8-K - DLR - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

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

Date of Report (Date of earliest event reported): April 27, 2023

DIGITAL REALTY TRUST, INC.

(Exact name of registrant as specified in its charter)


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


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

( 737 ) 281-0101

(Registrant’s telephone number, including area code)

N/A

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

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

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

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

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

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

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


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

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


	Emerging growth company ☐

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

Item 2.02 Results of Operations and Financial Condition.

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

On April 27, 2023, we issued a press release announcing our financial results for the quarter ended March 31, 2023. The press release referred to certain supplemental information that is available on the Company’s website at www.digitalrealty.com. A copy of the press release and supplemental information is attached hereto as Exhibit 99.1 and incorporated by reference herein.

On April 27, 2023, we also posted presentation materials to our website at www.digitalrealty.com. The presentation materials are attached hereto as Exhibit 99.2 and incorporated by reference herein.

Item 7.01 Regulation FD Disclosure.

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

On April 27, 2023, we also posted presentation materials to our website at www.digitalrealty.com. The presentation materials are attached hereto as Exhibit 99.2 and incorporated by reference herein.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.



Exhibit No.		Description

99.1		Earnings Press Release and Supplemental Information for the Quarter Ended March 31, 2023.
99.2		Presentation Materials posted April 27, 2023.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

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

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

Date: April 27, 2023

Table of Contents

	Financial Supplement
Table of Contents		First Quarter 2023

Overview	PAGE

Corporate Information	3

Key Quarterly Financial Data	5

Consolidated Statements of Operations

Earnings Release	7

2023 Outlook	10

Consolidated Quarterly Statements of Operations	12

Funds From Operations and Core Funds From Operations	13

Adjusted Funds From Operations	14

Balance Sheet Information

Consolidated Balance Sheets	15

Components of Net Asset Value	16

Debt Maturities	17

Debt Analysis and Covenant Compliance	18

Internal Growth

Same-Capital Operating Trend Summary	19

Summary of Leasing Activity - Signed	20

Summary of Leasing Activity - Renewed	21

Lease Expirations - By Size	22

Top 20 Customers by Annualized Rent	23

Occupancy Analysis	24

External Growth

Development Lifecycle - Committed Active Development	25

Construction Projects in Progress	26

Historical Capital Expenditures and Investments in Real Estate	27

Development Lifecycle - Held for Development	28

Acquisitions / Dispositions / Joint Ventures	29

Unconsolidated Joint Ventures	30

Additional Information

Reconciliation of Earnings Before Interest, Taxes, Depreciation & Amortization and Financial Ratios	31

Management Statements on Non-GAAP Measures	32

Forward-Looking Statements	34

Table of Contents

	Financial Supplement
Corporate Information		First Quarter 2023

Corporate Profile

Digital Realty Trust, Inc. (“Digital Realty” or the “company”) owns, acquires, develops and operates data centers through its operating partnership subsidiary, Digital Realty Trust, L.P. (the “operating partnership”). The company is focused on providing data center, colocation and interconnection solutions for domestic and international customers across a variety of industry verticals ranging from cloud and information technology services, communications and social networking to financial services, manufacturing, energy, healthcare, and consumer products. As of March 31, 2023, the company’s 314 data centers, including 59 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 38.8 million square feet, excluding approximately 9.2 million square feet of space under active development and 3.7 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

President & Chief Executive Officer: Andrew P. Power Chief Financial Officer: Matthew R. Mercier Chief Investment Officer: Gregory S. Wright Chief Technology Officer: Christopher L. Sharp Chief Revenue Officer: Corey J. Dyer

Investor Relations

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

Analyst Coverage

BMO
	Bank of America		BMO Capital	BNP Paribas
Argus Research	Merrill Lynch	Barclays	Markets	Exane	Citigroup	TD Cowen
Marie Ferguson	David Barden	Brendan Lynch	Ari Klein	Nate Crossett	Michael Rollins	Michael Elias
(212) 425-7500	(646) 855-1320	(212) 526-9428	(212) 885-4103	(646) 725-3716	(212) 816-1116	(646) 562-1358

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

MoffettNathanson	Morgan Stanley	Morningstar	Raymond James	RBC Capital Markets	Stifel	Truist Securities
Nick Del Deo	Simon Flannery	Matthew Dolgin	Frank Louthan	Jonathan Atkin	Erik Rasmussen	Anthony Hau
(212) 519-0025	(212) 761-6432	(312) 696-6783	(404) 442-5867	(415) 633-8589	(212) 271-3461	(212) 303-4176

UBS	Wells Fargo	Wolfe Research
John Hodulik	Eric Luebchow	Andrew Rosivach
(212) 713-4226	(312) 630-2386	(646) 582-9250

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

Table of Contents

	Financial Supplement
Corporate Information (Continued)		First Quarter 2023

Stock Listing Information

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

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

Symbols may vary by stock quote provider.

Credit Ratings

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

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

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

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

Common Stock Price Performance

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


	Three Months Ended
	31-Mar-23		31-Dec-22		30-Sep-22		30-Jun-22		31-Mar-22
High price		122.43		114.86		138.09		153.50		177.15
Low price		90.72		85.76		96.08		124.00		130.10
Closing price, end of quarter		98.31		100.27		99.18		129.83		141.80
Average daily trading volume		2,232,417		2,168,114		1,608,999		1,580,520		1,661,700
Indicated dividend per common share (1)		4.88		4.88		4.88		4.88		4.88
Closing annual dividend yield, end of quarter		5.0%		4.9%		4.9%		3.8%		3.4%
Shares and units outstanding, end of quarter (2)		297,760,767		297,436,891		293,803,727		291,033,400		290,956,547
Closing market value of shares and units outstanding (3)		29,272,861		29,823,997		29,139,454		37,784,866		41,257,638

All values are in US Dollars.

(1)	On an annualized basis.
(2)	As of March 31, 2023, the total number of shares and units includes 291,298,610 shares of common stock, 4,375,444 common units held by third parties and 2,086,713 common units and vested and unvested long-term incentive units held by directors, officers and others and excludes all shares of common stock potentially issuable upon conversion of our series J, series K and series L cumulative redeemable preferred stock upon certain change of control transactions.
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(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

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


** Shares and Units at End of Quarter**	****	31-Mar-23		****	31-Dec-22		****	30-Sep-22		****	30-Jun-22		****	31-Mar-22
Common shares outstanding			291,298,610			291,148,222			287,509,059			284,733,922			284,666,082
Common partnership units outstanding			6,462,157			6,288,669			6,294,668			6,299,478			6,290,465
Total Shares and Units	****		297,760,767	****		297,436,891	****		293,803,727	****		291,033,400	****		290,956,547

** Enterprise Value**
Market value of common equity (1)			$29,272,861			$29,823,997			$29,139,454			$37,784,866			$41,257,638
Liquidation value of preferred equity			755,000			755,000			755,000			755,000			755,000
Total debt at balance sheet carrying value			17,875,511			16,596,803			15,758,509			14,294,307			14,388,215
Total Enterprise Value			$47,903,372			$47,175,800			$45,652,963			$52,834,174			$56,400,853
Total debt / total enterprise value			37.3%			35.2%			34.5%			27.1%			25.5%
Debt-plus-preferred-to-total-enterprise-value			38.9%			36.8%			36.2%			28.5%			26.8%

** Selected Balance Sheet Data**
Investments in real estate (before depreciation)			$33,805,740			$33,035,069			$31,046,413			$29,408,055			$29,444,273
Total Assets			41,953,068			41,484,998			39,215,217			35,956,057			36,680,546
Total Liabilities			22,799,620			21,862,853			20,230,276			18,284,791			18,429,107

** Selected Operating Data**
Total operating revenues			$1,338,724			$1,233,108			$1,192,082			$1,139,321			$1,127,323
Total operating expenses			1,161,388			1,112,127			1,034,701			968,950			986,087
Net income			68,839			763			238,791			63,862			76,911
Net income / (loss) available to common stockholders			58,547			(6,093)			226,894			53,245			63,101

** Financial Ratios**
EBITDA (2)			$603,419			$493,244			$711,676			$515,642			$576,337
Adjusted EBITDA (3)			667,804			638,969			619,786			610,994			602,994
Net Debt to Adjusted EBITDA (4)			7.1x			6.9x			6.7x			6.2x			6.3x
Interest expense			102,220			86,882			76,502			69,023			66,725
Fixed charges (5)			139,172			121,644			103,987			93,335			91,657
Interest coverage ratio (6)			4.7x			5.3x			6.1x			6.6x			6.1x
Fixed charge coverage ratio (7)			4.4x			4.9x			5.5x			6.0x			5.5x

** Profitability Measures**
Net income / (loss) per common share - basic			$0.20			($0.02)			$0.79			$0.19			$0.22
Net income / (loss) per common share - diluted			$0.19			($0.02)			$0.75			$0.19			$0.22
Funds from operations (FFO) / diluted share and unit (8)			$1.60			$1.45			$1.55			$1.55			$1.60
Core funds from operations (Core FFO) / diluted share and unit (8)			$1.66			$1.65			$1.67			$1.72			$1.67
Adjusted funds from operations (AFFO) / diluted share and unit (9)			$1.56			$1.29			$1.50			$1.63			$1.59
Dividends per share and common unit			$1.22			$1.22			$1.22			$1.22			$1.22
Diluted FFO payout ratio (8) (10)			76.0%			83.9%			79.0%			78.7%			76.3%
Diluted Core FFO payout ratio (8) (11)			73.5%			73.9%			73.2%			71.1%			73.2%
Diluted AFFO payout ratio (9) (12)			78.2%			94.8%			81.5%			75.0%			76.7%

** Portfolio Statistics**
Buildings (13)			328			329			316			309			303
Data Centers (13)			314			316			304			297			291
Cross-connects (13)(14)			214,000			211,000			188,000			185,000			181,500
Net rentable square feet, excluding development space (13)			38,804			38,156			36,699			36,803			35,787
Occupancy at end of quarter (15)			83.5%			84.7%			84.7%			83.9%			83.3%
Occupied square footage (13)			32,394			32,327			31,077			30,866			29,801
Space under active development (16)			9,243			9,245			8,878			8,289			8,087
Space held for development (17)			3,742			3,351			2,896			2,661			2,646
Weighted average remaining lease term (years) (18)			4.8			4.7			4.7			4.8			4.8
Same-capital occupancy at end of quarter (15) (19)			83.7%			84.2%			83.5%			83.0%			82.7%

Table of Contents

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

(1)	The market value of common equity is based on the closing stock price at the end of the quarter and assumes 100% redemption of the limited partnership units in our operating partnership, including common units and vested and unvested long-term incentive units, for shares of our common stock on a one-for-one basis. Excludes shares of common stock potentially issuable upon conversion of our series J, series K and series L cumulative redeemable preferred stock upon certain change of control transactions, as applicable.
(2)	EBITDA is calculated as earnings before interest expense, loss from early extinguishment of debt, tax expense, and depreciation and amortization. For a discussion of EBITDA, see page 32. For a reconciliation of net income available to common stockholders to EBITDA, see page 31.
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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 32. For a reconciliation of net income available to common stockholders to Adjusted EBITDA, see page 31.
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(4)	Net Debt to Adjusted EBITDA is calculated as total debt at balance sheet carrying value (see page 5), plus capital lease obligations, plus our share of joint venture debt at carrying value, less cash and cash equivalents (including our share of joint venture 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 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 share of unconsolidated joint venture fixed charges).
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(8)	For definitions and discussion of FFO and Core FFO, see page 32. For reconciliations of net income available to common stockholders to FFO and Core FFO, see page 13.
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(9)	For a definition and discussion of AFFO, see page 32. For a reconciliation of Core FFO to AFFO, see page 14.
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(10)	Diluted FFO payout ratio is dividends declared per common share and unit divided by diluted FFO per share and unit.
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(11)	Diluted Core FFO payout ratio is dividends declared per common share and unit divided by diluted Core FFO per share and unit.
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(12)	Diluted AFFO payout ratio is dividends declared per common share and unit divided by diluted AFFO per share and unit.
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(13)	Includes buildings held as investments in unconsolidated entities. Excludes buildings held-for-sale.
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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 25). 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 28). 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, 2021 with less than 5% of total rentable square feet under development. Excludes buildings that were undergoing, or were expected to undergo, development activities in 2022-2023, buildings classified as held-for-sale, and buildings sold or contributed to joint ventures for all periods presented. Prior period results have been adjusted to reflect current same-capital pool.
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Table of Contents

Digital Realty Trust
Earnings Release		First Quarter 2023

Digital Realty Reports First Quarter 2023 Results

Austin, TX — April 27, 2023 — Digital Realty (NYSE: DLR), the largest global provider of cloud- and carrier-neutral data center, colocation and interconnection solutions, announced today financial results for the first quarter of 2023. All per share results are presented on a fully diluted basis.

Highlights

◾	Reported net income available to common stockholders of $0.19 per share in 1Q23, compared to $0.22 in 1Q22
◾	Reported FFO per share of $1.60 in 1Q23, compared to $1.60 in 1Q22
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◾	Reported Core FFO per share of $1.66 and Constant-Currency Core FFO per share of $1.69 in 1Q23, compared to $1.67 in 1Q22
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◾	Reported “Same-Capital” cash NOI growth of 3.4% in 1Q23
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◾	Reported rental rate increases on renewal leases of 4.5% on a cash basis in 1Q23
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◾	Signed total bookings during 1Q23 that are expected to generate $83 million of annualized GAAP rental revenue, including a $34 million contribution from the 0-1 megawatt category and a record $14 million contribution from interconnection
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◾	Maintained 2023 Core FFO per share outlook of $6.65 - $6.75
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Financial Results

Digital Realty reported revenues for the first quarter of 2023 of $1.3 billion, a 9% increase from the previous quarter and a 19% increase from the same quarter last year.

The company delivered first quarter of 2023 net income of $69 million, and net income / (loss) available to common stockholders of $59 million, or $0.19 per diluted share, compared to ($0.02) per diluted share in the previous quarter and $0.22 per diluted share in the same quarter last year.

Digital Realty generated first quarter of 2023 Adjusted EBITDA of $668 million, a 5% increase from the previous quarter and an 11% increase over the same quarter last year.

The company reported first quarter of 2023 funds from operations (FFO) of $485 million, or $1.60 per share, compared to $1.45 per share in the previous quarter and $1.60 per share in the same quarter last year.

Excluding certain items that do not represent core expenses or revenue streams, Digital Realty delivered first quarter of 2023 Core FFO per share of $1.66, compared to $1.65 per share in the previous quarter and $1.67 per share in the same quarter last year. Digital Realty delivered Constant-Currency Core FFO per share of $1.69 for the first quarter of 2023.

Leasing Activity

In the first quarter, Digital Realty signed total bookings that are expected to generate $83 million of annualized GAAP rental revenue, including a $34 million contribution from the 0-1 megawatt category and a record $14 million contribution from interconnection.

“Our first quarter results demonstrate the inflection we have been anticipating in our operating business, driven by a combination of steady, broad-based demand across our segments and markets, as well as reduced data center availability,” said Digital Realty President & Chief Executive Officer Andy Power. “Improving fundamentals, along with continued focus and execution PlatformDIGITAL® customer value proposition, put Digital Realty firmly on the path toward sustainable, organic core growth.”

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

In addition to new leases signed, Digital Realty also signed renewal leases representing $155 million of annualized GAAP rental revenue during the quarter. Rental rates on renewal leases signed during the first quarter of 2023 rolled up 4.5% on a cash basis and up 6.4% on a GAAP basis.

Table of Contents

Digital Realty Trust
Earnings Release		First Quarter 2023

New leases signed during the first quarter of 2023 are summarized by region as follows:


	Annualized GAAP
	Base Rent		Square Feet	GAAP Base Rent			GAAP Base Rent
The Americas	(in thousands)		(in thousands)	per Square Foot		Megawatts	per Kilowatt
0-1 MW		12,265	60		204	3.6		$281
> 1 MW		27,464	189		145	19.7		116
Other ^(1)^		581	19		30	—		—
Total		40,310	269		150	23.3		$142

EMEA ^(2)^
0-1 MW		20,273	73		278	5.5		$308
> 1 MW		7,357	59		125	5.5		111
Other ^(1)^		17	1		33	—		—
Total		27,647	132		209	11.0		$209

Asia Pacific ^(2)^
0-1 MW		1,252	8		156	0.5		$225
> 1 MW		—	—		—	—		—
Other ^(1)^		21	—		44	—		—
Total		1,273	8		149	0.5		$225

All Regions ^(2)^
0-1 MW		33,790	141		239	9.6		$294
> 1 MW		34,821	248		140	25.2		115
Other ^(1)^		619	20		30	—		—
Total		69,230	410		169	34.8		$164

Interconnection		14,063	N/A		N/A	N/A		N/A

Grand Total		83,293	410		169	34.8		$164

All values are in US Dollars.

Note: Totals may not foot due to rounding differences.

(1)	Other includes Powered Base Building® shell capacity as well as storage and office space within fully improved data center facilities.
(2)	Based on quarterly average exchange rates during the three months ended March 31, 2023.
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Investment Activity

During the first quarter, a venture jointly owned by Digital Realty and a third party disposed of a stabilized data center in Ashburn, Virginia.

During the first quarter, MC Digital Realty, acquired a three-acre land parcel, which could support up to 24MW of IT load in Osaka, Japan, for ¥950 million or $7 million.

Also during the first quarter, Teraco acquired a freehold interest of the Cape Town 1 site, a land and building shell, which they had previously leased.

Table of Contents

Digital Realty Trust
Earnings Release		First Quarter 2023

Balance Sheet

Digital Realty had approximately $17.9 billion of total debt outstanding as of March 31, 2023, comprised of $17.3 billion of unsecured debt and approximately $0.6 billion of secured debt and other. At the end of the first quarter of 2023, net debt-to-Adjusted EBITDA was 7.1x, debt-plus-preferred-to-total enterprise value was 38.9% and fixed charge coverage was 4.4x.

During the first quarter of 2023, Digital Realty completed a $740 million two-year U.S. dollar term loan with an initial maturity date of March 31, 2025 and a one-year extension option.

Table of Contents

Digital Realty Trust
Earnings Release		First Quarter 2023

2023 Outlook

Digital Realty maintained its 2023 Core FFO per share and constant-currency Core FFO per share outlook of $6.65 - $6.75. The assumptions underlying the outlook are summarized in the following table.


	****	As of	****	As of
Top-Line and Cost Structure		February 16, 2023		April 27, 2023
Total revenue		$5.700 - $5.800 billion		$5.500 - $5.600 billion
Net non-cash rent adjustments (1)		($55 - $60 million)		($55 - $60 million)
Adjusted EBITDA		$2.675 - $2.725 billion		$2.675 - $2.725 billion
G&A		$425 - $435 million		$425 - $435 million

Internal Growth
Rental rates on renewal leases
Cash basis		Greater than 3.0%		Greater than 3.0%
GAAP basis		Greater than 3.0%		Greater than 3.0%
Year-end portfolio occupancy		85.0% - 86.0%		85.0% - 86.0%
"Same-capital" cash NOI growth (2)		3.0% - 4.0%		3.0% - 4.0%

Foreign Exchange Rates
U.S. Dollar / Pound Sterling		$1.20 - $1.25		$1.20 - $1.25
U.S. Dollar / Euro		$1.00 - $1.05		$1.05 - $1.10

External Growth
Dispositions / Joint Venture Capital
Dollar volume		$1.5 - $2.5 billion		$1.5 - $2.5 billion
Cap rate		0.0% - 10.0%		0.0% - 10.0%
Development
CapEx (3)		$2.3 - $2.5 billion		$2.3 - $2.5 billion
Average stabilized yields		9.0% - 15.0%		9.0% - 15.0%
Enhancements and other non-recurring CapEx (4)		$15 - $20 million		$15 - $20 million
Recurring CapEx + capitalized leasing costs (5)		$230 - $240 million		$230 - $240 million

Balance Sheet
Long-term debt issuance
Dollar amount		$1.0 - $1.5 billion		$1.0 - $1.5 billion
Pricing		4.5% - 5.5%		5.5% - 6.0%
Timing		First Half 2023		First Half 2023

Net income per diluted share		$1.15 - $1.25		$1.15 - $1.25
Real estate depreciation and (gain) / loss on sale		$5.25 - $5.25		$5.25 - $5.25
Funds From Operations / share (NAREIT-Defined)		$6.40 - $6.50		$6.40 - $6.50
Non-core expenses and revenue streams		$0.25 - $0.25		$0.25 - $0.25
Core Funds From Operations / share		$6.65 - $6.75		$6.65 - $6.75
Foreign currency translation adjustments		$0.00 - $0.00		$0.00 - $0.00
Constant-Currency Core Funds From Operations / share		$6.65 - $6.75		$6.65 - $6.75

(1)	Net non-cash rent adjustments represent the sum of straight-line rental revenue and straight-line rental expense, as well as the amortization of above- and below-market leases (i.e., ASC 805 adjustments).
(2)	The “same-capital” pool includes properties owned as of December 31, 2021 with less than 5% of total rentable square feet under development. It excludes properties that were undergoing, or were expected to undergo, development activities in 2022-2023, properties classified as held for sale, and properties sold or contributed to joint ventures for all periods presented.
---	---
(3)	Includes land acquisitions.
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(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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Note: The Company does not provide a reconciliation for non-GAAP estimates on a forward-looking basis, where it is unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. Please see Non-GAAP Financial Measures in this document for further discussion. 10

Table of Contents

Digital Realty Trust
Earnings Release		First Quarter 2023

Non-GAAP Financial Measures

This document contains non-GAAP financial measures, including FFO, Core FFO, Adjusted FFO, Net Operating Income (NOI), “Same-Capital” Cash NOI and Adjusted EBITDA. A reconciliation from U.S. GAAP net income available to common stockholders to FFO, a reconciliation from FFO to Core FFO, 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.

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

Investor Conference Call

Prior to Digital Realty’s investor conference call at 5:00 p.m. ET / 4:00 p.m. CT on April 27, 2023, a presentation will be posted to the Investors section of the company’s website at https://investor.digitalrealty.com/. The presentation is designed to accompany the discussion of the company’s first quarter 2023 financial results and operating performance. The conference call will feature President & Chief Executive Officer Andy Power and Chief Financial Officer Matt Mercier.

To participate in the live call, investors are invited to dial +1 (888) 317-6003 (for domestic callers) or +1 (412) 317-6061 (for international callers) and reference the conference ID# 4681490 at least five minutes prior to start time. A live webcast of the call will be available via the Investors section of Digital Realty’s website at https://investor.digitalrealty.com/.

Telephone and webcast replays will be available after the call until May 27, 2023. The telephone replay can be accessed by dialing +1 (877) 344-7529 (for domestic callers) or +1 (412) 317-0088 (for international callers) and providing the conference ID# 9334829. The webcast replay can be accessed on Digital Realty’s website.

About Digital Realty

Digital Realty brings companies and data together by delivering the full spectrum of data center, colocation and interconnection solutions. PlatformDIGITAL®, the company’s global data center platform, provides customers with a secure data “meeting place” and a proven Pervasive Datacenter Architecture (PDx®) solution methodology for powering innovation and efficiently managing Data Gravity challenges. Digital Realty gives its customers access to the connected communities that matter to them with a global data center footprint of 300+ facilities in 50+ metros across 28 countries on six continents. To learn more about Digital Realty, please visit digitalrealty.com or follow us on LinkedIn and Twitter.

Contact Information

Matt Mercier

Chief Financial Officer

Digital Realty

(737) 281-0101

Jordan Sadler / Jim Huseby

Investor Relations

Digital Realty

(737) 281-0101

Table of Contents

Consolidated Quarterly Statements of Operations	Financial Supplement
Unaudited and Dollars in Thousands, Except Per Share Data		First Quarter 2023


	Three Months Ended
	31-Mar-23	31-Dec-22	30-Sep-22	30-Jun-22	31-Mar-22
Rental revenues	$870,975	$834,374	$787,839	$767,313	$751,962
Tenant reimbursements - Utilities	317,148	247,725	251,420	218,198	224,547
Tenant reimbursements - Other	40,150	46,045	49,419	52,688	51,511
Interconnection & other	101,695	97,286	95,486	93,338	93,530
Fee income	7,868	7,508	6,169	5,072	5,757
Other	887	168	1,749	2,713	15
Total Operating Revenues	$1,338,724	$1,233,108	$1,192,082	$1,139,321	$1,127,323

Utilities	$346,364	$268,561	$271,844	$223,426	$241,239
Rental property operating	224,861	222,430	205,886	198,076	194,354
Property taxes	40,424	42,032	39,860	47,213	46,526
Insurance	4,355	4,578	4,002	3,836	3,698
Depreciation & amortization	421,198	430,130	388,704	376,967	382,132
General & administration	107,766	104,452	95,792	101,991	96,435
Severance, equity acceleration, and legal expenses	4,155	15,980	1,655	3,786	2,077
Transaction and integration expenses	12,267	17,350	25,862	13,586	11,968
Impairment of investments in real estate	—	3,000	—	—	—
Other expenses	—	3,615	1,096	70	7,657
Total Operating Expenses	$1,161,388	$1,112,127	$1,034,701	$968,950	$986,087

Operating Income	$177,335	$120,981	$157,381	$170,371	$141,236

Equity in earnings / (loss) of unconsolidated joint ventures	14,897	(28,112)	(12,254)	(34,088)	60,958
Gain / (loss) on sale of investments	—	(6)	173,990	—	2,770
Interest and other income / (expense), net	280	(22,894)	15,752	13,008	3,051
Interest (expense)	(102,220)	(86,882)	(76,502)	(69,023)	(66,725)
Income tax benefit / (expense)	(21,454)	17,676	(19,576)	(16,406)	(13,244)
Loss from early extinguishment of debt	—	—	—	—	(51,135)
Net Income	$68,839	$763	$238,791	$63,862	$76,911

Net income / (loss) attributable to noncontrolling interests	(111)	3,326	(1,716)	(436)	(3,629)
Net Income Attributable to Digital Realty Trust, Inc.	$68,728	$4,089	$237,075	$63,426	$73,282

Preferred stock dividends, including undeclared dividends	(10,181)	(10,181)	(10,181)	(10,181)	(10,181)
Net Income / (Loss) Available to Common Stockholders	$58,547	($6,093)	$226,894	$53,245	$63,101

Weighted-average shares outstanding - basic	291,218,549	289,364,739	286,693,071	284,694,064	284,525,992
Weighted-average shares outstanding - diluted	303,064,832	301,712,082	296,414,726	285,109,903	285,025,099
Weighted-average fully diluted shares and units	309,026,076	307,546,353	302,257,518	290,944,163	290,662,421

Net income / (loss) per share - basic	$0.20	($0.02)	$0.79	$0.19	$0.22
Net income / (loss) per share - diluted	$0.19	($0.02)	$0.75	$0.19	$0.22

Table of Contents

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


	Three Months Ended
Reconciliation of Net Income to Funds From Operations (FFO)		31-Mar-23	31-Dec-22	30-Sep-22	30-Jun-22	31-Mar-22

Net Income / (Loss) Available to Common Stockholders		$58,547	($6,093)	$226,894	$53,245	$63,101
Adjustments:
Non-controlling interest in operating partnership		1,500	(586)	5,400	1,500	1,600
Real estate related depreciation & amortization (1)		412,192	422,951	381,425	369,327	374,162
Depreciation related to non-controlling interests		(13,388)	(13,856)	(8,254)	-	-
Unconsolidated JV real estate related depreciation & amortization		33,719	33,927	30,831	29,022	29,320
(Gain) / loss on real estate transactions		(7,825)	572	(173,990)	(1,144)	(2,770)
Impairment of investments in real estate		-	3,000	-	-	-
Funds From Operations - diluted		$484,745	$439,915	$462,306	$451,949	$465,412

Weighted-average shares and units outstanding - basic		297,180	295,199	292,536	290,528	290,163
Weighted-average shares and units outstanding - diluted (2)(3)		309,026	307,546	302,258	290,944	290,662

Funds From Operations per share - basic		$1.63	$1.49	$1.58	$1.56	$1.60

Funds From Operations per share - diluted (2)(3)		$1.60	$1.45	$1.55	$1.55	$1.60


	Three Months Ended
Reconciliation of FFO to Core FFO		31-Mar-23	31-Dec-22	30-Sep-22	30-Jun-22	31-Mar-22

Funds From Operations - diluted		$484,745	$439,915	$462,306	$451,949	$465,412
Other non-core revenue adjustments		(887)	(3,786)	(1,818)	456	13,916
Transaction and integration expenses		12,267	17,350	25,862	13,586	11,968
Loss from early extinguishment of debt		-	-	-	-	51,135
Severance, equity acceleration, and legal expenses (4)		4,155	15,980	1,655	3,786	2,077
(Gain) / Loss on FX revaluation		(6,778)	14,564	(1,120)	29,539	(67,676)
Other non-core expense adjustments		-	3,615	1,046	70	7,657
Core Funds From Operations - diluted		$493,500	$487,638	$487,931	$499,386	$484,490

Weighted-average shares and units outstanding - diluted (2)(3)		297,382	295,519	292,830	290,944	290,662

Core Funds From Operations per share - diluted (2)		$1.66	$1.65	$1.67	$1.72	$1.67


(1) Real Estate Related Depreciation & Amortization	Three Months Ended
		31-Mar-23	31-Dec-22	30-Sep-22	30-Jun-22	31-Mar-22

Depreciation & amortization per income statement		$421,198	$430,130	$388,704	$376,967	$382,132
Non-real estate depreciation		(9,006)	(7,179)	(7,279)	(7,640)	(7,970)
Real Estate Related Depreciation & Amortization		$412,192	$422,951	$381,425	$369,327	$374,162

(2)

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


	Three Months Ended
		31-Mar-23	31-Dec-22	30-Sep-22	30-Jun-22	31-Mar-22
Teraco noncontrolling share of FFO		$11,069	$7,213	$4,706	-	-
Teraco related minority interest		$11,069	$7,213	$4,706	-	-

(3)	For all periods presented, we have excluded the effect of dilutive series J, series K and series L preferred stock, as applicable, that may be converted into common stock upon the occurrence of specified change in control transactions as described in the articles supplementary governing the series J, series K and series L preferred stock, as applicable, which we consider highly improbable. See above for calculations of 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.
(4)	Relates to severance and other charges related to the departure of company executives and integration-related severance.
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(3)

For all periods presented, we have excluded the effect of dilutive series J, series K and series L preferred stock, as applicable, that may be converted into common stock upon the occurrence of specified change in control transactions as described in the articles supplementary governing the series J, series K and series L preferred stock, as applicable, which we consider highly improbable. See above for calculations of 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.

(4)

Relates to severance and other charges related to the departure of company executives and integration-related severance.

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Table of Contents

Adjusted Funds From Operations (AFFO)	Financial Supplement
Unaudited and in Thousands, Except Per Share Data		First Quarter 2023


	Three Months Ended
Reconciliation of Core FFO to AFFO		31-Mar-23	31-Dec-22	30-Sep-22	30-Jun-22	31-Mar-22

Core FFO available to common stockholders and unitholders		$493,500	$487,638	$487,931	$499,386	$484,490
Adjustments:
Non-real estate depreciation		9,006	7,179	7,279	7,640	7,970
Amortization of deferred financing costs		4,072	3,753	3,270	3,330	3,634
Amortization of debt discount/premium		1,301	1,276	1,146	1,193	1,214
Non-cash stock-based compensation expense		13,056	16,042	15,948	15,799	14,453
Straight-line rental revenue		(16,194)	(29,392)	(18,123)	(17,278)	(18,810)
Straight-line rental expense		(515)	(208)	2,679	(2,237)	4,168
Above- and below-market rent amortization		(1,226)	(762)	(465)	196	335
Deferred tax (benefit) / expense		(9,795)	(4,885)	(5,233)	(769)	(1,604)
Leasing compensation & internal lease commissions		11,067	9,578	9,866	9,411	13,261
Recurring capital expenditures (1)		(40,465)	(109,999)	(66,200)	(43,497)	(46,770)

AFFO available to common stockholders and unitholders (2)		$463,807	$380,220	$438,097	$473,173	$462,341

Weighted-average shares and units outstanding - basic		297,180	295,199	292,536	290,528	290,163
Weighted-average shares and units outstanding - diluted (3)		297,382	295,519	292,830	290,944	290,662

AFFO per share - diluted (3)		$1.56	$1.29	$1.50	$1.63	$1.59

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

Diluted AFFO Payout Ratio		78.2%	94.8%	81.5%	75.0%	76.7%


	Three Months Ended
Share Count Detail		31-Mar-23	31-Dec-22	30-Sep-22	30-Jun-22	31-Mar-22

Weighted Average Common Stock and Units Outstanding		297,180	295,199	292,536	290,528	290,163
Add: Effect of dilutive securities		202	320	294	416	499
Weighted Avg. Common Stock and Units Outstanding - diluted		297,382	295,519	292,830	290,944	290,662

(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 J, series K and series L preferred stock, as applicable, that may be converted into common stock upon the occurrence of specified change in control transactions as described in the articles supplementary governing the series J, series K and series L preferred stock, as applicable, which we consider highly improbable. See above for calculations of diluted FFO available to common stockholders and unitholders and for calculations of weighted average common stock and units outstanding.
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Table of Contents

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


	31-Mar-23		31-Dec-22		30-Sep-22		30-Jun-22		31-Mar-22
Assets
Investments in real estate:
Real estate		$27,052,022		$26,136,057		$24,876,600		$24,065,933		$23,769,712
Construction in progress		4,563,578		4,789,134		4,222,142		3,362,114		3,523,484
Land held for future development		194,564		118,452		34,713		37,460		107,003
Investments in real estate		$31,810,164		$31,043,643		$29,133,455		$27,465,507		$27,400,199
Accumulated depreciation and amortization		(7,600,559)		(7,268,981)		(6,826,918)		(6,665,118)		(6,467,233)
Net Investments in Properties		$24,209,605		$23,774,662		$22,306,537		$20,800,389		$20,932,966
Investment in unconsolidated joint ventures		1,995,576		1,991,426		1,912,958		1,942,549		2,044,074
Net Investments in Real Estate		$26,205,180		$25,766,088		$24,219,495		$22,742,937		$22,977,040

Cash and cash equivalents		$131,406		$141,773		$176,969		$99,226		$157,964
Accounts and other receivables (1)		1,070,066		969,292		861,117		797,208		774,579
Deferred rent		627,700		601,590		556,198		554,016		545,666
Customer relationship value, deferred leasing costs & other intangibles, net		3,015,291		3,092,627		3,035,861		2,521,390		2,640,795
Goodwill		9,199,636		9,208,497		8,728,105		7,545,107		7,802,440
Operating lease right-of-use assets		1,317,293		1,351,329		1,253,393		1,310,970		1,361,942
Other assets		386,495		353,802		384,079		385,202		420,119
Total Assets		$41,953,068		$41,484,998		$39,215,217		$35,956,057		$36,680,546

Liabilities and Equity
Global unsecured revolving credit facilities		$2,514,202		$2,150,451		$2,255,139		$1,440,040		$943,325
Unsecured term loans		1,542,275		797,449		729,976		—		—
Unsecured senior notes, net of discount		13,258,079		13,120,033		12,281,410		12,695,568		13,284,650
Secured debt and other, net of premiums		560,955		528,870		491,984		158,699		160,240
Operating lease liabilities		1,443,994		1,471,044		1,363,712		1,418,540		1,472,510
Accounts payable and other accrued liabilities		1,923,819		1,868,884		1,621,406		1,619,222		1,572,359
Deferred tax liabilities, net		1,164,276		1,192,752		1,145,097		611,582		649,112
Accrued dividends and distributions		—		363,716		—		—		—
Security deposits and prepaid rent		392,021		369,654		341,552		341,140		346,911
Total Liabilities		$22,799,620		$21,862,853		$20,230,276		$18,284,791		$18,429,107

Redeemable non-controlling interests - operating partnership		1,448,772		1,514,680		1,429,920		41,047		42,734

Equity
Preferred Stock: 0.01 par value per share, 110,000,000 shares authorized:
Series J Cumulative Redeemable Preferred Stock (2)		$193,540		$193,540		$193,540		$193,540		$193,540
Series K Cumulative Redeemable Preferred Stock (3)		203,264		203,264		203,264		203,264		203,264
Series L Cumulative Redeemable Preferred Stock (4)		334,886		334,886		334,886		334,886		334,886
Common Stock: 0.01 par value per share, 392,000,000 shares authorized (5)		2,888		2,887		2,851		2,824		2,824
Additional paid-in capital		22,126,379		22,142,868		21,528,384		21,091,364		21,069,391
Dividends in excess of earnings		(4,995,982)		(4,698,313)		(4,336,201)		(4,211,685)		(3,916,854)
Accumulated other comprehensive (loss), net		(652,486)		(595,798)		(862,804)		(475,561)		(188,844)
Total Stockholders' Equity		$17,212,490		$17,583,334		$17,063,920		$17,138,632		$17,698,207

Noncontrolling Interests
Noncontrolling interest in operating partnership		$444,843		$419,317		$421,484		$432,213		$444,029
Noncontrolling interest in consolidated joint ventures		47,342		104,814		69,617		59,374		66,470

Total Noncontrolling Interests		$492,185		$524,131		$491,101		$491,587		$510,499

Total Equity		$17,704,675		$18,107,465		$17,555,021		$17,630,219		$18,208,706

Total Liabilities and Equity		$41,953,068		$41,484,998		$39,215,217		$35,956,057		$36,680,546

All values are in US Dollars.

(1)	Net of allowance for doubtful accounts of $36,240 and $33,048 as of March 31, 2023 and December 31, 2022, respectively.
(2)	Series J Cumulative Redeemable Preferred Stock, 5.250%, $200,000 and $200,000 liquidation preference, respectively ($25.00 per share), 8,000,000 and 8,000,000 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively.
---	---
(3)	Series K Cumulative Redeemable Preferred Stock, 5.850%, $210,000 and $210,000 liquidation preference, respectively ($25.00 per share), 8,400,000 and 8,400,000 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively.
---	---
(4)	Series L Cumulative Redeemable Preferred Stock, 5.200%, $345,000 and $345,000 liquidation preference, respectively ($25.00 per share), 13,800,000 and 13,800,000 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively.
---	---
(5)	Common Stock: 291,298,610 and 291,148,222 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively.
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Table of Contents

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


Consolidated Properties Cash Net Operating Income (NOI)^(2)^, Annualized ^(3)^
Network-Dense			$1,074,355
Campus			1,565,544
Other ^(4)^			143,707
Total Cash NOI, Annualized			$2,783,606
less: Partners' share of consolidated JVs			(52,472)
Acquisitions / dispositions / expirations			(66,623)
FY 2023 backlog cash NOI and 1Q23 carry-over (stabilized) ^(5)^			140,581
Total Consolidated Cash NOI, Annualized			$2,805,092

Digital Realty's Pro Rata Share of Unconsolidated Joint Venture Cash NOI ^(3)(6)^			$185,372

Other Income
Development and Management Fees (net), Annualized			$31,474

Other Assets
Pre-stabilized inventory, at cost ^(7)^			$262,129
Land held for development			194,564
Development CIP ^(8)^			4,563,578
less: Investment associated with FY23 Backlog NOI			(641,402)
Cash and cash equivalents			131,406
Accounts and other receivables, net			1,070,066
Other assets			386,495
less: Partners' share of consolidated JV assets			(212,422)
Total Other Assets			$5,754,414

Liabilities
Global unsecured revolving credit facilities			$2,531,056
Unsecured term loans			1,552,925
Unsecured senior notes			13,357,299
Secured debt and other			563,856
Accounts payable and other accrued liabilities			1,923,819
Deferred tax liabilities, net			1,164,276
Security deposits and prepaid rents			392,021
Backlog NOI cost to complete ^(9)^			324,717
Preferred stock			755,000
Digital Realty's share of unconsolidated JV debt			1,123,360
less: Partners' share of consolidated JV liabilities			(386,047)
Total Liabilities			$23,302,282

Diluted Shares and Units Outstanding			297,963

(1)	Backlog and associated financial line items exclude activity related to unconsolidated joint venture buildings.
(2)	For definitions and discussion of NOI and cash NOI and a reconciliation of operating income to NOI and cash NOI, see page 33.
---	---
(3)	Annualized cash NOI is calculated by multiplying results for the most recent quarter by four. Annualized results may not be indicative of any four-quarter period and do not take into account scheduled lease expirations, among other things. Annualized data is presented for illustrative purposes only. Reflects annualized 1Q23 Cash NOI of $2.8 billion. NOI is allocated based on management’s estimates derived using contractual ABR and stabilized margins.
---	---
(4)	Other includes Powered Base Building shell capacity as well as storage and office space within fully improved data center facilities.
---	---
(5)	Estimated cash NOI related to signed leases that are expected to commence through December 31, 2023. Excludes Digital Realty’s share of signed leases at unconsolidated joint venture buildings.
---	---
(6)	For a reconciliation of Digital Realty’s pro rata share of unconsolidated joint venture operating income to cash NOI, see page 30.
---	---
(7)	Excludes Digital Realty’s share of cost at unconsolidated joint venture buildings.
---	---
(8)	See page 26 for further details on the breakdown of the construction in progress balance.
---	---
(9)	Excludes Digital Realty’s share of expected cost to complete at unconsolidated joint venture buildings.
---	---

Table of Contents

Debt Maturities	<br><br>	Financial Supplement
Unaudited and Dollars in Thousands			First Quarter 2023


	As of March 31, 2023
		Interest Rate
	Interest	Including
	Rate	Swaps	2023	2024	2025	2026	2027	Thereafter	Total
Global Unsecured Revolving Credit Facilities ^(1)^
Global unsecured revolving credit facility	4.118%	4.118%	—	—	—	—	$2,473,851	—	$2,473,851
Yen revolving credit facility	0.570%	0.570%	—	—	—	—	57,205	—	57,205
Deferred financing costs, net	—	—	—	—	—	—	—	—	(16,854)
Total Global Unsecured Revolving Credit Facilities	4.037%	4.037%	—	—	—	—	$2,531,056	—	$2,514,202

Unsecured Term Loans
Euro term loan facility	3.090%	3.397%	—	—	$406,463	—	$406,462	—	$812,925
USD term loan facility	5.784%	5.578%	—	—	—	$740,000	—	—	740,000
Deferred financing costs, net	—	—	—	—	—	—	—	—	(10,650)
Total Unsecured Term Loans	4.374%	4.437%	—	—	$406,463	$740,000	$406,462	—	$1,542,275

Senior Notes
₣100 million 0.600% Notes due 2023	0.600%	0.600%	$109,235	—	—	—	—	—	$109,235
€600 million 2.625% Notes due 2024	2.625%	2.625%	—	$650,340	—	—	—	—	650,340
£250 million 2.750% Notes due 2024	2.750%	2.750%	—	308,425	—	—	—	—	308,425
£400 million 4.250% Notes due 2025	4.250%	4.250%	—	—	$493,480	—	—	—	493,480
€650 million 0.625% Notes due 2025	0.625%	0.625%	—	—	704,535	—	—	—	704,535
€1.08 billion 2.500% Notes due 2026	2.500%	2.500%	—	—	—	$1,165,193	—	—	1,165,193
₣275 million 0.200% Notes due 2026	0.200%	0.200%	—	—	—	300,397	—	—	300,397
₣150 million 1.700% Notes due 2027	1.700%	1.700%	—	—	—	—	$163,853	—	163,853
$1.00 billion 3.700% Notes due 2027 ^(2)^	3.700%	2.485%	—	—	—	—	1,000,000	—	1,000,000
€500 million 1.125% Notes due 2028	1.125%	1.125%	—	—	—	—	—	$541,950	541,950
$900 million 5.550% Notes due 2028 ^(2)^	5.550%	3.996%	—	—	—	—	—	900,000	900,000
$650 million 4.450% Notes due 2028	4.450%	4.450%	—	—	—	—	—	650,000	650,000
₣270 million 0.550% Notes due 2029	0.550%	0.550%	—	—	—	—	—	294,936	294,936
$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%	—	—	—	—	—	431,795	431,795
€750 million 1.500% Notes due 2030	1.500%	1.500%	—	—	—	—	—	812,925	812,925
£550 million 3.750% Notes due 2030	3.750%	3.750%	—	—	—	—	—	678,535	678,535
€500 million 1.250% Notes due 2031	1.250%	1.250%	—	—	—	—	—	541,950	541,950
€1.00 billion 0.625% Notes due 2031	0.625%	0.625%	—	—	—	—	—	1,083,900	1,083,900
€750 million 1.000% Notes due 2032	1.000%	1.000%	—	—	—	—	—	812,925	812,925
€750 million 1.375% Notes due 2032	1.375%	1.375%	—	—	—	—	—	812,925	812,925
Unamortized discounts	—	—	—	—	—	—	—	—	(36,409)
Deferred financing costs	—	—	—	—	—	—	—	—	(62,810)
Total Senior Notes	2.432%	2.236%	$109,235	$958,765	$1,198,015	$1,465,590	$1,163,853	$8,461,841	$13,258,079

Secured Debt
ICN10 Facilities	6.280%	3.729%	—	—	—	—	—	$12,984	$12,984
Westin	3.290%	3.290%	—	—	—	—	$135,000	—	135,000
Teraco Loans	10.229%	8.958%	$239	$331	$602	$32,944	65,272	245,105	344,493
Deferred financing costs	—	—	—	—	—	—	—	—	(2,901)
Total Secured Debt	8.223%	7.266%	$239	$331	$602	$32,944	$200,272	$258,089	$489,576

Other Debt
Icolo loans	11.650%	11.650%	—	—	—	$4,442	$3,380	—	$7,822
Total Other Debt	11.650%	11.650%	—	—	—	$4,442	3,380	—	$7,822

Mandatorily Redeemable Preferred Shares (Teraco)
Mandatorily Redeemable Preferred Shares (Teraco)	9.675%	9.675%	—	$4,495	—	$62,935	—	—	$67,430
Unamortized discounts	—	—	—	—	—	—	—	—	(3,873)
Total Redeemable Preferred Shares	9.675%	9.675%	—	$4,495	—	$62,935	—	—	$63,557

Total unhedged variable rate debt	—	—	$239	$4,826	$407,065	$95,879	$3,002,790	$64,346	$3,575,145
Total fixed rate / hedged variable rate debt	—	—	109,235	958,765	1,198,015	2,210,032	1,302,233	8,655,584	14,433,865
Total Debt	3.015%	2.849%	$109,474	$963,591	$1,605,080	$2,305,911	$4,305,023	$8,719,930	$18,009,010

Weighted Average Interest Rate			0.618%	2.700%	2.445%	1.704%	3.585%	2.433%	2.849%

Summary

Weighted Average Term to Initial Maturity									4.8 Years

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


Global Unsecured Revolving Credit Facilities Detail As of March 31, 2023

	Maximum Available	Existing Capacity (3)	Currently Drawn

Global Unsecured Revolving Credit Facilities	3,936,194	1,304,438	2,531,056

All values are in US Dollars.

(1)	Assumes all extensions will be exercised.
(2)	Subject to cross-currency swaps.
---	---
(3)	Net of letters of credit issued of $100.7 million.
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Table of Contents

Debt Analysis and Covenant Compliance	<br><br>	Financial Supplement
Unaudited			First Quarter 2023


	As of March 31, 2023

				Global Unsecured
	Unsecured Senior Notes			Credit Facilities
Debt Covenant Ratios ^(1)^	Required	Actual ^(2)^	Actual ^(3)^	Required	Actual
Total outstanding debt / total assets ^(4)^	Less than 60%	44%	39%	Less than 60%^(5)^	42%
Secured debt / total assets ^(6)^	Less than 40%	1%	1%	Less than 40%	2%
Total unencumbered assets / unsecured debt	Greater than 150%	187%	208%	N/A	N/A
Consolidated EBITDA / interest expense ^(7)^	Greater than 1.50x	5.3x	5.3x	N/A	N/A
Fixed charge coverage		N/A	N/A	Greater than 1.50x	5.6x
Unsecured debt / total unencumbered asset value ^(8)^		N/A	N/A	Less than 60%	45%
Unencumbered assets debt service coverage ratio ^(8)^		N/A	N/A	Greater than 1.50x	6.9x

(1)	For definitions of the terms used in the table above and related footnotes, please refer to the indentures which govern the notes, the Second Amended and Restated Global Senior Credit Agreement dated as of November 18, 2021 and the Amended and Restated Yen facility Credit Agreement dated as of November 18, 2021, each as amended and which are filed as exhibits to our reports filed with the U.S. Securities and Exchange Commission.
(2)	Ratios for the Unsecured Senior Notes listed on page 17 except for the 0.60% notes due 2023, 0.20% notes due 2026, 1.70% notes due 2027, 5.550% notes due 2028, 0.55% notes due 2029, 1.250% notes due 2031, 0.625% notes due 2031, 1.00% notes due 2032 and 1.375% notes due 2032.
---	---
(3)	Ratios for the 0.60% notes due 2023, 0.20% notes due 2026, 1.70% notes due 2027, 5.550% notes due 2028, 0.55% notes due 2029, 1.250% notes due 2031, 0.625% notes due 2031, 1.00% notes due 2032 and 1.375% notes due 2032.
---	---
(4)	This ratio is referred to as the Leverage Ratio, defined as Consolidated Debt / Total Asset Value, under the global unsecured revolving credit facility and the Yen facility. For the calculation of Total Assets, please refer to the indentures which govern the notes, the Second Amended and Restated Global Senior Credit Agreement dated as of November 18, 2021 and the Amended and Restated Yen facility Credit Agreement dated as of November 18, 2021, each as amended and which are filed as exhibits to our reports filed with the U.S. Securities and Exchange Commission.
---	---
(5)	The company has the right to maintain a Leverage Ratio of greater than 60.0% but less than or equal to 65.0% for up to four consecutive fiscal quarters during the term of the facility following an acquisition of one or more Assets.
---	---
(6)	This ratio is referred to as the Secured Debt Leverage Ratio, defined as Secured Debt / Total Asset Value, under the global unsecured revolving credit facility and the Yen facility.
---	---
(7)	Calculated as current quarter annualized consolidated EBITDA to current quarter annualized Interest Expense (including capitalized interest and debt discounts).
---	---
(8)	Assets must satisfy certain conditions to qualify for inclusion as an Unencumbered Asset under the global unsecured revolving credit facility and the Yen facility.
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Table of Contents

Same-Capital Operating Trend Summary	Financial Supplement
Unaudited and in Thousands		First Quarter 2023

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


	Three Months Ended
	31-Mar-23		31-Mar-22		% Change		31-Dec-22		% Change
Rental revenues		$684,585		$639,728		7.0%		$659,933		3.7%
Tenant reimbursements - Utilities		262,406		190,406		37.8%		200,471		30.9%
Tenant reimbursements - Other		31,471		42,707		(26.3%)		38,339		(17.9%)
Interconnection & other		83,850		81,007		3.5%		80,257		4.5%
Total Revenue		$1,062,312		$953,847		11.4%		$979,000		8.5%

Utilities		$281,877		$205,404		37.2%		$222,775		26.5%
Rental property operating		169,589		155,715		8.9%		173,381		(2.2%)
Property taxes		30,257		37,089		(18.4%)		33,410		(9.4%)
Insurance		4,038		3,556		13.5%		4,379		(7.8%)
Total Expenses		$485,761		$401,764		20.9%		$433,945		11.9%

Net Operating Income ^(2)^		$576,551		$552,083		4.4%		$545,054		5.8%
Less:
Stabilized straight-line rent		$998		($3,449)		(128.9%)		$13,952		(92.8%)
Above- and below-market rent		1,704		694		145.5%		1,733		(1.6%)
Cash Net Operating Income ^(3)^		$573,848		$554,838		3.4%		$529,370		8.4%

Stabilized Portfolio occupancy at period end ^(4)^		83.7%		82.7%		1.0%		84.2%		(0.5%)

(1)	Represents buildings owned as of December 31, 2021 with less than 5% of total rentable square feet under development. Excludes buildings that were undergoing, or were expected to undergo, development activities in 2022-2023, buildings classified as held for sale, and buildings sold or contributed to joint ventures for all periods presented. Prior period numbers adjusted to reflect current same-capital pool.
(2)	For a definition and discussion of net operating income and a reconciliation of operating income to NOI, see page 33.
---	---
(3)	For a definition and discussion of cash net operating income and a reconciliation of operating income to cash NOI, see page 33.
---	---
(4)	Occupancy excludes space under active development and space held for development. For some of our buildings, we calculate occupancy based on factors in addition to contractually leased square feet, including available power, required support space and common areas.
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Table of Contents

Summary of Leasing Activity	Financial Supplement
Leases Signed in the Quarter Ended March 31, 2023		First Quarter 2023


	0-1 MW				> 1 MW				Other ^(3)^				Total
Leasing Activity - New ^(1) (2)^	1Q23		LTM		1Q23		LTM		1Q23		LTM		1Q23		LTM

Annualized GAAP Rent (in thousands)		33,790		128,838		$34,821		$290,075		$619		$18,730		$69,230		$437,644

Kilowatt leased		9,594		40,873		25,185		217,894		—		—		34,779		258,767
NRSF (in thousands)		141		459		248		2,315		20		382		410		3,155

Weighted Average Lease Term (years)		3.6		3.5		13.7		9.5		5.2		8.4		9.8		8.5

Initial stabilized cash rent per Kilowatt		292		262		$104		$107		—		—		$156		$131
GAAP rent per Kilowatt		294		263		$115		$111		—		—		$164		$135
Leasing cost per Kilowatt		18		23		$43		$35		—		—		$36		$33

Net Effective Economics by Kilowatt ^(4)^

Base rent by Kilowatt		295		265		$116		$113		—		—		$165		$137
Rental concessions by Kilowatt		1		2		$1		$2		—		—		$1		$2
Estimated operating expense by Kilowatt		87		84		$30		$25		—		—		$45		$35

Net rent per Kilowatt		207		179		$86		$86		—		—		$119		$100

Tenant improvements by Kilowatt		—		—		$4		$1		—		—		$3		$1
Leasing commissions by Kilowatt		14		12		—		$1		—		—		$4		$2

Net effective rent per Kilowatt		193		167		$81		$84		—		—		$112		$97

Initial stabilized cash rent per NRSF		238		280		$127		$121		$26		$45		$160		$135
GAAP rent per NRSF		239		281		$140		$125		$30		$49		$169		$139
Leasing cost per NRSF		15		25		$52		$39		$8		$14		$37		$34

Net Effective Economics by NRSF ^(4)^

Base rent by NRSF		241		283		$141		$128		$31		$49		$170		$141
Rental concessions by NRSF		1		2		$1		$3		$1		—		$1		$2
Estimated operating expense by NRSF		59		83		$36		$29		$9		$8		$43		$35

Net rent per NRSF		180		198		$104		$96		$21		$41		$126		$104

Tenant improvements by NRSF		—		—		$5		$1		—		—		$3		$1
Leasing commissions by NRSF		12		13		—		$1		$17		$3		$5		$3

Net effective rent per NRSF		168		185		$99		$94		$4		$38		$118		$101

All values are in US Dollars.

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

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

Table of Contents

Summary of Leasing Activity	Financial Supplement
Leases Renewed in the Quarter Ended March 31, 2023		First Quarter 2023


	0-1 MW				> 1 MW				Other ^(4)^				Total
Leasing Activity - Renewals ^(1) (2) (3)^	1Q23		LTM		1Q23		LTM		1Q23		LTM		1Q23		LTM

Leases renewed (Kilowatt)		39,629		131,620		15,058		105,957		—		—		54,687		237,577
Leases renewed (NRSF in thousands)		552		1,778		199		1,247		79		344		829		3,369
Leasing cost per Kilowatt		1		$1		$1		$5		—		—		$1		$3
Leasing cost per NRSF		1		—		$1		$5		$2		$3		$1		$2

Weighted Term (years)		1.4		1.7		2.8		4.5		4.2		5.6		2.0		3.1

Cash Rent

Expiring cash rent per Kilowatt		247		$296		$168		$147		—		—		$229		$235
Renewed cash rent per Kilowatt		258		$307		$175		$143		—		—		$239		$239

% Change Cash Rent Per Kilowatt		4.6%		3.6%		4.4%		(2.9%)		—		—		4.5%		2.0%

Expiring cash rent per NRSF		213		$263		$153		$150		$30		$43		$181		$199
Renewed cash rent per NRSF		223		$273		$160		$145		$31		$47		$189		$203

% Change Cash Rent Per NRSF		4.6%		3.6%		4.4%		(2.9%)		2.8%		10.3%		4.5%		2.0%

GAAP Rent

Expiring GAAP rent per Kilowatt		245		$294		$149		$139		—		—		$222		$229
Renewed GAAP rent per Kilowatt		258		$307		$167		$139		—		—		$236		$237

% Change GAAP Rent Per Kilowatt		5.1%		4.4%		11.8%		0.5%		—		—		6.0%		3.6%

Expiring GAAP rent per NRSF		211		$261		$136		$141		$30		$40		$176		$194
Renewed GAAP rent per NRSF		222		$272		$152		$142		$31		$47		$187		$201

% Change GAAP Rent Per NRSF		5.1%		4.4%		11.8%		0.5%		5.9%		18.7%		6.4%		3.6%

Retention ratio ^(5)^		83.8%		86.2%		71.4%		69.6%		14.9%		34.9%		56.7%		69.6%

Churn ^(6)^		1.4%		4.5%		0.3%		4.7%		4.8%		5.5%		1.1%		4.7%

All values are in US Dollars.

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

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

Table of Contents

Lease Expirations - By Size	Financial Supplement
Dollars and Square Feet in Thousands (except per square foot and per KW data)		First Quarter 2023


	****		****			% of	****	Annualized Rent Per		****	Annualized Rent Per		****			****			****			****	Rent Per kW		****
		Square Footage of		Annualized		Annualized		Occupied			Occupied Square			Annualized Rent			kW of Expiring			Rent per kW			Per Month at		****
Year		Expiring Leases (1)		Rent (2)		Rent		Square Foot			Foot at Expiration			at Expiration			Leases			Per Month			Expiration		****
0 - 1 MW
Available		2,261			—	—			—			—			—			—			—			—
Month to Month (3)		186			47,894	1.4%			$258			$260			$48,317			12,129			$329			$332
2023		1,690			522,532	15.3%			309			310			524,125			119,605			364			365
2024		1,290			305,863	8.9%			237			239			308,890			90,703			281			284
2025		659			142,710	4.2%			216			222			146,675			43,773			272			279
2026		369			74,345	2.2%			201			208			76,970			26,781			231			240
2027		385			64,253	1.9%			167			177			67,954			27,556			194			206
2028		176			19,867	0.6%			113			124			21,778			9,470			175			192
2029		69			8,835	0.3%			128			140			9,675			4,605			160			175
2030		50			12,570	0.4%			254			260			12,871			3,907			268			275
2031		54			9,454	0.3%			176			188			10,108			2,681			294			314
2032		51			5,309	0.2%			103			108			5,564			1,650			268			281
Thereafter		197			2,226	0.1%			11			11			2,236			546			340			341

Total / Wtd. Avg.	****	7,437			1,215,858	35.5%			$235			$239			$1,235,164			343,406			$295			$300

All values are in US Dollars.


> 1 MW		Expiring Leases (1)	Annualized		Annualized	Annualized Rent Per		Annualized Rent Per		Annualized Rent Per		kW of Expiring		Annualized		Rent Per kW
Available		1,772		—	—		—		—		—		—		—		—
Month to Month (3)		408		58,106	1.7%		$142		$142		$58,106		32,290		$150		$150
2023		989		129,003	3.8%		130		131		129,086		83,182		129		129
2024		1,404		215,898	6.3%		154		157		220,344		129,808		139		141
2025		1,917		282,007	8.2%		147		152		291,870		173,830		135		140
2026		1,920		265,214	7.8%		138		147		282,444		177,170		125		133
2027		1,793		238,863	7.0%		133		145		260,010		172,062		116		126
2028		855		104,094	3.0%		122		132		112,950		83,671		104		112
2029		974		120,421	3.5%		124		138		134,557		121,404		83		92
2030		937		130,092	3.8%		139		149		139,956		94,468		115		123
2031		1,066		122,842	3.6%		115		130		138,096		103,862		99		111
2032		755		91,832	2.7%		122		142		107,253		82,550		93		108
Thereafter		1,589		180,728	5.3%		114		133		210,871		156,917		96		112

Total / Wtd. Avg.	****	16,378		1,939,099	56.7%		$133		$143		$2,085,542		1,411,213		$115		$123

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		1,805		—	—		—		—		—		—		—		—
Month to Month (3)		63		2,097	0.1%		$33		$33		$2,097		—		—		—
2023		582		14,192	0.4%		24		24		14,182		—		—		—
2024		422		19,416	0.6%		46		47		19,815		—		—		—
2025		861		37,867	1.1%		44		45		39,177		—		—		—
2026		825		26,283	0.8%		32		35		29,201		—		—		—
2027		323		14,397	0.4%		45		49		15,830		—		—		—
2028		271		13,226	0.4%		49		55		14,789		—		—		—
2029		598		26,601	0.8%		44		52		31,190		—		—		—
2030		600		24,633	0.7%		41		49		29,365		—		—		—
2031		62		2,081	0.1%		34		41		2,522		—		—		—
2032		108		6,107	0.2%		56		65		7,090		—		—		—
Thereafter		3,176		79,336	2.3%		25		32		102,922		—		—		—

Total / Wtd. Avg.	****	9,696		266,236	7.8%		$34		$39		$308,181		—		—		—

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		5,838		—	—		—		—		—		—		—		—
Month to Month (3)		657		108,097	3.2%		$165		$165		$108,520		—		—		—
2023		3,261		665,728	19.5%		204		205		667,393		—		—		—
2024		3,117		541,177	15.8%		174		176		549,049		—		—		—
2025		3,438		462,583	13.5%		135		139		477,721		—		—		—
2026		3,115		365,842	10.7%		117		125		388,615		—		—		—
2027		2,501		317,513	9.3%		127		137		343,795		—		—		—
2028		1,302		137,188	4.0%		105		115		149,517		—		—		—
2029		1,640		155,856	4.6%		95		107		175,423		—		—		—
2030		1,586		167,294	4.9%		105		115		182,192		—		—		—
2031		1,182		134,377	3.9%		114		128		150,726		—		—		—
2032		915		103,248	3.0%		113		131		119,906		—		—		—
Thereafter		4,961		262,290	7.7%		53		64		316,029		—		—		—

Total / Wtd. Avg.	****	33,511		3,421,193	100.0%		$124		$131		$3,628,887		—		—		—

All values are in US Dollars.

(1)	For some buildings, we calculate square footage based on factors in addition to contractually leased square feet, including available power, required support space and common areas. We estimate the total net rentable square feet available for lease based on a number of factors in addition to contractually leased square feet, including available power, required support space and common areas.
(2)	Annualized rent represents the monthly contractual base rent (defined as cash base rent before abatements) under existing leases as of March 31, 2023, 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		First Quarter 2023


			****			****		****	Weighted
									Average
				Annualized			% of Annualized		Remaining
		Number of		Recurring			Recurring		Lease Term in
	Customer	Locations		Revenue (1)			Revenue		Years
1	Fortune 50 Software Company	64			$380,161		10.0%		8.4
2	Social Content Platform	21			151,725		4.0%		4.9
3	Global Cloud Provider	57			146,406		3.8%		5.6
4	IBM	40			138,622		3.6%		2.7
5	Oracle Corporation	35			129,858		3.4%		4.6
6	Fortune 25 Investment Grade-Rated Company	28			110,879		2.9%		3.7
7	Equinix	17			88,002		2.3%		6.7
8	LinkedIn Corporation	8			85,410		2.2%		1.8
9	Fortune 500 SaaS Provider	15			82,810		2.2%		3.3
10	Meta Platforms, Inc.	45			71,425		1.9%		4.0
11	Fortune 25 Tech Company	49			66,166		1.7%		3.9
12	Cyxtera	15			63,107		1.7%		9.1
13	Social Media Platform	8			61,722		1.6%		8.1
14	Rackspace	25			53,582		1.4%		9.6
15	Lumen Technologies, Inc.	129			52,194		1.4%		9.9
16	JPMorgan Chase & Co.	17			43,533		1.1%		1.6
17	Verizon	100			42,866		1.1%		3.2
18	Comcast Corporation	39			40,659		1.1%		4.8
19	AT&T	76			40,023		1.0%		2.7
20	Zayo	118			36,544		1.0%		1.5
	Total / Weighted Average				$1,885,694		49.4%		6.0

(1)	Annualized recurring revenue represents the monthly contractual base rent (defined as cash base rent before abatements) and interconnection revenue under existing leases as of March 31, 2023, 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 and Square Feet in Thousands		First Quarter 2023


		Net Rentable		Space Under Active		Space Held for		Annualized		Occupancy (5)				White Space		Data Center
Metropolitan Area	****	Square Feet (1)	****	Development (2)	****	Development (3)	****	Rent (4)		31-Mar-23	****	31-Dec-22	****	IT Load (6)	****	Count
** North America**

Northern Virginia		5,976		1,383		311			607,840	93.8%		93.8%		510.6		25
Chicago		3,428		35		113			320,255	91.9%		91.7%		162.7		10
New York		2,054		159		144			218,074	78.0%		80.6%		55.8		13
Dallas		3,334		327		77			204,362	82.8%		83.0%		111.2		22
Silicon Valley		1,590		—		131			176,557	94.6%		95.2%		94.6		15
Portland		666		485		—			74,639	97.5%		97.4%		66.5		3
Phoenix		796		—		—			70,239	70.7%		70.0%		42.5		2
San Francisco		843		—		—			64,209	65.9%		65.5%		31.5		4
Atlanta		526		31		314			53,884	96.7%		96.4%		7.1		4
Los Angeles		611		11		—			40,677	80.8%		80.1%		16.2		2
Seattle		399		—		—			39,090	78.6%		79.0%		19.5		1
Toronto		367		360		—			33,056	88.1%		84.5%		33.8		2
Boston		437		—		51			18,331	44.7%		45.9%		19.0		3
Houston		393		—		14			14,746	55.7%		61.6%		13.0		6
Miami		226		—		—			8,484	85.4%		84.2%		1.3		2
Austin		86		—		—			7,220	58.6%		58.6%		4.3		1
Charlotte		95		—		—			5,377	90.4%		90.0%		1.5		3
North America Total/Weighted Average	****	21,826	****	2,791	****	1,155			1,957,042	86.0%		86.1%		1,191.1		118

** EMEA**

Frankfurt		2,092		1,648		—			253,081	84.7%		87.9%		134.2		29
London		1,432		64		96			223,731	64.9%		65.8%		103.9		16
Amsterdam		1,271		—		92			165,796	80.3%		79.5%		116.8		13
Johannesburg		833		1,340		—			95,700	81.6%		71.7%		48.7		5
Paris		923		774		—			94,037	68.9%		81.2%		74.6		13
Marseille		436		83		38			61,641	82.6%		81.6%		38.6		4
Dublin		475		78		—			56,396	81.2%		80.8%		32.5		9
Vienna		355		133		—			50,331	80.9%		81.3%		25.6		3
Zurich		285		314		—			44,398	80.4%		81.0%		17.0		3
Madrid		238		171		—			41,976	87.4%		86.4%		16.8		4
Brussels		163		175		—			30,179	78.9%		76.4%		6.7		3
Cape Town		260		468		—			26,730	87.4%		78.8%		16.4		2
Stockholm		190		108		—			22,472	70.3%		71.0%		16.8		6
Copenhagen		176		149		—			19,607	77.4%		77.6%		8.1		3
Dusseldorf		116		98		—			19,171	60.8%		61.6%		11.0		3
Athens		55		159		—			8,051	86.7%		87.1%		2.2		4
Durban		45		—		—			5,124	75.3%		73.1%		1.1		1
Zagreb		22		8		—			2,973	82.5%		80.8%		0.9		1
Nairobi		16		—		—			2,203	73.1%		72.7%		0.5		1
Mombasa		46		—		12			1,563	15.1%		12.2%		2.8		2
Maputo		7		—		—			—	—		—		1.0		1
EMEA Total/Weighted Average	****	9,435	****	5,770	****	239			1,225,159	77.6%		78.1%		676.1		126

** Asia Pacific**

Singapore		883		7		—			198,257	93.4%		94.0%		78.5		3
Sydney		362		—		88			30,460	90.1%		90.1%		22.1		4
Melbourne		147		—		—			14,579	62.3%		62.3%		9.6		2
Seoul		162		—		—			1,038	4.3%		4.3%		12.0		1
Hong Kong		99		186		—			230	0.6%		0.6%		7.5		1
Asia Pacific Total/Weighted Average	****	1,653	****	192	****	88			244,563	75.6%		75.9%		129.7		11

** Non-Data Center Properties**		380		—		212			343	13.5%		100.0%		—		—

Consolidated Portfolio Total/Weighted Average	****	33,293	****	8,754	****	1,693			3,427,106	82.3%		83.5%		1,996.9		255

Managed Unconsolidated Joint Ventures

Northern Virginia		1,350		—		—			97,147	100.0%		100.0%		89.7		7
Silicon Valley		414		—		—			25,715	100.0%		100.0%		10.9		4
Hong Kong		186		—		—			20,933	87.4%		87.4%		11.0		1
Toronto		104		—		—			10,774	69.5%		87.1%		6.8		1
Los Angeles		197		—		—			5,325	100.0%		100.0%		—		2
Lagos		4		—		—			893	100.0%		100.0%		0.2		1
Abuja		1		—		—			118	73.0%		73.0%		0.1		1
Managed Unconsolidated Portfolio Total/Weighted Average	****	2,257	****	—	****	—			160,906	97.5%		98.4%		118.5		17

Managed Portfolio Total/Weighted Average	****	35,550	****	8,754	****	1,693			3,588,012	83.2%		84.5%		2,115.5		272

Digital Realty Share Total/Weighted Average ^(7)^	****	33,511	****	8,053	****	1,693			3,421,193	82.6%		84.0%		1,998.9		—

** Non-Managed Unconsolidated Joint Ventures**

Sao Paulo		1,125		279		1,067			160,876	99.0%		98.9%		97.2		23
Tokyo		1,272		27		—			72,649	69.0%		71.8%		58.8		3
Osaka		409		174		196			62,563	88.5%		88.5%		38.9		4
Queretaro		108		9		391			16,111	100.0%		100.0%		8.0		3
Santiago		96		—		198			12,743	100.0%		77.9%		10.2		3
Rio De Janeiro		99		—		—			11,164	100.0%		100.0%		8.0		2
Fortaleza		94		—		—			9,798	100.0%		100.0%		6.2		1
Seattle		51		—		—			7,770	100.0%		100.0%		9.0		1
Bogota		—		—		197			—	—		—		—		2
Non-Managed Portfolio Total/Weighted Average	****	3,254	****	490	****	2,049			353,674	86.1%		87.1%		236.2		42

Portfolio Total/Weighted Average	****	38,804	****	9,243	****	3,742			3,941,687	83.5%		84.7%		2,351.7		314

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 25).
---	---
(3)	Space held for development includes space held for future Data Center development, and excludes space under active development (see page 28).
---	---
(4)	Annualized base rent represents the monthly contractual base rent (defined as cash base rent before abatements) under existing leases as of March 31, 2023, multiplied by 12.
---	---
(5)	Occupancy excludes space under active development and space held for development. For some of our buildings, we calculate occupancy based on factors in addition to contractually leased square feet, including available power, required support space and common areas.
---	---
(6)	White Space IT Load represents UPS-backed utility power dedicated to Digital Realty’s operated data center space.
---	---
(7)	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 and Square Feet in Thousands		First Quarter 2023


		Base Building Construction												Data Center Construction																	Total Active Development

	****	****	****	****	****	A		****	B		****	A + B		****	****	****	****	****	****	A		****	B		****	A + B						****	****	****	A		****	B		****	A + B
																													Average	Pre-tax
				Total		Current			Future			Total				Total				Current			Future			Total			Expected	Est.			Total		Current			Future			Total
		# of		Square		Investment			Funding			Expected		# of		Square				Investment			Funding			Expected		%	Completion	Stabilized	# of		Square		Investment			Funding			Expected
Metropolitan Area		Locations		Feet		(1)			Req. (2)			Investment (3)		Locations		Feet		kW		(1)			Req. (2)			Investment (3)		Leased	Period	Cash Yield (4)	Locations		Feet		(1)			Req. (2)			Investment (3)
Northern Virginia		4		867			$134,820			$113,523			248,343	4		516		56,000			$189,346			$421,782			611,128	71.4%	4Q23		5		1,383			$324,166			$535,305			$859,471
Dallas		2		164			13,345			85,913			99,258	2		164		16,000			23,023			312,545			335,568	100.0%	2Q24		2		327			36,368			398,458			434,826
Portland		1		277			88,882			4,877			93,759	1		208		24,000			169,146			78,518			247,664	100.0%	3Q23		1		485			258,028			83,395			341,423
Toronto		—		—			—			—			—	1		360		22,000			106,543			123,581			230,124	100.0%	4Q23		1		360			106,543			123,581			230,124
New York		—		—			—			—			—	3		159		10,800			52,308			124,316			176,624	66.7%	1Q24		3		159			52,308			124,316			176,624
Other		—		—			—			—			—	3		77		7,200			71,239			43,182			114,421	42.5%	2Q23-4Q24		3		77			71,239			43,182			114,421
North America	****	7	****	1,308			$237,047			$204,313			441,360	14	****	1,484	****	136,000			$611,604			$1,103,925			1,715,529	82.5%		8.4%	15	****	2,791			$848,652			$1,308,237			$2,156,889

Frankfurt		5		1,054			$203,937			$159,041			362,978	3		595		51,360			$276,374			$486,838			763,211	80.3%	3Q24		7		1,648			$480,311			$645,878			$1,126,189
Paris		1		62			21,079			18,046			39,125	5		712		69,300			294,842			642,805			937,647	24.1%	2Q24		5		774			315,921			660,851			976,772
Zurich		—		—			—			—			—	1		314		25,468			290,788			139,899			430,687	74.7%	4Q23		1		314			290,788			139,899			430,687
Brussels		—		—			—			—			—	2		175		15,050			119,225			83,070			202,294	53.2%	3Q23		2		175			119,225			83,070			202,294
Athens		—		—			—			—			—	2		159		13,600			55,929			106,760			162,689	36.7%	3Q23		2		159			55,929			106,760			162,689
Other		8		1,348			148,429			158,282			306,711	12		1,352		95,339			417,713			411,749			829,462	24.1%	2Q23-4Q24		13		2,700			566,142			570,031			1,136,173
EMEA	****	14	****	2,464			$373,446			$335,369			708,814	25	****	3,306	****	270,117			$1,454,869			$1,871,120			3,325,989	41.8%		11.0%	30	****	5,770			$1,828,315			$2,206,488			$4,034,803

Other		1		186			$36,381			$833			37,215	1		7		1,000			—			7,967			7,967	—	4Q23		2		192			$36,381			$8,800			$45,181
Asia Pacific	****	1	****	186			$36,381			$833			37,215	1	****	7	****	1,000			—			$7,967			7,967	—		17.3%	2	****	192			$36,381			$8,800			$45,181

Total	****	22	****	3,957			$646,874			$540,514			1,187,389	40	****	4,797		407,117			$2,066,474			$2,983,011			5,049,485	55.3%		10.1%	47	****	8,754			$2,713,348			$3,523,526			$6,236,874

All values are in US Dollars.

(1)	Represents costs incurred through March 31, 2023.
(2)	Represents estimated cost to complete specific scope of work pursuant to contract, budget or approved capital plan.
---	---
(3)	For Base Building Construction, represents the pro rata share of the acquisition and infrastructure costs related to the specific Base Building project. For Data Center Construction, represents the pro rata share of the acquisition and infrastructure costs, or Base Building Construction costs, applicable to the specific Data Center project, plus the total direct investment in the specific Data Center project.
---	---
(4)	Estimated yields are based on total expected investment amounts and anticipated net operating income from leases signed or other assumptions based on market conditions.
---	---

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 (except per square foot data) and Square Feet in Thousands		First Quarter 2023


	****			****			****			****			****			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	****		86.2			$194,564			—			194,564
Development Construction in Progress
Land - Current Development (1)			N/A			748.5			$1,082,078			—			1,082,078
Space Held for Development (1)			1,693			N/A			245,526			—			245,526		$145
Base Building Construction (2)			3,957			N/A			646,874			$540,514			1,187,389		300
Data Center Construction			4,797			N/A			2,066,474			2,983,011			5,049,485		1,053
Equipment Pool & Other Inventory (3)			N/A			N/A			43,672			—			43,672
Campus, Tenant Improvements & Other (4)			N/A			N/A			478,954			176,168			655,122
Total Development Construction in Progress	****		10,447	****		748.5			$4,563,578			$3,699,693			8,263,272

Enhancement & Other									$17,713			$13,361			31,074
Recurring									16,669			24,960			41,629
Total Construction in Progress		****				834.7			$4,792,524			$3,738,014			8,530,539

All values are in US Dollars.

(1)	Land and Space Held for Development reflect cumulative cost spent to date pending future development. Excludes square footage and cost incurred on unconsolidated joint ventures.
(2)	Base Building Construction consists of ongoing improvements to building infrastructure in preparation for future data center fit-out.
---	---
(3)	Represents long-lead time equipment and materials required for timely deployment and delivery of data center fit-out.
---	---
(4)	Represents improvements in progress as of March 31, 2023 which benefit space recently converted to our operating portfolio and is composed primarily of shared infrastructure projects and first-generation tenant improvements. Includes $320.5 million included in our Consolidated Balance Sheet related to fair value adjustments on Teraco portfolio projects that were partially constructed as of August 1, 2022.
---	---
(5)	We estimate the total net rentable square feet available for lease based on a number of factors in addition to contractually leased square feet, including available power, required support space and common areas. Excludes square footage of properties held in unconsolidated joint ventures.
---	---
(6)	Represents costs incurred through March 31, 2023. 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 and Square Feet in Thousands		First Quarter 2023


		Three Months Ended
	****	31-Mar-23		****	31-Dec-22		****	30-Sep-22		****	30-Jun-22		****	31-Mar-22

Non-Recurring Capital Expenditures (1)

Development			$644,910			$730,341			$583,198			$466,304			$430,947

Enhancements and Other Non-Recurring			2,796			2,023			1,571			3,310			5,387

Total Non-Recurring Capital Expenditures			$647,706			$732,364			$584,769			$469,614			$436,334

Recurring Capital Expenditures (2)			$40,465			$109,999			$66,200			$43,497			$46,770

Total Direct Capital Expenditures			$688,171			$842,363			$650,969			$513,111			$483,104

Indirect Capital Expenditures

Capitalized Interest			$26,771			$24,581			$17,304			$14,131			$14,751

Capitalized Overhead			23,735			22,632			21,583			21,051			20,879

Total Indirect Capital Expenditures			$50,506			$47,213			$38,887			$35,182			$35,630

Total Improvements to and Advances for Investment in Real Estate			$738,677			$889,576			$689,856			$548,293			$518,734

Consolidated Portfolio Net Rentable Square Feet (3)		****	33,511		****	32,905		****	32,170		****	32,396		****	31,551

(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 and Square Feet in Thousands		First Quarter 2023


		Land Inventory^(1)^									Space Held for Development

	****		****		****	Land -		****	Land -			****	Total	****
		# of				Held for			Current		# of		Square		Current
Metropolitan Area		Locations		Acres		Development			Development		Locations		Feet		Investment^(2)^
Atlanta		—		—			—			—	1		314			$25,720
Boston		—		—			—			—	1		51			23,623
Chicago		1		1.4			—			27,508	6		326			41,795
Dallas		2		60.4			—			44,014	3		77			10,126
Houston		—		—			—			—	1		14			2,726
New York		1		21.5			—			45,432	5		144			17,050
Northern Virginia		5		541.5			—			510,041	7		311			2,128
Silicon Valley		1		13.0			—			75,616	1		131			14,499
North America	****	10	****	637.8			—			702,611	25	****	1,367			$137,666

Amsterdam		1		4.4			—			48,256	2		92			$34,252
Barcelona		1		2.4			—			15,663	—		—			—
Crete		1		1.2			—			2,168	—		—			—
Dublin		2		5.0			—			16,933	—		—			—
Frankfurt		2		26.6			—			203,715	—		—			—
London		1		6.7			$15,847			—	3		96			29,009
Madrid		1		1.8			19,042			—	—		—			—
Marseille		—		—			—			—	1		38			—
Maputo		1		1.2			—			2,884	—		—			—
Mombasa		1		1.0			900			—	1		12			1,992
Nairobi		2		4.4			1,517			1,517	—		—			—
Paris		2		47.8			—			27,367	—		—			—
Rome		1		55.1			—			23,880	—		—			—
Zagreb		1		6.5			8,491			—	—		—			—
Zurich		1		2.6			—			29,642	—		—			—
EMEA	****	18	****	166.9			$45,796			372,024	7	****	239			$65,254

Melbourne		1		4.1			$4,029			—	—		—			—
Osaka		1		2.5			—			7,443	—		—			—
Seoul		1		4.9			75,520			—	—		—			—
Sydney		1		18.5			69,219			—	1		88			$42,606
Asia Pacific	****	4	****	30.0			$148,768			7,443	1	****	88			$42,606

Consolidated Portfolio	****	32	****	834.7			$194,564			1,082,078	33	****	1,693			$245,526

All values are in US Dollars.

(1)	Represents locations acquired to support ground-up development.
(2)	Represents costs incurred through March 31, 2023. 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 / Dispositions/ Joint Ventures	Financial Supplement
Dollars and Square Feet in Thousands		First Quarter 2023

Closed Acquisitions:


	****		****		****		****		****	****	Net	****		****		****
											Rentable		Square Feet		Square Feet		% of Total Net
		Acquisition		Metropolitan		Date		Purchase	Cap		Square		Under		Held For		Rentable Square
Property		Type		Area		Acquired		Price (1)	Rate (2)		Feet (3)		Development		Development		Feet Occupied (4)
MC Digital Realty Land Parcel ^(5)^		Land		Osaka, Japan		3/13/2023		7,138	—		—		—		—		—
Cape Town 1 / Great Westerford ^(6)^		Land & Building Shell		Cape Town, South Africa		3/7/2023		Undisclosed	—		—		—		—		—
Total		—		—		—		7,138	—		—		—		—		—

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)
43915 Devin Shafron Dr (Bldg A)	Building		Northern Virginia		3/3/2023		Undisclosed		—		—		—		—		—
Total	—		—		—		—		—		—		—		—		—

Closed Joint Venture Contributions:


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

(1)	Represents the purchase price before contractual purchase price 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, tenant bankruptcies, property tax reassessments and unanticipated expenses at the data centers that we cannot pass on to tenants.
---	---
(3)	We estimate the total net rentable square feet available for lease based on a number of factors in addition to contractually leased square feet, including available power, required support space and common area.
---	---
(4)	Occupancy excludes space under active development and space held for development.
---	---
(5)	Represents USD to JPY exchange rate as of 3/31/23 of 132.86. Digital Realty's share of the purchase price is $3.6 million.
---	---
(6)	Teraco acquired a freehold interest of the Cape Town 1 site, a land and building shell, which they had previously leased.
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Table of Contents

Unconsolidated Joint Ventures	Financial Supplement
Dollars in Thousands		First Quarter 2023


Summary Balance Sheet -	As of March 31, 2023
at the JV's 100% Share		Ascenty	Mitsubishi	Digital Core REIT	Lumen (1)	Mapletree	Other (2)	Total

Undepreciated book value of operating real estate		1,483,071	1,370,802	1,365,892	184,121	783,594	465,509	$5,652,988
Accumulated depreciation & amortization		(317,601)	(119,366)	(47,231)	(61,845)	(143,698)	(23,248)	(712,989)
Net Book Value of Operating Real Estate		1,165,471	1,251,436	1,318,661	122,276	639,895	442,261	$4,939,999
Cash		74,505	311,738	18,898	17,758	34,354	25,646	482,899
Other assets		1,295,692	171,133	238,009	8,470	170,582	114,492	1,998,379
Total Assets		2,535,668	1,734,306	1,575,568	148,504	844,832	582,399	$7,421,277

Debt		1,034,128	695,495	502,866	—	—	91,003	2,323,492
Other liabilities		254,142	152,879	46,598	9,801	22,930	101,089	587,438
Equity / (deficit)		1,247,398	885,932	1,026,104	138,703	821,902	390,307	4,510,347
Total Liabilities and Equity		2,535,668	1,734,306	1,575,568	148,504	844,832	582,399	$7,421,277

Digital Realty's ownership percentage		49% (3)	50%	42% (4)	50%	20%	Various

Digital Realty's Pro Rata Share of Unconsolidated JV Debt		527,405	347,747	210,943	—	—	37,264	$1,123,360

All values are in US Dollars.


Summary Statement of Operations -	Three Months Ended March 31, 2023
at the JV's 100% Share		Ascenty	Mitsubishi	Digital Core REIT	Lumen (1)	Mapletree	Other (2)	Total

Total revenues		69,708	60,370	28,578	6,269	31,416	10,262	$206,602
Operating expenses		(27,600)	(33,757)	(9,320)	(2,132)	(14,406)	(7,108)	(94,323)
Net Operating Income (NOI)		42,108	26,613	19,258	4,137	17,010	3,154	$112,279

Straight-line rent		—	(4,145)	(1,967)	196	(352)	(164)	(6,432)
Above and below market rent		—	—	(920)	—	178	—	(742)
Cash Net Operating Income (NOI)		42,108	22,468	16,371	4,333	16,836	2,990	$105,105

Interest expense		(19,980)	(733)	(5,409)	(0)	—	(2,639)	($28,761)
Depreciation & amortization		(31,282)	(12,570)	(16,165)	(2,094)	(16,939)	(1,213)	(80,265)
Other income / (expense)		(4,014)	(3,509)	(1,263)	(130)	(1,265)	76,522	66,341
FX remeasurement on USD debt		21,510	—	(1,877)	—	—	—	19,633
Total Non-Operating Expenses		(33,766)	(16,812)	(24,714)	(2,225)	(18,204)	72,670	($23,051)

Net Income / (Loss)		8,342	9,801	(5,456)	1,912	(1,194)	75,824	$89,228

Digital Realty's ownership percentage		49% (3)	50%	42% (4)	50%	20%	Various

Digital Realty's Pro Rata Share of Unconsolidated JV NOI		21,475	13,306	8,078	2,068	3,402	1,251	$49,581

Digital Realty's Pro Rata Share of Unconsolidated JV Cash NOI		21,475	11,234	6,867	2,166	3,367	1,233	$46,343

Digital Realty's Earnings (loss) income from unconsolidated joint ventures		4,239	4,901	(1,784)	956	(239)	6,826	$14,897

Digital Realty's Pro Rata Share of Core FFO ^(5)^		9,264	11,220	5,668	2,004	3,149	(778)	$30,525

Digital Realty's Fee Income from Joint Ventures		—	10	2,784	163	782	177	$3,915

All values are in US Dollars.

(1)	Formerly known as 33 Chun Choi Street.
(2)	Includes Medallion, Clise, Colovore, Menlo, Starwood, Walsh, and BAM Digital Realty joint ventures.
---	---
(3)	Equity in income pick-up comprised of 49% owned by Digital Realty and 2% owned by management, with a corresponding offset for the 2% in minority interest.
---	---
(4)	As of March 31, 2023, Digital Realty owns approximately 35% of Digital Core REIT and separately owns a 10% retained interest in the underlying North American operating properties, and a 75% retained interest in the underlying German operating property.
---	---
(5)	For a definition of Core FFO, see page 32.
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Table of Contents

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


	Three Months Ended
Reconciliation of Earnings Before Interest, Taxes, Depreciation & Amortization (EBITDA) ^(1)^		31-Mar-23	31-Dec-22	30-Sep-22	30-Jun-22	31-Mar-22

Net Income / (Loss) Available to Common Stockholders		$58,547	($6,093)	$226,894	$53,245	$63,101
Interest		102,220	86,882	76,502	69,023	66,725
Loss from early extinguishment of debt		—	—	—	—	51,135
Income tax expense (benefit)		21,454	(17,676)	19,576	16,406	13,244
Depreciation & amortization		421,198	430,130	388,704	376,967	382,132
EBITDA		$603,419	$493,244	$711,676	$515,642	$576,337
Unconsolidated JV real estate related depreciation & amortization		33,719	33,927	30,831	29,023	29,319
Unconsolidated JV interest expense and tax expense		18,556	53,481	11,948	6,708	21,111
Severance, equity acceleration, and legal expenses		4,155	15,980	1,655	3,786	2,077
Transaction and integration expenses		12,267	17,350	25,862	13,586	11,968
(Gain) / loss on sale of investments		—	6	(173,990)	—	(2,770)
Impairment of investments in real estate		—	3,000	—	—	—
Other non-core adjustments, net		(14,604)	15,127	(94)	31,633	(48,858)
Non-controlling interests		111	(3,326)	1,716	436	3,629
Preferred stock dividends, including undeclared dividends		10,181	10,181	10,181	10,181	10,181
(Gain on) / Issuance costs associated with redeemed preferred stock		—	—	—	—	—
Adjusted EBITDA		$667,804	$638,969	$619,786	$610,994	$602,994

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


	Three Months Ended
Financial Ratios		31-Mar-23	31-Dec-22	30-Sep-22	30-Jun-22	31-Mar-22

Total GAAP interest expense		102,220	86,882	76,502	69,023	$66,725
Capitalized interest		26,771	24,581	17,304	14,131	14,751
Change in accrued interest and other non-cash amounts		38,137	(67,909)	31,860	(43,952)	52,324
Cash Interest Expense ^(2)^		167,128	43,554	125,666	39,202	$133,800

Preferred dividends		10,181	10,181	10,181	10,181	10,181
Total Fixed Charges ^(3)^		139,172	121,645	103,987	93,335	$91,657


Coverage
Interest coverage ratio ^(4)^		4.7x	5.3x	6.1x	6.6x	6.1x
Cash interest coverage ratio ^(5)^		3.7x	11.9x	4.6x	12.6x	4.0x
Fixed charge coverage ratio ^(6)^		4.4x	4.9x	5.5x	6.0x	5.5x
Cash fixed charge coverage ratio ^(7)^		3.5x	10.0x	4.3x	10.4x	3.7x

Leverage
Debt to total enterprise value ^(8)(9)^		37.3%	35.2%	34.5%	27.1%	25.5%
Debt plus preferred stock to total enterprise value ^(9)(10)^		38.9%	36.8%	36.2%	28.5%	26.8%
Pre-tax income to interest expense ^(11)^		1.7x	1.0x	4.1x	1.9x	2.2x
Net Debt to Adjusted EBITDA ^(12)^		7.1x	6.9x	6.7x	6.2x	6.3x

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 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.
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Table of Contents

Management Statements on Non-GAAP Measures	<br><br>	Financial Supplement
Unaudited			First Quarter 2023

Definitions

Funds From Operations (FFO) :

We calculate funds from operations, or FFO, in accordance with the standards established by the National Association of Real Estate Investment Trusts, or Nareit, in the Nareit Funds From Operations White Paper - 2018 Restatement. FFO represents net income (loss) (computed in accordance with GAAP), excluding 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. 32

Table of Contents

Management Statements on Non-GAAP Measures	<br><br>	Financial Supplement
Unaudited			First Quarter 2023

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

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

Additional Definitions

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

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

Fixed charge coverage ratio is Adjusted EBITDA divided by the sum of GAAP interest expense, capitalized interest, scheduled debt principal payments and preferred dividends. For the quarter ended March 31, 2023, GAAP interest expense was $102 million, capitalized interest was $27 million and scheduled debt principal payments and preferred dividends was $10 million.


Reconciliation of Net Operating Income (NOI)		Three Months Ended
(in thousands)	****	31-Mar-23		****	31-Dec-22		****	31-Mar-22
		****			****			****
Operating income			$177,335			$120,981			$141,236

Fee income			(7,868)			(7,508)			(5,757)
Other income			(887)			(168)			(15)
Depreciation and amortization			421,198			430,130			382,132
General and administrative			107,766			104,452			96,435
Severance, equity acceleration, and legal expenses			4,155			15,980			2,077
Transaction expenses			12,267			17,350			11,968
Other expenses			—			3,615			7,657

Net Operating Income			$713,965			$687,831			$635,734


Cash Net Operating Income (Cash NOI)

Net Operating Income			$713,965			$687,831			$635,734

Straight-line rental revenue			(16,327)			(32,226)			(6,530)
Straight-line rental expense			(510)			(680)			3,646
Above- and below-market rent amortization			(1,226)			(762)			335

Cash Net Operating Income			$695,902			$654,164			$633,185



Constant Currency CFFO Reconciliation		Three Months Ended
(in thousands)	****	31-Mar-23		****			****	31-Mar-22
		****			****			****
Core FFO ^(1)^			$493,500						$484,490
Core FFO impact of holding '22 Exchange Rates Constant ^(2)^			9,413						—

Constant Currency Core FFO			$502,913						$484,490
Weighted-average shares and units outstanding - diluted			297,382						290,662
Constant Currency CFFO Per Share			$1.69						$1.67

1)	As reconciled to net income above.
2)	Adjustment calculated by holding currency translation rates for 2023 constant with average currency translation rates that were applicable to the same periods in 2022.
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Table of Contents

Forward-Looking Statements	<br><br>	Financial Supplement
			First Quarter 2023

This document contains forward-looking statements within the meaning of the federal securities laws, which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. Such forward-looking statements include statements relating to: our economic outlook, our expected investment and expansion activity, anticipated continued demand for our products and service, our liquidity, our joint ventures, supply and demand for data center and colocation space, our acquisition and disposition activity, pricing and net effective leasing economics, market dynamics and data center fundamentals, our strategic priorities, our product offerings, available inventory, rent from leases that have been signed but have not yet commenced and other contracted rent to be received in future periods, rental rates on future leases, lag between signing and commencement, cap rates and yields, investment activity, the company’s FFO, Core FFO, constant currency Core FFO, adjusted FFO, and net income, 2023 outlook and underlying assumptions, information related to trends, our strategy and plans, leasing expectations, weighted average lease terms, the exercise of lease extensions, lease expirations, debt maturities, annualized rent at expiration of leases, the effect new leases and increases in rental rates will have on our rental revenue, our credit ratings, construction and development activity and plans, projected construction costs, estimated yields on investment, expected occupancy, expected square footage and IT load capacity upon completion of development projects, backlog NOI, NAV components, and other forward-looking financial data. Such statements are based on management’s beliefs and assumptions made based on information currently available to management. Such statements are subject to risks, uncertainties and assumptions and are not guarantees of future performance and may be affected by known and unknown risks, trends, uncertainties and factors that are beyond our control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. Some of the risks and uncertainties that may cause our actual results, performance or achievements to differ materially from those expressed or implied by forward-looking statements include, among others, the following:

●	reduced demand for data centers or decreases in information technology spending;
●	increased competition or available supply of data center space;
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●	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;
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●	our ability to attract and retain customers;
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●	breaches of our obligations or restrictions under our contracts with our customers;
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●	our inability to successfully develop and lease new properties and development space, and delays or unexpected costs in development of properties;
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●	the impact of current global and local economic, credit and market conditions;
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●	our inability to retain data center space that we lease or sublease from third parties;
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●	global supply chain or procurement disruptions, or increased supply chain costs;
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●	information security and data privacy breaches;
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●	difficulty managing an international business and acquiring or operating properties in foreign jurisdictions and unfamiliar metropolitan areas;
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●	our failure to realize the intended benefits from, or disruptions to our plans and operations or unknown or contingent liabilities related to, our recent acquisitions;
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●	our failure to successfully integrate and operate acquired or developed properties or businesses;
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●	difficulties in identifying properties to acquire and completing acquisitions;
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●	risks related to joint venture investments, including as a result of our lack of control of such investments;
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●	risks associated with using debt to fund our business activities, including re-financing and interest rate risks, our failure to repay debt when due, adverse changes in our credit ratings or our breach of covenants or other terms contained in our loan facilities and agreements;
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●	our failure to obtain necessary debt and equity financing, and our dependence on external sources of capital;
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●	financial market fluctuations and changes in foreign currency exchange rates;
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●	adverse economic or real estate developments in our industry or the industry sectors that we sell to, including risks relating to decreasing real estate valuations and impairment charges and goodwill and other intangible asset impairment charges;
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●	our inability to manage our growth effectively;
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●	losses in excess of our insurance coverage;
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●	our inability to attract and retain talent;
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●	impact on our operations and on the operations of our customers, suppliers and business partners during a pandemic, such as COVID-19;
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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;
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●	changes in local, state, federal and international laws and regulations, including related to taxation, real estate and zoning laws, and increases in real property tax rates; and
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●	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, 2022 and other filings with the U.S. Securities and Exchange Commission. Those risks continue to be relevant to our performance and financial condition. Moreover, we operate in a 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. 34

Exhibit 99.2

Global. Connected. Sustainable.<br>1Q23 FINANCIAL<br>RESULTS<br>April 27, 2023<br>The meeting place for companies,<br>technologies and data
5,000<br>Customers<br>214,000+<br>Cross connects<br>50+<br>Metros<br>310+<br>Data Centers<br>A Global Platform Supporting Our<br>Customers’ Data Center<br>Requirements<br>Capacity<br>Host what you need,<br>how you need<br>Coverage<br>Deploy where you need<br>Connectivity<br>Connect how you need<br>to whom you need<br>Control<br>Implement and operate<br>the way you need<br>Note: As of March 31, 2023. Includes Investments in unconsolidated entities.<br>1Q23 Financial Results 2
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Connected Data Communities<br>Strong 0<br>-1 MW + IX Bookings<br>122<br>new logos<br>$48 million<br>total 1Q bookings from 0-1 MW + record Interconnection<br>57%<br>of total 1Q bookings from 0-1 MW + Interconnection ~41%<br>of new signed leases contained<br>inflation<br>-linked increases<br>Auto<br>Manufacturer<br>Asset Manager<br>1Q23 Financial Results<br>3
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510+<br>MWs<br>DLR’s in-place IT capacity in the<br>world’s largest data center market (2)<br>in Northern Virginia, consistent with<br>prior quarter<br>94%<br>Occupancy<br>516k<br>Square Feet<br>DLR’s active development pipeline<br>(1)<br>Northern Virginia Update<br>Note: As of March 31, 2023.<br>1. Represents Digital Realty’s white space IT load within its consolidated Northern Virginia portfolio.<br>2. Source: Cushman & Wakefield’s 2022 Global Data Center Market Comparison report.<br>1Q23 Financial Results 4
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Leader in the Light<br>NAREIT Leader in the Light for<br>sixth consecutive year<br>116 MW<br>New renewables announced in<br>Germany<br>Environmental Social Governance<br>Top 10<br>In the U.S. EPA Green Power<br>Partnership<br>Demonstrated senior leadership<br>and employee commitment to<br>Diversity, Equity & Inclusion;<br>established five employee<br>resource groups; signed CEO<br>Action Pledge for Diversity<br>and Inclusion<br>12 philanthropic organizations<br>supported as part of ‘Giving<br>Tuesday’ campaign<br>Newsweek’s America’s Most<br>Responsible Companies of 2023<br>Established proxy access for<br>shareholders<br>Enhanced Board diversity with the<br>addition of three new Directors<br>2019<br>2018<br>2021<br>Formalized oversight of ESG by<br>the Nominating & Corporate<br>Governance Committee;<br>Signatory to the UN Global<br>Compact<br>2020<br>Appointed Mary Hogan Preusse as<br>Chairman of the Board, which<br>aligns with Digital Realty’s<br>commitment to strong governance<br>2022<br>Sustainability Focus and Performance<br>Delivering Sustainable Growth for All Stakeholders<br>1Q23 Financial Results 5<br>Top Rated<br>ESG Companies for 2023<br>Top 100 ranking on JUST Capital<br>America’s Most JUST Companies<br>2023<br>Removed previous ownership<br>requirements for shareholders to<br>amend bylaws
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1Q23<br>Financial<br>Results<br>1Q23 Financial Results 6
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Note: Totals may not add up due to rounding. Digital Realty revised its reporting categories in 2Q 2020. For prior periods, "0-1 MW" includes Colocation, ">1 MW" includes Turn-Key Flex, "Other" includes Power<br>Base Building and Non-Technical. “Interconnection” is unchanged.<br>1. Other includes Powered Base Building® shell capacity as well as storage and office space within fully improved data center facilities..<br>1Q23 BOOKINGS<br>HISTORICAL BOOKINGS<br>ANNUALIZED GAAP BASE RENT Digital $ in millions<br>Transformation<br>Driving Steady<br>Demand<br>Global Full-Product<br>Spectrum Provides<br>Broadest Solutions<br>0-1 MW<br>$33.8 mm<br>INTERCONNECTION<br>$14.1 mm<br>>1 MW<br>$34.8 mm<br>OTHER(1)<br>$0.6 mm<br>TOTAL BOOKINGS<br>$83.3 mm<br>2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023<br>1Q23 Financial Results 7<br>• Record Interconnection<br>Bookings in 1Q<br>• Strong 0-1 MW<br>Bookings<br>$0<br>$50<br>$100<br>$150
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Note: Totals may not add up due to rounding.<br>1. Amounts shown represent GAAP annualized base rent from leases signed.<br>2. Amounts shown represent GAAP annualized base rent from leases signed, but not yet commenced, based on estimated future commencement date at time of signing. Actual commencement<br>dates may vary.<br>Robust Backlog<br>Strong 1Q<br>Commencements<br>BACKLOG ROLL-FORWARD (1)<br>$ in millions<br>Digital Realty Backlog Unconsolidated Joint Venture Backlog<br>COMMENCEMENT TIMING (2)<br>$ in millions<br>• Robust Backlog of<br>$434 Million<br>• $112 Million of<br>Commencements<br>• $201 Million to<br>Commence in the<br>Remainder of 2023<br>1Q23 Financial Results 8<br>2023 2024 2025+ 1Q23 Backlog<br>$176M<br>$146M<br>$47M<br>$369M<br>$201M<br>$132M<br>$434M<br>4Q22 Backlog Signed Commenced 1Q23 Backlog<br>$434M<br>$420M<br>$477M<br>$69M $112M<br>$59M<br>$106M<br>$434M<br>$374M
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Improving Pricing<br>Environment<br>Strong Re-Leasing Spreads<br>1Q23 RE-LEASING SPREADS<br>0-1 MW > 1 MW OTHER (1) TOTAL<br>Signed renewal leases<br>representing<br>$118 million<br>of annualized CASH<br>rental revenue<br>Signed renewal leases<br>representing<br>$30 million<br>of annualized CASH<br>rental revenue<br>Signed renewal<br>leases representing<br>$2 million<br>of annualized CASH<br>rental revenue<br>Signed renewal<br>leases representing<br>$150 million<br>of annualized CASH<br>rental revenue<br>RENTAL RATE CHANGE RENTAL RATE CHANGE RENTAL RATE CHANGE RENTAL RATE CHANGE<br>5.1%<br>4.4%<br>GAAP<br>Note: Totals may not add up due to rounding. Rental rate change represents the beginning rental rate on leases renewed, relative to the ending rental rate at expiration, weighted by net rentable<br>square feet.<br>1. Other includes Powered Base Building® shell capacity as well as storage and office space within fully improved data center facilities.<br>• 4.5% Cash Re-Leasing<br>Spreads with Balanced<br>Contributions<br>• Continued Strength<br>Within 0-1 MW<br>Segment<br>4.6%<br>CASH<br>GAAP<br>CASH<br>11.8%<br>2.8%<br>CASH<br>5.9%<br>GAAP<br>4.5%<br>CASH<br>6.4%<br>GAAP<br>1Q23 Financial Results 9
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Constant-Currency Analysis<br>Improving Fundamentals<br>18.8%<br>21.9%<br>Revenue Growth<br>Note: Same-Capital Cash NOI and Constant Currency Same-Capital Cash NOI are non-GAAP financial measure. For a definition of these measures and reconciliations to their nearest GAAP<br>equivalents, see the Appendix.<br>1. Data Center Revenue is total revenue less tenant reimbursements.<br>Y/Y Growth Rate, as Reported Y/Y Growth Rate, Constant Currency<br>• Further Acceleration in<br>Same-Capital Revenue<br>Growth in 1Q<br>• 5.2% CC Same-Capital<br>Cash NOI Growth<br>1Q23 Financial Results 10<br>Same-Capital Cash NOI<br>Growth<br>Same-Capital<br>Data Center Revenue<br>Growth (1)<br>6.6%<br>8.6%<br>3.4%<br>5.2%
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11<br>Same-Capital Cash Net Operating Income(1) Performance<br>Year-Over-Year % Change<br>-9%<br>-6%<br>-3%<br>0%<br>3%<br>6%<br>FY17 FY18 FY19 FY20 FY21 FY22 1Q23<br>1Q23 Actual:<br>3.4%<br>1. Same –Capital Net Operating Income is a non-GAAP financial measure. For a reconciliation of Stabilized Cash Net Operating Income to the nearest GAAP equivalent, see the Appendix.<br>2. FY2023 represents Same-Capital Cash Net Operating Income guidance from February 16, 2023 at the midpoint of 3.5%.<br>(2)<br>1Q23 Financial Results
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Revenue Exposure<br>by Currency<br>Currency Headwinds<br>Abating<br>USD EURO GBP ZAR BRL JPY AUD HKD<br>25% 6% 5% 3% 2% <1% <1%<br>SEK<br><1%<br>DKK<br><1%<br>CHF<br>1% <1% <1%<br>HRK KES<br>51%<br>51%<br><1% 6%<br>25%<br>5%<br>2%<br>1%<br>< 1%<br>< 1%<br>1%<br>< 1%<br>< 1%<br>3%<br>2023E<br>$6.70 / Sh<br>1.03%<br>SOFR<br>+/- 100<br>bps<br>0.13%<br>GBP<br>+/- 10%<br>1.74%<br>EUR<br>+/- 10%<br>CORE FFO/SHARE EXPOSURE (2)<br>EXPOSURE BY REVENUE (1)<br>Note: Totals may not add up due to rounding.<br>1. As of March 31, 2023. Includes Digital Realty’s share of revenue from unconsolidated joint ventures.<br>2. Core FFO is a non-GAAP financial measure. For a definition of Core FFO and reconciliation to its nearest GAAP equivalent, see the Appendix.<br>1Q23 Financial Results 12<br>2%<br>< 1%<br>• Y/Y Headwind, but Modest<br>Sequential Tailwind<br>April-23<br><1%<br>SGD<br>2% 1%<br>CAD MZN<br><1% <1%<br>KRW NGN<br><1%<br><1%<br><1%<br>1Q22 1Q23<br>85<br>90<br>95<br>100<br>105<br>110<br>115<br>Jan-22 Apr-22 Jul-22 Oct-22 Jan-23<br>U.S. DOLLAR INDEX
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Matching the Duration of Assets and Liabilities<br>Modest Near-Term Maturities, Well-Laddered Debt Schedule<br>DEBT MATURITY SCHEDULE AS OF March 31, 2023 (1)(2)<br>(U.S. $ in billions)<br>Note: As of March 31, 2023.<br>1. Includes Digital Realty’s pro rata share of unconsolidated joint venture loans and debt securities.<br>2. Assumes exercise of extension options.<br>3. Includes impact of cross-currency swaps.<br>5.0 YEARS<br>Weighted Avg.<br>Maturity (1)(2)<br>DEBT PROFILE<br>97%<br>Unsecured<br>Unsecured<br>Secured<br>82%<br>Non-USD<br>Euro<br>USD<br>GBP<br>Other<br>81%<br>Fixed<br>Fixed<br>Floating<br>2.8 %<br>Weighted Avg.<br>Coupon (1)(3)<br>1Q23 Financial Results<br>13<br>(3)<br>$0.1<br>$1.0<br>$1.7<br>$2.5<br>$4.4<br>$3.0<br>$1.6 $1.7 $1.6 $1.6<br>2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 +<br>Pro Rata Share of JV Debt Secured Mortgage Debt Unsecured Senior Notes - USD<br>Unsecured Senior Notes - GBP Unsecured Senior Notes - EUR Unsecured Senior Notes - CHF<br>Other Unsecured Debt Unsecured Green Senior Notes - CHF Unsecured Green Senior Notes - EUR<br>Euro Term Loan Unsecured Credit Facilities USD Term Loan<br>€ €<br>€<br>€<br>R<br>€<br>€<br>₣<br>¥<br>¥ $<br>₣<br>$<br>13
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Q&A<br>Global.<br>Connected.<br>Sustainable.<br>1Q23 Financial Results 14
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Successful 1Q23 Initiatives<br>1. Strengthening Customer Value Proposition<br>Record Interconnection and Strong 0-1MW bookings<br>2. Operating Results Inflect Upward<br>3. Diversifying and Bolstering Capital Sources<br>Funding Plan on Track<br>1Q23 Financial Results 15<br>Improving Same-Capital Growth, Positive Re-Leasing<br>Spreads, and Strong New Logos
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Appendix<br>1Q23 Financial Results 16
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Appendix<br>Management Statements on Non-GAAP Measures<br>The information included in this presentation contains certain non-GAAP financial measures that management believes are helpful in understanding our business, as further described below. Our definition and calculation of non-GAAP financial measures may differ from those of other REITs, and,<br>therefore, may not be comparable. The non-GAAP financial measures should not be considered alternatives to net income or any other GAAP measurement of performance and should not be considered an alternative to cash flows from operating, investing or financing activities as a measure of liquidity.<br>Funds From Operations (FFO):<br>We calculate funds from operations, or FFO, in accordance with the standards established by the National Association of Real Estate Investment Trusts, or NAREIT, in the NAREIT Funds From Operations White Paper - 2018 Restatement. FFO represents net income (loss) (computed in accordance with<br>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<br>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<br>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<br>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<br>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<br>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.<br>Core Funds from Operations (Core FFO):<br>We present core funds from operations, or Core FFO, as a supplemental operating measure because, in excluding certain items that do not reflect core revenue or expense streams, it provides a performance measure that, when compared year over year, captures trends in our core business operating<br>performance. We calculate Core FFO by adding to or subtracting from FFO (i) other non-core revenues adjustments, (ii) transaction and integration expenses, (iii) loss from early extinguishment of debt, (iv) gain on / issuance costs associated with redeemed preferred stock, (v) severance, equity<br>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.<br>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.<br>EBITDA and Adjusted EBITDA:<br>We believe that earnings before interest, loss from early extinguishment of debt, income taxes, and depreciation and amortization, or EBITDA, and Adjusted EBITDA (as defined below), are useful supplemental performance measures because they allow investors to view our performance without the<br>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<br>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<br>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<br>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,<br>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<br>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<br>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.<br>Net Operating Income (NOI) and Cash NOI:<br>Net operating income, or NOI, represents rental revenue, tenant reimbursement revenue and interconnection revenue less utilities expense, rental property operating expenses, property taxes and insurance expenses (as reflected in the statement of operations). NOI is commonly used by stockholders,<br>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<br>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<br>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<br>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.<br>Same–Capital Cash NOI:<br>Same-Capital Cash NOI represents buildings owned as of December 31, of the prior year with less than 5% of total rentable square feet under development. Excludes buildings that were undergoing, or were expected to undergo, development activities in 2022-2023, buildings classified as held for sale,<br>and buildings sold or contributed to joint ventures for all periods presented. Prior period numbers adjusted to reflect current same-capital pool.<br>Constant-Currency Same-Capital Cash NOI:<br>We Calculate Constant-Currency Same-Capital Cash NOI by adjusting the Same-Capital Cash NOI for foreign currency translations.<br>1Q23 Financial Results 17
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Appendix<br>Forward-Looking Statements<br>This information in this presentation contains forward-looking statements within the meaning of the federal securities laws, which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and<br>results to differ materially. Such forward-looking statements include statements relating to: our economic outlook; our expected investment and expansion activity; our joint ventures; the expected benefits and timing of PlatformDIGITAL®; the Data Gravity Index™; Data<br>Gravity Index DGx™; public cloud services spending; our sustainability initiatives; the expected effect of foreign currency translation adjustments on our financials; anticipated continued demand for our products and services; our liquidity; demand drivers and economic<br>growth outlook; business drivers; our expected development plans and completions, including timing, total square footage, IT capacity and raised floor space upon completion; expected availability for leasing efforts and colocation initiatives; organizational initiatives; our<br>product offerings; our connected data communities; joint venture opportunities; occupancy and total investment; our expected investment in our properties; our estimated time to stabilization and targeted returns at stabilization of our properties; our expected future<br>acquisitions; acquisitions strategy; available inventory and development strategy; the signing and commencement of leases, and related rental revenue; lag between signing and commencement of leases; our 2023 backlog; future rents; our expected same store<br>portfolio growth; our expected growth and stabilization of development completions and acquisitions; lease rollovers and expected rental rate changes; our re-leasing spreads; our expected yields on investments; our expectations with respect to capital investments at<br>lease expiration on existing data center or colocation space; debt maturities; lease maturities; our other expected future financial and other results, and the assumptions underlying such results; our customers’ capital investments; our plans and intentions; future data<br>center utilization, utilization rates, growth rates, trends, supply and demand; datacenter expansion plans; estimated kW/MW requirements; capital expenditures; the effect new leases and increases in rental rates will have on our rental revenues and results of<br>operations; estimates of the value of our development portfolio; our ability to meet our liquidity needs, including the ability to raise additional capital; market forecasts; projected financial information and covenant metrics; Core FFO run rate and NOI growth; other<br>forward looking financial data; leasing expectations; our exposure to tenants in certain industries; our expectations and underlying assumptions regarding our sensitivity to fluctuations in foreign exchange rates; and the sufficiency of our capital to fund future<br>requirements. You can identify forward-looking statements by the use of forward-looking terminology such as “believes,” “expects,” “may,” “will,” “should,” “seeks,” “approximately,” “intends,” “plans,” “pro forma,” “estimates” or “anticipates” or the negative of these words<br>and phrases or similar words or phrases which are predictions of or indicate future events or trends and discussions which do not relate solely to historical matters. Such statements are based on management’s beliefs and assumptions made based on information<br>currently available to management. Such statements are subject to risks, uncertainties and assumptions and are not guarantees of future performance and may be affected by known and unknown risks, trends, uncertainties and factors that are beyond our control.<br>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,<br>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<br>supply of data center space; decreased rental rates, increased operating costs or increased vacancy rates; the impact on our or our customers’, suppliers’ or business partners’ operations during a pandemic, such as COVID-19; changes in political conditions,<br>geopolitical turmoil, political instability, civil disturbances, restrictive governmental actions or nationalization in the countries in which we operate; the suitability of our data centers and data center infrastructure, delays or disruptions in connectivity or availability of power,<br>or failures or breaches of our physical and information security infrastructure or services; our dependence upon significant customers, bankruptcy or insolvency of a major customer or a significant number of smaller customers, or defaults on or non-renewal of leases by<br>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<br>global and local economic, credit and market conditions, including impacts of inflation; global supply chain or procurement disruptions, or increased supply chain costs; our inability to retain data center space that we lease or sublease from third parties; information<br>security and data privacy breaches; difficulties managing an international business and acquiring or operating properties in foreign jurisdictions and unfamiliar metropolitan areas; our failure to realize the intended benefits from, or disruptions to our plans and operations<br>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<br>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<br>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<br>rates; adverse economic or real estate developments in our industry or the industry sectors that we sell to, including risks relating to decreasing real estate valuations and impairment charges and goodwill and other intangible asset impairment charges; our inability to<br>manage our growth effectively; losses in excess of our insurance coverage; our inability to attract and retain talent; environmental liabilities, risks related to natural disasters and our inability to achieve our sustainability goals; our inability to comply with rules and<br>regulations applicable to our company; Digital Realty Trust, Inc.’s failure to maintain its status as a REIT for federal income tax purposes; Digital Realty Trust, L.P.’s failure to qualify as a partnership for federal income tax purposes; restrictions on our ability to engage in<br>certain business activities; and changes in local, state, federal and international laws and regulations, including related to taxation, real estate and zoning laws.<br>The risks included here are not exhaustive, and additional factors could adversely affect our business and financial performance. We discussed a number of additional material risks in our annual report on Form 10-K for the year ended December 31, 2022, and other<br>filings with the Securities and Exchange Commission. Those risks continue to be relevant to our performance and financial condition. Moreover, we operate in a very competitive and rapidly changing environment. New risk factors emerge from time to time and it is<br>not possible for management to predict all such risk factors, nor can it assess the impact of all such risk factors on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any<br>forward-looking statements. We expressly disclaim any responsibility to update forward-looking statements, whether as a result of new information, future events or otherwise. Digital Realty, Digital Realty Trust, the Digital Realty logo, Interxion, Turn-Key Flex, Powered<br>Base Building, PlatformDIGITAL, Data Gravity Index, Data Gravity Index DGx and Connected Data Communities are registered trademarks and service marks of Digital Realty Trust, Inc. in the United States and/or other countries. All other names, trademarks and<br>service marks are the property of their respective owners.<br>1Q23 Financial Results 18
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Reconciliation of<br>Non-GAAP Items<br>To Their Closest GAAP<br>Equivalent<br>19<br>March 31, 2023 March 31, 2022<br>Net income available to common stockholders $ 58,547 $ 63,101<br>Adjustments:<br>Noncontrolling interests in operating partnership 1,500 1,600<br>Real estate related depreciation and amortization (1) 412,192 374,162<br>Depreciation related to non-controlling interests (13,388) -<br>Real estate related depreciation and amortization related to investment in<br> unconsolidated joint ventures 33,719 29,320<br>(Gain) on real estate transactions (7,825) (2,770)<br>FFO available to common stockholders and unitholders $ 484,745 $ 465,412<br>Basic FFO per share and unit $ 1.63 $ 1.60<br>Diluted FFO per share and unit $ 1.60 $ 1.60<br>Weighted average common stock and units outstanding<br>Basic 297,180 290,163<br>Diluted 309,026 290,662<br>(1) Real estate related depreciation and amortization was computed as follows:<br>Depreciation and amortization per income statement 421,198 382,132<br>Non-real estate depreciation (9,006) (7,970)<br>$ 412,192 $ 374,162<br>March 31, 2023 March 31, 2022<br>FFO available to common stockholders and unitholders -- basic and diluted $ 484,745 $ 465,412<br>Weighted average common stock and units outstanding 297,180 290,163<br>Add: Effect of dilutive securities 202 499<br>Weighted average common stock and units outstanding -- diluted 297,832 290,662<br>Three Months Ended<br>Digital Realty Trust, Inc. and Subsidiaries<br>Reconciliation of Net Income Available to Common Stockholders to Funds From Operations (FFO)<br>(in thousands, except per share and unit data)<br>(unaudited)<br>Three Months Ended March 31, 2023 March 31, 2022<br>Total operating revenues $ 1,338,724 $ 1,127,323<br>less:<br>Proforma disposition adjustment 3 5 (2,828)<br>plus:<br>Constant currency adjustment 9,413 -<br>Total operating revenues (as adjusted) $ 1,348,172 $ 1,124,495<br>Three Months Ended
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Reconciliation of<br>Non-GAAP Items<br>To Their Closest GAAP<br>Equivalent<br>1Q23 Financial Results 20<br>March 31, 2023 March 31, 2022<br>FFO available to common stockholders and unitholders -- diluted $ 484,745 $ 465,412<br>Other non-core revenue adjustments (887) 13,916<br>Transaction and integration expenses 12,267 11,968<br>Loss from early extinguishment of debt - 51,135<br>(Gain) / Loss on FX revaluation (6,778) (67,676)<br>Severance accrual and equity acceleration 4,155 2,077<br>Other non-core expense adjustments - 7,657<br>CFFO available to common stockholders and unitholders -- diluted $ 493,500 $ 484,490<br>CFFO impact of holding '22 Exchange Rates Constant 9,413 -<br>Constant Currency CFFO available to common stockholders and unitholders -- diluted $ 502,913 $ 484,490<br>Diluted CFFO per share and unit $ 1.66 $ 1.67<br>Diluted Constant Currency CFFO per share and unit $ 1.69 $ 1.67<br>Digital Realty Trust, Inc. and Subsidiaries<br>Reconciliation of Funds From Operations (FFO) to Core Funds From Operations (CFFO)<br>(in thousands, except per share and unit data)<br>(unaudited)<br>Three Months Ended
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Reconciliation of<br>Non-GAAP Items<br>To Their Closest GAAP<br>Equivalent<br>1Q23 Financial Results 21<br>March 31, 2023 March 31, 2022<br>Net income available to common stockholders $ 58,547 $ 63,101<br>Interest 102,220 66,725<br>Loss from early extinguishment of debt - 51,135<br>Income tax expense (benefit) 21,454 13,244<br>Depreciation and amortization 421,198 382,132<br>EBITDA 603,419 576,337<br>Unconsolidated JV real estate related depreciation & amortization 33,719 29,320<br>Unconsolidated JV interest expense and tax expense 18,556 21,111<br>Severance accrual and equity acceleration 4,155 2,077<br>Transaction and integration expenses 12,267 11,968<br>(Gain) / loss on sale of investments - (2,770)<br>Other non-core adjustments, net (14,604) (48,858)<br>Noncontrolling interests 111 3,629<br>Preferred stock dividends, including undeclared dividends 10,181 10,181<br>(Gain) on redemption of preferred stock - -<br>Adjusted EBITDA $ 667,804 $ 602,994<br>Digital Realty Trust, Inc. and Subsidiaries<br>Reconciliation of Net Income Available to Common Stockholders to Earnings Before Interest,<br>(in thousands)<br>(unaudited)<br>Three Months Ended<br>Taxes, Depreciation and Amortization (EBITDA) and Adjusted EBITDA
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Reconciliation of<br>Non-GAAP Items<br>To Their Closest GAAP<br>Equivalent<br>1Q23 Financial Results 22<br>March 31, 2023 March 31, 2022<br>Rental revenues $ 684,585 $ 639,728<br>Tenant reimbursements - Utilities 262,406 190,406<br>Tenant reimbursements - Other 31,471 42,707<br>Interconnection and other 83,850 81,007<br>Total Revenue 1,062,312 953,847<br>Utilities 281,877 205,404<br>Rental property operating 169,589 155,715<br>Property taxes 30,257 37,089<br>Insurance 4,038 3,556<br>Total Expenses 485,761 401,764<br>Net Operating Income $ 576,551 $ 552,083<br>Less:<br>Stabilized straight-line rent $ 998 $ (3,449)<br>Above and below market rent 1,704 694<br>Same Capital Cash Net Operating Income $ 573,848 $ 554,838<br>Same Capital Cash NOI impact of holding '22 Exchange Rates Constant 10,014 -<br>Constant Currency Same Capital Cash Net Operating Income $ 583,862 $ 554,838<br>Three Months Ended<br>Digital Realty Trust, Inc. and Subsidiaries<br>Reconciliation of Same Capital Cash Net Operating Income<br>(in thousands)<br>(unaudited)
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1Q23 Financial Results 23<br>Reconciliation of<br>Non-GAAP Items<br>To Their Closest GAAP<br>Equivalent<br>December 31, 2022 December 31, 2021 December 31, 2021 December 31, 2020 December 31, 2020 December 31, 2019<br>Operating income $589,969 $694,010 $694,010 $557,530 $557,530 $594,216<br> Fee income (24,506) (13,442) (13,442) (15,215) (15,215) (11,654)<br> Other income (4,645) (19,401) (19,401) (1,849) (1,849) (1,231)<br> Depreciation and amortization 1,577,933 1,486,631 1,486,631 1,366,380 1,366,380 1,163,774<br> General and administrative 398,669 393,311 393,311 344,929 344,929 207,696<br> Severance, equity acceleration, and legal<br>expenses<br> 23,498 7,343 7,343 6,440 6,440 3,400<br> Transaction expenses 68,766 47,426 47,426 106,661 106,661 27,925<br> Impairment in investments in real estate 3,000 18,291 18,291 6,482 6,482 5,351<br> Other expenses 12,438 2,550 2,550 1,074 1,074 14,118<br>Net Operating Income $2,645,122 $2,616,719 $2,616,719 $2,372,432 $2,372,432 $2,003,595<br> Straight-line rental revenue (70,394) (64,108) (64,108) (48,770) (48,770) (48,595)<br> Straight-line rental expense 2,857 27,050 27,050 16,223 16,223 1,075<br> Above- and below-market rent amortization (696) 6,069 6,069 12,686 12,686 17,097<br>Cash Net Operating Income $2,576,887 $2,585,731 $2,585,731 $2,352,571 $2,352,571 $1,973,173<br>Same Capital Cash Net Operating Income 1,964,711 2,085,024 1,381,815 1,445,712 1,544,921 1,574,854<br>Non Same Capital Cash Net Operating Income 612,176 500,707 1,203,916 906,859 807,650 398,319<br>Twelve Months Ended Twelve Months Ended Twelve Months Ended
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1Q23 Financial Results 24<br>Reconciliation of<br>Non-GAAP Items<br>To Their Closest GAAP<br>Equivalent<br>December 31, 2019 December 31, 2018 December 31, 2018 December 31, 2017 December 31, 2017 December 31, 2016<br>$594,216 $549,787 $549,787 $451,295 $451,295 $497,286<br> (11,654) (7,841) (7,841) (6,372) (6,372) (6,285)<br> (1,231) (1,924) (1,924) (1,031) (1,031) (33,197)<br> 1,163,774 1,186,896 1,186,896 842,464 842,464 699,324<br> 207,696 160,363 160,363 156,711 156,711 146,526<br> 3,400 3,304 3,304 4,730 4,730 6,207<br> 27,925 45,327 45,327 76,048 76,048 20,491<br> 5,351 — — 28,992 28,992 —<br> 14,118 2,818 2,818 3,077 3,077 213<br>$2,003,595 $1,938,730 $1,938,730 $1,555,914 $1,555,914 $1,330,565<br> (50,273) (40,423) (40,423) (16,564) (16,564) (24,254)<br> 1,075 9,878 9,878 12,075 12,075 22,341<br> 17,097 26,533 26,533 1,840 1,840 (8,313)<br>$1,971,495 $1,934,718 $1,934,718 $1,553,266 $1,553,266 $1,320,339<br> 1,540,650 1,604,864 1,076,981 1,073,225 923,556 895,059<br> 430,845 329,854 857,737 480,041 629,710 425,280<br>Twelve Months Ended Twelve Months Ended Twelve Months Ended<br>Operating income<br> Fee income<br> Other income<br> Depreciation and amortization<br> General and administrative<br> Severance, equity acceleration, and legal<br>expenses<br> Transaction expenses<br> Impairment in investments in real estate<br> Other expenses<br>Net Operating Income<br> Straight-line rental revenue<br> Straight-line rental expense<br> Above- and below-market rent amortization<br>Cash Net Operating Income<br>Same Capital Cash Net Operating Income<br>Non Same Capital Cash Net Operating Income
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Thank you
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