Financial Supplement
Table of Contents		Fourth Quarter 2019

Overview	PAGE
Corporate Information	3
Ownership Structure	5
Key Quarterly Financial Data	6
Consolidated Statements of Operations
Earnings Release	8
Consolidated Quarterly Statements of Operations	11
Funds From Operations and Core Funds From Operations	12
Adjusted Funds From Operations	13
Balance Sheet Information
Consolidated Balance Sheets	14
Components of Net Asset Value	15
Consolidated Debt Analysis and Global Unsecured Revolving Credit Facilities	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 - Commenced	21
Lease Expirations and Lease Distribution	22
Lease Expirations - By Product Type	23
Top 20 Customers by Annualized Rent	24
Portfolio Summary	25
Portfolio Overview by Product Type	26
Product Overview by Metropolitan Area	27
Occupancy Analysis	28
External Growth
Development Lifecycle - Committed Active Development	29
Development Lifecycle - In Service	30
Construction Projects in Progress	31
Historical Capital Expenditures and Investments in Real Estate	32
Development Lifecycle - Held for Development	33
Acquisitions / Dispositions / Joint Ventures	34
Unconsolidated Joint Ventures	35
Additional Information
Reconciliation of Earnings Before Interest, Taxes, Depreciation & Amortization and Financial Ratios	36
Management Statements on Non-GAAP Measures	38
Forward-Looking Statements	39

		Financial Supplement
Corporate Information		Fourth Quarter 2019

Corporate Profile

Digital Realty owns, acquires, develops and operates data centers. The company is focused on providing data center, colocation and interconnection solutions for domestic and international customers across a variety of industry verticals ranging from cloud and information technology services, communications and social networking to financial services, manufacturing, energy, healthcare, and consumer products. As of December 31, 2019, the company's 225 data centers, including 41 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 30.4 million square feet, excluding approximately 4.5 million square feet of space under active development and 1.8 million square feet of space held for future development, located throughout North America, Europe, Latin America, Asia and Australia. For additional information, please visit the company's website at www.digitalrealty.com.

Corporate Headquarters

Four Embarcadero Center, Suite 3200

San Francisco, California 94111

Telephone: (415) 738-6500

Website: www.digitalrealty.com

Senior Management

Chief Executive Officer: A. William Stein

Chief Financial Officer: Andrew P. Power

Chief Investment Officer: Gregory S. Wright

Chief Technology Officer: Christopher L. Sharp

Executive Vice President, Global Sales & Marketing: Corey J. Dyer

Executive Vice President, Operations: Erich J. Sanchack

Investor Relations

To request more information or to be added to our e-mail distribution list, please visit our website: www.digitalrealty.com

(Please proceed to the Investor Relations section)

Analyst Coverage

		Bank of America
Argus Research	BMO Capital Markets	Merrill Lynch	Barclays Capital	Berenberg
Jacob Kilstein	Ari Klein	Michael Funk	Ross Smotrich	Nate Crossett
(646) 747-5447	(212) 885-4103	(646) 855-5664	(212) 526-2306	(646) 949-9030
Citigroup	Cowen & Company	Credit Suisse	Green Street Advisors	Guggenheim Securities
Michael Rollins	Colby Synesael	Sami Badri	David Guarino	Robert Gutman
(212) 816-1116	(646) 562-1355	(212) 538-1727	(949) 640-8780	(212) 518-9148
J.P. Morgan	Jefferies	KeyBanc Capital	MoffettNathanson	Morgan Stanley
Richard Choe	Jonathan Petersen	Jordan Sadler	Nick Del Deo	Simon Flannery
(212) 662-6708	(212) 284-1705	(917) 368-2280	(212) 519-0025	(212) 761-6432
Morningstar	New Street Research	RBC Capital Markets	Raymond James	Robert W. Baird
Matthew Dolgin	Spencer Kurn	Jonathan Atkin	Frank Louthan	David Rodgers
(312) 696-6783	(212) 921-2067	(415) 633-8589	(404) 442-5867	(216) 737-7341
Stifel	SunTrust	UBS	Wells Fargo	William Blair
Erik Rasmussen	Gregory Miller	John Hodulik	Jennifer Fritzsche	James Breen
(212) 271-3461	(212) 303-4169	(212) 713-4226	(312) 920-3548	(617) 235-7513

This Earnings Press Release and Supplemental Information package supplements the information provided in our quarterly and annual reports filed with the Securities and Exchange Commission. Additional information about us and our data centers is also available on our website at www.digitalrealty.com.

3

		Financial Supplement
Corporate Information (Continued)		Fourth Quarter 2019

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 C Preferred Stock:	DLRPRC
Series G Preferred Stock:	DLRPRG
Series I Preferred Stock:	DLRPRI
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 & Poors
Corporate Credit Rating:	BBB	(Stable Outlook)
Preferred Stock:	BB+
Moody's
Issuer Rating:	Baa2	(Stable Outlook)
Preferred Stock:	Baa3
Fitch
Issuer Default Rating:	BBB	(Stable Outlook)
Preferred Stock:	BB+

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

Common Stock Price Performance

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

	Three Months Ended
	31-Dec-19			30-Sep-19			30-Jun-19			31-Mar-19			31-Dec-18
High price		$136.32			$130.10			$125.19			$120.93			$117.87
Low price		$112.32			$110.84			$111.90			$100.05			$100.57
Closing price, end of quarter		$119.74			$129.81			$117.79			$119.00			$106.55
Average daily trading volume	1,624,959			1,155,865			1,099,390			1,472,260			1,543,927
Indicated dividend per common share(1)		$4.32			$4.32			$4.32			$4.32			$4.04
Closing annual dividend yield, end of quarter	3.6		%	3.3		%	3.7		%	3.6		%	3.8		%
Shares and units outstanding, end of quarter(2)	217,743,913			217,727,225			217,694,587			217,687,598			217,006,540
Closing market value of shares and units outstanding (3)		$26,072,656			$28,263,171			$25,642,246			$25,904,824			$23,122,047

(1) On an annualized basis.

(2) As of December 31, 2019, the total number of shares and units includes 208,900,758 shares of common stock, 6,820,201 common units held by third parties and 2,022,954 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 C, series G, series I, series J, series K, and series L cumulative redeemable preferred stock upon certain change of control transactions. Also excludes 9,775,000 shares of common stock that may be issued upon full physical settlement of the September 2018 forward sales agreements.

(3) Dollars in thousands as of the end of the quarter.

This Earnings Press Release and Supplemental Information package supplements the information provided in our quarterly and annual reports filed with the Securities and Exchange Commission. Additional information about us and our data centers is also available on our website at www.digitalrealty.com.

4

Ownership Structure		Financial Supplement
As of December 31, 2019		Fourth Quarter 2019

Partner	# of Units (2)	% Ownership
Digital Realty Trust, Inc.	208,900,758	95.9	%
Third-Party Unitholders	6,820,201	3.1	%
Directors, Officers and Others (3)	2,022,954	1.0	%
Total	217,743,913	100.0	%

(1) Includes properties owned by joint ventures.

(2) The total number of units includes 208,900,758 general partnership common units, 6,820,201 common units held by third parties and 2,022,954 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 C, series G, series I, series J, series K, and series L cumulative redeemable preferred stock upon certain change of control transactions. Also excludes 9,775,000 shares of common stock that may be issued upon full physical settlement of the September 2018 forward sales agreements.

(3) Reflects limited partnership interests held by our directors, officers and others in the form of common units, and vested and unvested long-term incentive units.

5

Key Quarterly Financial Data		Financial Supplement
Unaudited and Dollars in Thousands, Except Per Share Data		Fourth Quarter 2019

Shares and Units at End of Quarter	31-Dec-19		30-Sep-19		30-Jun-19		31-Mar-19		31-Dec-18
Common shares outstanding	208,900,758		208,583,244		208,324,538		208,214,139		206,425,656
Common units outstanding	8,843,155		9,143,981		9,370,049		9,473,459		10,580,884
Total Shares and Partnership Units	217,743,913		217,727,225		217,694,587		217,687,598		217,006,540
Enterprise Value
Market value of common equity (1)	$26,072,656		$28,263,171		$25,642,246		$25,904,824		$23,122,047
Liquidation value of preferred equity	1,456,250		1,111,250		1,111,250		1,476,250		1,266,250
Total debt at balance sheet carrying value	10,122,448		10,924,035		10,842,578		10,279,656		11,101,479
Total Enterprise Value	$37,651,354		$40,298,456		$37,596,074		$37,660,730		$35,489,776
Total debt / total enterprise value	26.9	%	27.1	%	28.8	%	27.3	%	31.3	%
Selected Balance Sheet Data
Investments in real estate (before depreciation)	$20,053,853		$19,240,336		$20,141,190		$19,666,056		$19,014,993
Total Assets	23,068,131		23,172,765		23,430,091		23,342,067		23,766,695
Total Liabilities	12,418,566		12,942,820		12,939,027		12,341,890		12,892,653
Selected Operating Data
Total operating revenues	$787,463		$806,466		$800,797		$814,515		$778,267
Total operating expenses	648,530		641,699		651,825		672,972		655,420
Interest expense	80,880		84,574		86,051		101,552		84,883
Net income	349,326		67,574		61,324		120,997		52,597
Net income available to common stockholders	315,577		49,827		31,738		95,869		31,230
Financial Ratios
EBITDA (2)	$669,734		$431,311		$433,890		$526,059		$411,200
Adjusted EBITDA (3)	461,813		473,344		468,498		483,063		464,165
Net Debt to Adjusted EBITDA (4)	5.7x		6.1x		6.1x		5.5x		6.2x
GAAP interest expense	80,880		84,574		86,051		101,552		84,883
Fixed charges (5)	111,674		111,343		112,373		133,545		114,827
Interest coverage ratio (6)	5.1x		5.0x		4.9x		4.3x		4.9x
Fixed charge coverage ratio (7)	4.1x		4.3x		4.2x		3.6x		4.0x
Profitability Measures
Net income per common share - basic	$1.51		$0.24		$0.15		$0.46		$0.15
Net income per common share - diluted	$1.50		$0.24		$0.15		$0.46		$0.15
Funds from operations (FFO) / diluted share and unit (8)	$1.62		$1.59		$1.53		$1.92		$1.54
Core funds from operations (Core FFO) / diluted share and unit (8)	$1.62		$1.67		$1.64		$1.73		$1.68
Adjusted funds from operations (AFFO) / diluted share and unit (9)	$1.41		$1.48		$1.50		$1.53		$1.44
Dividends per share and common unit	$1.08		$1.08		$1.08		$1.08		$1.01
Diluted FFO payout ratio (8) (10)	66.8	%	67.7	%	70.7	%	56.4	%	65.6	%
Diluted Core FFO payout ratio (8) (11)	66.7	%	64.7	%	65.9	%	62.4	%	60.1	%
Diluted AFFO payout ratio (9) (12)	76.6	%	72.9	%	71.8	%	70.5	%	70.1	%
Portfolio Statistics
Data Centers (13)	213		211		220		215		214
Cross-connects (14)	81,000		80,400		79,700		79,000		78,000
Net rentable square feet, excluding development space (13)	29,031,962		28,802,763		29,871,498		29,551,498		29,134,633
Occupancy at end of quarter (15)	86.8	%	87.4	%	87.8	%	88.6	%	89.0	%
Occupied square footage	25,197,701		25,168,859		26,231,209		26,181,004		25,935,668
Space under active development (16)	4,471,083		3,592,750		3,296,821		3,227,275		3,350,848
Space held for development (17)	1,758,489		2,267,926		2,005,804		2,095,868		2,056,799
Weighted average remaining lease term (years) (18)	5.2		5.3		5.3		5.3		4.6
Same-capital occupancy at end of quarter (15) (19)	86.9	%	88.0	%	89.2	%	90.3	%	90.7	%

6

Key Quarterly Financial Data		Financial Supplement
Unaudited and Dollars in Thousands, Except Per Share Data		Fourth Quarter 2019

(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. Excludes shares of common stock potentially issuable upon conversion of our series C, series G, series H, series I, 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 37. For a reconciliation of net income available to common stockholders to EBITDA, see page 36.

(3) Adjusted EBITDA is EBITDA excluding unconsolidated joint venture real estate related depreciation & amortization, 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 37. For a reconciliation of net income available to common stockholders to Adjusted EBITDA, see page 36.

(4) Net Debt to Adjusted EBITDA is calculated as total debt at balance sheet carrying value (see page 6), plus capital lease obligations, plus our share of joint venture debt, less cash and cash equivalents, divided by the product of Adjusted EBITDA (inclusive of our share of joint venture EBITDA), multiplied by four.

(5) Fixed charges consist of GAAP interest expense, capitalized interest, scheduled debt principal payments and preferred dividends.

(6) Interest coverage ratio is Adjusted EBITDA divided by GAAP interest expense plus capitalized interest.

(7) Fixed charge coverage ratio is Adjusted EBITDA divided by fixed charges.

(8) For definitions and discussion of FFO and core FFO, see page 37. For reconciliations of net income available to common stockholders to FFO and core FFO, see page 12.

(9) For a definition and discussion of AFFO, see page 37. For a reconciliation of core FFO to AFFO, see page 13.

(10) Diluted FFO payout ratio is dividends declared per common share and unit divided by diluted FFO per share and unit.

(11) Diluted core FFO payout ratio is dividends declared per common share and unit divided by diluted core FFO per share and unit.

(12) Diluted AFFO payout ratio is dividends declared per common share and unit divided by diluted AFFO per share and unit.

(13) Includes buildings held as investments in unconsolidated joint ventures. Excludes buildings held-for-sale.

(14) Represents approximate amounts.

(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.

(16) Space under active development includes current Base Building and Data Centers projects in progress (see page 29). Excludes buildings held-for-sale.

(17) Space held for development includes space held for future Data Center development, and excludes space under active development (see page 33). Excludes buildings held-for-sale.

(18) Weighted average remaining lease term excludes renewal options and is weighted by net rentable square feet.

(19) Represents buildings owned as of December 31, 2017 with less than 5% of total rentable square feet under development. Excludes buildings that were undergoing, or were expected to undergo, development activities in 2018-2019, 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.

7

Digital Realty Trust
Earnings Release		Fourth Quarter 2019

DIGITAL REALTY REPORTS FOURTH QUARTER2019 RESULTS

San Francisco, CA — February 13, 2020 — Digital Realty (NYSE: DLR), a leading global provider of data center, colocation and interconnection solutions, announced today financial results for the fourth quarter of 2019. All per-share results are presented on a fully-diluted share and unit basis.

Highlights

• Reported net income available to common stockholders of $1.50 per share in 4Q19, compared to $0.15 in 4Q18

• Reported FFO per share of $1.62 in 4Q19, compared to $1.54 in 4Q18

• Reported core FFO per share of $1.62 in 4Q19, compared to $1.68 in 4Q18

• Signed total bookings during 4Q19 expected to generate $69 million of annualized GAAP rental revenue, including a $7 million contribution from interconnection

Financial Results

Digital Realty reported revenues for the fourth quarter of 2019 of $787 million, a 2%decrease from the previous quarter and a 1%increase from the same quarter last year.

The company delivered fourth quarter of 2019 net income of $349 million, and net income available to common stockholders of $316 million, or $1.50 per share, compared to $0.24 per share in the previous quarter and $0.15 per share in the same quarter last year.

Digital Realty generated fourth quarter of 2019 adjusted EBITDA of $462 million, a 2%decrease from the previous quarter and a 1%decrease from the same quarter last year (reflecting the January 1, 2019 adoption of FASB Accounting Standard Codification Topic 842, Leases).

The company reported fourth quarter of 2019 funds from operations of $354 million, or $1.62 per share, compared to $1.59 per share in the previous quarter and $1.54 per share in the same quarter last year.

Excluding certain items that do not represent core expenses or revenue streams, Digital Realty delivered fourth quarter of 2019 core FFO per share of $1.62, a 3%decrease from $1.67 per share in the previous quarter, and a 4%decrease from $1.68 per share in the same quarter last year.

Leasing Activity

“In the fourth quarter, we signed total bookings expected to generate $69 million of annualized GAAP rental revenue, including a $7 million contribution from interconnection,” said Chief Executive Officer A. William Stein. “We made significant progress towards a number of key strategic priorities. We continued to enhance our customer offerings with the launch of PlatformDIGITAL^TM, a first-of-its-kind global data center platform, and we continued to extend our global footprint with an agreement to combine with Interxion. We also executed on our private capital initiative with the closing of our joint venture with Mapletree, and we further strengthened the balance sheet with the issuance of low-cost debt and preferred equity capital. Looking ahead to 2020 and beyond, we are confident that Digital Realty's global, full-product platform will continue to deliver sustainable growth for all stakeholders.”

The weighted-average lag between leases signed during the fourth quarter of 2019 and the contractual commencement date was four months.

In addition to new leases signed, Digital Realty also signed renewal leases representing $117 million of annualized GAAP rental revenue during the quarter. Rental rates on renewal leases signed during the fourth quarter of 2019 rolled down 0.6% on a cash basis and up 4.2% on a GAAP basis.

8

Digital Realty Trust
Earnings Release		Fourth Quarter 2019

New leases signed during the fourth quarter of 2019 are summarized by region and product type as follows:

	Annualized GAAP
	Base Rent			GAAP Base Rent			GAAP Base Rent
The Americas	(in thousands)		Square Feet	per Square Foot		Megawatts	per Kilowatt
Turn-Key Flex		$34,353	282,393		$122	28.6		$100
Powered Base Building	582		27,460	21		—	—
Colocation	5,957		20,768	287		2.0	251
Non-Technical	455		14,694	31		—	—
Total		$41,347	345,315		$120	30.6		$110
Europe (1)
Turn-Key Flex		$4,607	19,687		$234	2.2		$174
Colocation	2,020		5,021	402		0.6	303
Non-Technical	61		1,846	33		—	—
Total		$6,688	26,554		$252	2.8		$200
Asia Pacific (1)
Turn-Key Flex		$13,679	91,326		$150	7.9		$145
Colocation	32		92	347		—	266
Non-Technical	466		8,930	52		—	—
Total		$14,177	100,348		$141	7.9		$145
Interconnection		$6,942	N/A	N/A		N/A	N/A
Grand Total		$69,154	472,217		$132	41.2		$123

Note: Totals may not foot due to rounding differences.

(1) Based on quarterly average exchange rates during the three months ended December 31, 2019.

Investment Activity

In November, Digital Realty closed on a joint venture with Mapletree Investments and Mapletree Industrial Trust on three existing Turn-Key Flex^® data centers located in Ashburn, Virginia. The transaction valued the three fully stabilized hyper-scale facilities at approximately $1.0 billion. The three facilities are fully leased and are expected to generate 2020 cash net operating income of approximately $61 million, representing a 6.0% cap rate. Digital Realty is retaining a 20% ownership interest in the joint venture, and Mapletree has closed on the acquisition of the remaining 80% stake for approximately $811 million. Digital Realty will continue to operate and manage these facilities, and the joint venture transaction will be completely seamless from a customer perspective.

Subsequent to quarter-end, Digital Realty closed on the sale of a portfolio of 10 Powered Base Building^® properties to Mapletree Investments and Mapletree Industrial Trust for approximately $557 million, subject to customary closing costs and transaction fees. These 10 properties are fully leased and are expected to generate 2020 cash net operating income of approximately $37 million, representing a 6.6% cap rate. Digital Realty will provide transitional property management services for the Powered Base Building® portfolio for one year from the closing date at a customary market rate.

Balance Sheet

Digital Realty had approximately $10.1 billion of total debt outstanding as of December 31, 2019, comprised of $10.0 billion of unsecured debt and approximately $0.1 billion of secured debt. At the end of the fourth quarter of 2019, net debt-to-adjusted EBITDA was 5.7x, debt-plus-preferred-to-total enterprise value was 30.8% and fixed charge coverage was 4.1x. Pro forma for settlement of the $1.1 billion forward equity offering and the $557 million of proceeds from the Mapletree portfolio sale, net debt-to-adjusted EBITDA was 5.0x and fixed charge coverage was 4.6x.

In early October, Digital Realty closed an offering of 13,800,000 shares of 5.20% Series L Cumulative Redeemable Preferred Stock (including 1,800,000 shares from the exercise of the underwriters' over-allotment option in full) at a price of $25.00 per share, generating gross proceeds of approximately $345 million. Likewise in early October, Digital Realty closed a €500 million (approximately $550 million) Euro-denominated offering of 8.5-year senior unsecured notes due 2028 at 1.125%.

Subsequent to quarter-end, Digital Realty closed an offering of €1.7 billion of Euro-denominated notes with a weighted-average maturity of approximately seven years and a weighted-average coupon of approximately 1.0%. The company intends to use a portion of the net proceeds from these notes for refinancing the outstanding debt of InterXion Holding N.V. or its subsidiaries and the payment of certain transaction fees and expenses incurred in connection with its combination with InterXion. If the InterXion combination is not consummated on or prior to January 27, 2021, Digital Realty will be required to redeem €1.4 billion of the notes at a redemption price equal to 101% of the principal amount of such notes, plus accrued and unpaid interest, if any, up to, but not including, the redemption date.

9

Digital Realty Trust
Earnings Release		Fourth Quarter 2019

Non-GAAP Financial Measures

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

Investor Conference Call

Prior to Digital Realty’s investor conference call at 5:30 p.m. EST / 2:30 p.m. PST on February 13, 2020, a presentation will be posted to the Investors section of the company’s website at https://investor.digitalrealty.com. The presentation is designed to accompany the discussion of the company's fourth quarter2019 financial results and operating performance. The conference call will feature Chief Executive Officer A. William Stein and Senior Vice President of Finance, Matt Mercier.

To participate in the live call, investors are invited to dial (888) 317-6003 (for domestic callers) or (412) 317-6061 (for international callers) and reference the conference ID# 8863535 at least five minutes prior to start time. A live webcast of the call will be available via the Investors section of Digital Realty’s website at https://investor.digitalrealty.com.

Telephone and webcast replays will be available after the call until March 13, 2020. The telephone replay can be accessed by dialing (877) 344-7529 (for domestic callers) or (412) 317-0088 (for international callers) and providing the conference ID# 10138356. The webcast replay can be accessed on Digital Realty’s website.

About Digital Realty

Digital Realty supports the data center, colocation and interconnection strategies of customers across the Americas, EMEA and APAC, ranging from cloud and information technology services, communications and social networking to financial services, manufacturing, energy, healthcare and consumer products. To learn more about Digital Realty, please visit digitalrealty.com or follow us on LinkedIn, Twitter, Facebook, Instagram and YouTube.

Contact Information

Andrew P. Power

Chief Financial Officer

Digital Realty

(415) 738-6500

John J. Stewart

Investor Relations

Digital Realty

(415) 738-6500

10

Consolidated Quarterly Statements of Operations		Financial Supplement
Unaudited and in Thousands, Except Share and Per Share Data		Fourth Quarter 2019

	Three Months Ended															Twelve Months Ended
	31-Dec-19			30-Sep-19			30-Jun-19			31-Mar-19			31-Dec-18			31-Dec-19			31-Dec-18
Rental revenues		$549,733			$564,975			$565,925			$585,425			$555,816			$2,266,058			$2,162,370
Tenant reimbursements - Utilities	107,518			114,719			106,409			102,569			102,641			431,215			407,123
Tenant reimbursements - Other	59,641			57,466			62,820			55,868			53,090			235,795			217,514
Interconnection & other	65,576			65,312			64,232			68,168			63,803			263,288			249,706
Fee income	4,814			3,994			925			1,921			2,896			11,654			7,841
Other	181			—			486			564			21			1,231			1,924
Total Operating Revenues	$787,463			$806,466			$800,797			$814,515			$778,267			$3,209,241			$3,046,478
Utilities		$125,127			$132,565			$123,398			$124,334			$122,108			$505,424			$477,047
Rental property operating	129,034			126,866			128,634			130,620			133,024			515,154			480,018
Property taxes	42,541			38,255			41,482			37,315			32,098			159,593			129,516
Insurance	3,055			3,103			3,441			2,991			2,412			12,590			11,402
Depreciation & amortization	275,008			286,718			290,562			311,486			299,362			1,163,774			1,186,896
General & administration	53,540			49,862			52,318			51,976			38,801			207,696			160,364
Severance, equity acceleration, and legal expenses	1,130			123			665			1,483			602			3,401			3,303
Transaction and integration expenses	17,106			4,115			4,210			2,494			25,917			27,925			45,327
Impairment of investments in real estate	—			—			—			5,351			—			5,351			—
Other expenses	1,989			92			7,115			4,922			1,096			14,118			2,818
Total Operating Expenses	$648,530			$641,699			$651,825			$672,972			$655,420			$2,615,026			$2,496,691
Operating Income	$138,933			$164,767			$148,972			$141,543			$122,847			$594,215			$549,787
Equity in earnings of unconsolidated joint ventures		$11,157			($19,269	)		$6,962			$9,217			$9,245			$8,067			$32,979
Gain on sale / deconsolidation	267,651			—			—			67,497			7			335,148			80,049
Interest and other income	10,734			16,842			16,980			21,444			1,106			66,000			3,481
Interest (expense)	(80,880		)	(84,574		)	(86,051		)	(101,552		)	(84,883		)	(353,057		)	(321,529		)
Tax benefit (expense)	1,731			(4,826		)	(4,634		)	(4,266		)	5,843			(11,995		)	(2,084		)
Loss from early extinguishment of debt	—			(5,366		)	(20,905		)	(12,886		)	(1,568		)	(39,157		)	(1,568		)
Net Income	$349,326			$67,574			$61,324			$120,997			$52,597			$599,221			$341,115
Net (income) attributable to noncontrolling interests	(13,042		)	(1,077		)	(1,156		)	(4,185		)	(1,038		)	(19,460		)	(9,869		)
Net Income Attributable to Digital Realty Trust, Inc.	$336,284			$66,497			$60,168			$116,812			$51,559			$579,761			$331,246
Preferred stock dividends, including undeclared dividends	(20,707		)	(16,670		)	(16,670		)	(20,943		)	(20,329		)	(74,990		)	(81,316		)
Issuance costs associated with redeemed preferred stock	—			—			(11,760		)	—			—			(11,760		)	—
Net Income Available to Common Stockholders	$315,577			$49,827			$31,738			$95,869			$31,230			$493,011			$249,930
Weighted-average shares outstanding - basic	208,776,355			208,421,470			208,284,407			207,809,383			206,345,138			208,325,823			206,035,408
Weighted-average shares outstanding - diluted	210,286,278			209,801,771			209,435,572			208,526,249			207,113,100			209,481,231			206,673,471
Weighted-average fully diluted shares and units	218,901,078			218,755,597			218,497,318			217,756,161			215,417,085			218,440,163			214,950,934
Net income per share - basic	$1.51			$0.24			$0.15			$0.46			$0.15			$2.37			$1.21
Net income per share - diluted	$1.50			$0.24			$0.15			$0.46			$0.15			$2.35			$1.21

11

Funds From Operations and Core Funds From Operations		Financial Supplement
Unaudited and in Thousands, Except Per Share Data		Fourth Quarter 2019

Reconciliation of Net Income to Funds From Operations (FFO)	Three Months Ended												Twelve Months Ended
	31-Dec-19			30-Sep-19		30-Jun-19		31-Mar-19		31-Dec-18			31-Dec-19			31-Dec-18
Net Income Available to Common Stockholders		$315,577			$49,827		$31,738		$95,869		$31,230			$493,011			$249,930
Adjustments:
Non-controlling interests in operating partnership	13,100			2,300		1,400		4,300		1,300			21,100			10,180
Real estate related depreciation & amortization (1)	271,371			283,090		286,915		307,864		295,724			1,149,240			1,173,917
Unconsolidated JV real estate related depreciation & amortization	21,631			13,612		13,623		3,851		3,615			52,716			14,587
(Gain) on real estate transactions	(267,651		)	—		—		—		(7		)	(267,651		)	(80,049		)
Impairment of investments in real estate	—			—		—		5,351		—			5,351			—
Funds From Operations		$354,028			$348,829		$333,676		$417,235		$331,862			$1,453,767			$1,368,565
Funds From Operations - diluted		$354,028			$348,829		$333,676		$417,235		$331,862			$1,453,767			$1,368,565
Weighted-average shares and units outstanding - basic	217,391			217,375		217,346		217,039		214,649			217,285			214,313
Weighted-average shares and units outstanding - diluted (2)	218,901			218,756		218,497		217,756		215,417			218,440			214,951
Funds From Operations per share - basic	$1.63			$1.60		$1.54		$1.92		$1.55			$6.69			$6.39
Funds From Operations per share - diluted (2)	$1.62			$1.59		$1.53		$1.92		$1.54			$6.66			$6.37

	Three Months Ended															Twelve Months Ended
Reconciliation of FFO to Core FFO	31-Dec-19			30-Sep-19			30-Jun-19			31-Mar-19			31-Dec-18			31-Dec-19			31-Dec-18
Funds From Operations - diluted		$354,028			$348,829			$333,676			$417,235			$331,862			$1,453,767			$1,368,565
Adjustments:
Termination fees and other non-core revenues (3)	(5,634		)	(16,792		)	(16,826		)	(14,445		)	(21		)	(53,697		)	(5,060)
Transaction and integration expenses	17,106			4,115			4,210			2,494			25,917			27,925			45,327
Loss from early extinguishment of debt	—			5,366			20,905			12,886			1,568			39,157			1,568
Issuance costs associated with redeemed preferred stock	—			—			11,760			—			—			11,760			—
Severance, equity acceleration, and legal expenses (4)	1,130			123			665			1,483			602			3,401			3,303
(Gain) / Loss on FX revaluation	(10,422		)	23,136			(4,251		)	9,604			—			18,067			—
(Gain) on contribution to unconsolidated joint venture, net of related tax	—			—			—			(58,497		)	—			(58,497		)	—
Other non-core expense adjustments	(1,511		)	92			7,115			4,922			1,471			10,618			4,323
Core Funds From Operations - diluted		$354,697			$364,869			$357,254			$375,682			$361,399			$1,452,501			$1,418,026
Weighted-average shares and units outstanding - diluted (2)	218,901			218,756			218,497			217,756			215,417			218,440			214,951
Core Funds From Operations per share - diluted (2)	$1.62			$1.67			$1.64			$1.73			$1.68			$6.65			$6.60

(1) Real Estate Related Depreciation & Amortization:	Three Months Ended															Twelve Months Ended
	31-Dec-19			30-Sep-19			30-Jun-19			31-Mar-19			31-Dec-18			31-Dec-19			31-Dec-18
Depreciation & amortization per income statement		$275,008			$286,718			$290,562			$311,486			$299,362			$1,163,774			$1,186,896
Non-real estate depreciation	(3,637		)	(3,628		)	(3,647		)	(3,622		)	(3,638		)	(14,534		)	(12,979		)
Real Estate Related Depreciation & Amortization		$271,371			$283,090			$286,915			$307,864			$295,724			$1,149,240			$1,173,917

(2) For all periods presented, we have excluded the effect of dilutive series C, series G, series H, series I, series J, series K, and series L preferred stock, as applicable, that may be converted into common stock upon the occurrence of specified change in control transactions as described in the articles supplementary governing the series C, series G, series H, series I, 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 of the reconciliation of core FFO to AFFO for calculations of weighted average common stock and units outstanding.

(3) Includes lease termination fees and certain other adjustments that are not core to our business.

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

12

Adjusted Funds From Operations (AFFO)		Financial Supplement
Unaudited and in Thousands, Except Per Share Data		Fourth Quarter 2019

	Three Months Ended															Twelve Months Ended
Reconciliation of Core FFO to AFFO	31-Dec-19			30-Sep-19			30-Jun-19			31-Mar-19			31-Dec-18			31-Dec-19			31-Dec-18
Core FFO available to common stockholders and unitholders		$354,697			$364,869			$357,254			$375,682			$361,399			$1,452,501			$1,418,026
Adjustments:
Non-real estate depreciation	3,637			3,628			3,647			3,622			3,638			14,534			12,979
Amortization of deferred financing costs	3,064			2,900			2,905			4,493			3,128			13,362			12,207
Amortization of debt discount/premium	612			466			515			760			971			2,353			3,630
Non-cash stock-based compensation expense	8,937			8,906			9,468			7,592			5,609			34,903			25,349
Straight-line rental revenue	(13,994		)	(12,764		)	(13,033		)	(15,979		)	(11,157		)	(55,770		)	(40,422		)
Straight-line rental expense	(342		)	(209		)	318			1,235			2,052			1,002			9,750
Above- and below-market rent amortization	4,109			2,824			3,954			6,210			6,521			17,097			26,533
Deferred tax expense	(998		)	(1,418		)	(979		)	(15,397		)	(8,835		)	(18,792		)	(11,970		)
Leasing compensation & internal leasing commissions (1)	3,646			3,254			4,025			3,581			(5,160		)	14,506			(21,007		)
Recurring capital expenditures (2)	(54,731		)	(48,408		)	(39,515		)	(38,059		)	(47,951		)	(180,713		)	(132,226		)
AFFO available to common stockholders and unitholders (3)		$308,637			$324,048			$328,559			$333,740			$310,215			$1,294,983			$1,302,849
Weighted-average shares and units outstanding - basic	217,391			217,375			217,346			217,039			214,649			217,285			214,313
Weighted-average shares and units outstanding - diluted (4)	218,901			218,756			218,497			217,756			215,417			218,440			214,951
AFFO per share - diluted (4)		$1.41			$1.48			$1.50			$1.53			$1.44			$5.93			$6.06
Dividends per share and common unit		$1.08			$1.08			$1.08			$1.08			$1.01			$4.32			$4.04
Diluted AFFO Payout Ratio	76.6		%	72.9		%	71.8		%	70.5		%	70.1		%	72.9		%	66.7		%

	Three Months Ended					Twelve Months Ended
Share Count Detail	31-Dec-19	30-Sep-19	30-Jun-19	31-Mar-19	31-Dec-18	31-Dec-19	31-Dec-18
Weighted Average Common Stock and Units Outstanding	217,391	217,375	217,346	217,039	214,649	217,285	214,313
Add: Effect of dilutive securities	1,510	1,381	1,151	717	768	1,155	638
Weighted Avg. Common Stock and Units Outstanding - diluted	218,901	218,756	218,497	217,756	215,417	218,440	214,951

(1) The company adopted ASC 842 in the first quarter of 2019.

(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 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.

(4) For all periods presented, we have excluded the effect of dilutive series C, series G, series H, series I, series J, series K, and series L preferred stock, as applicable, that may be converted into common stock upon the occurrence of specified change in control transactions as described in the articles supplementary governing the series C, series G, series H, series I, 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.

13

Consolidated Balance Sheets		Financial Supplement
Unaudited and in Thousands, Except Share and Per Share Data		Fourth Quarter 2019

	30-Dec-19			30-Sep-19			30-Jun-19			31-Mar-19			31-Dec-18
Assets
Investments in real estate:
Real estate		$16,886,592			$16,407,080			$17,324,416			$16,988,322			$17,055,017
Construction in progress	1,732,555			1,647,130			1,685,056			1,584,327			1,621,927
Land held for future development	147,597			150,265			152,368			163,081			162,941
Investments in real estate		$18,766,744			$18,204,475			$19,161,840			$18,735,730			$18,839,885
Accumulated depreciation and amortization	(4,536,169		)	(4,298,629		)	(4,312,357		)	(4,124,002		)	(3,935,267		)
Net Investments in Properties		$14,230,575			$13,905,846			$14,849,483			$14,611,728			$14,904,618
Investment in unconsolidated joint ventures	1,287,109			1,035,861			979,350			930,326			175,108
Net Investments in Real Estate		$15,517,684			$14,941,707			$15,828,833			$15,542,054			$15,079,726
Cash and cash equivalents		$89,817			$7,190			$33,536			$123,879			$126,700
Accounts and other receivables (1)	305,501			304,712			320,938			328,009			299,621
Deferred rent	478,744			471,516			491,486			479,640			463,248
Acquired in-place lease value, deferred leasing costs and other real estate intangibles, net	2,195,324			2,245,017			2,499,564			2,580,624			3,144,395
Acquired above-market leases, net	74,815			84,315			94,474			106,044			119,759
Goodwill	3,363,070			3,338,168			3,353,538			3,358,463			4,348,007
Assets associated with real estate held for sale	229,934			967,527			—			—			—
Operating lease right-of-use assets (2)	628,681			634,085			648,952			660,586			—
Other assets	184,561			178,528			158,770			162,768			185,239
Total Assets		$23,068,131			$23,172,765			$23,430,091			$23,342,067			$23,766,695
Liabilities and Equity
Global unsecured revolving credit facilities		$234,105			$1,833,512			$1,417,675			$842,975			$1,647,735
Unsecured term loans	810,219			796,232			807,922			807,726			1,178,904
Unsecured senior notes, net of discount	8,973,190			8,189,138			8,511,656			8,523,462			7,589,126
Secured debt, net of premiums	104,934			105,153			105,325			105,493			685,714
Operating lease liabilities (2)	693,539			699,381			714,256			725,470			—
Accounts payable and other accrued liabilities	1,007,761			938,740			984,812			922,571			1,164,509
Accrued dividends and distributions	234,620			—			—			—			217,241
Acquired below-market leases	148,774			153,422			183,832			192,667			200,113
Security deposits and prepaid rent	208,724			203,708			213,549			221,526			209,311
Liabilities associated with assets held for sale	2,700			23,534			—			—			—
Total Liabilities		$12,418,566			$12,942,820			$12,939,027			$12,341,890			$12,892,653
Redeemable non-controlling interests - operating partnership	41,465			19,090			17,344			17,678			15,832
Equity
Preferred Stock: $0.01 par value per share, 110,000,000 shares authorized:
Series C Cumulative Redeemable Perpetual Preferred Stock (3)		$219,250			$219,250			$219,250			$219,250			$219,250
Series G Cumulative Redeemable Preferred Stock (4)	241,468			241,468			241,468			241,468			241,468
Series H Cumulative Redeemable Preferred Stock (5)	—			—			—			353,290			353,290
Series I Cumulative Redeemable Preferred Stock (6)	242,012			242,012			242,012			242,012			242,012
Series J Cumulative Redeemable Preferred Stock (7)	193,540			193,540			193,540			193,540			193,540
Series K Cumulative Redeemable Preferred Stock (8)	203,264			203,264			203,264			203,423			—
Series L Cumulative Redeemable Preferred Stock (9)	334,886			—			—			—			—
Common Stock: $0.01 par value per share, 315,000,000 shares authorized (10)	2,073			2,069			2,067			2,066			2,051
Additional paid-in capital	11,577,320			11,540,980			11,511,519			11,492,766			11,355,751
Dividends in excess of earnings	(3,046,579		)	(3,136,668		)	(2,961,307		)	(2,767,708		)	(2,633,071		)
Accumulated other comprehensive (loss), net	(87,922		)	(68,625		)	(89,588		)	(91,699		)	(115,647		)
Total Stockholders' Equity		$9,879,312			$9,437,290			$9,562,225			$10,088,408			$9,858,644
Noncontrolling Interests
Noncontrolling interest in operating partnership		$708,163			$732,314			$756,050			$772,931			$906,510
Noncontrolling interest in consolidated joint ventures	20,625			41,251			155,445			121,160			93,056
Total Noncontrolling Interests		$728,788			$773,565			$911,495			$894,091			$999,566
Total Equity		$10,608,100			$10,210,855			$10,473,720			$10,982,499			$10,858,210
Total Liabilities and Equity		$23,068,131			$23,172,765			$23,430,091			$23,342,067			$23,766,695

(1) Net of allowance for doubtful accounts of $13,753 and $11,554, as of December 31, 2019 and December 31, 2018, respectively.

(2) Adoption of the new lease accounting standard required that we adjust the consolidated balance sheet to include the recognition of additional right-of-use assets and lease liabilities for operating leases. See our quarterly report on Form 10-Q filed on May 10, 2019 for additional information.

(3) Series C Cumulative Redeemable Perpetual Preferred Stock, 6.625%, $201,250 and $201,250 liquidation preference, respectively ($25.00 per share), 8,050,000 and 8,050,000 shares issued and outstanding as of December 31, 2019 and December 31, 2018, respectively.

(4) Series G Cumulative Redeemable Preferred Stock, 5.875%, $250,000 and $250,000 liquidation preference, respectively ($25.00 per share), 10,000,000 and 10,000,000 shares issued and outstanding as of December 31, 2019 and December 31, 2018, respectively.

(5) Series H Cumulative Redeemable Preferred Stock, 7.375%, $0 and $365,000 liquidation preference, respectively ($25.00 per share), 0 and 14,600,000 shares issued and outstanding as of December 31, 2019 and December 31, 2018, respectively. Redeemed on April 1, 2019.

(6) Series I Cumulative Redeemable Preferred Stock, 6.350%, $250,000 and $250,000 liquidation preference, respectively ($25.00 per share), 10,000,000 and 10,000,000 shares issued and outstanding as of December 31, 2019 and December 31, 2018, respectively.

(7) Series J Cumulative Redeemable Preferred Stock, 5.250%, $200,000 and $200,000 liquidation preference, respectively ($25.00 per share), 8,000,000 and 8,000,000 shares issued and outstanding as of December 31, 2019 and December 31, 2018, respectively.

(8) Series K Cumulative Redeemable Preferred Stock, 5.850%, $210,000 and $0 liquidation preference, respectively ($25.00 per share), 8,400,000 and 0 shares issued and outstanding as of December 31, 2019 and December 31, 2018, respectively.

(9) Series L Cumulative Redeemable Preferred Stock, 5.200%, $345,000 and $0 liquidation preference, respectively ($25.00 per share), 13,800,000 and 0 shares issued and outstanding as of December 31, 2019 and December 31, 2018, respectively.

(10) Common Stock: 208,900,758 and 206,425,656 shares issued and outstanding as of December 31, 2019 and December 31, 2018, respectively.

14

Components of Net Asset Value (NAV) (1)		Financial Supplement
Unaudited and in Thousands		Fourth Quarter 2019

Consolidated Data Centers Cash Net Operating Income (NOI) (2), Annualized (3)
Internet Gateway (4)		$362,395
Turn-Key Flex® (4)	1,141,279
Powered Base Building® (4)	199,103
Colo & Non-tech (4)	114,789
Internet Gateway Leaseholds (4)	94,510
Total Cash NOI, Annualized		$1,912,076
less: Partners' share of consolidated JVs	57
Acquisitions / dispositions / expirations	(37,952		)
4Q19 carry-over & remaining FY20 backlog cash NOI (stabilized) (5)	57,411
Total Consolidated Cash NOI, Annualized		$1,931,592
Digital Realty's Pro Rata Share of Unconsolidated JV Cash NOI (3)(6)
Turn-Key Flex®		$116,920
Powered Base Building®	9,508
Total Unconsolidated Cash NOI, Annualized		$126,428
Other Income
Development and Management Fees (net), Annualized		$19,256
Other Assets
Pre-stabilized inventory, at cost (7)		$477,560
Land held for development	147,597
Development CIP (8)	1,732,555
less: Investment associated with FY20 Backlog NOI	(177,142		)
Cash and cash equivalents	89,817
Accounts and other receivables, net	305,501
Other assets	184,561
less: Partners' share of consolidated JV assets	(1,342		)
Total Other Assets		$2,759,107
Liabilities
Global unsecured revolving credit facilities		$245,766
Unsecured term loans	813,205
Unsecured senior notes	9,041,373
Secured debt, excluding premiums	105,089
Accounts payable and other accrued liabilities (9)	1,007,761
Accrued dividends and distributions	234,620
Security deposits and prepaid rents	208,724
Liabilities associated with assets held for sale	2,700
Backlog NOI cost to complete (10)	228,418
Preferred stock, at liquidation value	1,456,250
Digital Realty's share of unconsolidated JV debt	591,177
Total Liabilities		$13,935,083
Diluted Shares and Units Outstanding	219,254

(1) Includes Digital Realty's share of backlog leasing at unconsolidated joint venture buildings. Excludes MCDR and Ascenty joint venture.

(2) For definitions and discussion of NOI and cash NOI and a reconciliation of operating income to NOI and cash NOI, see page 38.

(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.

(4) Reflects annualized 4Q19 Cash NOI of $1,912.1 million. NOI is allocated based on management’s best estimates derived using contractual ABR and stabilized margins.

(5) Estimated cash NOI related to signed leasing expected to commence through December 31, 2019. Includes Digital Realty's share of signed leases at unconsolidated joint venture buildings. Excludes MCDR and Ascenty joint venture.

(6) For a reconciliation of Digital Realty's pro rata share of unconsolidated joint venture operating income to cash NOI, see page 35.

(7) Includes Digital Realty's share of cost at unconsolidated joint venture buildings. Excludes MCDR and Ascenty joint venture.

(8) See page 31 for further details on the breakdown of the construction in progress balance.

(9) Includes net deferred tax liability of approximately $143.4 million.

(10) Includes Digital Realty's share of expected cost to complete at unconsolidated joint venture buildings. Excludes MCDR and Ascenty joint venture.

15

Consolidated Debt Analysis and Global Unsecured Revolving Credit Facilities		Financial Supplement
Unaudited and in Thousands		Fourth Quarter 2019

	As of December 31, 2019
	Maturity Date	Principal Balance			% of Total Debt		Interest Rate		Interest Rate Including Swaps
Global Unsecured Revolving Credit Facilities (1)
Global unsecured revolving credit facility - Unhedged	January 24, 2024		$99,315				1.748	%
Yen revolving credit facility	January 24, 2024	146,451					0.500	%
Deferred financing costs, net		(11,661		)
Total Global Unsecured Revolving Credit Facilities			$234,105		2	%	1.004	%	1.003	%
Unsecured Term Loans (1)
Hedged variable rate portion of seven-year term loan	January 15, 2023		$300,000				2.740	%	2.435	%
Unhedged variable rate portion of five-year term loan	January 24, 2024	437,380					2.472	%
Hedged variable rate portion of five-year term loan	January 24, 2024	75,825					2.999	%	1.778	%
Deferred financing costs, net		(2,986		)
Total Unsecured Term Loans			$810,219		8	%	2.620	%	2.394	%
Senior Notes
3.950% notes due 2022	July 1, 2022		$500,000				3.950	%
3.625% notes due 2022	October 1, 2022	300,000					3.625	%
2.750% notes due 2023	February 1, 2023	350,000					2.750	%
4.750% notes due 2023	October 13, 2023	397,710					4.750	%
2.625% notes due 2024	April 15, 2024	672,780					2.625	%
2.750% notes due 2024	July 19, 2024	331,425					2.750	%
4.250% notes due 2025	January 17, 2025	530,280					4.250	%
4.750% notes due 2025	October 1, 2025	450,000					4.750	%
2.500% notes due 2026	January 16, 2026	1,205,398					2.500	%
3.700% notes due 2027	August 15, 2027	1,000,000					3.700	%
1.125% notes due 2028	April 9, 2028	560,650					1.125	%
4.450% notes due 2028	July 15, 2028	650,000					4.450	%
3.600% notes due 2029	July 1, 2029	900,000					3.600	%
3.300% notes due 2029	July 19, 2029	463,995					3.300	%
3.750% notes due 2030	October 17, 2030	729,135					3.750	%
Unamortized discounts		(16,145		)
Deferred financing costs, net		(52,038		)
Total Senior Notes			$8,973,190		89	%	3.398	%
Total Unsecured Senior Notes			$8,973,190		89	%	3.398	%
Secured Debt
731 East Trade Street	July 1, 2020		$1,089				8.220	%
Secured note due 2023	March 1, 2023	104,000					2.740	%	2.611	%
Unamortized net premiums		54
Deferred financing costs, net		(209		)
Total Secured Debt			$104,934		1	%	2.797	%	2.669	%
Total Indebtedness			$10,122,448		100	%	3.272	%	3.253	%
Debt Summary
Total unhedged variable rate debt			$683,146		7	%
Total fixed rate / hedged variable rate debt		9,522,287			93	%
Total Consolidated Debt			$10,205,433		100	%	3.272	%	3.253% (2)

Global Unsecured Revolving Credit Facilities Detail as of December 31, 2019
	Maximum Available		Existing Capacity (3)		Currently Drawn
Global Unsecured Revolving Credit Facilities		$2,663,666		$2,377,181		$245,766

(1) Maturity date assumes that all extensions will be exercised.

(2) Debt instruments shown at coupon rates.

(3) Net of letters of credit issued of $40.7 million.

16

Debt Maturities		Financial Supplement
Unaudited and in Thousands		Fourth Quarter 2019

	As of December 31, 2019
	Interest Rate	2020			2021	2022			2023			2024			Thereafter			Total
Global Unsecured Revolving Credit Facilities (1)
Global unsecured revolving credit facility - Unhedged	1.748%	—			—	—			—				$99,315		—				$99,315
Yen revolving credit facility	0.500%	—			—	—			—			146,451			—			146,451
Total Global Unsecured Revolving Credit Facilities	1.004% (2)	—			—	—			—				$245,766		—				$245,766
Unsecured Term Loan (1)
Hedged variable rate portion of seven-year term loan	2.435% (2)	—			—	—				$300,000		—			—				$300,000
Unhedged variable rate portion of five-year term loan	2.472%	—			—	—			—				$437,380		—			437,380
Hedged variable rate portion of five-year term loan	1.778% (2)	—			—	—			—			75,825			—			75,825
Total Unsecured Term Loan	2.394% (2)	—			—	—				$300,000			$513,205		—				$813,205
Senior Notes
3.950% notes due 2022	3.950%	—			—		$500,000		—			—			—				$500,000
3.625% notes due 2022	3.625%	—			—	300,000			—			—			—			300,000
2.750% notes due 2023	2.750%	—			—	—				$350,000		—			—			350,000
4.750% notes due 2023	4.750%	—			—	—			397,710			—			—			397,710
2.625% notes due 2024	2.625%	—			—	—			—				$672,780		—			672,780
2.750% notes due 2024	2.750%	—			—	—			—			331,425			—			331,425
4.250% notes due 2025	4.250%	—			—	—			—			—				$530,280		530,280
4.750% notes due 2025	4.750%	—			—	—			—			—			450,000			450,000
2.500% notes due 2026	2.500%	—			—	—			—			—			1,205,398			1,205,398
3.700% notes due 2027	3.700%	—			—	—			—			—			1,000,000			1,000,000
1.125% notes due 2028	1.125%	—			—	—			—			—			560,650			560,650
4.450% notes due 2028	4.450%	—			—	—			—			—			650,000			650,000
3.600% notes due 2029	3.600%	—			—	—			—			—			900,000			900,000
3.300% notes due 2029	3.300%	—			—	—			—			—			463,995			463,995
3.750% notes due 2030	3.750%	—			—	—			—			—			729,135			729,135
Total Senior Notes	3.398%	—			—	800,000				$747,710			$1,004,205			$6,489,458			$9,041,373
Secured Debt
Secured note due 2023	2.611% (2)	—			—	—				$104,000		—			—				$104,000
731 East Trade Street	8.220%		$1,089		—	—			—			—			—			1,089
Total Secured Debt	2.669% (2)		$1,089		—	—				$104,000		—			—				$105,089
Total unhedged variable rate debt		—			—	—			—				$683,146		—				$683,146
Total fixed rate / hedged variable rate debt			$1,089		—		$800,000			$1,151,710		1,080,030				$6,489,458		9,522,287
Total Debt	3.253%		$1,089		—		$800,000			$1,151,710			$1,763,176			$6,489,458			$10,205,433
Weighted Average Interest Rate		8.220		%	—	3.828		%	3.346		%	2.348		%	3.411		%	3.253		%
Summary
Weighted Average Term to Initial Maturity																		6.3 Years
Weighted Average Maturity (assuming exercise of extension options)																		6.3 Years

(1) Assumes all extensions will be exercised.

(2) Interest rate including swaps.

Note: Totals exclude net premiums/(discounts) and deferred financing costs.

17

Debt Analysis and Covenant Compliance		Financial Supplement
Unaudited		Fourth Quarter 2019

	As of December 31, 2019
	Unsecured Senior Notes (1)		Global Unsecured Revolving Credit Facilities
Debt Covenant Ratios (2)	Required	Actual	Required	Actual
Total outstanding debt / total assets (3)	Less than 60%	42%	Less than 60% (4)	37%
Secured debt / total assets (5)	Less than 40%	< 1%	Less than 40%	2%
Total unencumbered assets / unsecured debt	Greater than 150%	223%	N/A	N/A
Consolidated EBITDA / interest expense (6)	Greater than 1.5x	4.2x	N/A	N/A
Fixed charge coverage		N/A	Greater than 1.5x	4.4x
Unsecured debt / total unencumbered asset value (7)		N/A	Less than 60%	38%
Unencumbered assets debt service coverage ratio		N/A	Greater than 1.5x	5.2x

(1) The Unsecured Senior Notes are listed on page 16.

(2) For definitions of the terms used in the table above and related footnotes, please refer to the indentures which govern the notes, the Amended and Restated Global Senior Credit Agreement dated as of October 24, 2018, the Amended and Restated Term Loan Agreement dated as of October 24, 2018 and the Yen facility Credit Agreement dated as of October 24, 2018, each as amended and which are filed as exhibits to our reports filed with the Securities and Exchange Commission.

(3) This ratio is referred to as the Leverage Ratio, defined as Consolidated Debt / Total Asset Value, under the global unsecured revolving credit facility, the term loan facility and the Yen facility. For the calculation of Total Assets, please refer to the indentures which govern the notes, the Amended and Restated Global Senior Credit Agreement dated as of October 24, 2018, the Amended and Restated Term Loan Agreement dated as of October 24, 2018 and the Yen facility Credit Agreement dated as of October 24, 2018, each as amended and which are filed as exhibits to our reports filed with the Securities and Exchange Commission.

(4) 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 for a purchase price and other consideration in an amount not less than 5% of Total Asset Value.

(5) 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, the term loan facility and the Yen facility.

(6) Calculated as current quarter annualized consolidated EBITDA to current quarter annualized Interest Expense (including capitalized interest and debt discounts).

(7) Assets must satisfy certain conditions to qualify for inclusion as an Unencumbered Asset under the global unsecured revolving credit facility, the term loan facility and the Yen facility.

18

Same-Capital Operating Trend Summary		Financial Supplement
Unaudited and in Thousands		Fourth Quarter 2019

Stabilized ("Same-Capital") Portfolio (1)

	Three Months Ended										Twelve Months Ended
	31-Dec-19		31-Dec-18		% Change		30-Sep-19		% Change		31-Dec-19		31-Dec-18		% Change
Rental revenues	$406,807		$425,478		(4.4	%)	$417,778		(2.6	%)	$1,670,561		$1,706,603		(2.1	%)
Tenant reimbursements - Utilities	80,731		84,075		(4.0	%)	86,317		(6.5	%)	330,661		340,375		(2.9	%)
Tenant reimbursements - Other	47,742		41,844		14.1	%	42,247		13.0	%	178,730		173,674		2.9	%
Interconnection & other	54,833		53,222		3.0	%	54,682		0.3	%	216,366		209,279		3.4	%
Total Revenue	$590,113		$604,619		(2.4	%)	$601,024		(1.8	%)	$2,396,318		$2,429,931		(1.4	%)
Utilities	$93,831		$97,621		(3.9	%)	$101,104		(7.2	%)	$383,396		$391,472		(2.1	%)
Rental property operating	94,892		96,803		(2.0	%)	92,585		2.5	%	372,929		361,869		3.1	%
Property taxes	31,063		24,135		28.7	%	26,481		17.3	%	108,333		94,106		15.1	%
Insurance	2,572		2,429		5.9	%	2,345		9.7	%	9,960		9,802		1.6	%
Total Expenses	$222,358		$220,988		0.6	%	$222,515		(0.1	%)	$874,618		$857,249		2.0	%
Net Operating Income (2)	$367,755		$383,631		(4.1	%)	$378,509		(2.8	%)	$1,521,700		$1,572,682		(3.2	%)
Less:
Stabilized straight-line rent	($3,009)		($3,572)		(15.8	%)	$178		(1,790	%)	($201)		($2,341)		(91.4	%)
Above- and below-market rent	(3,300)		(7,233)		(54.4	%)	(3,645)		(9.5	%)	(18,749)		(29,841)		(37.2	%)
Cash Net Operating Income (3)	$374,064		$394,436		(5.2	%)	$381,976		(2.1	%)	$1,540,650		$1,604,864		(4.0	%)
Stabilized Portfolio occupancy at period end (4)	86.9	%	90.7	%	(3.8	%)	88.0	%	(1.1	%)	86.9	%	90.7	%	(3.8	%)

(1) Represents buildings owned as of December 31, 2017 with less than 5% of total rentable square feet under development. Excludes buildings that were undergoing, or were expected to undergo, development activities in 2018-2019, 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 38.

(3) For a definition and discussion of cash net operating income and a reconciliation of operating income to cash NOI, see page 38.

(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.

19

Summary of Leasing Activity		Financial Supplement
Leases Signed in the Quarter Ended December 31, 2019		Fourth Quarter 2019

	Turn-Key Flex®				Powered Base Building ® (1)				Colocation				Non-Tech				Total
Leasing Activity - New (2) (3)	4Q19		LTM		4Q19		LTM		4Q19		LTM		4Q19		LTM		4Q19		LTM
Number of leases (4)	63		182		1		9		135		624		13		40		212		855
Rentable Square Feet Leased (5)	393,406		1,280,465		27,460		196,073		25,881		98,521		25,470		126,883		472,217		1,701,942
Initial stabilized cash rent per square foot		$136		$131		$19		$44		$308		$314		$38		$17		$133		$123
GAAP base rent per square foot (6)		$134		$137		$21		$49		$309		$311		$39		$17		$132		$128
Leasing cost per square foot		$20		$23		$10		$22		$27		$30		$9		$5		$19		$22
Weighted Average Lease Term (years)	6.2		6.8		10.0		10.7		1.6		2.0		7.1		4.5		6.2		6.8
Net Effective Leasing Economics (7)
Base rent		$141		$137		$21		$50		$312		$304		$39		$17		$138		$128
Rental concessions		$7		$6	—			$1		$3		$1		$1	—			$6		$5
Estimated operating expense		$25		$26	—		—			$132		$102		$9		$6		$29		$26
Net Rent		$108		$105		$21		$49		$177		$201		$30		$11		$103		$97
Tenant improvements		$1		$1	—		—		—		—		—		—			$1		$1
Leasing commissions		$2		$2		$1		$2		$20		$22		$1		$1		$3		$3
Net Effective Rent		$105		$101		$20		$47		$157		$180		$28		$10		$99		$93

	Turn-Key Flex®				Powered Base Building®				Colocation				Non-Tech				Total
Leasing Activity - Renewals (2)	4Q19		LTM		4Q19		LTM		4Q19		LTM		4Q19		LTM		4Q19		LTM
Number of leases (4)	66		230		3		38		428		1,734		12		51		509		2,053
Rentable square feet renewed (5)	491,285		1,804,230		86,830		2,347,564		150,620		502,679		19,086		289,342		747,821		4,943,815
Expiring cash rent per square foot	$149		$156		$59		$36		$251		$279		$22		$19		$156		$103
Renewed cash rent per square foot	$145		$154		$58		$33		$257		$285		$31		$20		$155		$102
Cash Rental Rate Change	(2.3	%)	(1.2	%)	(1.8	%)	(7.9	%)	2.2	%	2.2	%	42.3	%	5.1	%	(0.6	%)	(1.3	%)
Expiring GAAP base rent per square foot (6)	$142		$149		$50		$32		$251		$279		$21		$17		$150		$99
Renewed GAAP base rent per square foot (6)	$147		$152		$65		$37		$257		$285		$31		$21		$157		$103
GAAP Base Rental Rate Change	3.4	%	2.3	%	30.9	%	15.0	%	2.2	%	2.2	%	46.7	%	18.7	%	4.2	%	4.4	%
Leasing cost per square foot	$2		$6		$13		$11		$0		$0		$0		$4		$3		$8
Weighted Average Lease Term (years)	4.1		4.7		10.0		14.2		1.2		1.2		3.6		5.6		4.1		8.9
Retention Ratio (8)	64.4	%	70.2	%	57.9	%	92.4	%	70.6	%	81.6	%	66.0	%	75.8	%	64.7	%	80.9	%

(1) Current quarter signings includes one PBB space without square feet.

(2) Excludes short-term, roof and garage leases.

(3) Includes leases for new and re-leased space.

(4) The number of leases represents the leased-unit count; a lease may include multiple units.

(5) For some of our buildings, we calculate square footage based on factors in addition to contractually leased square feet, including power, required support space and common area.

(6) Rental rates represent annual estimated cash rent per rentable square foot, adjusted for straight-line rents in accordance with GAAP.

(7) All dollar amounts are per square foot averaged over lease term.

(8) Based on square feet.

Note: LTM is last twelve months, including current quarter.

20

Summary of Leasing Activity		Financial Supplement
Leases Commenced in the Quarter Ended December 31, 2019		Fourth Quarter 2019

	Turn-Key Flex®				Powered Base Building®			Colocation				Non-Tech				Total
Leasing Activity - New (1) (2)	4Q19		LTM		4Q19	LTM		4Q19		LTM		4Q19		LTM		4Q19		LTM
Number of leases (3)	50		167		1	9		131		597		14		32		196		805
Rentable Square Feet Leased (4)	300,600		1,338,337		—	223,884		20,280		125,377		22,555		125,562		343,435		1,813,160
Initial stabilized cash rent per square foot		$128		$127	—		$49		$281		$224		$27		$13		$131		$116
GAAP base rent per square foot (5)		$126		$130	—		$52		$278		$225		$28		$13		$129		$119
Leasing cost per square foot		$20		$22	—		$29		$26		$23		$14		$5		$20		$22
Weighted Average Lease Term (years)	5.8		9.1		—	11.8		1.5		2.6		4.1		5.5		5.4		8.7
Net Effective Leasing Economics (6)
Base rent		$133		$133	—		$55		$278		$225		$28		$13		$135		$122
Rental concessions		$7		$3	—		$3	—		—		—			$1		$7		$3
Estimated operating expense		$26		$27	—	—			$113		$94		$8		$4		$30		$26
Net Rent		$100		$104	—		$52		$165		$130		$20		$9		$99		$92
Tenant improvements		$1		$1	—	—		—		—			$2		$1		$1		$1
Leasing commissions		$2		$2	—		$2		$30		$16		$1	—			$4		$3
Net Effective Rent		$97		$101	—		$50		$135		$114		$17		$8		$94		$89

	Turn-Key Flex®				Powered Base Building®				Colocation				Non-Tech				Total
Leasing Activity - Renewals (1)	4Q19		LTM		4Q19		LTM		4Q19		LTM		4Q19		LTM		4Q19		LTM
Number of leases (3)	72		231		3		39		426		1,738		12		50		513		2,058
Rentable square feet renewed (4)	491,723		1,849,846		86,830		2,347,564		150,558		509,477		43,711		284,600		772,822		4,991,487
Expiring cash rent per square foot	$151		$155		$59		$36		$250		$282		$22		$19		$152		$104
Renewed cash rent per square foot	$146		$154		$58		$33		$256		$288		$25		$20		$151		$103
Cash Rental Rate Change	(2.8	%)	(0.8	%)	(1.8	%)	(7.9	%)	2.2	%	2.1	%	12.7	%	4.9	%	(1.0	%)	(1.1	%)
Expiring GAAP base rent per square foot (5)	$145		$149		$50		$32		$250		$282		$20		$17		$148		$100
Renewed GAAP base rent per square foot (5)	$148		$153		$65		$37		$256		$288		$26		$20		$153		$104
GAAP Base Rental Rate Change	2.0	%	2.6	%	30.9	%	15.0	%	2.2	%	2.1	%	28.6	%	18.9	%	3.4	%	4.5	%
Leasing cost per square foot	$2		$6		$13		$11		$0		$0		$0		$4		$3		$8
Weighted Average Lease Term (years)	4.0		4.7		10.0		14.1		1.2		1.2		5.8		5.6		4.2		8.8

(1) Excludes short-term, roof and garage leases.

(2) Includes leases for new and re-leased space.

(3) The number of leases represents the leased-unit count; a lease may include multiple units.

(4) For some of our buildings, we calculate square footage based on factors in addition to contractually leased square feet, including power, required support space and common area.

(5) Rental rates represent annual estimated cash rent per rentable square foot, adjusted for straight-line rents in accordance with GAAP.

(6) All dollar amounts are per square foot averaged over lease term.

Note: LTM is last twelve months, including current quarter.

21

Lease Expirations and Lease Distribution		Financial Supplement
Dollars in Thousands, Except Per Square Foot		Fourth Quarter 2019

Lease Expirations

Year	Square Footage of Expiring Leases (1)	% of Net Rentable Square Feet		Annualized Rent (2)		% of Annualized Rent		Annualized Rent Per Occupied Square Foot		Annualized Rent Per Occupied Square Foot at Expiration		Annualized Rent at Expiration
Available	3,642,944	14.4	%
Month to Month (3)	150,863	0.6	%		$36,486	1.7	%		$242		$242		$36,486
2020	2,129,646	8.4	%	343,564		15.6	%	161		161		343,700
2021	2,905,739	11.5	%	348,046		15.9	%	120		123		356,320
2022	2,773,188	10.9	%	312,835		14.2	%	113		119		329,300
2023	1,970,062	7.8	%	215,012		9.8	%	109		115		227,504
2024	2,363,221	9.3	%	244,689		11.1	%	104		113		268,173
2025	2,079,914	8.2	%	197,594		9.0	%	95		105		219,344
2026	1,231,658	4.9	%	129,903		5.9	%	105		125		153,616
2027	554,668	2.2	%	51,226		2.3	%	92		111		61,534
2028	516,881	2.0	%	40,826		1.9	%	79		94		48,519
2029	1,003,075	4.0	%	66,924		3.1	%	67		83		83,355
Thereafter	4,019,781	15.8	%	209,304		9.5	%	52		70		280,599
Total / Wtd. Avg.	25,341,640	100.0	%		$2,196,409	100.0	%		$101		$111		$2,408,450

Lease Distribution

Square Feet Under Lease	Total Net Rentable Square Feet (1)	% of Net Rentable Square Feet		Annualized Rent (2)		% of Annualized Rent
Available	3,642,944	14.4	%	—		—
2,500 or less	1,660,325	6.6	%		$340,387	15.5	%
2,501 - 10,000	2,632,273	10.4	%	320,229		14.6	%
10,001 - 20,000	5,888,474	23.2	%	723,644		33.0	%
20,001 - 40,000	4,500,657	17.8	%	490,805		22.4	%
40,001 - 100,000	3,695,855	14.6	%	214,640		9.7	%
Greater than 100,000	3,321,112	13.0	%	106,704		4.8	%
Total / Wtd. Avg.	25,341,640	100.0	%		$2,196,409	100.0	%

(1) 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 area. 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.

(2) Annualized rent represents the monthly contractual base rent (defined as cash base rent before abatements) under existing leases as of December 31, 2019, multiplied by 12.

(3) Includes leases, licenses and similar agreements that upon expiration have been automatically renewed on a month-to-month basis.

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

22

Lease Expirations - By Product Type		Financial Supplement
Dollars in Thousands, Except Per Square Foot		Fourth Quarter 2019

Year	Square Footage of Expiring Leases (1)	Annualized Rent (2)		% of Annualized Rent		Annualized Rent Per Occupied Square Foot		Annualized Rent Per Occupied Square Foot at Expiration		Annualized Rent at Expiration
Turn-Key Flex®
Available	1,756,350	—		—		—		—		—
Month to Month (3)	43,711		$10,407	0.5	%		$238		$238		$10,407
2020	1,050,990	155,012		7.1	%	147		148		155,148
2021	1,508,220	243,091		11.1	%	161		166		250,606
2022	1,731,906	273,294		12.4	%	158		167		288,990
2023	1,338,225	187,644		8.5	%	140		149		198,916
2024	1,396,208	202,255		9.2	%	145		159		222,491
2025	1,212,087	160,398		7.3	%	132		147		178,386
2026	853,407	111,142		5.1	%	130		155		132,686
2027	239,295	38,361		1.7	%	160		192		45,841
2028	275,719	29,495		1.3	%	107		126		34,759
2029	442,060	46,417		2.1	%	105		128		56,378
Thereafter	1,422,797	136,407		6.3	%	96		127		180,138
Total / Wtd. Avg.	13,270,975		$1,593,923	72.6	%		$138		$152		$1,754,746
Powered Base Building®
Available	480,892	—		—		—		—		—
Month to Month (3)	6,605		$744	—			$113		$113		$744
2020	324,335	8,924		0.4	%	28		28		8,925
2021	754,280	25,392		1.2	%	34		34		26,021
2022	470,885	13,786		0.6	%	29		30		14,359
2023	417,332	14,228		0.6	%	34		37		15,279
2024	539,225	25,287		1.2	%	47		52		28,177
2025	618,576	25,962		1.2	%	42		48		29,475
2026	293,930	14,411		0.7	%	49		56		16,382
2027	243,251	11,503		0.5	%	47		58		14,028
2028	174,637	9,871		0.4	%	57		69		12,104
2029	375,407	17,539		0.8	%	47		63		23,601
Thereafter	2,060,259	68,940		3.1	%	33		46		95,703
Total / Wtd. Avg.	6,759,614		$236,587	10.7	%		$38		$45		$284,798
Colocation
Available	757,655	—		—		—		—		—
Month to Month (3)	88,824		$22,781	1.0	%		$256		$256		$22,781
2020	561,960	175,557		8.0	%	312		312		175,557
2021	251,469	73,680		3.4	%	293		293		73,680
2022	85,349	18,267		0.8	%	214		214		18,267
2023	54,060	11,008		0.5	%	204		204		11,008
2024	94,037	10,911		0.5	%	116		116		10,911
2025	29,107	7,633		0.3	%	262		262		7,633
2026	11,193	3,004		0.1	%	268		268		3,004
2027	—	—		—		—		—		—
2028	—	—		—		—		—		—
2029	—	—		—		—		—		—
Thereafter	350	297		—		850		850		297
Total / Wtd. Avg.	1,934,004		$323,138	14.6	%		$275		$275		$323,138
Non-Technical
Available	648,047	—		—		—		—		—
Month to Month (3)	11,723		$2,554	0.1	%		$218		$218		$2,554
2020	192,360	4,071		0.2	%	21		21		4,071
2021	391,771	5,884		0.3	%	15		15		6,014
2022	485,049	7,489		0.3	%	15		16		7,684
2023	160,444	2,132		0.1	%	13		14		2,301
2024	333,752	6,236		0.3	%	19		20		6,594
2025	220,144	3,600		0.2	%	16		17		3,850
2026	73,129	1,347		0.1	%	18		21		1,545
2027	72,121	1,362		0.1	%	19		23		1,666
2028	66,524	1,460		0.1	%	22		25		1,656
2029	185,608	2,968		0.1	%	16		18		3,375
Thereafter	536,375	3,658		0.2	%	7		8		4,458
Total / Wtd. Avg.	3,377,047		$42,761	2.1	%		$16		$17		$45,768

(1) For some buildings, we calculate square footage based on factors in addition to contractually leased square feet, including available power, required support space and common areas. We estimate the total net rentable square feet available for lease based on a number of factors in addition to contractually leased square feet, including available power, required support space and common areas.

(2) Annualized rent represents the monthly contractual base rent (defined as cash base rent before abatements) under existing leases as of December 31, 2019, multiplied by 12.

(3) Includes leases, licenses and similar agreements that upon expiration have been automatically renewed on a month-to-month basis.

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

23

Top 20 Customers by Annualized Rent		Financial Supplement
Dollars in Thousands		Fourth Quarter 2019

Customer		Number of Locations	Total Occupied Square Feet (1)	% of Net Rentable Square Feet		Annualized Rent (2)		% of Annualized Rent		Weighted Average Remaining Lease Term in Years
1	Fortune 50 Software Company	19	2,088,316	9.6	%		$174,871	8.0	%	8.9
2	IBM	27	1,021,071	4.7	%	146,219		6.7	%	3.8
3	Facebook, Inc.	17	1,044,542	4.8	%	134,692		6.1	%	5.0
4	Oracle America, Inc.	19	576,700	2.7	%	76,890		3.5	%	1.9
5	Fortune 25 Investment Grade-Rated Company	13	578,852	2.7	%	72,802		3.3	%	3.7
6	LinkedIn Corporation	7	510,785	2.4	%	63,487		2.9	%	4.9
7	Cyxtera Technologies, Inc. (3)	16	1,399,127	6.4	%	62,533		2.8	%	12.1
8	Equinix	21	959,049	4.4	%	59,689		2.7	%	9.3
9	Rackspace	14	614,247	2.8	%	56,118		2.6	%	8.1
10	Fortune 500 SaaS Provider	8	428,245	2.0	%	39,237		1.8	%	6.2
11	Comcast Corporation	25	182,647	0.8	%	35,767		1.6	%	6.0
12	JPMorgan Chase & Co.	16	268,443	1.2	%	35,587		1.6	%	2.3
13	DXC Technology Company (4)	11	229,644	1.1	%	31,466		1.4	%	3.5
14	CenturyLink, Inc.	84	426,810	2.0	%	27,583		1.3	%	6.0
15	China Telecommunications Corporation	9	153,156	0.7	%	27,094		1.2	%	4.4
16	Verizon	63	238,749	1.1	%	26,267		1.2	%	3.8
17	Morgan Stanley	12	173,502	0.8	%	25,354		1.2	%	3.5
18	Global Cloud Provider	14	330,084	1.5	%	24,764		1.1	%	1.6
19	Uber Technologies, Inc.	6	127,480	0.6	%	24,753		1.1	%	3.4
20	SunGard Availability Services LP	9	191,200	0.9	%	23,845		1.1	%	6.0
	Total / Weighted Average		11,542,649	53.2	%		$1,169,018	53.2	%	6.6

(1) Occupied square footage is calculated based on leases that commenced on or before December 31, 2019. 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.

(2) Annualized base rent represents the monthly contractual base rent (defined as cash base rent before abatements) under existing leases as of December 31, 2019, multiplied by 12.

(3) Represents leases with former CenturyLink, Inc. affiliates, which are our direct customers. Cyxtera Technologies, Inc. acquired the data center and colocation business, including such direct customers, of CenturyLink, Inc. in 2Q 2017.

(4) Represents leases with former Hewlett Packard Enterprises affiliates, which are our direct customers. DXC Technology Company was formed in 2Q 2017 from the merger of Computer Sciences Corporation (CSC) and the Enterprise Services business of Hewlett Packard Enterprise.

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.

24

Portfolio Summary		Financial Supplement
As of December 31, 2019		Fourth Quarter 2019

	As of
	Dec 31, 2019		Sep 30, 2019		Jun 30, 2019		Mar 31, 2019		Dec 31, 2018
Number of Data Centers (1)
Domestic	119		119		132		131		131
International	53		51		52		49		49
Unconsolidated joint ventures (1)	41		41		36		35		34
Held-for-sale	12		12		—		—		—
Total	225		223		220		215		214
Number of Buildings (1)
Domestic	130		130		143		143		143
International	53		51		52		49		49
Unconsolidated joint ventures (1)	42		42		37		36		35
Held-for-sale	12		12		—		—		—
Total	237		235		232		228		227
Number of Metropolitan Areas
Domestic	16		16		17		18		18
International	13		11		12		12		12
Unconsolidated joint ventures	6		8		7		6		5
Held-for-sale	1		1		—		—		—
Total	36		36		36		36		35
Net Rentable Square Feet (2)
Domestic	20,876,658		20,787,369		22,653,655		22,740,673		22,395,820
International	3,972,750		3,945,496		4,085,691		3,862,715		3,812,235
Unconsolidated joint ventures	4,182,554		4,069,898		3,132,152		2,948,110		2,926,578
Held-for-sale	1,377,405		1,377,405		—		—		—
Total	30,409,367		30,180,168		29,871,498		29,551,498		29,134,633
Active Development (3)
Domestic	2,000,787		2,038,978		1,797,831		1,766,810		2,041,887
International	2,110,956		1,087,451		1,135,461		959,355		786,318
Unconsolidated joint ventures	359,340		466,321		363,530		501,110		522,643
Total	4,471,083		3,592,750		3,296,822		3,227,275		3,350,848
Space Held for Development (4)
Domestic	1,021,982		1,073,082		942,449		1,119,293		1,121,083
International	259,187		711,850		749,812		683,911		684,760
Unconsolidated joint ventures	477,320		482,995		313,543		292,666		250,955
Total	1,758,489		2,267,927		2,005,804		2,095,870		2,056,798
Portfolio occupancy (5)	86.8	%	87.4	%	87.8	%	88.6	%	89.0	%
Digital Realty's share occupancy (6)	85.6	%	86.3	%	87.1	%	88.0	%	88.4	%
Stabilized "same-capital" pool occupancy (7)	86.9	%	88.0	%	89.2	%	90.3	%	90.7	%

(1) Includes 19 data centers held in the Ascenty joint venture consisting of 15 in São Paulo, two in Rio De Janiero, one in Fortaleza and one in Chile; 16 data centers held in our managed portfolio of unconsolidated joint ventures consisting of seven in Northern Virginia, four in Silicon Valley, three in Dallas, one in New York, and one in Hong Kong; and 6 data centers held in our unconsolidated non–managed joint ventures consisting of two in Seattle, two in Tokyo, and two in Osaka.

(2) 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.

(3) Space under active development includes current Base Building and Data Centers projects in progress (see page 29).

(4) Space held for development includes space held for future Data Center development, and excludes space under active development (see page 33).

(5) Represents consolidated portfolio in addition to our managed portfolio of unconsolidated joint ventures and non-managed unconsolidated joint ventures. Excludes buildings classified as held-for-sale. 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) Represents consolidated portfolio in addition to our managed portfolio of unconsolidated joint ventures based on our ownership percentage. Excludes buildings classified as held-for-sale. 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.

(7) Represents consolidated portfolio of buildings owned as of December 31, 2017 with less than 5% of total rentable square feet under development. Excludes buildings that were undergoing, or were expected to undergo, development activities in 2018-2019, buildings classified as held for sale, and buildings sold or contributed to joint ventures. 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.

25

Portfolio Overview by Product Type		Financial Supplement
Dollars in Thousands		Fourth Quarter 2019

Property	Annualized Rent (1)		Interconnection / Other		Total		Percent of Total
Corporate Data Center
Turn-Key Flex®		$1,496,055		$2,836		$1,498,892	61.0	%
Powered Base Building®	157,577		127		157,704		6.4	%
Colocation	90,985		31,880		122,865		5.0	%
Non-Technical	33,111		3		33,114		1.3	%
Corporate Data Center Total		$1,777,728		$34,846		$1,812,573	73.7	%
Internet Gateway Data Center
Turn-Key Flex®		$97,869		$921		$98,789	4.0	%
Powered Base Building®	79,010		—		79,010		3.2	%
Colocation	232,153		224,727		456,879		18.6	%
Non-Technical	8,410		3		8,413		0.4	%
Internet Gateway Data Center Total		$417,442		$225,651		$643,092	26.2	%
Non-Data Center
Non-Technical		$1,240	—			$1,240	0.1	%
Non-Data Center Total		$1,240	—			$1,240	0.1	%
Total		$2,196,409		$260,497		$2,456,904	100.0	%

(1) Annualized rent represents the monthly contractual base rent (defined as cash base rent before abatements) under existing leases as of December 31, 2019, multiplied by 12.

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

26

Product Overview by Metropolitan Area (1)		Financial Supplement
Turn-Key Flex® & Colocation		Fourth Quarter 2019

Metropolitan Area	IT Load / MW Capacity (2)	Leased Square Feet	Net Rentable Square Feet (3)	Occupancy % 12/31/19 (4)		Occupancy % 9/30/19 (4)
Northern Virginia	419.5	4,070,368	4,534,888	89.8	%	92.2	%
Chicago	162.2	1,726,092	2,015,997	85.6	%	86.5	%
Silicon Valley	105.5	971,564	1,025,511	94.7	%	94.6	%
Dallas	88.2	1,119,265	1,286,149	87.0	%	85.9	%
New York	49.3	873,544	1,155,209	75.6	%	75.7	%
Phoenix	42.5	489,944	641,465	76.4	%	81.5	%
San Francisco	27.9	327,235	507,505	64.5	%	72.0	%
Boston	19.0	197,228	375,026	52.6	%	52.5	%
Los Angeles	13.8	174,345	274,597	63.5	%	68.3	%
Houston	12.6	142,716	163,109	87.5	%	87.6	%
Other Metropolitan Areas	35.4	471,462	541,422	87.1	%	86.5	%
Total North America	975.9	10,563,763	12,520,878	84.4	%	85.9	%
London, United Kingdom	96.4	1,014,306	1,172,430	86.5	%	86.8	%
Amsterdam, Netherlands	33.6	162,928	302,734	53.8	%	63.7	%
Frankfurt, Germany	17.9	181,795	216,782	83.9	%	76.1	%
Other Metropolitan Areas	11.1	160,144	222,829	71.9	%	73.2	%
Total Europe	159.1	1,519,173	1,914,775	79.3	%	80.8	%
Singapore	39.1	347,794	404,723	85.9	%	98.4	%
Other Metropolitan Areas	29.9	260,244	364,602	71.4	%	76.4	%
Total Asia/Pacific	69.0	608,038	769,325	79.0	%	88.0	%
Total	1,203.9	12,690,974	15,204,978	83.5	%	85.4	%

(1) Excludes any power associated with Powered Base Building® and Non-Technical product types.

(2) IT Load/MW Capacity represents UPS-backed utility power dedicated to Digital Realty's operated data center space. Excludes buildings classified as held-for-sale.

(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 areas.

(4) Occupancy excludes space under active development and space held for development. Excludes buildings classified as held-for-sale. 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.

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

27

Occupancy Analysis		Financial Supplement
Dollars in Thousands		Fourth Quarter 2019

						Occupancy (5)
Metropolitan Area	Net Rentable Square Feet (1)	Space Under Active Development (2)	Space Held for Development (3)	Annualized Rent (4)		31-Dec-19		30-Sep-19		TKF & Colo IT Load (6)
North America
Northern Virginia	5,332,240	717,918	81,195		$520,222	90.4	%	92.5	%	404.4
Chicago	3,040,208	386,604	148,650	288,526		86.6	%	87.2	%	162.2
New York	2,048,955	34,010	137,018	205,297		82.1	%	82.3	%	48.6
Silicon Valley	2,251,021	65,594	—	199,952		95.3	%	95.3	%	105.5
Dallas	3,354,328	182,589	49,646	190,385		82.0	%	81.4	%	88.2
Phoenix	795,687	—	227,274	79,344		73.5	%	67.4	%	42.5
San Francisco	787,083	61,210	—	62,224		72.1	%	77.0	%	27.9
Atlanta	525,414	—	313,581	48,921		93.0	%	93.1	%	7.1
Los Angeles	818,479	—	—	42,932		86.1	%	85.6	%	13.8
Toronto, Canada	232,980	583,029	—	22,960		92.8	%	92.8	%	16.8
Boston	467,519	—	50,649	22,347		55.2	%	55.0	%	19.0
Houston	392,816	—	13,969	19,691		81.8	%	81.8	%	12.6
Austin	85,688	—	—	8,869		65.0	%	65.2	%	4.3
Miami	226,314	—	—	7,805		89.3	%	88.9	%	1.3
Portland	48,574	552,862	—	6,606		91.4	%	84.9	%	4.5
Minneapolis/St. Paul	328,765	—	—	5,798		100.0	%	100.0	%	—
Charlotte	95,499	—	—	4,696		88.0	%	88.0	%	1.5
North America Total/Weighted Average	20,831,570	2,583,816	1,021,982		$1,736,575	85.9	%	86.2	%	960.2
EUROPE
London, United Kingdom	1,456,352	136,921	99,175		$210,569	87.5	%	87.7	%	96.4
Amsterdam, Netherlands	599,591	48,490	95,262	42,160		65.9	%	82.6	%	33.6
Frankfurt, Germany	222,261	185,814	—	24,231		82.6	%	75.9	%	17.9
Dublin, Ireland	265,430	26,646	64,750	22,021		75.1	%	60.9	%	11.1
Paris, France	185,994	96,402	—	7,086		100.0	%	100.0	%	—
Manchester, England	38,016	—	—	1,815		100.0	%	100.0	%	—
Geneva, Switzerland	59,190	—	—	1,783		100.0	%	100.0	%	—
Europe Total/Weighted Average	2,826,834	494,273	259,187		$309,665	82.6	%	84.0	%	159.0
ASIA PACIFIC
Singapore	540,638	344,826	—		$79,196	85.0	%	94.9	%	39.1
Sydney	225,728	88,629	—	19,848		67.4	%	80.5	%	14.9
Melbourne	146,570	—	—	18,489		85.8	%	79.3	%	9.6
Tokyo	—	406,664	—	—		N/A		N/A		—
Osaka	—	193,535	—	—		N/A		N/A		—
Asia Pacific Total/Weighted Average	912,936	1,033,654	—		$117,533	80.8	%	88.8	%	63.6
Non-Data Center Properties	278,068	—	—		$1,240	100.0	%	100.0	%	—
Consolidated Portfolio Total/Weighted Average	24,849,408	4,111,743	1,281,169		$2,165,013	85.5	%	86.2	%	1,182.8
Held For Sale	1,377,405	—	—		$35,979	100.0	%	100.0	%	—
MANAGED UNCONSOLIDATED JOINT VENTURES
Northern Virginia	1,250,419	—	—		$91,232	100.0	%	100.0	%	75.2
Hong Kong	182,488	—	3,812	17,422		76.3	%	75.7	%	11.0
Silicon Valley	326,305	—	—	13,318		100.0	%	100.0	%	—
Dallas	319,876	—	—	5,419		82.4	%	82.4	%	—
New York	108,336	—	—	3,460		100.0	%	100.0	%	3.4
Managed Unconsolidated Portfolio Total/Weighted Average	2,187,424	—	3,812		$130,851	95.5	%	95.4	%	89.6
Managed Portfolio Total/Weighted Average	27,036,832	4,111,743	1,284,981		$2,295,864	86.3	%	86.9	%	1,272.4
Digital Realty Share Total/Weighted Average (7)	25,341,641	4,111,743	1,283,075		$2,196,409	85.6	%	86.3	%	1,203.9
NON-MANAGED JOINT VENTURES (8)
São Paulo	739,373	219,118	394,988		$111,231	97.2	%	96.7	%	57.8
Seattle	451,369	—	—	61,267		97.3	%	98.0	%	28.5
Tokyo	430,277	—	—	36,321		93.8	%	93.8	%	15.5
Osaka	207,464	93,748	30,874	28,199		68.6	%	65.5	%	21.6
Fortaleza	94,205	—	—	10,062		100.0	%	100.0	%	6.0
Rio De Janeiro	72,442	—	26,781	9,621		100.0	%	100.0	%	6.0
Chile	—	46,474	20,865	—		N/A		N/A		—
Non-Managed Portfolio Total/Weighted Average	1,995,130	359,340	473,508		$256,701	93.7	%	93.9	%	135.4
Portfolio Total/Weighted Average	29,031,962	4,471,083	1,758,489		$2,552,565	86.8	%	87.4	%	1,407.8

(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 29).

(3) Space held for development includes space held for future Data Center development, and excludes space under active development (see page 33).

(4) Annualized base rent represents the monthly contractual base rent (defined as cash base rent before abatements) under existing leases as of December 31, 2019, 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) TKF & Colo IT Load represents UPS-backed utility power dedicated to Digital Realty's operated data center space. Excludes any power associated with Powered Base Building® and Non-Technical product types.

(7) Represents consolidated portfolio plus our managed portfolio of unconsolidated joint ventures based on our ownership percentage.

(8) During the first quarter of 2019, Digital Realty and Brookfield Infrastructure, an affiliate of Brookfield Asset Management, formed a joint venture entity which owns Ascenty.

28

Development Lifecycle - Committed Active Development		Financial Supplement
Dollars in Thousands		Fourth Quarter 2019

	Base Building Construction								Data Center Construction
			A		B		A + B					A		B		A + B											A		B		A + B
Metropolitan Area	# of Locations	Total Square Feet	Current Investment (1)		Future Funding Req. (2)		Total Expected Investment (3)		# of Locations	Total Square Feet	kW	Current Investment (1)		Future Funding Req. (2)		Total Expected Investment (3)		% Leased		Average Expected Completion Period	Est. GAAP Yield. (4)		Est. Stabilized Cash Yield (4)		# of Locations	Total Square Feet	Current Investment (1)		Future Funding Req. (2)		Total Expected Investment (3)
Chicago	1	382,892		$129,442		$1,238		$130,680	1	3,712	500		$6,650		$3,433		$10,083	—		1Q20					2	386,604		$136,092		$4,671		$140,763
Dallas	1	81,935	8,420		—		8,420		2	100,654	6,967	36,567		18,563		55,130		43.1	%	2Q20					2	182,589	44,988		18,563		63,550
New York	—	—	—		—		—		2	34,010	2,400	23,111		11,742		34,853		50.0	%	2Q20					2	34,010	23,111		11,742		34,853
Northern Virginia	2	545,860	87,186		8,156		95,342		2	172,058	18,000	46,382		79,487		125,869		33.3	%	2Q20					3	717,918	133,568		87,643		221,211
Portland	1	420,116	58,764		51,767		110,530		1	132,746	12,000	37,306		87,133		124,439		100.0	%	2Q20					1	552,862	96,070		138,899		234,969
San Francisco	—	—	—		—		—		1	61,210	6,000	24,705		54,120		78,825		100.0	%	2Q20					1	61,210	24,705		54,120		78,825
Silicon Valley (5)	1	65,594	8,994		31,070		40,063		—	—	—	—		—		—		—		—					1	65,594	8,994		31,070		40,063
Toronto	1	496,048	85,846		11,000		96,846		1	86,981	9,000	46,084		63,715		109,799		16.7	%	4Q20					1	583,029	131,929		74,715		206,644
North America	7	1,992,445		$378,651		$103,230		$481,881	10	591,371	54,867		$220,805		$318,193		$538,998	54.1	%		7.6	%	7.8	%	13	2,583,816		$599,456		$421,422		$1,020,879
Amsterdam, Netherlands	—	—	—		—		—		1	48,490	2,400		$18,332		$37,733		$56,066	—		4Q20					1	48,490		$18,332		$37,733		$56,066
Dublin, Ireland	—	—	—		—		—		1	26,646	2,000	18,146		592		18,737		12.5	%	1Q20					1	26,646	18,146		592		18,737
Frankfurt, Germany	—	—	—		—		—		2	185,814	14,000	61,305		85,100		146,405		78.6	%	3Q20					2	185,814	61,305		85,100		146,405
London, United Kingdom	1	64,274		$18,252		$407		$18,658	2	72,647	7,434	82,358		5,173		87,532		—		1Q20					2	136,921	100,610		5,580		106,190
Paris, France	1	48,201	4,957		22,080		27,036		1	48,201	6,000	5,034		56,701		61,735		—		1Q21					1	96,402	9,991		78,781		88,772
Europe	2	112,475		$23,208		$22,486		$45,695	7	381,799	31,834		$185,175		$185,300		$370,475	35.3	%		9.3	%	9.6	%	7	494,273		$208,384		$207,786		$416,170
Osaka, Japan	1	128,962		$4,497		$58,333		$62,829	1	64,573	7,000		$2,248		$111,875		$114,123	—		2Q21					1	193,535	6,745		170,208		176,952
Singapore	1	206,896	28,352		45,005		73,357		1	137,930	13,500	33,623		88,240		121,863		—		3Q20					1	344,826	61,974		133,245		195,220
Sydney, Australia	1	88,629	36,711		5,201		41,911		—	—	—	—		—		—		—		—					1	88,629	36,711		5,201		41,911
Tokyo	1	406,664	14,070		169,828		183,898		—	—	—	—		—		—		—		—					1	406,664	14,070		169,828		183,898
Asia Pacific	4	831,151	83,629		278,366		361,995		2	202,503	20,500		$35,871		$200,115		$235,986	—			10.3	%	9.7	%	4	1,033,654		$119,500		$478,481		$597,981
Total	13	2,936,071		$485,489		$404,082		$889,571	19	1,175,673	107,201		$441,852		$703,607		$1,145,459	38.0	%		8.7	%	8.8	%	24	4,111,743		$927,340		$1,107,689		$2,035,030

(1) Represents costs incurred through December 31, 2019.

(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. Yields on international development assets are net of income taxes where applicable. These yields are based on current estimates and actual results may vary.

(5) 100% pre-leased as Power Based Building.

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

29

Development Lifecycle - In Service		Financial Supplement
Dollars in Thousands		Fourth Quarter 2019

	Pre-Stabilized (1)
Metropolitan Area	# of Locations	Total Square Feet	kW	Total Current Investment (2)		% Leased		Est. GAAP Yield. (3)		Est. Stabilized Cash Yield (3)
Boston	1	6,413	217		$3,399	—
Chicago	2	176,231	17,394	162,686		—
Dallas	1	24,778	2,000	17,095		—
Northern Virginia	3	116,362	13,200	94,270		9.1	%
North America	7	323,784	32,811		$277,450	3.7	%	10.4	%	10.3	%
Amsterdam, Netherlands	2	104,552	12,000		$111,081	—
Dublin, Ireland	1	12,413	1,700	15,099		76.5	%
London, United Kingdom	2	19,802	2,092	18,444		13.1	%
Europe	5	136,767	15,792		$144,624	10.0	%	9.2	%	8.7	%
Melbourne, Australia	1	21,241	900		$7,722	—
Sydney, Australia	1	40,606	4,200	35,351		25.0	%
Asia Pacific	2	61,847	5,100		$43,072	20.6	%	12.9	%	12.2	%
Subtotal Consolidated Portfolio	14	522,398	53,703		$465,147	7.1	%	10.3	%	9.9	%
Hong Kong	1	26,624	2,530		$24,825	—
Subtotal Unconsolidated JV (4)	1	26,624	2,530		$24,825	—		8.3	%	7.9	%
Grand Total	15	549,022	56,233		$489,972	6.8	%	10.2	%	9.9	%

(1) In-service inventory requiring lease commencement.

(2) 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 as of December 31, 2019.

(3) Estimated yields are based on total expected investment amounts and anticipated net operating income from leases signed or other assumptions based on market conditions. Yields on international development assets are net of income taxes where applicable. These yields are based on current estimates and actual results may vary.

(4) Square footage, kW and investment figures shown in the table above represent the gross amounts at the joint venture levels. For Hong Kong, Digital Realty's ownership percentage is 50%.

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

30

Construction Projects in Progress		Financial Supplement
Dollars in Thousands, Except Per Square Foot		Fourth Quarter 2019

Construction Projects in Progress	Net Rentable Square Feet (5)	Acreage	Current Investment (6)		Future Investment (7)		Total Investment		Total Cost/ Net Rentable Square Foot
Development Lifecycle
Land - Held for Development (1)	N/A	213.7		$147,597				$147,597
Development Construction in Progress
Land - Current Development (1)	N/A	730.1		$517,900	—			$517,900
Space Held for Development (1)	1,281,169	N/A	241,563		—		241,563			$189
Base Building Construction (2)	2,936,071	N/A	485,489			$404,082	889,571		303
Data Center Construction	1,175,673	N/A	441,852		703,607		1,145,459		974
Equipment Pool & Other Inventory (3)	N/A	N/A	27,283		—		27,283
Campus, Tenant Improvements & Other (4)	N/A	N/A	18,468		22,968		41,436
Total Development Construction in Progress	5,392,913	730.1		$1,732,555		$1,130,657		$2,863,212
Enhancement & Other				$1,634		$1,666		$3,300
Recurring			10,142		7,823		17,965
Total Construction in Progress		943.8		$1,891,928		$1,140,146		$3,032,074

(1) Land and Space Held for Development reflect cumulative cost spent to date pending future development. Excludes square footage and cost incurred on unconsolidated joint ventures.

(2) Base Building Construction consists of ongoing improvements to building infrastructure in preparation for future data center fit-out.

(3) Represents long-lead time equipment and materials required for timely deployment and delivery of data center fit-out.

(4) Represents improvements in progress as of December 31, 2019 which benefit space recently converted to our operating portfolio and is composed primarily of shared infrastructure projects and first-generation tenant improvements.

(5) We estimate the total net rentable square feet available for lease based on a number of factors in addition to contractually leased square feet, including available power, required support space and common areas. Excludes square footage of properties held in unconsolidated joint ventures.

(6) Represents costs incurred through December 31, 2019. 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.

31

Historical Capital Expenditures and Investments in Real Estate		Financial Supplement
Dollars in Thousands		Fourth Quarter 2019

	Three Months Ended										Twelve Months Ended
	31-Dec-19		30-Sep-19		30-Jun-19		31-Mar-19		31-Dec-18		31-Dec-19		31-Dec-18
Non-Recurring Capital Expenditures (1)
Development		$233,848		$274,752		$329,601		$328,017		$343,887		$1,166,218		$1,115,149
Enhancements and Other Non-Recurring	790		195		1,185		1,079		3,655		3,249		14,240
Total Non-Recurring Capital Expenditures		$234,638		$274,947		$330,786		$329,096		$347,542		$1,169,467		$1,129,389
Recurring Capital Expenditures (2)		$54,731		$48,408		$39,515		$38,059		$47,951		$180,713		$132,226
Total Direct Capital Expenditures		$289,369		$323,355		$370,301		$367,155		$395,493		$1,350,180		$1,261,615
Indirect Capital Expenditures
Capitalized Interest		$9,877		$9,936		$9,493		$10,897		$9,462		$40,203		$34,736
Capitalized Overhead	11,884		11,910		11,511		11,214		19,022		46,519		73,698
Total Indirect Capital Expenditures		$21,761		$21,846		$21,004		$22,111		$28,484		$86,722		$108,434
Total Improvements to and Advances for Investment in Real Estate		$311,130		$345,201		$391,305		$389,266		$423,977		$1,436,902		$1,370,049
Consolidated Portfolio Net Rentable Square Feet (3)	25,341,641		25,504,614		27,088,816		26,952,858		26,557,525		25,341,641		26,557,525

(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.

32

Development Lifecycle - Held for Development		Financial Supplement
Dollars in Thousands		Fourth Quarter 2019

	Land Inventory (1)						Space Held for Development
Metropolitan Area	# of Locations	Acres	Land - Held for Development		Land - Current Development		# of Locations	Total Square Feet	Current Investment (2)
Atlanta	—	—	—		—		1	313,581		$25,621
Boston	—	—	—		—		1	50,649	23,623
Chicago	1	1.4	$25,247		—		6	148,650	52,194
Dallas	3	116.3	32,483		—		3	49,646	3,983
Houston	—	—	—		—		1	13,969	2,726
New York	1	34.2	42,252		—		6	137,018	42,223
Northern Virginia	8	671.7	24,380		$380,880		4	81,195	2,128
Phoenix	2	56.5	—		15,419		1	227,274	18,030
Portland	1	23.4	—		25,416		—	—	—
Silicon Valley	1	13.0	—		59,229		—	—	—
North America	17	916.5		$124,362		$480,944	23	1,021,982		$170,528
Amsterdam, Netherlands	—	—	—		—		2	95,262		$35,362
Dublin, Ireland	2	5.0		$6,207	—		1	64,750	4,500
London, United Kingdom	1	6.7	17,028		—		3	99,175	31,173
Europe	3	11.7		$23,236	—		6	259,187		$71,035
Melbourne, Australia	1	4.1	—			$2,182	—	—	—
Osaka, Japan	1	7.5	—		6,029		—	—	—
Sydney, Australia	1	3.5	—		9,155		—	—	—
South Korea	1	0.5	—		19,590		—	—	—
Asia Pacific	4	15.6	—			$36,956	—	—	—
Consolidated Portfolio	24	943.8		$147,597		$517,900	29	1,281,169		$241,563
Hong Kong	—	—	—		—		1	3,812	—
Managed Unconsolidated JV (3)	—	—	—		—		1	3,812	—
Grand Total	24	943.8		$147,597		$517,900	30	1,284,981		$241,563

(1) Represents buildings acquired to support ground-up development.

(2) Represents costs incurred through December 31, 2019. Includes the cost of acquisition as well as cost of improvements since acquisition to prepare for future building construction.

(3) Square footage and investment figures shown in the table above represent the gross amounts at the joint venture levels. For Hong Kong, Digital Realty's ownership percentage is 50%.

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

33

Acquisitions / Dispositions / Joint Ventures		Financial Supplement
Dollars in Thousands		Fourth Quarter 2019

Closed Acquisitions:
Property	Acquisition Type	Metropolitan Area	Date Acquired	Purchase Price (1)	Cap Rate (2)	Net Rentable Square Feet (3)	Square Feet Under Development	Square Feet Held For Development	% of Total Net Rentable Square Feet Occupied (4)
Total	—	—	—	—	—	—	—	—	—

Closed Dispositions:
Property	Metropolitan Area	Date Sold	Sale Price	Cap Rate (2)	Net Rentable Square Feet(3)	Square Feet Under Development	Square Feet Held For Development	% of Total Net Rentable Square Feet Occupied (4)
	—	—	—	—	—	—	—	—
Total	—	—	—	—	—	—	—	—

Joint Ventures:
Property	Metropolitan Area	Date	Contribution Price	Cap Rate (2)		Net Rentable Square Feet (3)	Square Feet Under Development	Square Feet Held For Development	% of Total Net Rentable Square Feet Occupied (4)
Mapletree Joint Venture (5)	Northern Virginia	11/4/2019	$810,560	6.0	%	703,847	—	—	100.0	%
Total	—	—	$810,560	6.0	%	703,847	—	—	100.0	%

(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 development and space held for development.

(5) An entity jointly owned by Mapletree Investments and Mapletree Industrial Trust purchased an 80% interest, and Digital Realty retained a 20% interest, in a joint venture on three fully stabilized hyperscale facilities located in Ashburn, Virginia. Mapletree Investments and Mapletree Industrial Trust acquired their 80% stake for approximately $811 million, valuing these three assets at approximately $1.0 billion.

34

Unconsolidated Joint Ventures ("JVs")		Financial Supplement
Dollars in Thousands		Fourth Quarter 2019

	As of December 31, 2019
Summary Balance Sheet - at the JV's 100% Share	Ascenty			Clise (1)			CenturyLink (2)			Mitsubishi			Mapletree			Prudential			Griffin			Colovore			Total
Undepreciated book value of operating real estate		$587,956			$192,339			$182,967			$573,531			$772,285			$426,745			$126,765			$27,136			$2,889,724
Accumulated depreciation & amortization	(39,842		)	(117,673		)	(34,026		)	(18,704		)	(6,842		)	(60,752		)	(16,963		)	(6,397		)	(301,199		)
Net Book Value of Operating Real Estate		$548,114			$74,666			$148,941			$554,827			$765,443			$365,993			$109,802			$20,739			$2,588,525
Other assets	1,630,549			27,142			38,300			198,914			277,217			55,643			17,640			3,989			2,249,394
Total Assets		$2,178,663			$101,808			$187,241			$753,741			$1,042,660			$421,636			$127,442			$24,728			$4,837,919
Debt	629,500			182,583			—			231,046			—			210,915			101,902			4,438			1,360,384
Other liabilities	135,103			6,475			9,948			72,084			23,795			70,429			2,461			260			320,555
Equity / (deficit)	1,414,060			(87,250		)	177,293			450,611			1,018,865			140,292			23,079			20,030			3,156,980
Total Liabilities and Equity		$2,178,663			$101,808			$187,241			$753,741			$1,042,660			$421,636			$127,442			$24,728			$4,837,919
Digital Realty's ownership percentage	49.0% (3)			50.0		%	50.0		%	50.0		%	20.0		%	20.0		%	20.0		%	17.0		%
Digital Realty's Pro Rata Share of Unconsolidated JV Debt		$321,045			$91,292		—				$115,523		—				$42,183			$20,380			$754			$591,177

	Three Months Ended December 31, 2019
Summary Statement of Operations - at the JV's 100% Share	Ascenty			Clise (1)			CenturyLink (2)			Mitsubishi			Mapletree			Prudential			Griffin			Colovore			Total
Total revenues		$41,629			$17,168			$6,042			$24,626			$17,852			$11,258			$5,109			$2,706			$126,390
Operating expenses	(15,235		)	(5,420		)	(2,390		)	(11,247		)	(6,774		)	(3,008		)	(2,154		)	(1,578		)	(47,806		)
Net Operating Income (NOI)		$26,394			$11,748			$3,652			$13,379			$11,078			$8,250			$2,955			$1,128			$78,584
Straight-line rental revenue	—				$166			($493	)		($200	)		($842	)		($150	)		$233		—				($1,286	)
Above- and below-market rent	—			—			—			—			143			(822		)	924			—			245
Cash Net Operating Income (NOI)		$26,394			$11,914			$3,159			$13,179			$10,379			$7,278			$4,112			$1,128			$77,543
Interest expense		($17,403	)		($1,719	)	—				($911	)	—				($2,514	)		($1,126	)		($526	)		($24,199	)
Depreciation & amortization	(25,934		)	(1,491		)		($2,083	)	(4,784		)		($12,106	)	(3,077		)	(2,352		)	(567		)	(52,394		)
Other income / (expense)	(811		)	180			(245		)	(3,183		)	(844		)	(44		)	(186		)	(72		)	(5,205		)
FX remeasurement	21,269			—			—			—			—			—			—			—			21,269
Total Non-Operating Expenses		($22,879	)		($3,030	)		($2,328	)		($8,878	)		($12,950	)		($5,635	)		($3,664	)		($1,165	)		($60,529	)
Net Income / (Loss)		$3,515			$8,718			$1,324			$4,501			($1,872	)		$2,615			($709	)		($37	)		$18,055
Digital Realty's ownership percentage	49.0% (3)			50.0		%	50.0		%	50.0		%	20.0		%	20.0		%	20.0		%	17.0		%
Digital Realty's Pro Rata Share of Unconsolidated JV NOI		$13,461			$5,874			$1,826			$6,690			$2,216			$1,650			$591			$192			$32,500
Digital Realty's Pro Rata Share of Unconsolidated JV Cash NOI		$13,461			$5,957			$1,580			$6,590			$2,076			$1,456			$822			$192			$32,134
Digital Realty's income (loss) from unconsolidated JVs		$2,389			$4,845			$661			$2,250			($366	)		$885			$514			($6	)		$11,172
Digital Realty's Pro Rata Share of CFFO (4)		$4,768			$5,591			$1,703			$4,642			$2,055			$1,500			$984			$90			$21,333
Digital Realty's Fee Income from JV	—			—				$414			$1,149		—				$595			$476		—				$2,634

(1) Formerly known as 2001 Sixth Avenue and 2020 Fifth Avenue and represents the aggregation of the two properties.

(2) Formerly known as 33 Chun Choi Street.

(3) Equity in income pick-up comprised of 49% DLR percentage interest and 2% owned by management, with a corresponding offset for the 2% in minority interest.

(4) For a definition of CFFO, see page 36.

35

Reconciliation of Earnings Before Interest, Taxes, Depreciation & Amortization and Financial Ratios		Financial Supplement
Unaudited and in Thousands		Fourth Quarter 2019

Reconciliation of Earnings Before Interest, Taxes, Depreciation & Amortization (EBITDA) (1)	Three Months Ended
	31-Dec-19			30-Sep-19		30-Jun-19			31-Mar-19			31-Dec-18
Net Income Available to Common Stockholders	$315,577				$49,827		$31,738			$95,869		$31,230
Interest	80,880			84,574		86,051			101,552			84,883
Loss from early extinguishment of debt	—			5,366		20,905			12,886			1,568
Tax (benefit) expense	(1,731		)	4,826		4,634			4,266			(5,843		)
Depreciation & amortization	275,008			286,718		290,562			311,486			299,362
EBITDA		$669,734			$431,311		$433,890			$526,059			$411,200
Unconsolidated JV real estate related depreciation & amortization	21,631			13,612		13,623			3,851			3,615
Severance, equity acceleration, and legal expenses	1,130			123		665			1,483			602
Transaction and integration expenses	17,106			4,115		4,210			2,494			25,917
(Gain) on sale / deconsolidation	(267,651		)	—		—			(67,497		)	(7		)
Impairment of investments in real estate	—			—		—			5,351			—
Other non-core adjustments, net	(13,886		)	6,436		(13,476		)	(13,806		)	1,471
Non-controlling interests	13,042			1,077		1,156			4,185			1,038
Preferred stock dividends, including undeclared dividends	20,707			16,670		16,670			20,943			20,329
Issuance costs associated with redeemed preferred stock	—			—		11,760			—			—
Adjusted EBITDA		$461,813			$473,344		$468,498			$483,063			$464,165

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

	Three Months Ended
Financial Ratios	31-Dec-19			30-Sep-19			30-Jun-19			31-Mar-19			31-Dec-18
Total GAAP interest expense		$80,880			$84,574			$86,051			$101,552			$84,883
Capitalized interest	9,877			9,936			9,493			10,897			9,462
Change in accrued interest and other non-cash amounts	(30,564		)	8,490			(20,656		)	2,521			(43,892		)
Cash Interest Expense (2)		$60,193			$103,000			$74,888			$114,970			$50,453
Scheduled debt principal payments	210			163			159			153			153
Preferred dividends	20,707			16,670			16,670			20,943			20,329
Total Fixed Charges (3)		$111,674			$111,343			$112,373			$133,545			$114,827
Coverage
Interest coverage ratio (4)	5.1x			5.0x			4.9x			4.3x			4.9x
Cash interest coverage ratio (5)	7.7x			4.6x			6.3x			4.2x			9.2x
Fixed charge coverage ratio (6)	4.1x			4.3x			4.2x			3.6x			4.0x
Cash fixed charge coverage ratio (7)	5.7x			4.0x			5.1x			3.6x			6.5x
Leverage
Debt to total enterprise value (8) (9)	26.9		%	27.1		%	28.8		%	27.3		%	31.3		%
Debt plus preferred stock to total enterprise value (9)(10)	30.8		%	29.9		%	31.8		%	31.2		%	34.8		%
Pre-tax income to interest expense (11)	5.3x			1.8x			1.7x			2.2x			1.6x
Net Debt to Adjusted EBITDA (12)	5.7x			6.1x			6.1x			5.5x			6.2x

(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, scheduled debt principal payments and preferred dividends.

(4) Adjusted EBITDA divided by GAAP interest expense plus capitalized interest, excluding bridge facility fees.

(5) Adjusted EBITDA divided by cash interest expense.

(6) Adjusted EBITDA divided by fixed charges excluding bridge facility fees.

(7) Adjusted EBITDA divided by the sum of cash interest expense, scheduled debt principal payments and preferred dividends.

(8) Mortgage debt and other loans divided by market value of equity plus debt plus preferred stock.

(9) Total enterprise value defined as market value of common equity plus debt plus preferred stock. See page 7 for definition of market value of common equity.

(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 (see page 6), plus capital lease obligations, plus Digital Realty's share of joint venture debt, less cash and cash equivalents divided by the product of Adjusted EBITDA (inclusive of our share of joint venture EBITDA), multiplied by four.

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Management Statements on Non-GAAP Measures		Financial Supplement
Unaudited		Fourth Quarter 2019

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) termination fees and other non-core revenues, (ii) transaction and integration expenses, (iii) loss from early extinguishment of debt, (iv) issuance costs associated with redeemed preferred stock, (v) severance, equity acceleration, and legal expenses, (vi) gain/loss on FX revaluation, (vii) gain on contribution to unconsolidated joint venture, net of related tax, and (viii) 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, (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, severance, equity acceleration, and legal expenses, transaction and integration expenses, (gain) loss on real estate transactions, equity in earnings adjustment for non-core items, other non-core adjustments, net, noncontrolling 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, 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. 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.

37

Management Statements on Non-GAAP Measures		Financial Supplement
Unaudited		Fourth Quarter 2019

Net Operating Income (NOI) and Cash NOI:

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

Additional Definitions

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

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

Fixed charge coverage ratio is Adjusted EBITDA divided by the sum of GAAP interest expense, capitalized interest, scheduled debt principal payments and preferred dividends. For the quarter ended December 31, 2019, GAAP interest expense was $81 million, capitalized interest was $10 million and scheduled debt principal payments and preferred dividends was $21 million.

	Three Months Ended									Twelve Months Ended
Reconciliation of Net Operating Income (NOI) (in thousands)	31-Dec-19			30-Sep-19			31-Dec-18			31-Dec-19			31-Dec-18
Operating income		$138,933			$164,767			$122,847			$594,215			$549,787
Fee income	(4,814		)	(3,994		)	(2,896		)	(11,654		)	(7,841		)
Other income	(181		)	—			(21		)	(1,231		)	(1,924		)
Depreciation and amortization	275,008			286,718			299,362			1,163,774			1,186,896
General and administrative	53,540			49,862			38,801			207,696			160,364
Severance, equity acceleration, and legal expenses	1,130			123			602			3,401			3,303
Transaction expenses	17,106			4,115			25,917			27,925			45,327
Impairment in investments in real estate	—			—			—			5,351			—
Other expenses	1,989			92			1,096			14,118			2,818
Net Operating Income		$482,711			$501,683			$485,708			$2,003,595			$1,938,730
Cash Net Operating Income (Cash NOI)
Net Operating Income		$482,711			$501,683			$485,708			$2,003,595			$1,938,730
Straight-line rental revenue	(8,495		)	(12,764		)	(11,157		)	(50,273		)	(40,422		)
Straight-line rental expense	(306		)	(193		)	2,108			1,075			9,878
Above- and below-market rent amortization	4,109			2,824			6,521			17,097			26,533
Cash Net Operating Income		$478,019			$491,550			$483,180			$1,971,494			$1,934,719

38

Forward-Looking Statements		Financial Supplement
		Fourth Quarter 2019

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: expected physical settlement of the forward sale agreements and use of proceeds from any such settlement, our expected investment and expansion activity, our joint ventures, the expected benefits and timing of PlatformDIGITAL^TM, the Mapletree transactions, the InterXion combination, our capital markets activity and the use of proceeds from any such activity, 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, rent from leases that have been signed but have not yet commenced and other contracted rent to be received in future periods, rental rates on future leases, lag between signing and commencement, cap rates and yields, investment activity, the company's FFO, core FFO and net income, 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, 2020 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;

• the competitive environment in which we operate;

• decreased rental rates, increased operating costs or increased vacancy rates;

• increased competition or available supply of data center space;

• the suitability of our data centers and data center infrastructure, delays or disruptions in connectivity or availability of power, or failures or breaches of our physical and information security infrastructure or services;

• 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;

• breaches of our obligations or restrictions under our contracts with our customers;

• our inability to successfully develop and lease new properties and development space, and delays or unexpected costs in development of properties;

• the impact of current global and local economic, credit and market conditions;

• our inability to retain data center space that we lease or sublease from third parties;

• difficulty managing an international business and acquiring or operating properties in foreign jurisdictions and unfamiliar metropolitan areas;

• our inability to achieve expected revenue synergies or cost savings as a result of our combination with InterXion;

• each of our and InterXion’s ability to consummate the transactions contemplated by the purchase agreement, the timing of the closing of those transactions and unexpected costs or unexpected liabilities that may arise from the transactions, whether or not consummated;

• our failure to realize the intended benefits from, or disruptions to our plans and operations or unknown or contingent liabilities related to, our recent acquisitions;

• our failure to successfully integrate and operate acquired or developed properties or businesses;

• difficulties in identifying properties to acquire and completing acquisitions;

• risks related to joint venture investments, including as a result of our lack of control of such investments;

• risks associated with using debt to fund our business activities, including re-financing and interest rate risks, our failure to repay debt when due, adverse changes in our credit ratings or our breach of covenants or other terms contained in our loan facilities and agreements;

• our failure to obtain necessary debt and equity financing, and our dependence on external sources of capital;

• financial market fluctuations and changes in foreign currency exchange rates;

• adverse economic or real estate developments in our industry or the industry sectors that we sell to, including risks relating to decreasing real estate valuations and impairment charges and goodwill and other intangible asset impairment charges;

• our inability to manage our growth effectively;

• losses in excess of our insurance coverage;

• environmental liabilities and risks related to natural disasters;

• our inability to comply with rules and regulations applicable to our company;

• Digital Realty Trust, Inc.’s failure to maintain its status as a REIT for federal income tax purposes;

• Digital Realty Trust, L.P.’s failure to qualify as a partnership for federal income tax purposes;

• restrictions on our ability to engage in certain business activities; and

• changes in local, state, federal and international laws and regulations, including related to taxation, real estate and zoning laws, and increases in real property tax rates;

• our ability to attract and retain qualified personnel and to attract and retain customers; and

• the impact of any financial, accounting, legal or regulatory issues or litigation that may affect us.

The risks included here are not exhaustive, and additional factors could adversely affect our business and financial performance. We discussed a number of additional material risks in our annual report on Form 10-K for the year ended December 31, 2018, quarterly report on Form 10-Q for the quarter ended September 30, 2019 and other 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 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, Turn-Key Flex and Powered Base Building are registered trademarks and service marks of Digital Realty Trust, Inc. in the United States and/or other countries.

39