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 29, 2021

DIGITAL REALTY TRUST, INC.

(Exact name of registrant as specified in its charter)

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

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

(737) 281-0101

(Registrant’s telephone number, including area code)

N/A

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

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

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

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

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

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

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

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

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

Emerging growth company ☐

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

Item 2.02 Results of Operations and Financial Condition.

The information in this Item 2.02 of this Current Report on Form 8-K is also being furnished under Item 7.01 “Regulation FD Disclosure” of Form 8-K. Such information, including the exhibits attached hereto, is furnished pursuant to Item 2.02 and shall not be deemed “filed” for any purpose, including for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, 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 29, 2021, we issued a press release announcing our financial results for the quarter ended June 30, 2021. The press release referred to certain supplemental information that is available on the Company’s website at www.digitalrealty.com. A copy of the press release and supplemental information is attached hereto as Exhibit 99.1 and incorporated by reference herein.

On July 29, 2021, 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 29, 2021, we issued a press release announcing our financial results for the quarter ended June 30, 2021. The press release referred to certain supplemental information that is available on the Company’s website at www.digitalrealty.com. A copy of the press release and supplemental information is attached hereto as Exhibit 99.1 and incorporated by reference herein.

On July 29, 2021, 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, 2021.
99.2	Presentation Materials posted July 29, 2021.
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 29, 2021

EX-99.1

		Financial Supplement
Table of Contents		Second Quarter 2021

Overview	PAGE
Corporate Information	3
Ownership Structure	5
Key Quarterly Financial Data	6
Consolidated Statements of Operations
Earnings Release	8
2021 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 2021

Corporate Profile

Digital Realty owns, acquires, develops and operates data centers. The company is focused on providing data center, colocation and interconnection solutions for domestic and international customers across a variety of industry verticals ranging from cloud and information technology services, communications and social networking to financial services, manufacturing, energy, healthcare, and consumer products. As of June 30, 2021, the company’s 291 data centers, including 44 data centers held as investments in unconsolidated joint ventures, contain applications and operations critical to the day-to-day operations of technology industry and corporate enterprise data center customers. Digital Realty’s portfolio is comprised of approximately 35.8 million square feet, excluding approximately 7.6 million square feet of space under active development and 2.0 million square feet of space held for future development, located throughout North America, Europe, South America, Asia, Australia and Africa. For additional information, please visit the company’s website at https://www.digitalrealty.com/.

Corporate Headquarters

5707 Southwest Parkway, Building 1, Suite 275

Austin, TX  78735Telephone: (737) 281-0101
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
Chief Revenue Officer: 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

BMO
	Bank of America			BMO Capital		Cowen &
Argus Research	Merrill Lynch	Barclays	Berenberg	Markets	Citigroup	Company
Angus Kelleher	Michael Funk	Tim Long	Nate Crossett	Ari Klein	Michael Rollins	Colby Synesael
(212) 425-7500	(646) 855-5664	(212) 526-4043	(646) 949-9030	(212) 885-4103	(212) 816-1116	(646) 562-1355
Credit Suisse	Deutsche Bank	Edward Jones	Green Street Advisors	J.P. Morgan	Jefferies	KeyBanc Capital
Sami Badri	Matthew Niknam	Kyle Sanders	David Guarino	Richard Choe	Jonathan Petersen	Jordan Sadler
(212) 538-1727	(212) 250-4711	(314) 515-0198	(949) 640-8780	(212) 662-6708	(212) 284-1705	(917) 368-2280
MoffettNathanson	Morgan Stanley	Morningstar	New Street Research	Raymond James	RBC Capital Markets	Robert W. Baird
Nick Del Deo	Simon Flannery	Matthew Dolgin	Jonathan Chaplin	Frank Louthan	Jonathan Atkin	David Rodgers
(212) 519-0025	(212) 761-6432	(312) 696-6783	(212) 921-9876	(404) 442-5867	(415) 633-8589	(216) 737-7341
Stifel	TD Securities	Truist Securities	UBS	Wells Fargo	William Blair	Wolfe Research
Erik Rasmussen	Jonathan Kelcher	Gregory Miller	John Hodulik	Eric Luebchow	James Breen	Jeff Kvaal
(212) 271-3461	(416) 307-9931	(212) 303-4169	(212) 713-4226	(312) 630-2386	(617) 235-7513	(646) 582-9350

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

3

		Financial Supplement
Corporate Information (Continued)		Second Quarter 2021

Stock Listing Information

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

Common Stock:	DLR
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-21		31-Mar-21		31-Dec-20		30-Sep-20		30-Jun-20
High price		$164.04		$150.43		$159.58		$165.49		$158.36
Low price		$140.29		$124.65		$126.79		$138.71		$127.12
Closing price, end of quarter		$150.46		$140.84		$139.51		$146.76		$142.11
Average daily trading volume		1,293,054		1,809,056		1,666,992		1,427,781		2,483,290
Indicated dividend per common share (1)		$4.64		$4.64		$4.48		$4.48		$4.48
Closing annual dividend yield, end of quarter		3.1%		3.3%		3.2%		3.1%		3.2%
Shares and units outstanding, end of quarter (2)		289,658,561		289,113,581		288,335,993		288,087,282		276,686,892
Closing market value of shares and units outstanding (3)		$43,582,029		$40,718,757		$40,225,753		$42,279,688		$39,319,974

(1) On an annualized basis.

(2) As of June 30, 2021, the total number of shares and units includes 282,603,152 shares of common stock, 5,352,766 common units held by third parties and 1,702,643 common units and vested and unvested long-term incentive units held by directors, officers and others and excludes all shares of common stock potentially issuable upon conversion of our series J, series K and series L cumulative redeemable preferred stock upon certain change of control transactions.

(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 U.S. 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, 2021		Second Quarter 2021

Partner	# of Units (2)	% Ownership
Digital Realty Trust, Inc.	282,603,152	97.6%
Third-Party Unitholders	5,352,766	1.8%
Directors, Officers and Others (3)	1,702,643	0.6%
Total	289,658,561	100.0%

(1) Includes properties owned by joint ventures.

(2) The total number of units includes 282,603,152 general partnership common units, 5,352,766 common units held by third parties and 1,702,643 common units and vested and unvested long-term incentive units held by directors, officers and others, and excludes all common units potentially issuable upon conversion of our series J, series K and series L cumulative redeemable preferred units upon certain change of control transactions.

(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 2021

Shares and Units at End of Quarter	30-Jun-21		31-Mar-21		31-Dec-20		30-Sep-20		30-Jun-20
Common shares outstanding		282,603,152		281,372,310		280,289,726		279,920,621		268,399,073
Common units outstanding		7,055,409		7,741,271		8,046,267		8,166,661		8,287,819
Total Shares and Partnership Units		289,658,561		289,113,581		288,335,993		288,087,282		276,686,892
Enterprise Value
Market value of common equity (1)		$43,582,029		$40,718,757		$40,225,753		$42,279,688		$39,319,974
Liquidation value of preferred equity		755,000		956,250		956,250		1,206,250		1,456,250
Total debt at balance sheet carrying value		13,927,821		13,256,839		13,304,717		12,874,760		12,371,621
Total Enterprise Value		$58,264,850		$54,931,846		$54,486,720		$56,360,698		$53,147,845
Total debt / total enterprise value		23.9%		24.1%		24.4%		22.8%		23.3%
Debt-plus-preferred-to-total-enterprise-value		25.2%		25.9%		26.2%		25.0%		26.0%
Selected Balance Sheet Data
Investments in real estate (before depreciation)		$27,821,024		$26,830,520		$27,286,333		$25,712,654		$24,566,041
Total Assets		36,151,220		35,542,491		36,076,291		35,435,333		33,862,636
Total Liabilities		17,945,483		17,157,070		17,587,944		16,995,581		16,139,403
Selected Operating Data
Total operating revenues		$1,093,188		$1,090,391		$1,062,609		$1,024,668		$992,995
Total operating expenses		907,561		897,873		902,345		880,263		840,184
Interest expense		75,014		75,653		77,848		89,499		79,874
Net income / (loss)		125,797		394,675		59,510		(1,452)		75,978
Net income / (loss) available to common stockholders		127,368		372,405		44,178		(37,368)		53,676
Financial Ratios
EBITDA (2)		$618,945		$843,685		$534,839		$487,033		$494,205
Adjusted EBITDA (3)		602,684		615,319		578,156		568,054		558,690
Net Debt to Adjusted EBITDA (4)		6.0x		5.6x		6.0x		5.5x		5.6x
Interest expense		75,014		75,653		77,848		89,499		79,874
Fixed charges (5)		98,457		100,601		103,198		122,590		114,219
Interest coverage ratio (6)		6.1x		6.6x		5.8x		5.2x		5.6x
Fixed charge coverage ratio (7)		5.4x		5.8x		5.1x		4.4x		4.6x
Profitability Measures
Net income / (loss) per common share - basic		$0.45		$1.32		$0.16		($0.14)		$0.20
Net income / (loss) per common share - diluted		$0.45		$1.32		$0.16		($0.14)		$0.20
Funds from operations (FFO) / diluted share and unit (8)		$1.78		$1.49		$1.45		$1.19		$1.49
Core funds from operations (Core FFO) / diluted share and unit (8)		$1.54		$1.67		$1.61		$1.54		$1.54
Adjusted funds from operations (AFFO) / diluted share and unit (9)		$1.63		$1.61		$1.41		$1.47		$1.50
Dividends per share and common unit		$1.16		$1.16		$1.12		$1.12		$1.12
Diluted FFO payout ratio (8) (10)		65.2%		77.9%		77.1%		94.0%		75.3%
Diluted Core FFO payout ratio (8) (11)		75.3%		69.6%		69.5%		72.9%		72.7%
Diluted AFFO payout ratio (9) (12)		71.2%		72.1%		79.5%		76.0%		74.5%
Portfolio Statistics
Buildings (13)		305		306		307		301		292
Data Centers (13)		291		290		291		284		280
Cross-connects (13)(14)		170,000		167,000		164,000		162,000		160,000
Net rentable square feet, excluding development space (13)		35,837,908		35,404,425		35,876,316		35,362,293		34,014,743
Occupancy at end of quarter (15)		84.7%		85.3%		86.3%		85.9%		85.7%
Occupied square footage (13)		30,352,404		30,215,898		30,955,049		30,380,962		29,137,446
Space under active development (16)		7,617,837		7,650,175		5,391,969		5,402,552		6,020,444
Space held for development (17)		1,958,306		2,217,118		2,290,810		2,423,801		2,234,248
Weighted average remaining lease term (years) (18)		4.7		4.8		4.7		4.8		4.8
Same-capital occupancy at end of quarter (15) (19)		85.4%		86.2%		87.0%		87.3%		87.2%

6

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

(1) The market value of common equity is based on the closing stock price at the end of the quarter and assumes 100% redemption of the limited partnership units in our operating partnership, including common units and vested and unvested long-term incentive units, for shares of our common stock on a one-for-one basis. Excludes shares of common stock potentially issuable upon conversion of our series C, series 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 (including JV share of cash), 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, 2019 with less than 5% of total rentable square feet under development. Excludes buildings that were undergoing, or were expected to undergo, development activities in 2020-2021, buildings classified as held-for-sale, and buildings sold or contributed to joint ventures for all periods presented. Prior period results have been adjusted to reflect current same-capital pool.

7

Digital Realty Trust
Earnings Release		Second Quarter 2021

DIGITAL REALTY REPORTS SECOND QUARTER 2021 RESULTS

Austin, TX — July 29, 2021 — Digital Realty (NYSE: DLR), the largest global provider of cloud- and carrier-neutral data center, colocation and interconnection solutions, announced today financial results for the second quarter of 2021. All per-share results are presented on a fully-diluted share and unit basis.

Highlights

◾ Reported net income available to common stockholders of $0.45 per share in 2Q21, compared to net income available to common stockholders of $0.20 in 2Q20

◾ Reported FFO per share of $1.78 in 2Q21, compared to $1.49 in 2Q20

◾ Reported core FFO per share of $1.54 in 2Q21 –including a $0.12 non-cash charge to reflect the higher corporate tax rate in the UK– compared to $1.54 in 2Q20

◾ Signed total bookings during 2Q21 expected to generate $113 million of annualized GAAP rental revenue, including a $13 million contribution from interconnection

◾ Revised core FFO per share outlook from $6.50-$6.55 to $6.45-$6.50, likewise including the $0.12 non-cash charge related to the higher corporate tax rate in the UK

Financial Results

Digital Realty reported revenues for the second quarter of 2021 of $1.1 billion, unchanged from the previous quarter and a 10% increase from the same quarter last year.

The company delivered second quarter of 2021 net income of $126 million, and net income available to common stockholders of $127 million, or $0.45 per diluted share, compared to $1.32 per diluted share in the previous quarter and $0.20 per diluted share in the same quarter last year.

Digital Realty generated second quarter of 2021 Adjusted EBITDA of $603 million, a 2% decrease from the previous quarter and an 8% increase over the same quarter last year.

The company reported second quarter of 2021 funds from operations of $515 million, or $1.78 per share, compared to $1.49 per share in the previous quarter and $1.49 per share in the same quarter last year.

Excluding certain items that do not represent core expenses or revenue streams (but including a $0.12 non-cash charge related to the higher corporate tax rate in the UK), Digital Realty delivered second quarter of 2021 core FFO per share of $1.54, an 8% decrease from $1.67 per share in the previous quarter, and unchanged from $1.54 per share in the same quarter last year.

Leasing Activity

In the second quarter, Digital Realty signed total bookings expected to generate $113 million of annualized GAAP rental revenue, including a $13 million contribution from interconnection.

“Digital Realty’s global platform, strong customer relationships, and a healthy demand environment for data center services drove solid second quarter financial results,” said Digital Realty Chief Executive Officer A. William Stein. “Bookings in the quarter reflect the continued adoption of PlatformDIGITAL with strong new logo growth and balanced product sales. By investing to support our customers’ growth around the world, we are widening our competitive moat which results in sustainable growth for our shareholders.”

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

In addition to new leases signed, Digital Realty also signed renewal leases representing $178 million of annualized GAAP rental revenue during the quarter. Rental rates on renewal leases signed during the second quarter of 2021 rolled up 0.1% on a cash basis and up 2.1% on a GAAP basis.

8

Digital Realty Trust
Earnings Release		Second Quarter 2021

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

	Annualized GAAP
	Base Rent			GAAP Base Rent			GAAP Base Rent
The Americas	(in thousands)		Square Feet	per Square Foot		Megawatts	per Kilowatt
0-1 MW		$10,377	39,453		$263	2.9		$296
> 1 MW		45,254	333,508		136	38.9		97
Other (1)		211	8,941		24	—		—
Total		$55,843	381,902		$146	41.8		$111
EMEA (2)
0-1 MW		$19,315	69,995		$276	6.8		$238
> 1 MW		4,639	42,153		110	3.3		117
Other (1)		15	339		44	—		—
Total		$23,969	112,487		$213	10.1		$198
Asia Pacific (2)
0-1 MW		$11,489	11,734		$979	2.1		$465
> 1 MW		9,095	46,848		194	4.7		161
Other (1)		365	5,028		73	—		—
Total		$20,949	63,610		$329	6.8		$254
All Regions (2)
0-1 MW		$41,181	121,182		$340	11.8		$292
> 1 MW		58,988	422,509		140	46.9		105
Other (1)		591	14,308		41	—		—
Total		$100,761	558,000		$181	58.7		$142
Interconnection		$12,648	N/A		N/A	N/A		N/A
Grand Total		$113,409	558,000		$181	58.7		$142

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, 2021.

Investment Activity

During the second quarter of 2021, Digital Realty closed on the acquisition of a five-acre land parcel in Seoul, South Korea for approximately $66 million, or $13.5 million per acre, and an 18.5-acre land parcel in Sydney, Australia for $65 million, or approximately $3.5 million per acre. The two sites are expected to support the development of approximately 64 megawatts and 97 megawatts of IT load, respectively. Commencement of development on these land parcels will be subject to market demand, and delivery will be phased to meet future growth requirements.

Separately, Digital Realty also closed on the sale of a vacant, 240,000-square foot office and industrial property in Phoenix, AZ during the second quarter of 2021 for $19 million, or approximately $79 per square foot.

9

Digital Realty Trust
Earnings Release		Second Quarter 2021

Balance Sheet

Digital Realty had approximately $13.9 billion of total debt outstanding as of June 30, 2021, comprised of $13.7 billion of unsecured debt and approximately $0.2 billion of secured debt. At the end of the second quarter of 2021, net debt-to-Adjusted EBITDA was 6.0x, debt plus-preferred-to-total enterprise value was 25.2% and fixed charge coverage was 5.4x.

Digital Realty recently completed the following financing transactions.

◾ In mid-May, Digital Realty redeemed all $201 million of its 6.625% Series C preferred stock.

◾ In mid-June, Digital Realty issued approximately 0.5 million shares of common stock under the company’s at-the-market equity offering program at a weighted average price of $161.57 per share, generating gross proceeds of approximately $77 million.

◾ Subsequent to quarter-end, Digital Realty closed an offering of CHF545 million, or approximately $595 million, of Swiss green bonds with a weighted-average maturity of approximately 6.6 years and a weighted-average coupon of approximately 0.37%.

◾ Likewise subsequent to quarter-end, Digital Realty liquidated its remaining stake in Megaport with the sale of 1.95 million shares at a price of A$17.55 per share, generating gross proceeds of A$34 million, or approximately $26 million.

COVID-19

We are closely monitoring the impact of the COVID-19 pandemic on our global business and operations, including the impact on our customers, suppliers and business partners. Digital Realty data centers have been deemed essential operations, allowing critical personnel to remain in place and to continue to provide services and support for our customers. To date, all our facilities have remained fully operational and continue to operate in accordance with our business continuity and pandemic response plans. While we have not experienced any significant disruptions from the COVID-19 pandemic to date, we cannot predict the impact the COVID-19 pandemic will have on our future financial condition, results of operations and cash flows due to numerous uncertainties.

10

Digital Realty Trust
Earnings Release		Second Quarter 2021

2021 Outlook

Digital Realty revised its 2021 core FFO per share outlook from $6.50-$6.55 to $6.45-$6.50, including a $0.12 non-cash charge related to the higher corporate tax rate in the UK. The assumptions underlying the outlook are summarized in the following table.

	As of	As of	As of
Top-Line and Cost Structure	February 11, 2021	April 29, 2021	July 29, 2021
Total revenue	$4.250 - $4.350 billion	$4.300 - $4.400 billion	$4.325 - $4.425 billion
Net non-cash rent adjustments (1)	($10) - ($15) million	($20) - ($25) million	($20) - ($25) million
Adjusted EBITDA	$2.300 - $2.350 billion	$2.330 - $2.380 billion	$2.350 - $2.400 billion
G&A	$365 - $375 million	$380 - $390 million	$380 - $390 million
Internal Growth
Rental rates on renewal leases
Cash basis	Slightly negative	Slightly negative	Slightly negative
GAAP basis	Slightly positive	Slightly positive	Slightly positive
Year-end portfolio occupancy	84.0% - 85.0%	84.0% - 85.0%	84.0% - 85.0%
"Same-capital" cash NOI growth (2)	(2.5%) - (3.5%)	(2.5%) - (3.5%)	(2.5%) - (3.5%)
Foreign Exchange Rates
U.S. Dollar / Pound Sterling	$1.25 - $1.30	$1.30 - $1.38	$1.30 - $1.38
U.S. Dollar / Euro	$1.15 - $1.20	$1.15 - $1.20	$1.15 - $1.20
External Growth
Dispositions
Dollar volume	$0.6 - $1.0 billion	$0.7 - $1.0 billion	$0.7 - $1.0 billion
Cap rate	0.0% - 12.0%	0.0% - 12.0%	0.0% - 12.0%
Development
CapEx (3)	$2.0 - $2.3 billion	$2.0 - $2.3 billion	$2.0 - $2.3 billion
Average stabilized yields	9.0% - 15.0%	9.0% - 15.0%	9.0% - 15.0%
Enhancements and other non-recurring CapEx (4)	$5 - $10 million	$5 - $10 million	$5 - $10 million
Recurring CapEx + capitalized leasing costs (5)	$220 - $230 million	$220 - $230 million	$210 - $220 million
Balance Sheet
Long-term debt issuance
Dollar amount	$1.0 - $1.5 billion	$1.0 - $1.5 billion	$1.8 - $2.0 billion
Pricing	1.00%	1.00%	1.00%
Timing	Early-to-mid 2021	Early-to-mid 2021	Early-to-mid 2021
Net income per diluted share	$1.40 - $1.45	$2.00 - $2.05	$2.20 - $2.25
Real estate depreciation and (gain) / loss on sale	$4.90 - $4.90	$4.25 - $4.25	$4.15 - $4.15
Funds From Operations / share (NAREIT-Defined)	$6.30 - $6.35	$6.25 - $6.30	$6.35 - $6.40
Non-core expenses and revenue streams	$0.10 - $0.15	$0.25 - $0.25	$0.10 - $0.10
Core Funds From Operations / share	$6.40 - $6.50	$6.50 - $6.55	$6.45 - $6.50

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

(2) The “same-capital” pool includes properties owned as of December 31, 2019 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 2020-2021, properties classified as held for sale, and properties sold or contributed to joint ventures for all periods presented.

(3) Includes land acquisitions.

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

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

11

Digital Realty Trust
Earnings Release		Second Quarter 2021

Non-GAAP Financial Measures

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

Investor Conference Call

Prior to Digital Realty’s investor conference call at 5:30 p.m. EDT / 2:30 p.m. PDT on July 29, 2021, 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 2021 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# 0833892 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 29, 2021. 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# 10157227. The webcast replay can be accessed on Digital Realty’s website.

About Digital Realty

Digital Realty supports the world’s leading enterprises and service providers by delivering the full spectrum of data center, colocation and interconnection solutions. PlatformDIGITAL®, the company’s global data center platform, provides customers a trusted foundation and proven Pervasive Datacenter Architecture (PDx™)solution methodology for scaling digital business and efficiently managing data gravity challenges. Digital Realty’s global data center footprint gives customers access to the connected communities that matter to them with 291 facilities in 47 metros across 24 countries on six continents. To learn more about Digital Realty, please visit digitalrealty.com or follow us on LinkedIn and Twitter.

Contact Information

Andrew P. Power

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 2021

	Three Months Ended					Six Months Ended
	30-Jun-21	31-Mar-21	31-Dec-20	30-Sep-20	30-Jun-20		30-Jun-21	30-Jun-20
Rental revenues	$768,826	$754,544	$754,422	$726,441	$698,041		$1,523,370	$1,277,815
Tenant reimbursements - Utilities	169,743	184,973	154,937	155,111	141,576		354,716	255,096
Tenant reimbursements - Other	60,261	59,328	62,084	53,654	62,630		119,589	119,573
Interconnection & other	90,565	89,061	86,424	85,725	85,428		179,626	155,263
Fee income	3,628	2,426	4,722	3,687	4,353		6,054	6,805
Other	165	59	20	50	967		224	1,780
Total Operating Revenues	$1,093,188	$1,090,391	$1,062,609	$1,024,668	$992,995		$2,183,579	$1,816,332
Utilities	$185,010	$176,046	$169,282	$177,925	$160,173		$361,057	$289,698
Rental property operating	198,207	185,733	205,177	180,755	172,474		383,940	308,656
Property taxes	42,795	49,005	42,442	39,732	45,071		91,800	87,194
Insurance	5,703	3,498	3,410	2,926	3,370		9,201	6,917
Depreciation & amortization	368,981	369,733	359,915	365,842	349,165		738,714	640,622
General & administration	94,956	97,568	101,582	90,431	90,649		192,524	152,915
Severance, equity acceleration, and legal expenses	2,536	2,427	606	920	3,642		4,963	4,914
Transaction and integration expenses	7,075	14,120	19,290	14,953	15,618		21,195	72,419
Impairment of investments in real estate	—	—	—	6,482	—		—	—
Other expenses	2,298	(257)	641	297	22		2,041	136
Total Operating Expenses	$907,561	$897,873	$902,345	$880,263	$840,184		$1,805,435	$1,563,471
Operating Income	$185,627	$192,518	$160,264	$144,405	$152,811		$378,144	$252,861
Equity in (loss) earnings of unconsolidated joint ventures	52,143	(23,031)	31,055	(2,056)	(7,632)		29,112	(86,628)
Gain on sale / deconsolidation	499	333,921	1,684	10,410	—		334,420	304,801
Interest and other (expense) income, net	10,124	(7,186)	(2,747)	4,348	22,163		2,938	18,621
Interest (expense)	(75,014)	(75,653)	(77,848)	(89,499)	(79,874)		(150,667)	(165,674)
Income tax (expense)	(47,582)	(7,547)	(3,322)	(16,053)	(11,490)		(55,129)	(18,672)
Loss from early extinguishment of debt	—	(18,347)	(49,576)	(53,007)	—		(18,347)	(632)
Net Income / (Loss)	$125,797	$394,675	$59,510	($1,452)	$75,978		$520,471	$304,677
Net (income) loss attributable to noncontrolling interests	(4,544)	(8,756)	(1,818)	1,316	(1,147)		(13,300)	(5,831)
Net Income / (Loss) Attributable to Digital Realty Trust, Inc.	$121,253	$385,919	$57,692	($136)	$74,831		$507,171	$298,846
Preferred stock dividends, including undeclared dividends	(11,885)	(13,514)	(13,514)	(20,712)	(21,155)		(25,399)	(42,310)
Gain on / (Issuance costs associated with) redeemed preferred stock	18,000	—	—	(16,520)	—		18,000	—
Net Income / (Loss) Available to Common Stockholders	$127,368	$372,405	$44,178	($37,368)	$53,676		$499,772	$256,536
Weighted-average shares outstanding - basic	281,791,855	281,094,798	280,117,213	270,214,413	267,569,823		281,445,252	244,866,574
Weighted-average shares outstanding - diluted	282,433,857	281,928,182	281,122,368	270,214,413	270,744,408		282,075,611	247,576,014
Weighted-average fully diluted shares and units	289,484,805	289,210,666	288,903,143	281,523,515	278,719,109		289,218,609	255,704,473
Net income / (loss) per share - basic	$0.45	$1.32	$0.16	($0.14)	$0.20		$1.78	$1.05
Net income / (loss) per share - diluted	$0.45	$1.32	$0.16	($0.14)	$0.20		$1.77	$1.04

13

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

	Three Months Ended						Six Months Ended
Reconciliation of Net Income to Funds From Operations (FFO)		30-Jun-21	31-Mar-21	31-Dec-20	30-Sep-20	30-Jun-20		30-Jun-21	30-Jun-20
Net Income / (Loss) Available to Common Stockholders		$127,368	$372,405	$44,178	($37,368)	$53,676		$499,773	$256,536
Adjustments:
Non-controlling interest in operating partnership		3,200	9,800	1,300	(1,000)	1,400		13,000	9,200
Real estate related depreciation & amortization (1)		363,640	364,697	354,366	358,619	342,334		728,337	628,851
Unconsolidated JV real estate related depreciation & amortization		20,983	19,378	21,471	19,213	17,123		40,361	37,046
(Gain) on real estate transactions		(499)	(333,921)	(1,684)	(10,410)	-		(334,420)	(304,801)
Impairment of investments in real estate		-	-	-	6,482	-		-	-
Funds From Operations - diluted		$514,692	$432,359	$419,631	$335,536	$414,533		$947,051	$626,832
Weighted-average shares and units outstanding - basic		288,843	288,377	287,898	278,079	275,545		288,588	252,995
Weighted-average shares and units outstanding - diluted (2)		289,485	289,211	288,903	281,524	278,719		289,219	255,704
Funds From Operations per share - basic		$1.78	$1.50	$1.46	$1.21	$1.50		$3.28	$2.48
Funds From Operations per share - diluted (2)		$1.78	$1.49	$1.45	$1.19	$1.49		$3.27	$2.45

	Three Months Ended						Six Months Ended
Reconciliation of FFO to Core FFO		30-Jun-21	31-Mar-21	31-Dec-20	30-Sep-20	30-Jun-20		30-Jun-21	30-Jun-20
Funds From Operations - diluted		$514,692	$432,359	$419,631	$335,536	$414,533		$947,051	$626,832
Termination fees and other non-core revenues (3)		(11,122)	(59)	(25)	(5,713)	(21,908)		(11,181)	(24,333)
Transaction and integration expenses		7,075	14,120	19,290	14,953	15,618		21,195	72,419
Loss from early extinguishment of debt		-	18,347	49,576	53,007	-		18,347	632
(Gain on) / Issuance costs associated with redeemed preferred stock		(18,000)	-	-	16,520	-		(18,000)	-
Severance, equity acceleration, and legal expenses (4)		2,536	2,427	606	920	3,642		4,963	4,914
(Gain) / Loss on FX revaluation		(51,649)	34,072	(27,190)	10,312	17,526		(17,577)	98,814
Other non-core expense adjustments		2,298	(19,240)	3,353	6,697	22		(16,942)	5,531
Core Funds From Operations - diluted		$445,830	$482,026	$465,241	$432,232	$429,433		$927,856	$784,809
Weighted-average shares and units outstanding - diluted (2)		289,485	289,211	288,903	281,524	278,719		289,219	255,704
Core Funds From Operations per share - diluted (2)		$1.54	$1.67	$1.61	$1.54	$1.54		$3.21	$3.07

(1) Real Estate Related Depreciation & Amortization	Three Months Ended						Six Months Ended
		30-Jun-21	31-Mar-21	31-Dec-20	30-Sep-20	30-Jun-20		30-Jun-21	30-Jun-20
Depreciation & amortization per income statement		$368,981	$369,733	$359,915	$365,842	$349,165		738,714	640,622
Non-real estate depreciation		(5,341)	(5,036)	(5,549)	(7,223)	(6,831)		(10,377)	(11,771)
Real Estate Related Depreciation & Amortization		$363,640	$364,697	$354,366	$358,619	$342,334		$728,337	$628,851

(2) For all periods presented, we have excluded the effect of dilutive series C, series G, 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 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 definitions 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 2021

	Three Months Ended						Six Months Ended
Reconciliation of Core FFO to AFFO		30-Jun-21	31-Mar-21	31-Dec-20	30-Sep-20	30-Jun-20		30-Jun-21	30-Jun-20
Core FFO available to common stockholders and unitholders		$445,830	$482,026	$465,241	$432,232	$429,433		$927,856	$784,809
Adjustments:
Non-real estate depreciation		5,341	5,036	5,549	7,223	6,831		10,377	11,771
Amortization of deferred financing costs		3,718	3,538	3,709	3,655	3,661		7,256	7,921
Amortization of debt discount/premium		1,166	1,134	1,033	987	1,011		2,300	1,953
Non-cash stock-based compensation expense		15,579	16,097	16,315	15,969	15,060		31,676	27,213
Straight-line rental revenue		(16,139)	(18,492)	(14,402)	(10,017)	(10,928)		(34,631)	(26,330)
Straight-line rental expense		7,175	6,709	3,629	3,934	7,373		13,884	8,833
Above- and below-market rent amortization		1,858	2,137	3,239	2,360	3,794		3,995	7,087
Deferred tax (expense) benefit		35,522	(4,509)	(4,226)	6,421	(150)		31,013	(943)
Leasing compensation & internal lease commissions		11,078	11,042	10,506	6,052	1,739		22,120	4,533
Recurring capital expenditures (1)		(39,231)	(39,522)	(83,571)	(53,683)	(38,796)		(78,753)	(73,473)
AFFO available to common stockholders and unitholders (2)		$471,897	$465,196	$407,022	$415,133	$419,028		$937,093	$753,374
Weighted-average shares and units outstanding - basic		288,843	288,377	287,898	278,079	275,545		288,588	252,995
Weighted-average shares and units outstanding - diluted (3)		289,485	289,211	288,903	281,524	278,719		289,219	255,704
AFFO per share - diluted (3)		$1.63	$1.61	$1.41	$1.47	$1.50		$3.24	$2.95
Dividends per share and common unit		$1.16	$1.16	$1.12	$1.12	$1.12		$2.32	$2.24
Diluted AFFO Payout Ratio		71.2%	72.1%	79.5%	76.0%	74.5%		71.6%	76.0%

	Three Months Ended						Six Months Ended
Share Count Detail		30-Jun-21	31-Mar-21	31-Dec-20	30-Sep-20	30-Jun-20		30-Jun-21	30-Jun-20
Weighted Average Common Stock and Units Outstanding		288,843	288,377	287,898	278,079	275,545		288,588	252,995
Add: Effect of dilutive securities		642	834	1,005	3,445	3,174		631	2,709
Weighted Avg. Common Stock and Units Outstanding - diluted		289,485	289,211	288,903	281,524	278,719		289,219	255,704

(1) Recurring capital expenditures represent non-incremental building improvements required to maintain current revenues, including second-generation tenant improvements and external leasing commissions. Recurring capital expenditures do not include acquisition costs contemplated when underwriting the purchase of a building, costs which are incurred to bring a building up to Digital Realty’s operating standards, or internal leasing commissions.

(2) For a definition and discussion of AFFO, see the definitions section. For a reconciliation of net income available to common stockholders to FFO and core FFO, see above.

(3) For all periods presented, we have excluded the effect of dilutive series C, series G, 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 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 2021

	30-Jun-21		31-Mar-21		31-Dec-20		30-Sep-20		30-Jun-20
Assets
Investments in real estate:
Real estate		$23,287,853		$22,762,279		$23,142,988		$22,125,486		$20,843,273
Construction in progress		3,270,570		2,904,642		2,768,326		2,328,654		2,514,324
Land held for future development		143,575		192,896		226,862		198,536		175,209
Investments in real estate		$26,701,998		$25,859,817		$26,138,175		$24,652,676		$23,532,806
Accumulated depreciation and amortization		(5,919,650)		(5,649,019)		(5,555,221)		(5,250,140)		(4,945,534)
Net Investments in Properties		$20,782,348		$20,210,798		$20,582,954		$19,402,536		$18,587,272
Investment in unconsolidated joint ventures		1,119,026		970,703		1,148,158		1,059,978		1,033,235
Net Investments in Real Estate		$21,901,374		$21,181,501		$21,731,112		$20,462,514		$19,620,507
Cash and cash equivalents		$120,482		$221,140		$108,501		$971,305		$505,174
Accounts and other receivables (1)		630,086		657,096		603,111		585,506		542,750
Deferred rent		539,379		524,200		528,180		510,627		496,684
Customer relationship value, deferred leasing costs & other intangibles, net		2,956,027		3,057,245		3,122,904		3,106,414		3,128,140
Goodwill		8,185,931		8,125,706		8,330,996		8,012,256		7,791,522
Assets associated with real estate held for sale		—		—		—		—		10,981
Operating lease right-of-use assets (2)		1,452,633		1,495,869		1,386,959		1,363,285		1,375,427
Other assets		365,308		279,734		264,528		423,426		391,451
Total Assets		$36,151,220		$35,542,491		$36,076,291		$35,435,333		$33,862,636
Liabilities and Equity
Global unsecured revolving credit facilities		$1,026,368		$451,007		$531,905		$124,082		$64,492
Unsecured term loans		—		—		536,580		512,642		799,550
Unsecured senior notes, net of discount		12,659,043		12,566,198		11,997,010		11,999,170		11,268,753
Secured debt and other, net of premiums		242,410		239,634		239,222		238,866		238,826
Operating lease liabilities (2)		1,545,689		1,581,759		1,468,712		1,444,060		1,451,152
Accounts payable and other accrued liabilities		1,367,240		1,305,921		1,420,162		1,610,814		1,303,337
Deferred tax liabilities, net		742,127		650,543		698,308		711,474		664,802
Accrued dividends and distributions		—		—		324,386		571		—
Security deposits and prepaid rent		362,606		362,008		371,659		353,902		348,253
Liabilities associated with assets held for sale		—		—		—		—		238
Total Liabilities		$17,945,483		$17,157,070		$17,587,944		$16,995,581		$16,139,403
Redeemable non-controlling interests - operating partnership		41,490		40,097		42,011		41,265		40,584
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
Series G Cumulative Redeemable Preferred Stock (4)		—		—		—		—		241,468
Series I Cumulative Redeemable Preferred Stock (5)		—		—		—		—		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		334,886		334,886
Common Stock: $0.01 par value per share, 392,000,000 shares authorized (9)		2,806		2,795		2,788		2,784		2,670
Additional paid-in capital		20,844,834		20,700,282		20,626,897		20,566,645		19,292,311
Dividends in excess of earnings		(4,153,407)		(3,952,497)		(3,997,938)		(3,726,901)		(3,386,525)
Accumulated other comprehensive income (loss), net		31,733		(77,783)		135,010		(123,623)		(358,349)
Total Stockholders' Equity		$17,457,656		$17,623,737		$17,717,697		$17,669,845		$16,984,527
Noncontrolling Interests
Noncontrolling interest in operating partnership		$513,897		$571,292		$608,980		$620,676		$633,831
Noncontrolling interest in consolidated joint ventures		192,694		150,295		119,659		107,966		64,291
Total Noncontrolling Interests		$706,591		$721,587		$728,639		$728,642		$698,122
Total Equity		$18,164,247		$18,345,324		$18,446,336		$18,398,487		$17,682,649
Total Liabilities and Equity		$36,151,220		$35,542,491		$36,076,291		$35,435,333		$33,862,636

(1) Net of allowance for doubtful accounts of $20,356 and $18,825 as of June 30, 2021 and December 31, 2020, respectively.

(2) Adoption of the new lease accounting standard required that we adjust the consolidated balance sheet to include the recognition of additional right-of-use assets and lease liabilities for operating leases. See our quarterly report on Form10-Q filed on May10, 2019 for additional information.

(3) SeriesC Cumulative Redeemable Perpetual Preferred Stock, 6.625%, $0 and $201,250 liquidation preference, respectively ($25.00 per share), 0 and 8,050,000 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively.

(4) SeriesG Cumulative Redeemable Preferred Stock, 5.875%, $0 liquidation preference (redeemed October 15, 2020, reclassified to accounts payable as of September 30, 2020 for accounting purposes) ($25.00 per share) and 0 shares issued and outstanding as of June 30, 2021 and December 31, 2020.

(5) SeriesI Cumulative Redeemable Preferred Stock, 6.350%, $0 liquidation preference ($25.00 per share) and 0 shares issued and outstanding as of June 30, 2021 and December 31, 2020.

(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, 2021 and December 31, 2020, 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, 2021 and December 31, 2020, 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, 2021 and December 31, 2020, respectively.

(9) Common Stock: 282,603,152 and 208,900,758 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively.

16

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

Consolidated Properties Cash Net Operating Income (NOI)(2), Annualized (3)
Network-Dense	$930,053
Campus	1,488,858
Other (4)	179,008
Total Cash NOI, Annualized	$2,597,919
less: Partners' share of consolidated JVs	(992)
Acquisitions / dispositions / expirations	(38,318)
FY 2021 backlog cash NOI and 1Q21 carry-over (stabilized) (5)	120,647
Total Consolidated Cash NOI, Annualized	$2,679,256
Digital Realty's Pro Rata Share of Unconsolidated Joint Venture Cash NOI (3)(6)	$135,296
Other Income
Development and Management Fees (net), Annualized	$14,512
Other Assets
Pre-stabilized inventory, at cost (7)	$269,964
Land held for development	143,575
Development CIP (8)	3,270,570
less: Investment associated with FY21 Backlog NOI	(474,220)
Cash and cash equivalents	120,482
Accounts and other receivables, net	630,086
Other assets	365,308
less: Partners' share of consolidated JV assets	(987)
Total Other Assets	$4,324,778
Liabilities
Global unsecured revolving credit facilities	$1,032,946
Unsecured senior notes	12,762,570
Secured debt, excluding premiums	242,870
Accounts payable and other accrued liabilities (9)	1,367,240
Deferred tax liabilities, net	742,127
Security deposits and prepaid rents	362,606
Backlog NOI cost to complete (10)	273,252
Preferred stock	755,000
Digital Realty's share of unconsolidated JV debt	723,202
Total Liabilities	$18,261,813
Diluted Shares and Units Outstanding	290,301

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

(2) For definitions and discussion of NOI and cash NOI and a reconciliation of operating income to NOI and cash NOI, see page 34.

(3) Annualized cash NOI is calculated by multiplying results for the most recent quarter by four. Annualized results may not be indicative of any four-quarter period and do not take into account scheduled lease expirations, among other things. Annualized data is presented for illustrative purposes only. Reflects annualized 2Q21 Cash NOI of $2.5 billion. NOI is allocated based on management’s best estimates derived using contractual ABR and stabilized margins.

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

(5) Estimated cash NOI related to signed leasing expected to commence through June 30, 2021. 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 $736.7 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 2021

	As of June 30, 2021
		Interest Rate
	Interest	Including
	Rate	Swaps	2021	2022	2023	2024	2025	Thereafter	Total
Global Unsecured Revolving Credit Facilities (1)
Global unsecured revolving credit facility - Unhedged	0.995%	0.995%	—	—	—	$996,766	—	—	$996,766
Yen revolving credit facility	0.500%	0.500%	—	—	—	36,180	—	—	36,180
Deferred financing costs, net	—	—	—	—	—	—	—	—	(6,578)
Total Global Unsecured Revolving Credit Facilities	0.977%	0.977%	—	—	—	$1,032,946	—	—	$1,026,368
Senior Notes
€300 million Floating Rate Notes due 2022	—	—	—	$355,740	—	—	—	—	$355,740
€300 million 0.125% Notes due 2022	0.125%	0.125%	—	355,740	—	—	—	—	355,740
€600 million 2.625% Notes due 2024	2.625%	2.625%	—	—	—	$711,480	—	—	711,480
£250 million 2.750% Notes due 2024	2.750%	2.750%	—	—	—	345,775	—	—	345,775
£400 million 4.250% Notes due 2025	4.250%	4.250%	—	—	—	—	$553,240	—	553,240
€650 million 0.625% Notes due 2025	0.625%	0.625%	—	—	—	—	770,770	—	770,770
$450 million 4.750% Notes due 2025	4.750%	4.750%	—	—	—	—	450,000	—	450,000
€1.08 billion 2.500% Notes due 2026	2.500%	2.500%	—	—	—	—	—	$1,274,735	1,274,735
$1.00 billion 3.700% notes due 2027	3.700%	3.700%	—	—	—	—	—	1,000,000	1,000,000
€500 million 1.125% Notes due 2028	1.125%	1.125%	—	—	—	—	—	592,900	592,900
$650 million 4.450% Notes due 2028	4.450%	4.450%	—	—	—	—	—	650,000	650,000
$900 million 3.600% Notes due 2029	3.600%	3.600%	—	—	—	—	—	900,000	900,000
£350 million 3.300% Notes due 2029	3.300%	3.300%	—	—	—	—	—	484,085	484,085
€750 million 1.500% Notes due 2030	1.500%	1.500%	—	—	—	—	—	889,350	889,350
£550 million 3.750% Notes due 2030	3.750%	3.750%	—	—	—	—	—	760,705	760,705
€500 million 1.250% Notes due 2031	1.250%	1.250%	—	—	—	—	—	592,900	592,900
€1.00 billion 0.625% Notes due 2031	0.625%	0.625%	—	—	—	—	—	1,185,800	1,185,800
€750 million 1.000% Notes due 2032	1.000%	1.000%	—	—	—	—	—	889,350	889,350
Unamortized discounts	—	—	—	—	—	—	—	—	(37,743)
Deferred financing costs	—	—	—	—	—	—	—	—	(65,784)
Total Senior Notes	2.325%	2.325%	—	$711,480	—	$1,057,255	$1,774,010	$9,219,825	$12,659,043
Secured Debt
Secured note due 2023	1.073%	2.435%	—	—	$104,000	—	—	—	$104,000
Westin	3.290%	3.290%	—	—	—	—	—	135,000	135,000
Deferred financing costs	—	—	—	—	—	—	—	—	(460)
Total Secured Debt	2.325%	2.918%	—	—	$104,000	—	—	$135,000	$238,540
Other Debt
Icolo loan	11.650%	11.650%	—	—	—	—	—	$3,870	$3,870
Total Other Debt	11.650%	11.650%	—	—	—	—	—	$3,870	$3,870
Total unhedged variable rate debt	—	—	—	$355,740	—	$1,032,946	—	—	$1,388,686
Total fixed rate / hedged variable rate debt	—	—	—	355,740	$104,000	1,057,255	$1,774,010	$9,358,695	12,649,700
Total Debt	2.229%	2.239%	—	$711,480	$104,000	$2,090,201	$1,774,010	$9,358,695	$14,038,386
Weighted Average Interest Rate			—	0.063%	2.435%	1.832%	2.802%	2.386%	2.239%
Summary
Weighted Average Term to Initial Maturity									6.2 Years
Weighted Average Maturity (assuming exercise of extension options)									6.3 Years

Global Unsecured Revolving Credit Facility Detail As of June 30, 2021
	Maximum Available	Existing Capacity (2)	Currently Drawn
Global Unsecured Revolving Credit Facility	$2,678,973	$1,574,392	$1,032,946

(1) Assumes all extensions will be exercised.

(2) Net of letters of credit issued of $71.6 million.

18

Debt Analysis and Covenant Compliance		Financial Supplement
Unaudited		Second Quarter 2021

	As of June 30, 2021
				Global Unsecured
	Unsecured Senior Notes			Credit Facilities
Debt Covenant Ratios (1)	Required	Actual (2)	Actual (3)	Required	Actual
Total outstanding debt / total assets (4)	Less than 60%	43%	39%	Less than 60% (5)	39%
Secured debt / total assets (6)	Less than 40%	1%	1%	Less than 40%	2%
Total unencumbered assets / unsecured debt	Greater than 150%	212%	236%	N/A	N/A
Consolidated EBITDA / interest expense (7)	Greater than 1.5x	6.3x	6.3x	N/A	N/A
Fixed charge coverage		N/A	N/A	Greater than 1.5x	6.1x
Unsecured debt / total unencumbered asset value (8)		N/A	N/A	Less than 60%	41%
Unencumbered assets debt service coverage ratio		N/A	N/A	Greater than 1.5x	7.5x

(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 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 U.S. Securities and Exchange Commission.

(2) Ratios for the Unsecured Senior Notes listed on page18 except for the floating rate notes due 2022, 1.250% notes due 2031, 0.625% notes due 2031 and 1.00% notes due 2032.

(3) Ratios for the floating rate notes due 2022, 1.250% notes due 2031, 0.625% notes due 2031 and 1.00% notes due 2032.

(4) This ratio is referred to as the Leverage Ratio, defined as Consolidated Debt / Total Asset Value, under the global unsecured revolving credit facility and the Yen facility. For the calculation of Total Assets, please refer to the indentures which govern the notes, the Amended and Restated Global Senior Credit 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 U.S. Securities and Exchange Commission.

(5) The company has the right to maintain a Leverage Ratio of greater than 60.0% but less than or equal to 65.0% for up to four consecutive fiscal quarters during the term of the facility following an acquisition of one or more Assets 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 and the Yen facility.

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

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

19

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

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

	Three Months Ended										Six Months Ended
	30-Jun-21		30-Jun-20		% Change		31-Mar-21		% Change		30-Jun-21		30-Jun-20		% Change
Rental revenues		$420,244		$417,728		0.6%		$414,163		1.5%		$834,406		$832,191		0.3%
Tenant reimbursements - Utilities		84,225		79,980		5.3%		96,231		(12.5%)		180,456		162,382		11.1%
Tenant reimbursements - Other		47,730		48,340		(1.3%)		43,784		9.0%		91,514		91,886		(0.4%)
Interconnection & other		57,504		56,059		2.6%		57,264		0.4%		114,768		110,900		3.5%
Total Revenue		$609,703		$602,107		1.3%		$611,442		(0.3%)		$1,221,144		$1,197,359		2.0%
Utilities		$99,788		$93,520		6.7%		$111,631		(10.6%)		$211,419		$186,143		13.6%
Rental property operating		101,658		92,846		9.5%		100,190		1.5%		201,847		184,985		9.1%
Property taxes		29,395		30,823		(4.6%)		30,954		(5.0%)		60,348		60,352		(0.0%)
Insurance		2,713		2,517		7.8%		2,701		0.4%		5,414		5,436		(0.4%)
Total Expenses		$233,554		$219,706		6.3%		$245,476		(4.9%)		$479,028		$436,916		9.6%
Net Operating Income (2)		$376,149		$382,401		(1.6%)		$365,966		2.8%		$742,116		$760,443		(2.4%)
Less:
Stabilized straight-line rent		($3,329)		($965)		245.0%		($2,198)		51.5%		($5,526)		$495		(1216.4%)
Above- and below-market rent		(211)		(2,250)		(90.6%)		(571)		(63.0%)		(782)		(4,656)		(83.2%)
Cash Net Operating Income (3)		$379,689		$385,616		(1.5%)		$368,735		3.0%		$748,424		$764,604		(2.1%)
Stabilized Portfolio occupancy at period end (4)		85.4%		87.2%		(1.8%)		86.2%		(0.8%)		85.4%		87.2%		(1.8%)

(1) Represents buildings owned as of December 31, 2019 with less than 5% of total rentable square feet under development. Excludes buildings that were undergoing, or were expected to undergo, development activities in 2020-2021, buildings classified as held for sale, and buildings sold or contributed to joint ventures for all periods presented. Prior period numbers adjusted to reflect current same-capital pool.

(2) For a definition and discussion of net operating income and a reconciliation of operating income to NOI, see 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, 2021		Second Quarter 2021

	0-1 MW				> 1 MW				Other (3)				Total
Leasing Activity - New (1) (2)	2Q21		LTM		2Q21		LTM		2Q21		LTM		2Q21		LTM
Annualized GAAP Rent		$41,181		$155,809		$58,988		$255,373		$591		$8,019		$100,761		$419,201
Kilowatt leased		11,751		51,608		46,930		191,204		—		—		58,681		242,812
NRSF		121,182		582,004		422,509		1,885,508		14,308		228,009		558,000		2,695,521
Weighted Average Lease Term (years)		4.0		4.0		9.5		8.6		7.1		8.9		8.2		7.6
Initial stabilized cash rent per Kilowatt		$291		$224		$104		$105		—		—		$153		$142
GAAP rent per Kilowatt		$292		$252		$105		$111		—		—		$142		$141
Leasing cost per Kilowatt		$46		$27		$13		$14		—		—		$19		$17
Net Effective Economics by Kilowatt (4)
Base rent by Kilowatt		$297		$227		$112		$113		—		—		$153		$142
Rental concessions by Kilowatt		$9		$5		$7		$6		—		—		$6		$4
Estimated operating expense by Kilowatt		$104		$93		$26		$32		—		—		$41		$45
Net rent per Kilowatt		$184		$128		$79		$76		—		—		$106		$94
Tenant improvements by Kilowatt		$0		$0		$1		$1		—		—		$1		$1
Leasing commissions by Kilowatt		$24		$14		$1		$1		—		—		$5		$4
Net effective rent per Kilowatt		$161		$114		$77		$74		—		—		$100		$89
Initial stabilized cash rent per NRSF		$339		$239		$139		$127		$359		$33		$203		$156
GAAP rent per NRSF		$340		$268		$140		$135		$41		$35		$181		$156
Leasing cost per NRSF		$53		$29		$17		$17		$25		$5		$25		$18
Net Effective Economics by NRSF (4)
Base rent by NRSF		$345		$241		$149		$138		$42		$35		$204		$128
Rental concessions by NRSF		$6		$3		$9		$5		$1		$0		$8		$4
Estimated operating expense by NRSF		$98		$81		$7		$26		$3		$2		$26		$36
Net rent per NRSF		$241		$157		$133		$107		$38		$33		$169		$88
Tenant improvements by NRSF		$0		$0		$1		$1		$2		$0		$1		$1
Leasing commissions by NRSF		$27		$15		$1		$2		$10		$1		$8		$5
Net effective rent per NRSF		$214		$142		$131		$104		$26		$32		$160		$83

(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, 2021		Second Quarter 2021

	0-1 MW				> 1 MW				Other (4)				Total
Leasing Activity - Renewals (1) (2) (3)	2Q21		LTM		2Q21		LTM		2Q21		LTM		2Q21		LTM
Leases renewed (Kilowatt)		34,895		126,386		23,440		93,941		—		—		58,335		220,326
Leases renewed (NRSF)		515,796		1,783,260		260,818		1,042,007		313,620		885,724		1,090,234		3,710,991
Leasing cost per Kilowatt		$2		$1		$0		$1		—		—		$1		$1
Leasing cost per NRSF		$1		$1		$0		$1		$1		$1		$1		$1
Weighted Term (years)		2.0		1.7		2.1		3.5		5.0		3.8		2.9		2.7
Cash Rent
Expiring cash rent per Kilowatt		$310		$319		$143		$147		—		—		$243		$246
Renewed cash rent per Kilowatt		$312		$321		$141		$141		—		—		$244		$245
% Change Cash Rent Per Kilowatt		0.8%		0.8%		(0.9%)		(3.7%)		—		—		0.4%		(0.4%)
Expiring cash rent per NRSF		$252		$271		$154		$159		$25		$22		$163		$180
Renewed cash rent per NRSF		$254		$273		$152		$153		$24		$22		$163		$180
% Change Cash Rent Per NRSF		0.8%		0.8%		(0.9%)		(3.7%)		(5.7%)		(0.4%)		0.1%		(0.4%)
GAAP Rent
Expiring GAAP rent per Kilowatt		$307		$317		$138		$141		—		—		$239		$242
Renewed GAAP rent per Kilowatt		$313		$322		$141		$145		—		—		$244		$246
% Change GAAP Rent Per Kilowatt		1.9%		1.6%		2.1%		2.8%		—		—		1.9%		1.6%
Expiring GAAP rent per NRSF		$249		$269		$149		$152		$23		$20		$160		$177
Renewed GAAP rent per NRSF		$254		$274		$152		$156		$24		$23		$164		$181
% Change GAAP Rent Per NRSF		1.9%		1.6%		2.1%		2.8%		6.2%		12.5%		2.1%		2.2%
Retention ratio (5)		87.4%		83.8%		68.4%		68.0%		71.5%		74.9%		77.3%		76.6%
Churn (6)		1.9%		10.7%		0.9%		5.0%		1.1%		3.7%		1.4%		7.2%

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

(2) Rental rates represent annual estimated cash rent per kilowatt, adjusted for straight-line rents in accordance with GAAP.

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

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

(5) Based on square feet.

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

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

22

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

				% of	Annualized Rent Per		Annualized Rent Per								Rent Per kW
	Square Footage of	Annualized		Annualized	Occupied		Occupied Square		Annualized Rent		kW of Expiring		Rent per kW		Per Month at
Year	Expiring Leases (1)	Rent (2)		Rent	Square Foot		Foot at Expiration		at Expiration		Leases		Per Month		Expiration
0 - 1 MW
Available	1,723,777		—	—		—		—		—		—		—		—
Month to Month (3)	143,414		$35,286	1.2%		$246		$248		$35,515		8,855		$332		$334
2021	845,144		254,879	8.3%		302		301		254,786		62,870		338		338
2022	1,428,035		403,142	13.2%		282		283		403,479		108,414		310		310
2023	612,593		136,767	4.5%		223		226		138,733		42,745		267		270
2024	569,080		98,239	3.2%		173		177		100,975		37,612		218		224
2025	349,837		61,039	2.0%		174		181		63,272		21,532		236		245
2026	152,913		22,351	0.7%		146		157		24,061		10,095		185		199
2027	171,315		20,478	0.7%		120		132		22,635		9,503		180		198
2028	64,936		5,328	0.2%		82		96		6,263		2,148		207		243
2029	40,691		4,815	0.2%		118		133		5,428		2,635		152		172
2030	42,793		4,927	0.2%		115		118		5,065		3,182		129		133
Thereafter	224,721		11,589	0.4%		52		55		12,368		3,968		243		260
Total / Wtd. Avg.	6,369,248		$1,058,839	34.6%		$228		$231		$1,072,578		313,560		$281		$285

> 1 MW	Expiring Leases (1)	Annualized		Annualized	Annualized Rent Per		Annualized Rent Per		Annualized Rent Per		kW of Expiring		Annualized		Rent Per kW
Available	1,888,368		—	—		—		—		—		—		—		—
Month to Month (3)	134,899		$16,236	0.5%		$120		$120		$16,236		9,899		$137		$137
2021	670,976		108,919	3.6%		162		167		111,796		63,377		143		147
2022	1,681,053		282,549	9.2%		168		170		285,190		158,784		148		150
2023	1,635,116		237,715	7.8%		145		146		238,846		138,018		144		144
2024	1,286,425		190,919	6.2%		148		157		202,215		120,201		132		140
2025	1,739,747		225,602	7.4%		130		139		242,372		156,446		120		129
2026	1,299,204		167,260	5.5%		129		143		185,897		118,390		118		131
2027	628,654		90,245	2.9%		144		162		102,093		64,513		117		132
2028	455,508		49,825	1.6%		109		127		57,910		44,413		93		109
2029	684,816		75,011	2.5%		110		128		87,417		63,915		98		114
2030	492,128		58,050	1.9%		118		135		66,216		47,071		103		117
Thereafter	1,847,024		211,017	6.9%		114		136		251,225		180,377		97		116
Total / Wtd. Avg.	14,443,916		$1,713,348	56.0%		$136		$147		$1,847,413		1,165,404		$123		$132

Other (4)	Expiring Leases (1)	Annualized		Annualized	Annualized Rent Per		Annualized Rent Per		Annualized Rent Per		kW of Expiring		Annualized		Rent Per kW
Available	1,434,163		—	—		—		—		—		—		—		—
Month to Month (3)	37,956		$1,606	0.1%		$42		$42		$1,606		—		—		—
2021	548,030		19,423	0.6%		35		35		19,417		—		—		—
2022	1,018,538		25,583	0.8%		25		25		25,135		—		—		—
2023	1,096,441		28,192	0.9%		26		27		29,145		—		—		—
2024	645,990		22,109	0.7%		34		35		22,673		—		—		—
2025	1,018,958		42,723	1.4%		42		44		44,614		—		—		—
2026	579,121		15,735	0.5%		27		31		17,700		—		—		—
2027	379,086		14,794	0.5%		39		45		17,119		—		—		—
2028	227,938		11,483	0.4%		50		58		13,261		—		—		—
2029	431,914		19,044	0.6%		44		52		22,619		—		—		—
2030	730,692		30,424	1.0%		42		52		38,101		—		—		—
Thereafter	2,791,057		57,291	1.9%		21		27		75,432		—		—		—
Total / Wtd. Avg.	10,939,886		$288,407	9.4%		$30		$34		$326,822		—		—		—

Total	Expiring Leases (1)	Annualized		Annualized	Annualized Rent Per		Annualized Rent Per		Annualized Rent Per		kW of Expiring		Annualized		Rent Per kW
Available	5,046,308		—	—		—		—		—		—		—		—
Month to Month (3)	316,269		$53,128	1.7%		$168		$169		$53,357		—		—		—
2021	2,064,150		383,221	12.5%		186		187		386,000		—		—		—
2022	4,127,626		711,274	23.2%		172		173		713,803		—		—		—
2023	3,344,150		402,674	13.2%		120		122		406,724		—		—		—
2024	2,501,495		311,268	10.2%		124		130		325,862		—		—		—
2025	3,108,542		329,364	10.8%		106		113		350,257		—		—		—
2026	2,031,238		205,346	6.7%		101		112		227,658		—		—		—
2027	1,179,055		125,516	4.1%		106		120		141,848		—		—		—
2028	748,381		66,635	2.2%		89		103		77,433		—		—		—
2029	1,157,421		98,870	3.2%		85		100		115,464		—		—		—
2030	1,265,614		93,401	3.1%		74		86		109,382		—		—		—
Thereafter	4,862,802		279,896	9.1%		58		70		339,024		—		—		—
Total / Wtd. Avg.	31,753,051		$3,060,594	100.0%		$115		$122		$3,246,812		—		—		—

(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, 2021, 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 2021

						Weighted
						Average
			Annualized		% of Annualized	Remaining
		Number of	Recurring		Recurring	Lease Term in
	Customer	Locations	Revenue (1)		Revenue	Years
1	Fortune 50 Software Company	55		$332,098	9.7%	8.5
2	IBM	42		155,752	4.5%	2.8
3	Facebook, Inc.	33		115,905	3.4%	4.4
4	Oracle America, Inc.	28		107,353	3.1%	3.1
5	Global Cloud Provider	51		96,078	2.8%	3.2
6	Equinix	23		87,122	2.5%	8.2
7	Fortune 25 Investment Grade-Rated Company	25		84,061	2.5%	2.3
8	LinkedIn Corporation	8		77,798	2.3%	3.5
9	Fortune 500 SaaS Provider	15		71,049	2.1%	4.8
10	Social Content Platform	10		70,281	2.1%	6.0
11	Cyxtera Technologies, Inc.	17		68,993	2.0%	10.8
12	Rackspace	21		66,518	1.9%	8.7
13	Fortune 25 Tech Company	41		57,989	1.7%	2.9
14	Lumen Technologies, Inc.	129		57,981	1.7%	5.2
15	Comcast Corporation	28		42,977	1.3%	4.8
16	Verizon	99		41,844	1.2%	2.9
17	AT&T	74		36,568	1.1%	2.9
18	JPMorgan Chase & Co.	16		36,289	1.1%	2.4
19	Global Telecom Network Provider	30		33,544	1.0%	2.7
20	Zayo	120		32,044	0.9%	1.5
	Total / Weighted Average			$1,672,243	48.8%	6.0

(1) Annualized recurring revenue represents the monthly contractual base rent (defined as cash base rent before abatements), and interconnection revenue under existing leases as of June 30, 2021, multiplied by 12.

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

24

Occupancy Analysis		Financial Supplement
Dollars in Thousands		Second Quarter 2021

	Net Rentable	Space Under Active	Space Held for	Annualized		Occupancy (5)		White Space	Data Center
Metropolitan Area	Square Feet (1)	Development (2)	Development (3)	Rent (4)		30-Jun-21	31-Mar-21	IT Load (6)	Count
North America
Northern Virginia	5,893,718	433,715	76,944		$577,666	92.2%	92.6%	470.4	24
Chicago	3,426,580	—	148,101		302,489	87.6%	87.5%	162.7	10
New York	2,083,013	201,160	99,947		215,923	84.7%	84.3%	51.0	13
Silicon Valley	2,251,021	65,594	—		214,289	96.8%	96.8%	105.5	20
Dallas	3,530,749	143,051	28,094		193,330	80.2%	81.1%	101.2	21
Phoenix	795,687	—	—		67,636	72.5%	71.6%	42.5	2
San Francisco	824,972	23,321	—		62,762	64.7%	71.3%	29.1	4
Atlanta	525,414	41,661	313,581		52,222	94.7%	94.7%	7.1	4
Los Angeles	798,571	19,908	—		43,813	85.1%	84.8%	13.8	4
Seattle	400,369	—	—		40,352	85.9%	85.7%	19.5	1
Portland	331,242	823,056	—		32,411	97.5%	97.5%	28.5	2
Toronto, Canada	364,798	466,866	—		31,423	77.9%	83.6%	29.8	3
Boston	437,119	—	50,649		22,256	50.7%	47.3%	19.0	3
Houston	392,816	—	13,969		18,130	70.6%	70.6%	13.0	6
Miami	226,314	—	—		8,615	89.3%	90.6%	1.3	2
Austin	85,688	—	—		7,154	63.5%	63.5%	4.3	1
Minneapolis/St. Paul	328,765	—	—		6,945	100.0%	100.0%	—	1
Charlotte	95,499	—	—		5,058	89.5%	89.4%	1.5	3
North America Total/Weighted Average	22,792,334	2,218,332	731,285		$1,902,474	86.1%	86.4%	1,100.1	124
EMEA
London, England	1,431,735	—	160,850		$253,320	74.7%	75.8%	101.8	16
Frankfurt, Germany	1,771,678	1,452,149	—		200,052	86.2%	88.0%	98.8	27
Amsterdam, Netherlands	1,172,124	94,730	95,262		139,409	64.6%	62.4%	110.4	13
Paris, France	472,691	440,722	—		65,907	86.2%	86.3%	33.1	10
Vienna, Austria	353,575	—	—		47,771	80.3%	83.7%	25.6	2
Marseille, France	293,908	226,253	—		46,189	82.7%	80.6%	20.8	4
Dublin, Ireland	381,052	94,005	—		45,631	75.5%	75.8%	24.3	8
Madrid, Spain	218,282	225,140	—		36,039	77.8%	78.6%	9.0	4
Zurich, Switzerland	284,671	258,240	—		35,496	69.9%	58.4%	17.0	3
Brussels, Belgium	136,685	27,420	—		24,084	77.0%	77.4%	7.5	3
Stockholm, Sweden	205,304	48,492	—		23,480	62.3%	61.3%	12.8	6
Copenhagen, Denmark	163,755	162,123	—		18,152	78.1%	76.5%	7.1	3
Dusseldorf, Germany	105,523	95,926	—		15,981	59.9%	59.9%	4.3	3
Athens, Greece	55,170	66,736	—		7,144	61.4%	60.4%	1.7	3
Zagreb, Croatia	19,116	12,801	—		2,524	55.3%	48.5%	0.9	1
Nairobi, Kenya	15,710	—	—		1,078	52.2%	54.7%	0.5	1
Mombasa, Kenya	10,082	37,025	—		610	41.2%	44.3%	0.3	2
EMEA Total/Weighted Average	7,091,062	3,241,762	256,112		$962,866	76.5%	76.2%	475.7	109
Asia Pacific
Singapore	751,810	131,037	—		$120,871	87.4%	95.8%	54.0	3
Sydney, Australia	226,697	222,838	—		27,298	86.4%	85.7%	14.9	4
Melbourne, Australia	146,570	—	—		16,156	62.8%	71.0%	9.6	2
Tokyo, Japan	—	406,664	—		—	—	—	—	1
Osaka, Japan	—	429,067	—		—	—	—	—	2
Seoul, South Korea	—	162,260	—		—	—	—	—	1
Hong Kong	—	284,751	—		—	—	—	—	1
Asia Pacific Total/Weighted Average	1,125,077	1,636,617	—		$164,326	84.0%	89.3%	78.5	14
Non-Data Center Properties	263,668	—	—		$1,263	100.0%	100.0%	—	—
Consolidated Portfolio Total/Weighted Average	31,272,142	7,096,711	987,397		$3,030,928	84.0%	84.3%	1,654.3	247
Managed Unconsolidated Joint Ventures
Northern Virginia	1,250,419	—	—		$77,414	92.7%	92.7%	75.2	7
Hong Kong	186,300	—	—		20,178	87.3%	87.3%	11.0	1
Silicon Valley	326,305	—	—		13,915	100.0%	100.0%	—	4
Dallas	319,876	—	—		5,693	82.4%	82.4%	—	3
New York	108,336	—	—		3,460	100.0%	100.0%	3.4	1
Managed Unconsolidated Portfolio Total/Weighted Average	2,191,236	—	—		$120,661	92.2%	92.2%	89.6	16
Managed Portfolio Total/Weighted Average	33,463,378	7,096,711	987,397		$3,151,589	84.5%	84.9%	1,743.9	263
Digital Realty Share Total/Weighted Average (7)	31,753,051	7,096,711	987,397		$3,060,594	84.1%	84.5%	1,674.6
Non-Managed Unconsolidated Joint Ventures
Sao Paulo, Brazil	919,846	285,903	413,872		131,388	98.4%	97.9%	77.4	16
Osaka, Japan	277,031	55,055	—		50,176	87.5%	87.3%	21.6	2
Tokyo, Japan	892,667	—	—		47,359	74.3%	87.8%	21.0	2
Rio De Janeiro, Brazil	72,442	26,781	—		11,126	100.0%	100.0%	6.0	2
Fortaleza, Brazil	94,205	—	—		10,078	100.0%	100.0%	6.2	1
Seattle	51,000	—	—		7,770	100.0%	100.0%	9.0	1
Santiago, Chile	67,340	45,209	180,835		6,605	68.7%	68.7%	6.3	2
Queretaro, Mexico	—	108,178	376,202		—	-	-	—	2
Non-Managed Portfolio Total/Weighted Average	2,374,531	521,126	970,909		$264,502	87.4%	92.2%	147.4	28
Portfolio Total/Weighted Average	35,837,908	7,617,837	1,958,306		$3,416,091	84.7%	85.3%	1,891.3	291

(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, 2021, multiplied by 12.

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

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

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

25

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

	Base Building Construction								Data Center Construction												Total Active Development
			A		B		A + B					A		B		A + B							A		B		A + B
																			Average	Pre-tax
		Total	Current		Future		Total			Total		Current		Future		Total			Expected	Est.		Total	Current		Future		Total
	# of	Square	Investment		Funding		Expected		# of	Square		Investment		Funding		Expected		%	Completion	Stabilized	# of	Square	Investment		Funding		Expected
Metropolitan Area	Locations	Feet	(1)		Req. (2)		Investment (3)		Locations	Feet	kW	(1)		Req. (2)		Investment (3)		Leased	Period	Cash Yield (4)	Locations	Feet	(1)		Req. (2)		Investment (3)
Atlanta	—	—		—		—		—	1	41,661	2,000		$2,322		$32,972		$35,294	—	1Q22		1	41,661		$2,322		$32,972		$35,294
Dallas	1	115,060		$6,490		$10,249		$16,739	1	27,991	1,500		4,842		26,769		31,611	—	4Q21		2	143,051		11,332		37,018		48,350
Los Angeles	—	—		—		—		—	1	19,908	1,200		9,595		13,778		23,373	—	4Q21		1	19,908		9,595		13,778		23,373
New York (5)	—	—		—		—		—	2	201,160	6,000		128,257		93,950		222,207	40.0%	1Q22		2	201,160		128,257		93,950		222,207
Northern Virginia	1	289,143		62,059		12,833		74,892	1	144,572	16,000		72,895		49,952		122,847	100.0%	3Q21		1	433,715		134,954		62,786		197,740
Portland	1	552,862		46,367		109,951		156,318	1	270,194	30,000		161,646		132,106		293,752	100.0%	2Q22		2	823,056		208,013		242,057		450,070
San Francisco	—	—		—		—		—	1	23,321	2,400		28,917		2,019		30,937	100.0%	4Q22		1	23,321		28,917		2,019		30,937
Silicon Valley (6)	1	65,594		39,281		3,078		42,359	—	—	—		—		—		—	—	—		1	65,594		39,281		3,078		42,359
Toronto	1	331,016		31,136		33,572		64,708	2	135,850	8,800		61,428		52,212		113,640	45.5%	4Q21		2	466,866		92,564		85,784		178,348
North America	5	1,353,675		$185,333		$169,683		$355,016	10	864,657	67,900		$469,902		$403,759		$873,662	80.7%		9.5%	13	2,218,332		$655,235		$573,443		$1,228,678
Amsterdam, Netherlands	—	—		—		—		—	2	94,730	6,400		$53,500		$40,731		$94,231	—	4Q22		2	94,730		$53,500		$40,731		$94,231
Athens, Greece	—	—		—		—		—	1	66,736	6,800		3,841		76,197		80,038	—	3Q21		1	66,736		3,841		76,197		80,038
Brussels, Belgium	—	—		—		—		—	1	27,420	1,450		18,808		4,603		23,411	—	1Q22		1	27,420		18,808		4,603		23,411
Copenhagen, Denmark	1	100,047		$14,461		$23,590		$38,051	2	62,076	5,950		13,441		74,835		88,276	1.5%	1Q22		2	162,123		27,903		98,424		126,327
Dublin, Ireland	—	—		—		—		—	1	94,005	6,000		35,653		20,708		56,360	100.0%	3Q21		1	94,005		35,653		20,708		56,360
Dusseldorf, Germany	1	63,954		1,581		27,670		29,251	1	31,972	3,333		790		33,992		34,782	15.0%	1Q22		1	95,926		2,372		61,662		64,033
Frankfurt, Germany	1	926,838		86,822		121,425		208,247	4	525,311	41,960		178,021		430,498		608,520	1.3%	2Q22		5	1,452,149		264,843		551,923		816,767
Madrid, Spain	1	150,093		20,295		14,924		35,218	1	75,047	5,000		15,368		48,487		63,855	—	4Q22		1	225,140		35,663		63,411		99,074
Marseille, France	1	82,718		19,133		18,101		37,234	2	143,536	12,650		73,325		73,135		146,460	25.9%	1Q22		2	226,253		92,458		91,236		183,694
Mombasa, Kenya	1	18,513		1,435		365		1,800	1	18,513	855		1,494		8,306		9,800	—	1Q22		1	37,025		2,929		8,671		11,600
Paris, France	1	48,201		28,266		2,861		31,127	3	392,521	44,400		230,222		418,367		648,590	41.6%	4Q22		3	440,722		258,489		421,229		679,717
Stockholm, Sweden	—	—		—		—		—	1	48,492	2,625		18,603		6,434		25,037	—	4Q21		1	48,492		18,603		6,434		25,037
Zagreb, Croatia	—	—		—		—		—	1	12,801	1,800		16,483		4,862		21,344	—	3Q21		1	12,801		16,483		4,862		21,344
Zurich, Switzerland	1	150,640		46,850		56,631		103,481	1	107,600	10,000		43,401		110,911		154,312	70.0%	2Q22		1	258,240		90,251		167,542		257,793
EMEA	8	1,541,003		$218,843		$265,567		$484,410	22	1,700,760	149,223		$702,951		$1,352,066		$2,055,017	24.0%		11.7%	23	3,241,762		$921,794		$1,617,633		$2,539,427
Hong Kong	1	183,054		$5,745		$11,815		$17,560	1	101,697	7,500		$8,115		$59,616		$67,731	—	4Q21		1	284,751		$13,860		$71,431		$85,290
Osaka, Japan	2	272,594		43,218		85,275		128,493	2	156,473	15,400		95,458		161,532		256,990	15.6%	3Q21		2	429,067		138,676		246,807		385,484
Seoul, South Korea	1	81,130		28,392		35,301		63,693	1	81,130	6,000		34,538		55,006		89,544	—	4Q21		1	162,260		62,930		90,307		153,237
Singapore	—	—		—		—		—	1	131,037	18,000		44,551		96,325		140,876	75.0%	3Q21		1	131,037		44,551		96,325		140,876
Sydney, Australia (6)	2	155,249		60,675		25,178		85,853	1	67,589	7,200		20,038		46,585		66,622	100.0%	4Q21		2	222,838		80,713		71,762		152,475
Tokyo, Japan	1	227,732		66,985		28,392		95,377	1	178,932	16,500		120,767		130,668		251,435	36.4%	3Q21		1	406,664		187,752		159,060		346,812
Asia Pacific	7	919,759		$205,015		$185,961		$390,976	7	716,858	70,600		$323,467		$549,732		$873,198	41.2%		10.9%	8	1,636,617		$528,482		$735,692		$1,264,174
Total	20	3,814,437		$609,191		$621,211		$1,230,402	39	3,282,275	287,723		$1,496,319		$2,305,557		$3,801,876	41.6%		11.0%	44	7,096,711		$2,105,511		$2,926,768		$5,032,278

(1) Represents costs incurred through June 30, 2021.

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

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

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

(5) Includes the first phase of a fully-leased build-to-suit.

(6) Silicon Valley and one location in Sydney, Australia are 100% pre-leased as Base Building.

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

26

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

											Total Cost/
	Net Rentable				Current		Future		Total		Net Rentable
Construction Projects in Progress	Square Feet (5)		Acreage		Investment (6)		Investment (7)		Investment		Square Foot
Development Lifecycle
Land - Held for Development (1)		N/A		235.3		$143,575		—		$143,575
Development Construction in Progress
Land - Current Development (1)		N/A		658.2		$897,881		—		$897,881
Space Held for Development (1)		987,397		N/A		217,548		—		217,548		$172
Base Building Construction (2)		3,814,437		N/A		609,191		$621,211		1,230,402		320
Data Center Construction		3,282,275		N/A		1,496,319		2,305,557		3,801,876		1,005
Equipment Pool & Other Inventory (3)		N/A		N/A		9,401		—		9,401
Campus, Tenant Improvements & Other (4)		N/A		N/A		40,230		40,029		80,259
Total Development Construction in Progress		8,084,109		658.2		$3,270,570		$2,966,797		$6,237,367
Enhancement & Other						$575		$26,130		$26,705
Recurring						2,276		7,717		9,993
Total Construction in Progress				893.5		$3,416,996		$3,000,644		$6,417,640

(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, 2021 which benefit space recently converted to our operating portfolio and is composed primarily of shared infrastructure projects and first-generation tenant improvements.

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

(6) Represents costs incurred through June 30, 2021. Excludes costs incurred by unconsolidated joint ventures.

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

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

27

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

	Three Months Ended										Six Months Ended
	30-Jun-21		31-Mar-21		31-Dec-20		30-Sep-20		30-Jun-20		30-Jun-21		30-Jun-20
Non-Recurring Capital Expenditures (1)
Development		$505,942		$439,793		$576,008		$441,958		$413,443		$945,735		$733,536
Enhancements and Other Non-Recurring		102		58		853		49		94		160		122
Total Non-Recurring Capital Expenditures		$506,044		$439,851		$576,861		$442,007		$413,537		$945,895		$733,658
Recurring Capital Expenditures (2)		$39,231		$39,522		$83,571		$53,683		$38,796		$78,753		$73,473
Total Direct Capital Expenditures		$545,275		$479,373		$660,432		$495,690		$452,333		$1,024,648		$807,131
Indirect Capital Expenditures
Capitalized Interest		$11,558		$11,434		$11,836		$12,379		$13,133		$22,992		$23,075
Capitalized Overhead		16,090		17,716		15,003		14,024		12,124		33,806		24,679
Total Indirect Capital Expenditures		$27,648		$29,150		$26,839		$26,403		$25,257		$56,798		$47,754
Total Improvements to and Advances for Investment in Real Estate		$572,923		$508,523		$687,271		$522,093		$477,590		$1,081,446		$854,885
Consolidated Portfolio Net Rentable Square Feet (3)		31,753,051		31,356,257		31,855,032		31,410,022		30,225,412		31,753,051		30,225,412

(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 2021

	Land Inventory (1)						Space Held for Development
			Land -		Land -			Total
	# of		Held for		Current		# of	Square	Current
Metropolitan Area	Locations	Acres	Development		Development		Locations	Feet	Investment (2)
Atlanta	—	—		—		—	1	313,581		$25,621
Boston	—	—		—		—	1	50,649		23,623
Chicago	1	1.4		$25,537		—	6	148,101		52,194
Dallas	3	116.3		33,072		—	2	28,094		3,133
Houston	—	—		—		—	1	13,969		2,726
New York	1	21.5		—		$35,411	6	99,947		18,114
Northern Virginia	7	601.3		16,350		438,026	4	76,944		2,128
Phoenix	2	56.5		16,464		—	—	—		—
Silicon Valley	1	13.0		—		67,870	—	—		—
North America	15	809.9		$91,423		$541,307	21	731,285		$127,538
Amsterdam, Netherlands	1	4.4		—		$22,259	2	95,262		$37,548
Brussels, Belgium	1	2.5		—		1,421	—	—		—
Copenhagen, Denmark	2	7.6		$7,437		—	—	—		—
Dublin, Ireland	3	7.0		7,206		—	—	—		—
Frankfurt, Germany	1	12.0		—		116,190	—	—		—
London, England	1	6.7		17,766		—	4	160,850		52,461
Madrid, Spain	1	1.8		19,744		—	—	—		—
Paris, France	2	8.4		—		52,472	—	—		—
Vienna, Austria	1	5.6		—		19,566	—	—		—
EMEA	13	56.0		$52,152		$211,908	6	256,112		$90,009
Melbourne, Australia	1	4.1		—		$4,275	—	—		—
Seoul, South Korea	1	4.9		—		69,498	—	—		—
Sydney, Australia	1	18.5		—		70,894	—	—		—
Asia Pacific	3	27.5		—		$144,666	—	—		—
Consolidated Portfolio	31	893.5		$143,575		$897,881	27	987,397		$217,548

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

(2) Represents costs incurred through June 30, 2021. Includes the cost of acquisition as well as cost of improvements since acquisition to prepare for future building construction.

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

29

Acquisitions / Dispositions / Joint Ventures		Financial Supplement
Dollars in Thousands		Second Quarter 2021

Closed Acquisitions:

						Net
						Rentable	Square Feet	Square Feet	% of Total Net
	Acquisition	Metropolitan	Date	Purchase	Cap	Square	Under	Held For	Rentable Square
Property	Type	Area	Acquired	Price (1)	Rate (2)	Feet (3)	Development	Development	Feet Occupied (4)
ICN11 (5)	Land	Seoul	6/30/2021	$66,400	—	—	—	—	—
SYD15 / Fitzpatrick Land (6)	Land	Sydney	6/4/2021	64,752	—	—	—	—	—
Total	—	—	—	$131,152	—	—	—	—	—

Closed Dispositions:

						Net
						Rentable	Square Feet	Square Feet	% of Total Net
	Disposition	Metropolitan	Date	Sale	Cap	Square	Under	Held For	Rentable Square
Property	Type	Area	Disposed	Price (1)	Rate (2)	Feet (3)	Development	Development	Feet Occupied (4)
1900 South Price Road	Land	Phoenix	6/8/2021	$18,668	—	241,676	—	—	—
Total	—	—	—	$18,668	—	241,676	—	—	—

Closed Joint Venture Contributions:

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

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

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

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

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

(5) Purchase price represents KRW75 billion which is converted to USD $66 million based on the spot conversion rate of 1,126.150x KRW/USD as of June 30, 2021.

(6) Purchase price represents AUD86 million which is converted to USD $65 million based on the spot conversion rate of 1.332x AUD/USD as of June 30, 2021.

30

Unconsolidated Joint Ventures (“JVs”)		Financial Supplement
Dollars in Thousands		Second Quarter 2021

Summary Balance Sheet -	As of June 30, 2021
at the JV's 100% Share		Ascenty	Clise (1)	Lumen (2)	Mitsubishi	Mapletree	Prudential	Colovore	Other (3)	Total
Undepreciated book value of operating real estate		$823,647	$48,513	$185,326	$746,840	$774,422	$430,196	$28,418	$104,999	$3,142,361
Accumulated depreciation & amortization		(136,422)	(5,590)	(47,306)	(60,952)	(68,536)	(75,577)	(9,727)	(1,961)	(406,071)
Net Book Value of Operating Real Estate		$687,226	$42,923	$138,020	$685,888	$705,886	$354,619	$18,691	$103,038	$2,736,291
Cash		195,928	209	17,793	125,909	31,339	3,814	4,125	105	379,222
Other assets		1,264,926	8,661	10,561	89,482	216,336	45,343	1,110	20	1,636,439
Total Assets		$2,148,080	$51,793	$166,374	$901,279	$953,561	$403,776	$23,926	$103,163	$4,751,952
Debt		906,998	47,764	—	387,900	—	211,349	3,125	—	1,557,136
Other liabilities		120,364	395	8,526	103,258	23,419	65,286	278	12,915	334,441
Equity / (deficit)		1,120,718	3,634	157,848	410,121	930,142	127,141	20,523	90,248	2,860,375
Total Liabilities and Equity		$2,148,080	$51,793	$166,374	$901,279	$953,561	$403,776	$23,926	$103,163	$4,751,952
Digital Realty's ownership percentage		49% (4)	50%	50%	50%	20%	20%	17%	Various
Digital Realty's Pro Rata Share of Unconsolidated JV Debt		$462,569	$23,882	—	$193,950	—	$42,270	$531	—	$723,202

Summary Statement of Operations -	Three Months Ended June 30, 2021
at the JV's 100% Share		Ascenty	Clise (1)	Lumen (2)	Mitsubishi	Mapletree	Prudential	Colovore	Other (3)	Total
Total revenues		$50,297	$2,595	$6,432	$39,528	$26,914	$10,824	$3,289	—	$139,879
Operating expenses		(18,678)	(814)	(2,399)	(19,393)	(10,380)	(2,293)	(2,003)	($13)	(55,973)
Net Operating Income (NOI)		$31,619	$1,781	$4,033	$20,135	$16,534	$8,531	$1,286	($13)	$83,906
Straight-line rent		—	—	48	(460)	(818)	(34)	—	—	(1,264)
Above and below market rent		—	—	—	—	178	(822)	—	—	(644)
Cash Net Operating Income (NOI)		$31,619	$1,781	$4,081	$19,675	$15,894	$7,675	$1,286	($13)	$81,998
Interest expense		($21,670)	($523)	—	($1,197)	($4)	($2,541)	($361)	—	($26,296)
Depreciation & amortization		(21,858)	(189)	($2,289)	(8,673)	(17,536)	(3,279)	(569)	—	(54,393)
Other income / (expense)		(2,416)	—	(250)	(1,575)	(1,299)	(194)	(95)	($1)	(5,830)
FX remeasurement on USD debt		104,993	—	—	—	—	—	—	—	104,993
Total Non-Operating Expenses		$59,049	($712)	($2,539)	($11,445)	($18,839)	($6,014)	($1,025)	($1)	$18,474
Net Income / (Loss)		$90,668	$1,069	$1,494	$8,690	($2,305)	$2,517	$261	($14)	$102,380
Digital Realty's ownership percentage		49% (4)	50%	50%	50%	20%	20%	17%	Various
Digital Realty's Pro Rata Share of Unconsolidated JV NOI		$16,126	$891	$2,017	$10,068	$3,307	$1,706	$219	($5)	$34,329
Digital Realty's Pro Rata Share of Unconsolidated JV Cash NOI		$16,126	$891	$2,041	$9,838	$3,179	$1,535	$219	($5)	$33,824
Digital Realty's Earnings (loss) income from unconsolidated joint ventures		$46,074	$535	747	$4,345	($461)	$864	$44	($5)	$52,143
Digital Realty's Pro Rata Share of core FFO (5)		$3,675	$630	$1,892	$8,682	$3,046	$1,520	$141	($5)	$19,581
Digital Realty's Fee Income from Joint Ventures		—	—	$225	$100	$1,012	$819	—	—	$2,156

(1) Formerly known as 2020 Fifth Avenue.

(2) Formerly known as 33 Chun Choi Street.

(3) Includes two joint ventures.

(4) 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.

(5) 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 2021

	Three Months Ended
Reconciliation of Earnings Before Interest, Taxes, Depreciation & Amortization (EBITDA) (1)		30-Jun-21	31-Mar-21	31-Dec-20	30-Sep-20	30-Jun-20
Net Income / (Loss) Available to Common Stockholders		$127,368	$372,405	$44,178	($37,368)	$53,676
Interest		75,014	75,653	77,848	89,499	79,874
Loss from early extinguishment of debt		—	18,347	49,576	53,007	—
Income tax expense (benefit)		47,582	7,547	3,322	16,053	11,490
Depreciation & amortization		368,981	369,733	359,915	365,842	349,165
EBITDA		$618,945	$843,685	$534,839	$487,033	$494,205
Unconsolidated JV real estate related depreciation & amortization		20,983	19,378	21,471	19,213	17,123
Unconsolidated JV interest expense and tax expense		15,523	8,786	12,143	9,002	9,203
Severance, equity acceleration, and legal expenses		2,536	2,427	606	920	3,642
Transaction and integration expenses		7,075	14,120	19,290	14,953	15,618
(Gain) on sale / deconsolidation		(499)	(333,921)	(1,684)	(10,410)	—
Impairment of investments in real estate		—	—	—	6,482	—
Other non-core adjustments, net		(60,308)	38,574	(23,842)	4,945	(3,404)
Non-controlling interests		4,544	8,756	1,818	(1,316)	1,147
Preferred stock dividends, including undeclared dividends		11,885	13,514	13,514	20,712	21,155
(Gain on) / Issuance costs associated with redeemed preferred stock		(18,000)	—	—	16,520	—
Adjusted EBITDA		$602,684	$615,319	$578,156	$568,054	$558,690

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

	Three Months Ended
Financial Ratios		30-Jun-21	31-Mar-21	31-Dec-20	30-Sep-20	30-Jun-20
Total GAAP interest expense		$75,014	$75,653	$77,848	$89,499	$79,874
Capitalized interest		11,558	11,434	11,836	12,379	13,133
Change in accrued interest and other non-cash amounts		(43,604)	44,620	(37,182)	19,718	(38,478)
Cash Interest Expense (2)		$42,968	$131,707	$52,502	$121,596	$54,529
Scheduled debt principal payments		—	—	—	—	57
Preferred dividends		11,885	13,514	13,514	20,712	21,155
Total Fixed Charges (3)		$98,457	$100,601	$103,198	$122,590	$114,219
Coverage
Interest coverage ratio (4)		6.1x	6.6x	5.8x	5.2x	5.6x
Cash interest coverage ratio (5)		10.9x	4.5x	9.3x	4.4x	9.1x
Fixed charge coverage ratio (6)		5.4x	5.8x	5.1x	4.4x	4.6x
Cash fixed charge coverage ratio (7)		9.0x	4.1x	7.7x	3.8x	6.8x
Leverage
Debt to total enterprise value (8) (9)		23.9%	24.1%	24.4%	22.8%	23.3%
Debt plus preferred stock to total enterprise value (10)		25.2%	25.9%	26.2%	25.0%	26.0%
Pre-tax income to interest expense (11)		2.7x	6.2x	1.8x	1.0x	2.0x
Net Debt to Adjusted EBITDA (12)		6.0x	5.6x	6.0x	5.5x	5.6x

(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 cash fixed charges).

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

(9) Total enterprise value defined as market value of common equity plus debt plus preferred stock.

(10) Same as (8), except numerator includes preferred stock.

(11) Calculated as net income plus interest expense divided by GAAP interest expense.

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

32

Management Statements on Non-GAAP Measures		Financial Supplement
Unaudited		Second Quarter 2021

Definitions

Funds From Operations (FFO):

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

Core Funds from Operations (Core FFO):

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

Adjusted Funds from Operations (AFFO):

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

EBITDA and Adjusted EBITDA:

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

33

Management Statements on Non-GAAP Measures		Financial Supplement
Unaudited		Second Quarter 2021

Net Operating Income (NOI) and Cash NOI:

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

Additional Definitions

Net debt-to-Adjusted EBITDA ratio is calculated using total debt at balance sheet carrying value, plus capital lease obligations, plus our share of JV debt, less unrestricted cash and cash equivalents (including JV share of cash) 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, 2021, GAAP interest expense was $75 million, capitalized interest was $12 million and scheduled debt principal payments and preferred dividends was $12 million.

Reconciliation of Net Operating Income (NOI)	Three Months Ended						Six Months Ended
(in thousands)	30-Jun-21		31-Mar-21		30-Jun-20		30-Jun-21		30-Jun-20
Operating income		$185,627		$192,518		$152,811		$378,144		$252,861
Fee income		(3,628)		(2,426)		(4,353)		(6,054)		(6,805)
Other income		(165)		(59)		(967)		(224)		(1,780)
Depreciation and amortization		368,981		369,733		349,165		738,714		640,622
General and administrative		94,956		97,568		90,649		192,524		152,915
Severance, equity acceleration, and legal expenses		2,536		2,427		3,642		4,963		4,914
Transaction expenses		7,075		14,120		15,618		21,195		72,419
Other expenses		2,298		(257)		22		2,041		136
Net Operating Income		$657,680		$673,624		$606,587		$1,331,303		$1,115,282
Cash Net Operating Income (Cash NOI)
Net Operating Income		$657,680		$673,624		$606,587		$1,331,303		$1,115,282
Straight-line rental revenue		(17,127)		(18,607)		(10,713)		(35,734)		(24,105)
Straight-line rental expense		7,069		6,750		7,296		13,819		8,791
Above- and below-market rent amortization		1,858		2,137		3,794		3,994		7,087
Cash Net Operating Income		$649,480		$663,904		$606,964		$1,313,382		$1,107,055

34

Forward-Looking Statements		Financial Supplement
		Second Quarter 2021

This document contains forward-looking statements within the meaning of the federal securities laws, which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. Such forward-looking statements include statements relating to: our economic outlook, our expected investment and expansion activity, our redemptions, the COVID-19 pandemic, our liquidity, our joint ventures, supply and demand for data center and colocation space, our acquisition and disposition activity, pricing and net effective leasing economics, market dynamics and data center fundamentals, our strategic priorities, our product offerings, available inventory rent from leases that have been signed but have not yet commenced and other contracted rent to be received in future periods, rental rates on future leases, lag between signing and commencement, cap rates and yields, investment activity, the company’s FFO, core FFO and net income, 2021 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, 2021 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;

● global supply chain or procurement disruptions, or increased supply chain costs;

● information security and data privacy breaches;

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

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

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

● difficulties in identifying properties to acquire and completing acquisitions;

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

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

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

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

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

● our inability to manage our growth effectively;

● losses in excess of our insurance coverage;

● our inability to attract and retain talent;

● impact 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, 2020 and other filings with the U.S. Securities and Exchange Commission. Those risks continue to be relevant to our performance and financial condition. Moreover, we operate in a very competitive and rapidly changing environment. New risk factors emerge from time to time and it is not possible for management to predict all such risk factors, nor can it assess the impact of all such risk factors on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. We expressly disclaim any responsibility to update forward-looking statements, whether as a result of new information, future events or otherwise. Digital Realty, Digital Realty Trust, the Digital Realty logo, Turn-Key Flex, Powered Base Building, and PlatformDIGITAL, Data Gravity Index and Data Gravity Index DGx are registered trademarks and service marks of Digital Realty Trust, Inc. in the United States and/or other countries. All other names, trademarks and service marks are the property of their respective owners.

35

EX-99.2

Exhibit 99.2

Digital Realty the trusted foundation | powering your digital ambitions Global. Connected. Sustainable. 2Q21 FINANCIAL RESULTS JULY 2021

| 2 Navigating the Future Sustainable Growth for Customers, Shareholders and Employees  GLOBAL CONNECTED SUSTAINABLE Selling GLOBALLY… Supporting LOCALLY  EMEA APAC AMERICAS A Digital Realty and Brookfield Infrastructure JV DIGITAL REALTY | 2Q21 FINANCIAL RESULTS | JULY 29, 2021

| 3 Serving a Social Purpose Delivering Sustainable Growth for All Stakeholders Awarded 2021  Green Lease  Leader for third  consecutive year ENVIRONMENTAL Led disaster recovery assistance and  community reinvestment programs:   committed to enhancing the well‐ being of shareholders, customers,  employees, vendors and communities Demonstrated senior leadership and  employee commitment to Diversity,  Equity & Inclusion; signed CEO Action  Pledge for diversity; co‐chair Nareit’s  diversity initiative Adopted the Rooney Rule and amended  corporate governance guidelines to  clarify that director candidate pools  must include candidates with diversity  of race, ethnicity and gender SOCIAL Instituted minimum stock  ownership requirements for  directors and management  Established proxy access  for shareholders and  provided shareholders the  ability to propose  amendments to the bylaws Enhanced Board diversity  with the addition of  three new Directors 2015 2019 2018 GOVERNANCE 2021 Formalized ESG oversight  under the Nominating & Corporate Governance  Committee Published third annual ESG report in June 2021  Published EEO‐1 report, providing  transparency on the racial and gender  composition of the U.S. workforce Committed to  reducing direct emissions by 68% and  indirect emissions by  24% by 2030 Named 2021 EPA  ENERGY STAR®  Partner of the Year  for second  consecutive year 2020 DIGITAL REALTY | 2Q21 FINANCIAL RESULTS | JULY 29, 2021

| 4 Note: As of June 30, 2021. Global Platform Expanding Global Platform Supporting Customer Growth 4,000+ Customers 170,000+ Cross‐Connects 47 Metro Areas DIGITAL REALTY | 2Q21 FINANCIAL RESULTS | JULY 29, 2021 Singapore Seoul Marseille Mumbai Toronto

Enterprise workflows typically use  400+ data sources (3) exchanged  across 27 cloud products (4) | 5 Enterprises Struggle to Share Data Digital Transformation Exacerbates Complexity Global Data Center Platform Provides Solution DIGITAL REALTY | 2Q21 FINANCIAL RESULTS | JULY 29, 2021 Leaders Major  Players Contenders Participants Equinix Digital  Realty NTT Cyxtera Telehouse Iron Mountain QTS Vantage CyrusOne STRATEGIES CAPABILITIES (5) <35% of enterprises successfully meeting  their data‐sharing objectives (2) 1) Projected compound annual growth in the intensity of data gravity, as measured in gigabytes per second, from 2020‐2024.  Projections according to Digital Realty’s proprietary Data Gravity Index DGx™ report as of December 2020.  Patent pending. 2) Gartner CDO Agenda 2021: Influence and Impact of Successful CDOs in the Sixth Annual CDO Survey, March 2021. 3) IDG Marketpulse Survey Optimizing Business Analytics In The Cloud, November 2020. 4) Intricately State of Datacenter, Cloud and Applications Market Report, 2020. 5) IDC MarketScape: Worldwide Data Center Colocation and Interconnection Services, 2021. Digital Transformation Driving Data Center Demand PlatformDIGITAL® Poised to Capitalize New York Data Gravity  CAGR (1) 132% London Data Gravity  CAGR (1) 129% Zurich Data Gravity  CAGR (1) 135% ™ Frankfurt Data Gravity  CAGR (1) 144% Seoul Data Gravity  CAGR (1) 152% Mumbai Data Gravity  CAGR (1) 156% Singapore Data Gravity  CAGR (1) 200%

Financial Results  | 6 DIGITAL REALTY | 2Q21 FINANCIAL RESULTS | JULY 29, 2021

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. 2Q21 BOOKINGS 0‐1 MW $41.2 mm > 1 MW $59.0 mm OTHER (1) $0.6 mm INTERCONNECTION $12.6 mm TOTAL BOOKINGS $113.4 mm HISTORICAL BOOKINGS  ANNUALIZED GAAP BASE RENT $ in millions 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 | 7 DIGITAL REALTY | 2Q21 FINANCIAL RESULTS | JULY 29, 2021 $0 $50 $100 $150

47% of total bookings from  0‐1 MW + interconnection 44% of total bookings  outside the Americas Connected Data Communities Attracting New Logos | 8 109 new logos Computer Technology Cloud & Media Provider  Customer Data  Platform Digital Healthcare  & Biotech Financial Services European Broadcaster Note: For quarter ended June 30, 2021. DIGITAL REALTY | 2Q21 FINANCIAL RESULTS | JULY 29, 2021

$197M $82M $283M $14M $6M $8M $24M 2021 2022 2023 1Q21 Backlog Top‐Line Step Function Healthy Backlog Sets a Solid Foundation | 9 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.  Digital Realty Backlog Unconsolidated Joint Venture Backlog Digital Realty Backlog Unconsolidated Joint Venture Backlog BACKLOG ROLL‐FORWARD (1) $ in millions COMMENCEMENT TIMING (2) $ in millions $147M $114M $269M $14M $18M $8M $34M 2021 2022 2023+ 2Q21 Backlog $2M DIGITAL REALTY | 2Q21 FINANCIAL RESULTS | JULY 29, 2021 $283M $89M $102M $269M $24M $11M $2M $34M 1Q21 Backlog Signed Commenced 2Q21 Backlog

Cycling Through Peak Vintage Renewals Narrowing the Gap on Cash Re‐Leasing Spreads | 10 0‐1 MW > 1 MW OTHER (1) TOTAL Signed renewal  leases representing  $131 million  of annualized GAAP  rental revenue Signed renewal  leases representing  $40 million  of annualized GAAP  rental revenue Signed renewal  leases representing  $7 million  of annualized GAAP  rental revenue Signed renewal  leases representing  $178 million  of annualized GAAP  rental revenue RENTAL RATE CHANGE 0.8% CASH 1.9% GAAP RENTAL RATE CHANGE ‐0.9% CASH 2.1% GAAP RENTAL RATE CHANGE ‐5.7% CASH 6.2% GAAP RENTAL RATE CHANGE 0.1% CASH 2.1% GAAP 2Q21 RE‐LEASING SPREADS Note:  Totals may not add up due to rounding. Rental rate change represents the beginning rental rate on leases renewed, relative to the ending rental rate at expiration, weighted by net rentable square feet.  1) Other includes Powered Base Building® shell capacity as well as storage and office space within fully improved data center facilities. DIGITAL REALTY | 2Q21 FINANCIAL RESULTS | JULY 29, 2021

Effective Economic Risk Mitigation Strategies Benefits of Scale and Diversification on Display Source:  FactSet.  Note:  Totals may not add up due to rounding. 1) As of June 30, 2021.  Includes Digital Realty’s share of revenue from unconsolidated joint ventures. 2) Core FFO is a non‐GAAP financial measure.  For a definition of core FFO and a reconciliation to its nearest GAAP equivalent, see the Appendix.   3) Based on average exchange rates for the quarter ended June 30, 2021 compared to average exchange rates for the quarter ended June 30, 2020.   11.2% DECREASE 8.6% DECREASE U.S. DOLLAR INDEX 2Q20 2Q21 EXPOSURE BY REVENUE (1) USD CAD GBP EURO JPY HKD SGD AUD CORE FFO/SHARE EXPOSURE (2) EXCHANGE RATES (3) U.S. DOLLAR / BRITISH POUND U.S. DOLLAR / EURO | 11 BRL SEK DKK CHF KES 2021 $6.48 / Sh 0.7% BENCHMARK  RATES +/‐ 100 bps 0.1% GBP +/‐ 10% 61% < 1% 7% 20% < 1% 3% 2% 1% 2% < 1% < 1% 1% < 1% DIGITAL REALTY | 2Q21 FINANCIAL RESULTS | JULY 29, 2021 85 90 95 100 105 Apr‐20 Jul‐20 Oct‐20 Jan‐21 Apr‐21 Jul‐21 2.0% EUR +/‐ 10%

Four‐Quarter Two‐Step Building Momentum 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.   2021E CORE FFO PER SHARE | 12 1Q21 2Q21 Deferred Tax NOI Growth Normalized 3Q21 4Q21 OpEx DIGITAL REALTY | 2Q21 FINANCIAL RESULTS | JULY 29, 2021 Impact

DEBT MATURITY SCHEDULE AS OF JUNE 30, 2021 (1)(2) (U.S. $ in billions) Matching the Duration of Assets and Liabilities Clear Runway on the Left, No Bar Too Tall on the Right  98% Unsecured Unsecured Secured Fixed Floating USD Euro GBP Other 90% Fixed 73% Non‐USD 6.4 YEARS Weighted Avg.  Maturity (1)(2) 2.2% Weighted Avg.  Coupon (1) DEBT PROFILE | 13 Note:  As of June 30, 2021.  1) Includes Digital Realty’s pro rata share of five unconsolidated joint venture loans and debt securities.   Pro forma for the issuance of ₣275mm notes due 2026 and ₣270mm notes due 2029 in July 2021.  Assumes  proceeds from transactions are used to repay borrowings under the global unsecured revolving credit facility. 2) Assumes exercise of extension options.   DIGITAL REALTY | 2Q21 FINANCIAL RESULTS | JULY 29, 2021 $0.0  $0.7  $0.3  $1.5  $1.8  $2.0  $1.2  $1.4  $1.7  $1.7  $1.8  $0.9  2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 Pro Rata Share of JV Debt Secured Mortgage Debt Unsecured Senior Notes Other Unsecured Debt Unsecured Green Bonds Unsecured Credit Facilities Pro Forma Payoffs Pro Forma Notes £ £ £  € € £ ₣ ₣ € € € ¥ € € € € ¥/CLP

Consistent Execution on Strategic Vision Delivering Current Results, Seeding Future Growth | 14 SUCCESSFUL 2Q21 INITIATIVES 1. Enhancing Product Mix Reached high‐water mark for 0‐1 MW + interconnection bookings 2. Delivering Sustainable Growth for Stakeholders Published third annual ESG Report 3. Accelerating Growth in Cash Flow Raised full‐year revenue and EBITDA guidance 4. Strengthening the Balance Sheet  Redeemed high‐coupon preferred, locked in long‐term, fixed rate financing DIGITAL REALTY | 2Q21 FINANCIAL RESULTS | JULY 29, 2021

Appendix | 15 DIGITAL REALTY | 2Q21 FINANCIAL RESULTS | JULY 29, 2021

Digital Transformation Driving Steady Demand Global Full‐Product Spectrum Provides Broadest Solutions HISTORICAL BOOKINGS TRAILING FOUR‐QUARTER AVERAGE ANNUALIZED GAAP BASE RENT $ in millions 2Q21 TRAILING FOUR‐QUARTER AVERAGE BOOKINGS 0‐1 MW $34.8 mm > 1 MW $62.7 mm OTHER (1) $2.0 mm INTERCONNECTION $13.0 mm TOTAL BOOKINGS $112.4 mm 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 | 16 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. DIGITAL REALTY | 2Q21 FINANCIAL RESULTS | JULY 29, 2021 $0 $50 $100 $150

Appendix Management Statements on Non‐GAAP Measures | 17 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) gain on / issuance costs associated with redeemed preferred stock, (v) severance, equity acceleration, and legal  expenses, (vi) gain/loss on FX revaluation, and (vii) other non‐core expense adjustments. Because certain of these adjustments have a real economic impact on our financial condition and results from operations,  the utility of core FFO as a measure of our performance is limited. Other REITs may calculate core FFO differently than we do and accordingly, our core FFO may not be comparable to other REITs’ core FFO. Core  FFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance. EBITDA and Adjusted EBITDA: We believe that earnings before interest, loss from early extinguishment of debt, income taxes, and depreciation and amortization, or EBITDA, and Adjusted EBITDA (as defined below), are useful supplemental  performance measures because they allow investors to view our performance without the impact of non‐cash depreciation and amortization or the cost of debt and, with respect to Adjusted EBITDA,  unconsolidated joint venture real estate related depreciation & amortization, unconsolidated joint venture interest expense and tax, severance, equity acceleration, and legal expenses, transaction and integration  expenses, gain on sale / deconsolidation, impairment of investments in real estate, other non‐core adjustments, net, non‐controlling interests, preferred stock dividends, including undeclared dividends, and  issuance costs associated with redeemed preferred stock. Adjusted EBITDA is EBITDA excluding unconsolidated joint venture real estate related depreciation & amortization, unconsolidated joint venture interest  expense and tax, severance, equity acceleration, and legal expenses, transaction and integration expenses, gain on sale / deconsolidation, impairment of investments in real estate, other non‐core adjustments,  net, non‐controlling interests, preferred stock dividends, including undeclared dividends, and gain on / issuance costs associated with redeemed preferred stock. In addition, we believe EBITDA and Adjusted  EBITDA are frequently used by securities analysts, investors and other interested parties in the evaluation of REITs. Because EBITDA and Adjusted EBITDA are calculated before recurring cash charges including  interest expense and income taxes, exclude capitalized costs, such as leasing commissions, and are not adjusted for capital expenditures or other recurring cash requirements of our business, their utility as a  measure of our performance is limited. Other REITs may calculate EBITDA and Adjusted EBITDA differently than we do and, accordingly, our EBITDA and Adjusted EBITDA may not be comparable to other REITs’  EBITDA and Adjusted EBITDA. Accordingly, EBITDA and Adjusted EBITDA should be considered only as supplements to net income computed in accordance with GAAP as a measure of our financial performance. 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. DIGITAL REALTY | 2Q21 FINANCIAL RESULTS | JULY 29, 2021

Appendix Forward‐Looking Statements | 18 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 and  other transactions; our expected investment and expansion activity; our joint ventures; the expected benefits and timing of PlatformDIGITAL®; the Data Gravity Index™; Data Gravity Index DGx™; 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 2021 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; 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, 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, Interxion, Turn‐Key Flex,  Powered Base Building, PlatformDIGITAL, Data Gravity Index, Data Gravity Index DGx and Connected Data Communities are registered trademarks and service marks of Digital Realty Trust, Inc. in the United States and/or other countries.  All other names, trademarks and service marks are the property of their respective owners. DIGITAL REALTY | 2Q21 FINANCIAL RESULTS | JULY 29, 2021

Reconciliation of Non‐GAAP Items To Their Closest GAAP Equivalent | 19 DIGITAL REALTY | 2Q21 FINANCIAL RESULTS | JULY 29, 2021 June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Net income available to common stockholders 127,368 $                                      53,676 $                                         499,778 $                                      256,535 $                                      Adjustments: Noncontrolling interests in operating partnership 3,200                                              1,400                                              13,000                                            9,200                                              Real estate related depreciation and amortization (1) 363,640                                          342,334                                          728,337                                          628,851                                          Real estate related depreciation and amortization related to investment in     unconsolidated joint ventures 20,983                                            17,123                                            40,361                                            37,046                                            (Gain) on real estate transactions (499)                                                 ‐                                                   (334,420)                                        (304,801)                                        FFO available to common stockholders and unitholders 514,692 $                                      414,533 $                                      947,056 $                                      626,831 $                                      Basic FFO per share and unit 1.78 $                                             1.50 $                                             3.28 $                                             2.48 $                                             Diluted FFO per share and unit 1.78 $                                             1.49 $                                             3.27 $                                             2.45 $                                             Weighted average common stock and units outstanding Basic 288,843                                          275,545                                          288,588                                          252,995                                          Diluted 289,485                                          278,719                                          289,219                                          255,704                                          (1) Real estate related depreciation and amortization was computed as follows: Depreciation and amortization per income statement 368,981                                          349,165                                          738,714                                          640,622                                          Non‐real estate depreciation (5,341)                                             (6,831)                                             (10,377)                                           (11,771)                                           363,640 $                                      342,334 $                                      728,337 $                                      628,851 $                                      June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 FFO available to common stockholders and unitholders ‐‐ basic and diluted 514,692 $                                      414,533 $                                      947,056 $                                      626,831 $                                      Weighted average common stock and units outstanding 288,843                                          275,545                                          288,588                                          252,995                                          Add: Effect of dilutive securities 642                                                  3,174                                              631                                                  2,709                                              Weighted average common stock and units outstanding ‐‐ diluted 289,485                                          278,719                                          289,219                                          255,704                                          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 | 20 DIGITAL REALTY | 2Q21 FINANCIAL RESULTS | JULY 29, 2021 June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 FFO available to common stockholders and unitholders ‐‐ diluted 514,692 $                                      414,533 $                                      947,056 $                                      626,831 $                                      Termination fees and other non‐core revenues (11,122)                                           (21,908)                                           (11,181)                                           (24,333)                                           Transaction and integration expenses 7,075                                              15,618                                            21,195                                            72,419                                            Loss from early extinguishment of debt ‐                                                   ‐                                                   18,347                                            632                                                  (Gain) / Loss on FX revaluation (51,649)                                           17,526                                            (17,577)                                           98,814                                            (Gain) on redemption of preferred stock (18,000)                                           ‐                                                   (18,000)                                           ‐                                                   Severance accrual and equity acceleration 2,536                                              3,642                                              4,963                                              4,914                                              Other non‐core expense adjustments 2,298                                              22                                                    (16,942)                                           5,531                                              CFFO available to common stockholders and unitholders ‐‐ diluted 445,830 $                                      429,433 $                                      927,861 $                                      784,808 $                                      Diluted CFFO per share and unit 1.54 $                                             1.54 $                                             3.21 $                                             3.07 $                                             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

Reconciliation of Non‐GAAP Items To Their Closest GAAP Equivalent | 21 DIGITAL REALTY | 2Q21 FINANCIAL RESULTS | JULY 29, 2021 June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Net income available to common stockholders 127,368 $                                      53,676 $                                         499,778 $                                      256,535 $                                      Interest 75,014                                            79,874                                            150,667                                          165,674                                          Loss from early extinguishment of debt ‐                                                   ‐                                                   18,347                                            632                                                  Income tax expense (benefit) 47,582                                            11,490                                            55,129                                            18,672                                            Depreciation and amortization 368,981                                          349,165                                          738,714                                          640,622                                          EBITDA 618,945                                          494,205                                          1,462,635                                      1,082,135                                      Unconsolidated JV real estate related depreciation & amortization 20,983                                            17,123                                            40,361                                            37,046                                            Unconsolidated JV interest expense and tax expense 15,523                                            9,203                                              45,454                                            32,487                                            Severance accrual and equity acceleration 2,536                                              3,642                                              4,963                                              4,914                                              Transaction and integration expenses 7,075                                              15,618                                            21,195                                            72,419                                            (Gain) on sale / deconsolidation (499)                                                 ‐                                                   (346,514)                                        (67,497)                                           Other non‐core adjustments, net (60,308)                                           (3,404)                                             (40,631)                                           (24,250)                                           Noncontrolling interests 4,544                                              1,147                                              13,300                                            5,831                                              Preferred stock dividends, including undeclared dividends 11,885                                            21,155                                            25,399                                            42,310                                            (Gain) on redemption of preferred stock (18,000)                                           ‐                                                   (1,480)                                             11,760                                            . Adjusted EBITDA 602,684 $                                      558,689 $                                      1,231,164 $                                   1,202,506 $                                   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

Reconciliation of Non‐GAAP Items To Their Closest GAAP Equivalent | 22 DIGITAL REALTY | 2Q21 FINANCIAL RESULTS | JULY 29, 2021 June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Rental revenues 420,244 $                                      417,728 $                                      834,406 $                                      832,191 $                                      Tenant reimbursements ‐ Utilities 84,225                                            79,980                                            180,456                                          162,382                                          Tenant reimbursements ‐ Other 47,730                                            48,340                                            91,514                                            91,886                                            Interconnection and other 57,504                                            56,059                                            114,768                                          110,900                                          Total Revenue 609,703                                          602,107                                          1,221,144                                      1,197,359                                      Utilities 99,788                                            93,520                                            211,419                                          186,143                                          Rental property operating 101,658                                          92,846                                            201,847                                          184,985                                          Property taxes 29,395                                            30,823                                            60,348                                            60,352                                            Insurance 2,713                                              2,517                                              5,414                                              5,436                                              Total Expenses 233,554                                          219,706                                          479,028                                          436,916                                          Net Operating Income 376,149 $                                      382,401 $                                      742,116 $                                      760,443 $                                      Less: Stabilized straight‐line rent (3,329) $                                          (965) $                                             (5,526) $                                          495 $                                               Above and below market rent (211)                                                 (2,250)                                             (782)                                                 (4,656)                                             Cash Net Operating Income 379,689 $                                      385,616 $                                      748,424 $                                      764,604 $                                      Three Months Ended Six Months Ended Digital Realty Trust, Inc. and Subsidiaries Reconciliation of Same Capital Cash Net Operating Income (in thousands) (unaudited)

Reconciliation of Non‐GAAP Items To Their Closest GAAP Equivalent | 23 Note: For quarter ended June 30, 2021. DIGITAL REALTY | 2Q21 FINANCIAL RESULTS | JULY 29, 2021 Total Debt/Total Enterprise Value QE 6/30/21 Market value of common equity(i) 43,582,029 $         Liquidation value of preferred equity(ii) 755,000                  Total GAAP interest expense (including unconsolidated JV interest expense) 95,997                         Total debt at balance sheet carrying value 13,927,821            Add: Capitalized interest 11,558                         Total Enterprise Value  58,264,850 $         GAAP interest expense plus capitalized interest 107,555                      Total debt / total enterprise value 23.9% Debt‐plus‐preferred‐to‐total‐enterprise‐value 25.2% Debt Service Ratio  5.6x         (i) Market Value of Common Equity      Common shares outstanding  282,603                           Common units outstanding  7,055                            QE 6/30/21      Total Shares and Partnership Units 289,659                       Fixed Charged Ratio (LQA Adjusted EBITDA/total fixed charges)      Stock price as of June 30, 2021 150.46 $                           Market value of common equity 43,582,029 $              GAAP interest expense plus capitalized interest 107,555                      Preferred dividends 11,885                             (ii) Liquidation value of preferred equity ($25.00 per share) Total fixed charges 119,440                      Shares O/S Liquidation Value     Series J Preferred 8,000                   200,000                       Fixed charge ratio 5.0x     Series K Preferred 8,400                   210,000                           Series L Preferred 13,800                345,000                       755,000                       (iv) QE 6/30/21 Unsecured Debt/Total Debt Net Debt/LQA Adjusted EBITDA QE 6/30/21 Global unsecured revolving credit facility 1,026,368                   Total debt at balance sheet carrying value 13,927,821 $         Unsecured senior notes, net of discount 12,659,043                Add: DLR share of unconsolidated joint venture debt 723,202                  Secured debt, including premiums 242,410                      Add: Capital lease obligations, net 228,549                  Capital lease obligations, net 228,549                      Less:  Unrestricted cash (300,093)                 Total debt at balance sheet carrying value 14,156,370                Net Debt as of June 30, 2021 14,579,479 $         Unsecured Debt / Total Debt 98.3% Net Debt / LQA Adjusted EBITDA(iii) 6.0x      (iii) Adjusted EBITDA Net Debt Plus Preferred/LQA Adjusted EBITDA QE 6/30/21      Net loss available to common stockholders 127,368 $                    Total debt at balance sheet carrying value 13,927,821                     Interest expense 75,014                          Less: Unrestricted cash (300,093)                          Taxes 47,582                          Capital lease obligations, net 228,549                           Depreciation and amortization 368,981                       DLR share of unconsolidated joint venture debt 723,202                           EBITDA 618,945                       Net Debt as of June 30, 2021 14,579,479                Preferred Liquidation Value (iv) 755,000                           Unconsolidated JV real estate related depreciation & amortization 20,983                          Net Debt plus preferred 15,334,479                     Unconsolidated JV interest expense and tax expense 15,523                               Severance accrual and equity acceleration and legal expenses 2,536                            Net Debt Plus Preferred/LQA Adjusted EBITDA(iii) 6.4x      Transaction and integration expenses 7,075                                 Gain on sale / deconsolidation (499)                                   Other non‐core adjustments, net (60,308)                             Noncontrolling interests 4,544                                 Preferred stock dividends, including undeclared dividends 11,885                               (Gain) on redemption of preferred stock (18,000)                        LQA Adjusted EBITDA (Adjusted EBITDA x 4) 2,410,734 $                Debt Service Ratio   (LQA Adjusted EBITDA/GAAP interest expense plus capitalized interest and less bridge facility  fees)

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Cover Page	Jul. 29, 2021
Entity Information [Line Items]
Document Type	8-K
Document Period End Date	Jul. 29, 2021
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	5707 Southwest Parkway, Building 1, Suite 275
Entity Address, City or Town	Austin
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	78735
City Area Code	737
Local Phone Number	281-0101
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 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
Entity Information [Line Items]
Title of 12(b) Security	Series L Cumulative Redeemable Preferred Stock
Trading Symbol	DLR Pr L
Security Exchange Name	NYSE