upon physical settlement of our September 2021 forward sale agreements.
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(3)	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 www.digitalrealty.com.

Table of Contents

Ownership Structure	Financial Supplement
As of March 31, 2022		First Quarter 2022


Partner		# of Units (2)		% Ownership
Digital Realty Trust, Inc.		284,666,082		97.8%
Third-Party Unitholders		4,386,944		1.5%
Directors, Officers and Others (3)		1,903,521		0.7%
Total	****	290,956,547	****	100.0%

(1)	Includes properties owned by joint ventures.
(2)	The total number of units includes 284,666,082 general partnership common units, 4,386,944 common units held by third parties and 1,903,521 common units and vested and unvested long-term incentive units held by directors, officers and others, and excludes all common units potentially issuable upon conversion of our series J, series K and series L cumulative redeemable preferred units upon certain change of control transactions and upon physical settlement of our September 2021 forward sale agreements.
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(3)	Reflects limited partnership interests held by our directors, officers and others in the form of common units, and vested and unvested long-term incentive units.
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Table of Contents

Key Quarterly Financial Data	Financial Supplement
Unaudited and Dollars in Thousands, Except Per Share Data		First Quarter 2022


** Shares and Units at End of Quarter**	****	31-Mar-22		****	31-Dec-21		****	30-Sep-21		****	30-Jun-21		****	31-Mar-21
Common shares outstanding			284,666,082			284,415,013			283,846,802			282,603,152			281,372,310
Common units outstanding			6,290,465			5,931,771			6,494,065			7,055,409			7,741,271
Total Shares and Partnership Units	****		290,956,547	****		290,346,784	****		290,340,867	****		289,658,561	****		289,113,581

** Enterprise Value**
Market value of common equity (1)			$41,257,638			$51,353,636			$41,939,738			$43,582,029			$40,718,757
Liquidation value of preferred equity			755,000			755,000			755,000			755,000			956,250
Total debt at balance sheet carrying value			14,388,215			13,448,210			14,087,539			13,927,821			13,256,839
Total Enterprise Value			$56,400,853			$65,556,846			$56,782,277			$58,264,850			$54,931,846
Total debt / total enterprise value			25.5%			20.5%			24.8%			23.9%			24.1%
Debt-plus-preferred-to-total-enterprise-value			26.8%			21.7%			26.1%			25.2%			25.9%

** Selected Balance Sheet Data**
Investments in real estate (before depreciation)			$29,444,273			$28,780,211			$28,033,614			$27,821,024			$26,830,520
Total Assets			36,680,546			36,369,560			35,847,648			36,151,220			35,542,491
Total Liabilities			18,429,107			17,845,778			18,040,369			17,945,483			17,157,070

** Selected Operating Data**
Total operating revenues			$1,127,323			$1,111,168			$1,133,136			$1,093,188			$1,090,391
Total operating expenses			986,087			979,671			948,769			907,561			897,873
Interest expense			66,725			71,762			71,417			75,014			75,653
Net income			76,911			1,090,397			136,543			125,797			394,675
Net income available to common stockholders			63,101			1,057,629			124,096			127,368			372,405

** Financial Ratios**
EBITDA (2)			$576,337			$1,512,560			$578,257			$618,945			$843,685
Adjusted EBITDA (3)			602,994			583,712			610,076			602,684			615,319
Net Debt to Adjusted EBITDA (4)			6.3x			6.1x			6.0x			6.0x			5.6x
Interest expense			66,725			71,762			71,417			75,014			75,653
Fixed charges (5)			91,657			97,271			96,740			98,457			100,601
Interest coverage ratio (6)			6.1x			6.0x			6.5x			6.1x			6.6x
Fixed charge coverage ratio (7)			5.5x			5.4x			5.8x			5.4x			5.8x

** Profitability Measures**
Net income per common share - basic			$0.22			$3.73			$0.44			$0.45			$1.32
Net income per common share - diluted			$0.22			$3.71			$0.44			$0.45			$1.32
Funds from operations (FFO) / diluted share and unit (8)			$1.60			$1.54			$1.54			$1.78			$1.49
Core funds from operations (Core FFO) / diluted share and unit (8)			$1.67			$1.67			$1.65			$1.54			$1.67
Adjusted funds from operations (AFFO) / diluted share and unit (9)			$1.59			$1.41			$1.60			$1.63			$1.61
Dividends per share and common unit			$1.22			$1.16			$1.16			$1.16			$1.16
Diluted FFO payout ratio (8) (10)			76.3%			75.3%			75.3%			65.2%			77.9%
Diluted Core FFO payout ratio (8) (11)			73.2%			69.4%			70.3%			75.3%			69.6%
Diluted AFFO payout ratio (9) (12)			76.7%			82.1%			72.4%			71.2%			72.1%

** Portfolio Statistics**
Buildings (13)			303			300			295			305			306
Data Centers (13)			291			287			282			291			290
Cross-connects (13)(14)			181,500			178,000			174,000			170,000			167,000
Net rentable square feet, excluding development space (13)			35,786,973			35,630,828			34,988,250			35,837,908			35,404,425
Occupancy at end of quarter (15)			83.3%			83.6%			84.2%			84.7%			85.3%
Occupied square footage (13)			29,801,451			29,774,698			29,471,445			30,352,404			30,215,898
Space under active development (16)			8,086,565			7,230,460			7,464,633			7,617,837			7,650,175
Space held for development (17)			2,646,137			2,682,456			2,088,701			1,958,306			2,217,118
Weighted average remaining lease term (years) (18)			4.8			4.7			4.8			4.7			4.8
Same-capital occupancy at end of quarter (15) (19)			82.9%			83.7%			83.9%			84.4%			84.6%

Table of Contents

Key Quarterly Financial Data	Financial Supplement
Unaudited and Dollars in Thousands, Except Per Share Data		First Quarter 2022

(1)	The market value of common equity is based on the closing stock price at the end of the quarter and assumes 100% redemption of the limited partnership units in our operating partnership, including common units and vested and unvested long-term incentive units, for shares of our common stock on a one-for-one basis. Excludes shares of common stock potentially issuable upon conversion of our series C, series J, series K and series L cumulative redeemable preferred stock upon certain change of control transactions, as applicable, and upon physical settlement of our September 2021 forward sale agreements.
(2)	EBITDA is calculated as earnings before interest expense, loss from early extinguishment of debt, tax expense, and depreciation and amortization. For a discussion of EBITDA, see page 33. For a reconciliation of net income available to common stockholders to EBITDA, see page 32.
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(3)	Adjusted EBITDA is EBITDA excluding unconsolidated joint venture real estate related depreciation & amortization, unconsolidated joint venture interest and tax expense, severance, equity acceleration, and legal expenses, transaction and integration expenses, gain on sale / deconsolidation, impairment of investments in real estate, other non-core adjustments, net, non-controlling interests, preferred stock dividends, including undeclared dividends, and issuance costs associated with redeemed preferred stock. For a discussion of Adjusted EBITDA, see page 33. For a reconciliation of net income available to common stockholders to Adjusted EBITDA, see page 32.
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(4)	Net Debt to Adjusted EBITDA is calculated as total debt at balance sheet carrying value (see page 6), plus capital lease obligations, plus our share of joint venture debt at carrying value, less cash and cash equivalents (including JV share of cash), divided by the product of Adjusted EBITDA (including our share of joint venture EBITDA), multiplied by four.
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(5)	Fixed charges consist of GAAP interest expense, capitalized interest, scheduled debt principal payments and preferred dividends.
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(6)	Interest coverage ratio is Adjusted EBITDA divided by GAAP interest expense plus capitalized interest (including our pro rata share of unconsolidated joint venture interest expense).
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(7)	Fixed charge coverage ratio is Adjusted EBITDA divided by fixed charges (including our pro rata share of unconsolidated joint venture fixed charges).
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(8)	For definitions and discussion of FFO and core FFO, see page 33. For reconciliations of net income available to common stockholders to FFO and core FFO, see page 14.
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(9)	For a definition and discussion of AFFO, see page 33. For a reconciliation of core FFO to AFFO, see page 15.
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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.
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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 joint ventures and non-managed unconsolidated joint ventures. For some of our buildings, we calculate occupancy based on factors in addition to contractually leased square feet, including available power, required support space and common area. Excludes buildings held-for-sale.
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(16)	Space under active development includes current Base Building and Data Centers projects in progress (see page 26). Excludes buildings held-for-sale.
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(17)	Space held for development includes space held for future Data Center development, and excludes space under active development (see page 29). Excludes buildings held-for-sale.
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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, 2020 with less than 5% of total rentable square feet under development. Excludes buildings that were undergoing, or were expected to undergo, development activities in 2021-2022, buildings classified as held-for-sale, and buildings sold or contributed to joint ventures for all periods presented. Prior period results have been adjusted to reflect current same-capital pool.
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Explanatory Note: Certain portfolio information regarding Medallion is excluded from the portfolio statistics included in this Earnings Press Release and Supplemental Information package, as indicated in the footnotes, where applicable. Specifically, we have excluded the following related to Medallion: two new metropolitan areas, two data centers, square footage, occupancy percentage and lease terms. Medallion’s financial results are included in our condensed consolidated financial information.

Table of Contents

Digital Realty Trust
Earnings Release		First Quarter 2022

DIGITAL REALTY REPORTS FIRST QUARTER 2022 RESULTS

Austin, TX — April 28, 2022 — Digital Realty (NYSE: DLR), the largest global provider of cloud- and carrier-neutral data center, colocation and interconnection solutions, announced today financial results for the first quarter of 2022. All per-share results are presented on a fully-diluted share and unit basis.

Highlights

◾	Reported net income available to common stockholders of $0.22 per share in 1Q22, compared to $1.32 in 1Q21
◾	Reported FFO per share of $1.60 in 1Q22, compared to $1.50 in 1Q21
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◾	Reported core FFO per share of $1.67 in 1Q22, compared to $1.67 in 1Q21
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◾	Signed total bookings during 1Q22 expected to generate $167 million of annualized GAAP rental revenue, including an $11 million contribution from interconnection
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◾	Reiterated 2022 core FFO per share outlook of $6.80 - $6.90
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Financial Results

Digital Realty reported revenues for the first quarter of 2022 of $1.1 billion, a 1% increase from the previous quarter and a 3% increase from the same quarter last year.

The company delivered first quarter of 2022 net income of $76.9 million, and net income available to common stockholders of $63.1 million, or $0.22 per diluted share, compared to $3.71 per diluted share in the previous quarter and $1.32 per diluted share in the same quarter last year. Net income available to common stockholders for both the previous quarter and same quarter last year benefited from gains on sale of investments.

Digital Realty generated first quarter of 2022 Adjusted EBITDA of $603 million, a 3% increase from the previous quarter and a 2% decrease over the same quarter last year.

The company reported first quarter of 2022 funds from operations of $465 million, or $1.60 per share, compared to $1.54 per share in the previous quarter and $1.50 per share in the same quarter last year.

Excluding certain items that do not represent core expenses or revenue streams, Digital Realty delivered first quarter of 2022 core FFO per share of $1.67, compared to $1.67 per share in the previous quarter, and $1.67 per share in the same quarter last year.

Leasing Activity

In the first quarter, Digital Realty signed total bookings expected to generate $167 million of annualized GAAP rental revenue, including an $11 million contribution from interconnection.

“Digital Realty delivered record bookings in the first quarter, driven by strong demand for data center solutions which is leading to a healthier overall fundamental dynamic and pricing environment,” said Digital Realty Chief Executive Officer A. William Stein. “We are proactively managing risks to guard against inflation and rising interest rates. Given the resiliency of our business, we believe we are well positioned to continue to deliver sustainable growth for customers, shareholders and employees.”

The weighted-average lag between new leases signed during the first quarter of 2022 and the contractual commencement date was seven months.

In addition to new leases signed, Digital Realty also signed renewal leases representing $177 million of annualized GAAP rental revenue during the quarter. Rental rates on renewal leases signed during the first quarter of 2022 rolled up 3.3% on a cash basis and up 6.1% on a GAAP basis.

Table of Contents

Digital Realty Trust
Earnings Release		First Quarter 2022

New leases signed during the first quarter of 2022 are summarized by region as follows:


	Annualized GAAP
	Base Rent			GAAP Base Rent			GAAP Base Rent
The Americas	(in thousands)		Square Feet	per Square Foot		Megawatts	per Kilowatt
0-1 MW		19,832	102,276		194	7.9		$208
> 1 MW		83,810	627,605		134	77.3		90
Other ^(1)^		103	4,178		25	—		—
Total		103,745	734,059		141	85.2		$101

EMEA ^(2)^
0-1 MW		17,032	73,085		233	6.5		$220
> 1 MW		10,487	104,127		101	8.0		109
Other ^(1)^		47	639		74	—		—
Total		27,566	177,851		155	14.5		$159

Asia Pacific ^(2)^
0-1 MW		1,874	5,020		373	0.6		$275
> 1 MW		22,781	86,626		263	10.0		190
Other ^(1)^		6	—		—	—		—
Total		24,661	91,646		269	10.6		$194

All Regions ^(2)^
0-1 MW		38,739	180,380		215	15.0		$216
> 1 MW		117,078	818,358		143	95.3		102
Other ^(1)^		156	4,817		32	—		—
Total		155,973	1,003,555		155	110.2		$118

Interconnection		10,889	N/A		N/A	N/A		N/A

Grand Total		166,861	1,003,555		155	110.2		$118

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 March 31, 2022.
---	---

Investment Activity

During the first quarter, Digital Realty acquired a 2.6-acre land parcel in Zurich, Switzerland for approximately $21 million. The site is expected to support the development of approximately 14 megawatts of IT load.

Also during the first quarter, Digital Realty signed a long-term lease with a purchase option on a 24-acre land parcel in Paris, France. The total expected investment to rent and acquire the land is approximately $132 million. The site is expected to support the development of approximately 144 megawatts of IT load.

Finally, during the first quarter, BAM Digital Realty, a 50/50 joint venture between Digital Realty and Brookfield Infrastructure Partners, acquired a land parcel in Chennai, India for $34 million, of which Digital Realty’s pro rata share was approximately $17 million. The site is expected to support the development of approximately 100 megawatts of IT load.

Shortly after quarter-end, Digital Realty acquired eight acres of land in Dublin, Ireland for $7 million; 2.4-acres of land in Barcelona, Spain for $12 million; and 34 acres of land in Frankfurt, Germany, for $64 million.

Table of Contents

Digital Realty Trust
Earnings Release		First Quarter 2022

Balance Sheet

Digital Realty had approximately $14.4 billion of total debt outstanding as of March 31, 2022, comprised of $14.2 billion of unsecured debt and approximately $0.2 billion of secured debt. At the end of the first quarter of 2022, net debt-to-Adjusted EBITDA was 6.3x, debt-plus-preferred-to-total enterprise value was 26.8% and fixed charge coverage was 5.5x. Pro forma for settlement of the $1 billion forward equity offering, net debt-to-adjusted EBITDA was 5.9x and fixed charge coverage was 5.7x.

During the first quarter of 2022, Digital Realty completed the following financing transactions.

●	In mid-January, Digital Realty closed an offering of €750 million, or approximately $850 million, of 1.375% Euro bonds due 2032.
●	In early February, Digital Realty redeemed all $450 million of its outstanding 4.75% notes due 2025.
---	---
●	In late March, Digital Realty closed an offering of CHF100 million of 0.600% Swiss bonds due 2023 and CHF150 million of 1.700% Swiss bonds due 2027.
---	---

Subsequent to quarter-end, Digital Realty upsized its global revolving credit facility from $3.0 billion to $3.75 billion.

Table of Contents

Digital Realty Trust
Earnings Release		First Quarter 2022

2022 Outlook

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


	****	As of	As of
Top-Line and Cost Structure		February 17, 2022	April 28, 2022
Total revenue		$4.700 - $4.800 billion	$4.700 - $4.800 billion
Net non-cash rent adjustments (1)		($35 - $40 million)	($45 - $50 million)
Adjusted EBITDA		$2.475 - $2.525 billion	$2.475 - $2.525 billion
G&A		$410 - $420 million	$410 - $420 million

Internal Growth
Rental rates on renewal leases
Cash basis		Flat	Slightly Positive
GAAP basis		Slightly positive	Up low-single-digits
Year-end portfolio occupancy		83.0% - 84.0%	83.0% - 84.0%
"Same-capital" cash NOI growth (2)		(2.5% - 3.5%)	(2.5% - 3.5%)

Foreign Exchange Rates
U.S. Dollar / Pound Sterling		$1.30 - $1.38	$1.25 - $1.35
U.S. Dollar / Euro		$1.10 - $1.15	$1.05 - $1.10

External Growth
Dispositions
Dollar volume		$0.5 - $1.0 billion	$0.5 - $1.0 billion
Cap rate		0.0% - 10.0%	0.0% - 10.0%
Development
CapEx (3)		$2.3 - $2.5 billion	$2.3 - $2.5 billion
Average stabilized yields		9.0% - 15.0%	9.0% - 15.0%
Enhancements and other non-recurring CapEx (4)		$5 - $10 million	$5 - $10 million
Recurring CapEx + capitalized leasing costs (5)		$210 - $220 million	$200 - $210 million

Balance Sheet
Long-term debt issuance
Dollar amount		$1.8 - $2.0 billion	$1.8 - $2.0 billion
Pricing		1.5% - 2.0%	1.5% - 2.0%
Timing		Early & Late 2022	Early & Late 2022

Net income per diluted share		$1.05 - $1.10	$1.05 - $1.10
Real estate depreciation and (gain) / loss on sale		$5.35 - $5.35	$5.35 - $5.35
Funds From Operations / share (NAREIT-Defined)		$6.40 - $6.45	$6.40 - $6.45
Non-core expenses and revenue streams		$0.40 - $0.45	$0.40 - $0.45
Core Funds From Operations / share		$6.80 - $6.90	$6.80 - $6.90
Foreign currency translation adjustments		$0.10 - $0.10	$0.15 - $0.15
Constant-Currency Core Funds From Operations / share		$6.90 - $7.00	$6.95 - $7.05

(1)	Net non-cash rent adjustments represent the sum of straight-line rental revenue and straight-line rent expense, as well as the amortization of above- and below-market leases (i.e., ASC 805 adjustments).
(2)	The “same-capital” pool includes properties owned as of December 31, 2020 with less than 5% of total rentable square feet under development. It also excludes properties that were undergoing, or were expected to undergo, development activities in 2021-2022, properties classified as held for sale, and properties sold or contributed to joint ventures for all periods presented.
---	---
(3)	Includes land acquisitions.
---	---
(4)	Other non-recurring CapEx represents costs incurred to enhance the capacity or marketability of operating properties, such as network fiber initiatives and software development costs.
---	---
(5)	Recurring CapEx represents non-incremental improvements required to maintain current revenues, including second-generation tenant improvements and leasing commissions.
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Table of Contents

Digital Realty Trust
Earnings Release		First Quarter 2022

Non-GAAP Financial Measures

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

Investor Conference Call

Prior to Digital Realty’s investor conference call at 5:30 p.m. EDT / 2:30 p.m. PDT on April 28, 2022, a presentation will be posted to the Investors section of the company’s website at https://investor.digitalrealty.com/. The presentation is designed to accompany the discussion of the company’s first quarter 2022 financial results and operating performance. The conference call will feature Chief Executive Officer A. William Stein and President & Chief Financial Officer Andrew P. Power.

To participate in the live call, investors are invited to dial (888) 317-6003 (for domestic callers) or (412) 317-6061 (for international callers) and reference the conference ID# 6375682 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 May 28, 2022. The telephone replay can be accessed by dialing (877) 344-7529 (for domestic callers) or (412) 317-0088 (for international callers) and providing the conference ID# 6813906. The webcast replay can be accessed on Digital Realty’s website.

About Digital Realty

Digital Realty supports the world’s leading enterprises and service providers by delivering the full spectrum of data center, colocation and interconnection solutions. PlatformDIGITAL®, the company’s global data center platform, provides customers a trusted foundation and proven Pervasive Datacenter Architecture (PDx™) solution methodology for scaling digital business and efficiently managing data gravity challenges. Digital Realty’s global data center footprint gives customers access to the connected communities that matter to them with over 290 facilities in nearly 50 metros across 25 countries on six continents. To learn more about Digital Realty, please visit digitalrealty.com or follow us on LinkedIn and Twitter.

Contact Information

Andrew P. Power

President & Chief Financial Officer

Digital Realty

(415) 738-6500

Jordan Sadler / Jim Huseby

Investor Relations

Digital Realty

(737) 281-0101

Table of Contents

Consolidated Quarterly Statements of Operations	Financial Supplement
Unaudited and Dollars in Thousands, Except Per Share Data		First Quarter 2022


	Three Months Ended
	31-Mar-22	31-Dec-21	30-Sep-21	30-Jun-21	31-Mar-21
Rental revenues	$751,962	$763,117	$773,195	$768,826	$754,544
Tenant reimbursements - Utilities	224,547	195,340	189,060	169,743	184,973
Tenant reimbursements - Other	51,511	58,528	57,666	60,261	59,328
Interconnection & other	93,530	89,850	90,983	90,565	89,061
Fee income	5,757	4,133	3,255	3,628	2,426
Other	15	200	18,977	165	59
Total Operating Revenues	$1,127,323	$1,111,167	$1,133,135	$1,093,189	$1,090,391

Utilities	$241,239	$213,933	$209,585	$185,010	$176,046
Rental property operating	194,354	205,250	196,743	198,206	185,733
Property taxes	46,526	42,673	55,915	42,795	49,005
Insurance	3,698	3,507	4,718	5,703	3,498
Depreciation & amortization	382,132	378,883	369,035	368,981	369,733
General & administration	96,435	103,705	97,082	94,956	97,568
Severance, equity acceleration, and legal expenses	2,077	1,003	1,377	2,536	2,427
Transaction and integration expenses	11,968	12,427	13,804	7,075	14,120
Impairment of investments in real estate	—	18,291	—	—	—
Other expenses	7,657	(1)	510	2,298	(257)
Total Operating Expenses	$986,087	$979,669	$948,770	$907,561	$897,872

Operating Income	$141,236	$131,498	$184,365	$185,627	$192,519

Equity in earnings (loss) of unconsolidated joint ventures	60,958	(7,714)	40,884	52,143	(23,031)
Gain / (loss) on sale of investments	2,770	1,047,011	(635)	499	333,921
Interest and other (expense) income, net	3,051	(4,349)	(2,947)	10,124	(7,186)
Interest (expense)	(66,725)	(71,762)	(71,417)	(75,014)	(75,653)
Income tax (expense)	(13,244)	(3,961)	(13,709)	(47,582)	(7,547)
Loss from early extinguishment of debt	(51,135)	(325)	—	—	(18,347)
Net Income	$76,911	$1,090,397	$136,541	$125,799	$394,676

Net (income) attributable to noncontrolling interests	(3,629)	(22,587)	(2,266)	(4,544)	(8,756)
Net Income Attributable to Digital Realty Trust, Inc.	$73,282	$1,067,811	$134,275	$121,255	$385,920

Preferred stock dividends, including undeclared dividends	(10,181)	(10,181)	(10,181)	(11,885)	(13,514)
Gain on / (Issuance costs associated with) redeemed preferred stock	—	—	—	18,000	—
Net Income Available to Common Stockholders	$63,101	$1,057,630	$124,094	$127,370	$372,406

Weighted-average shares outstanding - basic	284,525,992	283,869,662	283,105,966	281,791,855	281,094,798
Weighted-average shares outstanding - diluted	285,025,099	284,868,184	283,799,538	282,433,857	281,916,961
Weighted-average fully diluted shares and units	290,662,421	290,893,110	290,228,785	289,484,805	289,199,445

Net income per share - basic	$0.22	$3.73	$0.44	$0.45	$1.32
Net income per share - diluted	$0.22	$3.71	$0.44	$0.45	$1.32

Table of Contents

Funds From Operations and Core Funds From Operations	Financial Supplement
Unaudited and in Thousands, Except Per Share Data		First Quarter 2022


	Three Months Ended
Reconciliation of Net Income to Funds From Operations (FFO)		31-Mar-22	31-Dec-21	30-Sep-21	30-Jun-21	31-Mar-21

Net Income Available to Common Stockholders		$63,101	$1,057,630	$124,094	$127,370	$372,406
Adjustments:
Non-controlling interest in operating partnership		1,600	23,100	3,000	3,200	9,800
Real estate related depreciation & amortization (1)		374,162	372,447	362,728	363,640	364,697
Unconsolidated JV real estate related depreciation & amortization		29,320	24,146	21,293	20,983	19,378
(Gain) on real estate transactions (2)		(2,770)	(1,047,010)	(63,798)	(499)	(333,921)
Impairment of investments in real estate		-	18,291	-	-	-
Funds From Operations - diluted		$465,412	$448,602	$447,317	$514,694	$432,360

Weighted-average shares and units outstanding - basic		290,163	289,895	289,542	288,843	288,377
Weighted-average shares and units outstanding - diluted (3)		290,662	290,893	290,228	289,485	289,211

Funds From Operations per share - basic		$1.60	$1.55	$1.54	$1.78	$1.50

Funds From Operations per share - diluted (3)		$1.60	$1.54	$1.54	$1.78	$1.50


	Three Months Ended
Reconciliation of FFO to Core FFO		31-Mar-22	31-Dec-21	30-Sep-21	30-Jun-21	31-Mar-21

Funds From Operations - diluted		$465,412	$448,602	$447,317	$514,694	$432,360
Other non-core revenue adjustments (4)		13,916	9,859	(18,066)	(11,122)	(59)
Transaction and integration expenses		11,968	12,427	13,804	7,075	14,120
Loss from early extinguishment of debt		51,135	325	-	-	18,347
(Gain on) / Issuance costs associated with redeemed preferred stock		-	-	-	(18,000)	-
Severance, equity acceleration, and legal expenses (5)		2,077	1,003	1,377	2,536	2,427
(Gain) / Loss on FX revaluation		(67,676)	14,308	33,773	(51,649)	34,072
Other non-core expense adjustments		7,657	(1)	1,004	2,298	(19,239)
Core Funds From Operations - diluted		$484,490	$486,525	$479,209	$445,832	$482,027

Weighted-average shares and units outstanding - diluted (3)		290,662	290,893	290,228	289,485	289,211

Core Funds From Operations per share - diluted (3)		$1.67	$1.67	$1.65	$1.54	$1.67


(1) Real Estate Related Depreciation & Amortization	Three Months Ended
		31-Mar-22	31-Dec-21	30-Sep-21	30-Jun-21	31-Mar-21

Depreciation & amortization per income statement		$382,132	$378,883	$369,035	$368,981	$369,733
Non-real estate depreciation		(7,970)	(6,436)	(6,307)	(5,341)	(5,036)
Real Estate Related Depreciation & Amortization		$374,162	$372,447	$362,728	$363,640	$364,697

(2)	For the fourth quarter 2021, the gain pertains to the contribution of 10 operating data center properties to Digital Core REIT in connection with the listing of Digital Core REIT as a standalone public company traded on the Singapore Exchange in December 2021. For the third quarter 2021, the gain of $64 million represents Digital Realty’s share of a gain recognized by an unconsolidated joint venture from the sale of a portfolio of assets owned by the entity and is included in equity in earnings of unconsolidated joint ventures in our consolidated income statement.
(3)	For all periods presented, we have excluded the effect of dilutive series C, series J, series K and series L preferred stock, as applicable, that may be converted into common stock upon the occurrence of specified change in control transactions as described in the articles supplementary governing the series C, series J, series K and series L preferred stock, as applicable, which we consider highly improbable, and the effect of the physical settlement of our September 2021 forward sales agreements. See above for calculations of diluted FFO and the share count detail section that follows the reconciliation of core FFO to AFFO for calculations of weighted average common stock and units outstanding. For definitions and discussion of FFO and core FFO, see the definitions section.
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(4)	Includes lease termination fees and certain other adjustments that are not core to our business. For the third quarter 2021, includes a $19 million promote received related to a sale of portfolio of assets within an unconsolidated joint venture. The promote is included in Other revenue in our consolidated income statement.
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(5)	Relates to severance and other charges related to the departure of company executives and integration-related severance.
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Table of Contents

Adjusted Funds From Operations (AFFO)	Financial Supplement
Unaudited and in Thousands, Except Per Share Data		First Quarter 2022


	Three Months Ended
Reconciliation of Core FFO to AFFO		31-Mar-22	31-Dec-21	30-Sep-21	30-Jun-21	31-Mar-21

Core FFO available to common stockholders and unitholders		$484,490	$486,525	$479,209	$445,832	$482,027
Adjustments:
Non-real estate depreciation		7,970	6,436	6,307	5,341	5,036
Amortization of deferred financing costs		3,634	3,515	3,625	3,718	3,538
Amortization of debt discount/premium		1,214	1,107	1,138	1,166	1,134
Non-cash stock-based compensation expense		14,453	15,097	15,082	15,578	16,097
Straight-line rental revenue		(18,810)	(16,497)	(11,969)	(16,139)	(18,492)
Straight-line rental expense		4,168	5,753	7,862	7,175	6,709
Above- and below-market rent amortization		335	910	1,165	1,857	2,136
Deferred tax expense / (benefit)		(1,604)	(13,731)	2,112	35,522	(4,509)
Leasing compensation & internal lease commissions		13,261	9,564	11,142	11,078	11,042
Recurring capital expenditures (1)		(46,770)	(87,550)	(50,800)	(39,231)	(39,522)

AFFO available to common stockholders and unitholders (2)		$462,341	$411,130	$464,872	$471,898	$465,196

Weighted-average shares and units outstanding - basic		290,163	289,895	289,542	288,843	288,377
Weighted-average shares and units outstanding - diluted (3)		290,662	290,893	290,228	289,485	289,211

AFFO per share - diluted (3)		$1.59	$1.41	$1.60	$1.63	$1.61

Dividends per share and common unit		$1.22	$1.16	$1.16	$1.16	$1.16

Diluted AFFO Payout Ratio		76.7%	82.1%	72.4%	71.2%	72.1%


	Three Months Ended
Share Count Detail		31-Mar-22	31-Dec-21	30-Sep-21	30-Jun-21	31-Mar-21

Weighted Average Common Stock and Units Outstanding		290,163	289,895	289,542	288,843	288,377
Add: Effect of dilutive securities		499	998	686	642	834
Weighted Avg. Common Stock and Units Outstanding - diluted		290,662	290,893	290,228	289,485	289,211

(1)	Recurring capital expenditures represent non-incremental building improvements required to maintain current revenues, including second-generation tenant improvements and external leasing commissions. Recurring capital expenditures do not include acquisition costs contemplated when underwriting the purchase of a building, costs which are incurred to bring a building up to Digital Realty’s operating standards, or internal leasing commissions.
(2)	For a definition and discussion of AFFO, see the definitions section. For a reconciliation of net income available to common stockholders to FFO and core FFO, see above.
---	---
(3)	For all periods presented, we have excluded the effect of dilutive series C, series J, series K and series L preferred stock, as applicable, that may be converted into common stock upon the occurrence of specified change in control transactions as described in the articles supplementary governing the series C, series J, series K and series L preferred stock, as applicable, which we consider highly improbable, and the effect of the physical settlement of our September 2021 forward sales agreements. See above for calculations of diluted FFO available to common stockholders and unitholders and for calculations of weighted average common stock and units outstanding.
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Table of Contents

Consolidated Balance Sheets	Financial Supplement
Unaudited and in Thousands, Except Share and Per Share Data		First Quarter 2022


	31-Mar-22		31-Dec-21		30-Sep-21		30-Jun-21		31-Mar-21
Assets
Investments in real estate:
Real estate		$23,769,712		$23,625,451		$23,384,809		$23,287,853		$22,762,279
Construction in progress		3,523,484		3,213,387		3,238,388		3,270,570		2,904,642
Land held for future development		107,003		133,683		118,091		143,575		192,896
Investments in real estate		$27,400,199		$26,972,522		$26,741,289		$26,701,998		$25,859,817
Accumulated depreciation and amortization		(6,467,233)		(6,210,281)		(6,159,294)		(5,919,650)		(5,649,019)
Net Investments in Properties		$20,932,966		$20,762,241		$20,581,995		$20,782,348		$20,210,798
Investment in unconsolidated joint ventures		2,044,074		1,807,689		1,292,325		1,119,026		970,703
Net Investments in Real Estate		$22,977,040		$22,569,930		$21,874,320		$21,901,374		$21,181,501

Cash and cash equivalents		$157,964		$142,698		$116,002		$120,482		$221,140
Accounts and other receivables (1)		774,579		671,721		610,416		630,086		657,096
Deferred rent		545,666		547,385		552,850		539,379		524,200
Customer relationship value, deferred leasing costs & other intangibles, net		2,640,795		2,735,486		2,871,622		2,956,027		3,057,245
Goodwill		7,802,440		7,937,440		8,062,914		8,185,931		8,125,706
Operating lease right-of-use assets		1,361,942		1,405,441		1,442,661		1,452,633		1,495,869
Other assets		420,119		359,459		316,863		365,308		279,734
Total Assets		$36,680,546		$36,369,560		$35,847,648		$36,151,220		$35,542,491

Liabilities and Equity
Global unsecured revolving credit facilities		$943,325		$398,172		$832,322		$1,026,368		$451,007
Unsecured senior notes, net of discount		13,284,650		12,903,370		13,012,790		12,659,043		12,566,198
Secured debt and other, net of premiums		160,240		146,668		242,427		242,410		239,634
Operating lease liabilities		1,472,510		1,512,187		1,543,231		1,545,689		1,581,759
Accounts payable and other accrued liabilities		1,572,359		1,543,623		1,341,866		1,367,240		1,305,921
Deferred tax liabilities, net		649,112		666,451		725,955		742,127		650,543
Accrued dividends and distributions		—		338,729		—		—		—
Security deposits and prepaid rent		346,911		336,578		341,778		362,606		362,008
Total Liabilities		$18,429,107		$17,845,778		$18,040,369		$17,945,483		$17,157,070

Redeemable non-controlling interests - operating partnership		42,734		46,995		40,920		41,490		40,097

Equity
Preferred Stock: 0.01 par value per share, 110,000,000 shares authorized:
Series C Cumulative Redeemable Perpetual Preferred Stock (2)		—		—		—		—		219,250
Series J Cumulative Redeemable Preferred Stock (3)		$193,540		$193,540		$193,540		$193,540		$193,540
Series K Cumulative Redeemable Preferred Stock (4)		203,264		203,264		203,264		203,264		203,264
Series L Cumulative Redeemable Preferred Stock (5)		334,886		334,886		334,886		334,886		334,886
Common Stock: 0.01 par value per share, 392,000,000 shares authorized (6)		2,824		2,824		2,818		2,806		2,795
Additional paid-in capital		21,069,391		21,075,863		21,010,202		20,844,834		20,700,282
Dividends in excess of earnings		(3,916,854)		(3,631,929)		(4,359,033)		(4,153,407)		(3,952,497)
Accumulated other comprehensive income (loss), net		(188,844)		(173,880)		(111,560)		31,733		(77,783)
Total Stockholders' Equity		$17,698,207		$18,004,568		$17,274,117		$17,457,656		$17,623,737

Noncontrolling Interests
Noncontrolling interest in operating partnership		$444,029		$425,337		$459,918		$513,897		$571,292
Noncontrolling interest in consolidated joint ventures		66,470		46,882		32,324		192,694		150,295

Total Noncontrolling Interests		$510,499		$472,219		$492,242		$706,591		$721,587

Total Equity		$18,208,706		$18,476,787		$17,766,359		$18,164,247		$18,345,324

Total Liabilities and Equity		$36,680,546		$36,369,560		$35,847,648		$36,151,220		$35,542,491

All values are in US Dollars.

(1)	Net of allowance for doubtful accounts of $35,387 and $28,574 as of March 31, 2022 and December 31, 2021, respectively.
(2)	Series C Cumulative Redeemable Perpetual Preferred Stock, 6.625%, $0 and $201,250 liquidation preference, respectively ($25.00 per share), 0 and 8,050,000 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively.
---	---
(3)	Series J Cumulative Redeemable Preferred Stock, 5.250%, $200,000 and $200,000 liquidation preference, respectively ($25.00 per share), 8,000,000 and 8,000,000 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively.
---	---
(4)	Series K Cumulative Redeemable Preferred Stock, 5.850%, $210,000 and $210,000 liquidation preference, respectively ($25.00 per share), 8,400,000 and 8,400,000 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively.
---	---
(5)	Series L Cumulative Redeemable Preferred Stock, 5.200%, $345,000 and $345,000 liquidation preference, respectively ($25.00 per share), 13,800,000 and 13,800,000 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively.
---	---
(6)	Common Stock: 284,666,082 and 284,415,013 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively.
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Table of Contents

Components of Net Asset Value (NAV) (1)	Financial Supplement
Unaudited and in Thousands		First Quarter 2022


Consolidated Properties Cash Net Operating Income (NOI)^(2)^, Annualized ^(3)^
Network-Dense			$922,517
Campus			1,457,520
Other ^(4)^			152,703
Total Cash NOI, Annualized			$2,532,740
less: Partners' share of consolidated JVs			(941)
Acquisitions / dispositions / expirations			(55,569)
FY 2022 backlog cash NOI and 1Q22 carry-over (stabilized) ^(5)^			199,843
Total Consolidated Cash NOI, Annualized			$2,676,073

Digital Realty's Pro Rata Share of Unconsolidated Joint Venture Cash NOI ^(3)(6)^			$161,252

Other Income
Development and Management Fees (net), Annualized			$23,027

Other Assets
Pre-stabilized inventory, at cost ^(7)^			$248,210
Land held for development			107,003
Development CIP ^(8)^			3,523,484
less: Investment associated with FY21 Backlog NOI			(852,689)
Cash and cash equivalents			157,964
Accounts and other receivables, net			774,579
Other assets			420,119
less: Partners' share of consolidated JV assets			767
Total Other Assets			$4,379,437

Liabilities
Global unsecured revolving credit facilities			$959,713
Unsecured senior notes			13,388,664
Secured debt, excluding premiums			160,593
Accounts payable and other accrued liabilities			1,572,359
Deferred tax liabilities, net			649,112
Security deposits and prepaid rents			346,911
Backlog NOI cost to complete ^(9)^			381,310
Preferred stock			755,000
Digital Realty's share of unconsolidated JV debt			813,519
Total Liabilities			$19,027,182

Diluted Shares and Units Outstanding			291,456

(1)	Includes Digital Realty’s share of backlog leasing at unconsolidated joint venture buildings. Excludes Mitsubishi Corporation Digital Realty (MCDR) and Ascenty joint venture.
(2)	For definitions and discussion of NOI and cash NOI and a reconciliation of operating income to NOI and cash NOI, see page 34.
---	---
(3)	Annualized cash NOI is calculated by multiplying results for the most recent quarter by four. Annualized results may not be indicative of any four-quarter period and do not take into account scheduled lease expirations, among other things. Annualized data is presented for illustrative purposes only. Reflects annualized 1Q22 Cash NOI of $2.5 billion. NOI is allocated based on management’s best estimates derived using contractual ABR and stabilized margins.
---	---
(4)	Other includes Powered Base Building shell capacity as well as storage and office space within fully improved data center facilities.
---	---
(5)	Estimated cash NOI related to signed leasing expected to commence through March 31, 2022. Includes Digital Realty’s share of signed leases at unconsolidated joint venture buildings. Excludes MCDR and Ascenty joint venture.
---	---
(6)	For a reconciliation of Digital Realty’s pro rata share of unconsolidated joint venture operating income to cash NOI, see page 31.
---	---
(7)	Includes Digital Realty’s share of cost at unconsolidated joint venture buildings. Excludes MCDR and Ascenty joint venture.
---	---
(8)	See page 27 for further details on the breakdown of the construction in progress balance.
---	---
(9)	Includes Digital Realty’s share of expected cost to complete at unconsolidated joint venture buildings. Excludes MCDR and Ascenty joint venture.
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Table of Contents

Debt Maturities	<br><br>	Financial Supplement
Unaudited and Dollars in Thousands			First Quarter 2022


	As of March 31, 2022
		Interest Rate
	Interest	Including
	Rate	Swaps	2022	2023	2024	2025	2026	Thereafter	Total
Global Unsecured Revolving Credit Facilities ^(1)^
Global unsecured revolving credit facility - Unhedged	1.229%	1.229%	—	—	—	—	—	$892,334	$892,334
Yen revolving credit facility	0.590%	0.590%	—	—	—	67,379	—	—	67,379
Deferred financing costs, net	—	—	—	—	—	—	—	—	(16,389)
Total Global Unsecured Revolving Credit Facilities	1.184%	1.184%	—	—	—	67,379	—	$892,334	$943,325

Senior Notes
€300 million Floating Rate Notes due 2022	—	—	$332,010	—	—	—	—	—	$332,010
€300 million 0.125% Notes due 2022	0.125%	0.125%	332,010	—	—	—	—	—	332,010
₣100 million 0.600% Notes due 2023	0.600%	0.600%	—	108,390	—	—	—	—	108,390
€600 million 2.625% Notes due 2024	2.625%	2.625%	—	—	$664,020	—	—	—	664,020
£250 million 2.750% Notes due 2024	2.750%	2.750%	—	—	328,450	—	—	—	328,450
£400 million 4.250% Notes due 2025	4.250%	4.250%	—	—	—	$525,520	—	—	525,520
€650 million 0.625% Notes due 2025	0.625%	0.625%	—	—	—	719,355	—	—	719,355
€1.08 billion 2.500% Notes due 2026	2.500%	2.500%	—	—	—	—	$1,189,703	—	1,189,703
₣275 million 0.200% Notes due 2026	0.200%	0.200%	—	—	—	—	298,073	—	298,073
₣150 million 1.700% Notes due 2027	1.700%	1.700%	—	—	—	—	—	$162,585	162,585
$1.00 billion 3.700% notes due 2027	3.700%	3.700%	—	—	—	—	—	1,000,000	1,000,000
€500 million 1.125% Notes due 2028	1.125%	1.125%	—	—	—	—	—	553,350	553,350
$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%	—	—	—	—	—	292,654	292,654
$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%	—	—	—	—	—	459,830	459,830
€750 million 1.500% Notes due 2030	1.500%	1.500%	—	—	—	—	—	830,025	830,025
£550 million 3.750% Notes due 2030	3.750%	3.750%	—	—	—	—	—	722,590	722,590
€500 million 1.250% Notes due 2031	1.250%	1.250%	—	—	—	—	—	553,350	553,350
€1.00 billion 0.625% Notes due 2031	0.625%	0.625%	—	—	—	—	—	1,106,700	1,106,700
€750 million 1.000% Notes due 2032	1.000%	1.000%	—	—	—	—	—	830,025	830,025
€750 million 1.375% Notes due 2032	1.375%	1.375%	—	—	—	—	—	830,025	830,025
Unamortized discounts	—	—	—	—	—	—	—	—	(39,268)
Deferred financing costs	—	—	—	—	—	—	—	—	(64,746)
Total Senior Notes	2.105%	2.105%	$664,020	108,390	$992,470	$1,244,875	$1,487,776	$8,891,134	$13,284,650

Secured Debt
ICN10 Facilities	3.679%	3.679%	$782	—	—	—	—	$13,909	$14,691
Westin	3.290%	3.290%	—	—	—	—	—	135,000	135,000
Deferred financing costs	—	—	—	—	—	—	—	—	(353)
Total Secured Debt	3.328%	3.328%	$782	—	—	—	—	$148,909	$149,338

Other Debt
Digital Jubilee	1.449%	1.449%	—	$3,081	—	—	—	—	$3,081
Icolo loan	11.650%	11.650%	—	—	—	—	—	$7,821	7,821
Total Other Debt	8.767%	8.767%	—	$3,081	—	—	—	$7,821	$10,902

Total unhedged variable rate debt	—	—	$332,792	$3,081	—	$67,379	—	$906,243	$1,309,495
Total fixed rate / hedged variable rate debt	—	—	332,010	108,390	$992,470	1,244,875	$1,487,776	9,033,955	13,199,475
Total Debt	2.062%	2.062%	$664,802	$111,471	$992,470	$1,312,254	$1,487,776	$9,940,198	$14,508,971

Weighted Average Interest Rate			0.067%	0.623%	2.666%	2.075%	2.039%	2.153%	2.062%

Summary

Weighted Average Term to Initial Maturity									6.0 Years

Weighted Average Maturity (assuming exercise of extension options)									6.1 Years


Global Unsecured Revolving Credit Facility Detail As of March 31, 2022

	Maximum Available	Existing Capacity (2)	Currently Drawn

Global Unsecured Revolving Credit Facility	3,274,858	2,225,434	959,713

All values are in US Dollars.

(1)	Assumes all extensions will be exercised. Subsequent to quarter-end, Digital Realty amended its Global Senior Credit Agreement to increase the size from $3.0 billion to $3.75 billion.
(2)	Net of letters of credit issued of $89.7 million.
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Table of Contents

Debt Analysis and Covenant Compliance	<br><br>	Financial Supplement
Unaudited			First Quarter 2022


	As of March 31, 2022

				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%	44%	39%	Less than 60% ^(5)^	37%
Secured debt / total assets ^(6)^	Less than 40%	< 1%	< 1%	Less than 40%	2%
Total unencumbered assets / unsecured debt	Greater than 150%	201%	223%	N/A	N/A
Consolidated EBITDA / interest expense ^(7)^	Greater than 1.5x	6.7x	6.7x	N/A	N/A
Fixed charge coverage		N/A	N/A	Greater than 1.5x	8.3x
Unsecured debt / total unencumbered asset value ^(8)^		N/A	N/A	Less than 60%	39%
Unencumbered assets debt service coverage ratio		N/A	N/A	Greater than 1.5x	8.0x

(1)	For definitions of the terms used in the table above and related footnotes, please refer to the indentures which govern the notes, the Second Amended and Restated Global Senior Credit Agreement dated as of November 18, 2021 and the Amended and Restated Yen facility Credit Agreement dated as of November 18, 2021, each as amended and which are, or will be, filed as exhibits to our reports filed with the U.S. Securities and Exchange Commission.
(2)	Ratios for the Unsecured Senior Notes listed on page 18 except for the floating rate notes due 2022, 0.20% notes due 2026, 0.55% notes due 2029, 1.250% notes due 2031, 0.625% notes due 2031 and 1.00% notes due 2032.
---	---
(3)	Ratios for the floating rate notes due 2022, 0.20% notes due 2026, 0.55% notes due 2029,1.250% notes due 2031, 0.625% notes due 2031 and 1.00% notes due 2032.
---	---
(4)	This ratio is referred to as the Leverage Ratio, defined as Consolidated Debt / Total Asset Value, under the global unsecured revolving credit facility and the Yen facility. For the calculation of Total Assets, please refer to the indentures which govern the notes, the Second Amended and Restated Global Senior Credit Agreement dated as of November 18, 2021 and the Amended and Restated Yen facility Credit Agreement dated as of November 18, 2021, each as amended and which are, or will be, filed as exhibits to our reports filed with the U.S. Securities and Exchange Commission.
---	---
(5)	The company has the right to maintain a Leverage Ratio of greater than 60.0% but less than or equal to 65.0% for up to four consecutive fiscal quarters during the term of the facility following an acquisition of one or more Assets.
---	---
(6)	This ratio is referred to as the Secured Debt Leverage Ratio, defined as Secured Debt / Total Asset Value, under the global unsecured revolving credit facility and the Yen facility.
---	---
(7)	Calculated as current quarter annualized consolidated EBITDA to current quarter annualized Interest Expense (including capitalized interest and debt discounts).
---	---
(8)	Assets must satisfy certain conditions to qualify for inclusion as an Unencumbered Asset under the global unsecured revolving credit facility and the Yen facility.
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Table of Contents

Same-Capital Operating Trend Summary	Financial Supplement
Unaudited and in Thousands		First Quarter 2022

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


	Three Months Ended
	31-Mar-22		31-Mar-21		% Change		31-Dec-21		% Change
Rental revenues		$582,356		$609,098		(4.4%)		$600,497		(3.0%)
Tenant reimbursements - Utilities		165,022		157,992		4.4%		150,372		9.7%
Tenant reimbursements - Other		43,726		47,552		(8.0%)		45,071		(3.0%)
Interconnection & other		80,779		80,509		0.3%		77,773		3.9%
Total Revenue		$871,884		$895,151		(2.6%)		$873,712		(0.2%)

Utilities		$180,262		$171,093		5.4%		$166,302		8.4%
Rental property operating		146,096		150,508		(2.9%)		153,571		(4.9%)
Property taxes		37,273		38,109		(2.2%)		33,029		12.8%
Insurance		3,198		2,521		26.8%		2,403		33.1%
Total Expenses		$366,828		$362,232		1.3%		$355,305		3.2%

Net Operating Income ^(2)^		$505,056		$532,920		(5.2%)		$518,407		(2.6%)
Less:
Stabilized straight-line rent		($11,143)		$1,962		(667.8%)		($1,320)		744.1%
Above- and below-market rent		655		(1,211)		(154.1%)		283		131.3%
Cash Net Operating Income ^(3)^		$515,543		$532,169		(3.1%)		$519,444		(0.8%)

Stabilized Portfolio occupancy at period end ^(4)^		82.9%		84.6%		(1.7%)		83.7%		(0.8%)

(1)	Represents buildings owned as of December 31, 2020 with less than 5% of total rentable square feet under development. Excludes buildings that were undergoing, or were expected to undergo, development activities in 2021-2022, buildings classified as held for sale, and buildings sold or contributed to joint ventures for all periods presented. Prior period numbers adjusted to reflect current same-capital pool.
(2)	For a definition and discussion of net operating income and a reconciliation of operating income to NOI, see page 34.
---	---
(3)	For a definition and discussion of cash net operating income and a reconciliation of operating income to cash NOI, see page 34.
---	---
(4)	Occupancy excludes space under active development and space held for development. For some of our buildings, we calculate occupancy based on factors in addition to contractually leased square feet, including available power, required support space and common areas.
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Table of Contents

Summary of Leasing Activity	Financial Supplement
Leases Signed in the Quarter Ended March 31, 2022		First Quarter 2022


	0-1 MW				> 1 MW				Other ^(3)^				Total
Leasing Activity - New ^(1) (2)^	1Q22		LTM		1Q22		LTM		1Q22		LTM		1Q22		LTM

Annualized GAAP Rent		38,739		153,713		117,078		341,530		156		8,616		155,973		$503,859

Kilowatt leased		14,976		53,255		95,250		282,801		—		—		110,226		336,056
NRSF		180,380		609,322		818,358		2,535,717		4,817		303,077		1,003,555		3,448,117

Weighted Average Lease Term (years)		3.9		3.6	****	8.0		7.8		3.8		13.7		7.3		7.6

Initial stabilized cash rent per Kilowatt		213		238		99		98		—		—		120		$128
GAAP rent per Kilowatt		216		241		102		101		—		—		118		$123
Leasing cost per Kilowatt		21		30		28		15		—		—		27		$17

Net Effective Economics by Kilowatt ^(4)^

Base rent by Kilowatt		219		244		105		103		—		—		120		$128
Rental concessions by Kilowatt		5		5		3		4		—		—		3		$3
Estimated operating expense by Kilowatt		79		93		30		26		—		—		37		$36

Net rent per Kilowatt		135		145		72		73		—		—		80		$88

Tenant improvements by Kilowatt		1		0		2		1		—		—		2		$1
Leasing commissions by Kilowatt		9		13		1		1		—		—		2		$3

Net effective rent per Kilowatt		126		132		69		71		—		—		76		$84

Initial stabilized cash rent per NRSF		212		250		138		132		31		25		158		$152
GAAP rent per NRSF		215		252		143		135		27		27		155		$146
Leasing cost per NRSF		20		32		39		20		3		1		36		$20

Net Effective Economics by NRSF ^(4)^

Base rent by NRSF		218		255		147		138		33		28		166		$124
Rental concessions by NRSF		3		3		4		5		0		0		4		$4
Estimated operating expense by NRSF		67		88		15		20		22		1		25		$30

Net rent per NRSF		148		165		128		114		11		28		137		$89

Tenant improvements by NRSF		1		0		3		1		0		0		3		$1
Leasing commissions by NRSF		9		14		1		1		1		0		2		$3

Net effective rent per NRSF		139		150		123		112		10		27		132		$85

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 metrics are presented in monthly values. Per NRSF are presented in yearly values.
---	---

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

Table of Contents

Summary of Leasing Activity	Financial Supplement
Leases Renewed in the Quarter Ended March 31, 2022		First Quarter 2022


	0-1 MW				> 1 MW				Other ^(4)^				Total
Leasing Activity - Renewals ^(1) (2) (3)^	1Q22		LTM		1Q22		LTM		1Q22		LTM		1Q22		LTM

Leases renewed (Kilowatt)		33,975		124,213		13,652		116,752		—		—		47,627		240,965
Leases renewed (NRSF)		485,182		1,777,715		156,222		1,277,839		545,476		1,662,207		1,186,880		4,717,761
Leasing cost per Kilowatt		0		$1		$91		$12		—		—		$45		$10
Leasing cost per NRSF		0		$1		$96		$13		$20		$8		$22		$6

Weighted Term (years)		1.5		1.7		3.2		4.3		12.9		7.2		6.9		4.3

Cash Rent

Expiring cash rent per Kilowatt		289		$316		$196		$158		—		—		$262		$239
Renewed cash rent per Kilowatt		296		$320		$208		$143		—		—		$271		$234

% Change Cash Rent Per Kilowatt		2.6%		1.3%		5.9%		(9.4%)		—		—		3.3%		(2.2%)

Expiring cash rent per NRSF		243		$265		$206		$173		$42		$29		$145		$157
Renewed cash rent per NRSF		249		$268		$218		$157		$43		$30		$150		$154

% Change Cash Rent Per NRSF		2.6%		1.3%		5.9%		(9.4%)		3.4%		3.1%		3.3%		(1.8%)

GAAP Rent

Expiring GAAP rent per Kilowatt		288		$314		$184		$150		—		—		$258		$234
Renewed GAAP rent per Kilowatt		297		$320		$201		$141		—		—		$269		$234

% Change GAAP Rent Per Kilowatt		3.2%		1.9%		9.2%		(5.6%)		—		—		4.4%		(0.2%)

Expiring GAAP rent per NRSF		242		$263		$193		$164		$36		$27		$141		$153
Renewed GAAP rent per NRSF		249		$268		$211		$155		$43		$31		$149		$154

% Change GAAP Rent Per NRSF		3.2%		1.9%		9.2%		(5.6%)		18.8%		13.7%		6.1%		0.5%

Retention ratio ^(5)^		80.9%		83.2%		47.1%		72.7%		78.4%		74.0%		72.9%		76.8%

Churn ^(6)^		2.4%		8.0%		1.7%		4.5%		1.5%		6.2%		2.0%		6.0%

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, adjusted for straight-line rents in accordance with GAAP.
---	---
(3)	Per Kilowatt metrics are presented in monthly values. Per NRSF metrics are presented in yearly values.
---	---
(4)	Other includes Powered Base Building shell capacity as well as storage and office space within fully improved data center facilities.
---	---
(5)	Based on square feet.
---	---
(6)	Churn is defined as recurring revenue lost during the period due to leases terminated or not renewed during the period, divided by recurring revenue at the beginning of the period.
---	---

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

Table of Contents

Lease Expirations - By Size	Financial Supplement
Dollars in Thousands, Except Per Square Foot		First Quarter 2022


	****		****			% of	****	Annualized Rent Per		****	Annualized Rent Per		****			****			****			****	Rent Per kW		****
		Square Footage of		Annualized		Annualized		Occupied			Occupied Square			Annualized Rent			kW of Expiring			Rent per kW			Per Month at		****
Year		Expiring Leases (1)		Rent (2)		Rent		Square Foot			Foot at Expiration			at Expiration			Leases			Per Month			Expiration		****
0 - 1 MW
Available		1,886,964			—	—			—			—			—			—			—			—
Month to Month (3)		133,397			37,250	1.2%			$279			$279			$37,154			8,111			$383			$382
2022		1,276,773			382,926	12.5%			300			301			383,914			97,485			327			328
2023		1,251,286			301,865	9.9%			241			245			306,029			87,558			287			291
2024		765,041			137,394	4.5%			180			183			140,379			52,781			217			222
2025		449,208			81,465	2.7%			181			187			84,103			29,217			232			240
2026		244,978			38,672	1.3%			158			168			41,196			16,722			193			205
2027		231,395			30,566	1.0%			132			141			32,596			13,325			191			204
2028		67,118			6,191	0.2%			92			104			6,975			2,406			214			242
2029		41,488			5,129	0.2%			124			138			5,707			2,891			148			164
2030		66,036			6,037	0.2%			91			92			6,103			4,000			126			127
2031		46,872			8,682	0.3%			185			200			9,379			2,880			251			271
Thereafter		223,924			3,592	0.1%			16			16			3,619			1,717			174			176

Total / Wtd. Avg.	****	6,684,480			1,039,770	34.0%			$217			$220			$1,057,155			319,095			$272			$276

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		2,088,152		—	—		—		—		—		—		—		—
Month to Month (3)		215,680		30,911	1.0%		$143		$143		$30,911		19,516		$132		$132
2022		959,790		160,805	5.3%		168		168		160,954		92,012		146		146
2023		1,831,184		258,563	8.4%		141		144		262,781		152,467		141		144
2024		1,228,722		182,633	6.0%		149		155		190,579		113,182		134		140
2025		1,635,136		220,568	7.2%		135		143		233,895		149,433		123		130
2026		1,727,201		232,372	7.6%		135		146		251,345		163,176		119		128
2027		1,216,379		174,932	5.7%		144		156		189,933		119,384		122		133
2028		482,906		54,207	1.8%		112		128		61,924		46,663		97		111
2029		662,311		93,616	3.1%		141		165		109,213		83,427		94		109
2030		515,445		66,778	2.2%		130		144		74,193		50,662		110		122
2031		933,124		111,924	3.7%		120		138		128,981		97,253		96		111
Thereafter		1,434,101		166,555	5.4%		116		138		198,398		147,746		94		112

Total / Wtd. Avg.	****	14,930,131		1,753,865	57.3%		$137		$147		$1,893,107		1,234,919		$118		$128

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		1,556,959		—	—		—		—		—		—		—		—
Month to Month (3)		31,889		1,437	0.0%		$45		$45		$1,437		—		—		—
2022		330,100		11,956	0.4%		36		34		11,369		—		—		—
2023		1,147,057		27,971	0.9%		24		25		28,511		—		—		—
2024		374,384		16,726	0.5%		45		47		17,517		—		—		—
2025		944,361		41,704	1.4%		44		47		44,114		—		—		—
2026		709,346		21,728	0.7%		31		34		24,400		—		—		—
2027		322,923		12,712	0.4%		39		44		14,366		—		—		—
2028		193,008		10,217	0.3%		53		61		11,852		—		—		—
2029		754,200		27,573	0.9%		37		44		32,855		—		—		—
2030		634,267		25,843	0.8%		41		50		31,722		—		—		—
2031		71,651		2,193	0.1%		31		38		2,739		—		—		—
Thereafter		2,866,548		66,440	2.2%		23		31		87,599		—		—		—

Total / Wtd. Avg.	****	9,936,691		266,499	8.7%		$32		$37		$308,481		—		—		—

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		5,532,075		—	—		—		—		—		—		—		—
Month to Month (3)		380,966		69,598	2.3%		$183		$182		$69,502		—		—		—
2022		2,566,662		555,687	18.2%		217		217		556,237		—		—		—
2023		4,229,527		588,400	19.2%		139		141		597,321		—		—		—
2024		2,368,146		336,754	11.0%		142		147		348,475		—		—		—
2025		3,028,705		343,736	11.2%		113		120		362,112		—		—		—
2026		2,681,525		292,772	9.6%		109		118		316,942		—		—		—
2027		1,770,697		218,210	7.1%		123		134		236,895		—		—		—
2028		743,033		70,615	2.3%		95		109		80,752		—		—		—
2029		1,457,999		126,318	4.1%		87		101		147,775		—		—		—
2030		1,215,747		98,659	3.2%		81		92		112,018		—		—		—
2031		1,051,647		122,800	4.0%		117		134		141,099		—		—		—
Thereafter		4,524,572		236,588	7.7%		52		64		289,617		—		—		—

Total / Wtd. Avg.	****	31,551,302		3,060,135	100.0%		$118		$125		$3,258,743		—		—		—

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 March 31, 2022, 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 joint ventures based on our ownership percentage. **** Certain portfolio information regarding Medallion is excluded from the portfolio statistics included in this Earnings Press Release and Supplemental Information package, as indicated in the footnotes, where applicable. Specifically, we have excluded the following related to Medallion: two new metropolitan areas, two data centers, square footage, occupancy percentage and lease terms. Medallion’s financial results are included in our condensed consolidated financial information.

Table of Contents

Top 20 Customers by Annualized Rent	Financial Supplement
Dollars in Thousands		First Quarter 2022


		****		****				****	Weighted
									Average
					Annualized		% of Annualized		Remaining
			Number of		Recurring		Recurring		Lease Term in
	Customer		Locations		Revenue (1)		Revenue		Years
1	Fortune 50 Software Company		55			335,939	9.8%		8.8
2	IBM		34			132,038	3.8%		2.2
3	Global Cloud Provider		52			120,128	3.5%		3.2
4	Oracle Corporation		31			117,456	3.4%		3.2
5	Facebook, Inc.		38			103,567	3.0%		3.9
6	Social Content Platform		13			100,329	2.9%		5.1
7	Fortune 25 Investment Grade-Rated Company		25			88,219	2.6%		4.2
8	Equinix		20			87,982	2.6%		7.7
9	LinkedIn Corporation		7			68,792	2.0%		2.5
10	Fortune 500 SaaS Provider		15			66,328	1.9%		4.4
11	Cyxtera		15			63,220	1.8%		10.1
12	Fortune 25 Tech Company		44			60,654	1.8%		2.9
13	Rackspace		21			54,639	1.6%		10.5
14	Lumen Technologies, Inc.		128			53,910	1.6%		10.6
15	Social Media Platform		8			43,666	1.3%		8.8
16	Comcast Corporation		32			42,591	1.2%		4.1
17	JPMorgan Chase & Co.		17			41,435	1.2%		2.3
18	Verizon		99			40,955	1.2%		3.3
19	AT&T		75			36,987	1.1%		2.8
20	Zayo		125			33,298	1.0%		1.8
	Total / Weighted Average					1,692,133	49.3%		6.1

All values are in US Dollars.

(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 March 31, 2022, multiplied by 12.

Note: Represents consolidated portfolio in addition to our managed portfolio of unconsolidated joint ventures based on ownership percentage. Our direct customers may be the entities named in the table above or their subsidiaries or affiliates. **** Certain portfolio information regarding Medallion is excluded from the portfolio statistics included in this Earnings Press Release and Supplemental Information package, as indicated in the footnotes, where applicable. Specifically, we have excluded the following related to Medallion: two new metropolitan areas, two data centers, square footage, occupancy percentage and lease terms. Medallion’s financial results are included in our condensed consolidated financial information.

Table of Contents

Occupancy Analysis	Financial Supplement
Dollars in Thousands		First Quarter 2022


		Net Rentable		Space Under Active		Space Held for		Annualized		Occupancy (5)				White Space		Data Center
Metropolitan Area	****	Square Feet (1)	****	Development (2)	****	Development (3)	****	Rent (4)		31-Mar-22	****	31-Dec-21	****	IT Load (6)	****	Count
** North America**

Northern Virginia		5,371,754		1,599,267		128,234			562,657	91.2%		91.1%		462.9		23
Chicago		3,427,745		—		148,101			309,170	88.6%		89.1%		162.7		10
New York		2,069,718		217,124		72,832			204,794	79.0%		82.4%		53.4		13
Dallas		3,530,748		136,445		28,094			190,007	79.2%		79.8%		101.2		21
Silicon Valley		1,591,835		—		130,752			180,170	96.3%		97.4%		94.6		15
San Francisco		843,339		—		—			66,202	65.6%		66.1%		31.5		4
Phoenix		795,697		—		—			65,417	68.0%		72.1%		42.5		2
Atlanta		525,414		41,661		313,581			53,126	94.3%		95.1%		7.1		4
Portland		465,515		690,063		—			46,020	96.6%		98.4%		42.5		3
Seattle		398,649		—		—			40,888	82.8%		85.3%		19.5		1
Los Angeles		584,248		17,805		—			38,404	78.3%		83.3%		15.0		2
Toronto		300,307		427,049		—			26,033	85.7%		85.6%		27.0		2
Boston		437,121		—		50,649			21,879	51.5%		49.9%		19.0		3
Houston		392,816		—		13,969			18,396	70.4%		70.4%		13.0		6
Miami		226,314		—		—			8,094	84.6%		89.9%		1.3		2
Minneapolis/St. Paul		328,765		—		—			6,945	100.0%		100.0%		—		1
Austin		85,688		—		—			6,293	52.5%		52.5%		4.3		1
Charlotte		95,499		—		—			5,097	89.5%		89.5%		1.5		3
North America Total/Weighted Average	****	21,471,171	****	3,129,414	****	886,212			1,849,594	84.5%		85.4%		1,099.0		116

** EMEA**

London		1,433,309		64,272		95,832			215,899	67.5%		68.0%		103.9		16
Frankfurt		1,893,633		1,327,972		—			200,457	84.6%		80.1%		118.0		27
Amsterdam		1,221,755		46,258		94,452			142,227	71.0%		70.2%		112.8		13
Paris		638,219		282,458		—			76,786	79.0%		82.7%		49.9		10
Dublin		475,100		78,029		—			51,513	76.4%		77.3%		32.5		9
Marseille		389,630		165,495		—			49,485	79.8%		74.0%		31.8		4
Vienna		330,493		161,204		—			44,725	81.4%		79.5%		25.6		3
Zurich		284,781		313,509		—			39,384	79.8%		82.5%		17.0		3
Madrid		217,056		225,140		—			34,939	77.2%		76.1%		11.8		4
Brussels		171,532		186,531		—			23,847	73.0%		62.6%		7.5		4
Stockholm		193,057		49,825		—			20,618	66.9%		63.7%		14.2		6
Copenhagen		162,240		164,465		—			16,924	78.2%		78.7%		7.1		3
Dusseldorf		110,376		106,997		—			15,473	60.9%		59.7%		11.0		3
Athens		55,187		92,570		—			8,100	69.2%		74.4%		1.7		3
Zagreb		19,112		7,114		—			2,399	55.3%		55.3%		0.9		1
Nairobi		15,715		—		—			1,721	62.8%		61.9%		0.5		1
Mombasa		10,119		37,039		—			1,100	53.2%		53.2%		0.3		2
Maputo		—		16,652		—			—	—		—		0.7		1
EMEA Total/Weighted Average	****	7,621,313	****	3,325,529	****	190,284			945,595	76.0%		74.6%		547.1		113

** Asia Pacific**

Singapore		882,847		—		—			166,561	93.1%		84.3%		78.5		3
Sydney		226,697		222,838		—			27,519	86.4%		86.4%		14.9		4
Melbourne		146,570		—		—			16,051	62.8%		62.8%		9.6		2
Hong Kong		99,129		185,622		—			125	0.1%		—		7.5		1
Seoul		—		162,260		—			111	—		—		—		1
Osaka		—		235,532		—			—	—		—		—		1
Asia Pacific Total/Weighted Average	****	1,355,243	****	806,252	****	—			210,368	81.9%		76.2%		110.5		12

** Non-Data Center Properties**		263,668		—		—			1,068	83.1%		100.0%		—		—

Consolidated Portfolio Total/Weighted Average	****	30,711,395	****	7,261,195	****	1,076,496			3,006,624	82.3%		82.5%		1,756.6		241

** Managed Unconsolidated Joint Ventures**

Northern Virginia		1,482,337		—		—			100,432	93.8%		93.8%		98.7		8
Silicon Valley		414,267		—		—			25,170	100.0%		100.0%		10.9		4
Hong Kong		186,300		—		—			20,360	87.3%		87.3%		11.0		1
Toronto		104,308		—		—			13,302	100.0%		100.0%		6.8		1
Los Angeles		196,517		—		—			5,207	100.0%		100.0%		—		2
Managed Unconsolidated Portfolio Total/Weighted Average (7)	****	2,383,729	****	—	****	—			164,471	95.2%		95.2%		127.3		16

Managed Portfolio Total/Weighted Average	****	33,095,124	****	7,261,195	****	1,076,496			3,171,094	83.2%		83.4%		1,883.9		257

Digital Realty Share Total/Weighted Average (8)	****	31,551,302	****	7,261,195	****	1,076,496			3,060,135	82.5%		82.8%		1,902.9

** Non-Managed Unconsolidated Joint Ventures**

Sao Paulo		1,043,614		183,498		1,012,604			147,345	96.9%		96.9%		89.4		20
Tokyo		1,059,436		239,895		—			52,599	66.8%		70.3%		34.5		3
Osaka		277,031		248,590		—			51,633	94.6%		94.5%		28.5		3
Rio De Janeiro		99,223		—		—			11,249	100.0%		100.0%		8.0		2
Fortaleza		94,205		—		—			9,653	100.0%		100.0%		6.2		1
Seattle		51,000		—		—			7,770	100.0%		100.0%		9.0		1
Santiago		67,340		45,209		180,835			6,656	68.7%		68.7%		6.3		2
Queretaro		—		108,178		376,202			—	—		—		—		2
Non-Managed Portfolio Total/Weighted Average	****	2,691,849	****	825,370	****	1,569,641			286,904	84.4%		86.0%		181.8		34

Portfolio Total/Weighted Average	****	35,786,973	****	8,086,565	****	2,646,137			3,457,999	83.3%		83.6%		2,065.7		291

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 (see page 26).
---	---
(3)	Space held for development includes space held for future Data Center development, and excludes space under active development (see page 29).
---	---
(4)	Annualized base rent represents the monthly contractual base rent (defined as cash base rent before abatements) under existing leases as of March 31, 2022, 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)	Certain portfolio information regarding Medallion is excluded from the portfolio statistics included in this Earnings Press Release and Supplemental Information package, as indicated in the footnotes, where applicable. Specifically, we have excluded the following related to Medallion: two new metropolitan areas, two data centers, square footage, occupancy percentage and lease terms. Medallion’s financial results are included in our condensed consolidated financial information.
---	---
(8)	Represents consolidated portfolio plus our managed portfolio of unconsolidated joint ventures based on our ownership percentage.
---	---

Table of Contents

Development Lifecycle - Committed Active Development	Financial Supplement
Dollars in Thousands		First Quarter 2022


		Base Building Construction												Data Center Construction																	Total Active Development

	****	****	****	****	****	A		****	B		****	A + B		****	****	****	****	****	****	A		****	B		****	A + B						****	****	****	A		****	B		****	A + B
																													Average	Pre-tax
				Total		Current			Future			Total				Total				Current			Future			Total			Expected	Est.			Total		Current			Future			Total
		# of		Square		Investment			Funding			Expected		# of		Square				Investment			Funding			Expected		%	Completion	Stabilized	# of		Square		Investment			Funding			Expected
Metropolitan Area		Locations		Feet		(1)			Req. (2)			Investment (3)		Locations		Feet		kW		(1)			Req. (2)			Investment (3)		Leased	Period	Cash Yield (4)	Locations		Feet		(1)			Req. (2)			Investment (3)
Atlanta		—		—			—			—			—	1		41,661		2,000			$25,224			$10,226			35,450	—	3Q22		1		41,661			$25,224			$10,226			$35,450
Dallas		—		—			—			—			—	2		136,445		11,501			32,436			87,291			119,727	86.9%	4Q22		2		136,445			32,436			87,291			119,727
Los Angeles		—		—			—			—			—	1		17,805		1,200			3,044			34,392			37,435	—	3Q23		1		17,805			3,044			34,392			37,435
New York ^(5)^		1		32,242			$2,130			$16,087			18,217	2		184,882		6,000			150,678			55,117			205,795	40.0%	4Q22		3		217,124			152,809			71,203			224,012
Northern Virginia ^(6)^		3		934,118			27,035			172,712			199,747	4		665,150		86,000			138,658			473,995			612,654	81.4%	4Q22		5		1,599,267			165,693			646,707			812,401
Portland		1		552,862			131,686			48,127			179,813	1		137,201		16,000			131,519			21,908			153,427	100.0%	2Q22		2		690,063			263,205			70,035			333,240
Toronto		1		126,636			17,906			5,666			23,572	2		300,413		18,800			64,860			133,397			198,257	85.1%	4Q22		2		427,049			82,766			139,063			221,829
North America	****	6	****	1,645,858			$178,757			$242,592			421,349	13	****	1,483,556	****	141,501			$546,419			$816,327			1,362,745	80.8%		9.2%	16	****	3,129,414			$725,176			$1,058,918			$1,784,094

Amsterdam		—		—			—			—			—	1		46,258		4,000			$27,384			$11,966			39,350	100.0%	4Q22		1		46,258			$27,384			$11,966			$39,350
Athens		—		—			—			—			—	1		92,570		6,800			12,958			61,754			74,712	—	1Q23		1		92,570			12,958			61,754			74,712
Brussels		1		79,551			$5,863			$34,392			40,254	2		106,981		8,250			34,834			82,662			117,496	—	4Q22		2		186,531			40,697			117,053			157,751
Copenhagen		1		100,556			35,306			13,946			49,252	2		63,909		5,950			32,676			72,146			104,822	3.4%	4Q22		2		164,465			67,983			86,091			154,074
Dublin	^^	—		—			—			—			—	1		78,029		6,840			3,077			90,160			93,236	—	2Q23		1		78,029			3,077			90,160			93,236
Dusseldorf		1		72,791			12,397			1,682			14,079	1		34,206		3,133			34,030			20,786			54,817	16.0%	4Q22		1		106,997			46,427			22,469			68,896
Frankfurt		4		927,174			94,759			131,556			226,315	3		400,798		32,360			175,904			298,913			474,818	50.1%	1Q23		7		1,327,972			270,663			430,469			701,132
London		—		—			—			—			—	1		64,272		3,066			20,356			20,729			41,085	—	1Q23		1		64,272			20,356			20,729			41,085
Madrid	^^	1		150,093			32,674			6,685			39,359	1		75,047		5,000			23,286			41,408			64,694	100.0%	4Q22		1		225,140			55,960			48,093			104,053
Maputo		—		—			—			—			—	1		16,652		370			2,670			7,652			10,322	—	2Q22		1		16,652			2,670			7,652			10,322
Marseille	^^	—		—			—			—			—	1		165,495		13,600			97,655			81,926			179,581	40.4%	3Q22		1		165,495			97,655			81,926			179,581
Mombasa		1		18,519			1,413			267			1,680	1		18,519		855			6,947			2,200			9,146	—	2Q22		1		37,039			8,360			2,466			10,826
Paris	^^	—		—			—			—			—	3		282,458		31,600			276,962			140,962			417,924	20.3%	4Q22		3		282,458			276,962			140,962			417,924
Stockholm		—		—			—			—			—	1		49,825		2,625			15,962			13,335			29,296	—	2Q22		1		49,825			15,962			13,335			29,296
Vienna	^^	1		80,602			12,132			48,359			60,492	1		80,602		5,000			12,350			86,346			98,697	—	4Q23		1		161,204			24,482			134,706			159,188
Zagreb		—		—			—			—			—	1		7,114		700			734			6,791			7,526	—	2Q23		1		7,114			734			6,791			7,526
Zurich		—		—			—			—			—	1		313,509		24,000			210,191			170,305			380,496	62.6%	1Q23		1		313,509			210,191			170,305			380,496
EMEA	****	10	****	1,429,286			$194,544			$236,887			431,431	23	****	1,896,244	****	154,149			$987,978			$1,210,040			2,198,019	34.3%		11.1%	27	****	3,325,529			$1,182,522			$1,446,927			$2,629,449

Hong Kong		1		185,622			$24,959			$1,415			26,374	—		—		—			—			—			—		—		1		185,622			$24,959			$1,415			$26,374
Osaka		1		168,237			30,257			23,763			54,020	1		67,295		6,000			$23,194			$66,432			89,625	—	2Q23		1		235,532			53,451			90,195			143,645
Seoul	^^	—		—			—			—			—	1		162,260		12,000			125,433			20,741			146,174	—	2Q22		1		162,260			125,433			20,741			146,174
Sydney ^(7)^		2		155,249			74,471			15,066			89,537	1		67,589		7,200			52,918			13,586			66,505	100.0%	2Q22		2		222,838			127,389			28,653			156,042
Asia Pacific	****	4	****	509,108			$129,687			$40,244			169,931	3	****	297,144	****	25,200			$201,545			$100,759			302,304	28.6%		9.9%	5	****	806,252			$331,232			$141,003			$472,236

Total	****	20	****	3,584,251			$502,988			$519,723			1,022,711	39	****	3,676,944		320,850			$1,735,942			$2,127,126			3,863,068	54.4%		10.4%	48	****	7,261,195			$2,238,930			$2,646,849			$4,885,779

All values are in US Dollars.

(1)	Represents costs incurred through March 31, 2022.
(2)	Represents estimated cost to complete specific scope of work pursuant to contract, budget or approved capital plan.
---	---
(3)	For Base Building Construction, represents the pro rata share of the acquisition and infrastructure costs related to the specific Base Building project. For Data Center Construction, represents the pro rata share of the acquisition and infrastructure costs, or Base Building Construction costs, applicable to the specific Data Center project, plus the total direct investment in the specific Data Center project.
---	---
(4)	Estimated yields are based on total expected investment amounts and anticipated net operating income from leases signed or other assumptions based on market conditions.
---	---
(5)	Includes the first phase of a fully-leased build-to-suit.
---	---
(6)	Northern Virginia includes 263,302 square feet of pre-leased Base Building.
---	---
(7)	Sydney includes 135,178 square feet of pre-leased Base Building.
---	---

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

Table of Contents

Construction Projects in Progress	Financial Supplement
Dollars in Thousands, Except Per Square Foot		First Quarter 2022


	****			****			****			****			****			Total Cost/
		Net Rentable						Current			Future			Total		Net Rentable
Construction Projects in Progress		Square Feet (5)			Acreage			Investment (6)			Investment (7)			Investment		Square Foot
Development Lifecycle
Land - Held for Development (1)	****		N/A	****		52.9			$107,003			—			107,003
Development Construction in Progress
Land - Current Development (1)			N/A			742.7			$1,015,295			—			1,015,295
Space Held for Development (1)			1,076,496			N/A			207,055			—			207,055		$172
Base Building Construction (2)			3,584,251			N/A			502,988			$519,723			1,022,711		320
Data Center Construction			3,676,944			N/A			1,735,942			2,127,126			3,863,068		1,005
Equipment Pool & Other Inventory (3)			N/A			N/A			12,060			—			12,060
Campus, Tenant Improvements & Other (4)			N/A			N/A			50,144			136,011			186,155
Total Development Construction in Progress	****		8,337,691	****		742.7			$3,523,484			$2,782,860			6,306,344

Enhancement & Other									$9,824			$19,256			29,080
Recurring									10,465			36,790			47,255
Total Construction in Progress		****				795.6			$3,650,776			$2,838,906			6,489,682

All values are in US Dollars.

(1)	Land and Space Held for Development reflect cumulative cost spent to date pending future development. Excludes square footage and cost incurred on unconsolidated joint ventures.
(2)	Base Building Construction consists of ongoing improvements to building infrastructure in preparation for future data center fit-out.
---	---
(3)	Represents long-lead time equipment and materials required for timely deployment and delivery of data center fit-out.
---	---
(4)	Represents improvements in progress as of March 31, 2022 which benefit space recently converted to our operating portfolio and is composed primarily of shared infrastructure projects and first-generation tenant improvements.
---	---
(5)	We estimate the total net rentable square feet available for lease based on a number of factors in addition to contractually leased square feet, including available power, required support space and common areas. Excludes square footage of properties held in unconsolidated joint ventures.
---	---
(6)	Represents costs incurred through March 31, 2022. Excludes costs incurred by unconsolidated joint ventures.
---	---
(7)	Represents estimated cost to complete specific scope of work pursuant to contract, budget or approved capital plan.
---	---

Note: We capitalize interest on active construction work. Base Building Construction, Data Center Construction, Equipment Pool, Campus Improvements, Enhancements and Recurring are considered active construction work. Square footage is based on current estimates and project plans and may change upon completion of the project or due to remeasurement.

Table of Contents

Historical Capital Expenditures and Investments in Real Estate	Financial Supplement
Dollars in Thousands		First Quarter 2022


		Three Months Ended
	****	31-Mar-22		****	31-Dec-21		****	30-Sep-21		****	30-Jun-21		****	31-Mar-21

Non-Recurring Capital Expenditures (1)

Development			$430,947			$648,615			$581,853			$505,942			$439,793

Enhancements and Other Non-Recurring			5,387			2,241			411			102			58

Total Non-Recurring Capital Expenditures			$436,334			$650,856			$582,264			$506,044			$439,851

Recurring Capital Expenditures (2)			$46,770			$87,550			$50,800			$39,231			$39,522

Total Direct Capital Expenditures			$483,104			$738,406			$633,064			$545,275			$479,373

Indirect Capital Expenditures

Capitalized Interest			$14,751			$15,328			$15,142			$11,558			$11,434

Capitalized Overhead			20,879			18,963			18,423			16,090			17,716

Total Indirect Capital Expenditures			$35,630			$34,291			$33,565			$27,648			$29,150

Total Improvements to and Advances for Investment in Real Estate			$518,734			$772,697			$666,629			$572,923			$508,523

Consolidated Portfolio Net Rentable Square Feet (3)		****	31,551,302		****	31,457,664		****	31,620,833		****	31,753,051		****	31,356,257

(1)	Non-recurring capital expenditures are primarily for development of space and land, excluding acquisition costs.
(2)	Recurring capital expenditures represent non-incremental building improvements required to maintain current revenues, including second-generation tenant improvements and external leasing commissions. Recurring capital expenditures do not include acquisition costs contemplated when underwriting the purchase of a building, costs which are incurred to bring a building up to Digital Realty’s operating standards, or internal leasing commissions.
---	---
(3)	For some of our buildings, we calculate square footage based on factors in addition to contractually leased square feet, including available power, required support space and common areas.
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Table of Contents

Development Lifecycle – Held for Development	Financial Supplement
Dollars in Thousands		First Quarter 2022


		Land Inventory^(1)^								Space Held for Development

	****		****		****	Land -		Land -			****	Total	****
		# of				Held for		Current		# of		Square		Current
Metropolitan Area		Locations		Acres		Development		Development		Locations		Feet		Investment^(2)^
Atlanta		—		—			—		—	1		313,581			$25,621
Boston		—		—			—		—	1		50,649			23,623
Chicago		1		1.4			—		25,578	6		148,101			52,284
Dallas		2		114.0			33,112		—	2		28,094			3,133
Houston		—		—			—		—	1		13,969			2,726
New York		1		21.5			—		50,025	4		72,832			17,034
Northern Virginia		7		576.3			30,978		498,067	5		128,234			2,128
Silicon Valley		1		13.0			—		71,060	1		130,752			14,499
North America	****	12	****	726.2			64,090		644,730	21	****	886,212			$141,047

Amsterdam		1		4.4			—		27,715	2		94,452			$35,115
Athens		1		0.9			—		3,537	—		—			—
Dublin		2		5.0			6,126		—	—		—			—
Frankfurt		1		12.0			—		133,507	—		—			—
London		1		6.7			16,876		—	3		95,832			30,893
Madrid		1		1.8			19,911		—	—		—			—
Paris		2		8.4			—		36,635	—		—			—
Zurich		1		2.6			—		20,133	—		—			—
EMEA	****	10	****	41.9			42,913		221,528	5	****	190,284			$66,008

Melbourne		1		4.1			—		4,459	—		—			—
Seoul		1		4.9			—		70,266	—		—			—
Sydney		1		18.5			—		74,313	—		—			—
Asia Pacific	****	3	****	27.5			—		149,038	—	****	—			—

Consolidated Portfolio	****	25	****	795.6			107,003		1,015,295	26	****	1,076,496			$207,055

All values are in US Dollars.

(1)	Represents locations acquired to support ground-up development.
(2)	Represents costs incurred through March 31, 2022. Includes the cost of acquisition as well as cost of improvements since acquisition to prepare for future building construction.
---	---

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

Table of Contents

Acquisitions / Dipositions/ Joint Ventures	Financial Supplement
Dollars in Thousands		First Quarter 2022

Closed Acquisitions:


	****		****		****		****		****	****	Net	****		****		****
											Rentable		Square Feet		Square Feet		% of Total Net
		Acquisition		Metropolitan		Date		Purchase	Cap		Square		Under		Held For		Rentable Square
Property		Type		Area		Acquired		Price (1)	Rate (2)		Feet (3)		Development		Development		Feet Occupied (4)
Zurich 4 ^(5)^		Land		Zurich		2/28/2022		20,700	—		—		—		—		—
Canton de la Courneuve ^(6)^		Land		Paris		2/28/2022		132,005	—		—		—		—		—
Ambattur Estate ^(7)^		Land		Chennai		2/9/2022		33,560	—		—		—		—		—
Total		—		—		—		186,265	—		—		—		—		—

All values are in US Dollars.

Closed Dispositions:


		****		****		****		****		****	Net	****		****		****
											Rentable		Square Feet		Square Feet		% of Total Net
	Disposition		Metropolitan		Date		Sale		Cap		Square		Under		Held For		Rentable Square
Property	Type		Area		Disposed		Price (1)		Rate (2)		Feet (3)		Development		Development		Feet Occupied (4)
	—		—		—		—		—		—		—		—		—
Total	—		—		—		—		—		—		—		—		—

Closed Joint Venture Contributions:


	****		****		****		****		****	Net	****		****		****
										Rentable		Square Feet		Square Feet		% of Total Net
		Metropolitan				Contribution		Cap		Square		Under		Held For		Rentable Square
Property		Area		Date		Price		Rate (2)		Feet (3)		Development		Development		Feet Occupied (4)
		—		—		—		—		—		—		—		—
Total	****	—	****	—	****	—	****	—		—	****	—	****	—	****	—

(1)	Represents the purchase price or sale price, as applicable, before contractual adjustments, transaction expenses, taxes and potential currency fluctuations.
(2)	We calculate the cash capitalization rate on acquisitions, dispositions and joint venture contributions by dividing anticipated annual net operating income by the purchase/sale/contribution price, including assumed debt and related pre-payment penalties. Net operating income represents rental revenue and tenant reimbursement revenue from in-place leases, less rental property operating and maintenance expenses, property taxes and insurance expenses, and is not a financial measure calculated in accordance with GAAP. We caution you not to place undue reliance on our cash capitalization rates because they are based solely on data made available to us in the diligence process in connection with the relevant acquisitions and are calculated on a non-GAAP basis. Our calculation of the cash capitalization rate on acquisitions may change, based on our experience operating the data centers subsequent to closing of the acquisitions. In addition, the actual cash capitalization rates may differ from our expectations based on numerous other factors, including the results of our final purchase price allocation, difficulties collecting anticipated rental revenues, customer bankruptcies, property tax reassessments and unanticipated expenses at the data centers that we cannot pass on to customers.
---	---
(3)	We estimate the total net rentable square feet available for lease based on a number of factors in addition to contractually leased square feet, including available power, required support space and common area.
---	---
(4)	Occupancy excludes space under development and space held for development.
---	---
(5)	Based on a spot rate of 1.087x CHF to USD as of March 31, 2022.
---	---
(6)	Based on a spot rate of 1.113x EUR to USD as of March 31, 2022. Total purchase price of $132 million reflects total estimated minimum rent plus the call option strike price exercisable after six years.
---	---
(7)	Site was acquired by BAM Digital Realty, a 50/50 joint venture between Digital Realty and Brookfield Infrastructure Partners. Digital Realty’s pro rata share of the purchase price was approximately $17 million.
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Table of Contents

Unconsolidated Joint Ventures	Financial Supplement
Dollars in Thousands		First Quarter 2022


Summary Balance Sheet -	As of March 31, 2022
at the JV's 100% Share		Ascenty	Mitsubishi	Digital Core REIT	Lumen (1)	Mapletree	Other (2)	Total

Undepreciated book value of operating real estate		1,194,685	1,124,195	1,293,685	184,088	781,570	458,799	$5,037,023
Accumulated depreciation & amortization		(201,883)	(81,489)	(11,253)	(53,496)	(100,381)	(20,931)	(469,432)
Net Book Value of Operating Real Estate		992,802	1,042,706	1,282,432	130,593	681,189	437,868	$4,567,591
Cash		130,067	194,910	26,729	8,551	34,314	11,030	405,602
Other assets		1,338,793	163,419	189,007	10,096	197,206	47,833	1,946,355
Total Assets		2,461,663	1,401,035	1,498,168	149,240	912,709	496,731	$6,919,547

Debt		899,538	354,974	347,153	—	—	120,999	1,722,665
Other liabilities		171,374	168,317	34,085	10,635	25,233	137,035	546,678
Equity / (deficit)		1,390,751	877,744	1,116,930	138,606	887,477	238,698	4,650,205
Total Liabilities and Equity		2,461,663	1,401,035	1,498,168	149,240	912,709	496,731	$6,919,547

Digital Realty's ownership percentage		49% (3)	50%	41% (4)	50%	20%	Various

Digital Realty's Pro Rata Share of Unconsolidated JV Debt		458,764	177,487	143,028	—	—	33,955	$813,234

All values are in US Dollars.


Summary Statement of Operations -	Three Months Ended March 31, 2022
at the JV's 100% Share		Ascenty	Mitsubishi	Digital Core REIT	Lumen (1)	Mapletree	Other (2)	Total

Total revenues		59,303	41,027	28,023	6,227	28,458	9,008	$172,047
Operating expenses		(23,178)	(21,807)	(8,723)	(2,143)	(11,988)	(3,450)	(71,289)
Net Operating Income (NOI)		36,125	19,220	19,301	4,085	16,471	5,558	$100,758

Straight-line rent		—	(2,326)	(2,945)	102	(640)	(98)	(5,907)
Above and below market rent		—	—	(1,141)	—	178	—	(962)
Cash Net Operating Income (NOI)		36,125	16,894	15,215	4,187	16,009	5,459	$93,889

Interest expense		(30,222)	(697)	(1,230)	(0)	(3)	(2,861)	($35,014)
Depreciation & amortization		(22,992)	(9,813)	(15,959)	(2,287)	(17,385)	(1,460)	(69,896)
Other income / (expense)		(2,442)	(2,899)	(4,203)	(260)	(1,268)	(1,264)	(12,335)
FX remeasurement on USD debt		135,134	—	—	—	—	—	135,134
Total Non-Operating Expenses		79,478	(13,409)	(21,392)	(2,547)	(18,656)	(5,585)	$17,889

Net Income / (Loss)		115,603	5,811	(2,092)	1,538	(2,186)	(28)	$118,647

Digital Realty's ownership percentage		49% (3)	50%	41% (4)	50%	20%	Various

Digital Realty's Pro Rata Share of Unconsolidated JV NOI		18,424	9,610	7,952	2,042	3,294	1,893	$43,215

Digital Realty's Pro Rata Share of Unconsolidated JV Cash NOI		18,424	8,447	6,268	2,093	3,202	1,879	$40,313

Digital Realty's Earnings (loss) income from unconsolidated joint ventures		58,744	2,906	(857)	769	(437)	(167)	$60,958

Digital Realty's Pro Rata Share of core FFO ^(5)^		1,551	7,812	5,718	1,912	3,040	149	$20,182

Digital Realty's Fee Income from Joint Ventures		—	23	2,332	159	771	88	$3,373

All values are in US Dollars.

(1)	Formerly known as 33 Chun Choi Street.
(2)	Includes Medallion, Clise, Colovore, Menlo, Starwood, Walsh, and BAM Digital Realty joint ventures.
---	---
(3)	Equity in income pick-up comprised of 49% owned by Digital Realty and 2% owned by management, with a corresponding offset for the 2% in minority interest.
---	---
(4)	As of March 31, 2022 Digital Realty owns approximately 35% of Digital Core REIT and separately owns 10% retained interest in the underlying operating properties.
---	---
(5)	For a definition of core FFO, see page 33.
---	---

Table of Contents

Reconciliation of Earnings Before Interest, Taxes, Depreciation & Amortization and Financial Ratios	Financial Supplement
Unaudited and Dollars in Thousands		First Quarter 2022


	Three Months Ended
Reconciliation of Earnings Before Interest, Taxes, Depreciation & Amortization (EBITDA) ^(1)^		31-Mar-22	31-Dec-21	30-Sep-21	30-Jun-21	31-Mar-21

Net Income Available to Common Stockholders		$63,101	$1,057,630	$124,094	$127,370	$372,406
Interest		66,725	71,762	71,417	75,014	75,653
Loss from early extinguishment of debt		51,135	325	—	—	18,347
Income tax expense (benefit)		13,244	3,961	13,709	47,582	7,547
Depreciation & amortization		382,132	378,883	369,035	368,981	369,733
EBITDA		$576,337	$1,512,561	$578,255	$618,946	$843,686
Unconsolidated JV real estate related depreciation & amortization		29,319	24,146	21,293	20,983	19,378
Unconsolidated JV interest expense and tax expense		21,111	15,222	11,008	15,523	8,786
Severance, equity acceleration, and legal expenses		2,077	1,003	1,377	2,536	2,427
Transaction and integration expenses		11,968	12,427	13,804	7,075	14,120
(Gain) / loss on sale of investments		(2,770)	(1,047,011)	635	(499)	(333,921)
Impairment of investments in real estate		—	18,291	—	—	—
Other non-core adjustments, net		(48,858)	14,307	(28,745)	(60,308)	38,575
Non-controlling interests		3,629	22,587	2,266	4,544	8,756
Preferred stock dividends, including undeclared dividends		10,181	10,181	10,181	11,885	13,514
(Gain on) / Issuance costs associated with redeemed preferred stock		—	—	—	(18,000)	—
Adjusted EBITDA		$602,994	$583,713	$610,074	$602,685	$615,321

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


	Three Months Ended
Financial Ratios		31-Mar-22	31-Dec-21	30-Sep-21	30-Jun-21	31-Mar-21

Total GAAP interest expense		66,725	71,762	71,417	75,014	$75,653
Capitalized interest		14,751	15,328	15,142	11,558	11,434
Change in accrued interest and other non-cash amounts		52,324	(37,974)	17,820	(43,604)	44,620
Cash Interest Expense ^(2)^		133,800	49,116	104,379	42,968	$131,707

Preferred dividends		10,181	10,181	10,181	11,885	13,514
Total Fixed Charges ^(3)^		91,657	97,271	96,740	98,457	$100,601


Coverage
Interest coverage ratio ^(4)^		6.1x	6.0x	6.5x	6.1x	6.6x
Cash interest coverage ratio ^(5)^		4.0x	9.8x	5.4x	10.9x	4.5x
Fixed charge coverage ratio ^(6)^		5.5x	5.4x	5.8x	5.4x	5.8x
Cash fixed charge coverage ratio ^(7)^		3.7x	8.3x	5.0x	9.0x	4.1x

Leverage
Debt to total enterprise value ^(8) (9)^		25.5%	20.5%	24.8%	23.9%	24.1%
Debt plus preferred stock to total enterprise value ^(10)^		26.8%	21.7%	26.1%	25.2%	25.9%
Pre-tax income to interest expense ^(11)^		2.2x	16.2x	2.9x	2.7x	6.2x
Net Debt to Adjusted EBITDA ^(12)^		6.3x	6.1x	6.0x	6.0x	5.6x

All values are in US Dollars.

(2)	Cash interest expense is interest expense less amortization of debt discount and deferred financing fees and includes interest that we capitalized. We consider cash interest expense to be a useful measure of interest as it excludes non-cash based interest expense.
(3)	Fixed charges consist of GAAP interest expense, capitalized interest, and preferred dividends.
---	---
(4)	Adjusted EBITDA divided by GAAP interest expense plus capitalized interest (including our pro rata share of unconsolidated joint venture interest expense).
---	---
(5)	Adjusted EBITDA divided by cash interest expense (including our pro rata share of unconsolidated joint venture interest expense).
---	---
(6)	Adjusted EBITDA divided by fixed charges (including our pro rata share of unconsolidated joint venture fixed charges).
---	---
(7)	Adjusted EBITDA divided by the sum of cash interest expense, and preferred dividends (including our pro rata share of unconsolidated joint venture cash fixed charges).
---	---
(8)	Mortgage debt and other loans divided by market value of common equity plus debt plus preferred stock.
---	---
(9)	Total enterprise value defined as market value of common equity plus debt plus preferred stock.
---	---
(10)	Same as (8), except numerator includes preferred stock.
---	---
(11)	Calculated as net income plus interest expense divided by GAAP interest expense.
---	---
(12)	Calculated as total debt at balance sheet carrying value, plus capital lease obligations, plus Digital Realty’s pro rata share of unconsolidated of joint venture debt, less cash and cash equivalents (including Digital Realty’s pro rata share of unconsolidated joint venture cash) divided by the product of Adjusted EBITDA (including Digital Realty’s pro rata share of unconsolidated joint venture EBITDA), multiplied by four.
---	---

Table of Contents

Management Statements on Non-GAAP Measures	<br><br>	Financial Supplement
Unaudited			First Quarter 2022

Definitions

Funds From Operations (FFO) :

We calculate funds from operations, or FFO, in accordance with the standards established by the National Association of Real Estate Investment Trusts, or Nareit, in the Nareit Funds From Operations White Paper - 2018 Restatement. FFO represents net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from real estate transactions, impairment of investment in real estate, real estate related depreciation and amortization (excluding amortization of deferred financing costs), unconsolidated JV real estate related depreciation & amortization, non-controlling interests in operating partnership and after adjustments for unconsolidated partnerships and joint ventures. Management uses FFO as a supplemental performance measure because, in excluding real estate related depreciation and amortization and gains and losses from property dispositions and after adjustments for unconsolidated partnerships and joint ventures, it provides a performance measure that, when compared year over year, captures trends in occupancy rates, rental rates and operating costs. We also believe that, as a widely recognized measure of the performance of REITs, FFO will be used by investors as a basis to compare our operating performance with that of other REITs. However, because FFO excludes depreciation and amortization and captures neither the changes in the value of our data centers that result from use or market conditions, nor the level of capital expenditures and capitalized leasing commissions necessary to maintain the operating performance of our data centers, all of which have real economic effect and could materially impact our financial condition and results from operations, the utility of FFO as a measure of our performance is limited. Other REITs may not calculate FFO in accordance with the NAREIT definition and, accordingly, our FFO may not be comparable to other REITs’ FFO. FFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance.

Core Funds from Operations (Core FFO) :

We present core funds from operations, or core FFO, as a supplemental operating measure because, in excluding certain items that do not reflect core revenue or expense streams, it provides a performance measure that, when compared year over year, captures trends in our core business operating performance. We calculate core FFO by adding to or subtracting from FFO (i) other non-core revenue adjustments, (ii) transaction and integration expenses, (iii) loss from early extinguishment of debt, (iv) gain on / issuance costs associated with redeemed preferred stock, (v) severance, equity acceleration, and legal expenses, (vi) gain/loss on FX revaluation, and (vii) other non-core expense adjustments. Because certain of these adjustments have a real economic impact on our financial condition and results from operations, the utility of core FFO as a measure of our performance is limited. Other REITs may calculate core FFO differently than we do and accordingly, our core FFO may not be comparable to other REITs’ core FFO. Core FFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance.

Adjusted Funds from Operations (AFFO) :

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

EBITDA and Adjusted EBITDA :

We believe that earnings before interest, loss from early extinguishment of debt, income taxes, and depreciation and amortization, or EBITDA, and Adjusted EBITDA (as defined below), are useful supplemental performance measures because they allow investors to view our performance without the impact of non-cash depreciation and amortization or the cost of debt and, with respect to Adjusted EBITDA, unconsolidated joint venture real estate related depreciation & amortization, unconsolidated joint venture interest expense and tax, severance, equity acceleration, and legal expenses, transaction and integration expenses, gain on sale / deconsolidation, impairment of investments in real estate, other non-core adjustments, net, non-controlling interests, preferred stock dividends, including undeclared dividends, and issuance costs associated with redeemed preferred stock. Adjusted EBITDA is EBITDA excluding unconsolidated joint venture real estate related depreciation & amortization, unconsolidated joint venture interest expense and tax, severance, equity acceleration, and legal expenses, transaction and integration expenses, gain on sale / deconsolidation, impairment of investments in real estate, other non-core adjustments, net, non-controlling interests, preferred stock dividends, including undeclared dividends, and gain on / issuance costs associated with redeemed preferred stock. In addition, we believe EBITDA and Adjusted EBITDA are frequently used by securities analysts, investors and other interested parties in the evaluation of REITs. Because EBITDA and Adjusted EBITDA are calculated before recurring cash charges including interest expense and income taxes, exclude capitalized costs, such as leasing commissions, and are not adjusted for capital expenditures or other recurring cash requirements of our business, their utility as a measure of our performance is limited. Other REITs may calculate EBITDA and Adjusted EBITDA differently than we do and, accordingly, our EBITDA and Adjusted EBITDA may not be comparable to other REITs’ EBITDA and Adjusted EBITDA. Accordingly, EBITDA and Adjusted EBITDA should be considered only as supplements to net income computed in accordance with GAAP as a measure of our financial performance. 33

Table of Contents

Management Statements on Non-GAAP Measures	<br><br>	Financial Supplement
Unaudited			First Quarter 2022

Net Operating Income (NOI) and Cash NOI**:**

Net operating income, or NOI, represents rental revenue, tenant reimbursement revenue and interconnection revenue less utilities expense, rental property operating expenses, property taxes and insurance expenses (as reflected in the statement of operations). NOI is commonly used by stockholders, company management and industry analysts as a measurement of operating performance of the company’s rental portfolio. Cash NOI is NOI less straight-line rents and above- and below-market rent amortization. Cash NOI is commonly used by stockholders, company management and industry analysts as a measure of property operating performance on a cash basis. However, because NOI and cash NOI exclude depreciation and amortization and capture neither the changes in the value of our data centers that result from use or market conditions, nor the level of capital expenditures and capitalized leasing commissions necessary to maintain the operating performance of our data centers, all of which have real economic effect and could materially impact our results from operations, the utility of NOI and cash NOI as measures of our performance is limited. Other REITs may calculate NOI and cash NOI differently than we do and, accordingly, our NOI and cash NOI may not be comparable to other REITs’ NOI and cash NOI. NOI and cash NOI should be considered only as supplements to net income computed in accordance with GAAP as measures of our performance.

Additional Definitions

Net debt-to-Adjusted EBITDA ratio is calculated using total debt at balance sheet carrying value, plus capital lease obligations, plus our share of unconsolidated JV debt, less unrestricted cash and cash equivalents (including our share of unconsolidated JV cash) divided by the product of Adjusted EBITDA (inclusive of our share of unconsolidated JV EBITDA) multiplied by four.

Debt-plus-preferred-to-total enterprise value is mortgage debt and other loans plus preferred stock divided by mortgage debt and other loans plus the liquidation value of preferred stock and the market value of outstanding Digital Realty Trust, Inc. common stock and Digital Realty Trust, L.P. units, assuming the redemption of Digital Realty Trust, L.P. units for shares of Digital Realty Trust, Inc. common stock.

Fixed charge coverage ratio is Adjusted EBITDA divided by the sum of GAAP interest expense, capitalized interest, scheduled debt principal payments and preferred dividends. For the quarter ended March 31, 2022, GAAP interest expense was $67 million, capitalized interest was $15 million and scheduled debt principal payments and preferred dividends was $10 million.


Reconciliation of Net Operating Income (NOI)		Three Months Ended
(in thousands)	****	31-Mar-22		****	31-Dec-21		****	31-Mar-21
		****			****			****
Operating income			$141,236			$131,498			$192,519

Fee income			(5,757)			(4,133)			(2,426)
Other income			(15)			(200)			(59)
Depreciation and amortization			382,132			378,883			369,733
General and administrative			96,435			103,705			97,568
Severance, equity acceleration, and legal expenses			2,077			1,003			2,427
Transaction expenses			11,968			12,427			14,120
Impairment in investments in real estate			—			18,291			—
Other expenses			7,657			(1)			(257)

Net Operating Income			$635,734			$641,472			$673,624


Cash Net Operating Income (Cash NOI)

Net Operating Income			$635,734			$641,472			$673,624

Straight-line rental revenue			(6,530)			(16,345)			(18,606)
Straight-line rental expense			3,646			5,453			6,750
Above- and below-market rent amortization			335			910			2,136

Cash Net Operating Income			$633,185			$631,490			$663,904

Table of Contents

Forward-Looking Statements	<br><br>	Financial Supplement
			First Quarter 2022

This document contains forward-looking statements within the meaning of the federal securities laws, which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. Such forward-looking statements include statements relating to: our economic outlook, our expected investment and expansion activity, our expected physical settlement of the forward sale agreements and use of proceeds from any such settlement, our liquidity, our joint ventures, supply and demand for data center and colocation space, our acquisition and disposition activity, pricing and net effective leasing economics, market dynamics and data center fundamentals, our strategic priorities, our product offerings, available inventory rent from leases that have been signed but have not yet commenced and other contracted rent to be received in future periods, rental rates on future leases, lag between signing and commencement, cap rates and yields, investment activity, the company’s FFO, core FFO and net income, 2022 outlook and underlying assumptions, information related to trends, our strategy and plans, leasing expectations, weighted average lease terms, the exercise of lease extensions, lease expirations, debt maturities, annualized rent at expiration of leases, the effect new leases and increases in rental rates will have on our rental revenue, our credit ratings, construction and development activity and plans, projected construction costs, estimated yields on investment, expected occupancy, expected square footage and IT load capacity upon completion of development projects, 2022 backlog NOI, NAV components, and other forward-looking financial data. Such statements are based on management’s beliefs and assumptions made based on information currently available to management. Such statements are subject to risks, uncertainties and assumptions and are not guarantees of future performance and may be affected by known and unknown risks, trends, uncertainties and factors that are beyond our control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. Some of the risks and uncertainties that may cause our actual results, performance or achievements to differ materially from those expressed or implied by forward-looking statements include, among others, the following:

●	reduced demand for data centers or decreases in information technology spending;
●	increased competition or available supply of data center space;
---	---
●	decreased rental rates, increased operating costs or increased vacancy rates;
---	---
●	the suitability of our data centers and data center infrastructure, delays or disruptions in connectivity or availability of power, or failures or breaches of our physical and information security infrastructure or services;
---	---
●	our dependence upon significant customers, bankruptcy or insolvency of a major customer or a significant number of smaller customers, or defaults on or non-renewal of leases by customers;
---	---
●	our ability to attract and retain customers;
---	---
●	breaches of our obligations or restrictions under our contracts with our customers;
---	---
●	our inability to successfully develop and lease new properties and development space, and delays or unexpected costs in development of properties;
---	---
●	the impact of current global and local economic, credit and market conditions;
---	---
●	our inability to retain data center space that we lease or sublease from third parties;
---	---
●	global supply chain or procurement disruptions, or increased supply chain costs;
---	---
●	information security and data privacy breaches;
---	---
●	difficulty managing an international business and acquiring or operating properties in foreign jurisdictions and unfamiliar metropolitan areas;
---	---
●	our failure to realize the intended benefits from, or disruptions to our plans and operations or unknown or contingent liabilities related to, our recent acquisitions;
---	---
●	our failure to successfully integrate and operate acquired or developed properties or businesses;
---	---
●	difficulties in identifying properties to acquire and completing acquisitions;
---	---
●	risks related to joint venture investments, including as a result of our lack of control of such investments;
---	---
●	risks associated with using debt to fund our business activities, including re-financing and interest rate risks, our failure to repay debt when due, adverse changes in our credit ratings or our breach of covenants or other terms contained in our loan facilities and agreements;
---	---
●	our failure to obtain necessary debt and equity financing, and our dependence on external sources of capital;
---	---
●	financial market fluctuations and changes in foreign currency exchange rates;
---	---
●	adverse economic or real estate developments in our industry or the industry sectors that we sell to, including risks relating to decreasing real estate valuations and impairment charges and goodwill and other intangible asset impairment charges;
---	---
●	our inability to manage our growth effectively;
---	---
●	losses in excess of our insurance coverage;
---	---
●	our inability to attract and retain talent;
---	---
●	impact on our operations and on the operations of our customers, suppliers and business partners during a pandemic, such as COVID-19;
---	---
●	environmental liabilities, risks related to natural disasters and our inability to achieve our sustainability goals;
---	---
●	our inability to comply with rules and regulations applicable to our company;
---	---
●	Digital Realty Trust, Inc.’s failure to maintain its status as a REIT for federal income tax purposes;
---	---
●	Digital Realty Trust, L.P.’s failure to qualify as a partnership for federal income tax purposes;
---	---
●	restrictions on our ability to engage in certain business activities;
---	---
●	changes in local, state, federal and international laws and regulations, including related to taxation, real estate and zoning laws, and increases in real property tax rates; and
---	---
●	the impact of any financial, accounting, legal or regulatory issues or litigation that may affect us.
---	---

The risks included here are not exhaustive, and additional factors could adversely affect our business and financial performance. Several additional material risks are discussed in our annual report on Form 10-K for the year ended December 31, 2021 and other filings with the U.S. Securities and Exchange Commission. Those risks continue to be relevant to our performance and financial condition. Moreover, we operate in a very competitive and rapidly changing environment. New risk factors emerge from time to time and it is not possible for management to predict all such risk factors, nor can it assess the impact of all such risk factors on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. We expressly disclaim any responsibility to update forward-looking statements, whether as a result of new information, future events or otherwise. Digital Realty, Digital Realty Trust, the Digital Realty logo, Interxion, Turn-Key Flex, Powered Base Building, and PlatformDIGITAL, Data Gravity Index and Data Gravity Index DGx are registered trademarks and service marks of Digital Realty Trust, Inc. in the United States and/or other countries. All other names, trademarks and service marks are the property of their respective owners. 35

Exhibit 99.2

Digital Realty<br>the trusted foundation	powering your digital ambitions<br>1Q22 FINANCIAL RESULTS<br>April 2022<br>Global. Connected. Sustainable.
	2<br>Navigating the Future<br>Sustainable Growth for Customers, Shareholders and Employees<br>Selling<br>GLOBALLY<br>… Supporting<br>LOCALLY<br>EMEAAPAC<br>AMERICAS<br>GLOBAL<br>CONNECTED<br>SUSTAINABLE<br>DIGITAL REALTY	1Q22 FINANCIAL RESULTS	APRIL 28, 2022
---
	3<br>Serving a Social Purpose<br>Delivering Sustainable Growth for All Stakeholders<br>Earned Nareit<br>Leader in the Light<br>award for fifth<br>consecutive year<br>ENVIRONMENTAL<br>Demonstrated senior leadership and<br>employee commitment to Diversity,<br>Equity & Inclusion; established five<br>employee resource groups; signed CEO<br>Action Pledge for diversity; co-chairing<br>Nareit’sdiversity initiative<br>Amended corporate governance<br>guidelines to clarify that director<br>candidate pools must include<br>candidates with diversity of race,<br>ethnicity and gender<br>SOCIAL<br>Instituted minimum stock<br>ownership requirements for<br>directors and management<br>Established proxy access<br>for shareholders and<br>provided shareholders the<br>ability to propose<br>amendments to the bylaws<br>Enhanced Board diversity<br>with the addition of<br>three new Directors<br>2015<br>2019<br>2018<br>GOVERNANCE<br>2021<br>Formalized ESG oversight<br>under the Nominating &<br>Corporate Governance<br>Committee and became<br>a Signatory to the<br>UN Global Compact<br>Named one of<br>“America’s Most<br>Responsible<br>Companies” by<br>Newsweek<br>Published EEO-1 report, providing<br>transparency on the racial and gender<br>composition of the U.S. workforce<br>Maintained<br>constituent status<br>with FTSE4Good<br>Index Series<br>Ranked in Top 100 of<br>America’sMost Just<br>Companies by JUST<br>Capital and CNBC<br>2020<br>DIGITAL REALTY	1Q22 FINANCIAL RESULTS	APRIL 28, 2022<br>Funded philanthropic organizations to<br>support Ukrainian refugees, those<br>displaced within Ukraine, and the<br>growing humanitarian crisis
---
	4<br>Note: As of March31, 2022.<br>GlobalPlatform<br>Expanding Global Platform<br>Supporting Customer Growth<br>4,000+<br>Customers<br>180,000+<br>Cross-Connects<br>50<br>Metro Areas<br>Seoul<br>DIGITAL REALTY	1Q22 FINANCIAL RESULTS	APRIL 28, 2022<br>Barcelona<br>Zurich<br>Johannesburg<br>Paris
---
1)Projectedcompoundannualgrowthintheintensityofdatagravity,asmeasuredingigabytespersecond,from2020-2024.<br>ProjectionsaccordingtoDigitalRealty’sproprietaryDataGravityIndexDGx<br>™<br>reportasofDecember2020.Patentpending.<br>2)IDC Worldwide Global Datasphere Forecast, 2021-2025 (IDC #US46410421).<br>3)Digital Realty, Global Data Insights Survey, April 2022.<br>New York<br>DataGravity<br>CAGR<br>(1)<br>132%<br>London<br>DataGravity<br>CAGR<br>(1)<br>129%<br>Zurich<br>DataGravity<br>CAGR<br>(1)<br>135%<br>™<br>Frankfurt<br>DataGravity<br>CAGR<br>(1)<br>144%<br>Seoul<br>DataGravity<br>CAGR<br>(1)<br>152%<br>Mumbai<br>DataGravity<br>CAGR<br>(1)<br>156%<br>Singapore<br>DataGravity<br>CAGR<br>(1)<br>200%<br>Prioritizing Data Exchange<br>Accelerating Data Creation<br>Of Companies Prioritizing<br>Secure Data Exchange<br>(3)<br>Data Created<br>Annually by 2025<br>(2)<br>iMasonsClimate Accord<br>Founding Coalition Member<br>Data Gravity Driving Data Center Demand<br>PlatformDIGITAL<br>®<br>Poised to Capitalize<br>Global Platform Provides Solution<br>	5<br>Carbon Tracker<br>DIGITAL REALTY	1Q22 FINANCIAL RESULTS	APRIL 28, 2022
---
Financial Results<br>	6<br>DIGITAL REALTY	1Q22 FINANCIAL RESULTS	APRIL 28, 2022
---
Digital Transformation Driving Steady Demand<br>Global Full-Product Spectrum Provides Broadest Solutions<br>Note: Darker shading represents interconnection bookings. First-quarter bookings are highlighted in lighter blue. 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>1Q22BOOKINGS<br>0-1 MW<br>$38.7 mm<br>> 1 MW<br>$117.1 mm<br>OTHER<br>(1)<br>$0.2 mm<br>INTERCONNECTION<br>$10.9 mm<br>TOTAL BOOKINGS<br>$166.9 mm<br>HISTORICAL BOOKINGS<br>ANNUALIZED GAAP BASE RENT<br>$ in millions<br>201120122013201420152016201720182019202020212022<br>	7<br>DIGITAL REALTY	1Q22 FINANCIAL RESULTS	APRIL 28, 2022<br>$0<br>$50<br>$100<br>$150
---
$50 million<br>total 1Q bookings from<br>0-1 MW + Interconnection<br>47%<br>of 0-1 MW + Interconnection<br>bookings were outside the<br>Americas<br>Connected Data Communities<br>Attracting New Logos<br>	8<br>128<br>new logos<br>Note: For quarter ended March 31, 2022.<br>DIGITAL REALTY	1Q22 FINANCIAL RESULTS	APRIL 28, 2022<br>Suburban<br>Municipality<br>Advertising<br>Platform<br>Reinsurance<br>Provider<br>Cloud Platform<br>Services<br>Consumer<br>Financial Services<br>Connectivity<br>Platform<br>Leading Desktop<br>Applications
---
Top-Line Step Function<br>Healthy Backlog Sets Solid Foundation<br>	9<br>Note: Totals may not add up due to rounding.<br>1)Amounts shown represent GAAP annualized base rent from leases signed.<br>2)Amounts shown represent GAAP annualized base rent from leases signed, but not yet commenced, based on estimated future commencement date at time of signing. Actual commencement dates may vary.<br>Digital Realty Backlog<br>Unconsolidated Joint Venture Backlog<br>Digital Realty Backlog<br>Unconsolidated Joint Venture Backlog<br>BACKLOG ROLL-FORWARD<br>(1)<br>$ in millions<br>COMMENCEMENT TIMING<br>(2)<br>$ in millions<br>DIGITAL REALTY	1Q22 FINANCIAL RESULTS	APRIL 28, 2022<br>$275M<br>$95M<br>$50M<br>$420M<br>$11M<br>$5M<br>$16M<br>20222023>20231Q22 Backlog<br>$346M<br>$143M<br>$94M<br>$395M<br>$32M<br>$13M<br>$4M<br>$41M<br>4Q21 BacklogSignedCommenced1Q22 Backlog
---
Healthier Pricing Environment<br>Positive Re-Leasing Spreads Across Product Types and Regions<br>	10<br>0-1 MW> 1 MWOTHER<br>(1)<br>TOTAL<br>Signed renewal<br>leases representing<br>$121 million<br>of annualized GAAP<br>rental revenue<br>Signed renewal<br>leases representing<br>$33 million<br>of annualized GAAP<br>rental revenue<br>Signed renewal<br>leases representing<br>$23 million<br>of annualized GAAP<br>rental revenue<br>Signed renewal<br>leases representing<br>$177 million<br>of annualized GAAP<br>rental revenue<br>RENTAL RATE CHANGE<br>2.6<br>%<br>CASH<br>3.2<br>%<br>GAAP<br>RENTAL RATE CHANGE<br>5.9<br>%<br>CASH<br>9.2<br>%<br>GAAP<br>RENTAL RATE CHANGE<br>3.4<br>%<br>CASH<br>18.8<br>%<br>GAAP<br>RENTAL RATE CHANGE<br>3.3<br>%<br>CASH<br>6.1<br>%<br>GAAP<br>1Q22 RE-LEASING SPREADS<br>Note: Totals may not add up due to rounding. Rental rate change represents the beginning rental rate on leases renewed, relative to the ending rental rate at expiration, weighted by net rentable square feet.<br>1)Other includes Powered Base Building® shell capacity as well as storage and office space within fully improved data center facilities.<br>DIGITAL REALTY	1Q22 FINANCIAL RESULTS	APRIL 28, 2022
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Constant-Currency Growth<br>Double-Digit Top-Line Growth Excluding FX<br>Note: Constant-Currency, same-capital (stabilized) cash NOI and Core FFO are non-GAAP financial measures. For a description ofthese measures, see the Appendix.<br>1)The dashed portion of the chart reflects year-over-year revenue growth and constant-currency revenue growth, pro forma for the sale of $1.7 billion of assets subsequent to 4Q20, including sales to AscendasREIT,<br>contributions to Digital Core REIT and the sale of 150 South 1st Street.<br>2)Net income for the quarter ended March 31, 2022 was $76 million. Net income for the quarter ended March 31, 2021 was $394 million.<br>3)The lighter shaded portion represent guidance ranges for Revenue and Constant-Currency Revenue and Core FFO per share and Constant-Currency Core FFO per share. The midpoints of 2022 Revenue and Constant-Currency<br>Revenue guidance represent 7.3% and 10.3% growth over 2021, respectively. The midpoints of 2022 Core FFO and Constant-Currency Core FFO guidance represent 4.9% and 7.2% growth over 2021, respectively.<br>(3.1%)<br>(0.9%)<br>As Reported<br>Constant-Currency<br>	11<br>DIGITAL REALTY	1Q22 FINANCIAL RESULTS	APRIL 28, 2022<br>1Q22 / 1Q21<br>Revenue Growth<br>(1)<br>FY22E / FY21<br>Core FFO per Share<br>Growth<br>(3)<br>1Q22 / 1Q21 Stabilized<br>Cash NOI Growth<br>(2)<br>4.9%<br>7.2%<br>FY22E / FY21<br>Revenue Growth<br>(3)<br>7.3%<br>10.3%<br>7.4%<br>9.8%<br>3.4%<br>5.7%
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Effective Economic Risk Mitigation Strategies<br>Benefits of Scale and Diversification on Display<br>Source: FactSet. Note: Totals may not add up due to rounding.<br>1)As of March 31, 2022. Includes Digital Realty’s share of revenue from unconsolidated joint ventures.<br>2)Core FFO is a non-GAAP financial measure. For a definition of Core FFO and a reconciliation to its nearest GAAP equivalent, seethe Appendix.<br>3)Based on average exchange rates for the quarter ended March 31, 2022 compared to average exchange rates for the quarter endedMarch 31, 2021.<br>2.7%<br>INCREASE<br>6.3%<br>INCREASE<br>U.S. DOLLAR INDEX<br>EXPOSURE BY REVENUE<br>(1)<br>CORE FFO/SHARE EXPOSURE<br>(2)<br>EXCHANGE RATES<br>(3)<br>U.S. DOLLAR /<br>BRITISH POUND<br>U.S. DOLLAR /<br>EURO<br>	12<br>2022<br>$6.85 / Sh<br>0.75%<br>SOFR<br>+/-100 bps<br>< 0.1%<br>GBP<br>+/-10%<br>2.0%<br>EUR<br>+/-10%<br>USD<br>CAD<br>GBP<br>EURO<br>JPY<br>HKD<br>SGD<br>AUD<br><1%<br>6%<br>24%<br><1%<br><1%<br>6%<br>1%<br>SEK<br><1%<br>DKK<br><1%<br>CHF<br>1%<br><1%<br><1%<br>HRK<br>KES<br>58%<br>DIGITAL REALTY	1Q22 FINANCIAL RESULTS	APRIL 28, 2022<br>58%<br><1%<br>6%<br>24%<br>< 1%<br>6%<br><1%<br>1%<br>< 1%<br>< 1%<br>1%<br>< 1%<br><1%<br>85<br>90<br>95<br>100<br>105<br>Jan-21Apr-21Jul-21Oct-21Jan-22<br>1Q211Q22<br>Apr-22
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Four Quarter Two-Step<br>Record Backlog Drives Second-Half Pickup<br>Note: Based on management estimates; actual performance may differ materially. Core FFO and NOI are non-GAAP financial measures.<br>For descriptions and reconciliations to the closest GAAP equivalents, see the Appendix.<br>2022E CORE FFO PER SHARE<br>	13<br>1Q22NOINormalizedFX2Q223Q224Q22<br>OpEx<br>Growth<br>DIGITAL REALTY	1Q22 FINANCIAL RESULTS	APRIL 28, 2022
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Committed to Conservative Capital Structure<br>Maximizing Capital Menu Options, Minimizing Cost<br>1)Net Debt to Adjusted EBITDA is calculated as total debt at balance sheet carrying value (see Appendix), plus capital lease obligations, plus our share of joint venture debt at carrying value, less cash and cash equivalents (including<br>JV share of cash), divided by the product of Adjusted EBITDA (including our share of joint venture EBITDA), multiplied by four.<br>2)Fixed charge coverage ratio is Adjusted EBITDA divided by fixed charges (including our pro rata share of unconsolidated jointventure fixed charges).<br>3)Pro forma for the full physical settlement of the September 2021 forward equity sales; assumes proceeds used to pay down credit facility.<br>-0.4x<br>6.3x<br>5.9x<br>1Q22<br>Reported<br>Pro Forma<br>Adjustments<br>1Q22<br>As Adjusted<br>Net Debt to Adjusted EBITDA<br>(1)<br>(3)<br>(3)<br>9<br>%<br>Floating Rate<br>Debt<br>3<br>%<br>Floating Rate<br>Debt<br>(3)<br>0.2x<br>5.5x<br>5.7x<br>1Q22<br>Reported<br>Pro Forma<br>Adjustments<br>1Q22<br>As Adjusted<br>Fixed Charge Coverage Ratio<br>(2)<br>	14<br>(3)<br>(3)<br>DIGITAL REALTY	1Q22 FINANCIAL RESULTS	APRIL 28, 2022
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DEBT MATURITY SCHEDULE AS OF MARCH31, 2022<br>(1)(2)<br>(U.S. $ in billions)<br>Matching the Duration of Assets and Liabilities<br>Clear Runway on the Left, No Bar Too Tall on the Right<br>99<br>%<br>Unsecured<br>Unsecured<br>Secured<br>Fixed<br>Floating<br>Euro<br>USD<br>GBP<br>Other<br>91<br>%<br>Fixed<br>77<br>%<br>Non-USD<br>6.1<br>YEARS<br>Weighted Avg.<br>Maturity<br>(1)(2)<br>2.2<br>%<br>Weighted Avg.<br>Coupon<br>(1)<br>DEBT PROFILE<br>	15<br>Note: As of March31, 2022.<br>Includes Digital Realty’s pro rata share of sixunconsolidated joint venture loans and debt securities.<br>Pro forma for the full physical settlement of the September 2021 forward equity sales; assumes proceeds used to pay down credit facility.<br>1)Assumes exercise of extension options.<br>DIGITAL REALTY	1Q22 FINANCIAL RESULTS	APRIL 28, 2022<br>$0.7<br>$0.1<br>$1.0<br>$1.3<br>$2.1<br>$1.3<br>$1.4<br>$1.7<br>$1.6<br>$1.7 $1.7<br>20222023202420252026202720282029203020312032 +<br>Pro Rata Share of JV Debt<br>Secured Mortgage Debt<br>Unsecured Senior Notes - USD<br>Unsecured Senior Notes - GBP<br>Unsecured Senior Notes - EUR<br>Unsecured Senior Notes - CHF<br>Other Unsecured Debt<br>Unsecured Green Senior Notes - CHF<br>Unsecured Green Senior Notes - EUR<br>Unsecured Credit Facilities<br>Pro Forma Payoffs<br>€<br>€<br>€<br>€<br>₣<br>₣<br>¥$<br>¥$<br>₣
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Q&A<br>	16<br>DIGITAL REALTY	1Q22 FINANCIAL RESULTS	APRIL 28, 2022
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Consistent Execution on Strategic Vision<br>Delivering Current Results, Seeding Future Growth<br>	17<br>SUCCESSFUL 1Q22INITIATIVES<br>1.Strengthening Connections with Customers<br>Booked $167 million of new business and landed 128 new logos<br>2.Enhancing our Global Platform<br>Announced transaction establishing Digital Realty as the leading Pan-African provider<br>3.Exceeding Expectations<br>Beat consensus estimates and maintained guidance despite stronger FX headwinds<br>4.Strengthening the Balance Sheet<br>Raised attractively priced long-term capital, redeemed high-coupon debt<br>DIGITAL REALTY	1Q22 FINANCIAL RESULTS	APRIL 28, 2022
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Appendix<br>	18<br>DIGITAL REALTY	1Q22 FINANCIAL RESULTS	APRIL 28, 2022
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Digital Transformation Driving Steady Demand<br>Global Full-Product Spectrum Provides Broadest Solutions<br>HISTORICAL BOOKINGS TRAILING FOUR-QUARTER AVERAGE<br>ANNUALIZED GAAP BASE RENT<br>$ in millions<br>1Q22TRAILING FOUR-QUARTER AVERAGEBOOKINGS<br>0-1 MW<br>$38.4 mm<br>> 1 MW<br>$85.4 mm<br>OTHER<br>(1)<br>$2.1 mm<br>INTERCONNECTION<br>$11.5 mm<br>TOTAL BOOKINGS<br>$137.4 mm<br>201120122013201420152016201720182019202020212022<br>	19<br>Note: Darker shading represents interconnection bookings. First quarter bookings are highlighted in lighter blue. 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>DIGITAL REALTY	1Q22 FINANCIAL RESULTS	APRIL 28, 2022<br>$0<br>$50<br>$100<br>$150
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Appendix<br>Management Statements on Non-GAAP Measures<br>	20<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<br>non-GAAP financial measures may differ from those of other REITs, and, therefore, may not be comparable. The non-GAAP financial measures should not be considered alternatives to net income or any other GAAP<br>measurement of performance and should not be considered an alternative to cash flows 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<br>Restatement. FFO represents net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from real estate transactions, impairment of investment in real estate, real estate related depreciation and<br>amortization (excluding amortization of deferred financing costs), unconsolidated JV real estate related depreciation & amortization, non-controlling interests in operating partnership and after adjustments for<br>unconsolidated partnerships and joint ventures. Management uses FFO as a supplemental performance measure because, in excludingreal estate related depreciation and amortization and gains and losses from property<br>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<br>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<br>excludes depreciation and amortization and captures neither the changes in the value of our data centers that result from useormarket conditions, nor the level of capital expenditures and capitalized leasing commissions<br>necessary to maintain the operating performance of our data centers, all of which have real economic effect and could materiallyimpact our financial condition and results from operations, the utility of FFO as a measure of<br>our performance is limited. Other REITs may not calculate FFO in accordance with the NAREIT definition and, accordingly, ourFFO may not be comparable to other REITs’ FFO. FFO should be considered only as a supplement<br>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 thatdo not reflect core revenue or expense streams, it provides a performance measure that,<br>when comparedyear overyear, captures trends in our core business operating performance. We calculate core FFO by adding to or subtracting from FFO (i)termination fees and other non-core revenues, (ii)transaction and<br>integration expenses, (iii)loss from early extinguishment of debt, (iv) gain on /issuance costs associated with redeemed preferred stock, (v)severance, equity acceleration, and legal expenses, (vi)gain/loss on FX revaluation,<br>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<br>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<br>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 from early extinguishment of debt, income taxes, and depreciation and amortization, or EBITDA, and Adjusted EBITDA (as defined below), are useful supplemental performance<br>measures because they allow investors to view our performance without the impact of non-cash depreciation and amortization or the cost of debt and, with respect to Adjusted EBITDA, unconsolidated joint venture real<br>estate related depreciation& amortization, unconsolidated joint venture interest expense and tax, severance, equity acceleration, and legal expenses, transaction and integration expenses, gain on sale / deconsolidation,<br>impairment of investments in real estate, other non-core adjustments, net, non-controlling interests, preferred stock dividends,including undeclared dividends, and issuance costs associated with redeemed preferred stock.<br>Adjusted EBITDA is EBITDA excluding unconsolidated joint venture real estate related depreciation& amortization, unconsolidatedjoint venture interest expense and tax, severance, equity acceleration, and legal expenses,<br>transaction and integration expenses, gain on sale / deconsolidation, impairment of investments in real estate, other non-core adjustments, net, non-controlling interests, preferred stock dividends, including undeclared<br>dividends, and gain on / issuance costs associated with redeemed preferred stock. In addition, we believe EBITDA and AdjustedEBITDA are frequently used by securities analysts, investors and other interested parties in the<br>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<br>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<br>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<br>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 utilitiesexpense, rental property operating expenses, property taxes and insurance expenses (as<br>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<br>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<br>basis. However, because NOI and cash NOI exclude depreciation and amortization and capture neither the changes in the value of our data centers that result from use or market conditions, nor the level of capital<br>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<br>utility of NOI and cash NOI as measures of our performance is limited. Other REITs may calculate NOI and cash NOI differentlythan we do and, accordingly, our NOI and cash NOI may not be comparable to other REITs’ NOI<br>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>Constant-Currency Core Funds from Operations:<br>We calculate constant-currency core funds from operations by adjusting the core funds from operations for foreign currency translations.<br>DIGITAL REALTY	1Q22 FINANCIAL RESULTS	APRIL 28, 2022
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Appendix<br>Forward-Looking Statements<br>	21<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<br>and uncertainties that could cause actual outcomes and results to differ materially. Such forward-looking statements include statements relating to: our economic outlook; expected physical settlement of the<br>forward sale agreements and use of proceeds from any such settlements; our expected investment and expansion activity; our jointventures; the expected benefits and timing of PlatformDIGITAL®; the Data<br>Gravity Index<br>™<br>; Data Gravity Index DGx<br>™<br>; public cloud services spending; our sustainability initiatives; the expected effect of foreign currency translation adjustments on our financials; demand drivers and<br>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<br>in our properties; our estimated time to stabilization and targeted returns at stabilization of our properties; our expected future acquisitions; acquisitions strategy; available inventory and development strategy;<br>the signing and commencement of leases, and related rental revenue; lag between signing and commencement of leases; our 2022 backlog; future rents; our expected same store portfolio growth; our expected<br>growth and stabilization of development completions and acquisitions; our expected mark to market rates on lease expirations,lease rollovers and expected rental rate changes; our re-leasing spreads; our leasing<br>expirations; our expected yields on investments; our expectations with respect to capital investments at lease expiration on existing data center or colocation space; barriers to entry; competition; debt maturities;<br>lease maturities; our expected returns on invested capital; estimated absorption rates; our other expected future financial and other results, and the assumptions underlying such results; our top investment<br>geographies and market opportunities; our expected colocation expansions; our ability to access the capital markets; expectedtime and cost savings to our customers; our customers’ capital investments; our<br>plans and intentions; future data center utilization, utilization rates, growth rates, trends, supply and demand; datacenter outsourcing trends; datacenter expansion plans; estimated kW/MW requirements;<br>growth in the overall Internet infrastructure sector and segments thereof; the replacement cost of our assets; the development costs of our buildings, and lead times; estimated costs for customers to deploy or<br>migrate to a new data center; capital expenditures; the effect new leases and increases in rental rates will have on our rental revenues and results of operations; lease expiration rates; our ability to borrow funds<br>under our credit facilities; estimates of the value of our development portfolio; our ability to meet our liquidity needs, including the ability to raise additional capital; credit ratings; capitalization rates, or cap<br>rates; market forecasts; potential new locations; the expected impact of our global expansion; dividend payments and our dividend policy; projected financial information and covenant metrics; core FFO run rate<br>and NOI growth; other forward looking financial data; leasing expectations; our exposure to tenants in certain industries; our expectations and underlying assumptions regarding our sensitivity to fluctuations in<br>foreign exchange rates and energy prices; 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,”<br>“expects,” “may,” “will,” “should,” “seeks,” “approximately,” “intends,” “plans,” “pro forma,” “estimates” or “anticipates” or the negative of these words and phrases or similar words or phrases which are<br>predictions of or indicate future events or trends and discussions which do not relate solely to historical matters. Such statements are based on management’s beliefs and assumptions made based on information<br>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,<br>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<br>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-<br>looking statements include, among others, the following: reduced demand for data centers or decreases in information technology spending; the competitive environment in which we operate; decreased rental<br>rates, increased operating costs or increased vacancy rates; on our or our customers’, suppliers’ or business partners’ operations during a pandemic, such as COVID-19; increased competition or available supply of<br>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<br>infrastructure or services; breaches of our obligations or restrictions under our contracts with our customers; our inabilitytosuccessfully develop and lease new properties and development space, and delays or<br>unexpected costs in development of properties; the impact of current global and local economic, credit and market conditions;our inability to retain data center space that we lease or sublease from third parties;<br>difficulty managing an international business and acquiring or operating properties in foreign jurisdictions and unfamiliar metropolitan areas; our inability to achieve expected revenue synergies or cost savings as<br>a result of our combination with Interxion; our failure to realize the intended benefits from, or disruptions to our plans and operations or unknown or contingent liabilities related to, our recent acquisitions; our<br>failure to successfully integrate and operate acquired or developed properties or businesses; difficulties in identifying properties to acquire and completing acquisitions; risks related to joint venture investments,<br>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,<br>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<br>external sources of capital; financial market fluctuations and changes in foreign currency exchange rates; adverse economic or real estate developments in our industry or the industry sectors that we sell to,<br>including risks relating to decreasing real estate valuations and impairment charges and goodwill and other intangible asset impairment charges; our inability to manage our growth effectively; losses in excess of<br>our insurance coverage; environmental liabilities and risks related to natural disasters; our inability to comply with rules andregulations applicable to our company; Digital Realty Trust, Inc.’s failure to maintain its<br>status as a REIT for federal income tax purposes; Digital Realty Trust, L.P.’s failure to qualify as a partnership for federal income tax purposes; restrictions on our ability to engage in certain business activities; and<br>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; our ability to attract and retain qualified<br>personnel and to attract and retain customers; and 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<br>10-K for the year ended December 31, 2021, and other filings with the Securities and Exchange Commission. Those risks continue to be relevant to our performance and financial condition. Moreover, we operate<br>in a very competitive and rapidly changing environment. New risk factors emerge from time to time and it is not possible formanagement to predict all such risk factors, nor can it assess the impact of all such risk<br>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<br>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,<br>Powered Base Building, PlatformDIGITAL, Data Gravity Index, Data Gravity Index DGxand Connected Data Communities 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>DIGITAL REALTY	1Q22 FINANCIAL RESULTS	APRIL 28, 2022
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Reconciliation of Non-GAAP Items<br>To Their Closest GAAP Equivalent<br>	22<br>DIGITAL REALTY	1Q22 FINANCIAL RESULTS	APRIL 28, 2022<br>March 31, 2022<br>March 31, 2021<br>Net income available to common stockholders63,101<br>$ 372,406<br>$<br>Adjustments:<br>Noncontrolling interests in operating partnership1,600<br> 9,800<br><br>Real estate related depreciation and amortization (1)374,162<br> 364,697<br><br>Real estate related depreciation and amortization related to investment in<br> unconsolidated joint ventures<br>29,320<br> 19,378<br><br>(Gain) on real estate transactions<br>(2,770)<br><br><br>(333,921)<br><br><br>Impairment of investments in real estate-<br> -<br><br>FFO available to common stockholders and unitholders465,412<br>$ 432,360<br>$<br>Basic FFO per share and unit1.60<br>$ 1.50<br>$<br>Diluted FFO per share and unit1.60<br>$ 1.49<br>$<br>Weighted average common stock and units outstanding<br>Basic290,163<br> 288,377<br><br>Diluted290,662<br> 289,211<br><br>(1) Real estate related depreciation and amortization was computed as follows:<br>Depreciation and amortization per income statement<br>382,132<br><br><br>369,733<br><br><br>Non-real estate depreciation<br>(7,970)<br><br><br>(5,036)<br><br><br>374,162<br>$<br><br>364,697<br>$<br><br>March 31, 2022<br>March 31, 2021<br>FFO available to common stockholders and unitholders -- basic and diluted465,412<br>$ 432,360<br>$<br>Weighted average common stock and units outstanding290,163<br> 288,377<br><br>Add: Effect of dilutive securities<br>499<br><br><br>834<br><br><br>Weighted average common stock and units outstanding -- diluted290,662<br> 289,211<br><br>Three Months Ended<br>Digital Realty Trust, Inc. and Subsidiaries<br>Reconciliation of Net Income Available to Common Stockholders to Funds From Operations (FFO)<br>(in thousands, except per share and unit data)<br>(unaudited)<br>Three Months Ended<br>March 31, 2022March 31, 2021<br>Total operating revenues1,127,322<br> 1,090,391<br><br>less:<br>Proforma disposition adjustment-<br> (40,357)<br><br>plus:<br>Constant currency adjustment25,551<br> -<br><br>Total operating revenues (as adjusted)<br>1,152,873<br> 1,050,034<br><br>Three Months Ended
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Reconciliation of Non-GAAP Items<br>To Their Closest GAAP Equivalent<br>	23<br>DIGITAL REALTY	1Q22 FINANCIAL RESULTS	APRIL 28, 2022<br>March 31, 2022<br>March 31, 2021<br>FFO available to common stockholders and unitholders -- diluted465,412<br>$ 432,360<br>$<br>Other non-core revenue adjustments13,916<br> (59)<br><br>Transaction and integration expenses11,968<br> 14,120<br><br>Loss from early extinguishment of debt51,135<br> 18,347<br><br>(Gain) / Loss on FX revaluation(67,676)<br> 34,072<br><br>Severance accrual and equity acceleration2,077<br> 2,427<br><br>Other non-core expense adjustments7,657<br> (19,239)<br><br>CFFO available to common stockholders and unitholders -- diluted484,490<br>$ 482,027<br>$<br>Diluted CFFO per share and unit1.67<br>$ 1.67<br>$<br>Digital Realty Trust, Inc. and Subsidiaries<br>Reconciliation of Funds From Operations (FFO) to Core Funds From Operations (CFFO)<br>(in thousands, except per share and unit data)<br>(unaudited)<br>Three Months Ended
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Reconciliation of Non-GAAP Items<br>To Their Closest GAAP Equivalent<br>	24<br>DIGITAL REALTY	1Q22 FINANCIAL RESULTS	APRIL 28, 2022<br>Digital Realty Trust, Inc. and Subsidiaries<br>Reconciliation of Net Income Available to Common Stockholders to Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) and Adjusted<br>EBITDA<br>(in thousands)<br>(unaudited)<br>Three Months Ended<br>March 31, 2022March 31, 2021<br>Net income available to common stockholders$ 63,101 $ 372,406<br>Interest66,725 75,653<br>Loss from early extinguishment of debt51,135 18,347<br>Income tax expense (benefit)13,244 7,547<br>Depreciation and amortization382,132 369,733<br>EBITDA<br>576,337 843,686<br>Unconsolidated JV real estate related depreciation & amortization29,320 19,378<br>Unconsolidated JV interest expense and tax expense21,111 8,786<br>Severance accrual and equity acceleration2,077 2,427<br>Transaction and integration expenses11,968 14,120<br>(Gain) / loss on sale of investments(2,770)(333,921)<br>Other non-core adjustments, net(48,858)38,575<br>Noncontrolling interests3,629 8,756<br>Preferred stock dividends, including undeclared dividends10,181 13,514<br>Adjusted EBITDA<br>$ 602,994 $ 615,320
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Reconciliation of Non-GAAP Items<br>To Their Closest GAAP Equivalent<br>	25<br>DIGITAL REALTY	1Q22 FINANCIAL RESULTS	APRIL 28, 2022<br>March 31, 2022<br>March 31, 2021<br>Rental revenues582,356<br>$ 609,098<br>$<br>Tenant reimbursements - Utilities165,022<br> 157,992<br><br>Tenant reimbursements - Other43,726<br> 47,552<br><br>Interconnection and other80,779<br> 80,509<br><br>Total Revenue<br>871,884<br> 895,151<br><br>Utilities180,262<br> 171,093<br><br>Rental property operating146,096<br> 150,508<br><br>Property taxes37,273<br> 38,109<br><br>Insurance3,198<br> 2,521<br><br>Total Expenses<br>366,828<br> 362,232<br><br>Net Operating Income505,056<br>$ 532,920<br>$<br>Less:<br>Stabilized straight-line rent(11,143)<br>$ 1,962<br>$<br>Above and below market rent655<br> (1,211)<br><br>Cash Net Operating Income - Reported<br>515,543<br>$ 532,169<br>$<br>Constant currency adj11,664<br> 0<br>Cash Net Operating Income - Constant currency<br>527,207<br>$ 532,169<br>$<br>Three Months Ended<br>Digital Realty Trust, Inc. and Subsidiaries<br>Reconciliation of Same Capital Cash Net Operating Income<br>(in thousands)<br>(unaudited)
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Reconciliation of Non-GAAP Items<br>To Their Closest GAAP Equivalent<br>	26<br>Note: For quarter ended March 31, 2022.<br>DIGITAL REALTY	1Q22 FINANCIAL RESULTS	APRIL 28, 2022<br>Total Debt/Total Enterprise Value<br>QE 3/31/22<br>Market value of common equity<br>(i)<br>41,257,638<br>$<br>Liquidation value of preferred equity<br>(ii)<br>755,000<br> Total GAAP interest expense (including unconsolidated JV interest expense)84,242<br><br>Total debt at balance sheet carrying value14,388,215<br> Add: Capitalized interest14,751<br><br>Total Enterprise Value 56,400,853<br>$ GAAP interest expense plus capitalized interest98,993<br><br>Total debt / total enterprise value<br>25.5%<br>Debt-plus-preferred-to-total-enterprise-value<br>26.8%<br>Debt Service Ratio<br>6.1x<br><br> (i) Market Value of Common Equity<br> Common shares outstanding 284,666<br><br> Common units outstanding 6,290<br><br>QE 3/31/22<br> Total Shares and Partnership Units290,957<br><br>Fixed Charged Ratio (LQA Adjusted EBITDA/total fixed charges)<br> Stock price as of March 31, 2022141.80<br>$<br> Market value of common equity41,257,638<br>$ GAAP interest expense plus capitalized interest98,993<br><br>Preferred dividends10,181<br><br> (ii) Liquidation value of preferred equity ($25.00 per share)<br>Total fixed charges109,175<br><br>Shares O/S<br>Liquidation Value<br> Series J Preferred8,000<br> 200,000<br> Fixed charge ratio<br>5.5x<br> Series K Preferred8,400<br> 210,000<br><br> Series L Preferred13,800<br> 345,000<br><br>755,000<br><br>(iv)<br>QE 3/31/22<br>Unsecured Debt/Total Debt<br>Net Debt/LQA Adjusted EBITDA<br>QE 3/31/22<br>Global unsecured revolving credit facility943,325<br><br>Total debt at balance sheet carrying value14,388,215<br>$ Unsecured senior notes, net of discount13,284,650<br><br>Add: DLR share of unconsolidated joint venture debt813,519<br> Secured debt, including premiums160,240<br><br>Add: Capital lease obligations, net329,755<br> Capital lease obligations, net329,755<br><br>Less: Unrestricted cash(189,221)<br> Total debt at balance sheet carrying value14,717,970<br><br>Net Debt as of March 31, 202215,342,268<br>$<br>Unsecured Debt / Total Debt<br>98.9%<br>Net Debt / LQA Adjusted EBITDA<br>(iii)<br>6.4x<br> (iii) Adjusted EBITDA<br>Net Debt Plus Preferred/LQA Adjusted EBITDA<br>QE 3/31/22<br> Net loss available to common stockholders63,101<br>$ Total debt at balance sheet carrying value14,388,215<br><br> Interest expense66,725<br> Less: Unrestricted cash(189,221)<br><br> Taxes13,244<br> Capital lease obligations, net329,755<br><br> Depreciation and amortization382,132<br> DLR share of unconsolidated joint venture debt813,519<br><br> EBITDA576,337<br> Net Debt as of March 31, 202215,342,268<br><br>Preferred Liquidation Value<br>(iv)<br>755,000<br><br> Unconsolidated JV real estate related depreciation & amortization29,319<br> Net Debt plus preferred16,097,268<br><br> Unconsolidated JV interest expense and tax expense21,111<br><br> Severance accrual and equity acceleration and legal expenses2,077<br><br>Net Debt Plus Preferred/LQA Adjusted EBITDA<br>(iii)<br>6.7x<br> Transaction and integration expenses11,968<br><br> Gain on sale / deconsolidation(2,770)<br><br> Other non-core adjustments, net(48,858)<br><br> Noncontrolling interests3,629<br><br> Preferred stock dividends, including undeclared dividends10,181<br><br> Adjusted EBITDA602,994<br>$<br>LQA Adjusted EBITDA (Adjusted EBITDA x 4)2,411,974<br>$<br>Debt Service Ratio (LQA Adjusted EBITDA/GAAP interest expense plus capitalized interest and less bridge facility<br>fees)
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