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 17, 2022

DIGITAL REALTY TRUST, INC.

(Exact name of registrant as specified in its charter)


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


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

( 737 ) 281-0101

(Registrant’s telephone number, including area code)

N/A

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

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

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

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

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

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

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


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

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


	Emerging growth company ☐

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

Item 2.02 Results of Operations and Financial Condition.

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

On February 17, 2022, we issued a press release announcing our financial results for the quarter ended December 31, 2021. 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 17, 2022, we also posted presentation materials to our website at www.digitalrealty.com. The presentation materials are attached hereto as Exhibit 99.2 and incorporated by reference herein.

Item 7.01 Regulation FD Disclosure.

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

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, 2021.
99.2		Presentation Materials posted February 17, 2022.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

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

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

Date: February 17, 2022

Table of Contents

	Financial Supplement
Table of Contents		Fourth Quarter 2021

Overview	PAGE

Corporate Information	3

Ownership Structure	5

Key Quarterly Financial Data	6

Consolidated Statements of Operations

Earnings Release	8

2022 Outlook	11

Consolidated Quarterly Statements of Operations	13

Funds From Operations and Core Funds From Operations	14

Adjusted Funds From Operations	15

Balance Sheet Information

Consolidated Balance Sheets	16

Components of Net Asset Value	17

Debt Maturities	18

Debt Analysis and Covenant Compliance	19

Internal Growth

Same-Capital Operating Trend Summary	20

Summary of Leasing Activity - Signed	21

Summary of Leasing Activity - Renewed	22

Lease Expirations - By Size	23

Top 20 Customers by Annualized Rent	24

Occupancy Analysis	25

External Growth

Development Lifecycle - Committed Active Development	26

Construction Projects in Progress	27

Historical Capital Expenditures and Investments in Real Estate	28

Development Lifecycle - Held for Development	29

Acquisitions / Dispositions / Joint Ventures	30

Unconsolidated Joint Ventures	31

Additional Information

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

Management Statements on Non-GAAP Measures	33

Forward-Looking Statements	35

Table of Contents

	Financial Supplement
Corporate Information		Fourth Quarter 2021

Corporate Profile

Digital Realty owns, acquires, develops and operates data centers. The company is focused on providing data center, colocation and interconnection solutions for domestic and international customers across a variety of industry verticals ranging from cloud and information technology services, communications and social networking to financial services, manufacturing, energy, healthcare, and consumer products. As of December 31, 2021, the company’s 287 data centers, including 50 data centers held as investments in unconsolidated joint ventures, contain applications and operations critical to the day-to-day operations of technology industry and corporate enterprise data center customers. Digital Realty’s portfolio is comprised of approximately 35.6 million square feet, excluding approximately 7.2 million square feet of space under active development and 2.7 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 https://www.digitalrealty.com/.

Corporate Headquarters

5707 Southwest Parkway, Building 1, Suite 275

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

Senior Management

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

Investor Relations

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

Analyst Coverage

BMO
	Bank of America			BMO Capital		Cowen &
Argus Research	Merrill Lynch	Barclays	Berenberg	Markets	Citigroup	Company
Marie Ferguson	David Barden	Brendan Lynch	Nate Crossett	Ari Klein	Michael Rollins	Colby Synesael
(212) 425-7500	(646) 855-1320	(212) 526-9428	(646) 949-9030	(212) 885-4103	(212) 816-1116	(646) 562-1355

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

KeyBanc Capital Markets	MoffettNathanson	Morgan Stanley	Morningstar	New Street Research	Raymond James	RBC Capital Markets
Jordan Sadler	Nick Del Deo	Simon Flannery	Matthew Dolgin	Jonathan Chaplin	Frank Louthan	Jonathan Atkin
(917) 368-2280	(212) 519-0025	(212) 761-6432	(312) 696-6783	(212) 921-9876	(404) 442-5867	(415) 633-8589

Stifel	TD Securities	Truist Securities	UBS	Wells Fargo	William Blair	Wolfe Research
Erik Rasmussen	Jonathan Kelcher	Gregory Miller	John Hodulik	Eric Luebchow	James Breen	Andrew Rosivach
(212) 271-3461	(416) 307-9931	(212) 303-4169	(212) 713-4226	(312) 630-2386	(617) 235-7513	(646) 582-9250

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

Table of Contents

	Financial Supplement
Corporate Information (Continued)		Fourth Quarter 2021

Stock Listing Information

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

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

Symbols may vary by stock quote provider.

Credit Ratings

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

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

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

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

Common Stock Price Performance

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


	Three Months Ended
	31-Dec-21		30-Sep-21		30-Jun-21		31-Mar-21		31-Dec-20
High price		178.22		168.30		164.04		150.43		159.58
Low price		139.31		143.01		140.29		124.65		126.79
Closing price, end of quarter		176.87		144.45		150.46		140.84		139.51
Average daily trading volume		1,242,203		1,239,685		1,293,054		1,809,056		1,666,992
Indicated dividend per common share (1)		4.64		4.64		4.64		4.64		4.48
Closing annual dividend yield, end of quarter		2.6%		3.2%		3.1%		3.3%		3.2%
Shares and units outstanding, end of quarter (2)		290,346,784		290,340,867		289,658,561		289,113,581		288,335,993
Closing market value of shares and units outstanding (3)		51,353,636		41,939,738		43,582,029		40,718,757		40,225,753

All values are in US Dollars.

(1)	On an annualized basis.
(2)	As of December 31, 2021, the total number of shares and units includes 284,415,013 shares of common stock, 4,389,384 common units held by third parties and 1,542,387 common units and vested and unvested long-term incentive units held by directors, officers and others and excludes all shares of common stock potentially issuable upon conversion of our series J, series K and series L cumulative redeemable preferred stock upon certain change of control transactions and upon physical settlement of our September 2021 forward sale agreements.
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(3)	Dollars in thousands as of the end of the quarter.
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This Earnings Press Release and Supplemental Information package supplements the information provided in our quarterly and annual reports filed with the U.S. Securities and Exchange Commission. Additional information about us and our data centers is also available on our website at www.digitalrealty.com.

Table of Contents

Ownership Structure	Financial Supplement
As of December 31, 2021		Fourth Quarter 2021


Partner		# of Units (2)		% Ownership
Digital Realty Trust, Inc.		284,415,013		98.0%
Third-Party Unitholders		4,389,384		1.5%
Directors, Officers and Others (3)		1,542,387		0.5%
Total	****	290,346,784	****	100.0%

(1)	Includes properties owned by joint ventures.
(2)	The total number of units includes 284,415,013 general partnership common units, 4,389,384 common units held by third parties and 1,542,387 common units and vested and unvested long-term incentive units held by directors, officers and others, and excludes all common units potentially issuable upon conversion of our series J, series K and series L cumulative redeemable preferred units upon certain change of control transactions and upon physical settlement of our September 2021 forward sale agreements.
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(3)	Reflects limited partnership interests held by our directors, officers and others in the form of common units, and vested and unvested long-term incentive units.
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Table of Contents

Key Quarterly Financial Data	Financial Supplement
Unaudited and Dollars in Thousands, Except Per Share Data		Fourth Quarter 2021


** Shares and Units at End of Quarter**	****	31-Dec-21		****	30-Sep-21		****	30-Jun-21		****	31-Mar-21		****	31-Dec-20
Common shares outstanding			284,415,013			283,846,802			282,603,152			281,372,310			280,289,726
Common units outstanding			5,931,771			6,494,065			7,055,409			7,741,271			8,046,267
Total Shares and Partnership Units	****		290,346,784	****		290,340,867	****		289,658,561	****		289,113,581	****		288,335,993

** Enterprise Value**
Market value of common equity (1)			$51,353,636			$41,939,738			$43,582,029			$40,718,757			$40,225,753
Liquidation value of preferred equity			755,000			755,000			755,000			956,250			956,250
Total debt at balance sheet carrying value			13,448,210			14,087,539			13,927,821			13,256,839			13,304,717
Total Enterprise Value			$65,556,846			$56,782,277			$58,264,850			$54,931,846			$54,486,720
Total debt / total enterprise value			20.5%			24.8%			23.9%			24.1%			24.4%
Debt-plus-preferred-to-total-enterprise-value			21.7%			26.1%			25.2%			25.9%			26.2%

** Selected Balance Sheet Data**
Investments in real estate (before depreciation)			$28,780,211			$28,033,614			$27,821,024			$26,830,520			$27,286,333
Total Assets			36,369,560			35,847,648			36,151,220			35,542,491			36,076,291
Total Liabilities			17,845,778			18,040,369			17,945,483			17,157,070			17,587,944

** Selected Operating Data**
Total operating revenues			$1,111,168			$1,133,136			$1,093,188			$1,090,391			$1,062,609
Total operating expenses			979,671			948,769			907,561			897,873			902,345
Interest expense			71,762			71,417			75,014			75,653			77,848
Net income / (loss)			1,090,397			136,543			125,797			394,675			59,510
Net income / (loss) available to common stockholders			1,057,629			124,096			127,368			372,405			44,178

** Financial Ratios**
EBITDA (2)			$1,512,560			$578,257			$618,945			$843,685			$534,839
Adjusted EBITDA (3)			583,712			610,076			602,684			615,319			578,156
Net Debt to Adjusted EBITDA (4)			6.1x			6.0x			6.0x			5.6x			6.0x
Interest expense			71,762			71,417			75,014			75,653			77,848
Fixed charges (5)			97,271			96,740			98,457			100,601			103,198
Interest coverage ratio (6)			6.0x			6.5x			6.1x			6.6x			5.8x
Fixed charge coverage ratio (7)			5.4x			5.8x			5.4x			5.8x			5.1x

** Profitability Measures**
Net income / (loss) per common share - basic			$3.73			$0.44			$0.45			$1.32			$0.16
Net income / (loss) per common share - diluted			$3.71			$0.44			$0.45			$1.32			$0.16
Funds from operations (FFO) / diluted share and unit (8)			$1.54			$1.54			$1.78			$1.49			$1.45
Core funds from operations (Core FFO) / diluted share and unit (8)			$1.67			$1.65			$1.54			$1.67			$1.61
Adjusted funds from operations (AFFO) / diluted share and unit (9)			$1.41			$1.60			$1.63			$1.61			$1.41
Dividends per share and common unit			$1.16			$1.16			$1.16			$1.16			$1.12
Diluted FFO payout ratio (8) (10)			75.3%			75.3%			65.2%			77.9%			77.1%
Diluted Core FFO payout ratio (8) (11)			69.4%			70.3%			75.3%			69.6%			69.5%
Diluted AFFO payout ratio (9) (12)			82.1%			72.4%			71.2%			72.1%			79.5%

** Portfolio Statistics**
Buildings (13)			300			295			305			306			307
Data Centers (13)			287			282			291			290			291
Cross-connects (13)(14)			178,000			174,000			170,000			167,000			164,000
Net rentable square feet, excluding development space (13)			35,630,828			34,988,250			35,837,908			35,404,425			35,876,316
Occupancy at end of quarter (15)			83.6%			84.2%			84.7%			85.3%			86.3%
Occupied square footage (13)			29,774,698			29,471,445			30,352,404			30,215,898			30,955,049
Space under active development (16)			7,230,460			7,464,633			7,617,837			7,650,175			5,391,969
Space held for development (17)			2,682,456			2,088,701			1,958,306			2,217,118			2,290,810
Weighted average remaining lease term (years) (18)			4.7			4.8			4.7			4.8			4.7
Same-capital occupancy at end of quarter (15) (19)			83.6%			83.7%			84.2%			85.1%			86.0%

Table of Contents

Key Quarterly Financial Data	Financial Supplement
Unaudited and Dollars in Thousands, Except Per Share Data		Fourth Quarter 2021

(1)	The market value of common equity is based on the closing stock price at the end of the quarter and assumes 100% redemption of the limited partnership units in our operating partnership, including common units and vested and unvested long-term incentive units, for shares of our common stock on a one-for-one basis. Excludes shares of common stock potentially issuable upon conversion of our series C, series J, series K and series L cumulative redeemable preferred stock upon certain change of control transactions, as applicable, and upon physical settlement of our September 2021 forward sale agreements.
(2)	EBITDA is calculated as earnings before interest expense, loss from early extinguishment of debt, tax expense, and depreciation and amortization. For a discussion of EBITDA, see page 33. For a reconciliation of net income available to common stockholders to EBITDA, see page 32.
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(3)	Adjusted EBITDA is EBITDA excluding unconsolidated joint venture real estate related depreciation & amortization, unconsolidated joint venture interest and tax expense, severance, equity acceleration, and legal expenses, transaction and integration expenses, gain on sale / deconsolidation, impairment of investments in real estate, other non-core adjustments, net, non-controlling interests, preferred stock dividends, including undeclared dividends, and issuance costs associated with redeemed preferred stock. For a discussion of Adjusted EBITDA, see page 33. For a reconciliation of net income available to common stockholders to Adjusted EBITDA, see page 32.
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(4)	Net Debt to Adjusted EBITDA is calculated as total debt at balance sheet carrying value (see page 6), plus capital lease obligations, plus our share of joint venture debt at carrying value, less cash and cash equivalents (including JV share of cash), divided by the product of Adjusted EBITDA (including our share of joint venture EBITDA), multiplied by four.
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(5)	Fixed charges consist of GAAP interest expense, capitalized interest, scheduled debt principal payments and preferred dividends.
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(6)	Interest coverage ratio is Adjusted EBITDA divided by GAAP interest expense plus capitalized interest (including our pro rata share of unconsolidated joint venture interest expense).
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(7)	Fixed charge coverage ratio is Adjusted EBITDA divided by fixed charges (including our pro rata share of unconsolidated joint venture fixed charges).
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(8)	For definitions and discussion of FFO and core FFO, see page 33. For reconciliations of net income available to common stockholders to FFO and core FFO, see page 14.
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(9)	For a definition and discussion of AFFO, see page 33. For a reconciliation of core FFO to AFFO, see page 15.
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(10)	Diluted FFO payout ratio is dividends declared per common share and unit divided by diluted FFO per share and unit.
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(11)	Diluted core FFO payout ratio is dividends declared per common share and unit divided by diluted core FFO per share and unit.
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(12)	Diluted AFFO payout ratio is dividends declared per common share and unit divided by diluted AFFO per share and unit.
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(13)	Includes buildings held as investments in unconsolidated entities. Excludes buildings held-for-sale.
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(14)	Represents approximate amounts.
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(15)	Occupancy and same-capital occupancy exclude space under active development and space held for development. Occupancy represents our consolidated portfolio in addition to our managed portfolio of unconsolidated joint ventures and non-managed unconsolidated joint ventures. For some of our buildings, we calculate occupancy based on factors in addition to contractually leased square feet, including available power, required support space and common area. Excludes buildings held-for-sale.
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(16)	Space under active development includes current Base Building and Data Centers projects in progress (see page 26). Excludes buildings held-for-sale.
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(17)	Space held for development includes space held for future Data Center development, and excludes space under active development (see page 29). Excludes buildings held-for-sale.
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(18)	Weighted average remaining lease term excludes renewal options and is weighted by net rentable square feet.
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(19)	Represents buildings owned as of December 31, 2019 with less than 5% of total rentable square feet under development. Excludes buildings that were undergoing, or were expected to undergo, development activities in 2020-2021, buildings classified as held-for-sale, and buildings sold or contributed to joint ventures for all periods presented. Prior period results have been adjusted to reflect current same-capital pool.
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Explanatory Note: Certain portfolio information regarding Medallion is excluded from the portfolio statistics included in this Earnings Press Release and Supplemental Information package, as indicated in the footnotes, where applicable. Specifically, we have excluded the following related to Medallion: two new metropolitan areas, 2 data centers, square footage, occupancy percentage and lease terms. Medallion’s financial results are included in our condensed consolidated financial information.

Table of Contents

Digital Realty Trust
Earnings Release		Fourth Quarter 2021

DIGITAL REALTY REPORTS FOURTH QUARTER 2021 RESULTS

Austin, TX — February 17, 2022 — Digital Realty (NYSE: DLR), the largest global provider of cloud- and carrier-neutral data center, colocation and interconnection solutions, announced today financial results for the fourth quarter of 2021. All per-share results are presented on a fully-diluted share and unit basis.

Highlights

◾	Reported net income available to common stockholders of $3.71 per share in 4Q21, compared to $0.16 in 4Q20
◾	Reported FFO per share of $1.54 in 4Q21, compared to $1.45 in 4Q20
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◾	Reported core FFO per share of $1.67 in 4Q21, compared to $1.61 in 4Q20
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◾	Signed total bookings during 4Q21 expected to generate $156 million of annualized GAAP rental revenue, including an $11 million contribution from interconnection
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◾	Introduced 2022 core FFO per share outlook of $6.80-$6.90
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Financial Results

Digital Realty reported revenues for the fourth quarter of 2021 of $1.1 billion, a 2% decrease from the previous quarter and a 5% increase from the same quarter last year.

The company delivered fourth quarter of 2021 net income of $1.1 billion, and net income available to common stockholders of $1.1 billion, or $3.71 per diluted share, compared to $0.44 per diluted share in the previous quarter and $0.16 per diluted share in the same quarter last year.

Digital Realty generated fourth quarter of 2021 Adjusted EBITDA of $584 million, a 4% decrease from the previous quarter and a 1% increase over the same quarter last year.

The company reported fourth quarter of 2021 funds from operations of $449 million, or $1.54 per share, compared to $1.54 per share in the previous quarter and $1.45 per share in the same quarter last year.

Excluding certain items that do not represent core expenses or revenue streams, Digital Realty delivered fourth quarter of 2021 core FFO per share of $1.67, a 1% increase from $1.65 per share in the previous quarter, and a 4% increase from $1.61 per share in the same quarter last year.

Leasing Activity

In the fourth quarter, Digital Realty signed total bookings expected to generate $156 million of annualized GAAP rental revenue, including an $11 million contribution from interconnection.

“Digital Realty delivered record bookings in the fourth quarter and for the full year, with over $500 million of new business globally in 2021, demonstrating the strength of our global value proposition,” said Digital Realty Chief Executive Officer A. William Stein. “Demand for data center solutions remains robust, and we are investing organically as well as strategically to expand our global platform to provide customers the capacity and communities they require to execute their digital transformation strategies around the world.”

The weighted-average lag between new leases signed during the fourth quarter of 2021 and the contractual commencement date was fourteen months.

In addition to new leases signed, Digital Realty also signed renewal leases representing $151 million of annualized GAAP rental revenue during the quarter. Rental rates on renewal leases signed during the fourth quarter of 2021 rolled down 3.9% on a cash basis and down 2.6% on a GAAP basis. 8

Table of Contents

Digital Realty Trust
Earnings Release		Fourth Quarter 2021

New leases signed during the fourth quarter of 2021 are summarized by region as follows:


	Annualized GAAP
	Base Rent			GAAP Base Rent			GAAP Base Rent
The Americas	(in thousands)		Square Feet	per Square Foot		Megawatts	per Kilowatt
0-1 MW		16,113	69,789		231	5.9		$228
> 1 MW		23,326	202,251		115	25.2		77
Other ^(1)^		7,001	273,896		26	—		—
Total		46,441	545,936		85	31.1		$106

EMEA ^(2)^
0-1 MW		18,471	77,302		239	7.0		$221
> 1 MW		73,350	512,010		143	54.6		112
Other ^(1)^		266	—		—	—		—
Total		92,087	589,312		156	61.5		$124

Asia Pacific ^(2)^
0-1 MW		7,183	15,923		451	1.5		$411
> 1 MW		—	—		—	—		—
Other ^(1)^		182	3,195		57	—		—
Total		7,366	19,118		385	1.5		$411

All Regions ^(2)^
0-1 MW		41,767	163,014		256	14.3		$243
> 1 MW		96,676	714,261		135	79.8		101
Other ^(1)^		7,449	277,091		27	—		—
Total		145,893	1,154,366		126	94.1		$123

Interconnection		10,566	N/A		N/A	N/A		N/A

Grand Total		156,459	1,154,366		126	94.1		$123

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, 2021.
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Investment Activity

During the fourth quarter, Digital Realty announced the successful listing of Digital Core REIT as a standalone publicly traded vehicle listed on the Singapore Stock Exchange. Digital Realty contributed a 90% interest in a fully-leased portfolio of 10 assets in the U.S. and Canada that was valued at $1.4 billion at a 4.25% cap rate. The transaction generated net proceeds of approximately $960 million, and Digital Realty recognized a gain of approximately $1 billion in the fourth quarter of 2021. Digital Realty will provide operational support for Digital Core REIT and will earn fees for asset and property management as well as acquisitions, dispositions, and development. Following exercise of the overallotment option, Digital Realty owns approximately a 35% equity interest in Digital Core REIT.

During the fourth quarter, Digital Realty made a strategic investment in AtlasEdge Data Centres, a European edge data center provider; acquired 16 acres of land in Northern Virginia for approximately $23 million; and sold a mixed-use retail and data center property in San Jose, California for approximately $60 million.

During the fourth quarter, Medallion, a leading Nigerian colocation and interconnection provider jointly owned by Digital Realty and Pembani Remgro, acquired two land parcels in Lagos, Nigeria. Digital Realty’s share of the total consideration was approximately $22 million.

Subsequent to quarter-end, Digital Realty announced it has entered into a definitive agreement to acquire roughly a 55% stake in Teraco, Africa’s leading carrier-neutral colocation provider, from a consortium of investors including Berkshire Partners and Permira, in a transaction valuing Teraco at approximately $3.5 billion and representing a cap rate of approximately 3.5% on projected 2022 cash net operating income of approximately $121 million. The transaction is expected to close in the first half of 2022 and is subject to customary closing conditions.

Table of Contents

Digital Realty Trust
Earnings Release		Fourth Quarter 2021

Balance Sheet

Digital Realty had approximately $13.4 billion of total debt outstanding as of December 31, 2021, comprised of $13.3 billion of unsecured debt and approximately $0.1 billion of secured debt. At the end of the fourth quarter of 2021, net debt-to-Adjusted EBITDA was 6.1x, debt-plus-preferred-to-total enterprise value was 21.7% and fixed charge coverage was 5.4x. Pro forma for settlement of the $1 billion forward equity offering, net debt-to-adjusted EBITDA was 5.7x and fixed charge coverage was also 5.7x.

Digital Realty completed the following financing transactions during the fourth quarter.

●	In mid-November, Digital Realty amended, extended, and upsized its existing global revolving credit facility from $2.35 billion to $3.0 billion. Digital Realty also amended and extended its existing ¥33.3 billion (approximately $290 million) Japanese yen-denominated revolving credit facility. Both facilities mature in January 2027, assuming the exercise of two six-month extension options. The revolving credit facilities now feature a sustainability-linked pricing component, with pricing subject to adjustment based on annual performance targets, further demonstrating Digital Realty’s continued leadership and commitment to sustainable business practices.
●	Subsequent to quarter-end, Digital Realty closed an offering of €750 million, or approximately $850 million, of 1.375% Euro bonds due 2032.
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●	Likewise subsequent to quarter-end, Digital Realty redeemed all $450 million of its outstanding 4.75% notes due 2025.
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Table of Contents

Digital Realty Trust
Earnings Release		Fourth Quarter 2021

2022 Outlook

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


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

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

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

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

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

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

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

Digital Realty Trust
Earnings Release		Fourth Quarter 2021

Non-GAAP Financial Measures

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

Investor Conference Call

Prior to Digital Realty’s investor conference call at 5:30 p.m. EST / 2:30 p.m. PST on February 17, 2022, a presentation will be posted to the Investors section of the company’s website at https://investor.digitalrealty.com/. The presentation is designed to accompany the discussion of the company’s fourth quarter 2021 financial results and operating performance. The conference call will feature Chief Executive Officer A. William Stein and President & Chief Financial Officer Andrew P. Power.

To participate in the live call, investors are invited to dial (888) 317-6003 (for domestic callers) or (412) 317-6061 (for international callers) and reference the conference ID# 6195647 at least five minutes prior to start time. A live webcast of the call will be available via the Investors section of Digital Realty’s website at https://investor.digitalrealty.com/.

Telephone and webcast replays will be available after the call until March 17, 2022. The telephone replay can be accessed by dialing (877) 344-7529 (for domestic callers) or (412) 317-0088 (for international callers) and providing the conference ID# 3330128. The webcast replay can be accessed on Digital Realty’s website.

About Digital Realty

Digital Realty supports the world’s leading enterprises and service providers by delivering the full spectrum of data center, colocation and interconnection solutions. PlatformDIGITAL®, the company’s global data center platform, provides customers a trusted foundation and proven Pervasive Datacenter Architecture (PDx™) solution methodology for scaling digital business and efficiently managing data gravity challenges. Digital Realty’s global data center footprint gives customers access to the connected communities that matter to them with over 280 facilities in nearly 50 metros across 25 countries on six continents. To learn more about Digital Realty, please visit digitalrealty.com or follow us on LinkedIn and Twitter.

Contact Information

Andrew P. Power

President & Chief Financial Officer

Digital Realty

(415) 738-6500

Jim Huseby

Investor Relations

Digital Realty

(415) 738-6500

Table of Contents

Consolidated Quarterly Statements of Operations	Financial Supplement
Unaudited and Dollars in Thousands, Except Per Share Data		Fourth Quarter 2021


	Three Months Ended					Twelve Months Ended
	31-Dec-21	30-Sep-21	30-Jun-21	31-Mar-21	31-Dec-20		31-Dec-21	31-Dec-20
Rental revenues	$763,117	$773,195	$768,826	$754,544	$754,422		$3,059,682	$2,758,678
Tenant reimbursements - Utilities	195,340	189,060	169,743	184,973	154,937		739,116	565,144
Tenant reimbursements - Other	58,528	57,666	60,261	59,328	62,084		235,783	235,311
Interconnection & other	89,850	90,983	90,565	89,061	86,424		360,459	327,412
Fee income	4,133	3,255	3,628	2,426	4,722		13,442	15,214
Other	200	18,977	165	59	20		19,401	1,850
Total Operating Revenues	$1,111,168	$1,133,136	$1,093,188	$1,090,391	$1,062,609		$4,427,883	$3,903,609

Utilities	$213,933	$209,585	$185,010	$176,046	$169,282		$784,574	$636,905
Rental property operating	205,250	196,743	198,207	185,733	205,177		785,933	694,588
Property taxes	42,673	55,915	42,795	49,005	42,442		190,388	169,368
Insurance	3,507	4,718	5,703	3,498	3,410		17,426	13,253
Depreciation & amortization	378,883	369,035	368,981	369,733	359,915		1,486,632	1,366,379
General & administration	103,705	97,082	94,956	97,568	101,582		393,311	344,928
Severance, equity acceleration, and legal expenses	1,003	1,377	2,536	2,427	606		7,343	6,440
Transaction and integration expenses	12,427	13,804	7,075	14,120	19,290		47,426	106,662
Impairment of investments in real estate	18,291	—	—	—	—		18,291	6,482
Other expenses	(1)	510	2,298	(257)	641		2,550	1,074
Total Operating Expenses	$979,671	$948,769	$907,561	$897,873	$902,345		$3,733,874	$3,346,079

Operating Income	$131,497	$184,367	$185,627	$192,518	$160,264		$694,009	$557,530

Equity in (loss) earnings of unconsolidated joint ventures	(7,714)	40,884	52,143	(23,031)	31,055		62,282	(57,629)
Gain / (loss) on sale of investments	1,047,011	(635)	499	333,921	1,684		1,380,796	316,895
Interest and other (expense) income, net	(4,349)	(2,947)	10,124	(7,186)	(2,747)		(4,358)	20,222
Interest (expense)	(71,762)	(71,417)	(75,014)	(75,653)	(77,848)		(293,846)	(333,021)
Income tax (expense)	(3,961)	(13,709)	(47,582)	(7,547)	(3,322)		(72,799)	(38,047)
Loss from early extinguishment of debt	(325)	—	—	(18,347)	(49,576)		(18,672)	(103,215)
Net Income / (Loss)	$1,090,397	$136,543	$125,797	$394,675	$59,510		$1,747,412	$362,735

Net (income) loss attributable to noncontrolling interests	(22,587)	(2,266)	(4,544)	(8,756)	(1,818)		(38,153)	(6,333)
Net Income / (Loss) Attributable to Digital Realty Trust, Inc.	$1,067,810	$134,277	$121,253	$385,919	$57,692		$1,709,259	$356,402

Preferred stock dividends, including undeclared dividends	(10,181)	(10,181)	(11,885)	(13,514)	(13,514)		(45,761)	(76,536)
Gain on / (Issuance costs associated with) redeemed preferred stock	—	—	18,000	—	—		18,000	(16,520)
Net Income / (Loss) Available to Common Stockholders	$1,057,629	$124,096	$127,368	$372,405	$44,178		$1,681,498	$263,346

Weighted-average shares outstanding - basic	283,869,662	283,105,966	281,791,855	281,094,798	280,117,213		282,474,927	260,098,978
Weighted-average shares outstanding - diluted	284,868,184	283,817,950	282,433,857	281,928,182	281,122,368		283,221,968	262,522,508
Weighted-average fully diluted shares and units	290,893,110	290,228,785	289,484,805	289,210,666	288,903,143		289,912,489	270,496,513

Net income / (loss) per share - basic	$3.73	$0.44	$0.45	$1.32	$0.16		$5.95	$1.01
Net income / (loss) per share - diluted	$3.71	$0.44	$0.45	$1.32	$0.16		$5.94	$1.00

Table of Contents

Funds From Operations and Core Funds From Operations	Financial Supplement
Unaudited and in Thousands, Except Per Share Data		Fourth Quarter 2021


	Three Months Ended						Twelve Months Ended
Reconciliation of Net Income to Funds From Operations (FFO)		31-Dec-21	30-Sep-21	30-Jun-21	31-Mar-21	31-Dec-20		31-Dec-21	31-Dec-20

Net Income / (Loss) Available to Common Stockholders		$1,057,629	$124,096	$127,368	$372,405	$44,178		$1,681,498	$263,346
Adjustments:
Non-controlling interest in operating partnership		23,100	3,000	3,200	9,800	1,300		39,100	9,500
Real estate related depreciation & amortization (1)		372,447	362,728	363,640	364,697	354,366		1,463,512	1,341,836
Unconsolidated JV real estate related depreciation & amortization		24,146	21,293	20,983	19,378	21,471		85,800	77,730
(Gain) on real estate transactions (2)		(1,047,011)	(63,799)	(499)	(333,921)	(1,684)		(1,445,230)	(316,895)
Impairment of investments in real estate		18,291	-	-	-	-		18,291	6,482
Funds From Operations - diluted		$448,602	$447,318	$514,692	$432,359	$419,631		$1,842,971	$1,381,998

Weighted-average shares and units outstanding - basic		289,895	289,542	288,843	288,377	287,898		289,165	268,073
Weighted-average shares and units outstanding - diluted (3)		290,893	290,228	289,485	289,211	288,903		289,912	270,497

Funds From Operations per share - basic		$1.55	$1.54	$1.78	$1.50	$1.46		$6.37	$5.16

Funds From Operations per share - diluted (3)		$1.54	$1.54	$1.78	$1.50	$1.45		$6.36	$5.11


	Three Months Ended						Twelve Months Ended
Reconciliation of FFO to Core FFO		31-Dec-21	30-Sep-21	30-Jun-21	31-Mar-21	31-Dec-20		31-Dec-21	31-Dec-20

Funds From Operations - diluted		$448,602	$447,318	$514,692	$432,359	$419,631		$1,842,971	$1,381,998
Other non-core revenue adjustments (4)		9,859	(18,066)	(11,122)	(59)	(25)		(19,388)	(30,071)
Transaction and integration expenses		12,427	13,804	7,075	14,120	19,290		47,426	106,662
Loss from early extinguishment of debt		325	-	-	18,347	49,576		18,672	103,215
(Gain on) / Issuance costs associated with redeemed preferred stock		-	-	(18,000)	-	-		(18,000)	16,520
Severance, equity acceleration, and legal expenses (5)		1,003	1,377	2,536	2,427	606		7,343	6,440
(Gain) / Loss on FX revaluation		14,308	33,774	(51,649)	34,072	(27,190)		30,505	81,936
Other non-core expense adjustments		(1)	1,004	2,298	(19,240)	3,353		(15,939)	15,581
Core Funds From Operations - diluted		$486,523	$479,211	$445,830	$482,026	$465,241		$1,893,590	$1,682,281

Weighted-average shares and units outstanding - diluted (3)		290,893	290,228	289,485	289,211	288,903		289,912	270,497

Core Funds From Operations per share - diluted (3)		$1.67	$1.65	$1.54	$1.67	$1.61		$6.53	$6.22


(1) Real Estate Related Depreciation & Amortization	Three Months Ended						Twelve Months Ended
		31-Dec-21	30-Sep-21	30-Jun-21	31-Mar-21	31-Dec-20		31-Dec-21	31-Dec-20

Depreciation & amortization per income statement		$378,883	$369,035	$368,981	$369,733	$359,915		1,486,632	1,366,379
Non-real estate depreciation		(6,436)	(6,307)	(5,341)	(5,036)	(5,549)		(23,120)	(24,543)
Real Estate Related Depreciation & Amortization		$372,447	$362,728	$363,640	$364,697	$354,366		$1,463,512	$1,341,836

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

Adjusted Funds From Operations (AFFO)	Financial Supplement
Unaudited and in Thousands, Except Per Share Data		Fourth Quarter 2021


	Three Months Ended						Twelve Months Ended
Reconciliation of Core FFO to AFFO		31-Dec-21	30-Sep-21	30-Jun-21	31-Mar-21	31-Dec-20		31-Dec-21	31-Dec-20

Core FFO available to common stockholders and unitholders		$486,523	$479,211	$445,830	$482,026	$465,241		$1,893,590	$1,682,281
Adjustments:
Non-real estate depreciation		6,436	6,307	5,341	5,036	5,549		23,120	24,543
Amortization of deferred financing costs		3,515	3,625	3,718	3,538	3,709		14,396	15,285
Amortization of debt discount/premium		1,107	1,138	1,166	1,134	1,033		4,545	3,974
Non-cash stock-based compensation expense		15,097	15,082	15,579	16,097	16,315		61,855	59,497
Straight-line rental revenue		(16,497)	(11,969)	(16,139)	(18,492)	(14,402)		(63,097)	(50,751)
Straight-line rental expense		5,754	7,862	7,175	6,709	3,629		27,500	16,396
Above- and below-market rent amortization		910	1,165	1,858	2,137	3,239		6,070	12,687
Deferred tax (expense) benefit		(13,731)	2,112	35,522	(4,509)	(4,226)		19,394	1,253
Leasing compensation & internal lease commissions		9,564	11,142	11,078	11,042	10,506		42,826	21,090
Recurring capital expenditures (1)		(87,550)	(50,800)	(39,231)	(39,522)	(83,571)		(217,103)	(210,727)

AFFO available to common stockholders and unitholders (2)		$411,128	$464,875	$471,897	$465,196	$407,022		$1,813,096	$1,575,528

Weighted-average shares and units outstanding - basic		289,895	289,542	288,843	288,377	287,898		289,165	268,073
Weighted-average shares and units outstanding - diluted (3)		290,893	290,228	289,485	289,211	288,903		289,912	270,497

AFFO per share - diluted (3)		$1.41	$1.60	$1.63	$1.61	$1.41		$6.25	$5.82

Dividends per share and common unit		$1.16	$1.16	$1.16	$1.16	$1.12		$4.64	$4.48

Diluted AFFO Payout Ratio		82.1%	72.4%	71.2%	72.1%	79.5%		74.2%	76.9%


	Three Months Ended						Twelve Months Ended
Share Count Detail		31-Dec-21	30-Sep-21	30-Jun-21	31-Mar-21	31-Dec-20		31-Dec-21	31-Dec-20

Weighted Average Common Stock and Units Outstanding		289,895	289,542	288,843	288,377	287,898		289,165	268,073
Add: Effect of dilutive securities		948	686	642	834	1,005		703	2,424
Weighted Avg. Common Stock and Units Outstanding - diluted		290,843	290,228	289,485	289,211	288,903		289,868	270,497

(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.
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(3)	For all periods presented, we have excluded the effect of dilutive series C, series J, series K and series L preferred stock, as applicable, that may be converted into common stock upon the occurrence of specified change in control transactions as described in the articles supplementary governing the series C, series J, series K and series L preferred stock, as applicable, which we consider highly improbable, and upon physical settlement of our September 2021 forward sales agreements. See above for calculations of diluted FFO available to common stockholders and unitholders and for calculations of weighted average common stock and units outstanding.
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Table of Contents

Consolidated Balance Sheets	Financial Supplement
Unaudited and in Thousands, Except Share and Per Share Data		Fourth Quarter 2021


	31-Dec-21		30-Sep-21		30-Jun-21		31-Mar-21		31-Dec-20
Assets
Investments in real estate:
Real estate		$23,625,451		$23,384,809		$23,287,853		$22,762,279		$23,142,988
Construction in progress		3,213,387		3,238,388		3,270,570		2,904,642		2,768,326
Land held for future development		133,683		118,091		143,575		192,896		226,862
Investments in real estate		$26,972,522		$26,741,289		$26,701,998		$25,859,817		$26,138,175
Accumulated depreciation and amortization		(6,210,281)		(6,159,294)		(5,919,650)		(5,649,019)		(5,555,221)
Net Investments in Properties		$20,762,241		$20,581,995		$20,782,348		$20,210,798		$20,582,954
Investment in unconsolidated joint ventures		1,807,689		1,292,325		1,119,026		970,703		1,148,158
Net Investments in Real Estate		$22,569,930		$21,874,320		$21,901,374		$21,181,501		$21,731,112

Cash and cash equivalents		$142,698		$116,002		$120,482		$221,140		$108,501
Accounts and other receivables (1)		671,721		610,416		630,086		657,096		603,111
Deferred rent		547,385		552,850		539,379		524,200		528,180
Customer relationship value, deferred leasing costs & other intangibles, net		2,735,486		2,871,622		2,956,027		3,057,245		3,122,904
Goodwill		7,937,440		8,062,914		8,185,931		8,125,706		8,330,996
Operating lease right-of-use assets (2)		1,405,441		1,442,661		1,452,633		1,495,869		1,386,959
Other assets		359,459		316,863		365,308		279,734		264,528
Total Assets		$36,369,560		$35,847,648		$36,151,220		$35,542,491		$36,076,291

Liabilities and Equity
Global unsecured revolving credit facilities		$398,172		$832,322		$1,026,368		$451,007		$531,905
Unsecured term loans		—		—		—		—		536,580
Unsecured senior notes, net of discount		12,903,370		13,012,790		12,659,043		12,566,198		11,997,010
Secured debt and other, net of premiums		146,668		242,427		242,410		239,634		239,222
Operating lease liabilities (2)		1,512,187		1,543,231		1,545,689		1,581,759		1,468,712
Accounts payable and other accrued liabilities		1,543,623		1,341,866		1,367,240		1,305,921		1,420,162
Deferred tax liabilities, net		666,451		725,955		742,127		650,543		698,308
Accrued dividends and distributions		338,729		—		—		—		324,386
Security deposits and prepaid rent		336,578		341,778		362,606		362,008		371,659
Total Liabilities		$17,845,778		$18,040,369		$17,945,483		$17,157,070		$17,587,944

Redeemable non-controlling interests - operating partnership		46,995		40,920		41,490		40,097		42,011

Equity
Preferred Stock: 0.01 par value per share, 110,000,000 shares authorized:
Series C Cumulative Redeemable Perpetual Preferred Stock (3)		—		—		—		$219,250		$219,250
Series J Cumulative Redeemable Preferred Stock (4)		$193,540		$193,540		$193,540		193,540		193,540
Series K Cumulative Redeemable Preferred Stock (5)		203,264		203,264		203,264		203,264		203,264
Series L Cumulative Redeemable Preferred Stock (6)		334,886		334,886		334,886		334,886		334,886
Common Stock: 0.01 par value per share, 392,000,000 shares authorized (7)		2,824		2,818		2,806		2,795		2,788
Additional paid-in capital		21,075,863		21,010,202		20,844,834		20,700,282		20,626,897
Dividends in excess of earnings		(3,631,929)		(4,359,033)		(4,153,407)		(3,952,497)		(3,997,938)
Accumulated other comprehensive income (loss), net		(173,880)		(111,560)		31,733		(77,783)		135,010
Total Stockholders' Equity		$18,004,568		$17,274,117		$17,457,656		$17,623,737		$17,717,697

Noncontrolling Interests
Noncontrolling interest in operating partnership		$425,337		$459,918		$513,897		$571,292		$608,980
Noncontrolling interest in consolidated joint ventures		46,882		32,324		192,694		150,295		119,659

Total Noncontrolling Interests		$472,219		$492,242		$706,591		$721,587		$728,639

Total Equity		$18,476,787		$17,766,359		$18,164,247		$18,345,324		$18,446,336

Total Liabilities and Equity		$36,369,560		$35,847,648		$36,151,220		$35,542,491		$36,076,291

All values are in US Dollars.

(1)	Net of allowance for doubtful accounts of $28,574 and $18,825 as of December 31, 2021 and December 31, 2020, respectively.
(2)	Adoption of the new lease accounting standard required that we adjust the consolidated balance sheet to include the recognition of additional right-of-use assets and lease liabilities for operating leases. See our quarterly report on Form 10-Q filed on May 10, 2019 for additional information.
---	---
(3)	Series C Cumulative Redeemable Perpetual Preferred Stock, 6.625%, $0 and $201,250 liquidation preference, respectively ($25.00 per share), 0 and 8,050,000 shares issued and outstanding as of December 31, 2021 and December 31, 2020, respectively.
---	---
(4)	Series J Cumulative Redeemable Preferred Stock, 5.250%, $200,000 and $200,000 liquidation preference, respectively ($25.00 per share), 8,000,000 and 8,000,000 shares issued and outstanding as of December 31, 2021 and December 31, 2020, respectively.
---	---
(5)	Series K Cumulative Redeemable Preferred Stock, 5.850%, $210,000 and $210,000 liquidation preference, respectively ($25.00 per share), 8,400,000 and 8,400,000 shares issued and outstanding as of December 31, 2021 and December 31, 2020, respectively.
---	---
(6)	Series L Cumulative Redeemable Preferred Stock, 5.200%, $345,000 and $345,000 liquidation preference, respectively ($25.00 per share), 13,800,000 and 13,800,000 shares issued and outstanding as of December 31, 2021 and December 31, 2020, respectively.
---	---
(7)	Common Stock: 284,415,013 and 208,900,758 shares issued and outstanding as of December 31, 2021 and December 31, 2020, respectively.
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Table of Contents

Components of Net Asset Value (NAV) (1)	Financial Supplement
Unaudited and in Thousands		Fourth Quarter 2021


Consolidated Properties Cash Net Operating Income (NOI)^(2)^, Annualized ^(3)^
Network-Dense			$884,172
Campus			1,484,318
Other ^(4)^			157,470
Total Cash NOI, Annualized			$2,525,960
less: Partners' share of consolidated JVs			(849)
Acquisitions / dispositions / expirations			(109,757)
FY 2022 backlog cash NOI and 4Q21 carry-over (stabilized) ^(5)^			198,599
Total Consolidated Cash NOI, Annualized			$2,613,953

Digital Realty's Pro Rata Share of Unconsolidated Joint Venture Cash NOI ^(3)(6)^			$143,140

Other Income
Development and Management Fees (net), Annualized			$16,532

Other Assets
Pre-stabilized inventory, at cost ^(7)^			$321,149
Land held for development			133,683
Development CIP ^(8)^			3,213,387
less: Investment associated with FY21 Backlog NOI			(694,899)
Cash and cash equivalents			142,698
Accounts and other receivables, net			671,721
Other assets			359,459
less: Partners' share of consolidated JV assets			913
Total Other Assets			$4,148,112

Liabilities
Global unsecured revolving credit facilities			$415,116
Unsecured senior notes			13,000,042
Secured debt, excluding premiums			147,081
Accounts payable and other accrued liabilities			1,543,623
Deferred tax liabilities, net			666,451
Accrued dividends and distributions			338,729
Security deposits and prepaid rents			336,578
Backlog NOI cost to complete ^(9)^			361,629
Preferred stock			755,000
Digital Realty's share of unconsolidated JV debt			826,799
Total Liabilities			$18,391,048

Diluted Shares and Units Outstanding			291,295

(1)	Includes Digital Realty’s share of backlog leasing at unconsolidated joint venture buildings. Excludes Mitsubishi Corporation Digital Realty (MCDR) and Ascenty joint venture.
(2)	For definitions and discussion of NOI and cash NOI and a reconciliation of operating income to NOI and cash NOI, see page 34.
---	---
(3)	Annualized cash NOI is calculated by multiplying results for the most recent quarter by four. Annualized results may not be indicative of any four-quarter period and do not take into account scheduled lease expirations, among other things. Annualized data is presented for illustrative purposes only. Reflects annualized 4Q21 Cash NOI of $2.5 billion. NOI is allocated based on management’s best estimates derived using contractual ABR and stabilized margins.
---	---
(4)	Other includes Powered Base Building shell capacity as well as storage and office space within fully improved data center facilities.
---	---
(5)	Estimated cash NOI related to signed leasing expected to commence through December 31, 2022. Includes Digital Realty’s share of signed leases at unconsolidated joint venture buildings. Excludes MCDR and Ascenty joint venture.
---	---
(6)	For a reconciliation of Digital Realty’s pro rata share of unconsolidated joint venture operating income to cash NOI, see page 31.
---	---
(7)	Includes Digital Realty’s share of cost at unconsolidated joint venture buildings. Excludes MCDR and Ascenty joint venture.
---	---
(8)	See page 27 for further details on the breakdown of the construction in progress balance.
---	---
(9)	Includes Digital Realty’s share of expected cost to complete at unconsolidated joint venture buildings. Excludes MCDR and Ascenty joint venture.
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Table of Contents

Debt Maturities	<br><br>	Financial Supplement
Unaudited and Dollars in Thousands			Fourth Quarter 2021


	As of December 31, 2021
		Interest Rate
	Interest	Including
	Rate	Swaps	2022	2023	2024	2025	2026	Thereafter	Total
Global Unsecured Revolving Credit Facilities ^(1)^
Global unsecured revolving credit facility - Unhedged	0.865%	0.865%	—	—	—	—	—	$415,116	$415,116
Deferred financing costs, net	—	—	—	—	—	—	—	—	(16,944)
Total Global Unsecured Revolving Credit Facilities	0.865%	0.865%	—	—	—	—	—	$415,116	$398,172

Senior Notes
€300 million Floating Rate Notes due 2022	—	—	$341,100	—	—	—	—	—	$341,100
€300 million 0.125% Notes due 2022	0.125%	0.125%	341,100	—	—	—	—	—	341,100
€600 million 2.625% Notes due 2024	2.625%	2.625%	—	—	$682,200	—	—	—	682,200
£250 million 2.750% Notes due 2024	2.750%	2.750%	—	—	338,300	—	—	—	338,300
£400 million 4.250% Notes due 2025	4.250%	4.250%	—	—	—	$541,280	—	—	541,280
€650 million 0.625% Notes due 2025	0.625%	0.625%	—	—	—	739,050	—	—	739,050
$450 million 4.750% Notes due 2025 ^(2)^	4.750%	4.750%	—	—	—	450,000	—	—	450,000
€1.08 billion 2.500% Notes due 2026	2.500%	2.500%	—	—	—	—	$1,222,275	—	1,222,275
₣275 million 0.200% Notes due 2026	0.200%	0.200%	—	—	—	—	301,419	—	301,419
$1.00 billion 3.700% notes due 2027	3.700%	3.700%	—	—	—	—	—	$1,000,000	1,000,000
€500 million 1.125% Notes due 2028	1.125%	1.125%	—	—	—	—	—	568,500	568,500
$650 million 4.450% Notes due 2028	4.450%	4.450%	—	—	—	—	—	650,000	650,000
₣270 million 0.550% Notes due 2029	0.550%	0.550%	—	—	—	—	—	295,938	295,938
$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%	—	—	—	—	—	473,620	473,620
€750 million 1.500% Notes due 2030	1.500%	1.500%	—	—	—	—	—	852,750	852,750
£550 million 3.750% Notes due 2030	3.750%	3.750%	—	—	—	—	—	744,260	744,260
€500 million 1.250% Notes due 2031	1.250%	1.250%	—	—	—	—	—	568,500	568,500
€1.00 billion 0.625% Notes due 2031	0.625%	0.625%	—	—	—	—	—	1,137,000	1,137,000
€750 million 1.000% Notes due 2032	1.000%	1.000%	—	—	—	—	—	852,750	852,750
Unamortized discounts	—	—	—	—	—	—	—	—	(33,609)
Deferred financing costs	—	—	—	—	—	—	—	—	(63,063)
Total Senior Notes ^(3)^	2.255%	2.255%	$682,200	—	$1,020,500	$1,730,330	$1,523,694	$8,043,318	$12,903,370

Secured Debt
ICN10 Facility B	2.780%	2.780%	$336	—	—	—	—	—	$336
Westin	3.290%	3.290%	—	—	—	—	—	$135,000	135,000
ICN10 Facility A	3.580%	3.580%	—	—	—	—	—	4,794	4,794
Deferred financing costs	—	—	—	—	—	—	—	—	(413)
Total Secured Debt	3.299%	3.299%	$336	—	—	—	—	$139,794	$139,717

Other Debt
Digital Jubilee	1.113%	1.113%	—	$3,081	—	—	—	—	$3,081
Icolo loan	11.650%	11.650%	—	—	—	—	—	$3,870	3,870
Total Other Debt	6.980%	6.980%	—	$3,081	—	—	—	$3,870	$6,951

Total unhedged variable rate debt	—	—	$341,436	$3,081	—	—	—	$419,910	$764,427
Total fixed rate / hedged variable rate debt	—	—	341,100	—	$1,020,500	$1,730,330	$1,523,694	8,182,188	12,797,812
Total Debt	2.226%	2.226%	$682,536	$3,081	$1,020,500	$1,730,330	$1,523,694	$8,602,098	$13,562,239

Weighted Average Interest Rate			0.064%	1.113%	2.666%	2.832%	2.045%	2.256%	2.226%

Summary

Weighted Average Term to Initial Maturity									6.0 Years

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


Global Unsecured Revolving Credit Facility Detail As of December 31, 2021

	Maximum Available	Existing Capacity (4)	Currently Drawn

Global Unsecured Revolving Credit Facility	3,283,258	2,781,632	415,116

All values are in US Dollars.

(1)	Assumes all extensions will be exercised.
(2)	Redeemed in February 2022.
---	---
(3)	Excludes €750 million 1.375% Notes due 2032 that were issued in January 2022.
---	---
(4)	Net of letters of credit issued of $86.5 million.
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Table of Contents

Debt Analysis and Covenant Compliance	<br><br>	Financial Supplement
Unaudited			Fourth Quarter 2021


	As of December 31, 2021

				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%	42%	38%	Less than 60% ^(5)^	36%
Secured debt / total assets ^(6)^	Less than 40%	< 1%	< 1%	Less than 40%	2%
Total unencumbered assets / unsecured debt	Greater than 150%	205%	220%	N/A	N/A
Consolidated EBITDA / interest expense ^(7)^	Greater than 1.5x	6.0x	6.0x	N/A	N/A
Fixed charge coverage		N/A	N/A	Greater than 1.5x	9.1x
Unsecured debt / total unencumbered asset value ^(8)^		N/A	N/A	Less than 60%	37%
Unencumbered assets debt service coverage ratio		N/A	N/A	Greater than 1.5x	7.7x

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

Same-Capital Operating Trend Summary	Financial Supplement
Unaudited and in Thousands		Fourth Quarter 2021

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


	Three Months Ended										Twelve Months Ended
	31-Dec-21		31-Dec-20		% Change		30-Sep-21		% Change		31-Dec-21		31-Dec-20		% Change
Rental revenues		$386,745		$404,052		(4.3%)		$394,001		(1.8%)		$1,573,284		$1,596,246		(1.4%)
Tenant reimbursements - Utilities		84,573		77,375		9.3%		84,819		(0.3%)		344,747		316,902		8.8%
Tenant reimbursements - Other		38,615		41,420		(6.8%)		40,329		(4.3%)		161,487		162,082		(0.4%)
Interconnection & other		56,076		56,197		(0.2%)		57,310		(2.2%)		228,150		223,465		2.1%
Total Revenue		$566,009		$579,044		(2.3%)		$576,459		(1.8%)		$2,307,668		$2,298,695		0.4%

Utilities		$101,494		$91,727		10.6%		$103,937		(2.4%)		$411,871		$372,666		10.5%
Rental property operating		106,984		103,224		3.6%		98,718		8.4%		400,081		375,207		6.6%
Property taxes		25,432		29,174		(12.8%)		37,514		(32.2%)		120,885		113,217		6.8%
Insurance		2,375		2,292		3.6%		2,274		4.4%		9,138		9,073		0.7%
Total Expenses		$236,285		$226,417		4.4%		$242,443		(2.5%)		$941,975		$870,163		8.3%

Net Operating Income ^(2)^		$329,724		$352,627		(6.5%)		$334,016		(1.3%)		$1,365,693		$1,428,532		(4.4%)
Less:
Stabilized straight-line rent		($2,999)		($1,814)		65.3%		($3,930)		(23.7%)		($14,293)		($7,453)		91.8%
Above- and below-market rent		283		(1,571)		(118.0%)		(228)		(224.1%)		(1,829)		(9,727)		(81.2%)
Cash Net Operating Income ^(3)^		$332,440		$356,012		(6.6%)		$338,174		(1.7%)		$1,381,815		$1,445,712		(4.4%)

Stabilized Portfolio occupancy at period end ^(4)^		83.6%		86.0%		(2.4%)		83.7%		(0.1%)		83.6%		86.0%		(2.4%)

(1)	Represents buildings owned as of December 31, 2019 with less than 5% of total rentable square feet under development. Excludes buildings that were undergoing, or were expected to undergo, development activities in 2020-2021, buildings classified as held for sale, and buildings sold or contributed to joint ventures for all periods presented. Prior period numbers adjusted to reflect current same-capital pool.
(2)	For a definition and discussion of net operating income and a reconciliation of operating income to NOI, see page 34.
---	---
(3)	For a definition and discussion of cash net operating income and a reconciliation of operating income to cash NOI, see page 34.
---	---
(4)	Occupancy excludes space under active development and space held for development. For some of our buildings, we calculate occupancy based on factors in addition to contractually leased square feet, including available power, required support space and common areas.
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Table of Contents

Summary of Leasing Activity	Financial Supplement
Leases Signed in the Quarter Ended December 31, 2021		Fourth Quarter 2021


	0-1 MW				> 1 MW				Other ^(3)^				Total
Leasing Activity - New ^(1) (2)^	4Q21		LTM		4Q21		LTM		4Q21		LTM		4Q21		LTM

Annualized GAAP Rent		41,767		148,303		96,676		293,885		7,449		10,087		145,893		$452,276

Kilowatt leased		14,308		49,468		79,750		234,038		—		—		94,058		283,507
NRSF		163,014		549,391		714,261		2,180,268		277,091		351,853		1,154,366		3,081,512

Weighted Average Lease Term (years)		3.6		3.6	****	9.1		8.1		14.5		13.0		9.7		7.9

Initial stabilized cash rent per Kilowatt		241		248		96		100		—		—		124		$135
GAAP rent per Kilowatt		243		250		101		105		—		—		123		$130
Leasing cost per Kilowatt		31		33		5		9		—		—		9		$13

Net Effective Economics by Kilowatt ^(4)^

Base rent by Kilowatt		244		252		100		108		—		—		124		$135
Rental concessions by Kilowatt		2		4		3		5		—		—		2		$4
Estimated operating expense by Kilowatt		100		96		30		29		—		—		41		$41

Net rent per Kilowatt		143		152		67		73		—		—		82		$90

Tenant improvements by Kilowatt		0		0		0		1		—		—		0		$1
Leasing commissions by Kilowatt		14		14		1		1		—		—		3		$3

Net effective rent per Kilowatt		129		138		66		72		—		—		79		$87

Initial stabilized cash rent per NRSF		254		268		129		129		24		25		127		$152
GAAP rent per NRSF		256		270		135		135		26		27		126		$147
Leasing cost per NRSF		32		36		6		12		0		2		9		$15

Net Effective Economics by NRSF ^(4)^

Base rent by NRSF		257		273		134		139		27		29		131		$135
Rental concessions by NRSF		1		3		2		5		0		0		2		$4
Estimated operating expense by NRSF		101		98		26		22		15		13		34		$34

Net rent per NRSF		156		172		106		112		12		16		96		$96

Tenant improvements by NRSF		0		0		0		1		0		0		0		$1
Leasing commissions by NRSF		14		15		1		1		0		0		3		$4

Net effective rent per NRSF		141		157		105		110		12		16		93		$92

All values are in US Dollars.

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

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

Table of Contents

Summary of Leasing Activity	Financial Supplement
Leases Renewed in the Quarter Ended December 31, 2021		Fourth Quarter 2021


	0-1 MW				> 1 MW				Other ^(4)^				Total
Leasing Activity - Renewals ^(1) (2) (3)^	4Q21		LTM		4Q21		LTM		4Q21		LTM		4Q21		LTM

Leases renewed (Kilowatt)		24,788		125,933		26,710		133,682		—		—		51,498		259,614
Leases renewed (NRSF)		351,650		1,776,184		257,538		1,509,389		75,934		1,536,720		685,121		4,822,293
Leasing cost per Kilowatt		1		$1		$4		$1		—		—		$3		$2
Leasing cost per NRSF		1		$1		$5		$1		$0		$1		$2		$1

Weighted Term (years)		1.5		1.7		7.5		4.3		3.1		3.9		3.9		3.2

Cash Rent

Expiring cash rent per Kilowatt		354		$317		$154		$154		—		—		$250		$233
Renewed cash rent per Kilowatt		357		$320		$133		$136		—		—		$241		$225

% Change Cash Rent Per Kilowatt		0.7%		1.0%		(14.0%)		(11.9%)		—		—		(4.0%)		(3.4%)

Expiring cash rent per NRSF		299		$269		$192		$164		$29		$22		$229		$158
Renewed cash rent per NRSF		302		$272		$165		$144		$30		$23		$220		$153

% Change Cash Rent Per NRSF		0.7%		1.0%		(14.0%)		(11.9%)		4.1%		3.6%		(3.9%)		(3.1%)

GAAP Rent

Expiring GAAP rent per Kilowatt		351		$315		$150		$147		—		—		$247		$229
Renewed GAAP rent per Kilowatt		356		$320		$132		$138		—		—		$240		$226

% Change GAAP Rent Per Kilowatt		1.3%		1.8%		(11.8%)		(6.6%)		—		—		(2.8%)		(1.1)%

Expiring GAAP rent per NRSF		297		$268		$186		$157		$28		$21		$226		$154
Renewed GAAP rent per NRSF		301		$272		$164		$146		$31		$24		$220		$154

% Change GAAP Rent Per NRSF		1.3%		1.8%		(11.8%)		(6.6%)		10.2%		12.3%		(2.6%)		(0.4)%

Retention ratio ^(5)^		78.4%		84.4%		65.8%		71.4%		58.7%		76.2%		70.7%		77.3%

Churn ^(6)^		2.1%		9.2%		1.3%		5.9%		0.6%		5.1%		1.6%		7.2%

All values are in US Dollars.

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

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

Table of Contents

Lease Expirations - By Size	Financial Supplement
Dollars in Thousands, Except Per Square Foot		Fourth Quarter 2021


	****		****			% of	****	Annualized Rent Per		****	Annualized Rent Per		****			****			****			****	Rent Per kW		****
		Square Footage of		Annualized		Annualized		Occupied			Occupied Square			Annualized Rent			kW of Expiring			Rent per kW			Per Month at		****
Year		Expiring Leases (1)		Rent (2)		Rent		Square Foot			Foot at Expiration			at Expiration			Leases			Per Month			Expiration		****
0 - 1 MW
Available		1,927,200			—	—			—			—			—			—			—			—
Month to Month (3)		137,333			39,264	1.3%			$286			$287			$39,411			8,807			$372			$373
2022		1,938,766			559,667	18.4%			289			289			559,936			144,323			323			323
2023		773,770			165,246	5.4%			214			220			170,269			51,947			265			273
2024		703,964			123,913	4.1%			176			180			126,684			47,852			216			221
2025		394,097			64,850	2.1%			165			170			66,879			23,478			230			237
2026		226,254			34,195	1.1%			151			157			35,444			15,359			186			192
2027		205,059			24,563	0.8%			120			132			26,967			11,571			177			194
2028		67,851			6,031	0.2%			89			102			6,902			2,406			209			239
2029		41,108			4,801	0.2%			117			131			5,371			2,641			151			169
2030		38,428			4,674	0.2%			122			125			4,804			3,193			122			125
2031		49,257			7,960	0.3%			162			177			8,725			2,689			247			270
Thereafter		207,577			3,523	0.1%			17			17			3,550			1,697			173			174

Total / Wtd. Avg.	****	6,710,664			1,038,686	34.2%			$217			$221			$1,054,942			315,962			$274			$278

All values are in US Dollars.


> 1 MW		Expiring Leases (1)	Annualized		Annualized	Annualized Rent Per		Annualized Rent Per		Annualized Rent Per		kW of Expiring		Annualized		Rent Per kW
Available		2,035,536		—	—		—		—		—		—		—		—
Month to Month (3)		103,805		17,315	0.6%		$167		$167		$17,315		9,028		$160		$160
2022		1,451,754		231,937	7.6%		160		160		232,944		132,447		146		147
2023		1,753,693		243,493	8.0%		139		141		247,724		144,663		140		143
2024		1,240,668		184,024	6.1%		148		155		192,467		114,463		134		140
2025		1,624,948		213,083	7.0%		131		140		227,274		147,981		120		128
2026		1,692,139		226,425	7.5%		134		145		245,713		157,976		119		130
2027		1,058,460		154,345	5.1%		146		154		163,517		104,324		123		131
2028		483,972		54,168	1.8%		112		128		61,885		46,663		97		111
2029		584,810		72,560	2.4%		124		150		87,948		72,827		83		101
2030		497,907		57,619	1.9%		116		131		65,193		46,934		102		116
2031		932,643		111,421	3.7%		119		138		128,546		96,478		96		111
Thereafter		1,370,357		166,228	5.5%		121		138		189,645		139,746		99		113

Total / Wtd. Avg.	****	14,830,693		1,732,619	57.1%		$135		$145		$1,860,173		1,213,529		$119		$128

All values are in US Dollars.


Other (4)		Expiring Leases (1)	Annualized		Annualized	Annualized Rent Per		Annualized Rent Per		Annualized Rent Per		kW of Expiring		Annualized		Rent Per kW
Available		1,439,294		—	—		—		—		—		—		—		—
Month to Month (3)		48,770		3,061	0.1%		$63		$63		$3,064		—		—		—
2022		439,218		15,052	0.5%		34		33		14,528		—		—		—
2023		1,118,639		27,692	0.9%		25		25		28,400		—		—		—
2024		563,605		20,285	0.7%		36		37		20,997		—		—		—
2025		949,231		42,562	1.4%		45		48		45,176		—		—		—
2026		731,286		20,282	0.7%		28		32		23,711		—		—		—
2027		355,964		13,022	0.4%		37		42		15,036		—		—		—
2028		228,535		11,487	0.4%		50		59		13,475		—		—		—
2029		787,107		27,482	0.9%		35		42		32,928		—		—		—
2030		719,172		30,411	1.0%		42		53		37,775		—		—		—
2031		60,553		1,983	0.1%		33		42		2,531		—		—		—
Thereafter		2,474,934		51,127	1.7%		21		27		66,589		—		—		—

Total / Wtd. Avg.	****	9,916,308		264,448	8.7%		$31		$36		$304,211		—		—		—

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		5,402,030		—	—		—		—		—		—		—		—
Month to Month (3)		289,908		59,640	2.0%		$206		$206		$59,790		—		—		—
2022		3,829,739		806,656	26.6%		211		211		807,409		—		—		—
2023		3,646,102		436,432	14.4%		120		122		446,393		—		—		—
2024		2,508,237		328,223	10.8%		131		136		340,148		—		—		—
2025		2,968,276		320,496	10.6%		108		114		339,329		—		—		—
2026		2,649,679		280,903	9.3%		106		115		304,869		—		—		—
2027		1,619,483		191,929	6.3%		119		127		205,520		—		—		—
2028		780,358		71,685	2.4%		92		105		82,262		—		—		—
2029		1,413,025		104,843	3.5%		74		89		126,247		—		—		—
2030		1,255,507		92,704	3.1%		74		86		107,772		—		—		—
2031		1,042,453		121,364	4.0%		116		134		139,803		—		—		—
Thereafter		4,052,868		220,878	7.3%		54		64		259,784		—		—		—

Total / Wtd. Avg.	****	31,457,664		3,035,753	100.0%		$117		$124		$3,219,325		—		—		—

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, 2021, multiplied by 12.
---	---
(3)	Includes leases, licenses and similar agreements that upon expiration have been automatically renewed on a month-to-month basis.
---	---
(4)	Other includes unimproved building shell capacity as well as storage and office space within fully improved data center facilities.
---	---

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

Table of Contents

Top 20 Customers by Annualized Rent	Financial Supplement
Dollars in Thousands		Fourth Quarter 2021


		****		****				****	Weighted
									Average
					Annualized		% of Annualized		Remaining
			Number of		Recurring		Recurring		Lease Term in
	Customer		Locations		Revenue (1)		Revenue		Years
1	Fortune 50 Software Company		56			340,515	10.0%		8.9
2	IBM		36			138,065	4.1%		2.3
3	Oracle America, Inc.		29			114,935	3.4%		3.2
4	Global Cloud Provider		51			110,186	3.2%		3.3
5	Facebook, Inc.		38			106,583	3.1%		4.0
6	Fortune 25 Investment Grade-Rated Company		25			94,292	2.8%		4.5
7	Equinix		21			87,739	2.6%		8.0
8	LinkedIn Corporation		8			78,298	2.3%		2.9
9	Social Content Platform		11			72,253	2.1%		5.5
10	Fortune 500 SaaS Provider		15			66,522	2.0%		4.3
11	Cyxtera Technologies, Inc.		15			62,080	1.8%		10.2
12	Rackspace		20			61,921	1.8%		10.7
13	Fortune 25 Tech Company		44			59,258	1.7%		3.1
14	Lumen Technologies, Inc.		129			54,197	1.6%		4.7
15	Comcast Corporation		32			42,132	1.2%		4.3
16	JPMorgan Chase & Co.		17			40,898	1.2%		2.5
17	Verizon		99			40,582	1.2%		3.1
18	AT&T		75			37,000	1.1%		2.9
19	Social Media Platform		7			34,680	1.0%		8.9
20	Zayo		124			33,290	1.0%		2.0
	Total / Weighted Average					1,675,426	49.2%		6.1

All values are in US Dollars.

(1)	Annualized recurring revenue represents the monthly contractual base rent (defined as cash base rent before abatements), and interconnection revenue under existing leases as of December 31, 2021, multiplied by 12.

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

Table of Contents

Occupancy Analysis	Financial Supplement
Dollars in Thousands		Fourth Quarter 2021


		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-21	****	30-Sep-21	****	IT Load (6)	****	Count
** North America**

Northern Virginia		5,404,662		780,016		128,694			564,992	91.1%		91.3%		462.9		22
Chicago		3,428,169		—		148,101			309,527	89.1%		87.5%		162.7		10
New York		2,103,114		147,753		106,407			213,337	82.4%		84.3%		53.4		13
Dallas		3,550,639		136,445		8,204			189,753	79.8%		80.5%		101.2		21
Silicon Valley		1,591,835		—		130,752			184,654	97.4%		96.1%		94.6		15
Phoenix		795,697		—		—			66,846	72.1%		71.8%		42.5		2
San Francisco		843,339		—		—			64,740	66.1%		64.1%		31.5		4
Atlanta		525,414		41,661		313,581			52,336	95.1%		94.9%		7.1		4
Seattle		398,735		—		—			40,593	85.3%		84.9%		19.5		1
Los Angeles		580,764		37,713		—			40,228	83.3%		80.9%		13.8		2
Portland		399,095		756,483		—			39,300	98.4%		97.9%		34.5		2
Toronto		300,307		427,050		—			25,727	85.6%		83.0%		27.0		2
Boston		437,119		—		50,649			21,430	49.9%		49.9%		19.0		3
Houston		392,816		—		13,969			18,315	70.4%		70.4%		13.0		6
Miami		226,314		—		—			8,498	89.9%		89.8%		1.3		2
Minneapolis/St. Paul		328,765		—		—			6,945	100.0%		100.0%		—		1
Austin		85,688		—		—			6,344	52.5%		51.2%		4.3		1
Charlotte		95,499		—		—			5,054	89.5%		89.5%		1.5		3
North America Total/Weighted Average	****	21,487,970	****	2,327,121	****	900,357			1,858,620	85.4%		85.2%		1,089.8		114

** EMEA**

London		1,433,240		64,274		95,832			224,532	68.0%		71.6%		103.9		16
Frankfurt		1,893,266		1,327,522		—			194,911	80.1%		86.9%		118.0		27
Amsterdam		1,220,639		46,240		95,262			144,317	70.2%		70.9%		112.8		13
Paris		598,536		314,876		—			74,469	82.7%		84.9%		49.9		10
Dublin		440,917		112,135		—			49,256	77.3%		75.7%		29.5		8
Marseille		389,484		165,435		—			45,978	74.0%		60.7%		31.8		4
Vienna		351,418		—		—			44,900	79.5%		80.0%		25.6		2
Zurich		284,671		258,240		—			40,113	82.5%		81.9%		17.0		3
Madrid		218,282		225,140		—			34,461	76.1%		75.8%		11.8		4
Brussels		171,470		186,464		—			23,510	62.6%		62.0%		7.5		4
Stockholm		205,304		48,492		—			23,128	63.7%		61.1%		14.2		6
Copenhagen		162,182		163,696		—			17,393	78.7%		77.5%		7.1		3
Dusseldorf		105,523		107,600		—			15,137	59.7%		60.2%		11.0		3
Athens		55,170		92,536		—			6,927	74.4%		82.9%		1.7		3
Zagreb		19,105		12,801		—			2,486	55.3%		55.6%		0.9		1
Nairobi		15,710		—		—			1,648	61.9%		57.6%		0.5		1
Mombasa		10,115		37,025		—			1,100	53.2%		41.4%		0.3		2
Maputo		—		3,940		—			—	—		—		0.7		1
EMEA Total/Weighted Average	****	7,575,033	****	3,166,416	****	191,094			944,264	74.6%		76.1%		544.1		111

** Asia Pacific**

Singapore		882,847		—		—			136,238	84.3%		91.3%		78.5		3
Sydney		226,697		222,838		—			26,815	86.4%		86.4%		14.9		4
Melbourne		146,570		—		—			15,183	62.8%		62.8%		9.6		2
Hong Kong		99,129		185,622		—			112	—		—		7.5		1
Seoul		—		162,260		—			98	—		—		—		1
Osaka		—		235,532		—			—	—		—		—		1
Asia Pacific Total/Weighted Average	****	1,355,243	****	806,252	****	—			178,446	76.2%		86.6%		110.5		12

** Non-Data Center Properties**		263,668		—		—			1,269	100.0%		100.0%		—		—

Consolidated Portfolio Total/Weighted Average	****	30,681,914	****	6,299,789	****	1,091,451			2,982,599	82.5%		83.2%		1,744.4		237

** Managed Unconsolidated Joint Ventures**

Northern Virginia		1,482,337		—		—			100,450	93.8%		93.8%		98.7		8
Silicon Valley		414,267		—		—			24,731	100.0%		100.0%		10.9		4
Hong Kong		186,300		—		—			20,227	87.3%		87.3%		11.0		1
Toronto		104,308		—		—			13,146	100.0%		100.0%		6.8		1
Los Angeles		196,517		—		—			5,091	100.0%		100.0%		—		2
Managed Unconsolidated Portfolio Total/Weighted Average	****	2,383,729	****	—	****	—			163,645	95.2%		94.7%		127.3		16

Managed Portfolio Total/Weighted Average	****	33,065,643	****	6,299,789	****	1,091,451			3,146,245	83.4%		84.1%		1,871.7		253

Digital Realty Share Total/Weighted Average (7)	****	31,457,664	****	6,303,891	****	1,094,326			3,035,753	82.8%		83.9%		1,780.9

** Non-Managed Unconsolidated Joint Ventures**

Sao Paulo		1,022,251		183,498		1,033,967			138,846	96.9%		98.5%		87.4		20
Osaka		277,031		248,590		—			53,613	94.5%		94.5%		28.5		3
Tokyo		980,916		318,415		—			51,001	70.3%		70.3%		27.0		3
Fortaleza		94,205		—		—			9,258	100.0%		100.0%		6.2		1
Rio De Janeiro		72,442		26,781		—			7,893	100.0%		100.0%		6.0		2
Seattle		51,000		—		—			7,770	100.0%		100.0%		9.0		1
Santiago		67,340		45,209		180,835			6,459	68.7%		68.7%		6.3		2
Queretaro		—		108,178		376,202			—	—		—		—		2
Non-Managed Portfolio Total/Weighted Average	****	2,565,185	****	930,670	****	1,591,004			274,840	86.0%		86.3%		170.3		34

Portfolio Total/Weighted Average	****	35,630,828	****	7,230,460	****	2,682,456			3,421,085	83.6%		84.2%		2,042.0		287

All values are in US Dollars.

(1)	We estimate the total net rentable square feet available for lease based on a number of factors in addition to contractually leased square feet, including available power, required support space and common areas.
(2)	Space under active development includes current Base Building and Data Center projects in progress (see page 26).
---	---
(3)	Space held for development includes space held for future Data Center development, and excludes space under active development (see page 29).
---	---
(4)	Annualized base rent represents the monthly contractual base rent (defined as cash base rent before abatements) under existing leases as of December 31, 2021, multiplied by 12.
---	---
(5)	Occupancy excludes space under active development and space held for development. For some of our buildings, we calculate occupancy based on factors in addition to contractually leased square feet, including available power, required support space and common areas.
---	---
(6)	White Space IT Load represents UPS-backed utility power dedicated to Digital Realty’s operated data center space.
---	---
(7)	Represents consolidated portfolio plus our managed portfolio of unconsolidated joint ventures based on our ownership percentage.
---	---

Table of Contents

Development Lifecycle - Committed Active Development	Financial Supplement
Dollars in Thousands		Fourth Quarter 2021


		Base Building Construction												Data Center Construction																	Total Active Development

	****	****	****	****	****	A		****	B		****	A + B		****	****	****	****	****	****	A		****	B		****	A + B						****	****	****	A		****	B		****	A + B
																													Average	Pre-tax
				Total		Current			Future			Total				Total				Current			Future			Total			Expected	Est.			Total		Current			Future			Total
		# of		Square		Investment			Funding			Expected		# of		Square				Investment			Funding			Expected		%	Completion	Stabilized	# of		Square		Investment			Funding			Expected
Metropolitan Area		Locations		Feet		(1)			Req. (2)			Investment (3)		Locations		Feet		kW		(1)			Req. (2)			Investment (3)		Leased	Period	Cash Yield (4)	Locations		Feet		(1)			Req. (2)			Investment (3)
Atlanta		—		—			—			—			—	1		41,661		2,000			$23,208			$12,242			35,450	—	3Q22		1		41,661			$23,208			$12,242			$35,450
Dallas		—		—			—			—			—	2		136,445		11,501			24,533			94,658			119,191	86.9%	3Q22		2		136,445			24,533			94,658			119,191
Los Angeles		—		—			—			—			—	1		37,713		2,400			21,574			39,262			60,836	—	4Q22		1		37,713			21,574			39,262			60,836
New York ^(5)^		—		—			—			—			—	1		147,753		2,400			137,107			16,517			153,624	100.0%	1Q22		1		147,753			137,107			16,517			153,624
Northern Virginia ^(6)^		3		458,481			$44,122			$69,107			113,229	2		321,536		40,000			74,527			220,008			294,535	60.0%	4Q22		3		780,016			118,649			289,115			407,764
Portland		1		552,862			110,507			64,759			175,265	1		203,621		24,000			193,021			35,911			228,932	100.0%	2Q22		2		756,483			303,528			100,670			404,198
Toronto		1		348,251			44,355			44,300			88,655	2		78,799		4,800			22,997			26,204			49,201	—	2Q22		2		427,050			67,351			70,504			137,855
North America	****	5	****	1,359,593			$198,983			$178,166			377,149	10	****	967,528	****	87,101			$496,968			$444,802			941,770	69.3%		9.5%	12	****	2,327,121			$695,951			$622,968			$1,318,919

Amsterdam		—		—			—			—			—	1		46,240		4,000			$16,841			$23,567			40,408	100.0%	4Q22		1		46,240			$16,841			$23,567			$40,408
Athens		—		—			—			—			—	1		92,536		6,800			12,290			64,454			76,744	—	1Q23		1		92,536			12,290			64,454			76,744
Brussels		1		79,522			$4,943			$36,898			41,841	2		106,942		8,250			27,174			94,823			121,997	—	4Q22		2		186,464			32,117			131,721			163,838
Copenhagen		1		100,047			33,507			15,966			49,473	2		63,649		5,950			24,758			82,943			107,701	3.4%	4Q22		2		163,696			58,264			98,909			157,173
Dublin	^^	—		—			—			—			—	2		112,135		9,840			27,600			97,515			125,115	30.5%	4Q22		2		112,135			27,600			97,515			125,115
Dusseldorf		1		71,737			4,003			14,407			18,410	1		35,863		3,333			18,028			42,351			60,379	21.0%	4Q22		1		107,600			22,031			56,757			78,789
Frankfurt		4		926,838			93,309			118,001			211,310	3		400,685		32,360			137,073			347,457			484,530	31.5%	1Q23		7		1,327,522			230,382			465,458			695,840
London		—		—			—			—			—	1		64,274		3,066			19,514			522			20,036	—	1Q23		1		64,274			19,514			522			20,036
Madrid	^^	1		150,093			26,041			12,399			38,440	1		75,047		5,000			17,201			46,955			64,156	100.0%	4Q22		1		225,140			43,241			59,354			102,596
Maputo		—		—			—			—			—	1		3,940		370			2,460			8,144			10,604	—	2Q22		1		3,940			2,460			8,144			10,604
Marseille	^^	—		—			—			—			—	1		165,435		13,600			89,506			92,049			181,556	40.4%	3Q22		1		165,435			89,506			92,049			181,556
Mombasa		1		18,513			1,018			708			1,726	1		18,513		855			6,703			2,694			9,397	—	1Q22		1		37,025			7,721			3,402			11,123
Paris	^^	1		49,242			30,144			12,083			42,228	2		265,634		25,600			179,653			174,529			354,182	25.0%	3Q22		3		314,876			209,797			186,612			396,409
Stockholm		—		—			—			—			—	1		48,492		2,625			12,653			17,396			30,049	—	2Q22		1		48,492			12,653			17,396			30,049
Zagreb	^^	—		—			—			—			—	1		12,801		1,800			536			19,930			20,466	—	1Q23		1		12,801			536			19,930			20,466
Zurich		1		55,306			38,156			19,607			57,763	1		202,934		18,860			142,370			137,299			279,669	79.6%	4Q22		1		258,240			180,526			156,906			337,432
EMEA	****	11	****	1,451,297			$231,121			$230,069			461,190	22	****	1,715,119	****	142,309			$734,358			$1,252,629			1,986,987	35.1%		11.0%	27	****	3,166,416			$965,479			$1,482,698			$2,448,178

Hong Kong		1		185,622			$23,317			$1,418			24,735	—		—		—			—			—			—		—		1		185,622			$23,317			$1,418			$24,735
Osaka		1		168,237			22,601			34,299			56,900	1		67,295		6,000			$15,790			$78,817			94,607	—	2Q23		1		235,532			38,391			113,116			151,507
Seoul	^^	—		—			—			—			—	1		162,260		12,000			114,046			32,818			146,865	—	1Q22		1		162,260			114,046			32,818			146,865
Sydney ^(7)^		2		155,249			69,507			16,644			86,151	1		67,589		7,200			48,241			16,302			64,543	100.0%	2Q22		2		222,838			117,747			32,946			150,694
Asia Pacific	****	4	****	509,108			$115,425			$52,361			167,785	3	****	297,144	****	25,200			$178,077			$127,938			306,015	28.6%		9.9%	5	****	806,252			$293,502			$180,298			$473,800

Total	****	20	****	3,319,999			$545,529			$460,595			1,006,124	35	****	2,979,791		254,610			$1,409,403			$1,825,369			3,234,773	46.2%		10.5%	44	****	6,299,789			$1,954,932			$2,285,964			$4,240,896

All values are in US Dollars.

(1)	Represents costs incurred through December 31, 2021.
(2)	Represents estimated cost to complete specific scope of work pursuant to contract, budget or approved capital plan.
---	---
(3)	For Base Building Construction, represents the pro rata share of the acquisition and infrastructure costs related to the specific Base Building project. For Data Center Construction, represents the pro rata share of the acquisition and infrastructure costs, or Base Building Construction costs, applicable to the specific Data Center project, plus the total direct investment in the specific Data Center project.
---	---
(4)	Estimated yields are based on total expected investment amounts and anticipated net operating income from leases signed or other assumptions based on market conditions.
---	---
(5)	Includes the first phase of a fully-leased build-to-suit.
---	---
(6)	Northern Virginia includes 263,302 square feet of pre-leased Base Building.
---	---
(7)	Sydney includes 135,178 square feet of pre-leased Base Building.
---	---

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

Table of Contents

Construction Projects in Progress	Financial Supplement
Dollars in Thousands, Except Per Square Foot		Fourth Quarter 2021


	****			****			****			****			****			Total Cost/
		Net Rentable						Current			Future			Total		Net Rentable
Construction Projects in Progress		Square Feet (5)			Acreage			Investment (6)			Investment (7)			Investment		Square Foot
Development Lifecycle
Land - Held for Development (1)	****		N/A	****		166.9			$133,683			—			133,683
Development Construction in Progress
Land - Current Development (1)			N/A			681.7			$974,464			—			974,464
Space Held for Development (1)			1,091,451			N/A			210,903			—			210,903		$172
Base Building Construction (2)			3,319,999			N/A			545,529			$460,595			1,006,124		320
Data Center Construction			2,979,791			N/A			1,409,403			1,825,369			3,234,773		1,005
Equipment Pool & Other Inventory (3)			N/A			N/A			7,881			—			7,881
Campus, Tenant Improvements & Other (4)			N/A			N/A			65,207			99,118			164,325
Total Development Construction in Progress	****		7,391,241	****		681.7			$3,213,387			$2,385,082			5,598,470

Enhancement & Other									$4,457			$23,758			28,215
Recurring									3,795			19,281			23,076
Total Construction in Progress		****				848.6			$3,355,323			$2,428,121			5,783,444

All values are in US Dollars.

(1)	Land and Space Held for Development reflect cumulative cost spent to date pending future development. Excludes square footage and cost incurred on unconsolidated joint ventures.
(2)	Base Building Construction consists of ongoing improvements to building infrastructure in preparation for future data center fit-out.
---	---
(3)	Represents long-lead time equipment and materials required for timely deployment and delivery of data center fit-out.
---	---
(4)	Represents improvements in progress as of December 31, 2021 which benefit space recently converted to our operating portfolio and is composed primarily of shared infrastructure projects and first-generation tenant improvements.
---	---
(5)	We estimate the total net rentable square feet available for lease based on a number of factors in addition to contractually leased square feet, including available power, required support space and common areas. Excludes square footage of properties held in unconsolidated joint ventures.
---	---
(6)	Represents costs incurred through December 31, 2021. Excludes costs incurred by unconsolidated joint ventures.
---	---
(7)	Represents estimated cost to complete specific scope of work pursuant to contract, budget or approved capital plan.
---	---

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

Table of Contents

Historical Capital Expenditures and Investments in Real Estate	Financial Supplement
Dollars in Thousands		Fourth Quarter 2021


		Three Months Ended																Year Ended
	****	31-Dec-21		****	30-Sep-21		****	30-Jun-21		****	31-Mar-21		****	31-Dec-20		****	****	31-Dec-21		****	31-Dec-20

Non-Recurring Capital Expenditures (1)

Development			$648,615			$581,853			$505,942			$439,793			$576,008				$2,176,203			$1,751,502

Enhancements and Other Non-Recurring			2,241			411			102			58			853				2,812			1,024

Total Non-Recurring Capital Expenditures			$650,856			$582,264			$506,044			$439,851			$576,861				$2,179,015			$1,752,526

Recurring Capital Expenditures (2)			$87,550			$50,800			$39,231			$39,522			$83,571				$217,103			$210,727

Total Direct Capital Expenditures			$738,406			$633,064			$545,275			$479,373			$660,432				$2,396,118			$1,963,253

Indirect Capital Expenditures

Capitalized Interest			$15,328			$15,142			$11,558			$11,434			$11,836				$53,462			$47,290

Capitalized Overhead			18,963			18,423			16,090			17,716			15,003				71,192			53,706

Total Indirect Capital Expenditures			$34,291			$33,565			$27,648			$29,150			$26,839				$124,654			$100,996

Total Improvements to and Advances for Investment in Real Estate			$772,697			$666,629			$572,923			$508,523			$687,271				$2,520,772			$2,064,249

Consolidated Portfolio Net Rentable Square Feet (3)		****	31,457,664		****	31,620,833		****	31,753,051		****	31,356,257		****	31,855,032			****	31,457,664		****	31,855,032

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

Development Lifecycle – Held for Development	Financial Supplement
Dollars in Thousands		Fourth Quarter 2021


		Land Inventory^(1)^								Space Held for Development

	****		****		****	Land -		Land -			****	Total	****
		# of				Held for		Current		# of		Square		Current
Metropolitan Area		Locations		Acres		Development		Development		Locations		Feet		Investment^(2)^
Atlanta		—		—			—		—	1		313,581			$25,621
Boston		—		—			—		—	1		50,649			23,623
Chicago		1		1.4			25,571		—	6		148,101			52,194
Dallas		2		114.0			33,113		—	1		8,204			3,133
Houston		—		—			—		—	1		13,969			2,726
New York		1		21.5			—		48,126	5		106,407			19,133
Northern Virginia		7		617.8			30,978		490,014	5		128,694			2,128
Phoenix		—		—			—		—	—		—			—
Silicon Valley		1		13.0			—		70,033	1		130,752			14,451
North America	****	12	****	767.7			89,661		608,173	21	****	900,357			$143,008

Amsterdam		1		4.4			—		26,163	2		95,262			$36,076
Athens		1		0.9			—		3,406	—		—			—
Dublin		2		5.0			6,294		—	—		—			—
Frankfurt		1		12.0			—		133,891	—		—			—
London		1		6.7			17,382		—	3		95,832			31,819
Madrid		1		1.8			20,346		—	—		—			—
Paris		2		8.4			—		34,760	—		—			—
Vienna		3		14.1			—		24,627	—		—			—
EMEA	****	12	****	53.4			44,022		222,848	5	****	191,094			$67,896

Melbourne		1		4.1			—		4,261	—		—			—
Seoul		1		4.9			—		68,151	—		—			—
Sydney		1		18.5			—		71,032	—		—			—
Asia Pacific	****	3	****	27.5			—		143,443	—	****	—			—

Consolidated Portfolio	****	27	****	848.6			133,683		974,464	26	****	1,091,451			$210,903

All values are in US Dollars.

(1)	Represents locations acquired to support ground-up development.
(2)	Represents costs incurred through December 31, 2021. Includes the cost of acquisition as well as cost of improvements since acquisition to prepare for future building construction.
---	---

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

Table of Contents

Acquisitions / Dipositions/ Joint Ventures	Financial Supplement
Dollars in Thousands		Fourth Quarter 2021

Closed Acquisitions:


	****		****		****		****		****	****	Net	****		****		****
											Rentable		Square Feet		Square Feet		% of Total Net
		Acquisition		Metropolitan		Date		Purchase	Cap		Square		Under		Held For		Rentable Square
Property		Type		Area		Acquired		Price (1)	Rate (2)		Feet (3)		Development		Development		Feet Occupied (4)
Sterling Land Parcel		Land		Northern Virginia		12/16/2021		22,900	—		—		—		—		—
Plot A Ahmadu Bello Way^(5)^		Land		Lagos, Nigeria		11/14/2021		21,800	—		—		—		—		—
Lekki Land^(5)^		Land		Lagos, Nigeria		12/23/2021		500	—		—		—		—		—
Atlas Edge^(6)^		Investment		EMEA		11/15/2021		21,950	—		—		—		—		—
Total		—		—		—		67,150	—		—		—		—		—

All values are in US Dollars.

Closed Dispositions:


		****		****		****		****		****	Net	****		****		****
											Rentable		Square Feet		Square Feet		% of Total Net
	Disposition		Metropolitan		Date		Sale		Cap		Square		Under		Held For		Rentable Square
Property	Type		Area		Disposed		Price (1)		Rate (2)		Feet (3)		Development		Development		Feet Occupied (4)
150 S First St ^(7)^	Building		Silicon Valley		12/15/2021		$59,600		10.2%		179,763		—		—		96.0%
Total							$59,600		10.2%		179,763		—		—		96.0%

Closed Joint Venture Contributions:


	****		****		****			****	Net	****		****		****
									Rentable		Square Feet		Square Feet		% of Total Net
		Metropolitan				Contribution	Cap		Square		Under		Held For		Rentable Square
Property		Area		Date		Price	Rate (2)		Feet (3)		Development		Development		Feet Occupied (4)
Digital Core REIT ^(8)^		North America		12/6/2021		1,440,500	4.3%		1,209,063		—		—		100.0%
Total	****	—	****	—	****	1,440,500	4.3%		1,209,063	****	—	****	—	****	100.0%

All values are in US Dollars.

(1)	Represents the purchase price or sale price, as applicable, before contractual adjustments, transaction expenses, taxes and potential currency fluctuations.
(2)	We calculate the cash capitalization rate on acquisitions, dispositions and joint venture contributions by dividing anticipated annual net operating income by the purchase/sale/contribution price, including assumed debt and related pre-payment penalties. Net operating income represents rental revenue and tenant reimbursement revenue from in-place leases, less rental property operating and maintenance expenses, property taxes and insurance expenses, and is not a financial measure calculated in accordance with GAAP. We caution you not to place undue reliance on our cash capitalization rates because they are based solely on data made available to us in the diligence process in connection with the relevant acquisitions and are calculated on a non-GAAP basis. Our calculation of the cash capitalization rate on acquisitions may change, based on our experience operating the data centers subsequent to closing of the acquisitions. In addition, the actual cash capitalization rates may differ from our expectations based on numerous other factors, including the results of our final purchase price allocation, difficulties collecting anticipated rental revenues, customer bankruptcies, property tax reassessments and unanticipated expenses at the data centers that we cannot pass on to customers.
---	---
(3)	We estimate the total net rentable square feet available for lease based on a number of factors in addition to contractually leased square feet, including available power, required support space and common area.
---	---
(4)	Occupancy excludes space under development and space held for development.
---	---
(5)	Based on a spot rate of 0.002 NGN to USD. Purchase Price represents Digital Realty’s pro rata share of the total purchase price.
---	---
(6)	Based on a spot rate of 1.137 EUR to USD as of December 31, 2021.
---	---
(7)	Mixed-use retail and data center property expected to be redeveloped for residential use upon the near-term departure of the primary data center tenant.
---	---
(8)	The $1.4 billion S-REIT transaction value reflects a 100% ownership interest. The purchase price for Digital Realty’s 90% interest was approximately $1.3 billion.
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Table of Contents

Unconsolidated Joint Ventures	Financial Supplement
Dollars in Thousands		Fourth Quarter 2021


Summary Balance Sheet -	As of December 31, 2021
at the JV's 100% Share		Ascenty	Mitsubishi	Lumen ^(1)^	Mapletree	Other (2)	Total

Undepreciated book value of operating real estate		977,787	1,130,562	184,926	781,518	1,851,337	$4,926,130
Accumulated depreciation & amortization		(178,891)	(76,350)	(51,538)	(89,580)	(23,735)	(420,093)
Net Book Value of Operating Real Estate		798,896	$1,054,212	133,388.00	691,938	1,827,602	$4,506,036
Cash		120,682	$159,287	$5,115	30,520	19,711	335,315
Other assets		1,159,823	163,264	10,072	202,731	43,879	1,579,769
Total Assets		2,079,401	$1,376,763	$148,575	925,189	1,891,192	$6,421,120

Debt		890,428	375,278	—	—	467,436	1,733,142
Other liabilities		155,651	162,596	10,867	24,864	80,496	434,474
Equity / (deficit)		1,033,322	838,889	137,708	900,325	1,343,260	4,253,504
Total Liabilities and Equity		2,079,401	$1,376,763	$148,575	925,189	1,891,192	$6,421,120

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

Digital Realty's Pro Rata Share of Unconsolidated JV Debt		454,118	$187,639	—	—	185,042	$826,799

All values are in US Dollars.


Summary Statement of Operations -	Three Months Ended December 31, 2021
at the JV's 100% Share		Ascenty	Mitsubishi	Lumen (1)	Mapletree	Other (2)	Total

Total revenues		52,962	47,554	6,382	28,765	15,379	$151,042
Operating expenses		(19,886)	(22,871)	(2,861)	(12,481)	(7,701)	(65,800)
Net Operating Income (NOI)		33,076	24,683	3,521	16,284	7,678	$85,242

Straight-line rent		—	(2,669)	75	(641)	(105)	(3,340)
Above and below market rent		—	—	—	178	—	178
Cash Net Operating Income (NOI)		33,076	22,014	3,596	15,821	7,573	$82,080

Interest expense		(17,155)	(2,129)	0	(2)	(2,247)	($21,533)
Depreciation & amortization		(20,684)	(16,323)	(2,294)	(17,796)	(5,477)	(62,574)
Other income / (expense)		7,396	(1,830)	(2,846)	(1,255)	(405)	1,060
FX remeasurement on USD debt		(19,552)	—	—	—	—	(19,552)
Total Non-Operating Expenses		(49,995)	(20,282)	(5,140)	(19,053)	(8,129)	($102,598)

Net Income / (Loss)		(16,919)	4,401	(1,619)	(2,769)	(451)	($17,357)

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

Digital Realty's Pro Rata Share of Unconsolidated JV NOI		16,869	12,342	1,761	3,257	2,962	$37,191

Digital Realty's Pro Rata Share of Unconsolidated JV Cash NOI		16,869	11,007	1,798	3,164	2,947	$35,785

Digital Realty's Earnings (loss) income from unconsolidated joint ventures		(8,597)	2,201	(809)	(554)	45	($7,714)

Digital Realty's Pro Rata Share of core FFO ^(4)^		11,885	9,011	339	3,005	2,127	$26,367

Digital Realty's Fee Income from Joint Ventures		—	81	160	761	691	$1,693

All values are in US Dollars.

(1)	Formerly known as 33 Chun Choi Street.
(2)	Includes Medallion, Clise, Menlo, Starwood, Digital Core REIT and Walsh joint ventures.
---	---
(3)	Equity in income pick-up comprised of 49% owned by Digital Realty and 2% owned by management, with a corresponding offset for the 2% in minority interest.
---	---
(4)	For a definition of core FFO, see page 33.
---	---

Table of Contents

Reconciliation of Earnings Before Interest, Taxes, Depreciation & Amortization and Financial Ratios	Financial Supplement
Unaudited and Dollars in Thousands		Fourth Quarter 2021


	Three Months Ended
Reconciliation of Earnings Before Interest, Taxes, Depreciation & Amortization (EBITDA) ^(1)^		31-Dec-21	30-Sep-21	30-Jun-21	31-Mar-21	31-Dec-20

Net Income / (Loss) Available to Common Stockholders		$1,057,629	$124,096	$127,368	$372,405	$44,178
Interest		71,762	71,417	75,014	75,653	77,848
Loss from early extinguishment of debt		325	—	—	18,347	49,576
Income tax expense (benefit)		3,961	13,709	47,582	7,547	3,322
Depreciation & amortization		378,883	369,035	368,981	369,733	359,915
EBITDA		$1,512,560	$578,257	$618,945	$843,685	$534,839
Unconsolidated JV real estate related depreciation & amortization		24,146	21,293	20,983	19,378	21,471
Unconsolidated JV interest expense and tax expense		15,222	11,008	15,523	8,786	12,143
Severance, equity acceleration, and legal expenses		1,003	1,377	2,536	2,427	606
Transaction and integration expenses		12,427	13,804	7,075	14,120	19,290
(Gain) / loss on sale of investments		(1,047,011)	635	(499)	(333,921)	(1,684)
Impairment of investments in real estate		18,291	—	—	—	—
Other non-core adjustments, net		14,307	(28,745)	(60,308)	38,574	(23,842)
Non-controlling interests		22,587	2,266	4,544	8,756	1,818
Preferred stock dividends, including undeclared dividends		10,181	10,181	11,885	13,514	13,514
(Gain on) / Issuance costs associated with redeemed preferred stock		—	—	(18,000)	—	—
Adjusted EBITDA		$583,712	$610,076	$602,684	$615,319	$578,156

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


	Three Months Ended
Financial Ratios		31-Dec-21	30-Sep-21	30-Jun-21	31-Mar-21	31-Dec-20

Total GAAP interest expense		71,762	71,417	75,014	75,653	$77,848
Capitalized interest		15,328	15,142	11,558	11,434	11,836
Change in accrued interest and other non-cash amounts		(37,974)	17,820	(43,604)	44,620	(37,182)
Cash Interest Expense ^(2)^		49,116	104,379	42,968	131,707	$52,502

Preferred dividends		10,181	10,181	11,885	13,514	13,514
Total Fixed Charges ^(3)^		97,271	96,740	98,457	100,601	$103,198


Coverage
Interest coverage ratio ^(4)^		6.0x	6.5x	6.1x	6.6x	5.8x
Cash interest coverage ratio ^(5)^		9.8x	5.4x	10.9x	4.5x	9.3x
Fixed charge coverage ratio ^(6)^		5.4x	5.8x	5.4x	5.8x	5.1x
Cash fixed charge coverage ratio ^(7)^		8.3x	5.0x	9.0x	4.1x	7.7x

Leverage
Debt to total enterprise value ^(8) (9)^		20.5%	24.8%	23.9%	24.1%	24.4%
Debt plus preferred stock to total enterprise value ^(10)^		21.7%	26.1%	25.2%	25.9%	26.2%
Pre-tax income to interest expense ^(11)^		16.2x	2.9x	2.7x	6.2x	1.8x
Net Debt to Adjusted EBITDA ^(12)^		6.1x	6.0x	6.0x	5.6x	6.0x

All values are in US Dollars.

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

Table of Contents

Management Statements on Non-GAAP Measures	<br><br>	Financial Supplement
Unaudited			Fourth Quarter 2021

Definitions

Funds From Operations (FFO) :

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

Core Funds from Operations (Core FFO) :

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

Adjusted Funds from Operations (AFFO) :

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

EBITDA and Adjusted EBITDA :

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

Table of Contents

Management Statements on Non-GAAP Measures	<br><br>	Financial Supplement
Unaudited			Fourth Quarter 2021

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

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

Additional Definitions

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

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

Fixed charge coverage ratio is Adjusted EBITDA divided by the sum of GAAP interest expense, capitalized interest, scheduled debt principal payments and preferred dividends. For the quarter ended December 31, 2021, GAAP interest expense was $72 million, capitalized interest was $15 million and scheduled debt principal payments and preferred dividends was $10 million.


Reconciliation of Net Operating Income (NOI)		Three Months Ended										Twelve Months Ended
(in thousands)	****	31-Dec-21		****	30-Sep-21		****	31-Dec-20		****	****	31-Dec-21		****	31-Dec-20
		****			****			****				****			****
Operating income			$131,497			$184,367			$160,264				$694,009			$557,530

Fee income			(4,133)			(3,255)			(4,722)				(13,442)			(15,214)
Other income			(200)			(18,977)			(20)				(19,401)			(1,850)
Depreciation and amortization			378,883			369,035			359,915				1,486,632			1,366,379
General and administrative			103,705			97,082			101,582				393,311			344,928
Severance, equity acceleration, and legal expenses			1,003			1,377			606				7,343			6,440
Transaction expenses			12,427			13,804			19,290				47,426			106,662
Other expenses			(1)			510			641				2,550			1,074

Net Operating Income			$641,472			$643,943			$637,556				$2,616,719			$2,372,431


Cash Net Operating Income (Cash NOI)

Net Operating Income			$641,472			$643,943			$637,556				$2,616,719			$2,372,431

Straight-line rental revenue			(16,346)			(12,029)			(15,451)				(64,107)			(48,769)
Straight-line rental expense			5,453			7,779			3,758				27,050			16,223
Above- and below-market rent amortization			910			1,165			3,239				6,069			12,686

Cash Net Operating Income			$631,489			$640,858			$629,102				$2,585,731			$2,352,571

Table of Contents

Forward-Looking Statements	<br><br>	Financial Supplement
			Fourth Quarter 2021

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

●	reduced demand for data centers or decreases in information technology spending;
●	increased competition or available supply of data center space;
---	---
●	decreased rental rates, increased operating costs or increased vacancy rates;
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●	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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●	our dependence upon significant customers, bankruptcy or insolvency of a major customer or a significant number of smaller customers, or defaults on or non-renewal of leases by customers;
---	---
●	our ability to attract and retain customers;
---	---
●	breaches of our obligations or restrictions under our contracts with our customers;
---	---
●	our inability to successfully develop and lease new properties and development space, and delays or unexpected costs in development of properties;
---	---
●	the impact of current global and local economic, credit and market conditions;
---	---
●	our inability to retain data center space that we lease or sublease from third parties;
---	---
●	global supply chain or procurement disruptions, or increased supply chain costs;
---	---
●	information security and data privacy breaches;
---	---
●	difficulty managing an international business and acquiring or operating properties in foreign jurisdictions and unfamiliar metropolitan areas;
---	---
●	our failure to realize the intended benefits from, or disruptions to our plans and operations or unknown or contingent liabilities related to, our recent acquisitions;
---	---
●	our failure to successfully integrate and operate acquired or developed properties or businesses;
---	---
●	difficulties in identifying properties to acquire and completing acquisitions;
---	---
●	risks related to joint venture investments, including as a result of our lack of control of such investments;
---	---
●	risks associated with using debt to fund our business activities, including re-financing and interest rate risks, our failure to repay debt when due, adverse changes in our credit ratings or our breach of covenants or other terms contained in our loan facilities and agreements;
---	---
●	our failure to obtain necessary debt and equity financing, and our dependence on external sources of capital;
---	---
●	financial market fluctuations and changes in foreign currency exchange rates;
---	---
●	adverse economic or real estate developments in our industry or the industry sectors that we sell to, including risks relating to decreasing real estate valuations and impairment charges and goodwill and other intangible asset impairment charges;
---	---
●	our inability to manage our growth effectively;
---	---
●	losses in excess of our insurance coverage;
---	---
●	our inability to attract and retain talent;
---	---
●	impact of the COVID-19 pandemic on our operations and on the operations of our customers, suppliers and business partners;
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●	environmental liabilities, risks related to natural disasters and our inability to achieve our sustainability goals;
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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 federal income tax purposes;
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●	Digital Realty Trust, L.P.’s failure to qualify as a partnership for federal income tax purposes;
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●	restrictions on our ability to engage in certain business activities;
---	---
●	changes in local, state, federal and international laws and regulations, including related to taxation, real estate and zoning laws, and increases in real property tax rates; and
---	---
●	the impact of any financial, accounting, legal or regulatory issues or litigation that may affect us.
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The risks included here are not exhaustive, and additional factors could adversely affect our business and financial performance. Several additional material risks are discussed in our annual report on Form 10-K for the year ended December 31, 2020 and other filings with the U.S. Securities and Exchange Commission. Those risks continue to be relevant to our performance and financial condition. Moreover, we operate in a very competitive and rapidly changing environment. New risk factors emerge from time to time and it is not possible for management to predict all such risk factors, nor can it assess the impact of all such risk factors on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. We expressly disclaim any responsibility to update forward-looking statements, whether as a result of new information, future events or otherwise. Digital Realty, Digital Realty Trust, the Digital Realty logo, Interxion, Turn-Key Flex, Powered Base Building, and PlatformDIGITAL, Data Gravity Index and Data Gravity Index DGx are registered trademarks and service marks of Digital Realty Trust, Inc. in the United States and/or other countries. All other names, trademarks and service marks are the property of their respective owners. 35

Exhibit 99.2

Digital Realty<br>the trusted foundation	powering your digital ambitions<br>4Q21 FINANCIAL RESULTS<br>FEBRUARY 2022<br>Global. Connected. Sustainable.
	<br>2<br>Navigating the Future<br>Sustainable Growth for Customers, Shareholders and Employees<br>Selling<br>GLOBALLY<br>… Supporting<br>LOCALLY<br>EMEA<br>APAC<br>AMERICAS<br>A Digital Realty and Brookfield Infrastructure JV<br>DIGITAL REALTY	4Q21 FINANCIAL RESULTS	FEBRUARY 17, 2022<br>GLOBAL<br>CONNECTED<br>SUSTAINABLE
---
	<br>3<br>Serving a Social Purpose<br>Delivering Sustainable Growth for All Stakeholders<br>Earned Nareit<br>Leader in the Light<br>award for fifth<br>consecutive year<br>ENVIRONMENTAL<br>Led disaster recovery assistance and<br>community reinvestment programs:<br>committed to enhancing the well<br>-<br>being of shareholders, customers,<br>employees, vendors and communities<br>Demonstrated senior leadership and<br>employee commitment to Diversity,<br>Equity & Inclusion; established five<br>employee resource groups; signed CEO<br>Action Pledge for diversity; co<br>-<br>chairing<br>Nareit’s<br>diversity initiative<br>Am<br>ended corporate governance<br>guidelines to clarify that director<br>candidate pools must include<br>candidates with diversity of race,<br>ethnicity and gender<br>SOCIAL<br>Instituted minimum stock<br>ownership requirements for<br>directors and management<br>Established proxy access<br>for shareholders and<br>provided shareholders the<br>ability to propose<br>amendments to the bylaws<br>Enhanced Board diversity<br>with the addition of<br>three new Directors<br>2015<br>2019<br>2018<br>GOVERNANCE<br>2021<br>Formalized ESG oversight<br>under the Nominating &<br>Corporate Governance<br>Committee and became<br>a Signatory to the<br>UN Global Compact<br>Named one of<br>“America’s Most<br>Responsible<br>Companies” by<br>Newsweek<br>Published EEO<br>-<br>1 report, providing<br>transparency on the racial and gender<br>composition of the U.S. workforce<br>Incorporated<br>sustainability<br>-<br>linked<br>pricing into global<br>credit facility<br>Achieved five<br>-<br>star<br>GRESB rating, ranked<br>#1 in Tech / Science<br>category<br>2020<br>DIGITAL REALTY	4Q21 FINANCIAL RESULTS	FEBRUARY 17, 2022
---
	<br>4<br>Note: As of<br>December 31, 2021<br>Global<br>Platform<br>Expanding Global Platform<br>Supporting Customer Growth<br>4,000+<br>Customers<br>178,000+<br>Cross<br>-<br>Connects<br>50<br>Metro Areas<br>Cape Town<br>Johannesburg<br>Hong Kong<br>Frankfurt<br>Lagos<br>DIGITAL REALTY	4Q21 FINANCIAL RESULTS	FEBRUARY 17, 2022
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1)<br>Projected<br>compound<br>annual<br>growth<br>in<br>the<br>intensity<br>of<br>data<br>gravity,<br>as<br>measured<br>in<br>gigabytes<br>per<br>second,<br>from<br>2020<br>-<br>2024.<br>Projections<br>according<br>to<br>Digital<br>Realty’s<br>proprietary<br>Data<br>Gravity<br>Index<br>DGx<br>™<br>report<br>as<br>of<br>December<br>2020.<br>Patent<br>pending.<br>2) Gartner Worldwide IT Spend Forecast, Market Databook 4Q21 Update.<br>3) Gartner 100 Data and Analytics Predictions Through 2025, March 2021<br>..<br>New York<br>D<br>a<br>ta<br>Gra<br>v<br>i<br>ty<br>CAGR<br>(1)<br>132%<br>London<br>D<br>a<br>ta<br>Gra<br>v<br>i<br>ty<br>CAGR<br>(1)<br>129%<br>Zurich<br>D<br>a<br>ta<br>Gra<br>v<br>i<br>ty<br>CAGR<br>(1)<br>135%<br>™<br>Frankfurt<br>D<br>a<br>ta<br>Gra<br>v<br>i<br>ty<br>CAGR<br>(1)<br>144%<br>Seoul<br>D<br>a<br>ta<br>Gra<br>v<br>i<br>ty<br>CAGR<br>(1)<br>152%<br>Mumbai<br>D<br>a<br>ta<br>Gra<br>v<br>i<br>ty<br>CAGR<br>(1)<br>156%<br>Singapore<br>D<br>a<br>ta<br>Gra<br>v<br>i<br>ty<br>CAGR<br>(1)<br>200%<br>Driving Data Hub Deployments<br>Increased IT Spending<br>By 2024,<br>75% of organizations are<br>expected to have deployed multiple<br>data hubs<br>to drive mission<br>-<br>critical data<br>analytics, sharing and governance<br>(2)<br>Gartner predicts 5.1% increase<br>globally, digital data growth<br>strategies<br>(2)<br>Excellence in Best<br>Practices<br>2021<br>Company of the Year<br>Data Gravity Driving Data Center Demand<br>PlatformDIGITAL<br>®<br>Poised to Capitalize<br>4.5T+<br>Worldwide IT Spend<br>(1)<br>75%<br>Deploying Data Hubs<br>Needs Global MTDC Leader<br>DIGITAL REALTY	4Q21 FINANCIAL RESULTS	FEBRUARY 17, 2022<br>	<br>5
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Financial Results<br>	<br>6<br>DIGITAL REALTY	4Q21 FINANCIAL RESULTS	FEBRUARY 17, 2022
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$0<br>$50<br>$100<br>$150<br>Digital Transformation Driving Steady Demand<br>Global Full<br>-<br>Product Spectrum Provides Broadest Solutions<br>Note: Darker shading represents interconnection bookings. Fourth<br>-<br>quarter bookings are highlighted in lighter blue. Totals may<br>not add up due to rounding.<br>1)<br>Other includes Powered Base Building® shell capacity as well as storage and office space within fully improved data center fa<br>cil<br>ities.<br>4Q21<br>BOOKINGS<br>0<br>-<br>1 MW<br>$41.8 mm<br>> 1 MW<br>$96.7 mm<br>OTHER<br>(1)<br>$7.4 mm<br>INTERCONNECTION<br>$10.6 mm<br>TOTAL BOOKINGS<br>$156.5 mm<br>HISTORICAL BOOKINGS<br>ANNUALIZED GAAP BASE RENT<br>$ in millions<br>2011<br>2012<br>2013<br>2014<br>2015<br>2016<br>2017<br>2018<br>2019<br>2020<br>2021<br>	<br>7<br>DIGITAL REALTY	4Q21 FINANCIAL RESULTS	FEBRUARY 17, 2022
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$52 million<br>of total<br>4Q bookings<br>from<br>0<br>-<br>1 MW + interconnection<br>68%<br>of<br>bookings<br>outside<br>the Americas<br>Connected Data Communities<br>Attracting New Logos<br>	<br>8<br>131<br>new logos<br>Energy<br>Provider<br>Ivy League<br>University<br>Semiconductor<br>Manufacturer<br>Trading<br>Platform<br>Insurance<br>Brokerage<br>Aerospace<br>Manufacturing<br>Note: For quarter ended December 31, 2021.<br>DIGITAL REALTY	4Q21 FINANCIAL RESULTS	FEBRUARY 17, 2022
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Top<br>-<br>Line Step Function<br>Healthy Backlog Sets a Solid Foundation<br>	<br>9<br>Note:<br>Totals may not add up due to rounding.<br>1)<br>Amounts shown represent GAAP annualized base rent from leases signed.<br>2)<br>Amounts shown represent GAAP annualized base rent from leases signed, but not yet commenced, based on estimated future commen<br>cem<br>ent date at time of signing. Actual commencement dates may vary.<br>Digital Realty Backlog<br>Unconsolidated Joint Venture Backlog<br>Digital Realty Backlog<br>Unconsolidated Joint Venture Backlog<br>BACKLOG ROLL<br>-<br>FORWARD<br>(1)<br>$ in millions<br>COMMENCEMENT TIMING<br>(2)<br>$ in millions<br>$24M<br>DIGITAL REALTY	4Q21 FINANCIAL RESULTS	FEBRUARY 17, 2022
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Cycling Through Peak Vintage Renewals<br>Narrowing the Gap on Cash Re<br>-<br>Leasing Spreads<br>	<br>10<br>0<br>-<br>1 MW<br>> 1 MW<br>OTHER<br>(1)<br>TOTAL<br>Signed renewal<br>leases representing<br>$106 million<br>of annualized GAAP<br>rental revenue<br>Signed renewal<br>leases representing<br>$42 million<br>of annualized GAAP<br>rental revenue<br>Signed renewal<br>leases representing<br>$2 million<br>of annualized GAAP<br>rental revenue<br>Signed renewal<br>leases representing<br>$151 million<br>of annualized GAAP<br>rental revenue<br>RENTAL RATE CHANGE<br>0.7<br>%<br>CASH<br>1.3<br>%<br>GAAP<br>RENTAL RATE CHANGE<br>-<br>14.0<br>%<br>CASH<br>-<br>11.<br>8<br>%<br>GAAP<br>RENTAL RATE CHANGE<br>4.1<br>%<br>CASH<br>10.2<br>%<br>GAAP<br>RENTAL RATE CHANGE<br>-<br>3.9<br>%<br>CASH<br>-<br>2.6<br>%<br>GAAP<br>4Q21 RE<br>-<br>LEASING SPREADS<br>Note: Totals may not add up due to rounding. Rental rate change represents the beginning rental rate on leases renewed, rela<br>tiv<br>e to the ending rental rate at expiration, weighted by net rentable square feet.<br>1)<br>Other includes Powered Base Building® shell capacity as well as storage and office space within fully improved data center fa<br>cil<br>ities.<br>DIGITAL REALTY	4Q21 FINANCIAL RESULTS	FEBRUARY 17, 2022
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61%<br>1%<br>7%<br>23%<br><1%<br><1%<br>4%<br>1%<br>1%<br>1%<br>1%<br><1%<br><1%<br><1%<br>Effective Economic Risk Mitigation Strategies<br>Benefits of Scale and Diversification on Display<br>Source: FactSet. Note:<br>Totals may not add up due to rounding.<br>1)<br>As of December 31, 2021. Includes Digital Realty’s share of revenue from unconsolidated joint ventures.<br>2)<br>Core FFO is a non<br>-<br>GAAP financial measure. For a definition of core FFO and a reconciliation to its nearest GAAP equivalent, see<br>the Appendix.<br>3)<br>Based on average exchange rates for the quarter ended December 31,<br>2021<br>compared to average exchange rates for the quarter ended December 31, 2020.<br>2.0%<br>INCREASE<br>4.1%<br>DECREASE<br>U.S. DOLLAR INDEX<br>4Q20<br>4Q21<br>EXPOSURE BY REVENUE<br>(1)<br>CORE FFO/SHARE EXPOSURE<br>(2)<br>EXCHANGE RATES<br>(3)<br>U.S. DOLLAR /<br>BRITISH POUND<br>U.S. DOLLAR /<br>EURO<br>	<br>11<br>2022<br>$6.85 /<br>Sh<br>0.5%<br>BENCHMARK<br>RATES<br>+/<br>-<br>100 bps<br>0.1%<br>GBP<br>+/<br>-<br>10%<br>2.0<br>%<br>EUR<br>+/<br>-<br>10%<br>USD<br>CAD<br>GBP<br>EURO<br>JPY<br>HKD<br>SGD<br>AUD<br>1%<br>7%<br>23%<br><1%<br><1%<br>4%<br>1%<br>SEK<br>1%<br>DKK<br>1%<br>CH<br>F<br>1%<br><1%<br><1%<br>HRK<br>KES<br>KRW<br><1%<br>61%<br>DIGITAL REALTY	4Q21 FINANCIAL RESULTS	FEBRUARY 17, 2022<br>80<br>85<br>90<br>95<br>100<br>Oct-20<br>Jan-21<br>Apr-21<br>Jul-21<br>Oct-21
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Committed to Conservative Capital Structure<br>Maximizing Capital Menu Options, Minimizing Cost<br>1)<br>Net Debt to Adjusted EBITDA is calculated as total debt at balance sheet carrying value (see Appendix), plus capital lease ob<br>lig<br>ations, plus our share of joint venture debt at carrying value, less cash and cash equivalents (including<br>JV share of cash), divided by the product of Adjusted EBITDA (including our share of joint venture EBITDA), multiplied by fou<br>r.<br>2)<br>Fixed charge coverage ratio is Adjusted EBITDA divided by fixed charges (including our pro rata share of unconsolidated joint<br>ve<br>nture fixed charges).<br>3)<br>Pro<br>forma for assuming full physical settlement of the September 2021 forward sales agreements, January 2022 issuance of €750mm 1<br>..37<br>5% notes due 2032, and February 2022 redemption of the $450mm 4.75% notes due<br>2025.<br>-<br>0.4x<br>6.1x<br>5.7x<br>4Q21<br>Reported<br>Pro Forma<br>Adjustments<br>4Q21<br>As Adjusted<br>Net Debt to Adjusted EBITDA<br>(1)<br>(3)<br>(3)<br>6<br>%<br>Floating Rate<br>Debt<br>3<br>%<br>Floating Rate<br>Debt<br>(3)<br>0.3x<br>5.4x<br>5.7x<br>4Q21<br>Reported<br>Pro Forma<br>Adjustments<br>4Q21<br>As Adjusted<br>Fixed Charge Coverage Ratio<br>(2)<br>	12<br>(3)<br>(3)<br>DIGITAL REALTY	4Q21 FINANCIAL RESULTS	FEBRUARY 17, 2022
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DEBT MATURITY SCHEDULE AS OF<br>DECE<br>MBER<br>31, 2021<br>(1)(2)<br>(U.S. $ in billions)<br>Matching the Duration of Assets and Liabilities<br>Clear Runway on the Left, No Bar Too Tall on the Right<br>99<br>%<br>Unsecured<br>Unsecured<br>Secured<br>Fixed<br>Floating<br>Euro<br>USD<br>GBP<br>Other<br>94<br>%<br>Fixed<br>77<br>%<br>Non<br>-<br>USD<br>6.4<br>YEARS<br>Weighted Avg.<br>Maturity<br>(1)(2)<br>2.1<br>%<br>Weighted Avg.<br>Coupon<br>(1)<br>DEBT PROFILE<br>	<br>13<br>Note: As of<br>December<br>3<br>1<br>, 2021.<br>1)<br>Includes Digital Realty’s pro rata share of<br>six<br>unconsolidated joint venture loans and debt securities.<br>Pro forma for<br>the<br>forward sale agreements<br>entered into<br>on September 8,<br>2021<br>relating to our common stock (assuming full physical settlement). Assumes proceeds from transactions are used to repay borro<br>wi<br>ngs<br>under the global unsecured revolving credit facility and $450mm 4.75% notes due 2025. Pro forma for the<br>€<br>750mm 1.375% notes due 2032 issued in January 2022.<br>2)<br>Assumes exercise of extension options.<br>$0.7<br>$0.0<br>$1.0<br>$1.3<br>$2.1<br>$1.2<br>$1.4<br>$1.7<br>$1.6<br>$1.7<br>$1.7<br>2022<br>2023<br>2024<br>2025<br>2026<br>2027<br>2028<br>2029<br>2030<br>2031<br>2032 +<br>Pro Rata Share of JV Debt<br>Secured Mortgage Debt<br>Unsecured Senior Notes - USD<br>Unsecured Senior Notes - GBP<br>Unsecured Senior Notes - EUR<br>Other Unsecured Debt<br>Unsecured Green Senior Notes - EUR<br>Unsecured Green Senior Notes - CHF<br>Unsecured Credit Facilities<br>Pro Forma Payoffs<br>Pro Forma Euro Notes<br>€<br>€<br>€<br>€<br>€<br>¥$<br>¥$<br>DIGITAL REALTY	4Q21 FINANCIAL RESULTS	FEBRUARY 17, 2022
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Q&A<br>	<br>14<br>DIGITAL REALTY	4Q21 FINANCIAL RESULTS	FEBRUARY 17, 2022
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Consistent Execution on Strategic Vision<br>Delivering Current Results, Seeding Future Growth<br>	<br>15<br>SUCCESSFUL 2021 INITIATIVES<br>1.<br>Strengthening Connections with Customers<br>Booked $500 million of new business and landed nearly 500 new logos<br>2.<br>Enhancing our Global Platform<br>Established Digital Realty as the leading Pan<br>-<br>African provider<br>3.<br>Exceeding Expectations<br>Exceeded initial guidance for full<br>-<br>year 2021<br>4.<br>Strengthening the Balance Sheet<br>Raised attractively priced debt and equity capital<br>DIGITAL REALTY	4Q21 FINANCIAL RESULTS	FEBRUARY 17, 2022
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Appendix<br>	<br>16<br>DIGITAL REALTY	4Q21 FINANCIAL RESULTS	FEBRUARY 17, 2022
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Digital Transformation Driving Steady Demand<br>Global Full<br>-<br>Product Spectrum Provides Broadest Solutions<br>HISTORICAL BOOKINGS<br>TRAILING FOUR<br>-<br>QUARTER AVERAGE<br>ANNUALIZED GAAP BASE RENT<br>$ in millions<br>4Q21<br>TRAILING FOUR<br>-<br>QUARTER AVERAGE<br>BOOKINGS<br>0<br>-<br>1 MW<br>$37.1 mm<br>> 1 MW<br>$73.5 mm<br>OTHER<br>(1)<br>$2.5 mm<br>INTERCONNECTION<br>$<br>12.1<br>mm<br>TOTAL BOOKINGS<br>$<br>125.2<br>mm<br>2011<br>2012<br>2013<br>2014<br>2015<br>2016<br>2017<br>2018<br>2019<br>2020<br>2021<br>	<br>17<br>Note: Darker shading represents interconnection bookings. Fourth quarter bookings are highlighted in lighter blue. Totals<br>may<br>not add up due to rounding.<br>1)<br>Other includes Powered Base Building® shell capacity as well as storage and office space within fully improved data center fa<br>cil<br>ities.<br>DIGITAL REALTY	4Q21 FINANCIAL RESULTS	FEBRUARY 17, 2022
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Appendix<br>Management Statements on Non<br>-<br>GAAP Measures<br>	<br>18<br>The information included in this presentation contains certain non<br>-<br>GAAP financial measures that management believes<br>are helpful in understanding<br>our business, as further described below. Our definition and<br>calculation of non<br>-<br>GAAP financial measures may differ from those of other REITs, and, therefore, may not be comparable. The non<br>-<br>GAAP financial measures should not be considered alternatives to net income or<br>any other GAAP measurement of performance and should not be considered an alternative to cash flows from operating, investing<br>or<br>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<br>Est<br>ate Investment Trusts, or NAREIT, in the NAREIT Funds From Operations White<br>Paper<br>-<br>2018 Restatement. FFO represents net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from<br>real estate transactions, impairment of investment in real estate, real estate<br>related depreciation and amortization (excluding amortization of deferred financing costs), unconsolidated JV real estate rel<br>ate<br>d depreciation & amortization, non<br>-<br>controlling interests in operating partnership<br>and after adjustments for unconsolidated partnerships and joint ventures. Management uses FFO as a supplemental performance<br>mea<br>sure because, in excluding real estate related depreciation and amortization<br>and gains and losses from property dispositions and after adjustments for unconsolidated partnerships and joint ventures, it<br>pro<br>vides a performance measure that, when compared year over year, captures trends<br>in occupancy rates, rental rates and operating costs. We also believe that, as a widely recognized measure of the performanc<br>e o<br>f REITs, FFO will be used by investors as a basis to compare our operating<br>performance with that of other REITs. However, because FFO excludes depreciation and amortization and captures neither the c<br>han<br>ges in the value of our data centers that result from use or market conditions,<br>nor the level of capital expenditures and capitalized leasing commissions necessary to maintain the operating performance of<br>our<br>data centers, all of which have real economic effect and could materially impact<br>our financial condition and results from operations, the utility of FFO as a measure of our performance is limited. Other RE<br>ITs<br>may not calculate FFO in accordance with the NAREIT definition and, accordingly, our<br>FFO may not be comparable to other REITs’ FFO. FFO should be considered only as a supplement to net income computed in accord<br>anc<br>e with GAAP as a measure of our performance.<br>Core Funds from Operations (Core FFO)<br>:<br>We present core funds from operations, or core FFO, as a supplemental operating measure because, in excluding certain items t<br>hat<br>do not reflect core revenue or expense streams, it provides a performance<br>measure that, when compared<br>year over<br>year, captures trends in our core business operating performance. We calculate core FFO by<br>adding to or subtracting from FFO (i)<br>termination fees and other non<br>-<br>core<br>revenues, (ii)<br>transaction and integration expenses, (iii)<br>loss from early extinguishment of debt, (iv) gain on /<br>issuance costs<br>associated with redeemed preferred stock, (v)<br>severance, equity acceleration, and legal<br>expenses, (vi)<br>gain/loss on FX revaluation, and (vii)<br>other non<br>-<br>core expense adjustments. Because certain of these adjustments h<br>ave a real economic impact on our financial condition and results from operations,<br>the utility of core FFO as a measure of our performance is limited. Other REITs may calculate core FFO differently than we do<br>an<br>d accordingly, our core FFO may not be comparable to other REITs’ core FFO. Core<br>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>:<br>We believe that earnings before interest, loss from early extinguishment of debt, income taxes, and depreciation and amortiza<br>tio<br>n, or EBITDA, and Adjusted EBITDA (as defined below), are useful supplemental<br>performance measures because they allow investors to view our performance without the impact of non<br>-<br>cash depreciation and amorti<br>zation or the cost of debt and, with respect to Adjusted EBITDA,<br>unconsolidated joint venture real estate related depreciation<br>& amortization, unconsolidated joint venture interest expense and<br>tax, severance, equity acceleration, and legal expenses, transaction and integration<br>expenses, gain on sale / deconsolidation, impairment of investments in real estate, other non<br>-<br>core adjustments, net, non<br>-<br>control<br>ling interests, preferred stock dividends, including undeclared dividends, and<br>issuance costs associated with redeemed preferred stock. Adjusted EBITDA is EBITDA excluding unconsolidated joint venture rea<br>l e<br>state related depreciation<br>& amortization, unconsolidated joint venture interest<br>expense and tax, severance, equity acceleration, and legal expenses, transaction and integration expenses, gain on sale / dec<br>ons<br>olidation, impairment of investments in real estate, other non<br>-<br>core adjustments,<br>net, non<br>-<br>controlling interests, preferred stock dividends, including undeclared dividends, and gain on / issuance costs associat<br>ed with redeemed preferred stock. In addition, we believe EBITDA and Adjusted<br>EBITDA are frequently used by securities analysts, investors and other interested parties in the evaluation of REITs. Because<br>EB<br>ITDA and Adjusted EBITDA are calculated before recurring cash charges including<br>interest expense and income taxes, exclude capitalized costs, such as leasing commissions, and are not adjusted for capital e<br>xpe<br>nditures or other recurring cash requirements of our business, their utility as a<br>measure of our performance is limited. Other REITs may calculate EBITDA and Adjusted EBITDA differently than we do and, accor<br>din<br>gly, our EBITDA and Adjusted EBITDA may not be comparable to other REITs’<br>EBITDA and Adjusted EBITDA. Accordingly, EBITDA and Adjusted EBITDA should be considered only as supplements to net income co<br>mpu<br>ted 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 utilit<br>ies<br>expense, rental property operating expenses, property taxes and insurance<br>expenses (as reflected in the statement of operations). NOI is commonly used by stockholders, company management and industry<br>an<br>alysts as a measurement of operating performance of the company’s rental<br>portfolio. Cash NOI is NOI less straight<br>-<br>line rents and above<br>-<br>and below<br>-<br>market rent amortization. Cash NOI is commonly used by<br>stockholders, company management and industry analysts as a measure of<br>property operating performance on a cash basis. However, because NOI and cash NOI exclude depreciation and amortization and c<br>apt<br>ure neither the changes in the value of our data centers that result from use<br>or market conditions, nor the level of capital expenditures and capitalized leasing commissions necessary to maintain the ope<br>rat<br>ing performance of our data centers, all of which have real economic effect and<br>could materially impact our results from operations, the utility of NOI and cash NOI as measures of our performance is limite<br>d.<br>Other REITs may calculate NOI and cash NOI differently than we do and, accordingly,<br>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 su<br>ppl<br>ements to net income computed in accordance with GAAP as measures of our<br>performance.<br>DIGITAL REALTY	4Q21 FINANCIAL RESULTS	FEBRUARY 17, 2022
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Appendix<br>Forward<br>-<br>Looking Statements<br>	<br>19<br>This information in this presentation contains forward<br>-<br>looking statements within the meaning of the federal securities laws, whi<br>ch are based on current expectations, forecasts and assumptions that involve risks<br>and uncertainties that could cause actual outcomes and results to differ materially. Such forward<br>-<br>looking statements include sta<br>tements relating to: our economic outlook; expected physical settlement of the<br>forward sale agreements and use of proceeds from any such settlements; our expected investment and expansion activity; our jo<br>int<br>ventures; the expected benefits and timing of PlatformDIGITAL®; the Data<br>Gravity Index<br>™<br>; Data Gravity Index<br>DGx<br>™<br>; public cloud services spending; our corporate governance; our sustainability initiatives; the expected effect of foreign cu<br>rre<br>ncy translation adjustments on our financials;<br>demand drivers and economic growth outlook; business drivers; sources and uses; our expected development plans and completion<br>s,<br>including timing, total square footage, IT capacity and raised floor space upon<br>completion; expected availability for leasing efforts and colocation initiatives; organizational initiatives; our product off<br>eri<br>ngs; our connected data communities; our expected Go to Market strategy; joint venture<br>opportunities; occupancy and total investment; our expected investment in our properties; our estimated time to stabilization<br>an<br>d targeted returns at stabilization of our properties; our expected future<br>acquisitions; acquisitions strategy; available inventory and development strategy; the signing and commencement of leases, an<br>d r<br>elated rental revenue; lag between signing and commencement of leases; our<br>2022 backlog; future rents; our expected same store portfolio growth; our expected growth and stabilization of development co<br>mpl<br>etions and acquisitions; our expected mark to market rates on lease expirations,<br>lease rollovers and expected rental rate changes; our re<br>-<br>leasing spreads; our leasing expirations; our expected yields on invest<br>ments; our expectations with respect to capital investments at lease expiration on<br>existing data center or colocation space; barriers to entry; competition; debt maturities; lease maturities; our expected ret<br>urn<br>s on invested capital; estimated absorption rates; our other expected future financial<br>and other results, and the assumptions underlying such results; our top investment geographies and market opportunities; our<br>exp<br>ected colocation expansions; our ability to access the capital markets; expected<br>time and cost savings to our customers; our customers’ capital investments; our plans and intentions; future data center util<br>iza<br>tion, utilization rates, growth rates, trends, supply and demand; datacenter<br>outsourcing trends; datacenter expansion plans; estimated kW/MW requirements; growth in the overall Internet infrastructure s<br>ect<br>or and segments thereof; the replacement cost of our assets; the development<br>costs of our buildings, and lead times; estimated costs for customers to deploy or migrate to a new data center; capital expe<br>ndi<br>tures; the effect new leases and increases in rental rates will have on our rental<br>revenues and results of operations; lease expiration rates; our ability to borrow funds under our credit facilities; estimate<br>s o<br>f the value of our development portfolio; our ability to meet our liquidity needs,<br>including the ability to raise additional capital; credit ratings; capitalization rates, or cap rates; market forecasts; pote<br>nti<br>al new locations; the expected impact of our global expansion; dividend payments and our<br>dividend policy; projected financial information and covenant metrics; core FFO run rate and NOI growth; other forward lookin<br>g f<br>inancial data; leasing expectations; our exposure to tenants in certain industries;<br>our expectations and underlying assumptions regarding our sensitivity to fluctuations in foreign exchange rates and energy pr<br>ice<br>s; and the sufficiency of our capital to fund future requirements. You can identify<br>forward<br>-<br>looking statements<br>by the use of<br>forward<br>-<br>looking terminology such as “believes,” “expects,” “may,” “will,” “should,” “seeks,” “approximately,” “intends,” “plans<br>,” “pro forma,” “estimates” or “anticipates”<br>or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or<br>tre<br>nds and discussions which do not relate solely to historical matters. Such statements<br>are based on management’s beliefs and assumptions made based on information currently available to management. Such statemen<br>ts<br>are subject to risks, uncertainties and assumptions and are not guarantees<br>of future performance and may be affected by known and unknown risks, trends, uncertainties and factors that are beyond our c<br>ont<br>rol. Should one or more of these risks or uncertainties materialize, or should<br>underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. S<br>ome<br>of the risks and uncertainties that may cause our actual results, performance or<br>achievements to differ materially from those expressed or implied by forward<br>-<br>looking statements include, among others, the follo<br>wing: reduced demand for data centers or decreases in information technology<br>spending; the competitive environment in which we operate; decreased rental rates, increased operating costs or increased vac<br>anc<br>y rates; the impact of the COVID<br>-<br>19 pandemic on our or our customers’,<br>suppliers’ or business partners’ operations; increased competition or available supply of data center space; the suitability<br>of<br>our data centers and data center infrastructure, delays or disruptions in connectivity or<br>availability of power, or failures or breaches of our physical and information security infrastructure or services; our depen<br>den<br>ce upon significant customers, bankruptcy or insolvency of a major customer or a<br>significant number of smaller customers, or defaults on or non<br>-<br>renewal of leases by customers; breaches of our obligations or re<br>strictions under our contracts with our customers; our inability to successfully<br>develop and lease new properties and development space, and delays or unexpected costs in development of properties; the impa<br>ct<br>of current global and local economic, credit and market conditions; our<br>inability to retain data center space that we lease or sublease from third parties; difficulty managing an international busi<br>nes<br>s and acquiring or operating properties in foreign jurisdictions and unfamiliar<br>metropolitan areas; our inability to achieve expected revenue synergies or cost savings as a result of our combination with I<br>nte<br>rxion; our failure to realize the intended benefits from, or disruptions to our plans<br>and operations or unknown or contingent liabilities related to, our recent acquisitions; our failure to successfully integrat<br>e a<br>nd operate acquired or developed properties or businesses; difficulties in identifying<br>properties to acquire and completing acquisitions; risks related to joint venture investments, including as a result of our l<br>ack<br>of control of such investments; risks associated with using debt to fund our business<br>activities, including re<br>-<br>financing and interest rate risks, our failure to repay debt when due, adverse changes in our credit ra<br>tings or our breach of covenants or other terms contained in our loan facilities and<br>agreements; our failure to obtain necessary debt and equity financing, and our dependence on external sources of capital; fin<br>anc<br>ial market fluctuations and changes in foreign currency exchange rates; adverse<br>economic or real estate developments in our industry or the industry sectors that we sell to, including risks relating to dec<br>rea<br>sing real estate valuations and impairment charges and goodwill and other intangible<br>asset impairment charges; our inability to manage our growth effectively; losses in excess of our insurance coverage; environ<br>men<br>tal liabilities and risks related to natural disasters; our inability to comply with rules<br>and regulations applicable to our company; Digital Realty Trust, Inc.’s failure to maintain its status as a REIT for federal<br>inc<br>ome tax purposes; Digital Realty Trust, L.P.’s failure to qualify as a partnership for federal<br>income tax purposes; restrictions on our ability to engage in certain business activities; and changes in local, state, feder<br>al<br>and international laws and regulations, including related to taxation, real estate and<br>zoning laws, and increases in real property tax rates; our ability to attract and retain qualified personnel and to attract a<br>nd<br>retain customers; and the impact of any financial, accounting, legal or regulatory issues<br>or litigation that may affect us.<br>The risks included here are not exhaustive, and additional factors could adversely affect our business and financial performa<br>nce<br>.. We discussed<br>a number of<br>additional material risks in our annual report on Form<br>10<br>-<br>K for the year ended December 31, 2020, and other filings with the Securities and Exchange Commission. Those risks continue<br>to be relevant to our performance and financial condition. Moreover, we operate<br>in a very competitive and rapidly changing environment. New risk factors emerge from time to<br>time<br>and it is not possible for management to predict all such risk factors, nor can it assess the impact of all such risk<br>factors on the business or the extent to which any factor, or combination of factors, may cause actual results to differ mate<br>ria<br>lly from those contained in any forward<br>-<br>looking statements. We expressly disclaim any<br>responsibility to update forward<br>-<br>looking statements, whether as a result of new information, future events or otherwise. Digita<br>l Realty, Digital Realty Trust, the Digital Realty logo, Interxion, Turn<br>-<br>Key Flex,<br>Powered Base Building, PlatformDIGITAL, Data Gravity Index, Data Gravity Index<br>DGx<br>and Connected Data Communities are registered trademarks and service marks of Digital Realty Trust, Inc. in the United States<br>and/or other countries. All other names, trademarks and service marks are the property of their respective owners.<br>DIGITAL REALTY	4Q21 FINANCIAL RESULTS	FEBRUARY 17, 2022
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Reconciliation of Non<br>-<br>GAAP Items<br>To Their Closest GAAP Equivalent<br>	<br>20<br>December 31, 2021<br>December 31, 2020<br>December 31, 2021<br>December 31, 2020<br>Net income available to common stockholders<br>1,057,629<br>$<br><br>44,178<br>$<br><br>1,681,498<br>$<br><br>263,346<br>$<br><br>Adjustments:<br>Noncontrolling interests in operating partnership<br>23,100<br><br><br>1,300<br><br><br>39,100<br><br><br>9,500<br><br><br>Real estate related depreciation and amortization (1)<br>372,447<br><br><br>354,366<br><br><br>1,463,512<br><br><br>1,341,836<br><br><br>Real estate related depreciation and amortization related to investment in<br> unconsolidated joint ventures<br>24,146<br><br><br>21,471<br><br><br>85,800<br><br><br>77,730<br><br><br>(Gain) on real estate transactions<br>(1,047,010)<br><br><br>(1,684)<br><br><br>(1,445,229)<br><br><br>(316,895)<br><br><br>Impairment of investments in real estate<br>18,291<br><br><br>-<br><br><br>18,291<br><br><br>6,482<br><br><br>FFO available to common stockholders and unitholders<br>448,603<br>$<br><br>419,631<br>$<br><br>1,842,972<br>$<br><br>1,381,998<br>$<br><br>Basic FFO per share and unit<br>1.55<br>$<br><br>1.46<br>$<br><br>6.37<br>$<br><br>5.16<br>$<br><br>Diluted FFO per share and unit<br>1.54<br>$<br><br>1.45<br>$<br><br>6.36<br>$<br><br>5.11<br>$<br><br>Weighted average common stock and units outstanding<br>Basic<br>289,895<br><br><br>287,898<br><br><br>289,165<br><br><br>268,073<br><br><br>Diluted<br>290,843<br><br><br>288,903<br><br><br>289,868<br><br><br>270,497<br><br><br>(1) Real estate related depreciation and amortization was computed as follows:<br>Depreciation and amortization per income statement<br>378,883<br><br><br>359,915<br><br><br>1,486,632<br><br><br>1,366,379<br><br><br>Non-real estate depreciation<br>(6,436)<br><br><br>(5,549)<br><br><br>(23,120)<br><br><br>(24,543)<br><br><br>372,447<br>$<br><br>354,366<br>$<br><br>1,463,512<br>$<br><br>1,341,836<br>$<br><br>December 31, 2021<br>December 31, 2020<br>December 31, 2021<br>December 31, 2020<br>FFO available to common stockholders and unitholders -- basic and diluted<br>448,603<br>$<br><br>419,631<br>$<br><br>1,842,972<br>$<br><br>1,381,998<br>$<br><br>Weighted average common stock and units outstanding<br>289,895<br><br><br>287,898<br><br><br>289,165<br><br><br>268,073<br><br><br>Add: Effect of dilutive securities<br>948<br><br><br>1,005<br><br><br>703<br><br><br>2,424<br><br><br>Weighted average common stock and units outstanding -- diluted<br>290,843<br><br><br>288,903<br><br><br>289,868<br><br><br>270,497<br><br><br>Twelve Months Ended<br>Digital Realty Trust, Inc. and Subsidiaries<br>Reconciliation of Net Income Available to Common Stockholders to Funds From Operations (FFO)<br>(in thousands, except per share and unit data)<br>(unaudited)<br>Three Months Ended<br>Three Months Ended<br>Twelve Months Ended<br>DIGITAL REALTY	4Q21 FINANCIAL RESULTS	FEBRUARY 17, 2022
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Reconciliation of Non<br>-<br>GAAP Items<br>To Their Closest GAAP Equivalent<br>	<br>21<br>December 31, 2021<br>December 31, 2020<br>December 31, 2021<br>December 31, 2020<br>FFO available to common stockholders and unitholders -- diluted<br>448,603<br>$<br><br>419,631<br>$<br><br>1,842,972<br>$<br><br>1,381,998<br>$<br><br>Termination fees and other non-core revenues<br>9,859<br><br><br>(25)<br><br><br>(19,388)<br><br><br>(30,071)<br><br><br>Transaction and integration expenses<br>12,427<br><br><br>19,290<br><br><br>47,426<br><br><br>106,662<br><br><br>Loss from early extinguishment of debt<br>325<br><br><br>49,576<br><br><br>18,672<br><br><br>103,215<br><br><br>(Gain) / Loss on FX revaluation<br>14,308<br><br><br>(27,190)<br><br><br>30,505<br><br><br>81,936<br><br><br>(Gain) on redemption of preferred stock<br>-<br><br><br>-<br><br><br>(18,000)<br><br><br>16,520<br><br><br>Severance accrual and equity acceleration<br>1,003<br><br><br>606<br><br><br>7,343<br><br><br>6,440<br><br><br>Other non-core expense adjustments<br>(1)<br><br><br>3,353<br><br><br>(15,939)<br><br><br>15,581<br><br><br>CFFO available to common stockholders and unitholders -- diluted<br>486,524<br>$<br><br>465,241<br>$<br><br>1,893,591<br>$<br><br>1,682,281<br>$<br><br>Diluted CFFO per share and unit<br>1.67<br>$<br><br>1.61<br>$<br><br>6.53<br>$<br><br>6.22<br>$<br><br>Digital Realty Trust, Inc. and Subsidiaries<br>Reconciliation of Funds From Operations (FFO) to Core Funds From Operations (CFFO)<br>(in thousands, except per share and unit data)<br>(unaudited)<br>Three Months Ended<br>Twelve Months Ended<br>DIGITAL REALTY	4Q21 FINANCIAL RESULTS	FEBRUARY 17, 2022
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Reconciliation of Non<br>-<br>GAAP Items<br>To Their Closest GAAP Equivalent<br>	<br>22<br>December 31, 2021<br>December 31, 2020<br>December 31, 2021<br>December 31, 2020<br>Net income available to common stockholders<br>1,057,629<br>$<br><br>44,178<br>$<br><br>1,681,498<br>$<br><br>263,346<br>$<br><br>Interest<br>71,762<br><br><br>77,848<br><br><br>293,846<br><br><br>333,021<br><br><br>Loss from early extinguishment of debt<br>325<br><br><br>49,576<br><br><br>18,672<br><br><br>103,215<br><br><br>Income tax expense (benefit)<br>3,961<br><br><br>3,322<br><br><br>72,799<br><br><br>38,047<br><br><br>Depreciation and amortization<br>378,883<br><br><br>359,915<br><br><br>1,486,632<br><br><br>1,366,379<br><br><br>EBITDA<br>1,512,560<br><br><br>534,839<br><br><br>3,553,447<br><br><br>2,104,008<br><br><br>Unconsolidated JV real estate related depreciation & amortization<br>24,146<br><br><br>21,471<br><br><br>85,800<br><br><br>77,730<br><br><br>Unconsolidated JV interest expense and tax expense<br>15,222<br><br><br>12,143<br><br><br>50,538<br><br><br>40,292<br><br><br>Severance accrual and equity acceleration<br>1,003<br><br><br>606<br><br><br>7,343<br><br><br>6,440<br><br><br>Transaction and integration expenses<br>12,427<br><br><br>19,290<br><br><br>47,426<br><br><br>106,662<br><br><br>(Gain) on sale / deconsolidation<br>(1,047,010)<br><br><br>(1,684)<br><br><br>(1,380,795)<br><br><br>(316,895)<br><br><br>Impairment of investments in real estate<br>18,291<br><br><br>-<br><br><br>18,291<br><br><br>6,482<br><br><br>Other non-core adjustments, net<br>14,307<br><br><br>(23,842)<br><br><br>(36,172)<br><br><br>62,884<br><br><br>Noncontrolling interests<br>22,587<br><br><br>1,818<br><br><br>38,153<br><br><br>6,332<br><br><br>Preferred stock dividends, including undeclared dividends<br>10,181<br><br><br>13,514<br><br><br>45,761<br><br><br>76,536<br><br><br>(Gain) on redemption of preferred stock<br>-<br><br><br>-<br><br><br>(18,000)<br><br><br>16,520<br><br><br>..<br>Adjusted EBITDA<br>583,713<br>$<br><br>578,156<br>$<br><br>2,411,792<br>$<br><br>2,186,991<br>$<br><br>Twelve Months Ended<br>Three Months Ended<br>Digital Realty Trust, Inc. and Subsidiaries<br>Reconciliation of Net Income Available to Common Stockholders to Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) and Adjusted EBITDA<br>(in thousands)<br>(unaudited)<br>DIGITAL REALTY	4Q21 FINANCIAL RESULTS	FEBRUARY 17, 2022
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Reconciliation of Non<br>-<br>GAAP Items<br>To Their Closest GAAP Equivalent<br>	<br>23<br>December 31, 2021<br>December 31, 2020<br>December 31, 2021<br>December 31, 2020<br>Rental revenues<br>386,745<br>$<br><br>404,052<br>$<br><br>1,573,284<br>$<br><br>1,596,246<br>$<br><br>Tenant reimbursements - Utilities<br>84,573<br><br><br>77,375<br><br><br>344,747<br><br><br>316,902<br><br><br>Tenant reimbursements - Other<br>38,615<br><br><br>41,420<br><br><br>161,487<br><br><br>162,082<br><br><br>Interconnection and other<br>56,076<br><br><br>56,197<br><br><br>228,150<br><br><br>223,465<br><br><br>Total Revenue<br>566,009<br><br><br>579,044<br><br><br>2,307,668<br><br><br>2,298,695<br><br><br>Utilities<br>101,494<br><br><br>91,727<br><br><br>411,871<br><br><br>372,666<br><br><br>Rental property operating<br>106,984<br><br><br>103,224<br><br><br>400,081<br><br><br>375,207<br><br><br>Property taxes<br>25,432<br><br><br>29,174<br><br><br>120,885<br><br><br>113,217<br><br><br>Insurance<br>2,375<br><br><br>2,292<br><br><br>9,138<br><br><br>9,073<br><br><br>Total Expenses<br>236,285<br><br><br>226,417<br><br><br>941,975<br><br><br>870,163<br><br><br>Net Operating Income<br>329,724<br>$<br><br>352,627<br>$<br><br>1,365,693<br>$<br><br>1,428,532<br>$<br><br>Less:<br>Stabilized straight-line rent<br>(2,999)<br>$<br><br>(1,814)<br>$<br><br>(14,293)<br>$<br><br>(7,453)<br>$<br><br>Above and below market rent<br>283<br><br><br>(1,571)<br><br><br>(1,829)<br><br><br>(9,727)<br><br><br>Cash Net Operating Income<br>332,440<br>$<br><br>356,012<br>$<br><br>1,381,815<br>$<br><br>1,445,712<br>$<br><br>Three Months Ended<br>Twelve Months Ended<br>Digital Realty Trust, Inc. and Subsidiaries<br>Reconciliation of Same Capital Cash Net Operating Income<br>(in thousands)<br>(unaudited)<br>DIGITAL REALTY	4Q21 FINANCIAL RESULTS	FEBRUARY 17, 2022
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Reconciliation of Non<br>-<br>GAAP Items<br>To Their Closest GAAP Equivalent<br>	<br>24<br>Note: For quarter ended December 31, 2021.<br>Total Debt/Total Enterprise Value<br>QE 12/31/21<br>Market value of common equity<br>(i)<br>$51,353,636<br>Debt Service Ratio (LQA Adjusted EBITDA/GAAP interest expense plus capitalized interest and less bridge facility fees)<br>Liquidation value of preferred equity<br>(ii)<br>755,000<br>Total GAAP interest expense (including unconsolidated JV interest expense)<br>82,451<br>Total debt at balance sheet carrying value<br>13,448,210<br>Add: Capitalized interest<br>15,328<br>Total Enterprise Value<br>$65,556,846<br>GAAP interest expense plus capitalized interest<br>97,779<br>Total debt / total enterprise value<br>20.5%<br>Debt<br>-<br>plus<br>-<br>preferred<br>-<br>to<br>-<br>total<br>-<br>enterprise<br>-<br>value<br>21.7%<br>Debt Service Ratio<br>6.0x<br>(i) Market Value of Common Equity<br>Common shares outstanding<br>284,415<br>Common units outstanding<br>5,932<br>QE 12/31/21<br>Total Shares and Partnership Units<br>290,347<br>Fixed Charged Ratio (LQA Adjusted EBITDA/total fixed charges)<br>Stock price as of December 31, 2021<br>$176.87<br>Market value of common equity<br>$51,353,636<br>GAAP interest expense plus capitalized interest<br>97,779<br>Preferred dividends<br>10,181<br>(ii) Liquidation value of preferred equity ($25.00 per share)<br>Total fixed charges<br>107,960<br>Shares O/S<br>Liquidation Value<br>Series J Preferred<br>8,000<br>200,000<br>Fixed charge ratio<br>5.4x<br>Series K Preferred<br>8,400<br>210,000<br>Series L Preferred<br>13,800<br>345,000<br>755,000<br>(iv)<br>QE 12/31/21<br>Unsecured Debt/Total Debt<br>Net Debt/LQA Adjusted EBITDA<br>QE 12/31/21<br>Global unsecured revolving credit facility<br>398,172<br>Total debt at balance sheet carrying value<br>$13,448,210<br>Unsecured senior notes, net of discount<br>12,903,370<br>Add: DLR share of unconsolidated joint venture debt<br>826,799<br>Secured debt, including premiums<br>146,668<br>Add: Capital lease obligations, net<br>218,590<br>Capital lease obligations, net<br>218,590<br>Less: Unrestricted cash<br>(299,410)<br>Total debt at balance sheet carrying value<br>13,666,800<br>Net Debt as of December 31, 2021<br>$14,194,189<br>Unsecured Debt / Total Debt<br>98.9%<br>Net Debt / LQA Adjusted EBITDA<br>(iii)<br>6.1x<br>(iii) Adjusted EBITDA<br>Net Debt Plus Preferred/LQA Adjusted EBITDA<br>QE 12/31/21<br>Net loss available to common stockholders<br>$1,057,629<br>Total debt at balance sheet carrying value<br>13,448,210<br>Interest expense<br>71,762<br>Less: Unrestricted cash<br>(299,410)<br>Taxes<br>3,961<br>Capital lease obligations, net<br>218,590<br>Depreciation and amortization<br>378,883<br>DLR share of unconsolidated joint venture debt<br>826,799<br>EBITDA<br>1,512,560<br>Net Debt as of September 30, 2021<br>14,194,189<br>Preferred Liquidation Value<br>(iv)<br>755,000<br>Unconsolidated JV real estate related depreciation & amortization<br>24,146<br>Net Debt plus preferred<br>14,949,189<br>Unconsolidated JV interest expense and tax expense<br>15,222<br>Severance accrual and equity acceleration and legal expenses<br>1,003<br>Net Debt Plus Preferred/LQA Adjusted EBITDA<br>(iii)<br>6.4x<br>Transaction and integration expenses<br>12,427<br>Gain on sale / deconsolidation<br>(1,047,010)<br>Other non<br>-<br>core adjustments, net<br>14,307<br>Noncontrolling interests<br>22,587<br>Preferred stock dividends, including undeclared dividends<br>10,181<br>Adjusted EBITDA<br>$583,713<br>LQA Adjusted EBITDA (Adjusted EBITDA x 4)<br>$2,334,854<br>DIGITAL REALTY	4Q21 FINANCIAL RESULTS	FEBRUARY 17, 2022
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