EX-99.1 2 dlr-20250724xex99d1.htm EX-99.1

Table of Contents

Exhibit 99.1

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Table of Contents

Graphic

Financial Supplement

Table of Contents

Second Quarter 2025

Overview

PAGE

Corporate Information

3

Key Quarterly Financial Data

5

Consolidated Statements of Operations

Earnings Release

7

2025 Outlook

10

Consolidated Quarterly Statements of Operations

12

Funds From Operations and Core Funds From Operations

13

Adjusted Funds From Operations

14

Balance Sheet Information

Consolidated Balance Sheets

15

Components of Net Asset Value

16

Debt Maturities

17

Debt Analysis and Covenant Compliance

18

Internal Growth

Same-Capital Operating Trend Summary

19

Summary of Leasing Activity - Signed

20

Summary of Leasing Activity - Renewed

21

Lease Expirations - By Size

22

Top 20 Customers by Annualized Rent

23

Occupancy Analysis

24

External Growth

Development Lifecycle

25

Construction Projects in Progress

26

Historical Capital Expenditures and Investments in Real Estate

27

Acquisitions / Dispositions / Joint Ventures

28

Unconsolidated Entities

29

Additional Information

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

30

Management Statements on Non-GAAP Measures

31

Forward-Looking Statements

33


Table of Contents

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Financial Supplement

Corporate Information

Second Quarter 2025

Corporate Profile

Digital Realty Trust, Inc. (“Digital Realty” or the “company”) owns, acquires, develops, and operates data centers through its operating partnership subsidiary, Digital Realty Trust, L.P. (the “operating partnership”). The company is focused on providing data center, colocation, and interconnection solutions for domestic and international customers across a variety of industry verticals ranging from cloud and information technology services, communications and social networking to financial services, manufacturing, energy, healthcare, and consumer products. As of June 30, 2025, the company’s 310 data centers, including 87 data centers held as investments in unconsolidated entities, 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 42.5 million square feet, excluding approximately 9.8 million square feet of space under active development and 4.6 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 digitalrealty.com.

Corporate Headquarters

2323 Bryan Street, Suite 1800

Dallas, TX  75201
Telephone: (214) 231-1350
Website: digitalrealty.com

Senior Management

President & Chief Executive Officer: Andrew P. Power
Chief Financial Officer: Matthew R. Mercier
Chief Investment Officer: Gregory S. Wright
Chief Technology Officer: Christopher L. Sharp
Chief Revenue Officer: Colin M. McLean

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

BMO Capital

BNP Paribas

Argus Research

BofA Securities

Barclays

Markets

Exane

Citigroup

Deutsche Bank

Marie Ferguson

Michael Funk

Brendan Lynch

Ari Klein

Nate Crossett

Michael Rollins

Matthew Niknam

(212) 425-7500

(646) 855-5664

(212) 526-9428

(212) 885-4103

(646) 725-3716

(212) 816-1116

(212) 250-4711

Evercore ISI

Goldman Sachs

Green Street Advisors

HSBC

Jefferies

JMP Securities

J.P. Morgan

Irvin Liu

Jim Schneider

David Guarino

Phani Kanumuri

Jonathan Petersen

Greg Miller

Richard Choe

(415) 800-0183

(212) 357-2929

(949) 640-8780

(240) 709-8135

(212) 284-1705

(212) 906-3500

(212) 662-6708

KeyBanc

Mizuho Group

MoffettNathanson

Morningstar

Oppenheimer

Raymond James

RBC Capital Markets

Brandon Nispel

Vikram Malhotra

Nick Del Deo

Samuel Siampaus

Timothy Horan

Frank Louthan

Jonathan Atkin

(503) 821-3871

(212) 282-3827

(212) 519-0025

(312) 244-7966

(212) 667-8137

(404) 442-5867

(415) 633-8589

Scotiabank

Stifel

TD Cowen

Truist Securities

UBS

Wells Fargo

Wolfe Research

Maher Yaghi

Erik Rasmussen

Michael Elias

Anthony Hau

John Hodulik

Eric Luebchow

Andrew Rosivach

(437) 995-5548

(212) 271-3461

(646) 562-1358

(212) 303-4176

(212) 713-4226

(312) 630-2386

(646) 582-9250

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

Upcoming Conference Schedule

August 12, 2025

Oppenheimer 28th Technology, Internet & Communications Conference

Virtual

September 3, 2025

Citi’s 2025 Global TMT Conference

New York, NY

September 9, 2025

Bank of America 2025 Global Real Estate Conference

New York, NY

September 9, 2025

Goldman Sachs Communacopia + Technology Conference

San Francisco, CA

September 16 — 17, 2025

RBC Global Communications Infrastructure Conference

Chicago, IL

September 17 — 18, 2025

EPRA Conference

Stockholm, Sweden

September 30, 2025

Mizuho REIT Conference 2025

Virtual

Webcasts for these events are available through the Digital Realty Investor Relations website when possible. Please check our website for additional information.

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Table of Contents

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Financial Supplement

Corporate Information (Continued)

Second Quarter 2025

Stock Listing Information

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

Common Stock:

DLR

Series J Preferred Stock:

DLRPRJ

Series K Preferred Stock:

DLRPRK

Series L Preferred Stock:

DLRPRL

Symbols may vary by stock quote provider.

Credit Ratings

Standard & Poors

Corporate Credit Rating:

BBB

(Stable Outlook)

Preferred Stock:

BB+

Moodys

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-25

31-Mar-25

31-Dec-24

30-Sep-24

30-Jun-24

 High price

 

$178.85

 

$187.74

 

$198.00

 

$165.17

 

$153.25

 

 Low price

   

$129.95

   

$139.27

   

$155.16

   

$141.00

   

$135.54

 Closing price, end of quarter

$174.33

$143.29

$177.33

$161.83

$152.05

 Average daily trading volume (1)

2,034

2,529

1,911

1,615

1,863

 Indicated dividend per common share (2)

$4.88

$4.88

$4.88

$4.88

$4.88

 Closing annual dividend yield, end of quarter

2.8%

3.4%

2.8%

3.0%

3.2%

 Shares and units outstanding, end of quarter (1) (3)

346,644

343,092

342,772

337,744

332,346

 Closing market value of shares and units outstanding (4)

$60,430,449

$49,161,653

$60,783,759

$54,657,112

$50,533,209

(1)Shares or shares and units in thousands.
(2)On an annualized basis.
(3)As of June 30, 2025, the total number of shares and units includes 340,372 shares of common stock, 4,046 common units held by third parties and 2,226 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.
(4)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 digitalrealty.com.

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Table of Contents

Key Quarterly Financial Data

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Financial Supplement

Unaudited, Dollars (except per share data) and Square Feet in Thousands

Second Quarter 2025

 Shares and Units at End of Quarter

    

30-Jun-25

    

31-Mar-25

    

31-Dec-24

    

30-Sep-24

    

30-Jun-24

 Common shares outstanding

 

340,372

 

336,743

 

336,637

 

331,347

 

325,885

 Common partnership units outstanding

 

6,272

 

6,349

 

6,135

 

6,397

 

6,461

Total Shares and Units

 

346,644

 

343,092

 

342,772

 

337,744

 

332,346

 Enterprise Value

 

  

 

  

 

  

 

  

 

  

 Market value of common equity (1)

$60,430,449

$49,161,653

$60,783,759

$54,657,112

$50,533,209

 Liquidation value of preferred equity

 

755,000

 

755,000

 

755,000

 

755,000

 

755,000

 Total debt at balance sheet carrying value

 

18,452,148

 

17,016,279

 

16,714,377

 

16,986,546

 

16,339,746

Total Enterprise Value

$79,637,597

$66,932,932

$78,253,136

$72,398,658

$67,627,955

 Total debt / total enterprise value

 

23.2%

 

25.4%

 

21.4%

 

23.5%

 

24.2%

Debt-plus-preferred-to-total-enterprise-value

24.1%

26.6%

22.3%

24.5%

25.3%

 Selected Balance Sheet Data

 

  

 

  

 

  

 

  

 

  

 Investments in real estate (before depreciation)

$38,613,260

$35,693,166

$35,401,912

$36,463,664

$34,573,283

 Total Assets

 

48,714,995

 

45,080,562

 

45,283,616

 

45,295,392

 

43,606,883

 Total Liabilities

 

23,853,149

 

21,902,406

 

22,107,836

 

22,118,781

 

21,199,178

 Selected Operating Data

 

  

 

  

 

  

 

  

 

  

 Total operating revenues

$1,493,150

$1,407,637

$1,435,862

$1,431,214

$1,356,749

 Total operating expenses

 

1,281,453

 

1,211,887

 

1,291,540

 

1,262,928

 

1,346,860

 Net income

 

1,046,946

 

106,395

 

185,688

 

40,134

 

74,668

 Net income / (loss) available to common stockholders

 

1,021,975

 

99,793

 

179,388

 

41,012

 

70,039

 Financial Ratios

 

  

 

  

 

  

 

  

 

  

 EBITDA (2)

$1,605,408

$658,400

$746,578

$639,875

$625,130

 Adjusted EBITDA (3)

 

823,319

 

791,156

 

751,276

 

758,296

 

726,874

 Net Debt-to-Adjusted EBITDA (4)

 

5.1x

 

5.1x

 

4.8x

 

5.4x

 

5.3x

Interest expense

 

109,383

 

98,464

 

104,742

 

123,803

 

114,756

 Fixed charges (5)

 

148,957

 

138,739

 

149,364

 

162,296

 

152,529

 Interest coverage ratio (6)

 

5.0x

 

5.3x

 

4.5x

 

4.3x

 

4.3x

 Fixed charge coverage ratio (7)

 

4.7x

 

4.9x

 

4.2x

 

4.1x

 

4.1x

 Profitability Measures

 

  

 

  

 

  

 

  

 

  

 Net income / (loss) per common share - basic

$3.03

$0.30

$0.54

$0.13

$0.22

 Net income / (loss) per common share - diluted

$2.94

$0.27

$0.51

$0.09

$0.20

 Funds from operations (FFO) / diluted share and unit (8)

$1.75

$1.67

$1.61

$1.55

$1.57

 Core funds from operations (Core FFO) / diluted share and unit (8)

$1.87

$1.77

$1.73

$1.67

$1.65

 Adjusted funds from operations (AFFO) / diluted share and unit (9)

$1.68

$1.78

$1.36

$1.52

$1.56

 Dividends per share and common unit

$1.22

$1.22

$1.22

$1.22

$1.22

 Diluted FFO payout ratio (8) (10)

 

69.6%

 

73.2%

 

75.6%

 

78.8%

 

77.9%

 Diluted Core FFO payout ratio (8) (11)

 

65.2%

 

68.8%

 

70.7%

 

73.2%

 

73.9%

 Diluted AFFO payout ratio (9) (12)

 

72.8%

 

68.6%

 

89.5%

 

80.4%

 

78.1%

 Portfolio Statistics

 

  

 

  

 

  

 

  

 

  

 Buildings (13)

330

328

328

331

323

 Data Centers (13)

 

310

 

308

 

308

 

312

 

310

 Cross-connects (13) (14)

 

229,000

 

228,000

 

227,000

 

225,000

 

223,000

 Net rentable square feet, excluding development space (13)

 

42,529

 

41,778

 

41,326

 

41,092

 

41,220

 Occupancy at end of quarter (15)

 

84.8%

 

84.0%

 

84.1%

 

83.9%

 

82.9%

 Occupied square footage (13)

 

36,073

 

35,100

 

34,741

 

34,479

 

34,160

 Space under active development (16)

 

9,848

 

9,463

 

8,904

 

9,126

 

8,507

 Space held for development (17)

 

4,616

 

5,062

 

4,686

 

4,862

 

5,130

 Weighted average remaining lease term (years) (18)

 

5.1

 

4.9

 

4.8

 

4.8

 

4.7

 Same-capital occupancy at end of quarter (15) (19)

 

83.0%

 

82.6%

 

82.8%

 

83.0%

 

83.4%

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Table of Contents

Key Quarterly Financial Data

Graphic

Financial Supplement

Unaudited, Dollars (except per share data) and Square Feet in Thousands

Second Quarter 2025

(1)The market value of common equity is based on the closing stock price at the end of the quarter and assumes 100% redemption of the limited partnership units in our operating partnership, including common units and vested and unvested long-term incentive units, for shares of our common stock on a one-for-one basis. Excludes shares of common stock potentially issuable upon conversion of our series J, series K and series L cumulative redeemable preferred stock upon certain change of control transactions, as applicable.
(2)EBITDA is calculated as earnings before interest expense, loss on debt extinguishment and modifications, tax expense, and depreciation and amortization. For a discussion of EBITDA, see page 31. For a reconciliation of net income available to common stockholders to EBITDA, see page 30.
(3)Adjusted EBITDA is EBITDA excluding (i) unconsolidated entities real estate related depreciation & amortization, (ii) unconsolidated entities interest and tax expense, (iii) severance, equity acceleration and legal expenses, (iv) transaction and integration expenses, (v) gain (loss) on sale / deconsolidation, (vi) provision for impairment, (vii) other non-core adjustments, net, (viii) noncontrolling interests, (ix) preferred stock dividends, and (x) gain on / issuance costs associated with redeemed preferred stock. For a discussion of Adjusted EBITDA, see page 31. For a reconciliation of net income available to common stockholders to Adjusted EBITDA, see page 30.
(4)Net Debt to Adjusted EBITDA is calculated as total debt at balance sheet carrying value (see page 5), plus capital lease obligations, plus our share of unconsolidated entities debt at carrying value, less cash and cash equivalents (including our share of unconsolidated entities cash), divided by the product of Adjusted EBITDA (including our share of unconsolidated entities EBITDA), multiplied by four.
(5)Fixed charges consist of GAAP interest expense, capitalized interest, scheduled debt principal payments and preferred stock dividends.
(6)Interest coverage ratio is Adjusted EBITDA divided by GAAP interest expense plus capitalized interest (including our share of unconsolidated entities interest expense).
(7)Fixed charge coverage ratio is Adjusted EBITDA divided by fixed charges (including our share of unconsolidated entities fixed charges).
(8)For definitions and discussion of FFO and Core FFO, see page 31. For reconciliations of net income available to common stockholders to FFO and Core FFO, see page 13.
(9)For a definition and discussion of AFFO, see page 31. For a reconciliation of Core FFO to AFFO, see page 14.
(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 entities. Excludes buildings held for sale and contribution.
(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 entities and non-managed unconsolidated entities. 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 and contribution.
(16)Space under active development includes current Base Building and Data Centers projects in progress. Excludes buildings held for sale and contribution.
(17)Space held for development includes space held for future Data Center development and excludes space under active development. Excludes buildings held for sale and contribution.
(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, 2023, with less than 5% of total rentable square feet under development. Excludes buildings that were undergoing, or were expected to undergo, development activities in 2024-2025, buildings classified as held for sale and contribution, and buildings sold or contributed to joint ventures for all periods presented. Prior period results have been adjusted to reflect current same-capital pool.

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Table of Contents

Digital Realty Trust

Graphic

Financial Supplement

Earnings Release

Second Quarter 2025

Digital Realty Reports Second Quarter 2025 Results

Dallas, TX — July 24, 2025 — 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 2025. All per share results are presented on a fully diluted basis.

Highlights

Reported net income available to common stockholders of $2.94 per share in 2Q25, compared to $0.20 in 2Q24
Reported FFO per share of $1.75 in 2Q25, compared to $1.57 in 2Q24
Reported Core FFO per share of $1.87 in 2Q25, compared to $1.65 in 2Q24
Reported Constant-Currency Core FFO per share of $1.84 in 2Q25
Reported rental rate increases on renewal leases of 7.3% on a cash basis in 2Q25
Signed total bookings during 2Q25 that are expected to generate $177 million of annualized GAAP rental revenue at 100% share; at Digital Realtys share total bookings were $135 million, including a $90 million contribution from the 01 megawatt plus interconnection category
Reported backlog of $826 million of annualized GAAP base rent at the end of 2Q25
Raised 2025 Core FFO per share outlook to $7.15 - $7.25 and 2025 Constant-Currency Core FFO per share outlook to $7.10 - $7.20

Financial Results

Digital Realty reported revenues of $1.49 billion in the second quarter of 2025, a 6% increase from the previous quarter and a 10% increase from the same quarter last year.

The company delivered net income of $1.05 billion in the second quarter of 2025, as well as net income available to common stockholders of $1.02 billion and $2.94 per share, compared to $0.27 per share in the previous quarter and $0.20 per share in the same quarter last year.

Digital Realty generated Adjusted EBITDA of $823 million in the second quarter of 2025, a 4% increase from the previous quarter and a 13% increase over the same quarter last year.

The company reported Funds From Operations (FFO) of $600 million in the second quarter of 2025, or $1.75 per share, compared to $1.67 per share in the previous quarter and $1.57 per share in the same quarter last year.

Excluding certain items that do not represent core expenses or revenue streams, Digital Realty delivered Core FFO per share of $1.87 in the second quarter of 2025, compared to $1.77 per share in the previous quarter and $1.65 per share in the same quarter last year. Digital Realty delivered Constant-Currency Core FFO per share of $1.84 in the second quarter of 2025 and $3.63 per share for the six-month period ended June 30, 2025.

“Record bookings in our 0–1 megawatt plus interconnection product set underscore the strength of our full spectrum strategy and the breadth of the growing demand for digital infrastructure,” said Digital Realty President and Chief Executive Officer Andy Power.  “ Our inaugural U.S. Hyperscale Data Center Fund is oversubscribed, providing us the capital necessary to serve our customers’ growing requirements and to extend Digital Realty’s runway for growth.”

Leasing Activity

In the second quarter, Digital Realty signed total bookings that are expected to generate $135 million of annualized GAAP rental revenue at its share, including a $73 million contribution from the 0–1 megawatt category and a $17 million contribution from interconnection.

The weighted-average lag between new leases signed during the second quarter of 2025 and the contractual commencement date was four months. The backlog of signed-but-not-commenced leases at quarter-end was $826 million of annualized GAAP base rent at Digital Realty’s share.

In addition to new leases signed, Digital Realty also signed renewal leases representing $177 million of annualized cash rental revenue during the quarter. Rental rates on renewal leases signed during the second quarter of 2025 increased 7.3% on a cash basis and 9.9% on a GAAP basis.

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Table of Contents

Digital Realty Trust

Graphic

Financial Supplement

Earnings Release

Second Quarter 2025

New leases signed during the second quarter of 2025 are summarized by region and product as follows:

    

Annualized GAAP

    

    

    

    

    

Base Rent

Square Feet

GAAP Base Rent

GAAP Base Rent

Americas

(in thousands)

(in thousands)

per Square Foot

Megawatts

per Kilowatt

0-1 MW

$30,750

 

128

$240

 

9.9

$259

> 1 MW

16,261

 

41

400

 

10.4

130

Other (1)

288

 

6

47

 

Total

$47,299

 

175

$270

 

20.3

$193

 EMEA (2)

  

 

  

  

 

  

  

0-1 MW

$31,024

 

72

$429

 

8.5

$304

> 1 MW

15,609

 

54

290

 

6.6

197

Other (1)

115

 

1

138

 

Total

$46,747

 

127

$368

 

15.1

$257

 Asia Pacific (2)

  

 

  

  

 

  

  

0-1 MW

$10,744

 

39

$274

 

3.3

$268

> 1 MW

13,168

 

58

228

 

6.3

174

Other (1)

16

 

2

9

 

Total

$23,927

 

99

$243

 

9.6

$207

All Regions (2)

  

 

  

  

 

  

  

0-1 MW

$72,517

 

240

$303

 

21.7

$278

> 1 MW

45,038

 

152

296

 

23.3

161

Other (1)

419

 

9

48

 

Total

$117,974

 

401

$294

 

45.0

$218

Interconnection

$17,346

 

N/A

N/A

 

N/A

N/A

Grand Total

$135,320

 

401

$294

 

45.0

$218

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, 2025.

Investment Activity

During the second quarter, Digital Realty acquired land parcels in three metros.  As previously disclosed, Digital Realty acquired approximately 100 acres of land in the Atlanta metro area that is expected to support over 200 megawatts of IT capacity for approximately $120 million. Separately, Digital Realty acquired a 167-acre land parcel in the Dallas metro area that is expected to support approximately 480 megawatts of IT capacity for approximately $11 million. Lastly, Digital Realty acquired several land parcels as part of an assemblage in the Chicago metro area supporting the continued expansion of its Franklin Park campus for approximately $6 million. 

Digital Realty also received additional equity commitments from a broad array of global Limited Partners for its U.S. Hyperscale Data Center Fund (the “Fund”), lifting total commitments to more than $3 billion to date. The Fund is now well ahead of its initial target for LP equity commitments and is on track for its final close. During the quarter, Digital Realty contributed interests in five operating data centers and two development sites to the Fund. Digital Realty received over $900 million of gross proceeds as a result of the contributions.

Subsequent to quarter end, Digital Realty sold a five megawatt non-core data center in the Atlanta metro area for gross proceeds of $65 million.

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Table of Contents

Digital Realty Trust

Graphic

Financial Supplement

Earnings Release

Second Quarter 2025

Balance Sheet

Digital Realty had approximately $18.5 billion of total debt outstanding as of June 30, 2025, comprised of $17.7 billion of unsecured debt and approximately $0.8 billion of secured debt and other debt. At the end of the second quarter of 2025, net debt-to-Adjusted EBITDA was 5.1x, debt-plus-preferred-to-total enterprise value was 24.1% and fixed charge coverage was 4.7x.

In June, Digital Realty issued €850 million of 3.875% notes due 2034, for net proceeds of approximately €837 million ($975 million). Subsequent to quarter end, the company also repaid €650 million ($754 million) in aggregate principal amount of its 0.625% senior notes.

Since March 31, 2025, the company also sold 4.15 million shares of common stock under its At-The-Market (ATM) equity issuance program at a weighted average price of $173.19 per share, for net proceeds of approximately $719 million.

9


Table of Contents

Digital Realty Trust

Graphic

Financial Supplement

Earnings Release

Second Quarter 2025

2025 Outlook

Digital Realty raised its 2025 Core FFO per share outlook to $7.15 - $7.25 and its 2025 Constant-Currency Core FFO per share outlook to $7.10 - $7.20. The assumptions underlying the outlook are summarized in the following table.

   

As of

   

As of

   

As of

 

 Top-Line and Cost Structure

February 13, 2025

April 24, 2025

July 24, 2025

 

Total revenue

$5.800 - $5.900 billion

$5.825 - $5.925 billion

$5.925 - $6.025 billion

 

Net non-cash rent adjustments (1)

($45 - $50 million)

($50 - $55 million)

($65 - $70 million)

Adjusted EBITDA

$3.100 - $3.200 billion

$3.125 - $3.225 billion

$3.200 - $3.300 billion

G&A

$500 - $510 million

$505 - $515 million

$520 - $530 million

 Internal Growth

Rental rates on renewal leases

Cash basis

4.0% - 6.0%

4.0% - 6.0%

5.0% - 6.0%

GAAP basis

6.0% - 8.0%

6.0% - 8.0%

7.0% - 8.0%

Year-end portfolio occupancy

+100 - 200 bps

+100 - 200 bps

+100 - 200 bps

"Same-Capital" cash NOI growth (2)

3.5% - 4.5%

3.5% - 4.5%

3.5% - 4.5%

Foreign Exchange Rates

U.S. Dollar / Pound Sterling

$1.20 - $1.25

$1.25 - $1.35

$1.30 - $1.35

U.S. Dollar / Euro

$1.00 - $1.05

$1.05 - $1.15

$1.10 - $1.15

 External Growth

Dispositions / Joint Venture Capital

Dollar volume

$500 - $1,000 million

$500 - $1,000 million

$700 - $1,000 million

Cap rate

0.0% - 10.0%

0.0% - 10.0%

0.0% - 10.0%

Development

CapEx (Net of Partner Contributions) (3)

$3,000 - $3,500 million

$3,000 - $3,500 million

$3,000 - $3,500 million

Average stabilized yields

10.0%+

10.0%+

10.0%+

Enhancements and other non-recurring CapEx (4)

$30 - $35 million

$30 - $35 million

$30 - $35 million

Recurring CapEx + capitalized leasing costs (5)

$320 - $335 million

$320 - $335 million

$320 - $335 million

 Balance Sheet

Long-term debt issuance

Dollar amount

$900 - $1,500 million

$900 - $1,500 million

~$2,000 million

Pricing

5.0% - 5.5%

4.0% - 5.5%

~4.0%

Timing

Mid-Year

Mid-Year

Mid-Year

 Net income per diluted share

$2.10 - $2.20

$2.15 - $2.25

$3.45 - $3.55

Real estate depreciation and (gain) / loss on sale

$4.50 - $4.50

$4.50 - $4.50

$3.25 - $3.25

 Funds From Operations / share (NAREIT-Defined)

$6.60 - $6.70

$6.65 - $6.75

$6.70 - $6.80

Non-core expenses and revenue streams

$0.40 - $0.40

$0.40 - $0.40

$0.45 - $0.45

 Core Funds From Operations / share

$7.00 - $7.10

$7.05 - $7.15

$7.15 - $7.25

Foreign currency translation adjustments

$0.05 - $0.05

$0.00 - $0.00

($0.05) - ( $0.05)

Constant-Currency Core Funds From Operations / share

$7.05 - $7.15

$7.05 - $7.15

$7.10 - $7.20

(1)Net non-cash rent adjustments represent the sum of straight-line rental revenue and straight-line rental expense, as well as the amortization of above- and below-market leases (i.e., ASC 805 adjustments).
(2)The Same-Capital pool includes properties owned as of December 31, 2023 with less than 5% of total rentable square feet under development. It excludes properties that were undergoing, or were expected to undergo, development activities in 2024-2025, properties classified as held for sale and contribution, and properties sold or contributed to joint ventures for all periods presented. The 2025 Same-Capital cash NOI growth outlook is presented on a constant currency basis.
(3)Excludes land acquisitions and includes Digital Realtys share of joint venture and fund contributions. Figure is net of joint venture and fund contributions.
(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.

Note: The company does not provide a reconciliation for non-GAAP estimates on a forward-looking basis, where it is unable to provide a meaningful or accurate calculation or estimation of reconciling items, and the information is not available without unreasonable effort. Please see Non-GAAP Financial Measures in this document for further discussion.

10


Table of Contents

Digital Realty Trust

Graphic

Financial Supplement

Earnings Release

Second Quarter 2025

Non-GAAP Financial Measures

This document contains non-GAAP financial measures, including FFO, Core FFO, Constant Currency Core FFO, Adjusted FFO, Net Operating Income (NOI), “Same-Capital” Cash NOI and Adjusted EBITDA. A reconciliation from U.S. GAAP net income available to common stockholders to FFO, a reconciliation from FFO to Core FFO, a reconciliation from Core FFO to Adjusted FFO, a reconciliation from NOI to Cash NOI, and definitions of FFO, Core FFO, Constant Currency Core FFO, Adjusted FFO, NOI and “Same-Capital” Cash NOI are included as an attachment to this document. A reconciliation from U.S. GAAP net income available to common stockholders to Adjusted EBITDA, a definition of Adjusted EBITDA and definitions of net debt-to-Adjusted EBITDA, debt-plus-preferred-to-total enterprise value, cash NOI, and fixed charge coverage ratio are included as an attachment to this document.

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

Investor Conference Call

Prior to Digital Realty’s investor conference call at 5:00 p.m. ET / 4:00 p.m. CT on July 24, 2025, 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 2025 financial results and operating performance. The conference call will feature President & Chief Executive Officer Andy Power and Chief Financial Officer Matt Mercier.

To participate in the live call, investors are invited to dial +1 (888) 317-6003 (for domestic callers) or +1 (412) 317-6061 (for international callers) and reference the conference ID# 5545220 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 24, 2025. The telephone replay can be accessed by dialing +1 (877) 344-7529 (for domestic callers) or +1 (412) 317-0088 (for international callers) and providing the conference ID# 4783857. The webcast replay can be accessed on Digital Realty’s website.

About Digital Realty

Digital Realty brings companies and data together by delivering the full spectrum of data center, colocation, and interconnection solutions. PlatformDIGITAL®, the company’s global data center platform, provides customers with a secure data meeting place and a proven Pervasive Datacenter Architecture (PDx®) solution methodology for powering innovation, from cloud and digital transformation to emerging technologies like artificial intelligence (AI), and efficiently managing Data Gravity challenges. Digital Realty gives its customers access to the connected data communities that matter to them with a global data center footprint of 300+ facilities in 50+ metros across 25+ countries on six continents. To learn more about Digital Realty, please visit digitalrealty.com or follow us on LinkedIn and X.

Contact Information

Matt Mercier

Chief Financial Officer

Digital Realty

(415) 874-2803

Jordan Sadler / Jim Huseby

Investor Relations

Digital Realty

(415) 275-5344

11


Table of Contents

Consolidated Quarterly Statements of Operations

Graphic

Financial Supplement

Unaudited and in Thousands, Except Per Share Data

Second Quarter 2025

Three Months Ended

Six Months Ended

  

30-Jun-25

  

31-Mar-25

  

31-Dec-24

  

30-Sep-24

  

30-Jun-24

30-Jun-25

    

30-Jun-24

Rental revenues

$1,003,550

$960,526

$958,892

$956,351

$912,994

$1,964,076

$1,807,402

Tenant reimbursements - Utilities

294,503

271,189

302,664

305,097

274,505

565,692

550,862

Tenant reimbursements - Other

37,355

42,177

38,591

39,624

41,964

79,532

80,398

Interconnection and other

121,952

112,969

112,360

112,655

109,505

234,921

217,576

Fee income

34,427

20,643

23,316

12,907

15,656

55,070

28,666

Other

1,363

133

40

4,581

2,125

1,496

2,987

Total Operating Revenues

$1,493,150

$1,407,637

$1,435,862

$1,431,214

$1,356,749

$2,900,787

$2,687,892

Utilities

$339,288

$313,385

$337,534

$356,063

$315,248

$652,673

$639,818

Rental property operating

267,724

238,600

273,104

249,796

237,653

506,324

462,021

Property taxes

49,570

48,856

46,044

45,633

49,620

98,426

90,776

Insurance

4,946

4,483

6,007

4,869

4,755

9,429

7,449

Depreciation and amortization

461,167

443,009

455,355

459,997

425,343

904,176

856,445

General and administration

133,755

121,112

124,470

115,120

119,511

254,867

233,931

Severance, equity acceleration and legal expenses

2,262

2,428

2,346

2,481

884

4,690

1,675

Transaction and integration expenses

22,546

39,902

11,797

24,194

26,072

62,448

57,911

Provision for impairment

22,881

168,303

168,303

Other expenses

195

112

12,002

4,774

(529)

307

10,306

Total Operating Expenses

$1,281,453

$1,211,887

$1,291,540

$1,262,928

$1,346,860

$2,493,340

$2,528,636

Operating Income

$211,697

$195,750

$144,322

$168,286

$9,889

$407,447

$159,256

Equity in earnings / (loss) of unconsolidated entities

(12,062)

(7,640)

(36,201)

(26,486)

(41,443)

(19,702)

(57,451)

Gain / (loss) on sale of investments

931,830

1,111

144,885

(556)

173,709

932,941

451,496

Interest and other income / (expense), net

37,747

32,773

44,517

37,756

62,261

70,520

71,970

Interest (expense)

(109,383)

(98,464)

(104,742)

(123,803)

(114,756)

(207,847)

(224,291)

Income tax benefit / (expense)

(12,883)

(17,135)

(4,928)

(12,427)

(14,992)

(30,018)

(37,405)

Loss on debt extinguishment and modifications

(2,165)

(2,636)

(1,070)

Net Income

$1,046,946

$106,395

$185,688

$40,134

$74,668

$1,153,341

$362,505

Net (income) / loss attributable to noncontrolling interests

(14,790)

3,579

3,881

11,059

5,552

(11,211)

(777)

Net Income Attributable to Digital Realty Trust, Inc.

$1,032,156

$109,974

$189,569

$51,193

$80,220

$1,142,130

$361,728

Preferred stock dividends

(10,181)

(10,181)

(10,181)

(10,181)

(10,181)

(20,362)

(20,362)

Net Income / (Loss) Available to Common Stockholders

$1,021,975

$99,793

$179,388

$41,012

$70,039

$1,121,768

$341,366

Weighted-average shares outstanding - basic

337,589

336,683

333,376

327,977

319,537

337,139

315,915

Weighted-average shares outstanding - diluted

345,734

344,721

340,690

336,249

327,946

345,305

324,451

Weighted-average fully diluted shares and units

351,691

350,632

346,756

342,374

334,186

351,239

330,687

Net income / (loss) per share - basic

$3.03

$0.30

$0.54

$0.13

$0.22

$3.33

$1.08

Net income / (loss) per share - diluted

$2.94

$0.27

$0.51

$0.09

$0.20

$3.21

$1.01

12


Table of Contents

Funds From Operations and Core Funds From Operations

Graphic

Financial Supplement

Unaudited and in Thousands, Except Per Share Data

Second Quarter 2025

Three Months Ended

Six Months Ended

Reconciliation of Net Income to Funds From Operations (FFO)

30-Jun-25

31-Mar-25

31-Dec-24

30-Sep-24

30-Jun-24

30-Jun-25

30-Jun-24

Net Income / (Loss) Available to Common Stockholders

$1,021,975

$99,793

$179,388

$41,012

$70,039

$1,121,768

$341,366

Adjustments:

Noncontrolling interest in operating partnership

21,000

3,000

4,000

1,000

1,500

24,000

7,700

Real estate related depreciation and amortization (1)

451,050

432,652

445,462

449,086

414,920

883,702

835,511

Reconciling items related to noncontrolling interests

(21,038)

(19,480)

(19,531)

(19,746)

(17,317)

(40,518)

(25,335)

Unconsolidated entities real estate related depreciation and amortization

59,172

55,861

49,463

48,474

47,117

115,033

94,993

(Gain) / loss on real estate transactions

(931,830)

(1,111)

(137,047)

556

(173,709)

(932,941)

(460,413)

Provision for impairment

22,881

168,303

168,303

Funds From Operations

$600,329

$570,715

$544,616

$520,382

$510,852

$1,171,044

$962,125

Weighted-average shares and units outstanding - basic

343,546

342,594

339,442

334,103

325,777

343,073

322,151

Weighted-average shares and units outstanding - diluted (2) (3)

351,691

350,632

346,756

342,374

334,186

351,239

330,687

Funds From Operations per share - basic

$1.75

$1.67

$1.60

$1.56

$1.57

$3.41

$2.99

Funds From Operations per share - diluted (2) (3)

$1.75

$1.67

$1.61

$1.55

$1.57

$3.42

$2.98

Three Months Ended

Six Months Ended

Reconciliation of FFO to Core FFO

30-Jun-25

31-Mar-25

31-Dec-24

30-Sep-24

30-Jun-24

30-Jun-25

30-Jun-24

Funds From Operations

$600,329

$570,715

$544,616

$520,382

$510,852

$1,171,044

$962,125

Other non-core revenue adjustments (4)

4,228

(1,925)

4,537

(4,583)

(33,818)

2,303

(30,293)

Transaction and integration expenses

22,546

39,902

11,797

24,194

26,072

62,448

57,911

Loss on debt extinguishment and modifications

2,165

2,636

1,070

Severance, equity acceleration and legal expenses (5)

2,262

2,428

2,346

2,481

884

4,690

1,675

(Gain) / Loss on FX and derivatives revaluation

8,827

(2,064)

7,127

1,513

32,222

6,764

65,824

Other non-core expense adjustments (6)

5,092

(702)

14,229

11,120

2,271

4,390

12,323

Core Funds From Operations

$643,284

$608,354

$586,816

$557,744

$538,482

$1,251,639

$1,070,634

Weighted-average shares and units outstanding - diluted (2) (3)

343,909

343,050

339,982

334,476

326,181

343,436

322,619

Core Funds From Operations per share - diluted (2)

$1.87

$1.77

$1.73

$1.67

$1.65

$3.64

$3.32

(1)

Three Months Ended

Six Months Ended

Real Estate Related Depreciation & Amortization

30-Jun-25

31-Mar-25

31-Dec-24

30-Sep-24

30-Jun-24

30-Jun-25

30-Jun-24

Depreciation and amortization per income statement

$461,167

$443,009

$455,355

$459,997

$425,343

$904,175

$856,445

Non-real estate depreciation

(10,117)

(10,356)

(9,894)

(10,911)

(10,424)

(20,473)

(20,935)

Real Estate Related Depreciation & Amortization

$451,050

$432,652

$445,462

$449,086

$414,920

$883,702

$835,511

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

Three Months Ended

Six Months Ended

30-Jun-25

31-Mar-25

31-Dec-24

30-Sep-24

30-Jun-24

30-Jun-25

30-Jun-24

Teraco noncontrolling share of FFO

$15,850

$13,286

$14,905

$9,828

$12,453

$29,136

$22,221

Teraco related minority interest

$15,850

$13,286

$14,905

$9,828

$12,453

$29,136

$22,221

(3)For all periods presented, we have excluded the effect of dilutive series J, series K and series L preferred stock, as applicable, that may be converted into common stock upon the occurrence of specified change in control transactions as described in the articles supplementary governing the series J, series K and series L preferred stock, as applicable, which we consider highly improbable. See above for calculations of FFO and the share count detail section that follows the reconciliation of Core FFO to AFFO for calculations of weighted average common stock and units outstanding. For definitions and discussion of FFO and Core FFO, see the Definitions section.
(4)Includes deferred rent adjustments related to a customer bankruptcy, development fees included in gains, lease termination fees and gain on sale of equity investment included in other income.
(5)Relates to severance and other charges related to the departure of company executives and integration-related severance.
(6)Includes write-offs associated with bankrupt or terminated customers, non-recurring legal and insurance expenses and adjustments to reflect our proportionate share of transaction costs associated with noncontrolling interests.

13


Table of Contents

Adjusted Funds From Operations (AFFO)

Graphic

Financial Supplement

Unaudited and in Thousands, Except Per Share Data

Second Quarter 2025

Three Months Ended

Six Months Ended

 Reconciliation of Core FFO to AFFO

30-Jun-25

31-Mar-25

31-Dec-24

30-Sep-24

30-Jun-24

30-Jun-25

30-Jun-24

 Core FFO available to common stockholders and unitholders

$643,284

$608,354

$586,816

$557,744

$538,482

$1,251,638

$1,070,634

Adjustments:

Non-real estate depreciation

10,117

10,356

9,894

10,911

10,424

20,473

20,935

Amortization of deferred financing costs

6,451

6,548

5,697

4,853

5,072

12,999

10,648

Amortization of debt discount/premium

1,251

1,125

1,324

1,329

1,321

2,377

3,153

Non-cash stock-based compensation expense

18,026

16,700

13,386

15,026

14,464

34,726

27,056

Straight-line rental revenue

(23,698)

(9,692)

(18,242)

(17,581)

334

(33,390)

10,310

Straight-line rental expense

(475)

(160)

(136)

1,690

782

(635)

1,893

Above- and below-market rent amortization

(752)

(706)

(269)

(742)

(1,691)

(1,458)

(2,545)

Deferred tax (benefit) / expense

(30,714)

(517)

(15,048)

(9,366)

(9,982)

(31,232)

(13,420)

Leasing compensation and internal lease commissions

14,721

13,405

10,505

10,918

10,519

28,126

23,809

Recurring capital expenditures (1)

(62,083)

(35,305)

(130,245)

(67,308)

(60,483)

(97,388)

(108,159)

AFFO available to common stockholders and unitholders (2)

$576,127

$610,108

$463,682

$507,474

$509,241

$1,186,235

$1,044,314

Weighted-average shares and units outstanding - basic

343,546

342,594

339,442

334,103

325,777

343,073

322,151

Weighted-average shares and units outstanding - diluted (3)

343,909

343,050

339,982

334,476

326,181

343,436

322,619

AFFO per share - diluted (3)

$1.68

$1.78

$1.36

$1.52

$1.56

$3.45

$3.24

 Dividends per share and common unit

$1.22

$1.22

$1.22

$1.22

$1.22

$2.44

$2.44

Diluted AFFO Payout Ratio

72.8%

68.6%

89.5%

80.4%

78.1%

70.6%

75.4%

Three Months Ended

Six Months Ended

Share Count Detail

30-Jun-25

31-Mar-25

31-Dec-24

30-Sep-24

30-Jun-24

30-Jun-25

30-Jun-24

Weighted Average Common Stock and Units Outstanding

343,546

342,594

339,442

334,103

325,777

343,073

322,151

Add: Effect of dilutive securities

362

456

540

373

404

363

467

Weighted Avg. Common Stock and Units Outstanding - diluted

343,909

343,050

339,982

334,476

326,181

343,436

322,618

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

14


Table of Contents

Consolidated Balance Sheets

Graphic

Financial Supplement

Unaudited and in Thousands, Except Per Share Data

Second Quarter 2025

30-Jun-25

31-Mar-25

31-Dec-24

30-Sep-24

30-Jun-24

Assets

Investments in real estate:

Real estate

$29,836,218

$27,947,964

$27,558,993

$28,808,770

$27,470,635

Construction in progress

5,080,701

4,973,266

5,164,334

5,175,054

4,676,012

Land held for future development

73,665

69,089

38,785

23,392

93,938

Investments in Real Estate

$34,990,583

$32,990,319

$32,762,112

$34,007,216

$32,240,584

Accumulated depreciation and amortization

(9,341,719)

(8,856,535)

(8,641,331)

(8,777,002)

(8,303,070)

Net Investments in Properties

$25,648,865

$24,133,784

$24,120,781

$25,230,214

$23,937,514

Investment in unconsolidated entities

3,622,677

2,702,847

2,639,800

2,456,448

2,332,698

Net Investments in Real Estate

$29,271,542

$26,836,631

$26,760,582

$27,686,662

$26,270,212

Operating lease right-of-use assets, net

$1,180,657

$1,165,924

$1,178,853

$1,228,507

$1,211,003

Cash and cash equivalents

3,554,126

2,321,885

3,870,891

2,175,605

2,282,062

Accounts and other receivables, net (1)

1,586,146

1,373,521

1,257,464

1,274,460

1,222,403

Deferred rent, net

681,375

641,290

642,456

641,778

613,749

Goodwill

9,636,513

9,174,165

8,929,431

9,395,233

9,128,811

Customer relationship value, deferred leasing costs and other intangibles, net

2,171,318

2,124,989

2,178,054

2,367,467

2,315,143

Assets held for sale and contribution

139,993

953,236

Other assets

493,325

488,921

465,885

525,679

563,500

Total Assets

$48,714,995

$45,080,562

$45,283,616

$45,295,392

$43,606,883

Liabilities and Equity

Global unsecured revolving credit facilities, net

$567,699

$1,096,931

$1,611,308

$1,786,921

$1,848,167

Unsecured term loans, net

440,788

404,335

386,903

913,733

1,297,893

Unsecured senior notes, net of discount

16,641,367

14,744,063

13,962,852

13,528,061

12,507,551

Secured and other debt, net of discount

802,294

770,950

753,314

757,831

686,135

Operating lease liabilities

1,298,085

1,281,572

1,294,219

1,343,903

1,336,839

Accounts payable and other accrued liabilities

2,310,882

1,927,611

2,056,215

2,140,764

1,973,798

Deferred tax liabilities

1,137,305

1,109,294

1,084,562

1,223,771

1,132,090

Accrued dividends and distributions

418,661

Security deposits and prepaid rents

653,640

559,768

539,802

423,797

416,705

Obligations associated with assets held for sale and contribution

1,089

7,882

Total Liabilities

$23,853,149

$21,902,406

$22,107,836

$22,118,781

$21,199,178

Redeemable noncontrolling interests

1,505,889

1,459,322

1,433,185

1,465,636

1,399,889

Equity

Preferred Stock: $0.01 par value per share, 110,000 shares authorized:

Series J Cumulative Redeemable Preferred Stock (2)

$193,540

$193,540

$193,540

$193,540

$193,540

Series K Cumulative Redeemable Preferred Stock (3)

203,264

203,264

203,264

203,264

203,264

Series L Cumulative Redeemable Preferred Stock (4)

334,886

334,886

334,886

334,886

334,886

Common Stock: $0.01 par value per share, 502,000 shares authorized (5)

3,374

3,338

3,337

3,285

3,231

Additional paid-in capital

28,720,826

28,091,661

28,079,738

27,229,143

26,388,393

Dividends in excess of earnings

(5,997,607)

(6,604,217)

(6,292,085)

(6,060,642)

(5,701,096)

Accumulated other comprehensive (loss), net

(543,756)

(926,874)

(1,182,283)

(657,364)

(884,715)

Total Stockholders' Equity

$22,914,527

$21,295,598

$21,340,397

$21,246,112

$20,537,503

Noncontrolling Interests

Noncontrolling interest in operating partnership

$431,000

$415,956

$396,099

$427,930

$434,253

Noncontrolling interest in consolidated entities

10,430

7,280

6,099

36,933

36,060

Total Noncontrolling Interests

$441,430

$423,236

$402,198

$464,863

$470,313

Total Equity

$23,355,957

$21,718,834

$21,742,595

$21,710,975

$21,007,816

Total Liabilities and Equity

$48,714,995

$45,080,562

$45,283,616

$45,295,392

$43,606,883

(1)Net of allowance for doubtful accounts of $80,832 and $50,609 as of June 30, 2025 and June 30, 2024, respectively.
(2)Series J Cumulative Redeemable Preferred Stock, 5.250%, $200,000 liquidation preference ($25.00 per share), 8,000 shares issued and outstanding as of June 30, 2025 and June 30, 2024.
(3)Series K Cumulative Redeemable Preferred Stock, 5.850%, $210,000 liquidation preference ($25.00 per share), 8,400 shares issued and outstanding as of June 30, 2025 and June 30, 2024.
(4)Series L Cumulative Redeemable Preferred Stock, 5.200%, $345,000 liquidation preference ($25.00 per share), 13,800 shares issued and outstanding as of June 30, 2025 and June 30, 2024.
(5)Common Stock: 340,372 and 325,885 shares issued and outstanding as of June 30, 2025 and June 30, 2024, respectively.

15


Table of Contents

Components of Net Asset Value (NAV) (1)

Graphic

Financial Supplement

Unaudited and in Thousands

Second Quarter 2025

44

Consolidated Properties Cash Net Operating Income (NOI)(2), Annualized (3)

Network-Dense

$1,127,306

Campus

1,862,621

Other (4)

92,449

Total Cash NOI, Annualized

$3,082,376

less: Partners' share of consolidated JVs

(76,732)

Acquisitions / dispositions / expirations

(90,734)

FY 2025 backlog cash NOI and 2Q25 carry-over (stabilized) (5)

156,528

Total Consolidated Cash NOI, Annualized

$3,071,438

Digital Realty's Pro Rata Share of Unconsolidated Entities Cash NOI (3) (6)

$313,235

Other Income

Development and Management Fees (net), Annualized

$137,707

Other Assets

Pre-stabilized inventory, at cost (7)

$267,093

Land held for development

73,665

Development CIP (8)

5,080,701

less: Investment associated with FY25 Backlog NOI (9)

(639,944)

Cash and cash equivalents

3,554,126

Accounts and other receivables, net

1,586,146

Other assets

493,325

less: Partners' share of consolidated entities assets

(121,849)

Total Other Assets

$10,293,263

Liabilities

Global unsecured revolving credit facilities

$590,690

Unsecured term loans

442,013

Unsecured senior notes

16,760,675

Secured and other debt

810,009

Accounts payable and other accrued liabilities

2,310,882

Deferred tax liabilities

1,137,305

Security deposits and prepaid rents

653,640

Obligations associated with assets held for sale and contribution

1,089

Backlog NOI cost to complete (9)

143,101

Preferred stock

755,000

Digital Realty's share of unconsolidated entities debt

2,044,648

less: Partners' share of consolidated entities liabilities

(471,809)

Total Liabilities

$25,177,243

(1)Backlog and associated financial line items include activity related to unconsolidated entities properties.
(2)For definitions and discussion of NOI and cash NOI and a reconciliation of operating income to NOI and cash NOI, see page 32.
(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 2Q25 Cash NOI of $3.1 billion. NOI is allocated based on management’s estimates derived using contractual ABR and stabilized margins.
(4)Other includes Powered Base Building shell capacity as well as storage and office space within fully improved data center facilities.
(5)Estimated cash NOI related to signed leases that are expected to commence through December 31, 2025. Includes Digital Realty’s share of signed leases at unconsolidated entities properties.
(6)For a reconciliation of Digital Realty’s pro rata share of unconsolidated entities operating income to cash NOI, see page 29.
(7)Excludes Digital Realty’s share of cost at unconsolidated entities properties.
(8)See page 26 for further details on the breakdown of the construction in progress balance.
(9)Includes Digital Realty’s share of construction in progress and expected cost to complete at unconsolidated entities properties.

16


Table of Contents

Debt Maturities

Graphic

Financial Supplement

Unaudited and Dollars in thousands

Second Quarter 2025

As of June 30, 2025

Interest Rate

Interest

Including

Rate

Swaps

2025

2026

2027

2028

2029

Thereafter

Total

Global Unsecured Revolving Credit Facilities (1)

Global unsecured revolving credit facility

3.128%

3.128%

$483,073

$483,073

Yen revolving credit facility

1.080%

1.080%

107,617

107,617

Deferred financing costs, net

(22,991)

Total Global Unsecured Revolving Credit Facilities

2.755%

2.755%

$590,690

$567,699

Unsecured Term Loans (1)

 

Euro term loan facility

2.879%

2.879%

$442,013

$442,013

Deferred financing costs, net

(1,225)

Total Unsecured Term Loans

2.879%

2.879%

$442,013

$440,788

Senior Notes

€650 million 0.625% Notes due 2025 (2)

0.625%

0.625%

$766,155

$766,155

€1.08 billion 2.500% Notes due 2026

2.500%

2.500%

$1,267,103

1,267,103

₣275 million 0.200% Notes due 2026

0.200%

0.200%

346,768

346,768

₣150 million 1.700% Notes due 2027

1.700%

1.700%

$189,146

189,146

$1.00 billion 3.700% Notes due 2027 (3)

3.700%

2.485%

1,000,000

1,000,000

€500 million 1.125% Notes due 2028

1.125%

1.125%

$589,350

589,350

$900 million 5.550% Notes due 2028 (3)

5.550%

3.996%

900,000

900,000

$650 million 4.450% Notes due 2028

4.450%

4.450%

650,000

650,000

₣270 million 0.550% Notes due 2029

0.550%

0.550%

$340,463

340,463

$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%

480,620

480,620

$1.15 billion 1.875% Notes due 2029 (3)

1.875%

1.263%

1,150,000

1,150,000

€750 million 1.500% Notes due 2030

1.500%

1.500%

$884,025

884,025

£550 million 3.750% Notes due 2030

3.750%

3.750%

755,260

755,260

€500 million 1.250% Notes due 2031

1.250%

1.250%

589,350

589,350

€1.00 billion 0.625% Notes due 2031

0.625%

0.625%

1,178,700

1,178,700

€750 million 1.000% Notes due 2032

1.000%

1.000%

884,025

884,025

€750 million 1.375% Notes due 2032

1.375%

1.375%

884,025

884,025

€850 million 3.875% Notes due 2033

3.875%

3.875%

1,001,895

1,001,895

€850 million 3.875% Notes due 2034

3.875%

3.875%

1,001,895

1,001,895

€850 million 3.875% Notes due 2035

3.875%

3.875%

1,001,895

1,001,895

Unamortized discounts, net

(43,010)

Deferred financing costs, net

(76,298)

Total Senior Notes

2.556%

2.358%

$766,155

$1,613,871

$1,189,146

$2,139,350

$2,871,083

$8,181,070

$16,641,367

Secured Debt

ICN10 Facilities

5.000%

3.240%

$12,486

$12,486

Westin

3.290%

3.290%

$135,000

135,000

Teraco Loans

9.554%

9.902%

$419

$50,760

100,677

$377,985

$12,421

43,889

586,151

Deferred financing costs, net

(3,823)

Total Secured Debt

8.324%

8.572%

$419

$50,760

$235,677

$377,985

$12,421

$56,375

$729,814

Other Debt

Icolo loans

12.716%

12.716%

$6,077

$4,621

$1,103

$5,288

$17,089

Total Other Debt

12.716%

12.716%

$6,077

$4,621

$1,103

$5,288

$17,089

Mandatorily Redeemable Preferred Shares (Teraco)

Mandatorily Redeemable Preferred Shares (Teraco)

9.675%

9.675%

$59,283

$59,283

Unamortized discounts, net

(3,892)

Total Redeemable Preferred Shares

9.675%

9.675%

$59,283

$55,391

Total unhedged variable rate debt

$80

$59,820

$442,926

$6,867

$595,463

$1,105,156

Total fixed rate / hedged variable rate debt

766,494

1,670,171

1,428,531

2,511,571

$2,888,792

8,232,672

$17,498,231

Total Debt

2.829%

2.661%

$766,574

$1,729,991

$1,871,457

$2,518,438

$2,888,792

$8,828,135

$18,603,387

Weighted Average Interest Rate

0.630%

2.538%

2.981%

4.332%

2.304%

2.433%

2.661%

Summary

Weighted Average Term to Initial Maturity

4.5 Years

Weighted Average Maturity (assuming exercise of extension options)

4.6 Years

Global Unsecured Revolving Credit Facilities Detail As of June 30, 2025

Maximum Available

Existing Capacity (4)

Currently Drawn

Global Unsecured Revolving Credit Facilities

$4,485,918

$3,801,493

$590,690

(1)Assumes all extensions will be exercised.
(2)Repaid in full on July 15, 2025.
(3)Subject to cross-currency swaps.
(4)Net of letters of credit issued of $93.7 million.

17


Table of Contents

Debt Analysis and Covenant Compliance

Graphic

Financial Supplement

Unaudited

Second Quarter 2025

As of June 30, 2025

    

    

    

    

Global Unsecured 

Unsecured Senior Notes

 Credit Facilities

 Debt Covenant Ratios (1)

  

Required

Actual (2)

Actual (3)

Required

Actual

 Total outstanding debt / total assets (4)

  

Less than 60%

44%

37%

Less than 60% (5)

    

33%

 Secured debt / total assets (6)

 

Less than 40%

5%

1%

Less than 40% (7)

4%

 Total unencumbered assets / unsecured debt

 

Greater than 150%

243%

267%

N/A

 

N/A

 Consolidated EBITDA / interest expense (8)

 

Greater than 1.50x

 

4.3x

 

4.3x

 

N/A

 

N/A

 Fixed charge coverage

 

 

N/A

 

N/A

 

Greater than 1.50x

 

4.6x

 Unsecured debt / total unencumbered asset value (9)

 

 

N/A

N/A

Less than 60%

35%

 Unencumbered assets debt service coverage ratio (9)

 

 

N/A

 

N/A

 

Greater than 1.50x

 

5.2x

(1)For definitions of the terms used in the table above and related footnotes, please refer to the indentures which govern the notes, the Third Amended and Restated Global Senior Credit Agreement dated as of September 24, 2024 and the Second Amended and Restated Yen facility Credit Agreement dated as of September 24, 2024, each as amended and which are filed as exhibits to our reports filed with the U.S. Securities and Exchange Commission.
(2)Ratios for the Unsecured Senior Notes listed on page 17 except for the 0.20% notes due 2026, 1.70% notes due 2027, 5.550% notes due 2028, 0.55% notes due 2029, 1.875% notes due 2029, 1.250% notes due 2031, 0.625% notes due 2031, 1.00% notes due 2032, 1.375% notes due 2032, 3.875% notes due 2033, 3.875% notes due 2034 and 3.875% notes due 2035.
(3)Ratios for the 0.20% notes due 2026, 1.70% notes due 2027, 5.550% notes due 2028, 0.55% notes due 2029, 1.875% notes due 2029, 1.250% notes due 2031, 0.625% notes due 2031, 1.00% notes due 2032, 1.375% notes due 2032, 3.875% notes due 2033, 3.875% notes due 2034 and 3.875% notes due 2035.
(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 Third Amended and Restated Global Senior Credit Agreement dated as of September 24, 2024 and the Second Amended and Restated Yen facility Credit Agreement dated as of September 24, 2024, 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 any acquisition of one or more Assets.
(6)This ratio is referred to as the Secured Debt Leverage Ratio, defined as Secured Debt / Total Asset Value, under the global unsecured revolving credit facility and the Yen facility.
(7)The company has the right to maintain a Secured Debt Leverage Ratio of greater than 40.0% but less than or equal to 45.0% for up to four consecutive fiscal quarters during the term of the facility following any acquisition of one or more Assets.
(8)Calculated as current quarter annualized consolidated EBITDA to current quarter annualized Interest Expense (including capitalized interest and debt discounts). This ratio no longer applies from and after the date that the company achieves a Debt Rating of at least BBB+ / Baa1 and a Total Asset Value of at least $35.0 billion.
(9)Assets must satisfy certain conditions to qualify for inclusion as an Unencumbered Asset under the global unsecured revolving credit facility and the Yen facility.

18


Table of Contents

Same-Capital Operating Trend Summary

Graphic

Financial Supplement

Unaudited and in Thousands

Second Quarter 2025

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

Three Months Ended

Six Months Ended

30-Jun-25

30-Jun-24

% Change

31-Mar-25

% Change

30-Jun-25

30-Jun-24

% Change

Rental revenues

$729,369

$694,419

5.0%

$716,046

1.9%

$1,445,415

$1,380,740

4.7%

Tenant reimbursements - Utilities

233,051

224,590

3.8%

218,720

6.6%

451,772

451,179

0.1%

Tenant reimbursements - Other

26,643

30,375

(12.3%)

26,659

(0.1%)

53,302

53,876

(1.1%)

Interconnection and other

91,649

80,634

13.7%

85,661

7.0%

177,310

160,060

10.8%

Total Revenue

$1,080,712

$1,030,017

4.9%

$1,047,087

3.2%

$2,127,799

$2,045,854

4.0%

Utilities

$258,096

$250,651

3.0%

$250,006

3.2%

$508,102

$511,234

(0.6%)

Rental property operating

194,551

183,449

6.1%

175,754

10.7%

370,305

347,951

6.4%

Property taxes

37,956

40,170

(5.5%)

35,891

5.8%

73,847

72,875

1.3%

Insurance

5,063

4,267

18.7%

4,638

9.1%

9,701

7,857

23.5%

Total Expenses

$495,666

$478,536

3.6%

$466,289

6.3%

$961,954

$939,918

2.3%

Net Operating Income (2)

$585,047

$551,481

6.1%

$580,798

0.7%

$1,165,845

$1,105,937

5.4%

Less:

Stabilized straight-line rent

$6,547

($2,883)

(327.0%)

($1,115)

(687.0%)

$5,431

($8,447)

(164.3%)

Above- and below-market rent

902

908

(0.7%)

909

(0.8%)

1,811

1,854

(2.3%)

Cash Net Operating Income (3)

$577,598

$553,457

4.4%

$581,004

(0.6%)

$1,158,603

$1,112,529

4.1%

Cash NOI impact of holding '24 Exchange Rates Constant (4)

(14,021)

(8,290)

Constant Currency Cash Net Operating Income

$563,577

$553,457

1.8%

$1,150,313

$1,112,529

3.4%

Stabilized Portfolio occupancy at period end (5)

83.0%

83.4%

(0.5%)

82.6%

0.3%

83.0%

83.4%

(0.5%)

(1)Represents buildings owned as of December 31, 2023 with less than 5% of total rentable square feet under development. Excludes buildings that were undergoing, or were expected to undergo, development activities in 2024-2025, buildings classified as held for sale and contribution, and buildings sold or contributed to joint ventures for all periods presented. Prior period numbers adjusted to reflect current same-capital pool.
(2)For a definition and discussion of net operating income and a reconciliation of operating income to NOI, see page 32.
(3)For a definition and discussion of cash net operating income and a reconciliation of operating income to cash NOI, see page 32.
(4)Adjustment calculated by holding currency translation rates for 2025 constant with average currency translation rates that were applicable to the same periods in 2024.
(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.

19


Table of Contents

Summary of Leasing Activity

Graphic

Financial Supplement

Leases Signed in the Quarter End June 30, 2025

Second Quarter 2025

0-1 MW

> 1 MW

Other (3)

Total

 Leasing Activity - New (1) (2)

    

2Q25

    

LTM

    

2Q25

    

LTM

    

2Q25

    

LTM

    

2Q25

    

LTM

Annualized GAAP Rent (in thousands)

 

$72,517

 

$238,733

 

$45,038

$689,484

$419

$7,490

$117,974

$935,707

Kilowatt leased

21,727

73,572

23,290

270,787

45,017

344,359

NRSF (in thousands)

240

805

152

2,061

9

115

401

2,982

Weighted Average Lease Term (years)

5.0

4.3

5.3

12.5

4.0

12.3

5.1

10.3

Initial stabilized cash rent per Kilowatt

$278

$269

$155

$166

$215

$188

GAAP rent per Kilowatt

$278

$270

$161

$212

$218

$225

Leasing cost per Kilowatt

$15

$20

$7

$5

Net Effective Economics by Kilowatt (4)

Base rent by Kilowatt

$282

$274

$165

$213

$221

$226

Rental concessions by Kilowatt

$4

$3

$4

$1

$4

$1

Estimated operating expense by Kilowatt

$78

$78

$42

$54

$59

$59

Net rent per Kilowatt

$201

$193

$119

$158

$158

$166

Tenant improvements by Kilowatt

Leasing commissions by Kilowatt

$5

$7

$2

$2

Net effective rent per Kilowatt

$196

$186

$119

$158

$156

$164

Initial stabilized cash rent per NRSF

$303

$295

$285

$262

$47

$51

$290

$263

GAAP rent per NRSF

$303

$297

$296

$334

$48

$65

$294

$314

Leasing cost per NRSF

$16

$22

$1

$1

$1

$10

$6

Net Effective Economics by NRSF (4)

Base rent by NRSF

$307

$300

$303

$336

$48

$65

$300

$316

Rental concessions by NRSF

$4

$4

$7

$1

$5

$2

Estimated operating expense by NRSF

$84

$85

$78

$86

$8

$8

$80

$83

Net rent per NRSF

$218

$211

$218

$248

$40

$57

$214

$231

Tenant improvements by NRSF

Leasing commissions by NRSF

$5

$8

$1

$1

$3

$2

Net effective rent per NRSF

$213

$203

$218

$248

$39

$56

$211

$229

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

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

20


Table of Contents

Summary of Leasing Activity

Graphic

Financial Supplement

Leases Renewed in the Quarter Ended June 30, 2025

Second Quarter 2025

0-1 MW

> 1 MW

Other (4)

Total

 Leasing Activity - Renewals (1) (2) (3)

    

2Q25

    

LTM

    

2Q25

    

LTM

    

2Q25

    

LTM

    

2Q25

    

LTM

Leases renewed (Kilowatt)

33,763

141,777

23,645

136,376

57,408

278,153

Leases renewed (NRSF in thousands)

435

1,990

 

265

1,540

69

520

769

4,049

Leasing cost per Kilowatt

$2

$1

 

$1

 

$1

$2

$1

Leasing cost per NRSF

$2

$1

 

$1

 

$1

$2

$3

$2

$1

Weighted Term (years)

1.3

1.5

4.3

5.2

6.4

4.8

2.8

3.3

Cash Rent

Expiring cash rent per Kilowatt

 

$309

$306

$127

$134

$234

$222

Renewed cash rent per Kilowatt

 

$321

$319

$144

$157

$249

$239

% Change Cash Rent Per Kilowatt

 

4.2%

4.4%

14.0%

16.5%

6.4%

8.0%

Expiring cash rent per NRSF

$287

$261

$136

$143

$65

$52

$215

$189

Renewed cash rent per NRSF

$299

$273

$155

$166

$91

$64

$231

$205

% Change Cash Rent Per NRSF

4.2%

4.4%

14.0%

16.5%

 

40.9%

 

22.7%

 

7.3%

 

8.5%

GAAP Rent

Expiring GAAP rent per Kilowatt

 

$307

 

$304

$120

$125

 

 

 

$230

$216

Renewed GAAP rent per Kilowatt

 

$322

 

$320

$145

$168

 

 

 

$249

$245

% Change GAAP Rent Per Kilowatt

 

5.0%

 

5.2%

20.5%

34.0%

8.4%

13.4%

Expiring GAAP rent per NRSF

$285

$260

$129

$133

$56

$47

$211

$184

Renewed GAAP rent per NRSF

$300

$273

$155

$179

$97

$65

$232

$211

% Change GAAP Rent Per NRSF

5.0%

 

5.2%

20.5%

34.0%

73.0%

37.8%

9.9%

14.2%

Retention ratio (5)

76.8%

77.5%

98.9%

82.6%

68.3%

61.7%

82.2%

76.8%

Churn (6)

2.3%

9.5%

0.0%

2.6%

0.7%

7.3%

1.0%

5.7%

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

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

21


Table of Contents

Lease Expirations - By Size

Graphic

Financial Supplement

Dollars and Square Feet in Thousands (except per square foot and per kW data)

Second Quarter 2025

    

    

    

% of

    

Annualized Rent Per

    

Annualized Rent Per

    

    

    

    

Rent Per kW

 

Square Footage of

Annualized

Annualized

Occupied

Occupied Square

Annualized Rent

kW of Expiring

Rent per kW

Per Month at

 

Year

Expiring Leases (1)

Rent (2)

Rent

Square Foot

Foot at Expiration

 at Expiration

Leases

Per Month

Expiration

 

0-1 MW

 

  

 

 

  

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 Available

 

2,803

 

 

 

 

 

 

 

 

 Month to Month (3)

 

232

 

$66,639

 

1.7%

 

$287

 

$289

 

$67,133

 

14,140

 

$393

 

$396

2025

 

1,221

 

393,556

 

9.8%

 

322

 

322

 

393,658

 

85,286

 

385

 

385

2026

 

1,596

 

494,052

 

12.3%

 

309

 

311

 

496,924

 

118,187

 

348

 

350

2027

 

728

 

180,381

 

4.5%

 

248

 

258

 

188,131

 

56,740

 

265

 

276

2028

 

429

 

104,362

 

2.6%

 

243

 

262

 

112,407

 

32,619

 

267

 

287

2029

 

326

 

70,338

 

1.8%

 

216

 

236

 

76,956

 

24,290

 

241

 

264

2030

 

269

 

56,768

 

1.4%

 

211

 

234

 

62,929

 

17,160

 

276

 

306

2031

 

105

 

20,608

 

0.5%

 

196

 

221

 

23,228

 

6,740

 

255

 

287

2032

 

62

 

13,361

 

0.3%

 

217

 

254

 

15,626

 

4,978

 

224

 

262

2033

 

34

 

9,009

 

0.2%

 

264

 

310

 

10,571

 

2,640

 

284

 

334

2034

 

29

 

4,176

 

0.1%

 

143

 

143

 

4,186

 

1,814

 

192

 

192

 Thereafter

 

41

 

5,494

 

0.1%

 

135

 

152

 

6,203

 

2,708

 

169

 

191

Total / Wtd. Avg.

 

7,875

$1,418,745

 

35.4%

$280

$287

$1,457,951

367,301

$322

$331

> 1 MW

 

  Expiring Leases (1)

Annualized

 

Annualized

Annualized Rent Per

Annualized Rent Per

Annualized Rent Per

kW of Expiring

Annualized

Rent Per kW

 

 Available

 

1,592

 

 

 

 

 

 

 

 

 Month to Month (3)

 

92

 

$15,621

 

0.4%

 

$169

 

$170

 

$15,696

 

10,310

 

$126

 

$127

2025

 

658

 

114,012

 

2.8%

 

173

 

175

 

115,259

 

63,760

 

149

 

151

2026

 

1,823

 

275,858

 

6.9%

 

151

 

154

 

281,059

 

160,925

 

143

 

146

2027

 

1,629

 

254,216

 

6.3%

 

156

 

165

 

268,210

 

153,971

 

138

 

145

2028

 

1,607

 

212,507

 

5.3%

 

132

 

141

 

225,883

 

144,343

 

123

 

130

2029

 

1,951

 

296,235

 

7.4%

 

152

 

165

 

321,837

 

216,639

 

114

 

124

2030

 

1,530

 

234,090

 

5.8%

 

153

 

166

 

254,533

 

161,539

 

121

 

131

2031

 

1,065

 

163,169

 

4.1%

 

153

 

176

 

187,068

 

110,909

 

123

 

141

2032

 

871

 

125,810

 

3.1%

 

144

 

162

 

141,094

 

94,066

 

111

 

125

2033

 

536

 

89,833

 

2.2%

 

167

 

194

 

104,091

 

56,616

 

132

 

153

2034

 

1,254

 

154,302

 

3.8%

 

123

 

143

 

178,867

 

120,385

 

107

 

124

 Thereafter

 

2,479

 

429,744

 

10.7%

 

173

 

229

 

568,085

 

253,757

 

141

 

187

Total / Wtd. Avg.

 

17,090

$2,365,397

 

59.0%

$153

$172

$2,661,682

1,547,221

$127

$143

Other (4)

 

  Expiring Leases (1)

Annualized

 

Annualized

Annualized Rent Per

Annualized Rent Per

Annualized Rent Per

kW of Expiring

Annualized

Rent Per kW

 Available

 

1,322

 

 

 

 

 

 

 

 

 Month to Month (3)

 

70

 

$2,253

 

0.1%

 

$32

 

$32

 

$2,253

 

 

 

2025

 

508

 

11,609

 

0.3%

 

23

 

23

 

11,619

 

 

 

2026

 

654

 

24,935

 

0.6%

 

38

 

39

 

25,672

 

 

 

2027

 

350

 

12,480

 

0.3%

 

36

 

37

 

12,991

 

 

 

2028

 

489

 

14,731

 

0.4%

 

30

 

32

 

15,677

 

 

 

2029

 

630

 

40,939

 

1.0%

 

65

 

72

 

45,314

 

 

 

2030

 

864

 

39,756

 

1.0%

 

46

 

61

 

52,591

 

 

 

2031

 

129

 

3,847

 

0.1%

 

30

 

36

 

4,604

 

 

 

2032

 

111

 

6,493

 

0.2%

 

59

 

65

 

7,164

 

 

 

2033

 

109

 

4,210

 

0.1%

 

39

 

45

 

4,866

 

 

 

2034

 

566

 

20,831

 

0.5%

 

37

 

45

 

25,315

 

 

 

 Thereafter

 

2,323

 

42,257

 

1.1%

 

18

 

24

 

55,375

 

 

 

Total / Wtd. Avg.

 

8,126

$224,341

 

5.6%

$33

$39

$263,440

Total

 

  Expiring Leases (1)

Annualized

 

Annualized

Annualized Rent Per

Annualized Rent Per

Annualized Rent Per

kW of Expiring

Annualized

Rent Per kW

 

 Available

 

5,561

 

 

 

 

 

 

 

 

 Month to Month (3)

 

394

 

$84,513

 

2.1%

 

$215

 

$216

 

$85,081

 

 

 

2025

 

2,386

 

519,177

 

13.0%

 

218

 

218

 

520,536

 

 

 

2026

 

4,073

 

794,845

 

19.8%

 

195

 

197

 

803,654

 

 

 

2027

 

2,707

 

447,076

 

11.2%

 

165

 

173

 

469,332

 

 

 

2028

 

2,526

 

331,600

 

8.3%

 

131

 

140

 

353,967

 

 

 

2029

 

2,907

 

407,512

 

10.2%

 

140

 

153

 

444,107

 

 

 

2030

 

2,664

 

330,615

 

8.2%

 

124

 

139

 

370,052

 

 

 

2031

 

1,299

 

187,623

 

4.7%

 

144

 

165

 

214,900

 

 

 

2032

 

1,044

 

145,664

 

3.6%

 

140

 

157

 

163,884

 

 

 

2033

 

680

 

103,052

 

2.6%

 

152

 

176

 

119,527

 

 

 

2034

 

1,850

 

179,309

 

4.5%

 

97

 

113

 

208,368

 

 

 

 Thereafter

 

4,843

 

477,496

 

11.9%

 

99

 

130

 

629,663

 

 

 

Total / Wtd. Avg.

 

32,934

$4,008,484

 

100.0%

$146

$160

$4,383,072

(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, 2025, multiplied by 12.
(3)Includes leases, licenses, and similar agreements that upon expiration have been automatically renewed on a month-to-month basis.
(4)Other includes unimproved building shell capacity as well as storage and office space within fully improved data center facilities.

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

22


Table of Contents

Top 20 Customers by Annualized Rent

Graphic

Financial Supplement

Dollars in Thousands

Second Quarter 2025

    

    

    

Weighted

Average

Annualized

% of Annualized

Remaining

Number of

Recurring

Recurring

Lease Term in

Customer

Locations

Revenue (1)

Revenue

Years

1

Fortune 50 Software Company

76

$527,166

11.7%

8.7

2

Oracle Corporation

43

368,005

8.2%

10.1

3

Social Content Platform

30

238,383

5.3%

3.2

4

Global Cloud Provider

64

207,199

4.6%

3.7

5

IBM

36

119,445

2.7%

2.6

6

Equinix

16

92,469

2.1%

5.1

7

LinkedIn Corporation

7

80,721

1.8%

2.9

8

Meta Platforms, Inc.

49

70,597

1.6%

3.2

9

Fortune 25 Investment Grade-Rated Company

30

69,489

1.5%

2.3

10

Social Media Platform

4

64,228

1.4%

5.9

11

Specialized Cloud Provider

3

59,552

1.3%

4.2

12

Lumen Technologies, Inc.

113

51,070

1.1%

8.2

13

Fortune 25 Tech Company

55

50,772

1.1%

3.3

14

AT&T

77

46,345

1.0%

2.6

15

Comcast Corporation

45

46,134

1.0%

3.0

16

JPMorgan Chase & Co.

20

41,647

0.9%

3.0

17

Quantitative Research and Investment Firm

2

40,327

0.9%

6.0

18

Rackspace

25

39,733

0.9%

8.4

19

Morgan Stanley

13

39,416

0.9%

4.0

20

Zayo

117

37,310

0.8%

1.4

Total / Weighted Average

$2,290,008

50.8%

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, 2025, multiplied by 12.

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

23


Table of Contents

Occupancy Analysis

Graphic

Financial Supplement

Dollars and Square Feet in Thousands

Second Quarter 2025

5

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-25

  

31-Mar-25

  

IT Load (6)

  

Count

 North America

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

Northern Virginia

 

5,019

 

520

 

252

$691,086

 

94.9%

93.7%

482.1

16

Chicago

 

2,262

 

553

 

48

233,741

 

92.4%

92.9%

81.0

7

Dallas

 

3,027

 

408

 

97

197,220

 

81.1%

81.0%

101.2

18

New York

 

1,498

 

 

98

191,608

 

72.7%

72.7%

57.5

10

Portland

 

1,147

 

 

159,606

 

99.8%

98.9%

123.6

3

Silicon Valley

 

1,224

 

 

154,576

 

84.4%

83.8%

94.6

11

Phoenix

 

783

 

19

 

75,141

 

75.3%

74.9%

42.5

2

Toronto

 

593

 

 

135

66,843

 

96.4%

96.4%

55.8

2

San Francisco

 

844

 

 

62,232

 

56.9%

57.5%

31.5

4

Seattle

 

397

 

 

55,978

 

68.9%

73.1%

5.9

1

Atlanta

 

154

 

68

 

314

50,580

 

79.1%

79.4%

11.1

3

Los Angeles

 

622

 

 

45,371

 

79.3%

78.4%

17.2

2

Houston

 

393

 

 

14

19,508

 

69.6%

69.6%

12.0

6

Boston

 

336

 

 

51

10,829

 

40.6%

38.9%

13.9

2

Miami

 

226

 

 

9,385

 

84.3%

85.9%

1.3

2

Austin

 

86

 

 

7,554

 

59.6%

59.6%

4.3

1

Charlotte

 

95

 

 

6,426

 

94.4%

94.2%

1.5

3

North America Total/Weighted Average

 

18,706

 

1,569

 

1,007

$2,037,683

 

84.7%

84.3%

1,137.0

93

 EMEA

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

London

 

1,402

 

23

 

76

$252,183

 

67.5%

63.8%

96.9

13

Frankfurt

 

1,867

 

1,305

 

247,646

 

87.6%

83.7%

122.4

24

Amsterdam

1,332

 

222

 

92

204,781

 

86.9%

86.2%

116.3

13

Paris

 

1,147

 

115

 

163,436

 

83.2%

85.7%

111.1

12

Johannesburg

 

1,448

 

760

 

161,663

 

84.1%

81.8%

77.4

5

Marseille

 

558

 

237

 

378

83,604

 

75.5%

75.5%

45.2

4

Zurich

 

596

 

 

81,093

 

75.0%

75.0%

42.4

3

Dublin

 

555

 

 

66,311

 

73.5%

74.0%

39.3

9

Madrid

 

352

 

56

 

55,831

 

76.4%

76.5%

22.6

4

Vienna

 

356

 

133

 

55,406

 

82.5%

82.5%

25.6

3

Cape Town

 

326

 

402

 

45,508

 

87.8%

87.5%

21.1

2

Brussels

 

338

 

 

41,665

 

70.8%

69.6%

21.5

3

Copenhagen

 

226

 

 

99

27,158

 

73.8%

69.6%

12.9

3

Stockholm

 

245

 

 

22,747

 

45.2%

46.9%

16.8

6

Dusseldorf

 

142

 

 

71

21,218

 

66.4%

59.8%

7.7

3

Athens

 

148

 

61

 

20,609

 

83.6%

84.4%

9.0

4

Durban

 

59

 

 

7,104

 

68.7%

68.3%

2.1

1

Mombasa

 

37

 

 

21

4,526

 

43.2%

42.9%

1.9

2

Zagreb

 

24

 

10

 

3,776

 

96.0%

94.6%

0.9

1

Nairobi

 

16

 

75

 

3,573

 

68.1%

66.3%

0.9

1

Maputo

 

3

 

 

487

 

41.6%

41.6%

0.2

1

Rome

 

0

 

37

 

199

 

100.0%

100.0%

0.1

1

Crete

 

11

 

 

69

 

2.2%

1.0

1

Barcelona

 

 

144

 

 

EMEA Total/Weighted Average

 

11,186

 

3,580

 

738

$1,570,594

 

79.2%

77.8%

795.2

119

 Asia Pacific

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

Singapore

 

793

 

 

97

$225,350

 

89.8%

90.5%

72.1

3

Sydney

 

361

 

 

88

27,119

 

83.3%

83.2%

22.8

4

Melbourne

 

147

 

 

18,541

 

90.5%

90.5%

9.6

2

Hong Kong

 

114

 

66

 

104

10,944

 

73.6%

73.7%

7.5

1

Seoul

 

162

 

1,025

 

7,960

 

33.6%

33.6%

12.0

1

Asia Pacific Total/Weighted Average

 

1,577

 

1,091

 

289

$289,914

 

81.4%

81.8%

123.9

11

Consolidated Portfolio Total/Weighted Average

 

31,469

 

6,240

 

2,034

$3,898,190

 

82.6%

81.9%

2,056.1

223

Held For Sale (7)

 

435

 

 

$12,686

 

82.9%

85.2%

5.1

2

Managed Unconsolidated entities

 

  

 

  

 

  

 

  

 

 

  

  

Northern Virginia

 

3,563

 

2,343

 

$321,254

 

97.5%

97.7%

254.1

15

Chicago

 

1,118

 

 

125,336

 

98.5%

96.9%

94.2

3

Frankfurt

 

551

 

 

57,249

 

85.7%

85.7%

46.1

5

Dallas

 

463

 

 

10

39,004

 

99.9%

99.9%

26.0

3

Silicon Valley

 

442

 

 

400

30,479

 

100.0%

100.0%

10.9

4

Paris

 

181

 

90

 

26,156

 

80.5%

73.3%

20.0

1

New York

 

144

 

 

20,224

 

100.0%

100.0%

7.2

1

Toronto

 

104

 

 

12,850

 

80.9%

54.5%

6.8

1

Hong Kong

 

186

 

 

11,205

 

44.4%

44.2%

11.0

1

Los Angeles

 

197

 

 

10,771

 

83.9%

82.1%

4.6

2

Lagos

 

8

 

26

 

2,413

 

58.7%

99.5%

0.7

2

Accra

 

 

24

 

 

Managed Unconsolidated Portfolio Total/Weighted Average

 

6,958

 

2,483

 

409

$656,943

 

94.5%

93.9%

481.3

38

Managed Portfolio Total/Weighted Average

 

38,427

 

8,723

 

2,443

$4,555,133

 

84.8%

84.0%

2,537.4

261

Digital Realty Share Total/Weighted Average (8)

 

32,934

 

6,513

 

2,377

$4,008,484

 

83.1%

82.8%

2,152.5

 Non-Managed Unconsolidated entities

 

  

 

  

 

  

 

  

 

 

 

  

 

  

Sao Paulo

 

1,490

 

37

 

1,161

$187,375

 

98.1%

93.2%

123.6

25

Tokyo

 

1,238

 

360

 

117,454

 

78.5%

77.2%

79.9

5

Osaka

 

615

 

84

 

80

82,609

 

85.1%

83.8%

61.9

4

Santiago

 

119

 

142

 

47

14,815

 

100.0%

90.6%

10.2

3

Queretaro

 

105

 

 

583

12,439

 

100.0%

100.0%

8.0

3

Rio De Janeiro

 

112

 

 

11,359

 

100.0%

100.0%

8.0

2

Seattle

 

51

 

 

7,770

 

100.0%

100.0%

9.0

1

Jakarta

 

222

 

 

3,181

 

64.4%

6.5

2

Fortaleza

 

94

 

 

2,114

 

12.6%

16.7%

6.2

1

Chennai

 

55

 

 

104

348

 

2.7%

2.7%

7.2

1

Mumbai

 

 

501

 

 

Bogota

 

 

 

197

 

2

Non-Managed Portfolio Total/Weighted Average

 

4,102

 

1,124

 

2,173

$439,464

 

85.3%

83.9%

320.4

49

Portfolio Total/Weighted Average

 

42,529

 

9,848

 

4,616

$4,994,597

 

84.8%

84.0%

2,857.8

310

(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.
(3)Space held for development includes space held for future Data Center development and excludes space under active development.
(4)Annualized base rent represents the monthly contractual base rent (defined as cash base rent before abatements) under existing leases as of June 30, 2025, 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)Held for Sale represents the assets targeted to be sold in 3Q25.
(8)Represents consolidated portfolio plus our managed portfolio of unconsolidated entities based on our ownership percentage.

24


Table of Contents

Development Lifecycle (1)

Graphic

Financial Supplement

Dollars in Thousands

Second Quarter 2025

Future Development Capacity

Data Center Construction

IT Capacity (100% Share) (2)

Total Investment (3)

Project Summary (4)

100% Share (4)

DLR Share (5)

 

Under

Average

Current

Future

Total

Current

Future

Total

100% Share

DLR Share

Construction

Expected

Investment

Investment

Investment

Investment

Investment

Investment

Yields

Region

Land (MW)

Shell (MW)

(4)

(5)

(MW)

% Leased

Completion

(6)

(7)

(8)

(6)

(7)

(8)

(9)

 Northern Virginia

900

 

70

$1,389,780

$842,073

 

344

 

72%

 

2Q26

$991,990

$2,880,999

$3,872,988

$423,337

$1,136,283

$1,559,620

 Chicago

40

 

78,392

78,392

 

54

 

89%

 

4Q26

140,116

517,765

657,881

140,116

517,765

657,881

 Dallas

680

 

50

497,447

148,306

 

56

 

100%

 

4Q26

63,232

570,553

633,785

63,072

477,287

540,359

 Other

930

 

160

1,306,482

1,209,401

 

10

 

96%

 

1Q26

127,024

13,728

140,752

69,617

9,916

79,533

Americas

 

2,550

 

280

$3,272,102

$2,278,173

 

464

 

78%

 

$1,322,362

$3,983,045

$5,305,406

$696,142

$2,141,250

$2,837,392

13.5%

 Frankfurt

 

90

 

90

$1,060,818

$881,160

 

35

 

41%

 

4Q25

$652,451

$61,849

$714,300

$652,451

$61,849

$714,300

 Amsterdam

 

40

 

10

83,472

83,472

 

27

 

24%

 

1Q26

306,093

155,313

461,406

306,093

155,313

461,406

 Paris

 

220

 

149,478

98,935

 

23

 

35%

 

4Q25

321,428

54,624

376,051

242,535

18,672

261,207

 Other

 

520

 

100

774,067

742,334

 

132

 

21%

 

3Q26

647,587

866,643

1,514,230

514,575

776,259

1,290,834

EMEA

 

870

 

200

$2,067,835

$1,805,900

 

216

 

26%

 

$1,927,558

$1,138,429

$3,065,987

$1,715,654

$1,012,093

$2,727,747

11.3%

 Tokyo

 

30

 

10

$111,201

$55,601

 

21

 

56%

 

1Q26

$134,365

$121,120

$255,485

$67,182

$60,560

$127,743

 Hong Kong

 

 

26,066

26,066

 

6

 

100%

 

3Q25

72,071

10,446

82,518

72,071

10,446

82,518

 Sydney

 

 

10

43,605

43,605

 

7

 

100%

 

2Q26

3,538

68,745

72,283

3,538

68,745

72,283

 Other

 

200

 

110

748,910

580,731

 

19

 

16%

 

2Q26

55,783

82,415

138,198

25,729

35,776

61,505

APAC

 

230

 

130

$929,782

$706,003

 

53

 

52%

 

$265,757

$282,727

$548,484

$168,520

$175,528

$344,048

9.6%

Total

 

3,650

 

610

$6,269,719

$4,790,075

 

734

 

61%

$3,515,677

$5,404,201

$8,919,877

$2,580,315

$3,328,872

$5,909,187

12.2%

(1)Includes development projects in consolidated and unconsolidated entities.
(2)Represents the expected megawatt capacity to be developed based on our current plans and estimates; actual megawatt capacity developed may differ. Includes land and space held or actively under construction in preparation for future data center fit-out.
(3)Represents cost incurred through June 30, 2025, plus remaining cost to complete on approved phases in preparation for future data center fit-out, including pro-rata share of acquisition, shell, and infrastructure costs.
(4)Includes Digital Realty's and partners' shares in development joint ventures projects.
(5)Includes only Digital Realty's share in development joint ventures projects.
(6)Represents cost incurred through June 30, 2025.
(7)Represents estimated cost to complete scope of work pursuant to approved development budget.
(8)Represents total cost to develop a data center, including pro-rata share of acquisition, infrastructure, and shell space, plus the direct investment in the data center fit-out.
(9)Represents pre-tax estimated stabilized cash yields, which are based on total expected investment amounts and anticipated net operating income from leases signed or other assumptions based on market conditions.

25


Table of Contents

Construction Projects in Progress (1)

Graphic

Financial Supplement

Dollars in Thousands

Second Quarter 2025

    

100% Share (2)

    

DLR Share (3)

Current

Future

Total

Current

Future

Total

 Construction Projects in Progress

Investment (4) (10)

Investment (5)

Investment

Investment (4) (6) (10)

Investment (5)

Investment

Future Development Capacity (7)

 

$3,522,070

$2,747,649

$6,269,719

$2,939,947

$1,850,128

$4,790,075

 

 Data Center Construction

 

3,515,677

5,404,201

8,919,878

2,580,315

3,328,872

5,909,187

 

 Equipment Pool & Other Inventory (8)

 

282,595

282,595

282,595

282,595

 

 Campus, Tenant Improvements & Other (9)

 

294,520

147,972

442,492

294,520

147,972

442,492

 

Total Land Held and Development CIP

 

$7,614,862

$8,299,822

$15,914,684

$6,097,377

$5,326,972

$11,424,349

 

 Enhancement & Other

 

$14,057

$5,900

$19,957

$14,057

$5,900

$19,957

 

 Recurring

 

27,217

46,116

73,333

27,217

46,116

73,333

 

Total Land Held and Construction in Progress

 

$7,656,136

$8,351,838

$16,007,974

$6,138,651

$5,378,988

$11,517,639

 

(1)Includes development projects in consolidated and unconsolidated entities.
(2)Includes Digital Realty's and partners' shares in development joint ventures projects.
(3)Includes only Digital Realty's share in development joint ventures projects.
(4)Represents cost incurred through June 30, 2025.
(5)Represents estimated cost to complete scope of work pursuant to approved development budget.
(6)Excludes $121.8 million representing our partners' shares in consolidated entities included in Construction in Progress or Land Held for Future Development in our Consolidated Balance Sheet; includes $990 million representing Digital Realty's share in development projects classified as Investments in Unconsolidated entities in our Consolidated Balance Sheet.
(7)Includes land and space held or actively under construction in preparation for future data center fit-out.
(8)Represents long-lead equipment and materials required for timely deployment and delivery of data center fit-out.
(9)Represents improvements in progress as of June 30, 2025, which benefit space recently converted to our operating portfolio and is composed primarily of shared infrastructure projects and first-generation tenant improvements. Includes $2.8 million included in our Consolidated Balance Sheet related to fair value adjustments on Teraco portfolio projects that were partially constructed as of August 1, 2022.
(10)Includes $74.3 million classified as assets held for sale and contribution in our Consolidated Balance Sheet related to development projects that are expected to be contributed to an unconsolidated entity and our U.S. Hyperscale Data Center Fund in the fourth quarter.

26


Table of Contents

Historical Capital Expenditures and Investments in Real Estate

Graphic

Financial Supplement

Dollars and Square Feet in Thousands

Second Quarter 2025

Three Months Ended

Six Months Ended

   

30-Jun-25

31-Mar-25

31-Dec-24

   

30-Sep-24

   

30-Jun-24

  

  

30-Jun-25

   

30-Jun-24

 Non-Recurring Capital Expenditures (1)

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 Development (2)

$565,168

$686,622

$528,356

$650,912

$531,903

$1,251,790

$1,081,425

 Enhancements and Other Non-Recurring

10,234

5,588

13,384

7,070

7,051

15,822

14,789

Total Non-Recurring Capital Expenditures

$575,402

$692,210

$541,740

$657,982

$538,953

$1,267,612

$1,096,214

 Recurring Capital Expenditures (3)

$62,083

$35,305

$130,245

$67,308

$60,483

$97,388

$108,159

Total Direct Capital Expenditures

$637,485

$727,515

$671,985

$725,290

$599,436

$1,365,000

$1,204,373

 Indirect Capital Expenditures

  

  

  

  

  

  

  

 Capitalized Interest

$29,393

$30,095

$34,442

$28,312

$27,592

$59,488

$56,114

 Capitalized Overhead

37,445

29,693

28,983

27,929

28,457

67,138

54,314

Total Indirect Capital Expenditures

$66,838

$59,788

$63,425

$56,241

$56,049

$126,626

$110,428

Total Improvements to and Advances for Investment in Real Estate

$704,323

$787,303

$735,410

$781,530

$655,485

$1,491,626

$1,314,801

(1)Non-recurring capital expenditures are primarily for development of space and land, excluding acquisition costs.
(2)Amount reflects the total capital expenditures on consolidated development projects during the quarter. The total includes 100% of spending on projects contributed to joint ventures prior to their contribution.
(3)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.

27


Table of Contents

Acquisitions / Dispositions/ Joint Ventures

Graphic

Financial Supplement

Dollars and Square Feet in Thousands

Second Quarter 2025

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)

Fort Gillem

Land

Atlanta, GA

4/2/2025

$120,000

NA

Midlothian

Land

Dallas, TX

6/27/2025

11,050

NA

Franklin Park

Land

Chicago, IL

Various

5,675

NA

Total

$136,725

 

 

 

 

 

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)

Total

Closed Joint Venture / Fund 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) (5)

Feet (3)

Development

Development

Feet Occupied (4)

U.S. Hyperscale Data Center Fund

Various

5/15/2025

$1,600,000

5.8%

Total

 

 

 

$1,600,000

 

 

 

 

(1)Represents the purchase price or sale price, as applicable before contractual price adjustments, transaction expenses, taxes, and potential currency fluctuations. All prices were converted to USD based on FX rate as of June 30, 2025.
(2)We calculate the cash capitalization rate on acquisitions, dispositions, and joint venture and fund contributions by dividing anticipated annual net operating income by the purchase/sale/contribution price, including assumed debt and related pre-payment penalties. Net operating income represents rental revenue and tenant reimbursement revenue from in-place leases, less rental property operating and maintenance expenses, property taxes and insurance expenses, and is not a financial measure calculated in accordance with GAAP. We caution you not to place undue reliance on our cash capitalization rates because they are based solely on data made available to us in the diligence process in connection with the relevant acquisitions and are calculated on a non-GAAP basis. Our calculation of the cash capitalization rate on acquisitions may change, based on our experience operating the data centers subsequent to closing of the acquisitions. In addition, the actual cash capitalization rates may differ from our expectations based on numerous other factors, including the results of our final purchase price allocation, difficulties collecting anticipated rental revenues, tenant bankruptcies, property tax reassessments and unanticipated expenses at the data centers that we cannot pass on to tenants.
(3)We estimate the total net rentable square feet available for lease based on a number of factors in addition to contractually leased square feet, including available power, required support space and common area.
(4)Occupancy excludes space under active development and space held for development.
(5)Cap Rate reflects the valuation of the stabilized assets contributed to the U.S. Hyperscale Data Center Fund, excluding the value of the development sites.

28


Table of Contents

Unconsolidated Entities

Graphic

Financial Supplement

Dollars in Thousands

Second Quarter 2025

Summary Balance Sheet -

As of June 30, 2025

at the JV's 100% Share

Americas (1)

APAC (2)

EMEA (3)

Global (4)

Total

Gross cost of operating real estate

 

 

$8,900,235

 

 

$2,364,308

 

 

$870,261

 

 

$1,795,276

 

 

$13,930,079

Accumulated depreciation and amortization

(1,134,113)

(337,453)

(13,630)

(139,858)

(1,625,054)

Net Book Value of Operating Real Estate

$7,766,122

$2,026,855

$856,631

$1,655,418

$12,305,026

Cash

451,517

398,299

80,253

60,718

990,787

Other assets

1,911,981

228,553

214,033

404,045

2,758,612

Total Assets

$10,129,620

$2,653,707

$1,150,917

$2,120,181

$16,054,425

Debt

3,579,730

953,221

376,103

673,657

5,582,711

Other liabilities

1,012,414

204,867

416,687

522,554

2,156,522

Equity / (deficit)

5,537,476

1,495,618

358,127

923,970

8,315,192

Total Liabilities and Equity

$10,129,620

$2,653,707

$1,150,917

$2,120,181

$16,054,425

Digital Realty's Pro Rata Share of Unconsolidated entities Debt

$1,287,961

$466,300

$75,221

$215,166

$2,044,648

Summary Statement of Operations -

Three Months Ended June 30, 2025

at the JV's 100% Share

Americas (1)

APAC (2)

EMEA (3)

Global (4)

Total

Total revenues

 

 

$256,175

 

 

$86,253

 

 

$13,862

 

 

$48,378

 

 

$404,668

Operating expenses

(110,689)

(41,952)

(4,317)

(20,544)

(177,502)

Net Operating Income (NOI)

$145,486

$44,301

$9,545

$27,834

$227,166

Straight-line rent

(4,344)

(4,485)

(2,196)

(636)

(11,661)

Above and below market rent

(1,227)

(916)

(3,633)

(5,776)

Cash Net Operating Income (NOI)

$139,915

$39,816

$6,433

$23,565

$209,729

Interest expense

($55,833)

($2,934)

($4,124)

($10,251)

($73,141)

Depreciation and amortization

(112,031)

(25,305)

(5,014)

(24,476)

(166,826)

Other income / (expense)

(17,672)

75

(1,343)

432

(18,508)

FX remeasurement on USD debt

7,400

11,046

(35,187)

(16,740)

Total Non-Operating Expenses

($178,136)

($28,164)

$565

($69,482)

($275,215)

Net Income / (Loss)

($32,650)

$16,137

$10,110

($41,648)

($48,050)

Digital Realty's Pro Rata Share of Unconsolidated entities NOI

$48,386

$22,163

$2,086

$12,859

$85,494

Digital Realty's Pro Rata Share of Unconsolidated entities Cash NOI

$46,211

$19,921

$1,463

$10,714

$78,309

Digital Realty's Earnings (loss) income from unconsolidated entities

($11,436)

$6,407

$6,128

($13,161)

($12,062)

Digital Realty's Pro Rata Share of Core FFO (5)

$21,821

$19,059

$512

$10,793

$52,184

Digital Realty's Fee Income from Unconsolidated entities

$16,410

$323

$1,470

$4,206

$22,409

(1)Includes Ascenty, Blackstone NoVa, Clise, GI Partners, Mapletree, Menlo, Mitsubishi, Realty Income, TPG Real Estate, U.S. Hyperscale Data Center Fund and Walsh.
(2)Includes Digital Realty Bersama, Digital Connexion, Lumen, and MC Digital Realty.
(3)Includes Blackstone Frankfurt, Blackstone Paris, Medallion, and Mivne.
(4)Includes Digital Core REIT.
(5)For a definition of Core FFO, see page 31.

Note: Digital Realty’s ownership percentages in the unconsolidated entities vary.

29


Table of Contents

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

Graphic

Financial Supplement

Unaudited and Dollars in Thousands

Second Quarter 2025

Three Months Ended

Reconciliation of Earnings Before Interest, Taxes, Depreciation & Amortization (EBITDA) (1)

30-Jun-25

31-Mar-25

31-Dec-24

30-Sep-24

30-Jun-24

Net Income / (Loss) Available to Common Stockholders

$1,021,975

$99,793

$179,388

$41,012

$70,039

Interest

 

 

109,383

 

 

98,464

 

 

104,742

 

 

123,803

 

 

114,756

Loss on debt extinguishment and modifications

2,165

2,636

Income tax expense (benefit)

12,883

17,135

4,928

12,427

14,992

Depreciation and amortization

461,167

443,009

455,355

459,997

425,343

EBITDA

$1,605,408

$658,400

$746,578

$639,875

$625,130

Unconsolidated JV real estate related depreciation and amortization

59,172

55,861

49,463

48,474

47,117

Unconsolidated JV interest expense and tax expense

31,243

33,390

32,255

34,951

27,704

Severance, equity acceleration and legal expenses

2,262

2,428

2,346

2,481

884

Transaction and integration expenses

22,546

39,902

11,797

24,194

26,072

(Gain) / loss on sale of investments

(931,830)

(1,111)

(144,885)

556

(173,709)

Provision for impairment

22,881

168,303

Other non-core adjustments, net (2)

9,545

(4,316)

24,539

8,642

743

Noncontrolling interests

14,790

(3,579)

(3,881)

(11,059)

(5,552)

Preferred stock dividends

10,181

10,181

10,181

10,181

10,181

Adjusted EBITDA

$823,319

$791,156

$751,276

$758,296

$726,874

(1)For definitions and discussion of EBITDA and Adjusted EBITDA, see the Definitions section.
(2)Includes foreign exchange net unrealized gains/losses attributable to remeasurement, deferred rent adjustments related to a customer bankruptcy, write offs associated with bankrupt or terminated customers, non-recurring legal and insurance expenses, gain on sale of land option and lease termination fees.

Three Months Ended

Financial Ratios

30-Jun-25

31-Mar-25

31-Dec-24

30-Sep-24

30-Jun-24

Total GAAP interest expense

 

 

$109,383

 

 

$98,464

 

 

$104,742

 

 

$123,803

 

 

$114,756

Capitalized interest

29,393

30,095

34,442

28,312

27,592

Change in accrued interest and other non-cash amounts

(92,065)

45,416

(58,137)

43,720

(55,605)

Cash Interest Expense (3)

$46,711

$173,975

$81,046

$195,835

$86,743

Preferred stock dividends

10,181

10,181

10,181

10,181

10,181

Total Fixed Charges (4)

$148,957

$138,739

$149,364

$162,296

$152,529

Coverage

Interest coverage ratio (5)

5.0x

5.3x

4.5x

4.3x

4.3x

Cash interest coverage ratio (6)

11.2x

4.1x

6.9x

3.4x

6.4x

Fixed charge coverage ratio (7)

4.7x

4.9x

4.2x

4.1x

4.1x

Cash fixed charge coverage ratio (8)

9.9x

3.9x

6.3x

3.3x

5.9x

Leverage

Debt to total enterprise value (9)(10)

23.2%

25.4%

21.4%

23.5%

24.2%

Debt-plus-preferred-stock-to-total-enterprise-value (10)(11)

24.1%

26.6%

22.3%

24.5%

25.3%

Pre-tax income to interest expense (12)

10.6x

2.1x

2.8x

1.3x

1.7x

Net Debt-to-Adjusted EBITDA (13)

5.1x

5.1x

4.8x

5.4x

5.3x

(3)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.
(4)Fixed charges consist of GAAP interest expense, capitalized interest, and preferred stock dividends.
(5)Adjusted EBITDA divided by GAAP interest expense plus capitalized interest (including our pro rata share of unconsolidated entities interest expense).
(6)Adjusted EBITDA divided by cash interest expense (including our pro rata share of unconsolidated entities interest expense).
(7)Adjusted EBITDA divided by fixed charges (including our pro rata share of unconsolidated entities fixed charges).
(8)Adjusted EBITDA divided by the sum of cash interest expense and preferred stock dividends (including our pro rata share of unconsolidated entities cash fixed charges).
(9)Total debt divided by market value of common equity plus debt plus preferred stock.
(10)Total enterprise value defined as market value of common equity plus debt plus preferred stock.
(11)Same as (9), except numerator includes preferred stock.
(12)Calculated as net income plus interest expense divided by GAAP interest expense.
(13)Calculated as total debt at balance sheet carrying value, plus capital lease obligations, plus Digital Realtys pro rata share of unconsolidated entities debt, less cash and cash equivalents (including Digital Realtys pro rata share of unconsolidated entities cash) divided by the product of Adjusted EBITDA (including Digital Realtys pro rata share of unconsolidated entities EBITDA), multiplied by four.

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Table of Contents

Management Statements on Non-GAAP Measures

Graphic

Financial Supplement

Unaudited

Second Quarter 2025

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

Core Funds from Operations (Core FFO):

We present core funds from operations, or Core FFO, as a supplemental operating measure because, in excluding certain items that do not reflect core revenue or expense streams, it provides a performance measure that, when compared year over year, captures trends in our core business operating performance. We calculate Core FFO by adding to or subtracting from FFO (i) other non-core revenue adjustments, (ii) transaction and integration expenses, (iii) loss on debt extinguishment and modifications, (iv) gain on / issuance costs associated with redeemed preferred stock, (v) severance, equity acceleration and legal expenses, (vi) gain/loss on FX and derivatives 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 on debt extinguishment and modifications, 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, (i) unconsolidated entities real estate related depreciation & amortization, (ii) unconsolidated entities interest expense and tax, (iii) severance, equity acceleration and legal expenses, (iv) transaction and integration expenses, (v) gain (loss) on sale / deconsolidation, (vi) provision for impairment, (vii) other non-core adjustments, net, (viii) noncontrolling interests, (ix) preferred stock dividends, and (x) gain on / issuance costs associated with redeemed preferred stock. Adjusted EBITDA is EBITDA excluding (i) unconsolidated entities real estate related depreciation & amortization, (ii) unconsolidated entities interest expense and tax, (iii) severance, equity acceleration and legal expenses, (iv) transaction and integration expenses, (v) gain (loss) on sale / deconsolidation, (vi) provision for impairment, (vii) other non-core adjustments, net, (viii) noncontrolling interests, (ix) preferred stock dividends, and (x) 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.

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Table of Contents

Management Statements on Non-GAAP Measures

Graphic

Financial Supplement

Unaudited

Second Quarter 2025

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. Same-Capital Cash NOI represents buildings owned as of December 31, 2023 of the prior year with less than 5% of total rentable square feet under development and excludes buildings that were undergoing, or were expected to undergo, development activities in 2024-2025, buildings classified as held for sale and contribution, and buildings sold or contributed to joint ventures for all periods presented (prior period numbers adjusted to reflect current same-capital pool). 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

GAAP refers to United States generally accepted accounting principles.

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

Debt-plus-preferred-to-total enterprise value is total debt plus preferred stock divided by total debt 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 and preferred stock dividends. For the quarter ended June 30, 2025, GAAP interest expense was $109 million, capitalized interest was $29 million and preferred stock dividends was $10 million.

Reconciliation of Net Operating Income (NOI)

Three Months Ended

Six Months Ended

(in thousands)

    

30-Jun-25

    

31-Mar-25

    

30-Jun-24

  

  

30-Jun-25

    

30-Jun-24

 

 

 

 

 

Operating income

$211,697

$195,750

$9,889

$407,447

$159,256

 Fee income

(34,427)

(20,643)

(15,656)

(55,070)

(28,666)

 Other income

(1,363)

(133)

(2,125)

(1,496)

(2,987)

 Depreciation and amortization

461,167

443,009

425,343

904,176

856,445

 General and administrative

133,755

121,112

119,511

254,867

233,931

Severance, equity acceleration and legal expenses

2,262

2,428

884

4,690

1,675

Transaction and integration expenses

22,546

39,902

26,072

62,448

57,911

Provision for impairment

168,303

168,303

Other expenses

195

112

(529)

307

10,306

Net Operating Income

$795,832

$781,536

$731,692

$1,577,369

$1,456,175

 Cash Net Operating Income (Cash NOI)

  

  

  

  

  

Net Operating Income

$795,832

$781,536

$731,692

$1,577,369

$1,456,175

 Straight-line rental revenue

(24,015)

(9,693)

(2,873)

(33,708)

(5,395)

 Straight-line rental expense

(469)

24

959

(445)

2,328

 Above- and below-market rent amortization

(752)

(706)

(1,691)

(1,458)

(2,545)

Cash Net Operating Income

$770,596

$771,162

$728,088

$1,541,758

$1,450,563

Constant Currency CFFO Reconciliation

Three Months Ended

Six Months Ended

(in thousands, except per share data)

    

30-Jun-25

    

    

30-Jun-24

  

  

30-Jun-25

    

30-Jun-24

 

 

 

 

 

Core FFO (1)

$643,284

$538,482

$1,251,639

$1,070,634

Core FFO impact of holding '24 Exchange Rates Constant (2)

(11,688)

(5,989)

Constant Currency Core FFO

$631,596

$538,482

$1,245,650

$1,070,634

Weighted-average shares and units outstanding - diluted

343,909

326,181

343,436

322,619

Constant Currency CFFO Per Share

$1.84

$1.65

$3.63

$3.32

1)As reconciled to net income above.
2)Adjustment calculated by holding currency translation rates for 2025 constant with average currency translation rates that were applicable to the same periods in 2024.

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Table of Contents

Forward-Looking Statements

Graphic

Financial Supplement

Second Quarter 2025

This document contains forward-looking statements within the meaning of the federal securities laws, which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. Such forward-looking statements include statements relating to: our economic outlook, our expected investment and expansion activity, anticipated continued demand for our products and service, our liquidity, our joint ventures, supply and demand for data center and colocation space, our acquisition and disposition activity, pricing and net effective leasing economics, market dynamics and data center fundamentals, our strategic priorities, our product offerings, available inventory, rent from leases that have been signed but have not yet commenced and other contracted rent to be received in future periods, rental rates on future leases, lag between signing and commencement, cap rates and yields, investment activity, the company’s FFO, Core FFO, constant currency Core FFO, adjusted FFO, and net income, 2025 outlook and underlying assumptions, information related to trends, our strategy and plans, leasing expectations, weighted average lease terms, the exercise of lease extensions, lease expirations, debt maturities, annualized rent at expiration of leases, the effect new leases and increases in rental rates will have on our rental revenue, our credit ratings, construction and development activity and plans, projected construction costs, estimated yields on investment, expected occupancy, expected square footage and IT load capacity upon completion of development projects, backlog NOI, NAV components, and other forward-looking financial data. Such statements are based on management’s beliefs and assumptions made based on information currently available to management. Such statements are subject to risks, uncertainties and assumptions and are not guarantees of future performance and may be affected by known and unknown risks, trends, uncertainties, and factors that are beyond our control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated, or projected. Some of the risks and uncertainties that may cause our actual results, performance, or achievements to differ materially from those expressed or implied by forward-looking statements include, among others, the following:

reduced demand for data centers or decreases in information technology spending;
decreased rental rates, increased operating costs or increased vacancy rates;
increased competition or available supply of data center space;
the suitability of our data centers and data center infrastructure, delays or disruptions in connectivity or availability of power, or failures or breaches of our physical and information security infrastructure or services;
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;
increased tariffs, global supply chain or procurement disruptions, or increased supply chain costs;
the impact from periods of heightened inflation on our costs, such as operating and general and administrative expenses, interest expense and real estate acquisition and construction costs;
the impact on our customers and our suppliers operations during an epidemic, pandemic, or other global events;
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;
changes in political conditions, geopolitical turmoil, political instability, civil disturbances, restrictive governmental actions or nationalization in the countries in which we operate;
our inability to retain data center space that we lease or sublease from third parties;
information security and data privacy breaches;
difficulties managing an international business and acquiring or operating properties in foreign jurisdictions and unfamiliar metropolitan areas;
our failure to realize the intended benefits from, or disruptions to our plans and operations or unknown or contingent liabilities related to, our recent and future 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;
environmental liabilities, risks related to natural disasters and our inability to achieve our sustainability goals;
the expected operating performance of anticipated near-term acquisitions and descriptions relating to these expectations;
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 U.S. federal income tax purposes;
Digital Realty Trust, L.P.s failure to qualify as a partnership for U.S. 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, 2024, 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 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, ServiceFabric, AnyScale Colo, Pervasive Data Center Architecture, PlatformDIGITAL, PDx, 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.

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