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): February 5, 2026

DIGITAL REALTY TRUST, INC.

(Exact name of registrant as specified in its charter)


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


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

( 214 ) 231-1350

(Registrant’s telephone number, including area code)

N/A

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

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

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

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

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

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

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


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

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


	Emerging growth company ☐

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

Item 2.02 Results of Operations and Financial Condition.

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

On February 5, 2026, we issued a press release announcing our financial results for the quarter ended December 31, 2025. The press release referred to certain supplemental information that is available on the Company’s website at www.digitalrealty.com. A copy of the press release and supplemental information is attached hereto as Exhibit 99.1 and incorporated by reference herein.

On February 5, 2026, we also posted presentation materials to our website at www.digitalrealty.com. The presentation materials are attached hereto as Exhibit 99.2 and incorporated by reference herein.

Item 7.01 Regulation FD Disclosure.

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

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.



Exhibit No.		Description

99.1		Earnings Press Release and Supplemental Information for the Quarter Ended December 31, 2025.
99.2		Presentation Materials posted February 5, 2026.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

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

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

Date: February 5, 2026

Table of Contents

Exhibit 99.1

Table of Contents

	Financial Supplement
Table of Contents		Fourth Quarter 2025

Overview	PAGE

Corporate Information	3

Key Quarterly Financial Data	5

Consolidated Statements of Operations

Earnings Release	7

2026 Outlook	10

Consolidated Quarterly Statements of Operations	12

Funds From Operations and Core Funds From Operations	13

Adjusted Funds From Operations	14

Balance Sheet Information

Consolidated Balance Sheets	15

Components of Net Asset Value	16

Debt Maturities	17

Debt Analysis and Covenant Compliance	18

Internal Growth

Same-Capital Operating Trend Summary	19

Summary of Leasing Activity - Signed	20

Summary of Leasing Activity - Renewed	21

Lease Expirations - By Size	22

Top 20 Customers by Annualized Rent	23

Occupancy Analysis	24

External Growth

Development Lifecycle	25

Construction Projects in Progress	26

Historical Capital Expenditures and Investments in Real Estate	27

Acquisitions / Dispositions / Joint Ventures	28

Unconsolidated Entities	29

Additional Information

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

Management Statements on Non-GAAP Measures	31

Forward-Looking Statements	33

Table of Contents

	Financial Supplement
Corporate Information		Fourth Quarter 2025

Corporate Profile

Digital Realty Trust, Inc. (“Digital Realty” or the “company”) owns, acquires, develops, and operates data centers through its operating partnership subsidiary, Digital Realty Trust, L.P. (the “operating partnership”). The company is focused on providing data center, colocation, and interconnection solutions for domestic and international customers across a variety of industry verticals ranging from cloud and information technology services, communications and social networking to financial services, manufacturing, energy, healthcare, and consumer products. As of December 31, 2025, the company’s 310 data centers, including 89 data centers held as investments in unconsolidated entities, contain applications and operations critical to the day-to-day operations of technology industry and corporate enterprise data center customers. Digital Realty’s portfolio is comprised of approximately 43.2 million square feet, excluding approximately 9.7 million square feet of space under active development and 4.7 million square feet of space held for future development, located throughout North America, Europe, South America, Asia, Australia, and Africa. For additional information, please visit the company’s website at digitalrealty.com.


Corporate Headquarters<br><br>Austin, TX<br>Website: digitalrealty.com	Senior Management<br><br>President & Chief Executive Officer: Andrew P. Power<br>Chief Financial Officer: Matthew R. Mercier<br>Chief Investment Officer: Gregory S. Wright<br>Chief Technology Officer: Christopher L. Sharp<br>Chief Revenue Officer: Colin M. McLean

Investor Relations

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

Analyst Coverage

BMO
		BMO Capital	BNP Paribas
BofA Securities	Barclays	Markets	Exane	Citigroup	Citizens JMP	Deutsche Bank
Michael Funk	Brendan Lynch	Ari Klein	Nate Crossett	Michael Rollins	Greg Miller	Benjamin Soff
(646) 855-5664	(212) 526-9428	(212) 885-4103	(646) 725-3716	(212) 816-1116	(212) 699-2917	(212) 250-3716

Evercore ISI	Goldman Sachs	Green Street Advisors	Guggenheim	HSBC	Jefferies	J.P. Morgan
Irvin Liu	Michael Ng	David Guarino	Joseph Osha	Phani Kanumuri	Jonathan Petersen	Richard Choe
(415) 800-0183	(212) 902-8618	(949) 640-8780	(415) 852-6468	(240) 709-8135	(212) 284-1705	(212) 662-6708

KeyBanc	Mizuho Group	MoffettNathanson	Morgan Stanley	Oppenheimer	Raymond James	RBC Capital Markets
Brandon Nispel	Vikram Malhotra	Nick Del Deo	Cameron McVeigh	Timothy Horan	Frank Louthan	Jonathan Atkin
(503) 821-3871	(212) 282-3827	(212) 519-0025	(212) 761-4209	(212) 667-8137	(404) 442-5867	(415) 633-8589

Scotiabank	Stifel	TD Cowen	Truist Securities	UBS	Wells Fargo	Wolfe Research
Maher Yaghi	Erik Rasmussen	Michael Elias	Anthony Hau	John Hodulik	Eric Luebchow	Andrew Rosivach
(437) 995-5548	(212) 271-3461	(646) 562-1358	(212) 303-4176	(212) 713-4226	(312) 630-2386	(646) 582-9250

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

Upcoming Conference Schedule


February 25, 2026	Wolfe Fifth Annual Real Estate Conference	Virtual
March 2 - 3, 2026	Citi's 2026 Global Property CEO Conference	Hollywood, FL
March 2, 2026	Morgan Stanley Technology, Media & Telecom Conference	San Francisco, CA
March 3, 2026	Raymond James & Associates’ 47th Annual Institutional Investors Conference	Orlando, FL
March 9, 2026	Deutsche Bank's 34th Annual Media, Internet & Telecom Conference	Palm Beach, FL

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

Table of Contents

	Financial Supplement
Corporate Information (Continued)		Fourth Quarter 2025

Stock Listing Information

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

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

Symbols may vary by stock quote provider.

Credit Ratings

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

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

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

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

Common Stock Price Performance

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


	Three Months Ended
	31-Dec-25		30-Sep-25		30-Jun-25		31-Mar-25		31-Dec-24
High price		$182.48		$182.00		$178.85		$187.74		198.00
Low price		$146.23		$159.22		$129.95		$139.27		155.16
Closing price, end of quarter		$154.71		$172.88		$174.33		$143.29		177.33
Average daily trading volume ^(1)^		1,826		1,520		2,034		2,529		1,911
Indicated dividend per common share ^(2)^		$4.88		$4.88		$4.88		$4.88		4.88
Closing annual dividend yield, end of quarter		3.2%		2.8%		2.8%		3.4%		2.8%
Shares and units outstanding, end of quarter ^(1) (3)^		349,746		349,244		346,644		343,092		342,772
Closing market value of shares and units outstanding ^(4)^		$54,109,204		$60,377,303		$60,430,449		$49,161,653		60,783,759

All values are in US Dollars.

(1)	Shares or shares and units in thousands.
(2)	On an annualized basis.
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(3)	As of December 31, 2025, the total number of shares and units includes 343,557 shares of common stock, 4,045 common units held by third parties and 2,144 common units and vested and unvested long-term incentive units held by directors, officers and others and excludes all shares of common stock potentially issuable upon conversion of our series J, series K and series L cumulative redeemable preferred stock upon certain change of control transactions.
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(4)	Dollars in thousands as of the end of the quarter.
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This Earnings Press Release and Supplemental Information package supplements the information provided in our quarterly and annual reports filed with the U.S. Securities and Exchange Commission. Additional information about us and our data centers is also available on our website at digitalrealty.com.

Table of Contents

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


** Shares and Units at End of Quarter**		31-Dec-25			30-Sep-25			30-Jun-25			31-Mar-25			31-Dec-24
Common shares outstanding			343,557			343,041			340,372			336,743			336,637
Common partnership units outstanding			6,189			6,203			6,272			6,349			6,135
Total Shares and Units	****		349,746	****		349,244	****		346,644	****		343,092	****		342,772

** Enterprise Value**
Market value of common equity ^(1)^			$54,109,204			$60,377,303			$60,430,449			$49,161,653			$60,783,759
Liquidation value of preferred equity			755,000			755,000			755,000			755,000			755,000
Total debt at balance sheet carrying value			18,402,135			18,225,434			18,452,148			17,016,279			16,714,377
Total Enterprise Value			$73,266,339			$79,357,737			$79,637,597			$66,932,932			$78,253,136
Total debt / total enterprise value			25.1%			23.0%			23.2%			25.4%			21.4%
Debt-plus-preferred-to-total-enterprise-value			26.1%			23.9%			24.1%			26.6%			22.3%

** Selected Balance Sheet Data**
Investments in real estate (before depreciation)			$39,855,116			$39,374,646			$38,613,260			$35,693,166			$35,401,912
Total Assets			49,410,468			48,728,634			48,714,995			45,080,562			45,283,616
Total Liabilities			24,564,494			23,739,412			23,853,149			21,902,406			22,107,836

** Selected Operating Data**
Total operating revenues			$1,634,671			$1,577,234			$1,493,150			$1,407,637			$1,435,862
Total operating expenses			1,522,047			1,438,813			1,281,453			1,211,887			1,291,540
Net income			96,111			63,713			1,046,946			106,395			185,688
Net income / (loss) available to common stockholders			88,466			57,631			1,021,975			99,793			179,388

** Financial Ratios**
EBITDA ^(2)^			$688,758			$679,912			$1,605,408			$658,400			$746,578
Adjusted EBITDA^(3)^			856,836			867,807			823,319			791,156			751,276
Net Debt-to-Adjusted EBITDA ^(4)^			4.9x			4.9x			5.1x			5.1x			4.8x
Interest expense			116,516			113,584			109,383			98,464			104,742
Fixed charges ^(5)^			161,479			156,687			148,957			138,739			149,364
Interest coverage ratio ^(6)^			4.8x			4.9x			5.0x			5.3x			4.5x
Fixed charge coverage ratio ^(7)^			4.5x			4.6x			4.7x			4.9x			4.2x

** Profitability Measures**
Net income / (loss) per common share - basic			$0.26			$0.17			$3.03			$0.30			$0.54
Net income / (loss) per common share - diluted			$0.24			$0.15			$2.94			$0.27			$0.51
Funds from operations (FFO) / diluted share and unit ^(8)^			$1.89			$1.65			$1.75			$1.67			$1.61
Core funds from operations (Core FFO) / diluted share and unit ^(8)^			$1.86			$1.89			$1.87			$1.77			$1.73
Adjusted funds from operations (AFFO) / diluted share and unit ^(9)^			$1.34			$1.76			$1.68			$1.78			$1.36
Dividends per share and common unit			$1.22			$1.22			$1.22			$1.22			$1.22
Diluted FFO payout ratio ^(8) (10)^			64.5%			73.8%			69.6%			73.2%			75.6%
Diluted Core FFO payout ratio ^(8) (11)^			65.6%			64.7%			65.2%			68.8%			70.7%
Diluted AFFO payout ratio ^(9) (12)^			90.9%			69.2%			72.8%			68.6%			89.5%

** Portfolio Statistics**
Buildings ^(13)^			329			330			330			328			328
Data Centers ^(13)^			310			311			310			308			308
Cross-connects^(13) (14)^			232,500			231,000			229,000			228,000			227,000
Net rentable square feet, excluding development space ^(13)^			43,208			42,706			42,529			41,778			41,326
Occupancy at end of quarter ^(15)^			84.7%			84.8%			84.8%			84.0%			84.1%
Occupied square footage ^(13)^			36,582			36,197			36,073			35,100			34,741
Space under active development ^(16)^			9,679			10,230			9,848			9,463			8,904
Space held for development ^(17)^			4,696			4,758			4,616			5,062			4,686
Weighted average remaining lease term (years) ^(18)^			5.0			5.0			5.1			4.9			4.8
Same-capital occupancy at end of quarter ^(15) (19)^			83.7%			83.7%			83.7%			83.4%			83.5%

Table of Contents

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

(1)	The market value of common equity is based on the closing stock price at the end of the quarter and assumes 100% redemption of the limited partnership units in our operating partnership, including common units and vested and unvested long-term incentive units, for shares of our common stock on a one-for-one basis. Excludes shares of common stock potentially issuable upon conversion of our series J, series K and series L cumulative redeemable preferred stock upon certain change of control transactions, as applicable.
(2)	EBITDA is calculated as earnings before interest expense, loss on debt extinguishment and modifications, tax expense, and depreciation and amortization. For a discussion of EBITDA, see page 31. For a reconciliation of net income available to common stockholders to EBITDA, see page 30.
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(3)	Adjusted EBITDA is EBITDA excluding (i) unconsolidated entities real estate related depreciation & amortization, (ii) unconsolidated entities interest and tax expense, (iii) severance, equity acceleration and legal expenses, (iv) transaction and integration expenses, (v) gain (loss) on sale / deconsolidation, (vi) provision for impairment, (vii) other non-core adjustments, net, (viii) noncontrolling interests, (ix) preferred stock dividends, and (x) gain on / issuance costs associated with redeemed preferred stock. For a discussion of Adjusted EBITDA, see page 31. For a reconciliation of net income available to common stockholders to Adjusted EBITDA, see page 30.
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(4)	Net Debt to Adjusted EBITDA is calculated as total debt at balance sheet carrying value (see page 5), plus finance lease obligations, plus our share of unconsolidated entities debt at carrying value, less cash and cash equivalents (including our share of unconsolidated entities cash), divided by the product of Adjusted EBITDA (including our pro rata share of unconsolidated entities EBITDA), multiplied by four.
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(5)	Fixed charges consist of GAAP interest expense, capitalized interest, scheduled debt principal payments and preferred stock dividends.
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(6)	Interest coverage ratio is Adjusted EBITDA (including our pro rata share of unconsolidated entities EBITDA), divided by GAAP interest expense plus capitalized interest (including our share of unconsolidated entities interest expense).
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(7)	Fixed charge coverage ratio is Adjusted EBITDA (including our pro rata share of unconsolidated entities EBITDA), divided by fixed charges (including our share of unconsolidated entities fixed charges).
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(8)	For definitions and discussion of FFO and Core FFO, see page 31. For reconciliations of net income available to common stockholders to FFO and Core FFO, see page 13.
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(9)	For a definition and discussion of AFFO, see page 31. For a reconciliation of Core FFO to AFFO, see page 14.
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(10)	Diluted FFO payout ratio is dividends declared per common share and unit divided by diluted FFO per share and unit.
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(11)	Diluted Core FFO payout ratio is dividends declared per common share and unit divided by diluted Core FFO per share and unit.
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(12)	Diluted AFFO payout ratio is dividends declared per common share and unit divided by diluted AFFO per share and unit.
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(13)	Includes buildings held as investments in unconsolidated entities. Excludes buildings held for sale and contribution.
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(14)	Represents approximate amounts.
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(15)	Occupancy and same-capital occupancy exclude space under active development and space held for development. Occupancy represents our consolidated portfolio in addition to our managed portfolio of unconsolidated entities and non-managed unconsolidated entities. For some of our buildings, we calculate occupancy based on factors in addition to contractually leased square feet, including available power, required support space and common area. Excludes buildings held for sale and contribution.
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(16)	Space under active development includes current Base Building and Data Centers projects in progress. Excludes buildings held for sale and contribution.
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(17)	Space held for development includes space held for future Data Center development and excludes space under active development. Excludes buildings held for sale and contribution.
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(18)	Weighted average remaining lease term excludes renewal options and is weighted by net rentable square feet.
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(19)	Represents buildings owned as of December 31, 2023, with less than 5% of total rentable square feet under development. Excludes buildings that were undergoing, or were expected to undergo, development activities in 2024-2025, buildings classified as held for sale and contribution, and buildings sold or contributed to joint ventures for all periods presented. Prior period results have been adjusted to reflect current same-capital pool.
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Table of Contents

Digital Realty Trust	Financial Supplement
Earnings Release		Fourth Quarter 2025

Digital Realty Reports Fourth Quarter 2025 Results

Austin, TX — February 5, 2026 — Digital Realty (NYSE: DLR), the largest global provider of cloud- and carrier-neutral data center, colocation and interconnection solutions, announced today financial results for the fourth quarter of 2025. All per share results are presented on a fully diluted basis.

Highlights

◾	Reported net income available to common stockholders of $0.24 per share in 4Q25, compared to $0.51 in 4Q24
◾	Reported FFO per share of $1.89 in 4Q25, compared to $1.61 in 4Q24
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◾	Reported Core FFO per share of $1.86 in 4Q25, compared to $1.73 in 4Q24; reported Constant-Currency Core FFO per share of $1.81 in 4Q25
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◾	Reported rental rate increases on renewal leases of 6.1% on a cash basis in 4Q25
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◾	Signed total bookings during 4Q25 that are expected to generate $400 million of annualized GAAP rental revenue at 100% share; at Digital Realty’s share, total bookings were $175 million, including a $96 million contribution from the 0-1 megawatt plus interconnection category
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◾	Reported a backlog of $817 million of annualized GAAP base rent, at Digital Realty’s share, at the end of 2025
---	---
◾	Introduced 2026 Core FFO per share outlook of $7.90 - $8.00 on a reported and Constant-Currency basis
---	---

Financial Results

Digital Realty reported revenues of $1.6 billion in the fourth quarter of 2025, a 4% increase from the previous quarter and a 14% increase from the same quarter last year.

The company delivered net income of $96 million in the fourth quarter of 2025, as well as net income available to common stockholders of $88 million and $0.24 per share, compared to $0.15 per share in the previous quarter and $0.51 per share in the same quarter last year.

Digital Realty generated Adjusted EBITDA of $857 million in the fourth quarter of 2025, a 1% decrease from the previous quarter and a 14% increase over the same quarter last year.

The company reported Funds From Operations (FFO) of $658 million in the fourth quarter of 2025, or $1.89 per share, compared to $1.65 per share in the previous quarter and $1.61 per share in the same quarter last year.

Excluding certain items that do not represent core expenses or revenue streams, Digital Realty delivered Core FFO per share of $1.86 in the fourth quarter of 2025, compared to $1.89 per share in the previous quarter and $1.73 per share in the same quarter last year. Digital Realty delivered Constant-Currency Core FFO per share of $1.81 in the fourth quarter of 2025 and $7.29 per share for the twelve-month period ended December 31, 2025.

“Digital Realty delivered strong financial results in 2025, with robust top‑line growth, record leasing across our 0‑1 megawatt plus interconnection offering, and a substantial backlog that provides clear revenue visibility into 2026 and beyond,” said Digital Realty President and CEO Andy Power. “The evolution of our private capital strategy is enabling us to efficiently scale development while maintaining a flexible balance sheet positioned for growth. At the same time, we’re expanding the PlatformDIGITAL footprint to meet rising global demand. Together, these initiatives strengthen our ability to support our customers’ cloud and AI roadmaps while driving long term value for shareholders.”

Leasing Activity

In the fourth quarter, Digital Realty signed total bookings that are expected to generate $400 million of annualized GAAP rental revenue, at 100% share; at Digital Realty’s share, total bookings were $175 million, including a $77 million contribution from the 0-1 megawatt category and a $19 million contribution from interconnection.

The weighted-average lag between new leases signed during the fourth quarter of 2025 and the contractual commencement date was eight months. The backlog of signed-but-not-commenced leases at quarter-end was $817 million of annualized GAAP base rent, at Digital Realty’s share.

In addition, Digital Realty also signed renewal leases representing $269 million of annualized cash rental revenue during the quarter. Rental rates on renewal leases signed during the fourth quarter of 2025 increased 6.1% on a cash basis and 12.0% on a GAAP basis.

Table of Contents

Digital Realty Trust	Financial Supplement
Earnings Release		Fourth Quarter 2025

New leases signed during the fourth quarter of 2025 at Digital Realty’s share are summarized by region and product as follows:


	Annualized GAAP
	Base Rent		Square Feet	GAAP Base Rent			GAAP Base Rent
Americas	(in thousands)		(in thousands)	per Square Foot		Megawatts	per Kilowatt
0-1 MW		39,317	112		351	12.2		$269
> 1 MW		64,759	207		313	29.0		186
Other ^(1)^		385	7		53	—		—
Total		104,461	326		320	41.2		$211

EMEA ^(2)^
0-1 MW		30,107	89		337	8.4		$300
> 1 MW		5,585	21		266	2.3		199
Other ^(1)^		291	1		289	—		—
Total		35,982	111		323	10.7		$278

Asia Pacific ^(2)^
0-1 MW		7,693	17		443	2.2		$286
> 1 MW		7,643	42		181	4.5		142
Other ^(1)^		46	1		45	—		—
Total		15,382	61		254	6.7		$190

All Regions ^(2)^
0-1 MW		77,118	219		352	22.8		$282
> 1 MW		77,987	270		289	35.9		181
Other ^(1)^		722	9		78	—		—
Total		155,826	498		313	58.6		$220

Interconnection		18,890	N/A		N/A	N/A		N/A

Grand Total at DLR Share		174,716	498		313	58.6		$220

Grand Total at 100% Share		400,330	1,291		294	159.1		$198

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 December 31, 2025.
---	---

Investment Activity

During the fourth quarter, Digital Realty sold a non-core data center in the Dallas metro area for gross proceeds of approximately $33 million, as previously disclosed.

Digital Realty acquired the following:

●	Two parcels of land totaling approximately 20 acres in the Portland metro area, one acquired in the fourth quarter and the other in January, that are expected to support up to 85 megawatts of IT capacity for approximately $23.6 million; and
●	A building and land in Lisbon, Portugal which can support up to 2.4 megawatts of IT capacity for approximately €7.1 million or $8.3 million, marking Digital Realty's entry into the Portugal market.
---	---

Further, Digital Realty Mivne established a new joint venture with MedOne Ltd., the leading data center operator in Israel. The joint venture acquired approximately 2.5 acres of land in Petah Tikvah, the primary connectivity hub in Israel, with the intention of developing an 18-megawatt campus for ILS90 million, or $29 million at 100% share. Digital Realty’s share of the land was $7.1 million.

Additionally, Digital Realty contributed an incremental 40% interest in five operating data centers to its Digital Realty DC Partners NA Fund, increasing the Fund's stake to 80% at year end. Digital Realty received approximately $427 million of additional proceeds as a result of the contribution.

Subsequent to quarter end, Digital Realty announced an agreement to acquire the TelcoHub 1 data center located in Cyberjaya, Malaysia, one of Greater Kuala Lumpur’s most established data center hubs. TelcoHub 1 is an operational 1.5 megawatt data center that is one of Malaysia's leading connectivity hubs. In conjunction with this transaction, Digital Realty also agreed to acquire adjacent land that can support up to 14 megawatts of IT capacity, providing clear capacity for future expansion. The transactions are expected to close in the first half of 2026, subject to customary closing conditions.

Table of Contents

Digital Realty Trust	Financial Supplement
Earnings Release		Fourth Quarter 2025

Balance Sheet

Digital Realty had approximately $18.4 billion of total debt outstanding as of December 31, 2025, comprised of $17.5 billion of unsecured debt and approximately $0.9 billion of secured debt and other debt. At the end of the fourth quarter of 2025, net debt-to-Adjusted EBITDA was 4.9x, debt-plus-preferred-to-total enterprise value was 26.1% and fixed charge coverage was 4.5x.

In October, the company sold 0.4 million shares of common stock under its At-The-Market (ATM) equity issuance program at a weighted average price of $175.68 per share, for net proceeds of approximately $77 million.

In November, Digital Realty issued €600 million of 3.750% notes due 2033 and €800 million of 4.250% notes due 2037, for aggregate net proceeds of approximately €1.4 billion ($1.6 billion).

In December, Digital Realty repaid early €1.075 billion ($1.3 billion) in aggregate principal amount of its 2.500% senior notes due 2026.

Table of Contents

Digital Realty Trust	Financial Supplement
Earnings Release		Fourth Quarter 2025

2026 Outlook

Digital Realty introduced its 2026 Core FFO per share outlook on a reported and Constant-Currency basis of $7.90 - $8.00. The assumptions underlying the outlook are summarized in the following table.


		As of
Top-Line and Cost Structure		February 5, 2026
Total revenue		$6.600 - $6.700 billion
Net non-cash rent adjustments ^(1)^		($90 - $95 million)
Adjusted EBITDA		$3.600 - $3.700 billion
G&A		$610 - $620 million

Internal Growth
Rental rates on renewal leases
Cash basis		6.0% - 8.0%
GAAP basis		8.5% - 10.5%
Year-end portfolio occupancy ^(2)^		+50 - 100 bps
"Same-Capital" cash NOI growth ^(3)^		4.0% - 5.0%

Foreign Exchange Rates
U.S. Dollar / Pound Sterling		$1.30 - $1.35
U.S. Dollar / Euro		$1.13 - $1.18

External Growth
Dispositions / Joint Venture Capital
Dollar volume		$500 - $1,000 million
Cap rate		0.0% - 10.0%
Development
CapEx (Net of Partner Contributions) ^(4)^		$3,250 - $3,750 million
Average stabilized yields		10.0%+
Enhancements and other non-recurring CapEx ^(5)^		$30 - $35 million
Recurring CapEx + capitalized leasing costs ^(6)^		$400 - $425 million

Balance Sheet
Long-term debt issuance
Dollar amount		$1,000 - $1,500 million
Pricing		4.0% - 4.5%
Timing		Mid-Year

Net income per diluted share		$2.55 - $2.65
Real estate depreciation and (gain) / loss on sale		$4.90 - $4.90
Funds From Operations / share (NAREIT-Defined)		$7.45 - $7.55
Non-core expenses and revenue streams		$0.45 - $0.45
Core Funds From Operations / share		$7.90 - $8.00
Foreign currency translation adjustments		$0.00 - $0.00
Constant-Currency Core Funds From Operations / share		$7.90 - $8.00

(1)	Net non-cash rent adjustments represent the sum of straight-line rental revenue and straight-line rental expense, as well as the amortization of above- and below-market leases (i.e., ASC 805 adjustments).
(2)	Year-end portfolio occupancy guidance based on IT load (kW).
---	---
(3)	The “Same-Capital” pool includes properties owned as of December 31, 2024 with less than 5% of total rentable square feet under development. It excludes properties that were undergoing, or were expected to undergo, development activities in 2025-2026, properties classified as held for sale and contribution, and properties sold or contributed to joint ventures for all periods presented. The 2026 “Same-Capital” cash NOI growth outlook is presented on a constant currency basis.
---	---
(4)	Excludes land acquisitions and includes Digital Realty’s share of joint venture and fund contributions. Figure is net of joint venture and fund partners’ share of contributions.
---	---
(5)	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.
---	---
(6)	Recurring CapEx represents non-incremental improvements required to maintain current revenues, including second-generation tenant improvements and leasing commissions.
---	---

Note: The company does not provide a reconciliation for non-GAAP estimates on a forward-looking basis, where it is unable to provide a meaningful or accurate calculation or estimation of reconciling items, and the information is not available without unreasonable effort. Please see Non-GAAP Financial Measures in this document for further discussion. 10

Table of Contents

Digital Realty Trust	Financial Supplement
Earnings Release		Fourth Quarter 2025

Non-GAAP Financial Measures

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

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

Investor Conference Call

Prior to Digital Realty’s investor conference call at 5:00 p.m. ET / 4:00 p.m. CT on February 5, 2026, a presentation will be posted to the Investors section of the company’s website at https://investor.digitalrealty.com. The presentation is designed to accompany the discussion of the company’s fourth quarter 2025 financial results and operating performance. The conference call will feature President & Chief Executive Officer Andy Power and Chief Financial Officer Matt Mercier.

A live webcast of the call will be available on the Investors section of Digital Realty’s website at https://investor.digitalrealty.com. The webcast will be archived until February 5, 2027 and the replay will be available shortly after the conclusion of the live event.

About Digital Realty

Digital Realty brings companies and data together by delivering the full spectrum of data center, colocation and interconnection solutions. PlatformDIGITAL®, the company’s global data center platform, provides customers with a secure data meeting place and a proven Pervasive Datacenter Architecture (PDx®) solution methodology for powering innovation and efficiently managing Data Gravity challenges. Digital Realty gives its customers access to the connected data communities that matter to them with a global data center footprint of 300+ facilities in 55+ metros across 30+ countries on six continents. To learn more about Digital Realty, please visit digitalrealty.com or follow us on LinkedIn and X.

Contact Information

Matt Mercier

Chief Financial Officer

Digital Realty

Jordan Sadler / Jim Huseby

Investor Relations

Digital Realty

(214) 231-1350

Table of Contents

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


	Three Months Ended					Twelve Months Ended
	31-Dec-25	30-Sep-25	30-Jun-25	31-Mar-25	31-Dec-24		31-Dec-25	31-Dec-24
Rental revenues	$1,074,703	$1,045,708	$1,003,550	$960,526	$958,892		$4,084,487	$3,722,646
Tenant reimbursements - Utilities	356,084	332,681	294,503	271,189	302,664		1,254,457	1,158,623
Tenant reimbursements - Other	34,406	37,302	37,355	42,177	38,591		151,240	158,612
Interconnection and other	123,414	120,399	121,952	112,969	112,360		478,734	442,591
Fee income	45,692	36,398	34,427	20,643	23,316		137,160	64,888
Other	372	4,746	1,363	133	40		6,614	7,608
Total Operating Revenues	$1,634,671	$1,577,234	$1,493,150	$1,407,637	$1,435,862		$6,112,692	$5,554,968

Utilities	$398,185	$375,627	$339,288	$313,385	$337,534		$1,426,485	$1,333,416
Rental property operating	295,948	278,292	267,724	238,600	273,104		1,080,564	984,921
Property taxes	50,791	51,823	49,570	48,856	46,044		201,040	182,453
Insurance	4,711	4,508	4,946	4,483	6,007		18,648	18,325
Depreciation and amortization	493,458	497,002	461,167	443,009	455,355		1,894,636	1,771,797
General and administration	159,283	139,911	133,755	121,112	124,470		554,061	473,521
Severance, equity acceleration and legal expenses	4,937	1,794	2,262	2,428	2,346		11,421	6,502
Transaction and integration expenses	36,083	86,559	22,546	39,902	11,797		185,090	93,902
Provision for impairment	78,553	—	—	—	22,881		78,553	191,184
Other expenses	98	3,297	195	112	12,002		3,702	27,083
Total Operating Expenses	$1,522,047	$1,438,813	$1,281,453	$1,211,887	$1,291,540		$5,454,200	$5,083,104

Operating Income	$112,624	$138,421	$211,697	$195,750	$144,322		$658,492	$471,864

Equity in earnings / (loss) of unconsolidated entities	4,659	(16,944)	(12,062)	(7,640)	(36,201)		(31,987)	(120,138)
Gain / (loss) on sale of investments	42,865	19,780	931,830	1,111	144,885		995,586	595,825
Interest and other income / (expense), net	42,797	47,735	37,747	32,773	44,517		161,052	154,243
Interest (expense)	(116,516)	(113,584)	(109,383)	(98,464)	(104,742)		(437,947)	(452,836)
Income tax benefit / (expense)	9,673	(11,695)	(12,883)	(17,135)	(4,928)		(32,040)	(54,760)
Gain (loss) on debt extinguishment and modifications	9	—	—	—	(2,165)		9	(5,871)
Net Income	$96,111	$63,713	$1,046,946	$106,395	$185,688		$1,313,165	$588,327

Net (income) / loss attributable to noncontrolling interests	2,536	4,099	(14,790)	3,579	3,881		(4,576)	14,163
Net Income Attributable to Digital Realty Trust, Inc.	$98,647	$67,812	$1,032,156	$109,974	$189,569		$1,308,589	$602,490

Preferred stock dividends	(10,181)	(10,181)	(10,181)	(10,181)	(10,181)		(40,724)	(40,725)
Net Income / (Loss) Available to Common Stockholders	$88,466	$57,631	$1,021,975	$99,793	$179,388		$1,267,865	$561,766

Weighted-average shares outstanding - basic	343,493	341,370	337,589	336,683	333,376		339,807	323,336
Weighted-average shares outstanding - diluted	351,570	349,234	345,734	344,721	340,690		347,810	331,547
Weighted-average fully diluted shares and units	357,430	355,165	351,691	350,632	346,756		353,720	337,697

Net income / (loss) per share - basic	$0.26	$0.17	$3.03	$0.30	$0.54		$3.73	$1.74
Net income / (loss) per share - diluted	$0.24	$0.15	$2.94	$0.27	$0.51		$3.58	$1.61

Table of Contents

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


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

Net Income / (Loss) Available to Common Stockholders		$88,466	$57,631	$1,021,975	$99,793	$179,388		$1,267,865	$561,766
Adjustments:
Noncontrolling interest in operating partnership		2,000	2,000	21,000	3,000	4,000		28,000	12,700
Real estate related depreciation and amortization ^(1)^		484,260	487,182	451,050	432,652	445,462		1,855,144	1,730,059
Reconciling items related to noncontrolling interests		(22,753)	(22,888)	(21,038)	(19,480)	(19,531)		(86,159)	(64,612)
Unconsolidated entities real estate related depreciation and amortization		70,260	65,922	59,172	55,861	49,463		251,215	192,931
(Gain) / loss on real estate transactions		(42,865)	(19,780)	(931,830)	(1,111)	(137,047)		(995,586)	(596,904)
Provision for impairment		78,553	—	—	—	22,881		78,553	191,185
Funds From Operations		$657,921	$570,067	$600,329	$570,715	$544,616		$2,399,032	$2,027,122

Weighted-average shares and units outstanding - basic		349,354	347,301	343,546	342,594	339,442		345,717	329,485
Weighted-average shares and units outstanding - diluted ^(2) (3)^		357,430	355,165	351,691	350,632	346,756		353,720	337,697

Funds From Operations per share - basic		$1.88	$1.64	$1.75	$1.67	$1.60		$6.94	$6.15

Funds From Operations per share - diluted^(2) (3)^		$1.89	$1.65	$1.75	$1.67	$1.61		$6.96	$6.14


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

Funds From Operations		$657,921	$570,067	$600,329	$570,715	$544,616		$2,399,032	$2,027,122
Other non-core revenue adjustments ^(4)^		(10,633)	(4,746)	4,228	(1,925)	4,537		(13,076)	(30,339)
Transaction and integration expenses		36,083	86,559	22,546	39,902	11,797		185,090	93,902
Gain (loss) on debt extinguishment and modifications		(9)	—	—	—	2,165		(9)	5,871
Severance, equity acceleration and legal expenses ^(5)^		4,937	1,794	2,262	2,428	2,346		11,421	6,502
(Gain) / Loss on FX and derivatives revaluation		(16,295)	252	8,827	(2,064)	7,127		(9,280)	74,464
Other non-core expense adjustments ^(6)^		(21,794)	2,075	5,092	(702)	14,229		(15,329)	37,671
Core Funds From Operations		$650,210	$656,001	$643,284	$608,354	$586,816		$2,557,849	$2,215,194

Weighted-average shares and units outstanding - diluted^(2) (3)^		349,740	347,700	343,909	343,050	339,982		346,086	329,899

Core Funds From Operations per share - diluted ^(2)^		$1.86	$1.89	$1.87	$1.77	$1.73		$7.39	$6.71


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

Depreciation and amortization per income statement		$493,458	$497,002	$461,167	$443,009	$455,355		$1,894,636	$1,771,798
Non-real estate depreciation		(9,198)	(9,820)	(10,117)	(10,356)	(9,894)		(39,492)	(41,739)
Real Estate Related Depreciation & Amortization		$484,260	$487,182	$451,050	$432,652	$445,462		$1,855,144	$1,730,059

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

---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		Three Months Ended																Twelve Months Ended
			31-Dec-25			30-Sep-25			30-Jun-25			31-Mar-25			31-Dec-24				31-Dec-25			31-Dec-24
Teraco noncontrolling share of FFO			$18,240			$17,018			$15,850			$13,286			$14,905				$64,394			$46,954
Teraco related minority interest			$18,240			$17,018			$15,850			$13,286			$14,905				$64,394			$46,954

(3)	For all periods presented, we have excluded the effect of dilutive series J, series K and series L preferred stock, as applicable, that may be converted into common stock upon the occurrence of specified change in control transactions as described in the articles supplementary governing the series J, series K and series L preferred stock, as applicable, which we consider highly improbable. See above for calculations of FFO and the share count detail section that follows the reconciliation of Core FFO to AFFO for calculations of weighted average common stock and units outstanding. For definitions and discussion of FFO and Core FFO, see the Definitions section.
(4)	Includes deferred rent adjustments related to a customer bankruptcy, development fees included in gains, lease termination fees and gain on sale of equity investment included in other income.
---	---
(5)	Relates to severance and other charges related to the departure of company executives and integration-related severance.
---	---
(6)	Includes write-offs associated with bankrupt or terminated customers, non-recurring legal and insurance expenses, impact of foreign tax rate changes and adjustments to reflect our proportionate share of transaction costs associated with noncontrolling interests.
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Table of Contents

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


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

Core FFO available to common stockholders and unitholders		$650,210	$656,001	$643,284	$608,354	$586,816		$2,557,849	$2,215,194
Adjustments:
Non-real estate depreciation		9,198	9,820	10,117	10,356	9,894		39,492	41,739
Amortization of deferred financing costs		6,781	6,565	6,451	6,548	5,697		26,345	21,198
Amortization of debt discount/premium		1,341	1,293	1,251	1,125	1,324		5,010	5,805
Non-cash stock-based compensation expense		17,327	18,174	18,026	16,700	13,386		70,227	55,468
Straight-line rental revenue		(34,351)	(33,351)	(23,698)	(9,692)	(18,242)		(101,092)	(25,513)
Straight-line rental expense		(97)	(271)	(475)	(160)	(136)		(1,003)	3,447
Above- and below-market rent amortization		(972)	(864)	(752)	(706)	(269)		(3,294)	(3,555)
Deferred tax (benefit) / expense		(26,184)	18,187	(30,714)	(517)	(15,048)		(39,228)	(37,834)
Leasing compensation and internal lease commissions		14,644	15,013	14,721	13,405	10,505		57,783	45,233
Recurring capital expenditures ^(1)^		(168,539)	(77,998)	(62,083)	(35,305)	(130,245)		(343,925)	(305,712)

AFFO available to common stockholders and unitholders ^(2)^		$469,358	$612,569	$576,127	$610,108	$463,682		$2,268,164	$2,015,471

Weighted-average shares and units outstanding - basic		349,354	347,301	343,546	342,594	339,442		345,717	329,485
Weighted-average shares and units outstanding - diluted ^(3)^		349,740	347,700	343,909	343,050	339,982		346,086	329,899

AFFO per share - diluted ^(3)^		$1.34	$1.76	$1.68	$1.78	$1.36		$6.55	$6.11

Dividends per share and common unit		$1.22	$1.22	$1.22	$1.22	$1.22		$4.88	$4.88

Diluted AFFO Payout Ratio		90.9%	69.2%	72.8%	68.6%	89.5%		74.5%	79.9%


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

Weighted Average Common Stock and Units Outstanding		349,354	347,301	343,546	342,594	339,442		345,717	329,485
Add: Effect of dilutive securities		386	399	362	456	540		369	413
Weighted Avg. Common Stock and Units Outstanding - diluted		349,740	347,700	343,909	343,050	339,982		346,086	329,899

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

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


	31-Dec-25		30-Sep-25		30-Jun-25		31-Mar-25		31-Dec-24
Assets
Investments in real estate:
Real estate		$31,359,298		$30,194,891		$29,836,218		$27,947,964		$27,558,993
Construction in progress		4,976,785		5,422,338		5,080,701		4,973,266		5,164,334
Land held for future development		91,130		66,668		73,665		69,089		38,785
Investments in Real Estate		$36,427,213		$35,683,897		$34,990,583		$32,990,319		$32,762,112
Accumulated depreciation and amortization		(9,993,596)		(9,665,380)		(9,341,719)		(8,856,535)		(8,641,331)
Net Investments in Properties		$26,433,617		$26,018,517		$25,648,865		$24,133,784		$24,120,781
Investment in unconsolidated entities		3,427,903		3,690,749		3,622,677		2,702,847		2,639,800
Net Investments in Real Estate		$29,861,520		$29,709,266		$29,271,542		$26,836,631		$26,760,582

Operating lease right-of-use assets, net		$1,135,645		$1,167,398		$1,180,657		$1,165,924		$1,178,853
Cash and cash equivalents		3,451,647		3,299,703		3,554,126		2,321,885		3,870,891
Accounts and other receivables, net (1)		1,358,895		1,496,105		1,586,146		1,373,521		1,257,464
Deferred rent, net		750,907		710,624		681,375		641,290		642,456
Goodwill		9,711,953		9,647,754		9,636,513		9,174,165		8,929,431
Customer relationship value, deferred leasing costs and other intangibles, net		2,134,698		2,080,898		2,171,318		2,124,989		2,178,054
Assets held for sale and contribution		349,826		116,624		139,993		953,236		—
Other assets		655,377		500,262		493,325		488,921		465,885
Total Assets		$49,410,468		$48,728,634		$48,714,995		$45,080,562		$45,283,616

Liabilities and Equity
Global unsecured revolving credit facilities, net		$899,090		$1,152,042		$567,699		$1,096,931		$1,611,308
Unsecured term loans, net		439,536		438,933		440,788		404,335		386,903
Unsecured senior notes, net of discount		16,194,441		15,808,565		16,641,367		14,744,063		13,962,852
Secured and other debt, net of discount		869,068		825,894		802,294		770,950		753,314
Operating lease liabilities		1,253,217		1,285,067		1,298,085		1,281,572		1,294,219
Accounts payable and other accrued liabilities		2,600,979		2,377,726		2,310,882		1,927,611		2,056,215
Deferred tax liabilities		1,124,724		1,151,374		1,137,305		1,109,294		1,084,562
Accrued dividends and distributions		428,337		—		—		—		418,661
Security deposits and prepaid rents		754,920		699,528		653,640		559,768		539,802
Obligations associated with assets held for sale and contribution		182		283		1,089		7,882		—
Total Liabilities		$24,564,494		$23,739,412		$23,853,149		$21,902,406		$22,107,836

Redeemable noncontrolling interests		1,498,975		1,535,972		1,505,889		1,459,322		1,433,185

Equity
Preferred Stock: 0.01 par value per share, 110,000 shares authorized:
Series J Cumulative Redeemable Preferred Stock (2)		$193,540		$193,540		$193,540		$193,540		$193,540
Series K Cumulative Redeemable Preferred Stock (3)		203,264		203,264		203,264		203,264		203,264
Series L Cumulative Redeemable Preferred Stock (4)		334,886		334,886		334,886		334,886		334,886
Common Stock: 0.01 par value per share, 502,000 shares authorized (5)		3,406		3,400		3,374		3,338		3,337
Additional paid-in capital		29,350,487		29,182,332		28,720,826		28,091,661		28,079,738
Dividends in excess of earnings		(6,690,722)		(6,358,501)		(5,997,607)		(6,604,217)		(6,292,085)
Accumulated other comprehensive (loss), net		(469,198)		(533,891)		(543,756)		(926,874)		(1,182,283)
Total Stockholders' Equity		$22,925,663		$23,025,030		$22,914,527		$21,295,598		$21,340,397

Noncontrolling Interests
Noncontrolling interest in operating partnership		$415,456		$420,280		$431,000		$415,956		$396,099
Noncontrolling interest in consolidated entities		5,880		7,940		10,430		7,280		6,099

Total Noncontrolling Interests		$421,336		$428,220		$441,430		$423,236		$402,198

Total Equity		$23,346,999		$23,453,250		$23,355,957		$21,718,834		$21,742,595

Total Liabilities and Equity		$49,410,468		$48,728,634		$48,714,995		$45,080,562		$45,283,616

All values are in US Dollars.

(1)	Net of allowance for doubtful accounts of $86,351 and $59,224 as of December 31, 2025 and December 31, 2024, respectively.
(2)	Series J Cumulative Redeemable Preferred Stock, 5.250%, $200,000 liquidation preference ($25.00 per share), 8,000 shares issued and outstanding as of December 31, 2025 and December 31, 2024.
---	---
(3)	Series K Cumulative Redeemable Preferred Stock, 5.850%, $210,000 liquidation preference ($25.00 per share), 8,400 shares issued and outstanding as of December 31, 2025 and December 31, 2024.
---	---
(4)	Series L Cumulative Redeemable Preferred Stock, 5.200%, $345,000 liquidation preference ($25.00 per share), 13,800 shares issued and outstanding as of December 31, 2025 and December 31, 2024.
---	---
(5)	Common Stock: 343,557 and 336,637 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively.
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Table of Contents

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


Consolidated Properties Cash Net Operating Income (NOI)^(2)^, Annualized ^(3)^
Network-Dense			$1,178,813
Campus			1,957,833
Other ^(4)^			77,358
Total Cash NOI, Annualized			$3,214,004
less: Partners' share of consolidated JVs			(84,721)
Acquisitions / dispositions / expirations			(142,880)
FY 2026 backlog cash NOI and 4Q25 carry-over (stabilized) ^(5)^			359,005
Total Consolidated Cash NOI, Annualized			$3,345,408

Digital Realty's Pro Rata Share of Unconsolidated Entities Cash NOI ^(3) (6)^			$361,940

Other Income
Development and Management Fees (net), Annualized			$182,769

Other Assets
Pre-stabilized inventory, at cost ^(7)^			$480,686
Land held for development			91,130
Development CIP ^(8)^			4,976,785
less: Investment associated with FY26 Backlog NOI ^(9)^			(1,018,532)
Cash and cash equivalents			3,451,647
Accounts and other receivables, net			1,358,895
Other assets			655,377
less: Partners' share of consolidated entities assets			(160,412)
Total Other Assets			$9,835,576

Liabilities
Global unsecured revolving credit facilities			$918,539
Unsecured term loans			440,475
Unsecured senior notes			16,321,227
Secured and other debt			876,528
Accounts payable and other accrued liabilities			2,600,979
Deferred tax liabilities			1,124,724
Accrued dividends and distributions			428,337
Security deposits and prepaid rents			754,920
Obligations associated with assets held for sale and contribution			182
Backlog NOI cost to complete ^(9)^			1,027,953
Preferred stock			755,000
Digital Realty's share of unconsolidated entities debt			1,897,624
less: Partners' share of consolidated entities liabilities			(522,145)
Total Liabilities			$26,624,343

(1)	Backlog and associated financial line items include activity related to unconsolidated entities properties.
(2)	For definitions and discussion of NOI and cash NOI and a reconciliation of operating income to NOI and cash NOI, see page 32.
---	---
(3)	Annualized cash NOI is calculated by multiplying results for the most recent quarter by four. Annualized results may not be indicative of any four-quarter period and do not take into account scheduled lease expirations, among other things. Annualized data is presented for illustrative purposes only. Reflects annualized 4Q25 Cash NOI of $3.2 billion. NOI is allocated based on management’s estimates derived using contractual ABR and stabilized margins.
---	---
(4)	Other includes Powered Base Building shell capacity as well as storage and office space within fully improved data center facilities.
---	---
(5)	Estimated cash NOI related to signed leases that are expected to commence through December 31, 2026. Includes Digital Realty’s share of signed leases at unconsolidated entities properties.
---	---
(6)	For a reconciliation of Digital Realty’s pro rata share of unconsolidated entities operating income to cash NOI, see page 29.
---	---
(7)	Excludes Digital Realty’s share of cost at unconsolidated entities properties.
---	---
(8)	See page 26 for further details on the breakdown of the construction in progress balance.
---	---
(9)	Includes Digital Realty’s share of construction in progress and expected cost to complete at unconsolidated entities properties.
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Table of Contents

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


	As of December 31, 2025
		Interest Rate
	Interest	Including
	Rate	Swaps	2026	2027	2028	2029	2030	Thereafter	Total
Global Unsecured Revolving Credit Facilities ^(1)^ ****
Global unsecured revolving credit facility	2.829%	2.829%	—	—	—	—	$797,938	—	$797,938
Yen revolving credit facility	1.275%	1.275%	—	—	—	—	120,601	—	120,601
Deferred financing costs, net	—	—	—	—	—	—	—	—	(19,449)
Total Global Unsecured Revolving Credit Facilities	2.625%	2.625%	—	—	—	—	$918,539	—	$899,090

Unsecured Term Loans^(1)^
Euro term loan facility	2.734%	2.734%	—	$440,475	—	—	—	—	$440,475
Deferred financing costs, net	—	—	—	—	—	—	—	—	(939)
Total Unsecured Term Loans	2.734%	2.734%	—	$440,475	—	—	—	—	$439,536

Senior Notes
₣275 million 0.200% Notes due 2026	0.200%	0.200%	$346,918	—	—	—	—	—	$346,918
₣150 million 1.700% Notes due 2027	1.700%	1.700%	—	$189,228	—	—	—	—	189,228
$1.00 billion 3.700% Notes due 2027 ^(2)^	3.700%	2.485%	—	1,000,000	—	—	—	—	1,000,000
€500 million 1.125% Notes due 2028	1.125%	1.125%	—	—	$587,300	—	—	—	587,300
$900 million 5.550% Notes due 2028 ^(2)^	5.550%	3.996%	—	—	900,000	—	—	—	900,000
$650 million 4.450% Notes due 2028	4.450%	4.450%	—	—	650,000	—	—	—	650,000
₣270 million 0.550% Notes due 2029	0.550%	0.550%	—	—	—	$340,611	—	—	340,611
$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%	—	—	—	471,625	—	—	471,625
$1.15 billion 1.875% Exchangeable Notes due 2029 ^(2)^	1.875%	1.263%	—	—	—	1,150,000	—	—	1,150,000
€750 million 1.500% Notes due 2030	1.500%	1.500%	—	—	—	—	$880,950	—	880,950
£550 million 3.750% Notes due 2030	3.750%	3.750%	—	—	—	—	741,125	—	741,125
€500 million 1.250% Notes due 2031	1.250%	1.250%	—	—	—	—	—	$587,300	587,300
€1.00 billion 0.625% Notes due 2031	0.625%	0.625%	—	—	—	—	—	1,174,600	1,174,600
€750 million 1.000% Notes due 2032	1.000%	1.000%	—	—	—	—	—	880,950	880,950
€750 million 1.375% Notes due 2032	1.375%	1.375%	—	—	—	—	—	880,950	880,950
€600 million 3.750% Notes due 2033	3.750%	3.750%	—	—	—	—	—	704,760	704,760
€850 million 3.875% Notes due 2033	3.875%	3.875%	—	—	—	—	—	998,410	998,410
€850 million 3.875% Notes due 2034	3.875%	3.875%	—	—	—	—	—	998,410	998,410
€850 million 3.875% Notes due 2035	3.875%	3.875%	—	—	—	—	—	998,410	998,410
€800 million 4.250% Notes due 2037	4.250%	4.250%	—	—	—	—	—	939,680	939,680
Unamortized discounts, net	—	—	—	—	—	—	—	—	(46,316)
Deferred financing costs, net	—	—	—	—	—	—	—	—	(80,470)
Total Senior Notes	2.799%	2.596%	$346,918	$1,189,228	$2,137,300	$2,862,236	$1,622,075	$8,163,470	$16,194,441

Secured Debt
ICN10 Facilities	4.720%	3.133%	—	—	—	—	$11,698	—	$11,698
Westin	3.290%	3.290%	—	$135,000	—	—	—	—	135,000
Teraco Loans	8.999%	10.148%	$56,514	112,127	$420,744	$15,096	52,835	—	657,315
Deferred financing costs, net	—	—	—	—	—	—	—	—	(3,298)
Total Secured Debt	7.978%	8.894%	$56,514	$247,127	$420,744	$15,096	$64,533	—	$800,715

Other Debt
Icolo loans	12.732%	12.732%	$6,431	$4,899	$1,180	$5,660	—	—	$18,170
Total Other Debt	12.732%	12.732%	$6,431	$4,899	$1,180	$5,660	—	—	$18,170

Mandatorily Redeemable Preferred Shares (Teraco)
Mandatorily Redeemable Preferred Shares (Teraco)	9.675%	9.675%	$54,345	—	—	—	—	—	$54,345
Unamortized discounts, net	—	—	—	—	—	—	—	—	(4,162)
Total Redeemable Preferred Shares	9.675%	9.675%	$54,345	—	—	—	—	—	$50,183

Total unhedged variable rate debt	—	—	$56,086	$443,786	$16,446	$1,811	$929,353	—	$1,447,482
Total fixed rate / hedged variable rate debt	—	—	408,122	1,437,943	2,542,778	2,881,181	1,675,794	$8,163,470	17,109,288
Total Debt	3.043%	2.904%	$464,208	$1,881,729	$2,559,224	$2,882,992	$2,605,147	$8,163,470	$18,556,770

Weighted Average Interest Rate			2.694%	3.005%	4.468%	2.311%	2.719%	2.671%	2.904%

Summary

Weighted Average Term to Initial Maturity									5.0 Years

Weighted Average Maturity (assuming exercise of extension options)									5.0 Years


Global Unsecured Revolving Credit Facilities Detail As of December 31, 2025

	Maximum Available	Existing Capacity (3)	Currently Drawn

Global Unsecured Revolving Credit Facilities	4,456,769	3,444,047	918,539

All values are in US Dollars.

(1)	Assumes all extensions will be exercised.
(2)	Subject to cross-currency swaps.
---	---
(3)	Net of letters of credit issued of $94.2 million.
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Table of Contents

Debt Analysis and Covenant Compliance	Financial Supplement
Unaudited		Fourth Quarter 2025


	As of December 31, 2025

				Global Unsecured
	Unsecured Senior Notes			Credit Facilities
Debt Covenant Ratios ^(1)^	Required	Actual ^(2)^	Actual ^(3)^	Required	Actual
Total outstanding debt / total assets ^(4)^	Less than 60%	41%	35%	Less than 60%^(5)^	30%
Secured debt / total assets ^(6)^	Less than 40%	5%	1%	Less than 40% ^(7)^	3%
Total unencumbered assets / unsecured debt	Greater than 150%	256%	281%	N/A	N/A
Consolidated EBITDA / interest expense ^(8)^	Greater than 1.50x	4.4x	4.4x	N/A	N/A
Fixed charge coverage		N/A	N/A	Greater than 1.50x	4.8x
Unencumbered assets debt service coverage ratio ^(9)^		N/A	N/A	Greater than 1.50x	5.4

(1)	For definitions of the terms used in the table above and related footnotes, please refer to the indentures which govern the notes, the Third Amended and Restated Global Senior Credit Agreement dated as of September 24, 2024 and the Second Amended and Restated Yen facility Credit Agreement dated as of September 24, 2024, each as amended and which are filed as exhibits to our reports filed with the U.S. Securities and Exchange Commission.
(2)	Ratios for the Unsecured Senior Notes listed on page 17 except for the 0.20% notes due 2026, 1.70% notes due 2027, 5.550% notes due 2028, 0.55% notes due 2029, 1.875% notes due 2029, 1.250% notes due 2031, 0.625% notes due 2031, 1.00% notes due 2032, 1.375% notes due 2032, 3.750% notes due 2033, 3.875% notes due 2033, 3.875% notes due 2034, 3.875% notes due 2035 and 4.250% notes due 2037.
---	---
(3)	Ratios for the 0.20% notes due 2026, 1.70% notes due 2027, 5.550% notes due 2028, 0.55% notes due 2029, 1.875% notes due 2029, 1.250% notes due 2031, 0.625% notes due 2031, 1.00% notes due 2032, 1.375% notes due 2032, 3.750% notes due 2033, 3.875% notes due 2033, 3.875% notes due 2034, 3.875% notes due 2035 and 4.250% notes due 2037.
---	---
(4)	This ratio is referred to as the Leverage Ratio, defined as Consolidated Debt / Total Asset Value, under the global unsecured revolving credit facility and the Yen facility. For the calculation of Total Assets, please refer to the indentures which govern the notes, the Third Amended and Restated Global Senior Credit Agreement dated as of September 24, 2024 and the Second Amended and Restated Yen facility Credit Agreement dated as of September 24, 2024, each as amended and which are filed as exhibits to our reports filed with the U.S. Securities and Exchange Commission.
---	---
(5)	The company has the right to maintain a Leverage Ratio of greater than 60.0% but less than or equal to 65.0% for up to four consecutive fiscal quarters during the term of the facility following any acquisition of one or more Assets.
---	---
(6)	This ratio is referred to as the Secured Debt Leverage Ratio, defined as Secured Debt / Total Asset Value, under the global unsecured revolving credit facility and the Yen facility.
---	---
(7)	The company has the right to maintain a Secured Debt Leverage Ratio of greater than 40.0% but less than or equal to 45.0% for up to four consecutive fiscal quarters during the term of the facility following any acquisition of one or more Assets.
---	---
(8)	Calculated as current quarter annualized consolidated EBITDA to current quarter annualized Interest Expense (including capitalized interest and debt discounts).
---	---
(9)	Assets must satisfy certain conditions to qualify for inclusion as an Unencumbered Asset under the global unsecured revolving credit facility and the Yen facility.
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Table of Contents

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

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


	Three Months Ended										Twelve Months Ended
	31-Dec-25		31-Dec-24		% Change		30-Sep-25		% Change		31-Dec-25		31-Dec-24		% Change
Rental revenues		$740,566		$690,569		7.2%		$736,542		0.5%		$2,880,090		$2,714,688		6.1%
Tenant reimbursements - Utilities		252,644		226,821		11.4%		244,458		3.3%		932,787		885,545		5.3%
Tenant reimbursements - Other		23,463		24,904		(5.8%)		26,224		(10.5%)		102,330		104,385		(2.0%)
Interconnection and other		91,087		81,660		11.5%		91,121		(0.0%)		357,643		323,547		10.5%
Total Revenue		$1,107,760		$1,023,954		8.2%		$1,098,345		0.9%		$4,272,850		$4,028,165		6.1%

Utilities		$266,615		$245,191		8.7%		$274,782		(3.0%)		$1,031,119		$1,001,884		2.9%
Rental property operating		213,275		199,186		7.1%		198,727		7.3%		772,706		712,225		8.5%
Property taxes		37,078		31,456		17.9%		40,905		(9.4%)		148,590		141,129		5.3%
Insurance		4,804		4,158		15.5%		4,841		(0.8%)		18,963		15,542		22.0%
Total Expenses		$521,772		$479,991		8.7%		$519,255		0.5%		$1,971,378		$1,870,780		5.4%

Net Operating Income ^(2)^		$585,988		$543,963		7.7%		$579,090		1.2%		$2,301,472		$2,157,385		6.7%
Less:
Stabilized straight-line rent		$4,384		$8,874		(50.6%)		$6,017		(27.1%)		$13,398		$11,009		21.7%
Above- and below-market rent		636		91		595.3%		580		9.5%		2,318		1,795		29.1%
Cash Net Operating Income ^(3)^		$580,968		$534,998		8.6%		$572,493		1.5%		$2,285,756		$2,144,581		6.6%

Constant Currency Cash Net Operating Income ^(4)^		$559,059		$534,998		4.5%						$2,240,979		$2,144,581		4.5%

Stabilized Portfolio Occupancy at period end ^(5)^		83.7%		83.5%		(0.2%)		83.7%		(0.1%)		83.7%		83.5%		(0.2%)

(1)	Represents buildings owned as of December 31, 2023 with less than 5% of total rentable square feet under development. Excludes buildings that were undergoing, or were expected to undergo, development activities in 2024-2025, buildings classified as held for sale and contribution, and buildings sold or contributed to joint ventures for all periods presented. Prior period numbers adjusted to reflect current same-capital pool.
(2)	For a definition and discussion of net operating income and a reconciliation of operating income to NOI, see page 32.
---	---
(3)	For a definition and discussion of cash net operating income and a reconciliation of operating income to cash NOI, see page 32.
---	---
(4)	Adjustment calculated by holding currency translation rates for 2025 constant with average currency translation rates that were applicable to the same periods in 2024.
---	---
(5)	Occupancy excludes space under active development and space held for development. For some of our buildings, we calculate occupancy based on factors in addition to contractually leased square feet, including available power, required support space and common areas.
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Table of Contents

Summary of Leasing Activity	Financial Supplement
Leases Signed in the Quarter End December 31, 2025		Fourth Quarter 2025


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

Annualized GAAP Rent (in thousands)		77,118		268,637		$77,987		$371,302		$722		$3,672		$155,826		$643,611

Kilowatt leased		22,788		78,204		35,852		152,556		—		—		58,640		230,760
NRSF (in thousands)		219		845		270		1,188		9		61		498		2,093

Weighted Average Lease Term (years)		4.2		4.5		8.9		10.0		8.6		8.3		6.1		7.5

Initial stabilized cash rent per Kilowatt		278		283		$154		$172		—		—		$202		$210
GAAP rent per Kilowatt		282		286		$181		$203		—		—		$220		$231
Leasing cost per Kilowatt		46		32		$1		$2		—		—		$19		$12

Net Effective Economics by Kilowatt ^(4)^

Base rent by Kilowatt		284		290		$184		$205		—		—		$223		$234
Rental concessions by Kilowatt		2		3		$3		$2		—		—		$3		$3
Estimated operating expense by Kilowatt		81		82		$46		$51		—		—		$59		$62

Net rent per Kilowatt		201		205		$135		$152		—		—		$161		$170

Tenant improvements by Kilowatt		4		3		—		—		—		—		$1		$1
Leasing commissions by Kilowatt		12		9		—		$0		—		—		$5		$3

Net effective rent per Kilowatt		185		192		$135		$151		—		—		$155		$165

Initial stabilized cash rent per NRSF		348		314		$246		$266		$73		$54		$287		$279
GAAP rent per NRSF		352		318		$289		$313		$78		$60		$313		$307
Leasing cost per NRSF		57		36		$2		$3		$5		$3		$27		$16

Net Effective Economics by NRSF ^(4)^

Base rent by NRSF		355		322		$293		$316		$78		$60		$317		$311
Rental concessions by NRSF		3		4		$4		$4		—		—		$4		$4
Estimated operating expense by NRSF		101		91		$73		$79		$8		$8		$84		$82

Net rent per NRSF		252		227		$216		$233		$70		$52		$229		$225

Tenant improvements by NRSF		5		4		—		—		—		$0		$2		$2
Leasing commissions by NRSF		15		10		$0		—		$3		$1		$7		$4

Net effective rent per NRSF		232		213		$215		$233		$66		$50		$220		$219

All values are in US Dollars.

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

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

Table of Contents

Summary of Leasing Activity	Financial Supplement
Leases Renewed in the Quarter Ended December 31, 2025		Fourth Quarter 2025


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

Leases renewed (Kilowatt)		39,022		144,934		38,925		84,328		—		—		77,947		229,261
Leases renewed (NRSF in thousands)		618		2,039		493		1,008		64		471		1,176		3,517
Leasing cost per Kilowatt		1		$1		$7		$4		—		—		$4		$2
Leasing cost per NRSF		1		$1		$7		$4		$1		$2		$1		$2

Weighted Term (years)		1.8		1.4		6.0		5.1		3.8		4.2		3.7		2.9

Cash Rent

Expiring cash rent per Kilowatt		359		$315		$174		$161		—		—		$266		$258
Renewed cash rent per Kilowatt		374		$328		$188		$181		—		—		$281		$274

% Change Cash Rent Per Kilowatt		4.3%		4.1%		8.1%		12.3%		—		—		5.5%		6.0%

Expiring cash rent per NRSF		272		$269		$165		$162		$73		$53		$216		$209
Renewed cash rent per NRSF		283		$280		$178		$182		$98		$67		$229		$223

% Change Cash Rent Per NRSF		4.3%		4.1%		8.1%		12.3%		33.8%		26.8%		6.1%		6.7%

GAAP Rent

Expiring GAAP rent per Kilowatt		358		$314		$152		$146		—		—		$255		$252
Renewed GAAP rent per Kilowatt		375		$329		$192		$185		—		—		$284		$276

% Change GAAP Rent Per Kilowatt		4.9%		4.6%		26.4%		27.0%		—		—		11.3%		9.4%

Expiring GAAP rent per NRSF		271		$268		$143		$146		$67		$49		$206		$204
Renewed GAAP rent per NRSF		284		$280		$181		$186		$102		$71		$231		$225

% Change GAAP Rent Per NRSF		4.9%		4.6%		26.4%		27.0%		52.0%		43.0%		12.0%		10.5%

Retention ratio ^(5)^		83.5%		80.4%		72.3%		66.2%		87.9%		76.8%		78.6%		75.3%

Churn ^(6)^		2.2%		8.5%		1.1%		3.2%		0.2%		3.4%		1.5%		5.4%

All values are in US Dollars.

(1)	Excludes short-term, roof, storage, and garage leases.
(2)	Rental rates represent annual estimated cash rent per kilowatt and net rentable square feet, adjusted for straight-line rents in accordance with GAAP.
---	---
(3)	Per Kilowatt amounts are presented in monthly values. Per NRSF amounts are presented in yearly values.
---	---
(4)	Other includes Powered Base Building shell capacity as well as storage and office space within fully improved data center facilities.
---	---
(5)	Based on square feet.
---	---
(6)	Churn is defined as recurring revenue lost during the period due to leases terminated or not renewed, divided by recurring revenue at the beginning of the period.
---	---

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

Table of Contents

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


						% of		Annualized Rent Per		Annualized Rent Per									Rent Per kW		****
		Square Footage of		Annualized		Annualized		Occupied		Occupied Square		Annualized Rent		kW of Expiring			Rent per kW		Per Month at		****
Year		Expiring Leases^(1)^		Rent^(2)^		Rent		Square Foot		Foot at Expiration		at Expiration		Leases			Per Month		Expiration		****
0-1 MW
Available		3,222			—	—			—		—		—		—			—		—
Month to Month ^(3)^		279			81,067	1.9%			291		294		81,838		16,168			418		$422
2026		2,418			797,550	19.0%			330		330		797,485		177,793			374		374
2027		801			204,342	4.9%			255		262		209,837		61,779			276		283
2028		591			155,393	3.7%			263		281		165,805		44,411			292		311
2029		326			73,909	1.8%			227		249		81,204		24,053			256		281
2030		305			73,958	1.8%			242		262		79,847		21,607			285		308
2031		177			29,273	0.7%			166		192		33,897		8,174			298		346
2032		88			22,689	0.5%			257		292		25,776		7,155			264		300
2033		45			12,589	0.3%			279		342		15,449		3,443			305		374
2034		20			2,416	0.1%			122		123		2,426		814			247		248
2035		35			6,740	0.2%			195		215		7,447		2,491			225		249
Thereafter		182			2,086	0.0%			11		12		2,210		1,932			90		95

Total / Wtd. Avg.	****	8,488			1,462,012	34.9%			278		285		1,503,222		369,819			329		$339

All values are in US Dollars.


> 1 MW		Expiring Leases (1)	Annualized		Annualized	Annualized Rent Per		Annualized Rent Per		Annualized Rent Per		kW of Expiring		Annualized		Rent Per kW
Available		1,155		—	—		—		—		—		—		—		—
Month to Month ^(3)^		114		15,596	0.4%		137		138		15,699		9,047		144		$145
2026		1,618		259,941	6.2%		161		162		261,760		147,952		146		147
2027		1,559		257,982	6.2%		166		170		265,375		150,153		143		147
2028		1,754		240,052	5.7%		137		144		253,424		157,629		127		134
2029		1,888		298,326	7.1%		158		169		319,579		215,624		115		124
2030		1,726		272,971	6.5%		158		171		295,501		176,754		129		139
2031		1,240		193,432	4.6%		156		179		222,039		127,304		127		145
2032		1,127		170,809	4.1%		152		172		193,305		108,806		131		148
2033		490		83,138	2.0%		170		194		94,781		51,409		135		154
2034		1,223		157,121	3.7%		128		148		180,612		120,516		109		125
2035		408		74,540	1.8%		183		201		81,974		47,982		129		142
Thereafter		2,637		482,069	11.5%		183		253		666,346		271,950		148		204

Total / Wtd. Avg.	****	16,938		2,505,977	59.8%		159		181		2,850,394		1,585,126		132		$150

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		1,159		—	—		—		—		—		—		—		—
Month to Month ^(3)^		51		1,943	0.0%		38		39		1,960		—		—		—
2026		903		28,272	0.7%		31		31		28,410		—		—		—
2027		370		14,773	0.4%		40		41		15,217		—		—		—
2028		513		16,191	0.4%		32		33		16,961		—		—		—
2029		605		41,620	1.0%		69		75		45,214		—		—		—
2030		903		51,259	1.2%		57		63		57,314		—		—		—
2031		93		3,713	0.1%		40		45		4,211		—		—		—
2032		59		3,272	0.1%		55		62		3,692		—		—		—
2033		108		4,480	0.1%		41		48		5,128		—		—		—
2034		577		22,948	0.5%		40		48		27,576		—		—		—
2035		617		19,881	0.5%		32		39		24,319		—		—		—
Thereafter		1,474		17,563	0.4%		12		13		18,864		—		—		—

Total / Wtd. Avg.	****	7,433		225,915	5.4%		36		40		248,867		—		—		—

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		5,536		—	—		—		—		—		—		—		—
Month to Month ^(3)^		443		98,605	2.4%		222		224		99,496		—		—		—
2026		4,939		1,085,764	25.9%		220		220		1,087,655		—		—		—
2027		2,730		477,097	11.4%		175		180		490,429		—		—		—
2028		2,858		411,637	9.8%		144		153		436,190		—		—		—
2029		2,819		413,855	9.9%		147		158		445,997		—		—		—
2030		2,934		398,188	9.5%		136		147		432,662		—		—		—
2031		1,510		226,417	5.4%		150		172		260,147		—		—		—
2032		1,274		196,770	4.7%		154		175		222,773		—		—		—
2033		643		100,207	2.4%		156		180		115,358		—		—		—
2034		1,821		182,486	4.4%		100		116		210,614		—		—		—
2035		1,060		101,160	2.4%		95		107		113,741		—		—		—
Thereafter		4,292		501,718	12.0%		117		160		687,420		—		—		—

Total / Wtd. Avg.	****	32,858		4,193,904	100.0%		153		168		4,602,483		—		—		—

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 December 31, 2025, multiplied by 12.
---	---
(3)	Includes leases, licenses, and similar agreements that upon expiration have been automatically renewed on a month-to-month basis.
---	---
(4)	Other includes unimproved building shell capacity as well as storage and office space within fully improved data center facilities.
---	---

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

Table of Contents

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


									Weighted
									Average
				Annualized			% of Annualized		Remaining
		Number of		Recurring			Recurring		Lease Term in
	Customer	Locations		Revenue^(1)^			Revenue		Years
1	Fortune 50 Software Company	76			$547,189		11.7%		9.4
2	Oracle Corporation	42			424,130		9.0%		10.2
3	Social Content Platform	33			246,602		5.3%		2.9
4	Global Cloud Provider	64			212,744		4.5%		3.6
5	IBM	34			109,596		2.3%		2.6
6	Equinix	14			95,641		2.0%		4.6
7	LinkedIn Corporation	8			77,088		1.6%		2.5
8	Meta Platforms, Inc.	49			73,494		1.6%		2.8
9	Fortune 25 Investment Grade-Rated Company	29			67,366		1.4%		2.1
10	Social Media Platform	2			63,572		1.4%		5.4
11	Fortune 25 Tech Company	57			62,971		1.3%		4.1
12	Specialized Cloud Provider	4			61,554		1.3%		3.7
13	Lumen Technologies, Inc.	112			56,649		1.2%		8.2
14	AT&T	75			48,802		1.0%		2.4
15	Comcast Corporation	43			47,235		1.0%		2.5
16	JPMorgan Chase & Co.	21			44,326		0.9%		2.5
17	Quantitative Research and Investment Firm	2			41,524		0.9%		5.5
18	Morgan Stanley	13			39,944		0.9%		3.9
19	Rackspace	23			39,768		0.8%		9.1
20	Global Commerce Platform	13			39,500		0.8%		5.6
	Total / Weighted Average				$2,399,695		50.9%		6.1

(1)	Annualized recurring revenue represents the monthly contractual base rent (defined as cash base rent before abatements) and interconnection revenue under existing leases as of December 31, 2025, multiplied by 12.

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

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


		Net Rentable		Space Under Active		Space Held for	Annualized		Occupancy^(5)^		White Space	Data Center
Metropolitan Area		Square Feet^(1)^		Development^(2)^		Development^(3)^	Rent^(4)^		31-Dec-25	30-Sep-25	IT Load^(6)^	Count
** North America**

Northern Virginia		5,200		309		283		761,054	95.1%	95.0%	503.7	16
Chicago		2,230		565		68		251,774	93.9%	93.6%	82.4	7
New York		1,497		70		28		191,514	72.2%	72.3%	61.8	10
Dallas		2,660		408		246		189,680	82.6%	82.6%	92.3	16
Portland		1,147		—		—		159,403	99.9%	99.9%	122.5	3
Silicon Valley		1,175		13		37		154,319	81.7%	88.0%	91.2	11
Phoenix		783		19		—		73,279	75.6%	75.6%	44.6	2
Toronto		593		—		135		67,732	96.5%	96.5%	55.8	2
San Francisco		844		—		—		65,457	60.1%	58.9%	31.5	5
Seattle		412		—		—		64,352	67.5%	68.2%	5.9	1
Atlanta		154		68		314		51,444	76.7%	77.4%	11.3	3
Los Angeles		750		—		104		47,590	86.6%	83.5%	16.1	2
Houston		393		—		14		18,775	69.7%	69.7%	11.0	6
Boston		336		—		51		13,017	39.4%	40.9%	12.9	2
Austin		86		—		—		7,845	60.9%	60.8%	4.4	1
Miami		150		—		12		7,091	85.4%	85.5%	2.3	1
Charlotte		95		—		—		6,646	94.4%	94.3%	1.4	3
North America Total/Weighted Average	****	18,504	****	1,452	****	1,290		2,130,972	85.5%	85.6%	1,151.0	91

** EMEA**

Frankfurt		2,102		1,071		—		265,169	81.9%	83.8%	135.0	24
London		1,348		77		76		241,945	65.4%	65.7%	97.0	13
Amsterdam		1,425		202		19		216,485	81.4%	87.6%	127.2	13
Paris		1,262		622		—		191,592	84.4%	87.0%	122.6	12
Johannesburg		1,681		530		—		188,233	83.3%	83.2%	92.4	5
Zurich		596		—		—		88,512	78.2%	78.3%	44.9	3
Marseille		558		237		378		88,406	78.1%	76.5%	43.0	4
Dublin		555		—		—		70,548	76.1%	73.6%	39.1	9
Madrid		352		56		—		59,067	79.1%	79.3%	22.3	4
Vienna		356		133		—		56,300	82.2%	82.2%	27.2	3
Cape Town		326		402		—		50,581	89.3%	89.1%	21.1	2
Brussels		338		—		—		42,558	70.0%	70.8%	21.5	3
Copenhagen		226		—		99		27,235	72.7%	73.5%	12.8	3
Stockholm		245		—		—		23,873	46.4%	44.9%	15.1	6
Dusseldorf		181		55		—		21,861	50.8%	66.7%	8.4	3
Athens		148		61		—		20,382	82.8%	82.7%	9.0	4
Durban		59		—		—		8,156	69.6%	69.6%	2.1	1
Mombasa		37		—		21		4,957	47.3%	45.6%	1.9	2
Nairobi		16		75		—		3,981	66.7%	70.1%	0.9	1
Zagreb		34		—		—		3,159	66.8%	98.0%	1.6	1
Maputo		3		—		—		636	45.7%	45.7%	0.2	1
Crete		11		—		—		233	6.1%	4.6%	1.0	1
Rome		0		37		—		203	100.0%	100.0%	0.1	1
Lisbon		—		—		44		—	—	—	—	—
Barcelona		—		144		—		—	—	—	—	—
EMEA Total/Weighted Average	****	11,858	****	3,701	****	638		1,674,070	77.9%	79.2%	846.1	119

** Asia Pacific**

Singapore		810		—		80		239,622	89.9%	89.9%	72.2	3
Sydney		361		—		88		28,748	83.3%	83.3%	22.8	4
Hong Kong		180		—		104		22,644	88.2%	86.1%	13.5	1
Melbourne		147		—		—		18,929	90.3%	90.5%	9.6	2
Seoul		162		1,025		—		10,965	51.5%	35.6%	12.0	1
Asia Pacific Total/Weighted Average	****	1,660	****	1,025	****	272		320,908	84.6%	82.7%	130.0	11


Consolidated Portfolio Total/Weighted Average	****	32,022	****	6,177	****	2,200		4,125,949	82.6%	83.1%	2,127.2	221

Held For Sale ^(7)^		100		—		2		6,762	71.5%	71.5%	4.4	1

Managed Unconsolidated entities

Northern Virginia		3,581		2,325		—		376,530	97.4%	97.2%	276.5	15
Chicago		1,118		—		—		127,300	97.0%	97.0%	94.2	3
Frankfurt		551		—		—		58,867	86.3%	85.5%	46.1	5
Dallas		463		—		10		39,990	99.9%	99.9%	26.0	3
Silicon Valley		442		—		400		30,807	100.0%	100.0%	6.0	4
Paris		181		90		—		26,588	80.5%	80.5%	20.0	1
New York		144		—		—		20,224	100.0%	100.0%	7.2	1
Toronto		104		—		—		12,597	81.4%	81.4%	6.8	1
Los Angeles		196		—		—		10,850	81.9%	84.9%	4.5	2
Hong Kong		186		—		—		7,320	32.7%	32.9%	11.0	1
Lagos		8		26		—		3,504	61.9%	56.3%	1.7	3
Accra		24		—		—		84	1.1%	—	1.7	1
Managed Unconsolidated Portfolio Total/Weighted Average	****	7,000	****	2,441	****	409		714,661	93.7%	93.5%	501.5	40

Managed Portfolio Total/Weighted Average	****	39,022	****	8,618	****	2,609		4,840,611	84.6%	85.0%	2,628.7	261

Digital Realty Share Total/Weighted Average ^(8)^	****	32,858	****	6,001	****	2,541		4,193,904	83.2%	83.6%	2,201.4	—

** Non-Managed Unconsolidated entities**

Sao Paulo		1,508		64		1,117		203,391	98.8%	98.7%	127.0	25
Tokyo		1,261		336		—		123,724	77.7%	76.1%	86.1	5
Osaka		644		113		23		82,596	86.3%	85.1%	64.9	4
Santiago		214		47		47		27,742	95.4%	95.4%	16.2	3
Queretaro		105		—		583		13,959	100.0%	100.0%	8.0	3
Rio De Janeiro		112		—		—		11,620	100.0%	100.0%	8.0	2
Seattle		51		—		—		7,770	100.0%	100.0%	9.0	1
Jakarta		135		—		—		4,048	38.3%	30.1%	6.5	2
Fortaleza		94		—		—		2,101	15.9%	13.6%	6.2	1
Chennai		61		—		119		467	8.5%	8.5%	7.2	1
Mumbai		—		501		—		—	—	—	—	—
Bogota		—		—		197		—	—	—	—	2
Non-Managed Portfolio Total/Weighted Average	****	4,186	****	1,061	****	2,087		477,419	85.3%	83.1%	339.0	49

Portfolio Total/Weighted Average	****	43,208	****	9,679	****	4,696		5,318,029	84.7%	84.8%	2,967.7	310

All values are in US Dollars.

(1)	We estimate the total net rentable square feet available for lease based on a number of factors in addition to contractually leased square feet, including available power, required support space and common areas.
(2)	Space under active development includes current Base Building and Data Center projects in progress.
---	---
(3)	Space held for development includes space held for future Data Center development and excludes space under active development.
---	---
(4)	Annualized base rent represents the monthly contractual base rent (defined as cash base rent before abatements) under existing leases as of December 31, 2025, multiplied by 12.
---	---
(5)	Occupancy excludes space under active development and space held for development. For some of our buildings, we calculate occupancy based on factors in addition to contractually leased square feet, including available power, required support space and common areas.
---	---
(6)	White Space IT Load represents UPS-backed utility power dedicated to Digital Realty’s operated data center space.
---	---
(7)	Held for Sale represents the assets targeted to be sold or contributed in 1Q26.
---	---
(8)	Represents consolidated portfolio plus our managed portfolio of unconsolidated entities based on our ownership percentage.
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Table of Contents

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


		Future Development Capacity							Data Center Construction

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

									Under				Average	Current		Future		Total		Current		Future		Total
					100% Share		DLR Share		Construction				Expected	Investment		Investment		Investment		Investment		Investment		Investment		Yields
Region		Land (MW)		Shell (MW)		^(4)^	^(5)^		(MW)		% Leased		Completion		^(6)^		^(7)^		^(8)^	^(6)^		^(7)^			^(8)^	^(9)^
Northern Virginia		800		70		$2,038,688		1,590,576	348		86%		4Q26		$1,396,096		$2,671,068		$4,067,164		$601,458		$767,916		$1,369,374
Chicago		70		—		66,590		66,590	66		73%		1Q27		228,724		689,847		918,571		228,724		689,847		918,571
Dallas		680		10		326,744		115,763	100		68%		4Q26		176,615		1,237,502		1,414,118		152,958		599,539		752,497
Other		1,050		130		2,289,356		2,190,435	9		59%		2Q26		82,256		75,424		157,680		47,577		51,936		99,513
Americas	****	2,600	****	210		$4,721,378		3,963,363	523	****	81%	****			$1,883,692		$4,673,841		$6,557,533		$1,030,717		$2,109,237		$3,139,954	12.7%

Frankfurt		90		60		$1,035,476		811,581	31		11%		1Q27		$421,477		$276,717		$698,194		$421,477		$276,717		$698,194
Amsterdam		40		—		40,882		40,882	26		47%		2Q26		259,742		109,527		369,268		259,742		109,527		369,268
Paris		230		50		503,508		442,613	22		45%		2Q27		137,909		229,812		367,721		42,223		211,004		253,227
Other		500		110		861,899		812,902	109		17%		1Q27		760,623		740,388		1,501,011		678,772		678,049		1,356,821
EMEA	****	860	****	220		$2,441,765		2,107,979	188	****	23%	****			$1,579,751		$1,356,444		$2,936,195		$1,402,215		$1,275,297		$2,677,511	11.0%

Tokyo		30		—		$91,877		45,939	28		41%		4Q26		$153,371		$176,246		$329,616		$76,685		$88,123		$164,808
Sydney		—		10		44,661		44,661	7		100%		2Q26		24,039		49,237		73,276		24,039		49,237		73,276
Osaka		40		—		25,660		12,830	12		50%		3Q26		50,711		60,987		111,697		25,355		30,493		55,849
Other		150		110		689,088		549,954	10		_		4Q26		16,011		75,533		91,544		5,332		25,152		30,484
APAC	****	220	****	120		$851,287		653,384	58	****	43%	****			$244,131		$362,002		$606,133		$131,411		$193,006		$324,417	10.8%

Total	****	3,680	****	550		$8,014,429		6,724,727	769	****	64%				$3,707,574		$6,392,287		$10,099,862		$2,564,343		$3,577,539		$6,141,883	11.9%

All values are in US Dollars.

(1)	Includes development projects in consolidated and unconsolidated entities.
(2)	Represents the expected megawatt capacity to be developed based on our current plans and estimates; actual megawatt capacity developed may differ. Includes land and space held or actively under construction in preparation for future data center fit-out.
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(3)	Represents cost incurred through December 31, 2025, plus remaining cost to complete on approved phases in preparation for future data center fit-out, including pro-rata share of acquisition, shell, and infrastructure costs.
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(4)	Includes Digital Realty's and partners' shares in development joint ventures projects.
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(5)	Includes only Digital Realty's share in development joint ventures projects.
---	---
(6)	Represents cost incurred through December 31, 2025.
---	---
(7)	Represents estimated cost to complete scope of work pursuant to approved development budget.
---	---
(8)	Represents total cost to develop a data center, including pro-rata share of acquisition, infrastructure, and shell space, plus the direct investment in the data center fit-out.
---	---
(9)	Represents pre-tax estimated stabilized cash yields, which are based on total expected investment amounts and anticipated net operating income from leases signed or other assumptions based on market conditions.
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Table of Contents

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


			100% Share ^(2)^						DLR Share ^(3)^
		Current		Future		Total			Current		Future		Total
Construction Projects in Progress		Investment ^(4)^ **** ^(10)^		Investment ^(5)^		Investment			Investment ^(4) (6)^ **** ^(10)^		Investment ^(5)^		Investment
Future Development Capacity ^(7)^			$3,862,671		$4,151,758		$8,014,429			$3,277,055		$3,447,672		6,724,727
Data Center Construction			3,707,574		6,392,287		10,099,861			2,564,343		3,577,539		6,141,882
Equipment Pool & Other Inventory ^(8)^			279,942		—		279,942			279,942		—		279,942
Campus, Tenant Improvements & Other^(9)^			263,408		257,176		520,584			263,408		257,176		520,584
Total Land Held and Development CIP			$8,113,595		$10,801,221		$18,914,816			$6,384,748		$7,282,387		13,667,135

Enhancement & Other			$7,844		$5,433		$13,277			$7,844		$5,433		13,277
Recurring			43,494		41,378		84,872			43,494		41,378		84,872
Total Land Held and Construction in Progress			$8,164,933		$10,848,032		$19,012,965			$6,436,086		$7,329,198		13,765,284

All values are in US Dollars.

(1)	Includes development projects in consolidated and unconsolidated entities.
(2)	Includes Digital Realty's and partners' shares in development joint ventures projects.
---	---
(3)	Includes only Digital Realty's share in development joint ventures projects.
---	---
(4)	Represents cost incurred through December 31, 2025.
---	---
(5)	Represents estimated cost to complete scope of work pursuant to approved development budget.
---	---
(6)	Excludes $113 million representing our partners' shares in consolidated entities included in Construction in Progress or Land Held for Future Development in our Consolidated Balance Sheet; includes $1,090 million representing Digital Realty's share in development projects classified as Investments in Unconsolidated entities in our Consolidated Balance Sheet.
---	---
(7)	Includes land and space held or actively under construction in preparation for future data center fit-out.
---	---
(8)	Represents long-lead equipment and materials required for timely deployment and delivery of data center fit-out.
---	---
(9)	Represents improvements in progress as of December 31, 2025, which benefit space recently converted to our operating portfolio and is composed primarily of shared infrastructure projects and first-generation tenant improvements. Includes $2.8 million included in our Consolidated Balance Sheet related to fair value adjustments on Teraco portfolio projects that were partially constructed as of August 1, 2022.
---	---
(10)	Includes $336.4 million classified as assets held for sale and contribution in our Consolidated Balance Sheet related to development projects that are expected to be contributed to our Digital Realty DC Partners NA Fund.
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Table of Contents

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


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

Non-Recurring Capital Expenditures^(1)^

Development ^(2)^			$756,758	$532,590		$565,168			$686,622			$528,356		$2,541,138			$2,260,693

Enhancements and Other Non-Recurring			4,385	8,114		10,234			5,588			13,384		28,321			35,243

Total Non-Recurring Capital Expenditures			$761,143	$540,704		$575,402			$692,210			$541,740		$2,569,459			$2,295,936

Recurring Capital Expenditures ^(3)^			$168,539	$77,998		$62,083			$35,305			$130,245		$343,925			$305,712

Total Direct Capital Expenditures			$929,682	$618,702		$637,485			$727,515			$671,985		$2,913,384			$2,601,647

Indirect Capital Expenditures

Capitalized Interest			$34,783	$32,923		$29,393			$30,095			$34,442		$127,194			$118,868

Capitalized Overhead			37,696	35,767		37,445			29,693			28,983		140,601			111,226

Total Indirect Capital Expenditures			$72,479	$68,690		$66,838			$59,788			$63,425		$267,795			$230,094

Total Improvements to and Advances for Investment in Real Estate			$1,002,161	$687,392		$704,323			$787,303			$735,410		$3,181,179			$2,831,740

(1)	Non-recurring capital expenditures are primarily for development of space and land, excluding acquisition costs.
(2)	Amount reflects the total capital expenditures on consolidated development projects during the quarter. The total includes 100% of spending on projects contributed to joint ventures prior to their contribution.
---	---
(3)	Recurring capital expenditures represent non-incremental building improvements required to maintain current revenues, including second-generation tenant improvements and external leasing commissions. Recurring capital expenditures do not include acquisition costs contemplated when underwriting the purchase of a building, costs which are incurred to bring a building up to Digital Realty’s operating standards, or internal leasing commissions.
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Table of Contents

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

Closed Acquisitions:




	Acquisition	Metropolitan	Date	Purchase	Cap
Property	Type	Area	Acquired	Price (1)	Rate ^(2)^
Petah Tikva	Land	Tel Aviv, Israel	11/5/2025	7,065	NA
Hillsboro Campus	Land	Portland, OR	12/22/2025	23,600	NA
Carnaxide, Portugal	Land and Building	Lisbon, Portugal	12/30/2025	8,340	NA
Total				39,005	—

All values are in US Dollars.

Closed Dispositions:




	Disposition	Metropolitan	Date	Sale	Cap
Property	Type	Area	Disposed	Price ^(1)^****	Rate^(2)^
Alpha Road	Building	Dallas, TX	10/8/2025	$33,000	NA
Total				$33,000	—

Closed Joint Venture / Fund Contributions:




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

(1)

Represents the purchase price or sale price, as applicable before contractual price adjustments, transaction expenses, taxes, and potential currency fluctuations. All prices were converted to USD based on FX rate as of December 31, 2025.

(2)

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

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Table of Contents

Unconsolidated Entities	Financial Supplement
Dollars in Thousands		Fourth Quarter 2025


Summary Balance Sheet -	As of December 31, 2025
at the JV's 100% Share		Americas (1)	APAC (2)	EMEA (3)	Global (4)	Total

Gross cost of operating real estate		9,750,350	2,331,469	962,858	1,718,755	$14,763,432
Accumulated depreciation and amortization		(1,321,316)	(365,532)	(23,717)	(174,658)	(1,885,223)
Net Book Value of Operating Real Estate		8,429,034	1,965,937	939,141	1,544,097	$12,878,209
Cash		449,204	408,700	88,037	29,863	975,804
Other assets		1,904,561	240,401	242,158	500,330	2,887,450
Total Assets		10,782,799	2,615,038	1,269,336	2,074,290	$16,741,463

Debt		3,869,443	906,684	379,955	669,545	5,825,627
Other liabilities		1,017,228	220,761	323,583	512,728	2,074,300
Equity / (deficit)		5,896,128	1,487,593	565,798	892,017	8,841,536
Total Liabilities and Equity		10,782,799	2,615,038	1,269,336	2,074,290	$16,741,463

Digital Realty's Pro Rata Share of Unconsolidated entities Debt		1,167,127	438,752	75,991	215,754	$1,897,624

All values are in US Dollars.


Summary Statement of Operations -	Three Months Ended December 31, 2025
at the JV's 100% Share		Americas (1)	APAC (2)	EMEA (3)	Global (4)	Total

Total revenues		291,321	91,249	17,341	46,161	$446,072
Operating expenses		(121,920)	(41,237)	(5,998)	(22,419)	(191,574)
Net Operating Income (NOI)		169,401	50,012	11,343	23,742	$254,498

Straight-line rent		(8,471)	(1,505)	(2,961)	(552)	(13,489)
Above and below market rent		(2,881)	—	(939)	(3,069)	(6,889)
Cash Net Operating Income (NOI)		158,049	48,507	7,443	20,121	$234,120

Interest expense		(60,415)	(3,490)	(2,027)	(7,188)	($73,120)
Depreciation and amortization		(135,684)	(24,343)	(5,536)	(23,112)	(188,675)
Other income / (expense)		(4,972)	(5,698)	(1,668)	2,900	(9,438)
FX remeasurement on USD debt		10,584	—	5,788	(8,345)	8,027
Total Non-Operating Expenses		(190,487)	(33,531)	(3,443)	(35,745)	($263,206)

Net Income / (Loss)		(21,086)	16,481	7,900	(12,003)	($8,709)

Digital Realty's Pro Rata Share of Unconsolidated entities NOI		59,463	24,978	2,465	11,299	$98,205

Digital Realty's Pro Rata Share of Unconsolidated entities Cash NOI		55,187	24,227	1,685	9,386	$90,485

Digital Realty's Earnings (loss) income from unconsolidated entities		(13,012)	7,851	6,876	2,944	$4,659

Digital Realty's Pro Rata Share of Core FFO ^(5)^		22,728	20,022	1,220	11,720	$55,690

Digital Realty's Fee Income from Unconsolidated entities		28,508	971	1,908	3,903	$35,290

All values are in US Dollars.

(1)	Includes Ascenty, Blackstone NoVa, Clise, Digital Realty DC Partners NA Fund, GI Partners, Mapletree, Menlo, Mitsubishi, Realty Income, TPG Real Estate, and Walsh.
(2)	Includes Digital Realty Bersama, Digital Connexion, Lumen, and MC Digital Realty.
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(3)	Includes Blackstone Frankfurt, Blackstone Paris, Medallion, and Mivne.
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(4)	Includes Digital Core REIT.
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(5)	For a definition of Core FFO, see page 31.
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Note: Digital Realty’s ownership percentages in the unconsolidated entities vary.

Table of Contents

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


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

Net Income / (Loss) Available to Common Stockholders		$88,466	$57,631	$1,021,975	$99,793	$179,388
Interest		116,516	113,584	109,383	98,464	104,742
Gain (loss) on debt extinguishment and modifications		(9)	—	—	—	2,165
Income tax expense (benefit)		(9,673)	11,695	12,883	17,135	4,928
Depreciation and amortization		493,458	497,002	461,167	443,009	455,355
EBITDA		$688,758	$679,912	$1,605,408	$658,400	$746,578
Unconsolidated JV real estate related depreciation and amortization		70,260	65,922	59,172	55,861	49,463
Unconsolidated JV interest expense and tax expense		38,498	44,795	31,243	33,390	32,255
Severance, equity acceleration and legal expenses		4,937	1,794	2,262	2,428	2,346
Transaction and integration expenses		36,083	86,559	22,546	39,902	11,797
(Gain) / loss on sale of investments		(42,865)	(19,780)	(931,830)	(1,111)	(144,885)
Provision for impairment		78,553	—	—	—	22,881
Other non-core adjustments, net ^(2)^		(25,033)	2,523	9,545	(4,316)	24,539
Noncontrolling interests		(2,536)	(4,099)	14,790	(3,579)	(3,881)
Preferred stock dividends		10,181	10,181	10,181	10,181	10,181
Adjusted EBITDA		$856,836	$867,807	$823,319	$791,156	$751,276

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


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

Total GAAP interest expense		116,516	113,584	109,383	98,464	$104,742
Capitalized interest		34,783	32,923	29,393	30,095	34,442
Change in accrued interest and other non-cash amounts		(52,014)	41,265	(92,065)	45,416	(58,137)
Cash Interest Expense ^(3)^		99,285	187,772	46,711	173,975	$81,046

Preferred stock dividends		10,181	10,181	10,181	10,181	10,181
Total Fixed Charges ^(4)^		161,479	156,687	148,957	138,739	$149,364


Coverage
Interest coverage ratio ^(5)^		4.8x	4.9x	5.0x	5.3x	4.5x
Cash interest coverage ratio ^(6)^		6.8x	3.9x	11.2x	4.1x	6.9x
Fixed charge coverage ratio ^(7)^		4.5x	4.6x	4.7x	4.9x	4.2x
Cash fixed charge coverage ratio ^(8)^		6.3x	3.8x	9.9x	3.9x	6.3x

Leverage
Debt to total enterprise value ^(9)(10)^		25.1%	23.0%	23.2%	25.4%	21.4%
Debt-plus-preferred-stock-to-total-enterprise-value ^(10)(11)^		26.1%	23.9%	24.1%	26.6%	22.3%
Pre-tax income to interest expense ^(12)^		1.8x	1.6x	10.6x	2.1x	2.8x
Net Debt-to-Adjusted EBITDA ^(13)^		4.9x	4.9x	5.1x	5.1x	4.8x

All values are in US Dollars.

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

Table of Contents

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

Definition s

Funds From Operations (FFO):

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

Core Funds from Operations (Core FFO) :

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

Adjusted Funds from Operations (AFFO) :

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

EBITDA and Adjusted EBITDA :

We believe that earnings before interest, loss on debt extinguishment and modifications, income taxes, and depreciation and amortization, or EBITDA, and Adjusted EBITDA (as defined below), are useful supplemental performance measures because they allow investors to view our performance without the impact of non-cash depreciation and amortization or the cost of debt and, with respect to Adjusted EBITDA, (i) unconsolidated entities real estate related depreciation & amortization, (ii) unconsolidated entities interest expense and tax expense, (iii) severance, equity acceleration and legal expenses, (iv) transaction and integration expenses, (v) gain (loss) on sale / deconsolidation, (vi) provision for impairment, (vii) other non-core adjustments, net, (viii) noncontrolling interests, (ix) preferred stock dividends, and (x) gain on / issuance costs associated with redeemed preferred stock. Adjusted EBITDA is EBITDA excluding (i) unconsolidated entities real estate related depreciation & amortization, (ii) unconsolidated entities interest expense and tax, (iii) severance, equity acceleration and legal expenses, (iv) transaction and integration expenses, (v) gain (loss) on sale / deconsolidation, (vi) provision for impairment, (vii) other non-core adjustments, net, (viii) noncontrolling interests, (ix) preferred stock dividends, and (x) gain on / issuance costs associated with redeemed preferred stock. In addition, we believe EBITDA and Adjusted EBITDA are frequently used by securities analysts, investors, and other interested parties in the evaluation of REITs. Because EBITDA and Adjusted EBITDA are calculated before recurring cash charges including interest expense and income taxes, exclude capitalized costs, such as leasing commissions, and are not adjusted for capital expenditures or other recurring cash requirements of our business, their utility as a measure of our performance is limited. Other REITs may calculate EBITDA and Adjusted EBITDA differently than we do and, accordingly, our EBITDA and Adjusted EBITDA may not be comparable to other REITs’ EBITDA and Adjusted EBITDA. Accordingly, EBITDA and Adjusted EBITDA should be considered only as supplements to net income computed in accordance with GAAP as a measure of our financial performance. 31

Table of Contents

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

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

Net operating income, or NOI, represents rental revenue, tenant reimbursement revenue and interconnection revenue less utilities expense, rental property operating expenses, property taxes and insurance expenses (as reflected in the statement of operations). NOI is commonly used by stockholders, company management and industry analysts as a measurement of operating performance of the company’s rental portfolio. Cash NOI is NOI less straight-line rents and above- and below-market rent amortization. Cash NOI is commonly used by stockholders, company management and industry analysts as a measure of property operating performance on a cash basis. Same-Capital Cash NOI represents buildings owned as of December 31, 2023 with less than 5% of total rentable square feet under development and excludes buildings that were undergoing, or were expected to undergo, development activities in 2024-2025, buildings classified as held for sale and contribution, and buildings sold or contributed to joint ventures for all periods presented (prior period numbers adjusted to reflect current same-capital pool). However, because NOI and cash NOI exclude depreciation and amortization and capture neither the changes in the value of our data centers that result from use or market conditions, nor the level of capital expenditures and capitalized leasing commissions necessary to maintain the operating performance of our data centers, all of which have real economic effect and could materially impact our results from operations, the utility of NOI and cash NOI as measures of our performance is limited. Other REITs may calculate NOI and cash NOI differently than we do and, accordingly, our NOI and cash NOI may not be comparable to other REITs’ NOI and cash NOI. NOI and cash NOI should be considered only as supplements to net income computed in accordance with GAAP as measures of our performance.

Additional Definitions

GAAP refers to United States generally accepted accounting principles.

Net debt-to-Adjusted EBITDA ratio is calculated as total debt at balance sheet carrying value, plus finance lease obligations, plus Digital Realty’s pro rata share of unconsolidated entities debt, less cash and cash equivalents (including Digital Realty’s pro rata share of unconsolidated entities cash) divided by the product of Adjusted EBITDA (including Digital Realty’s pro rata share of unconsolidated entities EBITDA), multiplied by four.

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

Fixed charge coverage ratio is Adjusted EBITDA divided by the sum of GAAP interest expense, capitalized interest and preferred stock dividends. For the quarter ended December 31, 2025, GAAP interest expense was $117 million, capitalized interest was $35 million and preferred stock dividends were $10 million.


Reconciliation of Net Operating Income (NOI)		Three Months Ended								Twelve Months Ended
(in thousands)		31-Dec-25			30-Sep-25			31-Dec-24		31-Dec-25			31-Dec-24
		****			****			****		****			****
Operating income			$112,624			$138,421			$144,322		$658,492			$471,864

Fee income			(45,692)			(36,398)			(23,316)		(137,160)			(64,888)
Other income			(372)			(4,746)			(40)		(6,614)			(7,608)
Depreciation and amortization			493,458			497,002			455,355		1,894,636			1,771,797
General and administrative			159,283			139,911			124,470		554,061			473,521
Severance, equity acceleration and legal expenses			4,937			1,794			2,346		11,421			6,502
Transaction and integration expenses			36,083			86,559			11,797		185,090			93,902
Provision for impairment			78,553			—			22,881		78,553			191,184
Other expenses			98			3,297			12,002		3,702			27,083

Net Operating Income			$838,972			$825,840			$749,818		$3,242,181			$2,963,357


Cash Net Operating Income (Cash NOI)

Net Operating Income			$838,972			$825,840			$749,818		$3,242,181			$2,963,357

Straight-line rental revenue			(34,359)			(33,196)			(22,577)		(101,264)			(46,395)
Straight-line rental expense			(140)			(297)			51		(882)			4,061
Above- and below-market rent amortization			(972)			(864)			(269)		(3,294)			(3,555)

Cash Net Operating Income			$803,501			$791,483			$727,022		$3,136,741			$2,917,467



Constant Currency Core FFO Reconciliation		Three Months Ended								Twelve Months Ended
(in thousands, except per share data)		31-Dec-25						31-Dec-24		31-Dec-25			31-Dec-24
		****			****			****		****			****
Core FFO ^(1)^			$650,210						$586,816		$2,557,849			$2,215,194
Core FFO impact of holding '24 Exchange Rates Constant ^(2)^			(16,372)						—		(33,721)			—

Constant Currency Core FFO			$633,838						$586,816		$2,524,128			$2,215,194
Weighted-average shares and units outstanding - diluted			349,740						339,982		346,086			329,899
Constant Currency Core FFO Per Share			$1.81						$1.73		$7.29			$6.71

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

Forward-Looking Statements	Financial Supplement
		Fourth Quarter 2025

This document contains forward-looking statements within the meaning of the federal securities laws, which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. Such forward-looking statements include statements relating to: our economic outlook, our expected investment and expansion activity, anticipated continued demand for our products and service, our liquidity, our joint ventures, supply and demand for data center and colocation space, our acquisition and disposition activity, pricing and net effective leasing economics, market dynamics and data center fundamentals, our strategic priorities, our product offerings, available inventory, rent from leases that have been signed but have not yet commenced and other contracted rent to be received in future periods, rental rates on future leases, lag between signing and commencement, cap rates and yields, investment activity, the company’s FFO, Core FFO, constant currency Core FFO, adjusted FFO, and net income, 2026 outlook and underlying assumptions, information related to trends, our strategy and plans, leasing expectations, weighted average lease terms, the exercise of lease extensions, lease expirations, debt maturities, annualized rent at expiration of leases, the effect new leases and increases in rental rates will have on our rental revenue, our credit ratings, construction and development activity and plans, projected construction costs, estimated yields on investment, expected occupancy, expected square footage and IT load capacity upon completion of development projects, backlog NOI, NAV components, and other forward-looking financial data. Such statements are based on management’s beliefs and assumptions made based on information currently available to management. Such statements are subject to risks, uncertainties and assumptions and are not guarantees of future performance and may be affected by known and unknown risks, trends, uncertainties, and factors that are beyond our control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated, or projected. Some of the risks and uncertainties that may cause our actual results, performance, or achievements to differ materially from those expressed or implied by forward-looking statements include, among others, the following:

●	reduced demand for data centers or decreases in information technology spending;
●	decreased rental rates, increased operating costs or increased vacancy rates;
---	---
●	increased competition or available supply of data center space;
---	---
●	the suitability of our data centers and data center infrastructure, delays or disruptions in connectivity or availability of power, or failures or breaches of our physical and information security infrastructure or services;
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●	breaches of our obligations or restrictions under our contracts with our customers;
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●	our inability to successfully develop and lease new properties and development space, and delays or unexpected costs in development of properties;
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●	the impact of current global and local economic, credit and market conditions;
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●	increased tariffs, global supply chain or procurement disruptions, or increased supply chain costs;
---	---
●	the impact from periods of heightened inflation on our costs, such as operating and general and administrative expenses, interest expense and real estate acquisition and construction costs;
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●	the impact on our customers’ and our suppliers’ operations during an epidemic, pandemic, or other global events;
---	---
●	our dependence upon significant customers, bankruptcy or insolvency of a major customer or a significant number of smaller customers, or defaults on or non-renewal of leases by customers;
---	---
●	changes in political conditions, geopolitical turmoil, political instability, civil disturbances, restrictive governmental actions or nationalization in the countries in which we operate;
---	---
●	our inability to retain data center space that we lease or sublease from third parties;
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●	information security and data privacy breaches;
---	---
●	difficulties managing an international business and acquiring or operating properties in foreign jurisdictions and unfamiliar metropolitan areas;
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●	our failure to realize the intended benefits from, or disruptions to our plans and operations or unknown or contingent liabilities related to, our recent and future acquisitions;
---	---
●	our failure to successfully integrate and operate acquired or developed properties or businesses;
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●	difficulties in identifying properties to acquire and completing acquisitions;
---	---
●	risks related to joint venture investments, including as a result of our lack of control of such investments;
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●	risks associated with using debt to fund our business activities, including re-financing and interest rate risks, our failure to repay debt when due, adverse changes in our credit ratings or our breach of covenants or other terms contained in our loan facilities and agreements;
---	---
●	our failure to obtain necessary debt and equity financing, and our dependence on external sources of capital;
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●	financial market fluctuations and changes in foreign currency exchange rates;
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●	adverse economic or real estate developments in our industry or the industry sectors that we sell to, including risks relating to decreasing real estate valuations and impairment charges and goodwill and other intangible asset impairment charges;
---	---
●	our inability to manage our growth effectively;
---	---
●	losses in excess of our insurance coverage;
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●	our inability to attract and retain talent;
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●	environmental liabilities, risks related to natural disasters and our inability to achieve our sustainability goals;
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●	the expected operating performance of anticipated near-term acquisitions and descriptions relating to these expectations;
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●	our inability to comply with rules and regulations applicable to our company;
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●	Digital Realty Trust, Inc.’s failure to maintain its status as a REIT for U.S. federal income tax purposes;
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●	Digital Realty Trust, L.P.’s failure to qualify as a partnership for U.S. federal income tax purposes;
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●	restrictions on our ability to engage in certain business activities;
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●	changes in local, state, federal and international laws, and regulations, including related to taxation, real estate, and zoning laws, and increases in real property tax rates; and
---	---
●	the impact of any financial, accounting, legal or regulatory issues or litigation that may affect us.
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The risks included here are not exhaustive, and additional factors could adversely affect our business and financial performance. Several additional material risks are discussed in our annual report on Form 10-K for the year ended December 31, 2024, and other filings with the U.S. Securities and Exchange Commission. Those risks continue to be relevant to our performance and financial condition. Moreover, we operate in a competitive and rapidly changing environment. New risk factors emerge from time to time and it is not possible for management to predict all such risk factors, nor can it assess the impact of all such risk factors on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. We expressly disclaim any responsibility to update forward-looking statements, whether as a result of new information, future events or otherwise. Digital Realty, Digital Realty Trust, the Digital Realty logo, Interxion, Turn-Key Flex, Powered Base Building, ServiceFabric, AnyScale Colo, Pervasive Data Center Architecture, PlatformDIGITAL, PDx, Data Gravity Index and Data Gravity Index DGx are registered trademarks and service marks of Digital Realty Trust, Inc. in the United States and/or other countries. All other names, trademarks and service marks are the property of their respective owners. 33

Exhibit 99.2

Global. Connected. Sustainable.<br>4Q25 FINANCIAL<br>RESULTS<br>February 5, 2026<br>The meeting place for companies,<br>technologies and data
5,500+<br>Customers<br>232,500<br>Cross Connects<br>55+<br>Metros<br>300+<br>Data Centers<br>Capacity<br>Host What You Need,<br>How You Need<br>Coverage<br>Deploy Where You<br>Need<br>Connectivity<br>Connect How You Need<br>to Whom You Need<br>Control<br>Implement and Operate<br>the Way You Need<br>4Q25 Financial Results 2<br>Strong Execution Throughout 2025<br>Positioned for Long-Term Sustainable Growth<br>4Q25 Highlights FY 2025 Highlights<br>$1.2B<br>Total Bookings at<br>100% share<br>$400M<br>Total Bookings at<br>100% share<br>$1.4B<br>Total Backlog at<br>100% share<br>$7.39<br>Record CFFO per Share(2)<br>4.5%<br>Y/Y Growth in<br>Same-Capital Cash NOI(1)<br>~$7B<br>Liquidity at the end<br>of 4Q25<br>Note: As of December 31, 2025. Includes investments in unconsolidated entities.<br>1) Same-Capital Cash NOI Constant-Currency growth is a non-GAAP financial measure. For a reconciliation of this measure to the nearest GAAP equivalent, see the Appendix.<br>2) Core FFO per share is a non-GAAP financial measure. For a reconciliation of this measure to the nearest GAAP equivalent, see the Appendix. Net Income per share for 2025 is $3.58.
---
3<br>Offering a Global Data Center Platform<br>Capacity in Major Metros to Meet Growing Customer Demand<br>Global Capacity<br>769 MW<br>under construction<br>4Q25 Financial Results<br>90 MW<br>delivered in 4Q25<br>135 MW<br>net new starts in 4Q25<br>~3 GW<br>in-place IT capacity<br>Note: As of December 31, 2025.
---
Note: As of December 31, 2025. Totals reflect Consolidated and Unconsolidated facilities at 100% Share. Totals may not add due to rounding.<br>Buildable IT Capacity is the sum of the following: Land, Shell, and Data Center under Construction.<br>4<br>>5 GW<br>Future Development Capacity<br>= >25MWs and <100 MWs of Buildable Capacity<br>= <25MWs of Buildable Capacity<br>= >100MWs of Buildable Capacity<br>Development Capacity<br>For Growing Cloud and AI Workloads<br>>5 G<br>Future Development Capacity<br>W<br>53%<br>35%<br>12%<br>>100 MW < 100 MW and > 25 MW < 25 MW<br>CAPACITY BLOCKS<br>4Q25 Financial Results
---
4Q25 Financial Results 5<br>Enabling the Meeting Place<br>Record 0-1MW + Interconnection Bookings<br>155<br>new logos<br>$96M<br>Record total 4Q bookings from<br>0-1 MW + Interconnection<br>55%<br>of total 4Q bookings from<br>0-1 MW + Interconnection<br>4Q25 Results<br>569<br>new logos<br>$339M<br>total 2024 bookings from<br>0-1 MW + Interconnection<br>35%+<br>Y/Y increase in total bookings<br>from 0-1 MW + Interconnection<br>2025 Full-Year Results<br>Note: Metrics presented at Digital Realty’s share.
---
4Q25<br>Financial<br>Results<br>4Q25 Financial Results 6
---
Note: Totals may not add up due to rounding.<br>1) Other includes Powered Base Building® shell capacity as well as storage and office space within fully improved data center facilities.<br>4Q25 BOOKINGS AT DLR SHARE<br>HISTORICAL BOOKINGS<br>ANNUALIZED GAAP BASE RENT Strong Demand $ in millions<br>Environment<br>0-1 MW<br>$77.1M<br>44% of total bookings<br>INTERCONNECTION<br>$18.9M<br>11% of total bookings<br>>1 MW<br>$78.0M<br>45% of total bookings<br>OTHER(1)<br>$0.7M<br>>1% of total bookings<br>TOTAL BOOKINGS<br>$174.7M<br>4Q25 Financial Results 7<br>0-1MW Interconnection >1 MW Other (1)<br>• Record $96M Bookings<br>in 0-1MW + IX Category<br>• $400M Total Bookings at<br>100% Share in 4Q<br>$75<br>$150<br>$225<br>$300<br>$375<br>2021 2022 2023 2024 2025<br> $50<br> $250<br> $450<br> $650<br> $850<br> $1,050<br>2021 2022 2023 2024 2025<br>Partner Share
---
Note: Totals may not add up due to rounding.<br>1) Amounts shown represent GAAP annualized base rent from leases signed.<br>2) Historical backlog adjusted for asset sales and purchases, joint venture and fund contributions and other non-material reconciling items.<br>3) Amounts shown represent GAAP annualized base rent from leases signed, but not yet commenced, based on estimated future commencement date at time of signing. Actual commencement<br>dates may vary.<br>BACKLOG ROLL-FORWARD (1)<br>$ in millions<br>Consolidated Digital Realty Backlog Unconsolidated Entities Backlog, at DLR Share<br>COMMENCEMENT TIMING (3)<br>$ in millions<br>4Q25 Financial Results 8<br>$602M<br>$104M $163M<br>$543M<br>$852M<br>$175M $209M<br>$817M<br>3Q25 Backlog Signed Commenced 4Q25 Backlog (2)<br>• Backlog Represents<br>20% of in-place<br>Annualized Rent<br>• Record Total Backlog of<br>$1.4B<br>Multi-Year Backlog<br>Enhances Visibility<br>$421M<br>$103M<br>$19M<br>$543M<br>$634M<br>$152M $29M $817M<br>2026 2027 2028+ 4Q25 Backlog
---
Robust Pricing<br>Environment<br>Attractive Renewal<br>Spreads<br>4Q25 RENEWAL SPREADS<br>0-1 MW > 1 MW OTHER (1) TOTAL<br>65%<br>of total renewals<br>33%<br>of total renewals<br>2%<br>of total renewals<br>Signed renewals<br>representing<br>$269 million<br>of annualized<br>rental revenue<br>RENTAL RATE CHANGE RENTAL RATE CHANGE RENTAL RATE CHANGE RENTAL RATE CHANGE<br>4.9%<br>8.1%<br>GAAP<br>Note: Totals may not add up due to rounding. Rental rate change represents the beginning rental rate on agreements renewed, relative to the ending rental rate at expiration, weighted by net rentable square feet.<br>Signed renewals amounts represent cash annualized rental revenue.<br>1) Other includes Powered Base Building® shell capacity as well as storage and office space within fully improved data center facilities.<br>4.3%<br>CASH<br>GAAP<br>CASH<br>26.4%<br>33.8%<br>CASH<br>52.0%<br>GAAP<br>6.1%<br>CASH<br>12.0%<br>GAAP<br>4Q25 Financial Results 9<br>• Healthy >1MW Spreads<br>Drives Upside<br>• Full Year Cash Renewals<br>at 6.7%
---
Revenue Exposure<br>by Currency<br>Currency Tailwinds 1% 5%<br>23%<br>4%<br>49%<br><1%<br>2%<br>6%<br>2026E $7.95 / Sh<br>1%<br>SOFR<br>+/-<br>100bps<br>+0%<br>GBP<br>+/- 10%<br>2%<br>EUR<br>+/- 10%<br>CORE FFO/SHARE EXPOSURE (2)<br>EXPOSURE BY REVENUE (1)<br>Note: Totals may not add up due to rounding.<br>1) As of December 31, 2025. Includes Digital Realty’s share of revenue from unconsolidated entities.<br>2) Core FFO is a non-GAAP financial measure. For a definition of Core FFO and reconciliation to its nearest GAAP equivalent, see the Appendix. 4Q25 Financial Results 10<br>2%<br><1%<br>• Local Operations Funded<br>in Local Currencies Act as<br>a Natural Hedge<br><1%<br><1%<br>4Q24 4Q25<br>U.S. DOLLAR INDEX<br>SGD<br>4%<br>USD EURO ZAR GBP<br>23% 6% 5%<br>OTHER<br><1%<br>CHF<br>49% 2% 1%<br>BRL CAD<br>2%<br>JPY<br>2%<br><1%<br><1%<br><1%<br>2%<br>Jan-25<br><1%<br><1%<br><1%<br><1%<br>85<br>90<br>95<br>100<br>105<br>110<br>115<br>Oct-24 Jan-25 Apr-25 Jul-25 Oct-25
---
Matching the Duration of Assets and Liabilities<br>Modest Near-Term Maturities, Well-Laddered Debt Schedule<br>DEBT MATURITY SCHEDULE AS OF DECEMBER 31, 2025 (1)(2)<br>(U.S. $ in billions)<br>Note: As of December 31, 2025.<br>1) Includes Digital Realty’s pro rata share of unconsolidated entities’ loans and debt securities.<br>2) Assumes exercise of extension options.<br>3) Includes impact of cross-currency swaps.<br>DEBT PROFILE<br>96%<br>Unsecured<br>Unsecured<br>Secured<br>84%<br>Non-USD<br>Euro<br>USD<br>GBP<br>Other<br>92%<br>Fixed<br>Fixed<br>Floating<br>$0.5<br>$1.9<br>$3.0 $3.1<br>$3.4<br>$1.8 $2.0 $1.9<br>$1.0<br>$1.9<br>2026 2027 2028 2029 2030 2031 2032 2033 2034 2035+<br>Unsecured Credit Facilities Unsecured Convertible Notes Unsecured Green Senior Notes - EUR<br>Unsecured Green Senior Notes - CHF Other Unsecured Debt Unsecured Senior Notes - CHF<br>Euro Term Loan Unsecured Senior Notes - GBP Pro Rata Share of JV Debt<br>Secured Mortgage Debt Unsecured Senior Notes - USD Unsecured Senior Notes - EUR<br>R<br>€<br>₣<br>4Q25 Financial Results<br>(3)<br>5.0 YEARS<br>Weighted Avg.<br>Maturity (1)(2)<br>11<br>2.9%<br>Weighted Avg.<br>Coupon (1)(3)<br>¥ $<br>¥ $ € R$<br>$ € ¥ R$<br>S R$
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2026 Financial Guidance<br>Improving Core Growth<br>12<br>Actual 2025 Full Year 2026<br>Total Revenue $6,112 $6,600 – $6,700<br>Adjusted EBITDA $3,339 $3,600 – $3,700<br>Rental Rates on Renewals Leases (Cash) 6.7% 6.0% – 8.0%<br>Year-End Portfolio Occupancy 84.7% +50 – 100 bps<br>Same-Capital Cash NOI Growth 4.5% 4.0% – 5.0%<br>Core FFO per Share $7.39 $7.90 – $8.00<br>Constant Currency Core FFO per Share $7.29 $7.90 – $8.00<br>4Q25 Financial Results<br>(1)<br>Note: Dollars in millions except Core FFO per Share. The Company does not provide a reconciliation for non-GAAP estimates on a forward-looking basis, as it is unable to provide a meaningful or accurate calculation or estimation of reconciling items and the<br>information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and/or amount of various items that would impact net income attributable to common stockholders per diluted share, which is the most directly<br>comparable forward-looking GAAP financial measure. This includes, for example, external growth factors, such as dispositions, and balance sheet items, such as debt issuances, that have not yet occurred, are out of the Company's control and/or cannot be<br>reasonably predicted. For the same reasons, the Company is unable to address the probable significance of the unavailable information. Forward-looking non-GAAP financial measures provided without the most directly comparable GAAP financial measures<br>may vary materially from the corresponding GAAP financial measures.<br>1) Adjusted EBITDA, Same-Capital Cash NOI Growth, Core FFO Per Share, and Constant-Currency Core FFO per Share are non-GAAP financial measures. For definitions and reconciliation of these measures to their nearest GAAP equivalents, see the<br>Appendix.<br>2) Year-end portfolio occupancy guidance based on IT load (kW).<br>3) Presented on a constant currency basis.<br>(1)<br>(1)<br>(1)<br>(1) (3)<br>(2)
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13<br>Diversifying<br>and Bolstering<br>Capital<br>Sources<br>Strengthening<br>Customer<br>Value<br>Proposition<br>Innovating<br>and<br>Integrating<br>Consistent Execution on Strategic Vision<br>Delivering Current Results, Seeding Future Growth<br>• >$1B in Bookings, at 100% share<br>• ~$339M Bookings from 0-1MW+IX<br>• ~600 New Logos<br>• Record $1.4B Backlog, at 100%<br>share<br>• ServiceFabric® Expansion to 700 Data<br>Centers and 39 Metros Globally<br>• Expanded our footprint to Indonesia and<br>Malaysia<br>• Commercial Adoption of Private AI<br>Exchange (AIPx) Powered by<br>ServiceFabric®<br>• Core FFO per Share and Revenue<br>Double Digit Growth<br>• >$15B of Capital Available For<br>Hyperscale Development<br>• Established First Private Capital<br>Fund, Raising $3.2B<br>4Q25 Financial Results<br>Full Year 2025 Accomplishments<br>Note: Core FFO is a non-GAAP financial measure. For a definition of Core FFO and reconciliation to its nearest GAAP equivalent, see the Appendix.
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Appendix<br>4Q25 Financial Results 14
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Appendix<br>Management Statements on Non-GAAP Measures<br>4Q25 Financial Results 15<br>The information included in this presentation contains certain non-GAAP financial measures that management believes are helpful in understanding our business, as further described below. Our definition and calculation of non-GAAP financial measures may differ<br>from those of other REITs, and, therefore, may not be comparable. The non-GAAP financial measures should not be considered alternatives to net income or any other GAAP measurement of performance and should not be considered an alternative to cash flows<br>from operating, investing or financing activities as a measure of liquidity.<br>Funds From Operations (FFO):<br>We calculate funds from operations, or FFO, in accordance with the standards established by the National Association of Real Estate Investment Trusts (Nareit) in the Nareit Funds From Operations White Paper - 2018 Restatement. FFO represents net income (loss)<br>(computed in accordance with GAAP), excluding gain (loss) from the disposition of real estate assets, provision for impairment, real estate related depreciation and amortization (excluding amortization of deferred financing costs), our share of unconsolidated JV real<br>estate related depreciation amortization, net income attributable to noncontrolling interests in operating partnership and reconciling items related to noncontrolling interests. Management uses FFO as a supplemental performance measure because, in excluding real<br>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<br>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<br>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<br>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<br>with the Nareit definition and, accordingly, our FFO may not be comparable to other REITs’ FFO. FFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance.<br>Core Funds from Operations (Core FFO):<br>We present core funds from operations, or Core FFO, as a supplemental operating measure because, in excluding certain items that do not reflect core revenue or expense streams, it provides a performance measure that, when compared year over year, captures<br>trends in our core business operating performance. We calculate Core FFO by adding to or subtracting from FFO (i) other non-core revenue adjustments, (ii) transaction and integration expenses, (iii) loss on debt extinguishment and modifications, (iv) gain on /<br>issuance costs associated with redeemed preferred stock, (v) severance, equity acceleration and legal expenses, (vi) gain/loss on FX and derivatives revaluation, and (vii) other non-core expense adjustments. Because certain of these adjustments have a real<br>economic impact on our financial condition and results from operations, the utility of Core FFO as a measure of our performance is limited. Other REITs may calculate Core FFO differently than we do and accordingly, our Core FFO may not be comparable to other<br>REITs’ Core FFO. Core FFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance.<br>EBITDA and Adjusted EBITDA:<br>We believe that earnings before interest, loss on debt extinguishment and modifications, income taxes, and depreciation and amortization, or EBITDA, and Adjusted EBITDA (as defined below), are useful supplemental performance measures because they allow<br>investors to view our performance without the impact of non-cash depreciation and amortization or the cost of debt and, with respect to Adjusted EBITDA, (i) unconsolidated entities real estate related depreciation and amortization, (ii) unconsolidated entities interest<br>expense and tax expense, (iii) severance, equity acceleration and legal expenses, (iv) transaction and integration expenses, (v) gain (loss) on sale / deconsolidation, (vi) provision for impairment, (vii) other non-core adjustments, net, (viii) noncontrolling interests, (ix)<br>preferred stock dividends, and (x) gain on / issuance costs associated with redeemed preferred stock. Adjusted EBITDA is EBITDA excluding (i) unconsolidated entities real estate related depreciation amortization, (ii) unconsolidated entities interest expense and tax,<br>(iii) severance, equity acceleration, and legal expenses, (iv) transaction and integration expenses, (v) gain (loss) on sale / deconsolidation, (vi) provision for impairment, (vii) other non-core adjustments, net, (viii) noncontrolling interests, (ix) preferred stock dividends,<br>and (x) gain on / issuance costs associated with redeemed preferred stock. In addition, we believe EBITDA and Adjusted EBITDA are frequently used by securities analysts, investors and other interested parties in the evaluation of REITs. Because EBITDA and<br>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,<br>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.<br>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.<br>Net Operating Income (NOI) and Cash NOI:<br>Net operating income, or NOI, represents rental revenue, tenant reimbursement revenue and interconnection revenue less utilities expense, rental property operating expenses, property taxes and insurance expenses (as reflected in the statement of operations). NOI<br>is commonly used by stockholders, company management and industry analysts as a measurement of operating performance of the company’s rental portfolio. Cash NOI is NOI less straight-line rents and above- and below-market rent amortization. Cash NOI is<br>commonly used by stockholders, company management and industry analysts as a measure of property operating performance on a cash basis. However, because NOI and cash NOI exclude depreciation and amortization and capture neither the changes in the<br>value of our data centers that result from use or market conditions, nor the level of capital expenditures and capitalized leasing commissions necessary to maintain the operating performance of our data centers, all of which have real economic effect and could<br>materially impact our results from operations, the utility of NOI and cash NOI as measures of our performance is limited. Other REITs may calculate NOI and cash NOI differently than we do and, accordingly, our NOI and cash NOI may not be comparable to other<br>REITs’ NOI and cash NOI. NOI and cash NOI should be considered only as supplements to net income computed in accordance with GAAP as measures of our performance.<br>Same–Capital Cash NOI:<br>Same-Capital Cash NOI represents buildings owned as of December 31, 2023 with less than 5% of total rentable square feet under development and excludes buildings that were undergoing, or were expected to undergo, development activities in 2024-2025,<br>buildings classified as held for sale and contribution, and buildings sold or contributed to joint ventures for all periods presented (prior period numbers adjusted to reflect current same-capital pool).
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Appendix<br>Forward-Looking Statements<br>This information in this presentation contains forward-looking statements within the meaning of the federal securities laws, which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and<br>results to differ materially. Such forward-looking statements include statements relating to: our economic outlook; our expected investment and expansion activity; our joint ventures; the expected benefits and timing of PlatformDIGITAL®; the Data Gravity Index ; Data<br>Gravity Index DGx ; public cloud services spending; the potential impact of artificial intelligence and data regulations; our sustainability initiatives; the expected effect of foreign currency translation adjustments on our financials; anticipated continued demand for our<br>products and services; our liquidity; demand drivers and economic growth outlook; business drivers; our expected development plans and completions, including timing, total square footage, IT capacity and raised floor space upon completion; expected availability for<br>leasing efforts and colocation initiatives; organizational initiatives; our product offerings; our connected data communities; joint venture opportunities; occupancy and total investment; our expected investment in our properties; our estimated time to stabilization and<br>targeted returns at stabilization of our properties; our expected future acquisitions; acquisitions strategy; available inventory and development strategy; the signing and commencement of leases, and related rental revenue; lag between signing and commencement of<br>leases; our backlog; future rents; our expected same store portfolio growth; our expected growth and stabilization of development completions and acquisitions; lease rollovers and expected rental rate changes; our re-leasing spreads; our expected yields on<br>investments; our expectations with respect to capital investments at lease expiration on existing data center or colocation space; debt maturities; lease maturities; our other expected future financial and other results including guidance, and the assumptions underlying<br>such results; our customers’ capital investments; our plans and intentions; future data center utilization, utilization rates, growth rates, trends, supply and demand; data center expansion plans; estimated kW/MW requirements; capital expenditures; the effect new leases<br>and increases in rental rates will have on our rental revenues and results of operations; estimates of the value of our development portfolio; our ability to meet our liquidity needs, including the ability to raise additional capital; access to power; market forecasts;<br>projected financial information and covenant metrics; Core FFO run rate and NOI growth; other forward looking financial data; leasing expectations; our exposure to tenants in certain industries; our expectations and underlying assumptions regarding our sensitivity to<br>fluctuations in foreign exchange rates; and the sufficiency of our capital to fund future requirements. You can identify forward-looking statements by the use of forward-looking terminology such as “believes,” “expects,” “may,” “will,” “should,” “seeks,” “approximately,”<br>“intends,” “plans,” “pro forma,” “estimates” or “anticipates” or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and discussions which do not relate solely to historical matters. Such<br>statements are based on management’s beliefs and assumptions made based on information currently available to management. Such statements are subject to risks, uncertainties and assumptions and are not guarantees of future performance and may be affected<br>by known and unknown risks, trends, uncertainties and factors that are beyond our control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated,<br>estimated or projected. Some of the risks and uncertainties that may cause our actual results, performance or achievements to differ materially from those by forward-looking statements include, among others, the following: reduced demand for data centers or<br>decreases in information technology spending; decreased rental rates, increased operating costs or increased vacancy rates; increased competition or available supply of data center space; the suitability of our data centers and data center infrastructure, delays or<br>disruptions in connectivity or availability of power, or failures or breaches of our physical and information security infrastructure or services; breaches of our obligations or restrictions under our contracts with our customers; our inability to successfully develop and lease<br>new properties and development space, and delays or unexpected costs in development of properties; the impact of current global and local economic, credit and market conditions; increased tariffs, global supply chain or procurement disruptions, or increased supply<br>chain costs; the impact from periods of heightened inflation on our costs, such as operating and general and administrative expenses, interest expense and real estate acquisition and construction costs; the impact on our customers’ and our suppliers’ operations<br>during an epidemic, pandemic, or other global events; our dependence upon significant customers, bankruptcy or insolvency of a major customer or a significant number of smaller customers, or defaults on or non-renewal of leases by customers; changes in political<br>conditions, geopolitical turmoil, political instability, civil disturbances, restrictive governmental actions or nationalization in the countries in which we operate; our inability to retain data center space that we lease or sublease from third parties; information security and<br>data privacy breaches; difficulties managing an international business and acquiring or operating properties in foreign jurisdictions and unfamiliar metropolitan areas; our failure to realize the intended benefits from, or disruptions to our plans and operations or unknown<br>or contingent liabilities related to, our recent and future acquisitions; our failure to successfully integrate and operate acquired or developed properties or businesses; difficulties in identifying properties to acquire and completing acquisitions; risks related to joint venture<br>investments, including as a result of our lack of control of such investments; risks associated with using debt to fund our business activities, including re-financing and interest rate risks, our failure to repay debt when due, adverse changes in our credit ratings or our<br>breach of covenants or other terms contained in our loan facilities and agreements; our failure to obtain necessary debt and equity financing, and our dependence on external sources of capital; financial market fluctuations and changes in foreign currency exchange<br>rates; adverse economic or real estate developments in our industry or the industry sectors that we sell to, including risks relating to decreasing real estate valuations and impairment charges and goodwill and other intangible asset impairment charges; our inability to<br>manage our growth effectively; losses in excess of our insurance coverage; our inability to attract and retain talent; environmental liabilities, risks related to natural disasters and our inability to achieve our sustainability goals; the expected operating performance of<br>anticipated near-term acquisitions and descriptions relating to these expectations; our inability to comply with rules and regulations applicable to our company; Digital Realty Trust, Inc.’s failure to maintain its status as a REIT for U.S. federal income tax purposes; Digital<br>Realty Trust, L.P.’s failure to qualify as a partnership for U.S. federal income tax purposes; restrictions on our ability to engage in certain business activities; and changes in local, state, federal and international laws and regulations, including related to taxation, real<br>estate and zoning laws and increases in real property tax rates; the impact of any financial, accounting, legal or regulatory issues or litigation that may affect us.<br>The risks included here are not exhaustive, and additional factors could adversely affect our business and financial performance. We discussed a number of additional material risks in our annual report on Form 10-K for the year ended December 31, 2024, and other<br>filings with the Securities and Exchange Commission. Those risks continue to be relevant to our performance and financial condition. Moreover, we operate in a very competitive and rapidly changing environment. New risk factors emerge from time to time and it is<br>not possible for management to predict all such risk factors, nor can it assess the impact of all such risk factors on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any<br>forward-looking statements. We expressly disclaim any responsibility to update forward-looking statements, whether as a result of new information, future events or otherwise. Digital Realty, Digital Realty Trust, the Digital Realty logo, Interxion, Turn-Key Flex, Powered<br>Base Building, PlatformDIGITAL, Data Gravity Index, Data Gravity Index DGx, ServiceFabric, AnyScale Colo, and Pervasive Data Center Architecture (PDx),among others, are registered trademarks and service marks of Digital Realty Trust, Inc. in the United States<br>and/or other countries. All other names, trademarks and service marks are the property of their respective owners.<br>4Q25 Financial Results 16
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Reconciliation of<br>Non-GAAP Items<br>To Their Closest GAAP<br>Equivalent<br>4Q25 Financial Results 17<br>December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024<br>Net income available to common stockholders $ 88,466 $ 179,388 $ 1,267,865 $ 561,766<br>Adjustments:<br>Noncontrolling interests in operating partnership 2,000 4,000 28,000 12,700<br>Real estate related depreciation and amortization (1) 484,260 445,462 1,855,144 1,730,059<br>Depreciation related to non-controlling interests (22,753) (19,531) (86,159) (64,612)<br>Real estate related depreciation and amortization related to investment in<br> unconsolidated entities 70,260 49,463 251,215 192,931<br>(Gain) on real estate transactions (42,865) (137,047) (995,586) (596,904)<br>Provision for impairment 78,553 22,881 78,553 191,185<br>FFO available to common stockholders and unitholders $ 657,921 $ 544,616 $ 2,399,032 $ 2,027,122<br>Basic FFO per share and unit $ 1.88 $ 1.60 $ 6.94 $ 6.15<br>Diluted FFO per share and unit $ 1.89 $ 1.61 $ 6.96 $ 6.14<br>Weighted average common stock and units outstanding<br>Basic 349,354 339,442 345,717 329,485<br>Diluted 357,430 346,756 353,720 337,697<br>(1) Real estate related depreciation and amortization was computed as follows:<br>Depreciation and amortization per income statement 493,458 455,355 1,894,636 1,771,798<br>Non-real estate depreciation (9,198) (9,894) (39,492) (41,739)<br>$ 484,260 $ 445,462 $ 1,855,144 $ 1,730,059<br>December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024<br>FFO available to common stockholders and unitholders -- basic and diluted $ 657,921 $ 544,616 $ 2,399,032 $ 2,027,122<br>Weighted average common stock and units outstanding 349,354 339,442 345,717 329,485<br>Add: Effect of dilutive securities 386 540 369 413<br>Weighted average common stock and units outstanding -- diluted 349,740 339,982 346,086 329,899<br>Three Months Ended Twelve Months Ended<br>Twelve 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
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Reconciliation of<br>Non-GAAP Items<br>To Their Closest GAAP<br>Equivalent<br>4Q25 Financial Results 18<br>December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024<br>FFO available to common stockholders and unitholders -- diluted $ 657,921 $ 544,616 $ 2,399,032 $ 2,027,122<br>Other non-core revenue adjustments (10,633) 4,537 (13,076) (30,339)<br>Transaction and integration expenses 36,083 11,797 185,090 93,902<br>Gain (loss) on debt extinguishment and modifications (9) 2,165 (9) 5,871<br>Severance, equity acceleration and legal expenses 4,937 2,346 11,421 6,502<br>(Gain) / Loss on FX and derivatives revaluation (16,295) 7,127 (9,280) 74,464<br>Other non-core expense adjustments (21,794) 14,229 (15,329) 37,671<br>CFFO available to common stockholders and unitholders -- diluted $ 650,210 $ 586,816 $ 2,557,849 $ 2,215,194<br>CFFO impact of holding '24 Exchange Rates Constant (16,372) - (33,721) -<br>Constant Currency CFFO available to common stockholders and unitholders -- diluted $ 633,838 $ 586,816 $ 2,524,128 $ 2,215,194<br>Diluted CFFO per share and unit $ 1.86 $ 1.73 $ 7.39 $ 6.71<br>Diluted Constant Currency CFFO per share and unit $ 1.81 $ 1.73 $ 7.29 $ 6.71<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 Twelve Months Ended
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Reconciliation of<br>Non-GAAP Items<br>To Their Closest GAAP<br>Equivalent<br>4Q25 Financial Results 19<br>December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024<br>Net income available to common stockholders $ 88,466 $ 179,388 $ 1,267,865 $ 561,766<br>Interest 116,516 104,742 437,947 452,836<br>Gain (loss) on debt extinguishment and modifications (9) 2,165 (9) 5,871<br>Income tax expense (benefit) (9,673) 4,928 32,040 54,760<br>Depreciation and amortization 493,458 455,355 1,894,636 1,771,797<br>EBITDA 688,758 746,578 3,632,477 2,847,030<br>Unconsolidated JV real estate related depreciation & amortization 70,260 49,463 251,215 192,931<br>Unconsolidated JV interest expense and tax expense 38,498 32,255 147,926 129,182<br>Severance, equity acceleration and legal expenses 4,937 2,346 11,421 6,502<br>Transaction and integration expenses 36,083 11,797 185,090 93,902<br>(Gain) / loss on sale of investments (42,865) (144,885) (995,585) (595,825)<br>Provision for impairment 78,553 22,881 78,553 191,185<br>Other non-core adjustments, net (25,033) 24,539 (17,280) 55,533<br>Noncontrolling interests (2,536) (3,881) 4,576 (14,163)<br>Preferred stock dividends, including undeclared dividends 10,181 10,181 40,724 40,725<br>(Gain) on redemption of preferred stock - - - -<br>Adjusted EBITDA $ 856,836 $ 751,276 $ 3,339,119 $ 2,947,003<br>Digital Realty Trust, Inc. and Subsidiaries<br>Reconciliation of Net Income Available to Common Stockholders to Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) and Adjusted EBITDA<br>(in thousands)<br>(unaudited)<br>Three Months Ended Twelve Months Ended
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Reconciliation of<br>Non-GAAP Items<br>To Their Closest GAAP<br>Equivalent<br>4Q25 Financial Results 20<br>December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024<br>Rental revenues $ 740,566 $ 690,569 $ 2,880,090 $ 2,714,688<br>Tenant reimbursements - Utilities 252,644 226,821 932,787 885,545<br>Tenant reimbursements - Other 23,463 24,904 102,330 104,385<br>Interconnection and other 91,087 81,660 357,643 323,547<br>Total Revenue 1,107,760 1,023,953 4,272,850 4,028,165<br>Utilities 266,615 245,191 1,031,119 1,001,884<br>Rental property operating 213,275 199,186 772,706 712,225<br>Property taxes 37,078 31,456 148,590 141,129<br>Insurance 4,804 4,158 18,963 15,542<br>Total Expenses 521,772 479,991 1,971,378 1,870,780<br>Net Operating Income $ 585,988 $ 543,962 $ 2,301,472 $ 2,157,385<br>Less:<br>Stabilized straight-line rent $ 4,384 $ 8,874 $ 13,398 $ 11,009<br>Above and below market rent 636 91 2,318 1,795<br>Same Capital Cash Net Operating Income $ 580,968 $ 534,997 $ 2,285,756 $ 2,144,581<br>Same Capital Cash NOI impact of holding '24 Exchange Rates Constant (21,909) - $ (44,777) $ -<br>Constant Currency Same Capital Cash Net Operating Income $ 559,059 $ 534,998 $ 2,240,979 $ 2,144,581<br>December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024<br>Total operating revenues $ 1,634,671 $ 1,435,862 $ 6,112,692 $ 5,554,968<br>less:<br>Proforma disposition adjustment 292 (59,004) (62,945) (269,928)<br>plus:<br>Constant currency adjustment (16,372) - (33,721) -<br>Total operating revenues (as adjusted) $ 1,618,591 $ 1,376,858 $ 6,016,026 $ 5,285,040<br>Three Months Ended Twelve Months Ended<br>Three Months Ended Twelve 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<br>Non-GAAP Items<br>To Their Closest GAAP<br>Equivalent<br>4Q25 Financial Results 21<br>Total Debt/Total Enterprise Value QE 12/31/25<br>Market value of common equity(i) $ 54,109,204<br>Liquidation value of preferred equity(ii) 755,000 Total GAAP interest expense (including unconsolidated JV interest expense) 143,552<br>Total debt at balance sheet carrying value 18,402,135 Add: Capitalized interest 34,783<br>Total Enterprise Value $ 73,266,339 GAAP interest expense plus capitalized interest 178,335<br>Total debt / total enterprise value 25.1%<br>Debt-plus-preferred-to-total-enterprise-value 26.1% Debt Service Ratio 4.8x<br><br> (i) Market Value of Common Equity<br> Common shares outstanding 343,557<br> Common units outstanding 6,189 QE 12/31/25<br> Total Shares and Partnership Units 349,746 Fixed Charged Ratio (LQA Adjusted EBITDA/total fixed charges)<br> Stock price as of December 31, 2025 $ 154.71<br> Market value of common equity $ 54,109,204 GAAP interest expense plus capitalized interest 178,335<br>Preferred dividends 10,181<br> (ii) Liquidation value of preferred equity ($25.00 per share) Total fixed charges 188,516<br>Shares O/S Liquidation Value<br> Series J Preferred 8,000 200,000 Fixed charge ratio 4.5x<br> Series K Preferred 8,400 210,000<br> Series L Preferred 13,800 345,000<br> 755,000 (iv) QE 12/31/25<br>Unsecured Debt/Total Debt<br>Net Debt/LQA Adjusted EBITDA<br>QE 12/31/25 Global unsecured revolving credit facility 899,090<br>Total debt at balance sheet carrying value $ 18,402,135 Unsecured term loans 439,536<br>Add: DLR share of unconsolidated joint venture debt 1,897,624 Unsecured senior notes, net of discount 16,194,441<br>Add: Finance lease obligations, net 340,630 Secured debt, including premiums 869,068<br>Less: Unrestricted cash (3,865,688) Finance lease obligations, net 340,630<br>Net Debt as of December 31, 2025 $ 16,774,702 Total debt at balance sheet carrying value 18,742,765<br>Net Debt / LQA Adjusted EBITDA(iii) 4.9x Unsecured Debt / Total Debt 95.4%<br> (iii) Adjusted EBITDA Net Debt Plus Preferred/LQA Adjusted EBITDA QE 12/31/25<br> Net loss available to common stockholders $ 88,466 Total debt at balance sheet carrying value 18,402,135<br> Interest expense 116,516 Less: Unrestricted cash (3,865,688)<br> Gain (loss) on debt extinguishment and modifications (9)<br> Taxes (9,673) Finance lease obligations, net 340,630<br> Depreciation and amortization 493,458 DLR share of unconsolidated joint venture debt 1,897,624<br> EBITDA 688,758 Net Debt as of December 31, 2025 16,774,702<br>Preferred Liquidation Value (iv) 755,000<br> Unconsolidated JV real estate related depreciation & amortization 70,260 Net Debt plus preferred 17,529,702<br> Unconsolidated JV interest expense and tax expense 38,498<br> Severance accrual and equity acceleration and legal expenses 4,937 Net Debt Plus Preferred/LQA Adjusted EBITDA(iii) 5.1x<br> Transaction and integration expenses 36,083<br> (Gain) / loss on sale of investments (42,865)<br> Provision for impairment 78,553<br> Other non-core adjustments, net (25,033)<br> Noncontrolling interests (2,536)<br> Preferred stock dividends 10,181<br> Adjusted EBITDA $ 856,836<br>LQA Adjusted EBITDA (Adjusted EBITDA x 4) $ 3,427,342<br>Note: For quarter ended December 31, 2025<br>Debt Service Ratio (LQA Adjusted EBITDA/GAAP interest expense plus capitalized interest and less bridge facility<br>fees)
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Thank you
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