8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

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

Date of Report (Date of earliest event reported): July 30, 2020

DIGITAL REALTY TRUST, INC.

(Exact name of registrant as specified in its charter)

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

Four Embarcadero Center, Suite 3200 San Francisco, California	94111
(Address of principal executive offices)	(Zip Code)

(415) 738-6500

(Registrant’s telephone number, including area code)

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

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

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

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

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

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

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

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

Emerging growth company ☐

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

Item 2.02 Results of Operations and Financial Condition.

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

On July 30, 2020, we issued a press release announcing our financial results for the quarter ended June 30, 2020. The press release referred to certain supplemental information that is available on the Company’s website at www.digitalrealty.com. A copy of the press release and supplemental information is attached hereto as Exhibit 99.1 and incorporated by reference herein.

On July 30, 2020, we also posted presentation materials to our website at www.digitalrealty.com. The presentation materials are attached hereto as Exhibit 99.2 and incorporated by reference herein.

Item 7.01 Regulation FD Disclosure.

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

On July 30, 2020, we issued a press release announcing our financial results for the quarter ended June 30, 2020. The press release referred to certain supplemental information that is available on the Company’s website at www.digitalrealty.com. A copy of the press release and supplemental information is attached hereto as Exhibit 99.1 and incorporated by reference herein.

On July 30, 2020, we also posted presentation materials to our website at www.digitalrealty.com. The presentation materials are attached hereto as Exhibit 99.2 and incorporated by reference herein.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.	Description
99.1	Earnings Press Release and Supplemental Information for the Quarter Ended June 30, 2020.
99.2	Presentation Materials posted July 30, 2020.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

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

	Digital Realty Trust, Inc.
By:	/s/    JOSHUA A. MILLS
	Joshua A. Mills
	Executive Vice President, General Counsel and Secretary

Date: July 30, 2020

EX-99.1

Exhibit 99.1

		Financial Supplement
Table of Contents		Second Quarter 2020

Overview	PAGE
Corporate Information	3
Ownership Structure	5
Key Quarterly Financial Data	6
Consolidated Statements of Operations
Earnings Release	8
2020 Outlook	11
Consolidated Quarterly Statements of Operations	13
Funds From Operations and Core Funds From Operations	14
Adjusted Funds From Operations	15
Balance Sheet Information
Consolidated Balance Sheets	16
Components of Net Asset Value	17
Debt Maturities	18
Debt Analysisand Covenant Compliance	19
Internal Growth
Same-Capital Operating Trend Summary	20
Summary of Leasing Activity- Signed	21
Summary of Leasing Activity- Renewed	22
Lease Expirations- By Size	23
Top 20 Customers by Annualized Rent	24
Occupancy Analysis	25
External Growth
Development Lifecycle- Committed Active Development	26
Construction Projects in Progress	27
Historical Capital Expenditures and Investments in Real Estate	28
Development Lifecycle – Held for Development	29
Acquisitions / Dispositions / Joint Ventures	30
Unconsolidated Joint Ventures	31
Additional Information
Reconciliation of Earnings Before Interest, Taxes, Depreciation& Amortization and Financial Ratios	32
Management Statements on Non-GAAP Measures	33
Forward-Looking Statements	35

		Financial Supplement
Corporate Information		Second Quarter 2020

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 June 30, 2020, the company’s 280 data centers, including 43 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 34.0 million square feet, excluding approximately 6.0 million square feet of space under active development and 2.2 million square feet of space held for future development, located throughout North America, Europe, South America, Asia, Australia and Africa. For additional information, please visit the company’s website at https://www.digitalrealty.com/.

Corporate Headquarters

Four Embarcadero Center, Suite 3200
San Francisco, California 94111
Telephone: (415) 738-6500
Website: https://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 the Investor Relations section of our website at https://investor.digitalrealty.com/

Analyst Coverage

	Bank of America
Argus Research	Merrill Lynch	Barclays	BMO Capital Markets	Berenberg
Jacob Kilstein	Michael Funk	Tim Long	Ari Klein	Nate Crossett
(646) 747-5447	(646) 855-5664	(212) 526-4043	(212) 885-4103	(646) 949-9030
Citigroup	Cowen & Company	Credit Suisse	Edward Jones	Green Street Advisors
Michael Rollins	Colby Synesael	Sami Badri	Kyle Sanders	David Guarino
(212) 816-1116	(646) 562-1355	(212) 538-1727	(314) 515-0198	(949) 640-8780
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	Eric Luebchow	James Breen
(212) 271-3461	(212) 303-4169	(212) 713-4226	(312) 630-2386	(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 Digital Realty and our business is also available on our website at https://www.digitalrealty.com/.

3

		Financial Supplement
Corporate Information (Continued)		Second Quarter 2020

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
SeriesC Preferred Stock:	DLRPRC
SeriesG Preferred Stock:	DLRPRG
SeriesI Preferred Stock:	DLRPRI
SeriesJ Preferred Stock:	DLRPRJ
SeriesK Preferred Stock:	DLRPRK
SeriesL Preferred Stock:	DLRPRL

Symbols may vary by stock quote provider.

Credit Ratings

Standard& Poor’s
Corporate Credit Rating:	BBB	(Stable Outlook)
Preferred Stock:	BB+
Moody’s
Issuer Rating:	Baa2	(Stable Outlook)
Preferred Stock:	Baa3
Fitch
Issuer Default Rating:	BBB	(Stable Outlook)
Preferred Stock:	BB+

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

Common Stock Price Performance

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

	Three Months Ended
	30-Jun-20		31-Mar-20		31-Dec-19		30-Sep-19		30-Jun-19
High price		$158.36		$143.61		$136.32		$130.10		$125.19
Low price		$127.12		$105.00		$112.32		$110.84		$111.90
Closing price, end of quarter		$142.11		$138.91		$119.74		$129.81		$117.79
Average daily trading volume		2,483,290		3,631,748		1,624,959		1,155,865		1,099,390
Indicated dividend per common share (1)		$4.48		$4.48		$4.32		$4.32		$4.32
Closing annual dividend yield, end of quarter		3.2%		3.2%		3.6%		3.3%		3.7%
Shares and units outstanding, end of quarter (2)		276,686,892		272,068,948		217,743,913		217,727,225		217,694,587
Closing market value of shares and units outstanding (3)		$39,319,974		$37,793,099		$26,072,656		$28,263,171		$25,642,246

(1) On an annualized basis.

(2) As of June 30, 2020, the total number of shares and units includes 268,399,073 shares of common stock, 6,294,091 common units held by third parties and 1,993,728 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.

(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 June 30, 2020		Second Quarter 2020

Partner	# of Units (2)	% Ownership
Digital Realty Trust, Inc.	268,399,073	97.0%
Third-Party Unitholders	6,294,091	2.3%
Directors, Officers and Others (3)	1,993,728	0.7%
Total	276,686,892	100.0%

(1) Includes properties owned by joint ventures.

(2) The total number of units includes 268,399,073 general partnership common units, 6,294,091 common units held by third parties and 1,993,728 common units and vested and unvested long-term incentive units held by directors, officers and others, and excludes all common units potentially issuable upon conversion of our series C, series G, series I, series J, series K and series L cumulative redeemable preferred units upon certain change of control transactions.

(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		Second Quarter 2020

Shares and Units at End of Quarter	30-Jun-20		31-Mar-20		31-Dec-19		30-Sep-19		30-Jun-19
Common shares outstanding		268,399,073		263,595,562		208,900,758		208,583,244		208,324,538
Common units outstanding		8,287,819		8,473,386		8,843,155		9,143,981		9,370,049
Total Shares and Partnership Units		276,686,892		272,068,948		217,743,913		217,727,225		217,694,587
Enterprise Value
Market value of common equity (1)		$39,319,974		$37,793,099		$26,072,656		$28,263,171		$25,642,246
Liquidation value of preferred equity		1,456,250		1,456,250		1,456,250		1,111,250		1,111,250
Total debt at balance sheet carrying value		12,371,621		12,251,332		10,122,448		10,924,035		10,842,578
Total Enterprise Value		$53,147,845		$51,500,681		$37,651,354		$40,298,456		$37,596,074
Total debt / total enterprise value		23.3%		23.8%		26.9%		27.1%		28.8%
Debt-plus-preferred-to-total-enterprise-value		26.0%		26.6%		30.8%		29.9%		31.8%
Selected Balance Sheet Data
Investments in real estate (before depreciation)		$24,566,041		$23,883,615		$20,053,853		$19,240,336		$20,141,190
Total Assets		33,862,636		33,113,300		23,068,131		23,172,765		23,430,091
Total Liabilities		16,139,403		15,896,733		12,418,566		12,942,820		12,939,027
Selected Operating Data
Total operating revenues		$992,995		$823,337		$787,463		$806,466		$800,797
Total operating expenses		840,184		723,288		648,530		641,699		651,825
Interest expense		79,874		85,800		80,880		84,574		86,051
Net income		75,978		228,698		349,326		67,574		61,324
Net income available to common stockholders		53,676		202,859		315,577		49,827		31,738
Financial Ratios
EBITDA (2)		$494,205		$587,930		$669,734		$431,311		$433,890
Adjusted EBITDA (3)		558,690		482,093		475,366		484,160		478,775
Net Debt to Adjusted EBITDA (4)		5.7x		6.6x		5.7x		6.0x		6.0x
GAAP interest expense		79,874		85,800		80,880		84,574		86,051
Fixed charges (5)		114,219		117,560		111,674		111,343		112,373
Interest coverage ratio (6)		5.6x		4.6x		4.7x		4.7x		4.6x
Fixed charge coverage ratio (7)		4.6x		3.8x		3.9x		4.0x		4.0x
Profitability Measures
Net income per common share - basic		$0.20		$0.91		$1.51		$0.24		$0.15
Net income per common share - diluted		$0.20		$0.90		$1.50		$0.24		$0.15
Funds from operations (FFO) / diluted share and unit (8)		$1.49		$0.91		$1.62		$1.59		$1.53
Core funds from operations (Core FFO) / diluted share and unit (8)		$1.54		$1.53		$1.62		$1.67		$1.64
Adjusted funds from operations (AFFO) / diluted share and unit (9)		$1.50		$1.44		$1.41		$1.48		$1.50
Dividends per share and common unit		$1.12		$1.12		$1.08		$1.08		$1.08
Diluted FFO payout ratio (8) (10)		75.3%		122.8%		66.8%		67.7%		70.7%
Diluted Core FFO payout ratio (8) (11)		72.7%		73.2%		66.7%		64.7%		65.9%
Diluted AFFO payout ratio (9) (12)		74.5%		78.0%		76.6%		72.9%		71.8%
Portfolio Statistics
Buildings (13)		292		226		225		223		232
Data Centers (13)		280		213		213		211		220
Cross-connects (14)		160,000		91,600		81,000		80,400		79,700
Net rentable square feet, excluding development space (13)		34,014,743		29,751,501		29,031,962		28,802,763		29,871,498
Occupancy at end of quarter (15)		85.7%		87.2%		86.8%		87.4%		87.8%
Occupied square footage (13)		29,137,446		25,955,208		25,197,701		25,168,859		26,231,209
Space under active development (16)		6,020,444		4,315,469		4,471,083		3,592,750		3,296,821
Space held for development (17)		2,234,248		1,676,219		1,758,489		2,267,926		2,005,804
Weighted average remaining lease term (years) (18)		4.8		5.1		5.2		5.3		5.3
Same-capital occupancy at end of quarter (15) (19)		87.1%		86.9%		86.7%		87.6%		88.6%

6

Key Quarterly Financial Data		Financial Supplement
Unaudited and Dollars in Thousands, Except Per Share Data		Second Quarter 2020

(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 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 page33. For a reconciliation of net income available to common stockholders to EBITDA, see page 32.

(3) Adjusted EBITDA is EBITDA excluding unconsolidated joint venture real estate related depreciation & amortization, unconsolidated joint venture interest and tax expense, severance, equity acceleration, and legal expenses, transaction and integration expenses, gain on sale / deconsolidation, impairment of investments in real estate, other non-core adjustments, net, non-controlling interests, preferred stock dividends, including undeclared dividends, and issuance costs associated with redeemed preferred stock. For a discussion of Adjusted EBITDA, see page33. For a reconciliation of net income available to common stockholders to Adjusted EBITDA, see page32.

(4) Net Debt to Adjusted EBITDA is calculated as total debt at balance sheet carrying value (see page6), plus capital lease obligations, plus our share of joint venture debt at carrying value, less cash and cash equivalents, divided by the product of Adjusted EBITDA (including 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 (including our pro rata share of unconsolidated joint venture interest expense).

(7) Fixed charge coverage ratio is Adjusted EBITDA divided by fixed charges (including our pro rata share of unconsolidated joint venture fixed charges).

(8) For definitions and discussion of FFO and core FFO, see page33. For reconciliations of net income available to common stockholders to FFO and core FFO, see page14.

(9) For a definition and discussion of AFFO, see page33. For a reconciliation of core FFO to AFFO, see page15.

(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 page26). 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 page29). 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, 2018 with less than 5% of total rentable square feet under development. Excludes buildings that were undergoing, or were expected to undergo, development activities in 2019-2020, 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		Second Quarter 2020

DIGITAL REALTY REPORTS SECOND QUARTER 2020 RESULTS

San Francisco, CA — July 30, 2020 — Digital Realty (NYSE: DLR), a leading global provider of cloud- and carrier-neutral data center, colocation and interconnection solutions, announced today financial results for the second quarter of 2020. All per-share results are presented on a fully-diluted share and unit basis.

Highlights

● Reported net income available to common stockholders of $0.20 per share in 2Q20, compared to $0.15 in 2Q19

● Reported FFO per share of $1.49 in 2Q20, compared to $1.53 in 2Q19

● Reported core FFO per share of $1.54 in 2Q20, compared to $1.64 in 2Q19

● Signed total bookings during 2Q20 expected to generate $144 million of annualized GAAP rental revenue, including a $12 million contribution from interconnection

● Raised 2020 core FFO per share outlook from $5.90-$6.10 to $6.00-$6.10

Financial Results

Digital Realty reported revenues for the second quarter of 2020 of $993 million, a 21% increase from the previous quarter and a 24% increase from the same quarter last year.

The company delivered second quarter of 2020 net income of $76 million, and net income available to common stockholders of $54 million, or $0.20 per diluted share, compared to $0.90 per diluted share in the previous quarter and $0.15 per diluted share in the same quarter last year.

Digital Realty generated second quarter of 2020 adjusted EBITDA of $559 million, a 16% increase from the previous quarter and a 17% increase over the same quarter last year.

The company reported second quarter of 2020 funds from operations of $415 million, or $1.49 per share, compared to $0.91 per share in the previous quarter and $1.53 per share in the same quarter last year.

Excluding certain items that do not represent core expenses or revenue streams, Digital Realty delivered second quarter of 2020 core FFO per share of $1.54, a 1% increase from $1.53 per share in the previous quarter, and a 6% decrease from $1.64 per share in the same quarter last year.

Leasing Activity

In the second quarter, Digital Realty signed total bookings expected to generate $144 million of annualized GAAP rental revenue, including a $12 million contribution from interconnection and an $18 million contribution from the combination with Interxion, which was completed on March 12, 2020.

“I’m incredibly proud of the way the Digital Realty team has come together during the difficult circumstances of the past several months to maintain steadfast support for our customers around the world, prioritizing health and safety while maintaining service levels,” said Digital Realty Chief Executive Officer A. William Stein. “We continued to seed investments to support our customers’ future growth across the Americas, APAC and EMEA, while delivering record current-period bookings, demonstrating the power of our global platform as well as the resiliency of our business. Looking ahead, we are well positioned to continue to deliver sustainable growth for customers, shareholders and employees, into the second half of 2020 and beyond.”

The weighted-average lag between leases signed during the second quarter of 2020 and the contractual commencement date was seven months.

In addition to new leases signed, Digital Realty also signed renewal leases representing $169 million of annualized GAAP rental revenue during the quarter. Rental rates on renewal leases signed during the second quarter of 2020 rolled down 2.8% on a cash basis and up 7.2% on a GAAP basis.

8

Digital Realty Trust
Earnings Release		Second Quarter 2020

New leases signed during the second quarter of 2020 are summarized by region as follows:

	Annualized GAAP
	Base Rent			GAAP Base Rent			GAAP Base Rent
The Americas	(in thousands)		Square Feet	per Square Foot		Megawatts	per Kilowatt
0-1 MW		$11,645	59,770		$195	4.5		$214
> 1 MW		78,711	668,092		118	70.6		93
Other (1)		17,376	532,078		33	—		—
Total		$107,733	1,259,940		$86	75.1		$100
Europe (2)
0-1 MW		$9,898	40,469		$245	3.2		$260
> 1 MW		11,237	111,474		101	9.6		98
Other (1)		108	927		116	—		—
Total		$21,243	152,870		$139	12.8		$138
Asia Pacific (2)
0-1 MW		$617	2,891		$213	0.2		$266
> 1 MW		2,433	10,024		243	1.2		167
Other (1)		—	—		—	—		—
Total		$3,050	12,915		$236	1.4		$180
All Regions (2)
0-1 MW		$22,160	103,130		$215	7.9		$234
> 1 MW		92,382	789,590		117	81.4		95
Other (1)		17,484	533,005		33	—		—
Total		$132,026	1,425,725		$93	89.3		$107
Interconnection		$11,775	N/A		N/A	N/A		N/A
Grand Total		$143,800	1,425,725		$93	89.3		$107

Note: Totals may not foot due to rounding differences.

(1) Other includes Powered Base Building shell capacity as well as storage and office space within fully improved data center facilities.

(2) Based on quarterly average exchange rates during the three months ended June 30, 2020.

Investment Activity

During the second quarter of 2020, Interxion, a leading European provider of carrier- and cloud-neutral colocation data center solutions and a Digital Realty company, acquired a 3.6-acre land parcel in Madrid, Spain for approximately €33 million, or $37 million. The land parcel is less than one kilometer from Interxion’s existing campus in Madrid. Upon completion, the new facility is expected to support up to 34 megawatts of critical IT capacity and will encompass more than 375,000 square feet. Commencement of development will be subject to market demand, and delivery will be phased to meet future customer growth requirements.

Subsequent to quarter-end, Interxion acquired the freehold to the land under its Hanauer Landstraße campus in Frankfurt for €185 million, or approximately $209 million. The site includes nine Interxion data centers previously subject to leasehold agreements with approximately nine years of remaining lease term, along with Interxion’s German headquarters office as well as several buildings currently leased to other customers. Interxion now owns the freehold to all 15 data centers on its Frankfurt campus.

Separately, Interxion reached an agreement to acquire an expansion parcel within approximately one kilometre of the Hanauer Landstraße campus for €177 million, or approximately $200 million. The expansion parcel totals 107,000 square metres that will support the development of up to 180 megawatts of additional IT capacity and will be fully connected to the existing campus. The purchase is expected to close in two stages, with final transfer of ownership in early 2021.

Subsequent to quarter-end, Digital Realty closed on the sale of a property in Gronigen, the Netherlands for €20 million, or $22 million. The property is expected to generate 2020 cash net operating income of approximately €1.3 million, or $1.5 million, representing a 6.7% cap rate.

9

Digital Realty Trust
Earnings Release		Second Quarter 2020

Balance Sheet

Digital Realty completed the following financing transactions during the second quarter of 2020.

◾ In mid-June, Digital Realty closed an offering of €500 million, or approximately $565 million, of 1.250% Euro-denominated notes due 2031.

◾ Likewise in mid-June, Digital Realty liquidated a portion of its stake in Megaport with the sale of 7.7 million shares at a weighted average price of A$13.36 generating gross proceeds of A$103 million, or approximately $70 million.

◾ During the second quarter of 2020, Digital Realty issued 4.5 million shares of common stock under the company’s at-the-market equity offering program at a weighted average price of $142.43 per share, generating gross proceeds of approximately $645 million.

◾ Subsequent to quarter-end, Digital Realty announced its intent to redeem all $300 million of its outstanding 3.625% notes due 2022 as well as all $500 million of its outstanding 3.950% notes due 2022.

Digital Realty had approximately $12.4 billion of total debt outstanding as of June 30, 2020, comprised of $12.1 billion of unsecured debt and approximately $0.2 billion of secured debt. At the end of the second quarter of 2020, net debt-to-adjusted EBITDA was 5.7x, debt plus-preferred-to-total enterprise value was 26.0% and fixed charge coverage was 4.6x. Pro forma for settlement of the $1 billion forward equity offering, net debt-to-adjusted EBITDA was 5.2x and fixed charge coverage was 4.9x.

COVID-19

Throughout the COVID-19 global pandemic, Digital Realty’s data centers around the world have remained fully operational in accordance with business continuity and pandemic response plans, prioritizing the health and safety of employees, customers and partners while ensuring service levels are maintained. Digital Realty data centers have been deemed essential operations, allowing for critical personnel to remain in place and continue to provide services and support for customers. Construction activity has been somewhat delayed in a few markets due to government restrictions in certain locations and/or limited availability of labor. In some instances, these delays have impacted scheduled delivery dates. We are monitoring the situation closely and remain in frequent communication with customers, contractors and suppliers. We have proactively managed our supply chain, and we believe we have acquired the vast majority of the equipment needed to complete our 2020 development activities. We believe we have ample liquidity to fund our business needs, given the $1 billion available upon physical settlement of the forward equity offering as well as the $505 million of cash on the balance sheet and $2.5 billion of availability under our global revolving credit facilities as of June 30, 2020. While we have not experienced any significant business disruptions from the COVID-19 pandemic to date, we cannot predict what impact the COVID-19 pandemic may have on our future financial condition, results of operations or cash flows due to numerous uncertainties.

10

Digital Realty Trust
Earnings Release		Second Quarter 2020

2020 Outlook

Digital Realty raised its 2020 core FFO per share outlook from $5.90-$6.10 to $6.00-$6.10. The assumptions underlying the outlook are summarized in the following table.

	As of	As of
Top-Line and Cost Structure	May 7, 2020	July 30, 2020
Total revenue	$3.725 - $3.825 billion	$3.775 - $3.825 billion
Net non-cash rent adjustments (1)	($20 - $30 million)	($20 - $30 million)
Adjusted EBITDA	$2.075 - $2.125 billion	$2.100 - $2.125 billion
G&A	$320 - $330 million	$320 - $330 million
Internal Growth
Rental rates on renewal leases
Cash basis	Down low single-digits	Down low single-digits
GAAP basis	Unchanged	Unchanged
Year-end portfolio occupancy (2)	85.0% - 86.0%	85.0% - 86.0%
"Same-capital" cash NOI growth (3)	(2.5%) - (3.5%)	(2.5%) - (3.5%)
Foreign Exchange Rates
U.S. Dollar / Pound Sterling	$1.20 - $1.25	$1.20 - $1.25
U.S. Dollar / Euro	$1.05 - $1.10	$1.05 - $1.15
External Growth
Dispositions
Dollar volume	$0.6 - $1.0 billion	$0.6 - $1.0 billion
Cap rate	0.0% - 12.0%	0.0% - 12.0%
Development
CapEx (4)	$1.9 - $2.2 billion	$1.9 - $2.2 billion
Average stabilized yields	9.0% - 15.0%	9.0% - 15.0%
Enhancements and other non-recurring CapEx (5)	$5 - $10 million	$5 - $10 million
Recurring CapEx + capitalized leasing costs (6)	$220 - $230 million	$220 - $230 million
Balance Sheet
Long-term debt issuance
Dollar amount	$1.9 billion	$2.5 billion
Pricing	1.00%	1.00% - 1.25%
Timing	Early 2020	Early-to-mid 2020
Net income per diluted share	$1.60 - $1.75	$1.20 - $1.25
Real estate depreciation and (gain) / loss on sale	$3.50 - $3.50	$3.90 - $3.90
Funds From Operations / share (NAREIT-Defined)	$5.10 - $5.25	$5.10 - $5.15
Non-core expenses and revenue streams	$0.80 - $0.85	$0.90 - $0.95
Core Funds From Operations / share	$5.90 - $6.10	$6.00 - $6.10
Foreign currency translation adjustments	$0.05 - $0.15	$0.05 - $0.15
Constant-Currency Core FFO / share	$5.95 - $6.25	$6.05 - $6.25

(1) Net non-cash rent adjustments represent the sum of straight-line rental revenue and straight-line rent expense, as well as the amortization of above- and below-market leases (i.e., ASC 805 adjustments).

(2) Reflects inclusion of the Interxion portfolio, which was approximately 75% occupied as of June 30, 2020.

(3) The “same-capital” pool includes properties owned as of December 31, 2018 with less than 5% of total rentable square feet under development. It also excludes properties that were undergoing, or were expected to undergo, development activities in 2019-2020, properties classified as held for sale, and properties sold or contributed to joint ventures for all periods presented.

(4) Includes land acquisitions.

(5) Other non-recurring CapEx represents costs incurred to enhance the capacity or marketability of operating properties, such as network fiber initiatives and software development costs.

(6) Recurring CapEx represents non-incremental improvements required to maintain current revenues, including second-generation tenant improvements and leasing commissions.

11

Digital Realty Trust
Earnings Release		Second Quarter 2020

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. EDT / 2:30 p.m. PDT on July 30, 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 second quarter 2020 financial results and operating performance. The conference call will feature Chief Executive Officer A. William Stein and Chief Financial Officer Andrew P. Power.

To participate in the live call, investors are invited to dial (888) 317-6003 (for domestic callers) or (412) 317-6061 (for international callers) and reference the conference ID# 0396071 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 August 30, 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# 10145667. 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 and Twitter.

Contact Information

Andrew P. Power

Chief Financial Officer

Digital Realty

(415) 738-6500

John J. Stewart / Jim Huseby

Investor Relations

Digital Realty

(415) 738-6500

12

Consolidated Quarterly Statements of Operations		Financial Supplement
Unaudited and Dollars in Thousands, Except Per Share Data		Second Quarter 2020

	Three Months Ended					Six Months Ended
	30-Jun-20	31-Mar-20	31-Dec-19	30-Sep-19	30-Jun-19		30-Jun-20	30-Jun-19
Rental revenues	$698,041	$579,774	$549,733	$564,975	$565,925		$1,277,815	$1,151,349
Tenant reimbursements - Utilities	141,576	113,520	107,518	114,719	106,409		255,096	208,978
Tenant reimbursements - Other	62,630	56,943	59,641	57,466	62,820		119,573	118,688
Interconnection & other	85,428	69,835	65,576	65,312	64,232		155,263	132,400
Fee income	4,353	2,452	4,814	3,994	925		6,805	2,845
Other	967	813	181	—	486		1,780	1,051
Total Operating Revenues	$992,995	$823,337	$787,463	$806,466	$800,797		$1,816,332	$1,615,311
Utilities	$160,173	$129,526	$125,127	$132,565	$123,398		$289,698	$247,732
Rental property operating	172,474	136,182	129,034	126,866	128,634		308,656	259,254
Property taxes	45,071	42,123	42,541	38,255	41,482		87,194	78,797
Insurance	3,370	3,547	3,055	3,103	3,441		6,917	6,432
Depreciation & amortization	349,165	291,457	275,008	286,718	290,562		640,622	602,048
General & administration	90,649	62,266	53,540	49,862	52,318		152,915	104,294
Severance, equity acceleration, and legal expenses	3,642	1,272	1,130	123	665		4,914	2,148
Transaction and integration expenses	15,618	56,801	17,106	4,115	4,210		72,419	6,704
Impairment of investments in real estate	—	—	—	—	—		—	5,351
Other expenses	22	114	1,989	92	7,115		136	12,037
Total Operating Expenses	$840,184	$723,288	$648,530	$641,699	$651,825		$1,563,471	$1,324,797
Operating Income	$152,811	$100,049	$138,933	$164,767	$148,972		$252,861	$290,514
Equity in (loss) earnings of unconsolidated joint ventures	(7,632)	(78,996)	11,157	(19,269)	6,962		(86,628)	16,180
Gain on sale / deconsolidation	—	304,801	267,651	—	—		304,801	67,497
Interest and other income (expense), net	22,163	(3,542)	10,734	16,842	16,980		18,621	38,424
Interest (expense)	(79,874)	(85,800)	(80,880)	(84,574)	(86,051)		(165,674)	(187,603)
Income tax benefit (expense)	(11,490)	(7,182)	1,731	(4,826)	(4,634)		(18,672)	(8,900)
Loss from early extinguishment of debt	—	(632)	—	(5,366)	(20,905)		(632)	(33,791)
Net Income	$75,978	$228,698	$349,326	$67,574	$61,324		$304,677	$182,321
Net (income) loss attributable to noncontrolling interests	(1,147)	(4,684)	(13,042)	(1,077)	(1,156)		(5,831)	(5,341)
Net Income Attributable to Digital Realty Trust, Inc.	$74,831	$224,014	$336,284	$66,497	$60,168		$298,846	$176,980
Preferred stock dividends, including undeclared dividends	(21,155)	(21,155)	(20,707)	(16,670)	(16,670)		(42,310)	(37,613)
Issuance costs associated with redeemed preferred stock	—	—	—	—	(11,760)		—	(11,760)
Net Income Available to Common Stockholders	$53,676	$202,859	$315,577	$49,827	$31,738		$256,536	$127,607
Weighted-average shares outstanding - basic	267,569,823	222,163,324	208,776,355	208,421,470	208,284,407		244,866,574	208,048,207
Weighted-average shares outstanding - diluted	270,744,408	224,474,295	210,286,278	209,801,771	209,435,572		247,576,014	208,894,294
Weighted-average fully diluted shares and units	278,719,109	232,753,630	218,901,078	218,755,597	218,497,318		255,704,473	218,039,658
Net income per share - basic	$0.20	$0.91	$1.51	$0.24	$0.15		$1.05	$0.61
Net income per share - diluted	$0.20	$0.90	$1.50	$0.24	$0.15		$1.04	$0.61

13

Funds From Operations and Core Funds From Operations		Financial Supplement
Unaudited and in Thousands, Except Per Share Data		Second Quarter 2020

	Three Months Ended						Six Months Ended
Reconciliation of Net Income to Funds From Operations (FFO)		30-Jun-20	31-Mar-20	31-Dec-19	30-Sep-19	30-Jun-19		30-Jun-20	30-Jun-19
Net Income Available to Common Stockholders		$53,676	$202,859	$315,577	$49,827	$31,738		$256,535	$127,607
Adjustments:
Non-controlling interest operating partnership		1,400	7,800	13,100	2,300	1,400		9,200	5,700
Real estate related depreciation & amortization (1)		342,334	286,517	271,371	283,090	286,915		628,851	594,779
Unconsolidated JV real estate related depreciation & amortization		17,123	19,923	21,631	13,612	13,623		37,046	17,474
(Gain) on real estate transactions		-	(304,801)	(267,651)	-	-		(304,801)	-
Impairment of investments in real estate		-	-	-	-	-		-	5,351
Funds From Operations		$414,533	$212,298	$354,028	$348,829	$333,676		$626,831	$750,911
Funds From Operations - diluted		$414,533	$212,298	$354,028	$348,829	$333,676		$626,831	$750,911
Weighted-average shares and units outstanding - basic		275,545	230,443	217,391	217,375	217,346		252,995	217,194
Weighted-average shares and units outstanding - diluted (2)		278,719	232,754	218,901	218,756	218,497		255,704	218,040
Funds From Operations per share - basic		$1.50	$0.92	$1.63	$1.60	$1.54		$2.48	$3.46
Funds From Operations per share - diluted (2)		$1.49	$0.91	$1.62	$1.59	$1.53		$2.45	$3.44

	Three Months Ended						Six Months Ended
Reconciliation of FFO to Core FFO		30-Jun-20	31-Mar-20	31-Dec-19	30-Sep-19	30-Jun-19		30-Jun-20	30-Jun-19
Funds From Operations - diluted		$414,533	$212,298	$354,028	$348,829	$333,676		$626,831	$750,911
Termination fees and other non-core revenues (3)		(21,908)	(2,425)	(5,634)	(16,792)	(16,826)		(24,333)	(31,271)
Transaction and integration expenses		15,618	56,801	17,106	4,115	4,210		72,419	6,704
Loss from early extinguishment of debt		-	632	-	5,366	20,905		632	33,791
Issuance costs associated with redeemed preferred stock		-	-	-	-	11,760		-	11,760
Severance, equity acceleration, and legal expenses (4)		3,642	1,272	1,130	123	665		4,914	2,148
(Gain) / Loss on FX revaluation		17,526	81,288	(10,422)	23,136	(4,251)		98,814	5,353
(Gain) on contribution to unconsolidated JV, net of related tax		-	-	-	-	-		-	(58,497)
Other non-core expense adjustments		22	5,509	(1,511)	92	7,115		5,531	12,037
Core Funds From Operations - diluted		$429,433	$355,375	$354,697	$364,869	$357,254		$784,808	$732,936
Weighted-average shares and units outstanding - diluted (2)		278,719	232,754	218,901	218,756	218,497		255,704	218,040
Core Funds From Operations per share - diluted (2)		$1.54	$1.53	$1.62	$1.67	$1.64		$3.07	$3.36

(1) Real Estate Related Depreciation & Amortization	Three Months Ended						Six Months Ended
		30-Jun-20	31-Mar-20	31-Dec-19	30-Sep-19	30-Jun-19		30-Jun-20	30-Jun-19
Depreciation & amortization per income statement		$349,165	$291,457	$275,008	$286,718	$290,562		640,622	602,048
Non-real estate depreciation		(6,831)	(4,940)	(3,637)	(3,628)	(3,647)		(11,771)	(7,269)
Real Estate Related Depreciation & Amortization		$342,334	$286,517	$271,371	$283,090	$286,915		$628,851	$594,779

(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 that follows the reconciliation of core FFO to AFFO for calculations of weighted average common stock and units outstanding. For definitions and discussion of FFO and core FFO, see the definition section.

(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.

14

Adjusted Funds From Operations (AFFO)		Financial Supplement
Unaudited and in Thousands, Except Per Share Data		Second Quarter 2020

	Three Months Ended						Six Months Ended
Reconciliation of Core FFO to AFFO		30-Jun-20	31-Mar-20	31-Dec-19	30-Sep-19	30-Jun-19		30-Jun-20	30-Jun-19
Core FFO available to common stockholders and unitholders		$429,433	$355,375	$354,697	$364,869	$357,254		$784,808	$732,936
Adjustments:
Non-real estate depreciation		6,831	4,940	3,637	3,628	3,647		11,771	7,269
Amortization of deferred financing costs		3,661	4,260	3,064	2,900	2,905		7,921	7,398
Amortization of debt discount/premium		1,011	943	612	466	515		1,954	1,275
Non-cash stock-based compensation expense		15,060	12,153	8,937	8,906	9,468		27,213	17,060
Straight-line rental revenue		(10,928)	(15,404)	(13,994)	(12,764)	(13,033)		(26,332)	(29,013)
Straight-line rental expense		7,373	1,460	(342)	(209)	318		8,833	1,552
Above- and below-market rent amortization		3,794	3,294	4,109	2,824	3,954		7,088	10,163
Deferred tax expense		(150)	(792)	(998)	(1,418)	(979)		(942)	(16,376)
Leasing compensation & internal lease commissions (1)		1,739	2,793	3,646	3,254	4,025		4,532	7,606
Recurring capital expenditures (2)		(38,796)	(34,677)	(54,731)	(48,408)	(39,515)		(73,473)	(77,574)
AFFO available to common stockholders and unitholders (3)		$419,028	$334,345	$308,637	$324,048	$328,559		$753,373	$662,296
Weighted-average shares and units outstanding - basic		275,545	230,443	217,391	217,375	217,346		252,995	217,194
Weighted-average shares and units outstanding - diluted (4)		278,719	232,754	218,901	218,756	218,497		255,704	218,040
AFFO per share - diluted (4)		$1.50	$1.44	$1.41	$1.48	$1.50		$2.95	$3.04
Dividends per share and common unit		$1.12	$1.12	$1.08	$1.08	$1.08		$2.24	$2.16
Diluted AFFO Payout Ratio		74.5%	78.0%	76.6%	72.9%	71.8%		76.0%	71.1%

	Three Months Ended						Six Months Ended
Share Count Detail		30-Jun-20	31-Mar-20	31-Dec-19	30-Sep-19	30-Jun-19		30-Jun-20	30-Jun-19
Weighted Average Common Stock and Units Outstanding		275,545	230,443	217,391	217,375	217,346		252,995	217,194
Add: Effect of dilutive securities		3,174	2,311	1,510	1,381	1,151		2,709	846
Weighted Avg. Common Stock and Units Outstanding - diluted		278,719	232,754	218,901	218,756	218,497		255,704	218,040

(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.

15

Consolidated Balance Sheets		Financial Supplement
Unaudited and in Thousands, Except Share and Per Share Data		Second Quarter 2020

	30-Jun-20		31-March-20		31-Dec-19		30-Sep-19		30-Jun-19
Assets
Investments in real estate:
Real estate		$20,843,273		$20,477,290		$16,886,592		$16,407,080		$17,324,416
Construction in progress		2,514,324		2,204,869		1,732,555		1,647,130		1,685,056
Land held for future development		175,209		137,447		147,597		150,265		152,368
Investments in real estate		$23,532,806		$22,819,606		$18,766,744		$18,204,475		$19,161,840
Accumulated depreciation and amortization		(4,945,534)		(4,694,713)		(4,536,169)		(4,298,629)		(4,312,357)
Net Investments in Properties		$18,587,272		$18,124,893		$14,230,575		$13,905,846		$14,849,483
Investment in unconsolidated joint ventures		1,033,235		1,064,009		1,287,109		1,035,861		979,350
Net Investments in Real Estate		$19,620,507		$19,188,902		$15,517,684		$14,941,707		$15,828,833
Cash and cash equivalents		$505,174		$246,480		$89,817		$7,190		$33,536
Accounts and other receivables (1)		542,750		527,699		305,501		304,712		320,938
Deferred rent		496,684		484,179		478,744		471,516		491,486
Customer relationship value, deferred leasing costs & other intangibles, net		3,128,140		3,500,588		2,195,324		2,245,017		2,499,564
Acquired above-market leases, net		57,535		66,033		74,815		84,315		94,474
Goodwill		7,791,522		7,466,046		3,363,070		3,338,168		3,353,538
Assets associated with real estate held for sale		10,981		—		229,934		967,527		—
Operating lease right-of-use assets (2)		1,375,427		1,364,621		628,681		634,085		648,952
Other assets		333,916		268,752		184,561		178,528		158,770
Total Assets		$33,862,636		$33,113,300		$23,068,131		$23,172,765		$23,430,091
Liabilities and Equity
Global unsecured revolving credit facilities		$64,492		$603,101		$234,105		$1,833,512		$1,417,675
Unsecured term loans		799,550		771,425		810,219		796,232		807,922
Unsecured senior notes, net of discount		11,268,753		10,637,006		8,973,190		8,189,138		8,511,656
Secured debt, net of premiums		238,826		239,800		104,934		105,153		105,325
Operating lease liabilities (2)		1,451,152		1,431,292		693,539		699,381		714,256
Accounts payable and other accrued liabilities		1,828,288		1,732,318		1,007,761		938,740		984,812
Accrued dividends and distributions		—		—		234,620		—		—
Acquired below-market leases		139,851		145,208		148,774		153,422		183,832
Security deposits and prepaid rent		348,253		336,583		208,724		203,708		213,549
Liabilities associated with assets held for sale		238		—		2,700		23,534		—
Total Liabilities		$16,139,403		$15,896,733		$12,418,566		$12,942,820		$12,939,027
Redeemable non-controlling interests - operating partnership		40,584		40,027		41,465		19,090		17,344
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 I Cumulative Redeemable Preferred Stock (5)		242,012		242,012		242,012		242,012		242,012
Series J Cumulative Redeemable Preferred Stock (6)		193,540		193,540		193,540		193,540		193,540
Series K Cumulative Redeemable Preferred Stock (7)		203,264		203,264		203,264		203,264		203,264
Series L Cumulative Redeemable Preferred Stock (8)		334,886		334,886		334,886		—		—
Common Stock: $0.01 par value per share, 392,000,000 shares authorized (9)		2,670		2,622		2,073		2,069		2,067
Additional paid-in capital		19,292,311		18,606,766		11,577,320		11,540,980		11,511,519
Dividends in excess of earnings		(3,386,525)		(3,139,350)		(3,046,579)		(3,136,668)		(2,961,307)
Accumulated other comprehensive (loss), net		(358,349)		(444,222)		(87,922)		(68,625)		(89,588)
Total Stockholders' Equity		$16,984,527		$16,460,236		$9,879,312		$9,437,290		$9,562,225
Noncontrolling Interests
Noncontrolling interest in operating partnership		$633,831		$656,266		$708,163		$732,314		$756,050
Noncontrolling interest in consolidated joint ventures		64,291		60,038		20,625		41,251		155,445
Total Noncontrolling Interests		$698,122		$716,304		$728,788		$773,565		$911,495
Total Equity		$17,682,649		$17,176,540		$10,608,100		$10,210,855		$10,473,720
Total Liabilities and Equity		$33,862,636		$33,113,300		$23,068,131		$23,172,765		$23,430,091

(1) Net of allowance for doubtful accounts of $18,378 and $13,753 as of June 30, 2020 and December 31, 2019, 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 Form10-Q filed on May10, 2019 for additional information.

(3) SeriesC 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 June 30, 2020 and December 31, 2019, respectively.

(4) SeriesG 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 June 30, 2020 and December 31, 2019, respectively.

(5) SeriesI 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 June 30, 2020 and December 31, 2019, respectively.

(6) SeriesJ 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 June 30, 2020 and December 31, 2019, respectively.

(7) SeriesK Cumulative Redeemable Preferred Stock, 5.850%, $210,000 and $210,000 liquidation preference, respectively ($25.00 per share), 8,400,000 and 8,400,000 shares issued and outstanding as of June 30, 2020 and December 31, 2019, respectively.

(8) SeriesL Cumulative Redeemable Preferred Stock, 5.200%, $345,000 and $345,000 liquidation preference, respectively ($25.00 per share), 13,800,000 and 13,800,000 shares issued and outstanding as of June 30, 2020 and December 31, 2019, respectively.

(9) Common Stock: 268,399,073 and 208,900,758 shares issued and outstanding as of June 30, 2020 and December 31, 2019, respectively.

16

Components of Net Asset Value (NAV) (1)		Financial Supplement
Unaudited and in Thousands		Second Quarter 2020

Consolidated Properties Cash Net Operating Income (NOI)(2), Annualized (3)
Network-Dense	$872,845
Campus	1,355,893
Other (4)	199,122
Total Cash NOI, Annualized	$2,427,860
less: Partners' share of consolidated JVs	85
Acquisitions / dispositions / expirations	(29,540)
FY 2020 backlog cash NOI and 2Q20 carry-over (stabilized) (5)	99,001
Total Consolidated Cash NOI, Annualized	$2,497,406
Digital Realty's Pro Rata Share of Unconsolidated Joint Venture Cash NOI (3)(6)	$108,728
Other Income
Development and Management Fees (net), Annualized	$17,412
Other Assets
Pre-stabilized inventory, at cost (7)	$484,635
Land held for development	175,209
Development CIP (8)	2,514,324
less: Investment associated with FY20 Backlog NOI	(704,408)
Cash and cash equivalents	505,174
Accounts and other receivables, net	542,750
Other assets	333,916
less: Partners' share of consolidated JV assets	(791)
Total Other Assets	$3,850,809
Liabilities
Global unsecured revolving credit facilities	$74,349
Unsecured term loans	801,905
Unsecured senior notes	11,359,060
Secured debt, excluding premiums	239,000
Accounts payable and other accrued liabilities (9)	1,828,288
Security deposits and prepaid rents	348,253
Liabilities associated with assets held for sale	238
Backlog NOI cost to complete (10)	276,021
Preferred stock, at liquidation value	1,456,250
Digital Realty's share of unconsolidated JV debt	558,049
Total Liabilities	$16,941,413
Diluted Shares and Units Outstanding	279,861

(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 34.

(3) Annualized cash NOI is calculated by multiplying results for the most recent quarter by four. Annualized results may not be indicative of any four-quarter period and do not take into account scheduled lease expirations, among other things. Annualized data is presented for illustrative purposes only. Reflects annualized 2Q20 Cash NOI of $2.4 billion. NOI is allocated based on management’s best estimates derived using contractual ABR and stabilized margins.

(4) Other includes Powered Base Building shell capacity as well as storage and office space within fully improved data center facilities.

(5) Estimated cash NOI related to signed leasing expected to commence through December 31, 2020. Includes Digital Realty’s share of signed leases at unconsolidated joint venture buildings. Excludes MCDR and Ascenty joint venture.

(6) For a reconciliation of Digital Realty’s pro rata share of unconsolidated joint venture operating income to cash NOI, see page 31.

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

(8) See page 27 for further details on the breakdown of the construction in progress balance.

(9) Includes net deferred tax liability of approximately $665.0 million.

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

17

Debt Maturities		Financial Supplement
Unaudited and Dollars in Thousands		Second Quarter 2020

	As of June 30, 2020
		Interest Rate
	Interest	Including
	Rate	Swaps	2020	2021	2022	2023	2024	Thereafter	Total
Global Unsecured Revolving Credit Facilities (1)
Global unsecured revolving credit facilities - Unhedged	1.060%	1.060%	—	—	—	—	$74,349	—	$74,349
Deferred financing costs, net	-	-	—	—	—	—	—	—	(9,857)
Total Global Unsecured Revolving Credit Facilities	1.060%	1.060%	—	—	—	—	$74,349	—	$64,492
Unsecured Term Loans (1)
Hedged variable rate portion of seven-year term loan	1.185%	2.435%	—	—	—	$300,000	—	—	$300,000
Unhedged variable rate portion of five-year term loan	1.672%	1.672%	—	—	—	—	$429,350	—	429,350
Hedged variable rate portion of five-year term loan	1.524%	1.778%	—	—	—	—	72,555	—	72,555
Deferred financing costs, net	-	-	—	—	—	—	—	—	(2,355)
Total Unsecured Term Loan	1.476%	1.967%	—	—	—	$300,000	$501,905	—	$799,550
Senior Notes
3.950% notes due 2022	3.950%	3.950%	—	—	$500,000	—	—	—	$500,000
3.625% notes due 2022	3.625%	3.625%	—	—	300,000	—	—	—	300,000
0.125% notes due 2022	0.125%	0.125%	—	—	337,020	—	—	—	337,020
2.750% notes due 2023	2.750%	2.750%	—	—	—	$350,000	—	—	350,000
4.750% notes due 2023	4.750%	4.750%	—	—	—	372,030	—	—	372,030
2.625% notes due 2024	2.625%	2.625%	—	—	—	—	$674,040	—	674,040
2.750% notes due 2024	2.750%	2.750%	—	—	—	—	310,025	—	310,025
4.250% notes due 2025	4.250%	4.250%	—	—	—	—	—	$496,040	496,040
0.625% notes due 2025	0.625%	0.625%	—	—	—	—	—	730,210	730,210
4.750% notes due 2025	4.750%	4.750%	—	—	—	—	—	450,000	450,000
2.500% notes due 2026	2.500%	2.500%	—	—	—	—	—	1,207,655	1,207,655
3.700% notes due 2027	3.700%	3.700%	—	—	—	—	—	1,000,000	1,000,000
1.125% notes due 2028	1.125%	1.125%	—	—	—	—	—	561,700	561,700
4.450% notes due 2028	4.450%	4.450%	—	—	—	—	—	650,000	650,000
3.600% notes due 2029	3.600%	3.600%	—	—	—	—	—	900,000	900,000
3.300% notes due 2029	3.300%	3.300%	—	—	—	—	—	434,035	434,035
1.500% notes due 2030	1.500%	1.500%	—	—	—	—	—	842,550	842,550
3.750% notes due 2030	3.750%	3.750%	—	—	—	—	—	682,055	682,055
1.250% notes due 2031	1.250%	1.250%	—	—	—	—	—	561,700	561,700
Unamortized discounts	-	-	—	—	—	—	—	—	(28,916)
Deferred financing costs	-	-	—	—	—	—	—	—	(61,391)
Total Senior Notes	2.870%	2.870%	—	—	$1,137,020	$722,030	$984,065	$8,515,945	$11,268,753
Secured Debt
Westin	3.290%	3.290%	—	—	—	—	—	$135,000	$135,000
Secured note due 2023	1.185%	2.122%	—	—	—	$104,000	—	—	104,000
Deferred financing costs	-	-	—	—	—	—	—	—	(174)
Total Secured Debt	2.374%	2.782%	—	—	—	$104,000	—	$135,000	$238,826
Total unhedged variable rate debt	-	-	—	—	—	—	$503,699	—	$503,699
Total fixed rate / hedged variable rate debt	-	-	—	—	$1,137,020	$1,126,030	1,056,620	$8,650,945	11,970,615
Total Debt	2.760%	2.799%	—	—	$1,137,020	$1,126,030	$1,560,319	$8,650,945	$12,474,314
Weighted Average Interest Rate			—	—	2.730%	3.269%	2.274%	2.842%	2.799%
Summary
Weighted Average Term to Initial Maturity									6.2 Years
Weighted Average Maturity (assuming exercise of extension options)									6.2 Years

Global Unsecured Revolving Credit Facility Detail As of June 30, 2020
	Maximum Available	Existing Capacity (2)	Currently Drawn
Global Unsecured Revolving Credit Facility	$2,649,129	$2,519,459	$74,349

(1) Assumes all extensions will be exercised.

(2) Net of letters of credit issued of $55.3 million.

18

Debt Analysis and Covenant Compliance		Financial Supplement
Unaudited		Second Quarter 2020

	As of June 30, 2020
				Global Unsecured
	Unsecured Senior Notes			Credit Facilities
Debt Covenant Ratios (1)	Required	Actual (2)	Actual (3)	Required	Actual
Total outstanding debt / total assets (4)	Less than 60%	41%	38%	Less than 60% (5)	31%
Secured debt / total assets (6)	Less than 40%	1%	1%	Less than 40%	2%
Total unencumbered assets / unsecured debt	Greater than 150%	251%	276%	N/A	N/A
Consolidated EBITDA / interest expense (7)	Greater than 1.5x	4.7x	4.7x	N/A	N/A
Fixed charge coverage		N/A	N/A	Greater than 1.5x	5.9x
Unsecured debt / total unencumbered asset value (8)		N/A	N/A	Less than 60%	37%
Unencumbered assets debt service coverage ratio		N/A	N/A	Greater than 1.5x	6.5x

(1) 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 October24, 2018, the Amended and Restated Term Loan Agreement dated as of October24, 2018 and the Yen facility Credit Agreement dated as of October24, 2018, each as amended and which are filed as exhibits to our reports filed with the Securities and Exchange Commission.

(2) Ratios for the Unsecured Senior Notes listed on page18 except for the 1.250% notes due 2031.

(3) Ratios in the table above are based on the indenture which governs the 1.250% notes due 2031.

(4) 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 October24, 2018, the Amended and Restated Term Loan Agreement dated as of October24, 2018 and the Yen facility Credit Agreement dated as of October24, 2018, each as amended and which are filed as exhibits to our reports filed with the Securities and Exchange Commission.

(5) The company has the right to maintain a Leverage Ratio of greater than 60.0% but less than or equal to 65.0% for up to four consecutive fiscal quarters during the term of the facility following an acquisition of one or more Assets for a purchase price and other consideration in an amount not less than 5% of Total Asset Value.

(6) This ratio is referred to as the Secured Debt Leverage Ratio, defined as Secured Debt / Total Asset Value, under the global unsecured revolving credit facility, the term loan facility and the Yen facility.

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

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

19

Same-Capital Operating Trend Summary		Financial Supplement
Unaudited and in Thousands		Second Quarter 2020

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

	Three Months Ended										Six Months Ended
	30-Jun-20		30-Jun-19		% Change		31-Mar-20		% Change		30-Jun-20		30-Jun-19		% Change
Rental revenues		$425,649		$439,417		(3.1%)		$422,624		0.7%		$848,274		$875,525		(3.1%)
Tenant reimbursements - Utilities		78,855		84,455		(6.6%)		81,668		(3.4%)		160,524		167,023		(3.9%)
Tenant reimbursements - Other		49,902		48,043		3.9%		45,254		10.3%		95,155		92,865		2.5%
Interconnection & other		55,967		54,351		3.0%		54,827		2.1%		110,794		107,791		2.8%
Total Revenue		$610,373		$626,266		(2.5%)		$604,373		1.0%		$1,214,747		$1,243,204		(2.3%)
Utilities		$92,527		$96,702		(4.3%)		$92,089		0.5%		$184,616		$192,223		(4.0%)
Rental property operating		94,822		97,692		(2.9%)		93,704		1.2%		188,525		192,164		(1.9%)
Property taxes		31,561		29,342		7.6%		30,230		4.4%		61,791		55,298		11.7%
Insurance		2,685		2,725		(1.5%)		3,090		(13.1%)		5,775		5,179		11.5%
Total Expenses		$221,595		$226,461		(2.1%)		$219,113		1.1%		$440,707		$444,864		(0.9%)
Net Operating Income (2)		$388,778		$399,805		(2.8%)		$385,260		0.9%		$774,040		$798,340		(3.0%)
Less:
Stabilized straight-line rent		($2,622)		$6,036		(143.4%)		$135		(2042.2%)		($2,488)		$8,949		(127.8%)
Above- and below-market rent		(2,177)		(4,567)		(52.3%)		(2,327)		(6.4%)		(4,504)		(11,389)		(60.5%)
Cash Net Operating Income (3)		$393,577		$398,336		(1.2%)		$387,452		1.6%		$781,032		$800,780		(2.5%)
Stabilized Portfolio occupancy at period end (4)		87.1%		88.6%		(1.5%)		86.9%		0.2%		87.1%		88.6%		(1.5%)

(1) Represents buildings owned as of December 31, 2018 with less than 5% of total rentable square feet under development. Excludes buildings that were undergoing, or were expected to undergo, development activities in 2019-2020, 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 page34.

(3) For a definition and discussion of cash net operating income and a reconciliation of operating income to cash NOI, see page34.

(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.

20

Summary of Leasing Activity		Financial Supplement
Leases Signed in the Quarter Ended June 30, 2020		Second Quarter 2020

	0-1 MW				> 1 MW				Other (3)				Total
Leasing Activity - New (1) (2)	2Q20		LTM		2Q20		LTM		2Q20		LTM		2Q20		LTM
Annualized GAAP Rent		$22,160		$69,411		$92,382		$231,280		$17,484		$20,356		$132,026		$321,047
Kilowatt leased		7,900		27,215		81,413		197,276		—		—		89,313		224,491
NRSF		103,130		329,615		789,590		1,961,109		533,005		619,080		1,425,725		2,909,804
Weighted Average Lease Term (years)		4.1		4.2		8.7		7.7		14.7		13.8		10.6		8.6
Initial stabilized cash rent per Kilowatt		$229		$212		$92		$97		—		—		$112		$123
GAAP rent per Kilowatt		$234		$213		$94		$98		—		—		$107		$112
Leasing cost per Kilowatt		$25		$22		$24		$18		—		—		$24		$19
Net Effective Economics by Kilowatt (4)
Base rent by Kilowatt		$242		$218		$98		$103		—		—		$112		$123
Rental concessions by Kilowatt		$16		$8		$3		$5		—		—		$4		$5
Estimated operating expense by Kilowatt		$95		$95		$29		$28		—		—		$35		$36
Net rent per Kilowatt		$131		$115		$65		$69		—		—		$74		$81
Tenant improvements by Kilowatt		$0		$1		$2		$1		—		—		$1		$1
Leasing commissions by Kilowatt		$13		$10		$1		$1		—		—		$2		$2
Net effective rent per Kilowatt		$118		$105		$63		$67		—		—		$71		$78
Initial stabilized cash rent per NRSF		$211		$210		$113		$117		$29		$30		$95		$120
GAAP rent per NRSF		$215		$211		$117		$118		$33		$33		$93		$110
Leasing cost per NRSF		$33		$25		$29		$22		$1		$2		$18		$18
Net Effective Economics by NRSF (4)
Base rent by NRSF		$223		$216		$121		$124		$33		$33		$101		$126
Rental concessions by NRSF		$12		$7		$4		$6		$0		$0		$3		$5
Estimated operating expense by NRSF		$66		$59		$30		$28		$0		$1		$21		$26
Net rent per NRSF		$145		$150		$87		$90		$32		$32		$77		$96
Tenant improvements by NRSF		$0		$1		$2		$1		$0		$0		$1		$1
Leasing commissions by NRSF		$12		$10		$1		$2		$0		$0		$1		$2
Net effective rent per NRSF		$132		$140		$84		$87		$32		$32		$74		$92

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

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

(3) Other includes Powered Base Building shell capacity as well as storage and office space within fully improved data center facilities.

(4) All dollar amounts are per square foot averaged over lease term. Per Kilowatt metrics are presented in monthly values. Per NRSF are presented in yearly values.

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

21

Summary of Leasing Activity		Financial Supplement
Leases Renewed in the Quarter Ended June 30, 2020		Second Quarter 2020

	0-1 MW				> 1 MW				Other (4)				Total
Leasing Activity - Renewals (1) (2) (3)	2Q20		LTM		2Q20		LTM		2Q20		LTM		2Q20		LTM
Leases renewed (Kilowatt)		32,690		73,657		25,976		112,954		—		—		58,666		186,611
Leases renewed (NRSF)		404,070		1,066,628		316,314		1,269,020		147,202		1,010,769		867,586		3,346,417
Leasing cost per Kilowatt		$1		$1		$1		$2		—		—		$1		$2
Leasing cost per NRSF		$1		$1		$1		$2		$0		$4		$1		$2
Weighted Term (years)		1.5		1.7		12.7		6.0		3.2		11.4		5.7		6.3
Cash Rent
Expiring cash rent per Kilowatt		$306		$328		$136		$143		—		—		$230		$216
Renewed cash rent per Kilowatt		$301		$328		$127		$145		—		—		$224		$217
% Change Cash Rent Per Kilowatt		(1.6%)		(0.1%)		(6.5%)		1.6%		—		—		(2.8%)		0.6%
Expiring cash rent per NRSF		$297		$272		$134		$153		$16		$31		$190		$154
Renewed cash rent per NRSF		$292		$271		$125		$155		$16		$31		$184		$155
% Change Cash Rent Per NRSF		(1.6%)		(0.1%)		(6.5%)		1.6%		0.6%		1.7%		(2.8%)		0.6%
GAAP Rent
Expiring GAAP rent per Kilowatt		$303		$325		$117		$136		—		—		$221		$210
Renewed GAAP rent per Kilowatt		$328		$340		$121		$144		—		—		$236		$221
% Change GAAP Rent Per Kilowatt		8.3%		4.8%		3.5%		5.9%		—		—		7.1%		5.2%
Expiring GAAP rent per NRSF		$294		$269		$115		$145		$15		$29		$182		$149
Renewed GAAP rent per NRSF		$319		$282		$119		$154		$16		$35		$195		$159
% Change GAAP Rent Per NRSF		8.3%		4.8%		3.5%		5.9%		7.6%		20.9%		7.2%		6.1%
Retention ratio (5)		86.5%		80.8%		94.8%		72.2%		76.6%		78.1%		87.4%		76.5%
Churn (6)		2.0%		7.0%		0.2%		6.0%		0.6%		4.6%		0.8%		5.6%

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

(2) Rental rates represent annual estimated cash rent per kilowatt, adjusted for straight-line rents in accordance with GAAP. The number of leases represents the leased-unit count; a lease may include multiple units.

(3) Per Kilowatt metrics are presented in monthly values. Per NRSF metrics are presented in yearly values.

(4) Other includes Powered Base Building shell capacity as well as storage and office space within fully improved data center facilities.

(5) Based on square feet.

(6) Churn is defined as recurring revenue lost during the period due to leases terminated or not renewed during the period, divided by recurring revenue at the beginning of the period.

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

22

Lease Expirations - By Size		Financial Supplement
Dollars in Thousands, Except Per Square Foot		Second Quarter 2020

				% of	Annualized Rent Per		Annualized Rent Per								Rent Per kW
	Square Footage of	Annualized		Annualized	Occupied		Occupied Square		Annualized Rent		kW of Expiring		Rent per kW		Per Month at
Year	Expiring Leases (1)	Rent (2)		Rent	Square Foot		Foot at Expiration		at Expiration		Leases		Per Month		Expiration
0 - 1 MW
Available	1,615,376		—	—		—		—		—		—		—		—
Month to Month (3)	144,216		$35,171	1.3%		$244		$244		$35,171		7,343		$399		$399
2020	767,737		211,379	7.5%		275		275		211,427		56,365		313		313
2021	1,611,214		394,943	14.0%		245		245		395,506		116,631		282		283
2022	571,324		125,085	4.4%		219		223		127,384		40,369		258		263
2023	438,531		80,237	2.9%		183		188		82,597		29,661		225		232
2024	354,398		54,083	1.9%		153		161		57,008		24,455		184		194
2025	347,586		47,986	1.7%		138		144		49,890		24,038		166		173
2026	72,407		11,874	0.4%		164		174		12,573		5,578		177		188
2027	133,274		13,989	0.5%		105		117		15,607		7,088		164		184
2028	53,572		4,439	0.2%		83		102		5,466		2,069		179		220
2029	34,522		3,852	0.1%		112		132		4,545		2,235		144		169
Thereafter	211,302		7,672	0.3%		36		41		8,569		2,962		216		241
Total / Wtd. Avg.	6,355,459		$990,711	35.2%		$209		$212		$1,005,745		318,794		$259		$263

> 1 MW	Expiring Leases (1)	Annualized		Annualized	Annualized Rent Per		Annualized Rent Per		Annualized Rent Per		kW of Expiring		Annualized		Rent Per kW
Available	1,604,320		—	—		—		—		—		—		—		—
Month to Month (3)	98,142		$9,681	0.3%		$99		$99		$9,681		8,888		$91		$91
2020	525,441		77,514	2.8%		148		148		77,514		48,716		133		133
2021	1,307,785		198,096	7.0%		151		154		201,287		112,393		147		149
2022	1,745,022		270,280	9.6%		155		159		278,052		162,821		138		142
2023	1,343,951		177,510	6.3%		132		138		185,389		113,241		131		136
2024	1,275,054		185,520	6.6%		145		157		200,576		118,635		130		141
2025	1,289,277		172,212	6.1%		134		145		186,807		113,448		126		137
2026	896,109		118,235	4.2%		132		152		135,933		85,900		115		132
2027	280,239		45,933	1.6%		164		192		53,758		28,165		136		159
2028	234,673		27,109	1.0%		116		134		31,465		21,513		105		122
2029	503,994		56,678	2.0%		112		132		66,402		58,515		81		95
Thereafter	1,635,380		174,745	6.2%		107		136		222,210		159,099		92		116
Total / Wtd. Avg.	12,739,389		$1,513,512	53.8%		$136		$148		$1,649,074		1,031,332		$122		$133

Other (4)	Expiring Leases (1)	Annualized		Annualized	Annualized Rent Per		Annualized Rent Per		Annualized Rent Per		kW of Expiring		Annualized		Rent Per kW
Available	1,424,393		—	—		—		—		—		—		—		—
Month to Month (3)	43,141		$4,162	0.1%		$96		$94		$4,069		—		—		—
2020	295,403		8,814	0.3%		30		30		8,806		—		—		—
2021	1,257,787		35,907	1.3%		29		29		36,266		—		—		—
2022	1,016,279		24,458	0.9%		24		24		24,086		—		—		—
2023	750,738		19,871	0.7%		26		28		21,127		—		—		—
2024	942,283		37,336	1.3%		40		43		40,093		—		—		—
2025	990,308		40,525	1.4%		41		46		45,172		—		—		—
2026	368,131		15,517	0.6%		42		48		17,535		—		—		—
2027	347,368		13,160	0.5%		38		45		15,675		—		—		—
2028	225,307		11,071	0.4%		49		59		13,361		—		—		—
2029	564,720		20,698	0.7%		37		46		25,796		—		—		—
Thereafter	2,904,707		76,792	2.7%		26		35		102,963		—		—		—
Total / Wtd. Avg.	11,130,565		$308,311	11.0%		$32		$37		$354,949		—		—		—

Total	Expiring Leases (1)	Annualized		Annualized	Annualized Rent Per		Annualized Rent Per		Annualized Rent Per		kW of Expiring		Annualized		Rent Per kW
Available	4,644,089		—	—		—		—		—		—		—		—
Month to Month (3)	285,499		$49,013	1.7%		$172		$171		$48,921		—		—		—
2020	1,588,581		297,706	10.6%		187		187		297,747		—		—		—
2021	4,176,787		628,946	22.4%		151		152		633,060		—		—		—
2022	3,332,625		419,824	14.9%		126		129		429,523		—		—		—
2023	2,533,220		277,618	9.9%		110		114		289,113		—		—		—
2024	2,571,735		276,939	9.8%		108		116		297,677		—		—		—
2025	2,627,171		260,723	9.3%		99		107		281,868		—		—		—
2026	1,336,647		145,625	5.2%		109		124		166,041		—		—		—
2027	760,881		73,082	2.6%		96		112		85,041		—		—		—
2028	513,552		42,619	1.5%		83		98		50,293		—		—		—
2029	1,103,237		81,229	2.9%		74		88		96,742		—		—		—
Thereafter	4,751,389		259,209	9.2%		55		70		333,742		—		—		—
Total / Wtd. Avg.	30,225,412		$2,812,534	100.0%		$110		$118		$3,009,768		—		—		—

(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 June 30, 2020, multiplied by 12.

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

(4) Other includes unimproved building shell capacity as well as storage and office space within fully improved data center facilities.

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

23

Top 20 Customers by Annualized Rent		Financial Supplement
Dollars in Thousands		Second Quarter 2020

						Weighted
						Average
			Annualized		% of Annualized	Remaining
		Number of	Recurring		Recurring	Lease Term in
	Customer	Locations	Revenue (1)		Revenue	Years
1	Fortune 50 Software Company	48		$276,016	8.8%	8.2
2	IBM	39		156,195	5.0%	3.3
3	Facebook, Inc.	17		139,243	4.4%	4.6
4	Equinix	23		91,155	2.9%	8.9
5	Oracle America, Inc.	28		88,950	2.8%	2.2
6	Fortune 25 Investment Grade-Rated Company	27		81,131	2.6%	3.2
7	LinkedIn Corporation	8		67,530	2.1%	4.4
8	Cyxtera Technologies, Inc.	19		66,431	2.1%	11.5
9	Fortune 500 SaaS Provider	15		63,985	2.0%	5.4
10	Global Cloud Provider	43		63,671	2.0%	1.8
11	Rackspace	16		57,357	1.8%	9.3
12	CenturyLink, Inc.	127		56,193	1.8%	5.4
13	Verizon	101		45,563	1.4%	3.5
14	Fortune 25-Tech Company	35		42,829	1.4%	3.0
15	Comcast Corporation	26		40,632	1.3%	5.5
16	JPMorgan Chase & Co.	16		38,511	1.2%	3.1
17	AT&T	73		36,530	1.2%	1.7
18	DXC Technology Company	15		33,499	1.1%	3.1
19	Zayo	116		31,895	1.0%	6.2
20	China Telecommunications Corporation	26		30,130	1.0%	3.8
	Total / Weighted Average			$1,507,448	47.9%	6.2

(1) Annualized recurring revenue represents the monthly contractual base rent (defined as cash base rent before abatements), and Interconnection revenue under existing leases as of June 30, 2020, multiplied by 12.

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

24

Occupancy Analysis		Financial Supplement
Dollars in Thousands		Second Quarter 2020

	Net Rentable	Space Under Active	Space Held for	Annualized		Occupancy (5)		White Space	Data Center
Metropolitan Area	Square Feet (1)	Development (2)	Development (3)	Rent (4)		30-Jun-20	31-Mar-20	IT Load (6)	Count
North America
Northern Virginia	5,377,470	677,390	81,195		$544,892	93.8%	93.1%	410.4	23
Chicago	3,044,469	382,892	148,101		290,229	86.3%	86.5%	162.7	10
New York	2,080,890	235,054	100,808		210,353	82.8%	82.2%	51.0	12
Silicon Valley	2,251,021	65,594	—		202,862	95.4%	95.2%	105.5	20
Dallas	3,478,083	181,215	49,646		197,928	81.3%	82.1%	95.2	21
Phoenix	795,687	—	227,274		71,506	72.5%	70.6%	42.5	3
San Francisco	787,329	61,210	—		62,118	73.0%	73.1%	27.9	4
Atlanta	525,414	—	313,581		50,070	94.0%	93.7%	7.1	4
Los Angeles	818,479	—	—		45,048	87.4%	87.6%	13.8	4
Seattle	400,369	—	—		38,643	89.5%	94.3%	19.5	1
Toronto, Canada	276,827	539,182	—		24,287	87.1%	92.8%	19.8	2
Boston	467,519	—	50,649		22,202	55.1%	55.2%	19.0	4
Houston	392,816	—	13,969		18,416	81.8%	81.8%	12.6	6
Austin	85,688	—	—		9,119	65.0%	65.0%	4.3	1
Miami	226,314	—	—		8,081	89.3%	89.0%	1.3	2
Portland	50,907	550,529	—		6,626	92.1%	91.5%	4.5	2
Minneapolis/St. Paul	328,765	—	—		5,957	100.0%	100.0%	—	1
Charlotte	95,499	—	—		4,752	89.1%	89.2%	1.5	3
North America Total/Weighted Average	21,483,545	2,693,066	985,223		$1,813,089	86.7%	86.7%	998.5	123
Europe
London, England	1,693,175	85,722	97,704		$241,120	81.6%	86.8%	113.6	19
Frankfurt, Germany	1,210,766	401,209	—		163,195	89.0%	84.2%	85.6	20
Amsterdam, Netherlands (7)	1,483,122	119,480	95,262		133,580	63.6%	64.1%	105.6	18
Paris, France	658,681	376,263	—		68,846	85.4%	100.0%	35.4	12
Vienna, Austria	336,594	—	—		42,540	73.9%	N/A	25.6	2
Dublin, Ireland	411,714	—	64,750		42,289	67.3%	65.0%	22.1	8
Madrid, Spain	244,420	—	—		32,032	78.8%	N/A	11.8	3
Marseille, France	225,082	117,990	—		21,430	63.7%	N/A	15.3	3
Brussels, Belgium	133,564	—	—		20,409	67.5%	N/A	8.5	2
Zurich, Switzerland	147,455	395,609	—		19,994	64.6%	N/A	4.9	2
Stockholm, Sweden	155,557	89,308	—		19,068	79.5%	N/A	11.5	6
Copenhagen, Denmark	160,680	13,293	—		16,098	78.2%	N/A	8.6	2
Dusseldorf, Germany	90,541	15,550	—		15,208	81.4%	N/A	4.3	2
Geneva, Switzerland	59,190	—	—		1,806	100.0%	100.0%	—	1
Manchester, England	38,016	—	—		1,733	100.0%	100.0%	—	1
Europe Total/Weighted Average	7,048,558	1,614,424	257,716		$839,349	77.1%	81.2%	452.7	101
Asia Pacific
Singapore	540,638	344,826	—		$83,966	90.9%	88.9%	37.3	3
Sydney, Australia	226,697	87,660	—		21,892	72.8%	72.8%	14.9	3
Melbourne, Australia	146,570	—	—		18,942	85.9%	85.8%	9.6	2
Tokyo, Japan	—	406,664	—		—	—	N/A	—	1
Osaka, Japan	—	193,535	—		—	—	N/A	—	1
Seoul, South Korea	—	162,260	—		—	—	N/A	—	1
Asia Pacific Total/Weighted Average	913,905	1,194,945	—		$124,800	85.6%	84.4%	61.7	11
Africa
Mombasa, Kenya	12,449	—	—		$859	51.4%	N/A	—	1
Nairobi, Kenya	10,276	—	—		671	40.8%	N/A	—	1
Africa Total/Weighted Average	22,725	—	—		$1,529	46.6%	N/A	—	2
Non-Data Center Properties	263,668	—	—		$1,248	100.0%	100.0%	—	—
Consolidated Portfolio Total/Weighted Average	29,732,402	5,502,435	1,242,939		$2,780,016	84.5%	86.1%	1,513.0	237
Held For Sale	29,986	—	—		$1,539	100.0%	100.0%	—	1
Managed Unconsolidated Joint Ventures
Northern Virginia	1,250,419	—	—		$92,512	100.0%	100.0%	75.2	7
Hong Kong	182,488	—	3,812		19,017	85.5%	85.4%	11.0	1
Silicon Valley	326,305	—	—		13,522	100.0%	100.0%	—	4
Dallas	319,876	—	—		5,555	82.4%	82.4%	—	3
New York	108,336	—	—		3,460	100.0%	100.0%	3.4	1
Managed Unconsolidated Portfolio Total/Weighted Average	2,187,424	—	3,812		$134,065	96.2%	96.2%	89.6	16
Managed Portfolio Total/Weighted Average	31,919,826	5,502,435	1,246,751		$2,914,081	85.3%	86.9%	1,602.5	253
Digital Realty Share Total/Weighted Average (8)	30,225,412	5,502,432	1,244,845		$2,812,534	84.6%	86.3%	1,534.2
Non-Managed Unconsolidated Joint Ventures
Sao Paulo, Brazil	770,077	276,910	306,492		92,145	96.1%	95.2%	62.7	15
Tokyo, Japan	892,667	—	—		64,853	87.8%	87.8%	15.5	2
Osaka, Japan	214,526	86,686	30,874		36,170	82.9%	82.7%	21.6	2
Fortaleza, Brazil	94,205	—	—		7,745	100.0%	100.0%	6.0	1
Seattle	51,000	—	—		7,562	100.0%	100.0%	9.0	1
Rio De Janeiro, Brazil	72,442	—	26,781		7,342	100.0%	100.0%	6.0	2
Queretaro, Mexico	—	108,178	376,202		—	—	N/A	—	2
Santiago, Chile	—	46,235	247,148		—	—	N/A	—	2
Non-Managed Portfolio Total/Weighted Average	2,094,917	518,009	987,497		$215,818	91.6%	91.2%	120.8	27
Portfolio Total/Weighted Average	34,014,743	6,020,444	2,234,248		$3,129,898	85.7%	87.2%	1,723.3	280

(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 page26).

(3) Space held for development includes space held for future Data Center development, and excludes space under active development (see page29).

(4) Annualized base rent represents themonthly contractual base rent (defined as cash base rent before abatements) under existing leases as of June 30, 2020, multiplied by 12.

(5) Occupancy excludes space under active development and space held for development. For some of our buildings, we calculate occupancy based on factors in addition to contractually leased square feet, including available power, required support space and common areas.

(6) White Space IT Load represents UPS-backed utility power dedicated to Digital Realty’s operated data center space.

(7) Region has a held-for-sale property.

(8) Represents consolidated portfolio plus our managed portfolio of unconsolidated joint ventures based on our ownershippercentage.

25

Development Lifecycle - Committed Active Development		Financial Supplement
Dollars in Thousands		Second Quarter 2020

	Base Building Construction								Data Center Construction												Total Active Development
			A		B		A + B					A		B		A + B							A		B		A + B
																			Average	Pre-tax
		Total	Current		Future		Total			Total		Current		Future		Total			Expected	Est.		Total	Current		Future		Total
	# of	Square	Investment		Funding		Expected		# of	Square		Investment		Funding		Expected		%	Completion	Stabilized	# of	Square	Investment		Funding		Expected
Metropolitan Area	Locations	Feet	(1)		Req. (2)		Investment (3)		Locations	Feet	kW	(1)		Req. (2)		Investment (3)		Leased	Period	Cash Yield (4)	Locations	Feet	(1)		Req. (2)		Investment (3)
Chicago (5)	1	382,892		$134,434		$12,308		$146,742	—	—	—		—		—		—	—	—		1	382,892		$134,434		$12,308		$146,742
Dallas	1	115,060		61		9,070		9,132	1	66,155	6,000		$27,364		$15,883		43,246	33.3%	4Q20		2	181,215		27,425		24,953		52,378
New York (5)	2	153,337		42,892		84,670		127,561	2	81,717	4,800		8,650		119,345		127,995	100.0%	1Q22		3	235,054		51,541		204,015		255,556
Northern Virginia	—	—		—		—		—	2	677,390	54,000		213,253		195,662		408,915	100.0%	4Q20		2	677,390		213,253		195,662		408,915
Portland	1	285,037		68,915		9,455		78,370	1	265,493	24,000		175,779		74,600		250,378	100.0%	4Q20		1	550,529		244,693		84,055		328,748
San Francisco	—	—		—		—		—	1	61,210	6,000		61,540		18,078		79,618	100.0%	3Q20		1	61,210		61,540		18,078		79,618
Silicon Valley (5)	1	65,594		21,302		18,623		39,925	—	—	—		—		—		—	—	—		1	65,594		21,302		18,623		39,925
Toronto	1	452,102		54,136		3,671		57,807	1	87,080	10,000		62,017		52,163		114,180	—	1Q21		1	539,182		116,153		55,833		171,987
North America	7	1,454,021		$321,739		$137,797		$459,536	8	1,239,045	104,800		$548,603		$475,730		$1,024,333	86.6%		7.9%	12	2,693,066		$870,342		$613,527		$1,483,869
Amsterdam, Netherlands	—	—		—		—		—	2	119,480	9,200		$58,770		$59,808		$118,578	—	4Q20		2	119,480		$58,770		$59,808		$118,578
Copenhagen, Denmark	—	—		—		—		—	1	13,293	1,150		34		10,751		10,785	—	1Q21		1	13,293		34		10,751		10,785
Dusseldorf, Germany	—	—		—		—		—	1	15,550	550		1,011		4,606		5,617	—	3Q20		1	15,550		1,011		4,606		5,617
Frankfurt, Germany	—	—		—		—		—	3	401,209	33,210		191,894		183,733		375,626	46.1%	2Q21		3	401,209		191,894		183,733		375,626
London, United Kingdom	1	64,274		$17,855		—		$17,855	1	21,448	1,434		23,089		399		23,488	—	3Q20		1	85,722		40,944		399		41,343
Marseille, France	1	80,284		31,481		7,966		39,447	1	37,706	5,250		54,347		4,841		59,188	72.4%	3Q20		1	117,990		85,828		12,807		98,635
Paris, France	2	234,775		22,114		116,693		138,807	2	141,488	12,400		20,178		136,057		156,235	48.4%	1Q21		2	376,263		42,292		252,750		295,042
Stockholm, Sweden	1	49,616		4,289		4,826		9,115	1	39,692	2,325		18,291		5,510		23,801	—	3Q20		1	89,308		22,580		10,335		32,916
Zurich, Switzerland	1	258,334		30,556		137,504		168,061	1	137,275	12,000		105,150		62,349		167,499	41.7%	3Q20		2	395,609		135,707		199,853		335,560
Europe	6	687,282		$106,296		$266,988		$373,284	13	927,142	77,519		$472,763		$468,053		$940,817	38.8%		13.0%	14	1,614,424		$579,059		$735,041		$1,314,101
Osaka, Japan	1	128,962		$18,868		$33,739		$52,607	1	64,573	7,000		$18,845		$106,643		$125,488	—	2Q21		1	193,535		37,712		140,382		178,095
Seoul, South Korea	1	81,130		11,899		28,533		40,432	1	81,130	6,000		18,461		69,882		88,343	—	4Q21		1	162,260		30,360		98,415		128,775
Singapore	1	137,932		19,785		31,951		51,736	1	206,894	22,500		57,276		114,822		172,098	46.7%	1Q21		1	344,826		77,061		146,773		223,834
Sydney, Australia	1	87,660		37,965		5,809		43,774	—	—	—		—		—		—	—	—		1	87,660		37,965		5,809		43,774
Tokyo, Japan	1	338,887		32,237		97,570		129,807	1	67,777	6,000		8,687		96,225		104,912	—	3Q21		1	406,664		40,924		193,795		234,719
Asia Pacific	5	774,570		120,754		197,602		318,356	4	420,375	41,500		103,269		387,572		$490,841	25.3%		10.4%	5	1,194,945		$224,023		$585,174		$809,197
Total	18	2,915,873		$548,789		$602,387		$1,151,176	25	2,586,562	223,819		$1,124,635		$1,331,356		$2,455,991	58.7%		10.4%	31	5,502,435		$1,673,424		$1,933,743		$3,607,167

(1) Represents costs incurred through June 30, 2020.

(2) Represents estimated cost to complete specific scope of work pursuant to contract, budget or approved capital plan.

(3) For Base Building Construction, represents the pro rata share of the acquisition and infrastructure costs related to the specific Base Building project. For Data Center Construction, represents the pro rata share of the acquisition and infrastructure costs, or Base Building Construction costs, applicable to the specific Data Center project, plus the total direct investment in the specific Data Center project.

(4) Estimated yields are based on total expected investment amounts and anticipated net operating income from leases signed or other assumptions based on market conditions.

(5) 100% pre-leased as Base Building in Chicago, Silicon Valley, and one location in New York.

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

26

Construction Projects in Progress		Financial Supplement
Dollars in Thousands, Except Per Square Foot		Second Quarter 2020

											Total Cost/
	Net Rentable				Current		Future		Total		Net Rentable
Construction Projects in Progress	Square Feet (5)		Acreage		Investment (6)		Investment (7)		Investment		Square Foot
Development Lifecycle
Land - Held for Development (1)		N/A		185.7		$175,209		—		$175,209
Development Construction in Progress
Land - Current Development (1)		N/A		780.2		$590,680		—		$590,680
Space Held for Development (1)		1,242,939		N/A		214,861		—		214,861		$172
Base Building Construction (2)		2,915,873		N/A		548,789		$602,387		1,151,176		320
Data Center Construction		2,586,562		N/A		1,124,635		1,331,356		2,455,991		1,005
Equipment Pool & Other Inventory (3)		N/A		N/A		13,360		—		13,360
Campus, Tenant Improvements & Other (4)		N/A		N/A		21,999		25,577		47,576
Total Development Construction in Progress		6,745,374		780.2		$2,514,324		$1,959,320		$4,473,644
Enhancement & Other						$1,050		$2,102		$3,152
Recurring						9,210		11,953		21,163
Total Construction in Progress				965.9		$2,699,793		$1,973,375		$4,673,168

(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 June 30, 2020 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 June 30, 2020. 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.

27

Historical Capital Expenditures and Investments in Real Estate		Financial Supplement
Dollars in Thousands		Second Quarter 2020

	Three Months Ended										Six Months Ended
	30-Jun-20		31-Mar-20		31-Dec-19		30-Sep-19		30-Jun-19		30-Jun-20		30-Jun-19
Non-Recurring Capital Expenditures (1)
Development		$413,443		$320,093		$233,848		$274,752		$329,601		$733,536		$657,618
Enhancements and Other Non-Recurring		94		28		790		195		1,185		122		2,264
Total Non-Recurring Capital Expenditures		$413,537		$320,121		$234,638		$274,947		$330,786		$733,658		$659,882
Recurring Capital Expenditures (2)		$38,796		$34,677		$54,731		$48,408		$39,515		$73,473		$77,574
Total Direct Capital Expenditures		$452,333		$354,798		$289,369		$323,355		$370,301		$807,131		$737,456
Indirect Capital Expenditures
Capitalized Interest		$13,133		$9,942		$9,877		$9,936		$9,493		$23,075		$20,390
Capitalized Overhead		12,124		12,555		11,884		11,910		11,511		24,679		22,725
Total Indirect Capital Expenditures		$25,257		$22,497		$21,761		$21,846		$21,004		$47,754		$43,115
Total Improvements to and Advances for Investment in Real Estate		$477,590		$377,295		$311,130		$345,201		$391,305		$854,885		$780,571
Consolidated Portfolio Net Rentable Square Feet (3)		30,225,412		25,992,054		25,341,641		25,504,614		27,088,816		30,225,412		27,088,816

(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.

28

Development Lifecycle – Held for Development		Financial Supplement
Dollars in Thousands		Second Quarter 2020

	Land Inventory (1)						Space Held for Development
			Land -		Land -			Total
	# of		Held for		Current		# of	Square	Current
Metropolitan Area	Locations	Acres	Development		Development		Locations	Feet	Investment (2)
Atlanta	—	—		—		—	1	313,581		$25,621
Boston	—	—		—		—	1	50,649		23,623
Chicago	1	1.4		$25,247		—	6	148,101		52,195
Dallas	3	116.3		33,063		—	3	49,646		3,983
Houston	—	—		—		—	1	13,969		2,726
New York	1	21.5		—		$21,726	6	100,808		17,034
Northern Virginia	12	671.7		24,380		407,030	4	81,195		2,128
Phoenix	2	56.5		—		16,226	1	227,274		18,026
Portland	1	23.4		—		28,181	—	—		—
Silicon Valley	1	13.0		—		62,548	—	—		—
North America	21	903.7		$82,690		$535,712	23	985,223		$145,336
Amsterdam, Netherlands	1	4.4		$22,019		—	2	95,262		$35,574
Copenhagen, Denmark	1	11.4		10,672		—	—	—		—
Dublin, Ireland	3	7.0		6,827		—	1	64,750		4,791
Frankfurt, Germany	1	1.4		—		$10,314	—	—		—
London, United Kingdom	1	6.7		15,929		—	3	97,704		29,160
Madrid, Spain	1	3.6		37,072		—	—	—		—
Paris, France	3	12.6		—		24,181	—	—		—
Europe	11	47.1		$92,519		$34,495	6	257,716		$69,525
Melbourne, Australia	1	4.1		—		$3,696	—	—		—
Osaka, Japan	1	7.5		—		6,180	—	—		—
Sydney, Australia	1	3.5		—		10,598	—	—		—
Asia Pacific	3	15.1		—		20,474	—	—		—
Consolidated Portfolio	35	965.9		$175,209		$590,680	29	1,242,939		$214,861
Hong Kong	—	—		—		—	1	3,812		—
Subtotal JV (3)	—	—		—		—	1	3,812		—
Total	35	965.9		$175,209		$590,680	30	1,246,751		$214,861

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

(2) Represents costs incurred through June 30, 2020. Includes the cost of acquisition as well as cost of improvements since acquisition to prepare for future building construction.

(3) 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.

29

Acquisitions / Dispositions / Joint Ventures		Financial Supplement
Dollars in Thousands		Second Quarter 2020

Closed Acquisitions:

						Net
					Cap	Rentable	Square Feet	Square Feet	% of Total Net
	Acquisition	Metropolitan	Date	Purchase	Rate	Square	Under	Held For	Rentable Square
Property	Type	Area	Acquired	Price (1)	(2)	Feet (3)	Development	Development	Feet Occupied (4)
Calle de Alfonso Gómez, Madrid, Spain	Land bank	Madrid	6/12/2020	$36,630	—	—	—	—	—
Total	—	—	—	$36,630	—	—	—	—	—

Closed Dispositions:

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

Closed Joint Venture Contributions:

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

(1) Represents the purchase price before contractual purchase price adjustments, transaction expenses, taxes and potential currency fluctuations.

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

(3) We estimate the total net rentable square feet available for lease based on a number of factors in addition to contractually leased square feet, including available power, required support space and common area.

(4) Occupancy excludes space under development and space held for development.

30

Unconsolidated Joint Ventures (“JVs”)		Financial Supplement
Dollars in Thousands		Second Quarter 2020

Summary Balance Sheet -	As of June 30, 2020
at the JV's 100% Share		Ascenty	Clise (1)	CenturyLink (2)	Mitsubishi	Mapletree	Prudential	Griffin	Colovore	Total
Undepreciated book value of operating real estate		$562,582	$48,513	$184,576	$620,827	$772,516	$429,846	$126,776	$27,337	$2,772,973
Accumulated depreciation & amortization		(57,894)	(4,927)	(38,573)	(27,082)	(27,378)	(65,475)	(18,761)	(7,523)	(247,613)
Net Book Value of Operating Real Estate		$504,688	$43,586	$146,003	$593,745	$745,138	$364,371	$108,015	$19,814	$2,525,360
Other assets		1,241,121	9,749	44,848	214,791	275,249	53,249	13,313	5,192	1,857,512
Total Assets		$1,745,809	$53,335	$190,851	$808,536	$1,020,387	$417,620	$121,328	$25,006	$4,382,872
Debt		695,000	48,000	—	232,552	—	211,060	102,004	4,175	1,292,791
Other liabilities		114,580	366	8,936	107,994	24,225	69,876	2,529	552	329,058
Equity / (deficit)		936,229	4,969	181,915	467,990	996,162	136,684	16,795	20,279	2,761,023
Total Liabilities and Equity		$1,745,809	$53,335	$190,851	$808,536	$1,020,387	$417,620	$121,328	$25,006	$4,382,872
Digital Realty's ownership percentage		49% (3)	50%	50%	50%	20%	20%	20%	17%
Digital Realty's Pro Rata Share of Unconsolidated JV Debt		$354,450	$24,000	—	$116,276	—	$42,212	$20,401	$710	$558,049

Summary Statement of Operations -	Three Months Ended June 30, 2020
at the JV's 100% Share		Ascenty	Clise (1)	CenturyLink (2)	Mitsubishi	Mapletree	Prudential	Griffin	Colovore	Total
Total revenues		$37,494	$2,464	$6,264	$33,485	$27,175	$10,582	$5,245	$2,648	$125,357
Operating expenses		(14,705)	(645)	(2,423)	(18,774)	(10,670)	(2,440)	(1,732)	(1,922)	(53,311)
Net Operating Income (NOI)		$22,789	$1,819	$3,841	$14,711	$16,505	$8,142	$3,513	$726	$72,046
Straight-line rent		—	—	(143)	(197)	(1,135)	(82)	271	—	(1,286)
Above and below market rent		—	—	—	—	214	(822)	495	—	(113)
Cash Net Operating Income (NOI)		$22,789	$1,819	$3,698	$14,514	$15,584	$7,238	$4,279	$726	$70,647
Interest expense		($10,723)	($531)	—	($924)	($13)	($2,540)	($834)	($633)	($16,198)
Depreciation & amortization		(17,869)	(189)	(2,258)	(4,272)	(18,053)	(3,076)	(1,634)	(571)	(47,922)
Other income / (expense)		(136)	—	(182)	(1,642)	(1,247)	(35)	(225)	(65)	(3,532)
FX remeasurement		(35,943)	—	—	—	—	—	—	—	(35,943)
Total Non-Operating Expenses		($64,671)	($720)	($2,440)	($6,838)	($19,313)	($5,651)	($2,693)	($1,269)	($103,595)
Net Income / (Loss)		($41,882)	$1,099	$1,401	$7,873	($2,808)	$2,491	$820	($543)	($31,549)
Digital Realty's ownership percentage		49% (3)	50%	50%	50%	20%	20%	20%	17%
Digital Realty's Pro Rata Share of Unconsolidated JV NOI		$11,622	$910	$1,921	$7,356	$3,301	$1,628	$703	$123	$27,564
Digital Realty's Pro Rata Share of Unconsolidated JV Cash NOI		$11,622	$910	$1,849	$7,257	$3,117	$1,448	$856	$123	$27,182
Digital Realty's Earnings income (loss) from unconsolidated joint ventures		($15,925)	$550	701	$6,125	($562)	$893	$678	($92)	($7,632)
Digital Realty's Pro Rata Share of CFFO (4)		$11,519	$645	$1,830	$8,261	$3,049	$1,508	$1,005	$5	$27,822
Digital Realty's Fee Income from Joint Ventures		—	—	$414	$1,149	$999	$504	$535	—	$3,601

(1) Formerly known as 2020 Fifth Avenue.

(2) Formerly known as 33 Chun Choi Street.

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

(4) For a definition of Core FFO, see page33.

31

Reconciliation of Earnings Before Interest, Taxes, Depreciation & Amortization and Financial Ratios		Financial Supplement
Unaudited and Dollars in Thousands		Second Quarter 2020

	Three Months Ended
Reconciliation of Earnings Before Interest, Taxes, Depreciation & Amortization (EBITDA) (1)		30-Jun-20	31-Mar-20	31-Dec-19	30-Sep-19	30-Jun-19
Net Income Available to Common Stockholders		$53,676	$202,859	$315,577	$49,827	$31,738
Interest		79,874	85,800	80,880	84,574	86,051
Loss from early extinguishment of debt		—	632	—	5,366	20,905
Income tax (benefit) expense		11,490	7,182	(1,731)	4,826	4,634
Depreciation & amortization		349,165	291,457	275,008	286,718	290,562
EBITDA		$494,205	$587,930	$669,734	$431,311	$433,890
Unconsolidated JV real estate related depreciation & amortization		17,123	19,923	21,631	13,612	13,623
Unconsolidated JV interest expense and tax expense		9,203	9,944	13,553	10,816	10,277
Severance, equity acceleration, and legal expenses		3,642	1,272	1,130	123	665
Transaction and integration expenses		15,618	56,801	17,106	4,115	4,210
(Gain) on sale / deconsolidation		—	(304,801)	(267,651)	—	—
Other non-core adjustments, net		(3,404)	85,185	(13,886)	6,436	(13,476)
Non-controlling interests		1,147	4,684	13,042	1,077	1,156
Preferred stock dividends, including undeclared dividends		21,155	21,155	20,707	16,670	16,670
Issuance costs associated with redeemed preferred stock		—	—	—	—	11,760
Adjusted EBITDA		$558,690	$482,093	$475,366	$484,160	$478,775

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

	Three Months Ended
Financial Ratios		30-Jun-20	31-Mar-20	31-Dec-19	30-Sep-19	30-Jun-19
Total GAAP interest expense		$79,874	$85,800	$80,880	$84,574	$86,051
Capitalized interest		13,133	10,480	9,877	9,936	9,493
Change in accrued interest and other non-cash amounts		(38,478)	24,321	(30,564)	8,490	(20,656)
Cash Interest Expense (2)		$54,529	$120,601	$60,193	$103,000	$74,888
Scheduled debt principal payments		57	125	210	163	159
Preferred dividends		21,155	21,155	20,707	16,670	16,670
Total Fixed Charges (3)		$114,219	$117,560	$111,674	$111,343	$112,373
Coverage
Interest coverage ratio (4)		5.6x	4.6x	4.7x	4.7x	4.6x
Cash interest coverage ratio (5)		9.1x	3.7x	6.7x	4.3x	5.8x
Fixed charge coverage ratio (6)		4.6x	3.8x	3.9x	4.0x	4.0x
Cash fixed charge coverage ratio (7)		6.8x	3.2x	5.2x	3.8x	4.8x
Leverage
Debt to total enterprise value (8) (9)		23.3%	23.8%	26.9%	27.1%	28.8%
Debt plus preferred stock to total enterprise value (10)		26.0%	26.6%	30.8%	29.9%	31.8%
Pre-tax income to interest expense (11)		2.0x	3.7x	5.3x	1.8x	1.7x
Net Debt to Adjusted EBITDA (12)		5.7x	6.6x	5.7x	6.0x	6.0x

(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 (including our pro rata share of unconsolidated joint venture interest expense).

(5) Adjusted EBITDA divided by cash interest expense (including our pro rata share of unconsolidated joint venture interest expense).

(6) Adjusted EBITDA divided by fixed charges (including our pro rata share of unconsolidated joint venture fixed charges).

(7) Adjusted EBITDA divided by the sum of cash interest expense, scheduled debt principal payments and preferred dividends (including our pro rata share of unconsolidated joint venture fixed charges).

(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 page6), 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.

32

Management Statements on Non-GAAP Measures		Financial Supplement
Unaudited		Second Quarter 2020

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, unconsolidated joint venture real estate related depreciation & amortization, unconsolidated joint venture interest expense and tax, severance, equity acceleration, and legal expenses, transaction and integration expenses, gain on sale / deconsolidation, other non-core adjustments, net, non-controlling interests, preferred stock dividends, including undeclared dividends, and issuance costs associated with redeemed preferred stock. Adjusted EBITDA is EBITDA excluding unconsolidated joint venture real estate related depreciation & amortization, unconsolidated joint venture interest expense and tax, severance, equity acceleration, and legal expenses, transaction and integration expenses, gain on sale / deconsolidation, 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.

33

Management Statements on Non-GAAP Measures		Financial Supplement
Unaudited		Second Quarter 2020

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 June 30, 2020, GAAP interest expense was $80 million, capitalized interest was $13 million and scheduled debt principal payments and preferred dividends was $21 million.

Reconciliation of Net Operating Income (NOI)	Three Months Ended						Six Months Ended
(in thousands)	30-Jun-20		31-Mar-20		30-Jun-19		30-Jun-20		30-Jun-19
Operating income		$152,811		$100,049		$148,972		$252,861		$290,514
Fee income		(4,353)		(2,452)		(925)		(6,805)		(2,845)
Other income		(967)		(813)		(486)		(1,780)		(1,051)
Depreciation and amortization		349,165		291,457		290,562		640,622		602,048
General and administrative		90,649		62,266		52,318		152,915		104,294
Severance, equity acceleration, and legal expenses		3,642		1,272		665		4,914		2,148
Transaction expenses		15,618		56,801		4,210		72,419		6,704
Impairment in investments in real estate		—		—		—		—		5,351
Other expenses		22		114		7,115		136		12,037
Net Operating Income		$606,587		$508,694		$502,431		$1,115,282		$1,019,200
Cash Net Operating Income (Cash NOI)
Net Operating Income		$606,587		$508,694		$502,431		$1,115,282		$1,019,200
Straight-line rental revenue		(10,713)		(13,392)		(14,978)		(24,105)		(29,536)
Straight-line rental expense		7,296		1,496		397		8,791		1,573
Above- and below-market rent amortization		3,794		3,294		3,954		7,087		10,163
Cash Net Operating Income		$606,964		$500,092		$491,804		$1,107,055		$1,001,400

34

Forward-Looking Statements		Financial Supplement
		Second Quarter 2020

This document contains forward-looking statements within the meaning of the federal securities laws, which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. Such forward-looking statements include statements relating to: our expected investment and expansion activity, COVID-19, the expected physical settlement of the forward sale agreements and use of proceeds from any such settlement, our joint ventures, supply and demand for data center and colocation space, our acquisition and disposition activity, pricing and net effective leasing economics, market dynamics and data center fundamentals, our strategic priorities, 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, 2020 outlook and underlying assumptions, information related to trends, our strategy and plans, leasing expectations, weighted average lease terms, the exercise of lease extensions, lease expirations, debt maturities, annualized rent at expiration of leases, the effect new leases and increases in rental rates will have on our rental revenue, our credit ratings, construction and development activity and plans, projected construction costs, estimated yields on investment, expected occupancy, expected square footage and IT load capacity upon completion of development projects, 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;

● increased competition or available supply of data center space;

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

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

● our dependence upon significant customers, bankruptcy or insolvency of a major customer or a significant number of smaller customers, or defaults on or non-renewal of leases by customers;

● our ability to attract and retain customers;

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

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

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

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

● information security and data privacy breaches;

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

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

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

● difficulties in identifying properties to acquire and completing acquisitions;

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

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

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

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

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

● our inability to manage our growth effectively;

● losses in excess of our insurance coverage;

● our inability to attract and retain talent;

● impact on our operations and on the operations of our customers, suppliers and business partners during a pandemic, such as COVID-19;

● environmental liabilities, risks related to natural disastersand our inability to achieve our sustainability goals;

● our inability to comply with rulesand regulations applicable to our company;

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

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

● restrictions on our ability to engage in certain business activities;

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

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

The risks included here are not exhaustive, and additional factors could adversely affect our business and financial performance. Several additional material risks are discussed in our annual report on Form 10-K for the year ended December 31, 2019, our quarterly report on Form 10-Q for the quarter ended March 31, 2020 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.

35

EX-99.2

Exhibit 99.2

Digital Realty the trusted foundation | powering your digital ambitions 2Q20 FINANCIAL RESULTS JULY 2020 Global. Connected. Sustainable.

DIGITAL REALTY | 2Q20 FINANCIAL RESULTS | JULY 30, 2020 | 2 Navigating the Future Sustainable Growth for Customers, Shareholders and Employees GLOBAL CONNECTED SUSTAINABLE Selling GLOBALLY… Supporting LOCALLY AMERICAS EMEA APAC A Digital Realty and Brookfield Infrastructure JV

DIGITAL REALTY | 2Q20 FINANCIAL RESULTS | JULY 30, 2020 | 3 Prioritizing Health and Safety Amid Global Pandemic Maintaining Resiliency Employees and Vendors • Minimized on-site data center staffing and increased safety protocols • Coordinated with suppliers to verify response plans and service continuity capacity • Consistent, robust communications cadence Communities • $1 million+ philanthropic effort supporting COVID-19 pandemic relief and racial justice efforts • Disaster recovery assistance and community reinvestment programs • Committed to the health, safety and well-being of employees, customers, vendors, and communities Customers • Increased communications with customers and partners • Enhanced remote data center monitoring and management efforts to maintain robust customer service • Equipped all data centers with sufficient supplies for full operations should remote operations become necessary

| 4 Serving a Social Purpose Delivering Sustainable Growth for All Stakeholders Achieved 2020 Green Lease Leader Recognition Published Second Annual ESG Report in June 2020 Interxion Reduces Cooling System Consumption by 20% ENVIRONMENTAL Committed to enhancing the well- being of our stockholders, customers, employees, vendors, and communities $1 million+ philanthropic effort supporting COVID-19 pandemic relief and racial justice efforts Doubled employee gift-matching program ($2 for every $1) and paid time-off for volunteering SOCIAL Instituted minimum stock ownership requirements for directors and management Gave shareholders the ability to propose amendments to the bylaws Provided proxy access to shareholders 2015 2018 2019 GOVERNANCE 2020 Enhanced Board diversity with the addition of three new Directors Partnered with Citi to Supply Renewable Energy for Texas Portfolio Disaster recovery assistance and community reinvestment programs DIGITAL REALTY | 2Q20 FINANCIAL RESULTS | JULY 30, 2020

DIGITAL REALTY | 2Q20 FINANCIAL RESULTS | JULY 30, 2020 | 5 Strategic International Development Expanding Global Platform Supporting Customer Growth Greater Presence in Asia, Europe and Latin America ~350MW Expected IT Capacity 5 Countries 6 Metro Areas Frankfurt Mexico| 2021 Marseille| 2020 Hong Kong| Mid 2021 Seoul| Late 2021 Paris| Late 2021 Hong Kong Seoul Frankfurt Marseille Mexico City Paris

DIGITAL REALTY | 2Q20 FINANCIAL RESULTS | JULY 30, 2020 | 6 Deal referral wins with deployments landing in Interxion’s London, Madrid, Marseille, Paris and Zurich data centers Interxion: A Digital Realty Company, secures top spot on Cloudscene’s H1, 2020 Data Centre Ecosystem Leaderboard for EMEA Capitalizing on investment grade balance sheet to lower borrowing costs, fund profitable growth investments, create value and control destiny by securing ownership position Customers Growth Communities of Interest Combining Leading Platforms in EMEA Further Solidifying Global Connection with Customers PAR8, the first of four planned data centers in Interxion’s new Paris Digital Park

DIGITAL REALTY | 2Q20 FINANCIAL RESULTS | JULY 30, 2020 | 7 Digital Transformation (1) 1) CIO Magazine, Data Gravity and what it means for enterprise data analytics and AI architectures, Jan 2019; Dave McCrory, Data Gravity in the Clouds, Dec 2010 2) IDC, DC Data Age 2025, Whitepaper #US44413318 3) 451 Research, Infrastructure Imperative, Global IT Leader Survey, Nov 2019 4) GigaOm, Market Radar for Edge Colocation, Jun 2020 Global MTDC Platform Leader (4) Multi-Tenant Data Center (MTDC) Demand 175 By 2025, enterprise data will be managed across datacenter and cloud deployments (2) By 2022, enterprises will maintain local copies of critical data that will meet data regulatory requirements (3) IT Leaders 87% Zettabytes FEATURE PLAY CLOSER to the center is BETTER NEW ENTRANT CHALLENGERS LEADERS FORWARD MOVER FAST MOVER DIGITAL REALTY EQUINIX VAPOR IO EDGECONNEX EDGEMICRO CORESITE PLATFORM PLAY MATURITY INNOVATION OUTPERFORMER DATA THROUGHPUT LATENCY APPS SERVICES Data Gravity Driving Data Center Demand PlatformDIGITAL Poised to Capitalize

Financial Results DIGITAL REALTY | 2Q20 FINANCIAL RESULTS | JULY 30, 2020 | 8

DIGITAL REALTY | 2Q20 FINANCIAL RESULTS | JULY 30, 2020 | 9 4,000+ Customers 160,000+ Cross-Connects 45 Metros 280 Data Centers 86% Total Occupancy $2 Bn of Development 224 MW of Construction 59% Pre-Leased Global Presence Growth Customers and Communities 29% of Revenue from EMEA Combination Creates Powerful Global Platform Expanded Customer Base and Reach Poised for Growth Note: As of June 30, 2020

Digital Transformation Driving Steady Demand Global Full-Product Spectrum Provides Broadest Solutions Note: Darker shading represents interconnection bookings. Second-quarter bookings are highlighted in lighter blue. Totals may not add up due to rounding. 1) Other includes Powered Base Building shell capacity as well as storage and office space within fully improved data center facilities. 2Q20 BOOKINGS 0-1 MW $22.2 mm > 1 MW $92.4 mm OTHER (1) $17.5 mm INTERCONNECTION $11.8 mm TOTAL BOOKINGS $143.8 mm HISTORICAL BOOKINGS ANNUALIZED GAAP BASE RENT $ in millions 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 | 10 $0 $50 $100 $150 Space & Power Interconnection DIGITAL REALTY | 2Q20 FINANCIAL RESULTS | JULY 30, 2020

DIGITAL REALTY | 2Q20 FINANCIAL RESULTS | JULY 30, 2020 $12 mm Interconnection Bookings $34 mm Bookings in EMEA, APAC, LatAm Communities of Interest Attracting New Logos | 11 Higher Education Data Analytics Semiconductor Manufacturer 124 New Logos in 2Q20

Top-Line Step Function Healthy Backlog Sets a Solid Foundation DIGITAL REALTY | 2Q20 FINANCIAL RESULTS | JULY 30, 2020 | 12 Note: Totals may not add up due to rounding. 1) Amounts shown represent GAAP annualized base rent from leases signed. 2) Amounts shown represent GAAP annualized base rent from leases signed, but not yet commenced, based on estimated future commencement date at time of signing. Actual commencement dates may vary. BACKLOG ROLL-FORWARD (1) $ in millions COMMENCEMENT TIMING (2) $ in millions Digital Realty Backlog Interxion Backlog Digital Realty Backlog Interxion Backlog $129 $63 $18 $210 $21 $6 $15 $42 2020 2021 2022 Totals $122 $117 $29 $251 $44 $15 $18 1Q20 Backlog Signed Commenced 2Q20 Backlog

Cycling Through Peak Vintage Renewals Narrowing the Gap on Cash Re-Leasing Spreads DIGITAL REALTY | 2Q20 FINANCIAL RESULTS | JULY 30, 2020 | 13 0-1 MW > 1 MW OTHER (1) TOTAL Signed renewal leases representing $129 million of annualized GAAP rental revenue Signed renewal leases representing $38 million of annualized GAAP rental revenue Signed renewal leases representing $2 million of annualized GAAP rental revenue Signed renewal leases representing $169 million of annualized GAAP rental revenue RENTAL RATE CHANGE -1.6% CASH 8.3% GAAP RENTAL RATE CHANGE -6.5% CASH 3.5% GAAP RENTAL RATE CHANGE 0.6% CASH 7.6% GAAP RENTAL RATE CHANGE -2.8% CASH 7.2% GAAP 2Q20 RE-LEASING SPREADS Note: Rental rate change represents the beginning rental rate on leases renewed, relative to the ending rental rate at expiration, weighted by net rentable square feet. 1) Other includes Powered Base Building shell capacity as well as storage and office space within fully improved data center facilities.

Effective Economic Risk Mitigation Strategies Benefits of Scale and Diversification on Display Source: Bloomberg. Note: Totals may not add up due to rounding. 1) As of June 30, 2020. Includes DLR’s share of revenue from unconsolidated joint ventures. 2) Calculation based on annualized base rents (monthly contractual cash base rent before abatements under existing leases as of June 30, 2020 multiplied by 12). 3) Based on average exchange rates for the quarter ended June 30, 2020 compared to average exchange rates for the quarter ended June 30, 2019. 3.5% INCREASE 2.0% INCREASE U.S. DOLLAR INDEX 2Q19 2Q20 EXPOSURE BY REVENUE (1) 63% 1% 7% 22% < 1% 3% 2% 1% USD CAD GBP EURO JPY HKD SGD AUD CUSTOMER CONCENTRATION BY REVENUE (2) EXCHANGE RATES (3) U.S. DOLLAR / BRITISH POUND U.S. DOLLAR / EURO DIGITAL REALTY | 2Q20 FINANCIAL RESULTS | JULY 30, 2020 | 14 LATAM 2% Network 17% IT 16% Cloud 29% Content 16% Financial 8% Other Enterprise 15% Potential At-Risk Enterprise 4%

Four Quarter Two-Step Beat, Dip, Shuffle, Bounce Note: Based on management estimates; actual performance may differ materially. Core FFO and NOI are non-GAAP financial measures. For descriptions and reconciliations to the closest GAAP equivalents, see the Appendix. 2020E CORE FFO PER SHARE 1Q20 2Q20 NOI Growth Strategic Capital COVID-19 3Q20 4Q20 DIGITAL REALTY | 2Q20 FINANCIAL RESULTS | JULY 30, 2020 | 15 Management Deferred OpEx

Prudent Balance Sheet Management Pro Forma Credit Metrics in Line with Target 1) Calculated as total debt at balance sheet carrying value, plus capital lease obligations, plus our share of unconsolidated joint venture debt, less unrestricted cash and cash equivalents, divided by the product of Adjusted EBITDA (including our share of joint venture EBITDA) multiplied by four. Adjusted EBITDA is a non-GAAP financial measure. For a description of Adjusted EBITDA and the calculation of these ratios, see the Appendix. 2) Fixed charge coverage ratio is Adjusted EBITDA divided by total fixed charges. Total fixed charges include interest expense, capitalized interest, scheduled debt principal payments and preferred dividends for the quarter ended June 30, 2020. Adjusted EBITDA is a non-GAAP financial measure. For a description of Adjusted EBITDA and the calculation of these ratios, see the Appendix. 3) Pro forma for the full physical settlement of the $1 billion forward equity agreements, with the proceeds used to pay down debt. 0.5x 5.7x 5.2x 2Q20 Reported Pro Forma Adjustments 2Q20 As Adjusted Net Debt to Adjusted EBITDA (1) (3) (3) 4% Floating Rate Debt 0% Floating Rate Debt (3) 0.3x 4.6x 4.9x 2Q20 Reported Pro Forma Adjustments 2Q20 As Adjusted Fixed Charge Coverage Ratio (2) DIGITAL REALTY | 2Q20 FINANCIAL RESULTS | JULY 30, 2020 | 16 (3) (3)

Matching the Duration of Assets and Liabilities Clear Runway on the Left, No Bar Too Tall on the Right DEBT MATURITY SCHEDULE AS OF JUNE 30, 2020 (1)(2) (U.S. $ in billions) 98% Unsecured Unsecured Secured Fixed Floating USD Euro GBP Other 96% Fixed 38% USD 6.7 YEARS Weighted Avg. Maturity (1)(2) 3.0% Weighted Avg. Coupon (1) DEBT PROFILE DIGITAL REALTY | 2Q20 FINANCIAL RESULTS | JULY 30, 2020 | 17 € Note: As of June 30, 2020. 1) Includes Digital Realty’s pro rata share of five unconsolidated joint venture loans and debt securities. Pro forma for the redemption of the 3.625% $300 mm notes due 2022 and 3.950% $500 mm notes due 2022 in August and full physical settlement of the forward equity agreements. 2) Assumes exercise of extension options. $0.0 $0.0 $0.3 $1.6 $1.5 $1.7 $1.2 $1.1 $1.2 $1.3 $1.5 $0.6 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 Pro Rata Share of JV Debt Secured Mortgage Debt Unsecured Senior Notes Unsecured Term Loan Pro Forma Payoffs Unsecured Green Bonds £ £ £ € € € € £ £ € ¥ € €

Consistent Execution on Strategic Vision Delivering Current Results, Seeding Future Growth DIGITAL REALTY | 2Q20 FINANCIAL RESULTS | JULY 30, 2020 | 18 SUCCESSFUL 2Q20 INITIATIVES 1.Strengthening Connections with Customers Reached high-water mark for bookings and backlog 2. Exceeding Expectations Beat quarterly consensus estimates, raised full-year outlook 3. Delivering Sustainable Growth for Stakeholders Published second annual ESG Report, named ENERGY STAR Partner of the Year 4. Strengthening the Balance Sheet Raised $650 million of equity, issued €500 million of 10.5-year bonds at 1.250% $1.2 Bn Long-Term Capital 7¢ Core FFO/sh Beat & Raise $144 mm 2Q20 Total Bookings

Appendix DIGITAL REALTY | 2Q20 FINANCIAL RESULTS | JULY 30, 2020 | 19

Robust Long-Term Demand, Lumpy Near-Term Signings Diverse Customer Base HISTORICAL BOOKINGS TRAILING FOUR-QUARTER AVERAGE ANNUALIZED GAAP BASE RENT $ in millions 2Q20 TRAILING FOUR-QUARTER AVERAGE BOOKINGS 0-1 MW $17.3 mm > 1 MW $57.8 mm OTHER (1) $5.1 mm INTERCONNECTION $8.8mm TOTAL BOOKINGS $89.1 mm 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 DIGITAL REALTY | 2Q20 FINANCIAL RESULTS | JULY 30, 2020 | 20 $0 $25 $50 $75 $100 Space & Power Interconnection 1) Other includes Powered Base Building shell capacity as well as storage and office space within fully improved data center facilities.

Firm Fundamentals Robust Demand, Rational Supply 1) Management estimates, based on a sub-set of Digital Realty metros (North America: Northern Virginia, Chicago, Dallas, Silicon Valley, New Jersey, Phoenix and Toronto; EMEA: Amsterdam, Dublin, Frankfurt, and London; APAC: Melbourne, Osaka, Singapore and Sydney). 2) Prior periods may be adjusted to reflect updated information. 3) Trailing 12-month market absorption divided by available data center construction. 4) Reflects inclusion of the Interxion portfolio, which was approximately 75% occupied as of June 30, 2020. | 21 NORTH AMERICA PERCENT LEASED (2Q20) (1) 2.1x 90% REGION 88% DIGITAL REALTY MEGAWATTS COMMISSIONED (1)(2) 2,714 3,206 2Q19 2Q20 EMEA PERCENT LEASED (2Q20) (1)(4) 0.7x 90% REGION 77% DIGITAL REALTY MEGAWATTS COMMISSIONED (1)(2) 1,250 1,442 APAC PERCENT LEASED (2Q20) (1) 1.5x 88% REGION 85% DIGITAL REALTY MEGAWATTS COMMISSIONED (1)(2) 935 1,032 Market Absorption-to-Available Current Construction (3) Market Absorption-to-Available Current Construction (3) Market Absorption-to-Available Current Construction (3) 2Q19 2Q20 2Q19 2Q20 DIGITAL REALTY | 2Q20 FINANCIAL RESULTS | JULY 30, 2020

Appendix Management Statements on Non-GAAP Measures DIGITAL REALTY | 2Q20 FINANCIAL RESULTS | JULY 30, 2020 | 22 The information included in this presentation contains certain non-GAAP financial measures that management believes are helpful in understanding our business, as further described below. Our definition and calculation of non-GAAP financial measures may differ from those of other REITs, and, therefore, may not be comparable. The non-GAAP financial measures should not be considered alternatives to net income or any other GAAP measurement of performance and should not be considered an alternative to cash flows from operating, investing or financing activities as a measure of liquidity. 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. EBITDA and Adjusted EBITDA: We believe that earnings before interest, loss from early extinguishment of debt, income taxes, and depreciation and amortization, or EBITDA, and Adjusted EBITDA (as defined below), are useful supplemental performance measures because they allow investors to view our performance without the impact of non-cash depreciation and amortization or the cost of debt and, with respect to Adjusted EBITDA, unconsolidated joint venture real estate related depreciation & amortization, unconsolidated joint venture interest expense and tax, severance, equity acceleration, and legal expenses, transaction and integration expenses, gain on sale / deconsolidation, impairment of investments in real estate, other non-core adjustments, net, non-controlling interests, preferred stock dividends, including undeclared dividends, and issuance costs associated with redeemed preferred stock. Adjusted EBITDA is EBITDA excluding unconsolidated joint venture real estate related depreciation & amortization, unconsolidated joint venture interest expense and tax, severance, equity acceleration, and legal expenses, transaction and integration expenses, gain on sale / deconsolidation, impairment of investments in real estate, other non-core adjustments, net, non-controlling interests, preferred stock dividends, including undeclared dividends, and 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. 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.

Appendix Forward-Looking Statements DIGITAL REALTY | 2Q20 FINANCIAL RESULTS | JULY 30, 2020 | 23 This information in this presentation contains forward-looking statements within the meaning of the federal securities laws, which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. Such forward-looking statements include statements relating to: our economic outlook; the expected benefits of Interxion transaction; 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™; the Westin Building Exchange and the related transaction; public cloud services spending; our corporate governance; our sustainability initiatives; the expected effect of foreign currency translation adjustments on our financials; the COVID-19 pandemic; demand drivers and economic growth outlook; business drivers; sources and uses; our expected development plans and completions, including timing, total square footage, IT capacity and raised floor space upon completion; expected availability for leasing efforts and colocation initiatives; organizational initiatives; our product offerings; our communities of interest; our expected Go to Market strategy; joint venture opportunities; occupancy and total investment; our expected investment in our properties; our estimated time to stabilization and targeted returns at stabilization of our properties; our expected future acquisitions; acquisitions strategy; available inventory and development strategy; the signing and commencement of leases , and related rental revenue; lag between signing and commencement of leases; our 2020 backlog; future rents; our expected same store portfolio growth; our expected growth and stabilization of development completions and acquisitions; our expected mark to market rates on lease expirations, lease rollovers and expected rental rate changes; our re-leasing spreads; our leasing expirations; our expected yields on investments; our expectations with respect to capital investments at lease expiration on existing data center or colocation space; barriers to entry; competition; debt maturities; lease maturities; our expected returns on invested capital; estimated absorption rates; our other expected future financial and other results, and the assumptions underlying such results; our top investment geographies and market opportunities; our expected colocation expansions; our ability to access the capital markets; expected time and cost savings to our customers; our customers’ capital investments; our plans and intentions; future data center utilization, utilization rates, growth rates, trends, supply and demand; datacenter outsourcing trends; datacenter expansion plans; estimated kW/MW requirements; growth in the overall Internet infrastructure sector and segments thereof; the replacement cost of our assets; the development costs of our buildings, and lead times; estimated costs for customers to deploy or migrate to a new data center; capital expenditures; the effect new leases and increases in rental rates will have on our rental revenues and results of operations; lease expiration rates; our ability to borrow funds under our credit facilities; estimates of the value of our development portfolio; our ability to meet our liquidity needs, including the ability to raise additional capital; the settlement of our forward sales agreements; credit ratings; capitalization rates, or cap rates; market forecasts; potential new locations; the expected impact of our global expansion; dividend payments and our dividend policy; projected financial information and covenant metrics; core FFO run rate and NOI growth; other forward looking financial data; leasing expectations; our exposure to tenants in certain industries; our expectations and underlying assumptions regarding our sensitivity to fluctuations in foreign exchange rates and energy prices ; and the sufficiency of our capital to fund future requirements. You can identify forward-looking statements by the use of forward-looking terminology such as “believes,” “expects,” “may,” “will,” “should,” “seeks,” “approximately,” “intends,” “plans,” “pro forma,” “estimates” or “anticipates” or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and discussions which do not relate solely to historical matters. Such statements are based on management’s beliefs and assumptions made based on information 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; the impact of the COVID-19 pandemic on our or our customers’, suppliers’ or business partners’ operations; 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; 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, 2019, our quarterly report on Form 10-Q for the quarter ended March 31, 2020 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.

Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent DIGITAL REALTY | 2Q20 FINANCIAL RESULTS | JULY 30, 2020 | 24 June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 FFO available to common stockholders and unitholders -- diluted 414,533 $ 333,676 $ 626,831 $ 750,911 $ Termination fees and other non-core revenues (21,908) (16,826) (24,333) (31,271) Transaction and integration expenses 15,618 4,210 72,419 6,704 Loss from early extinguishment of debt - 20,905 632 33,791 Loss on FX revaluation 17,526 (4,251) 98,814 5,353 Issuance costs associated with redeemed preferred stock - 11,760 - 11,760 Severance accrual and equity acceleration 3,642 665 4,914 2,148 (Gain) on contribution to unconsolidated joint venture, net of related tax - - - (58,497) Other non-core expense adjustments 22 7,115 5,531 12,037 CFFO available to common stockholders and unitholders -- diluted 429,433 $ 357,254 $ 784,808 $ 732,936 $ Diluted CFFO per share and unit 1.54 $ 1.64 $ 3.07 $ 3.36 $ Digital Realty Trust, Inc. and Subsidiaries Reconciliation of Funds From Operations (FFO) to Core Funds From Operations (CFFO) (in thousands, except per share and unit data) (unaudited) Three Months Ended Six Months Ended June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 Net income available to common stockholders 53,676 $ 31,738 $ 256,535 $ 127,607 $ Interest 79,874 86,051 165,674 187,603 Loss from early extinguishment of debt - 20,905 632 33,791 Income tax expense 11,490 4,634 18,672 8,900 Depreciation and amortization 349,165 290,562 640,622 602,048 EBITDA 494,205 433,890 1,082,135 959,949 Unconsolidated JV real estate related depreciation & amortization 17,123 13,623 37,046 17,474 Unconsolidated JV interest expense and tax expense 9,203 10,277 19,147 12,468 Severance accrual and equity acceleration 3,642 665 4,914 2,148 Transaction and integration expenses 15,618 4,210 72,419 6,704 (Gain) on sale / deconsolidation - - (304,801) (67,497) Impairment of investments in real estate - - - 5,351 Other non-core adjustments, net (3,404) (13,476) 81,781 (27,282) Noncontrolling interests 1,147 1,156 5,831 5,341 Preferred stock dividends, including undeclared dividends 21,155 16,670 42,310 37,613 Issuance costs associated with redeemed preferred stock - 11,760 - 11,760 . Adjusted EBITDA 558,690 $ 478,775 $ 1,040,782 $ 964,029 $ Digital Realty Trust, Inc. and Subsidiaries Reconciliation of Net Income Available to Common Stockholders to Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) and Adjusted EBITDA (in thousands) (unaudited) Six Months Ended Three Months Ended June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 Rental revenues 425,649 $ 439,417 $ 848,274 $ 875,525 $ Tenant reimbursements - Utilities 78,855 84,455 160,524 167,023 Tenant reimbursements - Other 49,902 48,043 95,155 92,865 Interconnection and other 55,967 54,351 110,794 107,791 Total Revenue 610,373 626,266 1,214,747 1,243,204 Utilities 92,527 96,702 184,616 192,223 Rental property operating 94,822 97,692 188,525 192,164 Property taxes 31,561 29,342 61,791 55,298 Insurance 2,685 2,725 5,775 5,179 Total Expenses 221,595 226,461 440,707 444,864 Net Operating Income 388,778 $ 399,805 $ 774,040 $ 798,340 $ Less: Stabilized straight-line rent (2,622) $ 6,036 $ (2,488) $ 8,949 $ Above and below market rent (2,177) (4,567) (4,504) (11,389) Cash Net Operating Income 393,577 $ 398,336 $ 781,032 $ 800,780 $ Three Months Ended Six Months Ended Digital Realty Trust, Inc. and Subsidiaries Reconciliation of Same Capital Cash Net Operating Income (in thousands) (unaudited) June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 Net income available to common stockholders 53,676 $ 31,738 $ 256,535 $ 127,607 $ Adjustments: Noncontrolling interests in operating partnership 1,400 1,400 9,200 5,700 Real estate related depreciation and amortization (1) 342,334 286,915 628,851 594,779 Real estate related depreciation and amortization related to investment in unconsolidated joint ventures 17,123 13,623 37,046 17,474 Impairment of investments in real estate - - - 5,351 (Gain) on real estate transactions - - (304,801) - FFO available to common stockholders and unitholders 414,533 $ 333,676 $ 626,831 $ 750,911 $ Basic FFO per share and unit 1.50 $ 1.54 $ 2.48 $ 3.46 $ Diluted FFO per share and unit 1.49 $ 1.53 $ 2.45 $ 3.44 $ Weighted average common stock and units outstanding Basic 275,545 217,346 252,995 217,194 Diluted 278,719 218,497 255,704 218,040 (1) Real estate related depreciation and amortization was computed as follows: Depreciation and amortization per income statement 349,165 290,562 640,622 602,048 Non-real estate depreciation (6,831) (3,647) (11,771) (7,269) 342,334 $ 286,915 $ 628,851 $ 594,779 $ June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 FFO available to common stockholders and unitholders -- basic and diluted 414,533 $ 333,676 $ 626,831 $ 750,911 $ Weighted average common stock and units outstanding 275,545 217,346 252,995 217,194 Add: Effect of dilutive securities 3,174 1,151 2,709 846 Weighted average common stock and units outstanding -- diluted 278,719 218,497 255,704 218,040 Three Months Ended Six Months Ended Six Months Ended Digital Realty Trust, Inc. and Subsidiaries Reconciliation of Net Income Available to Common Stockholders to Funds From Operations (FFO) (in thousands, except per share and unit data) (unaudited) Three Months Ended

Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent DIGITAL REALTY | 2Q20 FINANCIAL RESULTS | JULY 30, 2020 | 25 Note: For quarter ended June 30, 2020 Total Debt/Total Enterprise Value QE 6/30/20 Market value of common equity(i) 39,319,974 $ Liquidation value of preferred equity(ii) 1,456,250 Total GAAP interest expense (including unconsolidated JV interest expense) 86,855 Total debt at balance sheet carrying value 12,371,621 Add: Capitalized interest 13,133 Total Enterprise Value 53,147,845 $ GAAP interest expense plus capitalized interest 99,988 Total debt / total enterprise value 23.3% Debt-plus-preferred-to-total-enterprise-value 26.0% Debt Service Ratio 5.6x (i) Market Value of Common Equity Common shares outstanding 268,399 Common units outstanding 8,288 QE 6/30/20 Total Shares and Partnership Units 276,687 Fixed Charged Ratio (LQA Adjusted EBITDA/total fixed charges) Stock price as of June 30, 2020 142.11 $ GAAP interest expense plus capitalized interest 99,988 Market value of common equity 39,319,974 $ Scheduled debt principal payments 57 (ii) Liquidation value of preferred equity ($25.00 per share) Preferred dividends 21,155 Shares O/S Liquidation Value Total fixed charges 121,200 Series C Preferred 8,050 201,250 Series G Preferred 10,000 250,000 Fixed charge ratio 4.6x Series I Preferred 10,000 250,000 Series J Preferred 8,000 200,000 Series K Preferred 8,400 210,000 Series L Preferred 13,800 345,000 Unsecured Debt/Total Debt QE 6/30/20 1,456,250 (iv) Global unsecured revolving credit facility 64,492 Unsecured term loan 799,550 Net Debt/LQA Adjusted EBITDA Unsecured senior notes, net of discount 11,268,753 QE 6/30/20 Secured debt, including premiums 238,826 Total debt at balance sheet carrying value 12,371,621 $ Capital lease obligations 219,156 Add: DLR share of unconsolidated joint venture debt 558,049 Total debt at balance sheet carrying value 12,590,777 Add: Capital lease obligations 219,156 Less: Unrestricted cash (505,174) Unsecured Debt / Total Debt 98.1% Net Debt as of June 30, 2020 12,643,652 $ Net Debt / LQA Adjusted EBITDA(iii) 5.7x Net Debt Plus Preferred/LQA Adjusted EBITDA QE 6/30/20 (iii) Adjusted EBITDA Total debt at balance sheet carrying value 12,371,621 Less: Unrestricted cash (505,174) Net income available to common stockholders 53,676 $ Capital lease obligations 219,156 DLR share of unconsolidated joint venture debt 558,049 Interest expense 79,874 Net Debt as of June 30, 2020 12,643,652 Loss from early extinguishment of debt - Preferred Liquidation Value(iv) 1,456,250 Taxes 11,490 Net Debt plus preferred 14,099,902 Depreciation and amortization 349,165 EBITDA 494,205 Net Debt Plus Preferred/LQA Adjusted EBITDA(iii) 6.3x Unconsolidated JV real estate related depreciation & amortization 17,123 Unconsolidated JV interest expense and tax expense 9,203 Severance accrual and equity acceleration and legal expenses 3,642 Transaction and integration expenses 15,618 Gain on sale / deconsolidation - Other non-core adjustments, net (3,404) Noncontrolling interests 1,147 Preferred stock dividends, including undeclared dividends 21,155 Adjusted EBITDA 558,690 $ LQA Adjusted EBITDA (Adjusted EBITDA x 4) 2,234,759 $ Debt Service Ratio (LQA Adjusted EBITDA/GAAP interest expense plus capitalized interest and less bridge facility fees)

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Cover Page	Jul. 30, 2020
Entity Information [Line Items]
Document Type	8-K
Document Period End Date	Jul. 30, 2020
Entity File Number	001-32336
Entity Registrant Name	DIGITAL REALTY TRUST, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	26-0081711
Entity Address, Address Line One	Four Embarcadero Center, Suite 3200
Entity Address, City or Town	San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94111
City Area Code	415
Local Phone Number	738-6500
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Central Index Key	0001297996
Amendment Flag	false
Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Common Stock
Trading Symbol	DLR
Security Exchange Name	NYSE
Series C Preferred Stock
Entity Information [Line Items]
Title of 12(b) Security	Series C Cumulative Redeemable Perpetual Preferred Stock
Trading Symbol	DLR Pr C
Security Exchange Name	NYSE
Series G Preferred Stock
Entity Information [Line Items]
Title of 12(b) Security	Series G Cumulative Redeemable Preferred Stock
Trading Symbol	DLR Pr G
Security Exchange Name	NYSE
Series I Preferred Stock
Entity Information [Line Items]
Title of 12(b) Security	Series I Cumulative Redeemable Preferred Stock
Trading Symbol	DLR Pr I
Security Exchange Name	NYSE
Series J Preferred Stock
Entity Information [Line Items]
Title of 12(b) Security	Series J Cumulative Redeemable Preferred Stock
Trading Symbol	DLR Pr J
Security Exchange Name	NYSE
Series K Preferred Stock
Entity Information [Line Items]
Title of 12(b) Security	Series K Cumulative Redeemable Preferred Stock
Trading Symbol	DLR Pr K
Security Exchange Name	NYSE
Series L Preferred Stock [Member]
Entity Information [Line Items]
Title of 12(b) Security	Series L Cumulative Redeemable Preferred Stock
Trading Symbol	DLR Pr L
Security Exchange Name	NYSE