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**Digital Realty Reports Fourth Quarter 2023 Results**

**Austin, TX — February 15, 2024 — 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 fourth quarter of 2023. All per share results are presented on a fully diluted basis.

**Highlights**

-  Reported net income available to common stockholders of $0.08 per share in 4Q23, compared to ($0.02) in 4Q22

-  Reported FFO per share of $1.53 in 4Q23, compared to $1.45 in 4Q22

-  Reported Core FFO per share of $1.63 in 4Q23, compared to $1.65 in 4Q22

-  Reported Constant-Currency Core FFO per share of $1.62 in 4Q23 and $6.57 per share for the twelve months ended December 31, 2023

-  Reported “Same-Capital” cash NOI growth of 9.9% in 4Q23

-  Reported rental rate increases on renewal leases of 8.2% on a cash basis in 4Q23

-  Signed total bookings during 4Q23 that are expected to generate $110 million of annualized GAAP rental revenue, including a $39 million
contribution from the 0–1 megawatt category and $13 million contribution from interconnection

-  Introduced 2024 Core FFO per share outlook of $6.60 - $6.75

**Financial Results**

Digital Realty reported revenues of $1.4 billion in the fourth quarter of 2023, a 2% decrease from the previous quarter and an 11% increase from the
same quarter last year.

The company delivered net income of $20 million in the fourth quarter of 2023, and net income available to common stockholders of $18 million, or
$0.08 per diluted share, compared to $2.33 per diluted share in the previous quarter and ($0.02) per diluted share in the same quarter last year.

Digital Realty generated Adjusted EBITDA of $700 million in the fourth quarter of 2023, a 2% increase from the previous quarter and 9% increase over
the same quarter last year.

The company reported Funds From Operations (FFO) of $484 million in the fourth quarter of 2023, or $1.53 per share, compared to $1.55 per share in
the previous quarter and $1.45 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 $1.63 in the fourth
quarter of 2023, compared to $1.62 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 $1.62 for the fourth quarter of 2023 and $6.57 per share for the twelve-month period ended December 31,
2023.

“Our fourth quarter results marked the culmination of a transformative year for Digital Realty. We delivered on our strategic priorities and positioned
the company for the growing opportunity that lies ahead,” said Digital Realty President & Chief Executive Officer Andy Power. “During the fourth
quarter, we bolstered and diversified our capital sources through the formation of two new development joint ventures, while continuing to evolve our
portfolio to capture the tremendous opportunities created by AI.”

**Leasing Activity**

In the fourth quarter, Digital Realty signed total bookings that are expected to generate $110 million of annualized GAAP rental revenue, including a $39
million contribution from the 0–1 megawatt category and a $13 million contribution from interconnection.

The weighted-average lag between new leases signed during the fourth quarter of 2023 and the contractual commencement date was 16 months.

In addition to new leases signed, Digital Realty also signed renewal leases representing $210 million of annualized rental revenue during the quarter.
Rental rates on renewal leases signed during the fourth quarter of 2023 increased 8.2% on a cash basis and 10.6% on a GAAP basis.

-----

New leases signed during the fourth quarter of 2023 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 $13,068 57 $228 4.5 $241

> 1 MW 7,520 66 115 3.9 160

Other [(1)] 300 5 62 — —

**Total** **$20,887** **128** **$163** **8.4** **$204**

**EMEA [(2)]**

0-1 MW $17,189 87 $198 6.3 $226

> 1 MW 44,669 306 146 25.7 145

Other [(1)] 49 2 28 — —

**Total** **$61,908** **395** **$157** **32.0** **$161**

**Asia Pacific [(2)]**

0-1 MW $9,225 27 $343 2.8 $273

> 1 MW 4,453 28 158 3.0 124

Other [(1)] 128 4 30 — —

**Total** **$13,806** **59** **$233** **5.8** **$196**

**All Regions [(2)]**

0-1 MW $39,482 171 $231 13.7 $241

> 1 MW 56,642 400 142 32.6 145

Other [(1)] 477 11 44 — —

**Total** **$96,601** **582** **$166** **46.3** **$173**

**Interconnection** **$13,483** **N/A** **N/A** **N/A** **N/A**

**Grand Total** **$110,084** **582** **$166** **46.3** **$173**

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 December 31, 2023.

**Investment Activity**

During the fourth quarter, Digital Realty signed definitive agreements with Brookfield Infrastructure Partners L.P., Cyxtera Technologies and Digital Core
REIT to successfully resolve the relationship with Cyxtera. These agreements were completed in conjunction with Brookfield's announced agreement to
acquire Cyxtera, pursuant to its Plan of Reorganization under its Chapter 11 proceedings. As part of the agreements, Brookfield would acquire Digital
Realty’s interest in four data centers for approximately $275 million, Digital Realty would redeploy $55 million to buy out Cyxtera’s leases in three
Digital Realty data centers in Singapore and Frankfurt, Brookfield would grant Digital Realty a purchase option to acquire a data center outside of
London, UK, Brookfield would assume the leases in three data centers previously leased to Cyxtera, and Brookfield would amend the leases in these
three data centers in New Jersey and Los Angeles, accelerating the expiration date to September 2024. Subsequent to year end, Digital Realty closed on
the transactions and exercised its purchase option to acquire the data center outside of London, UK, which is expected to close at the end of the first
quarter.

As previously disclosed, in mid-November, Digital Realty and Realty Income Corporation established a joint venture to support the development of two
build-to-suit data centers in Northern Virginia. Realty Income initially invested approximately $200 million to acquire an 80% equity interest in the
venture, while Digital Realty maintains a 20% interest. Each partner will fund its pro rata share of the remaining development costs for the two facilities.
The build-to-suit facilities are 100% pre-leased and are expected to generate a 6.9% initial cash lease yield upon lease commencement in mid-2024.

Also previously disclosed, in December, Digital Realty and Blackstone Inc. announced a $7 billion joint venture to develop four hyperscale data center
campuses across Frankfurt, Paris and Northern Virginia. The campuses are planned to support the construction of 10 data centers with approximately
500 megawatts of potential IT load capacity. Blackstone will initially invest approximately $700 million to acquire an 80% equity interest in the joint
venture, while Digital Realty maintains a 20% interest. Digital Realty will manage the development and day-to-day operations of the joint venture, for
which it will receive customary fees. Subsequent to year end, the first phase of the joint venture closed on hyperscale data center campuses in Paris and
Northern Virginia, while the second phase is scheduled to close later this year, upon obtaining the required regulatory approvals.

Additionally, Digital Realty completed the sale of an option maintained on a second parcel of land in Sydney, Australia with an area of 21 acres for
approximately AU$29 million or $20 million.

-----

Further during the fourth quarter, Digital Realty exercised its option to purchase approximately 19 acres of land (PAR 8 11) in Paris, France for
approximately €70 million or $77 million. The parcel of land, previously leased to Digital Realty, is currently under development to support up to 77
megawatts of IT load. Subsequent to year end, Digital Realty closed on PAR 8 – 11.

In addition, during the fourth quarter, Digital Realty closed on the acquisition of approximately three acres adjacent to its existing campus near Athens,
Greece for approximately €6 million or $6 million. This land can support the development of an additional data center (ATH5) with up to 15 megawatts
of IT load.

Subsequent to year end, GI Partners executed its option to acquire an additional 15% interest in two stabilized hyperscale data center buildings in
Chicago, increasing their interest from the 65% interest acquired in the third quarter to 80%. The top-up, completed at the same terms as the initial
closing, resulted in approximately $68 million of gross proceeds to Digital Realty.

**Balance Sheet**

Digital Realty had approximately $17.4 billion of total debt outstanding as of December 31, 2023, comprised of $16.8 billion of unsecured debt and
approximately $0.6 billion of secured debt and other. At the end of the fourth quarter of 2023, net debt-to-Adjusted EBITDA was 6.2x, debt-pluspreferred-to-total enterprise value was 29.8% and fixed charge coverage was 3.8x. Pro forma for the completion of the Blackstone development joint
ventures announced in December 2023, the completion of asset sales, and the issuance of common stock subsequent to year end, net debt-to-Adjusted
EBITDA was 5.8x.

During the quarter, Digital Realty sold 8.7 million shares of its common stock at a weighted average price of $133.21 per share through its ATM
program, for net proceeds of approximately $1.1 billion. Subsequent to year end, the company sold 0.6 million shares of its common stock at a
weighted average price of $133.43 per share for net proceeds of approximately $84 million.

Subsequent to year end, the company retired $240 million of the $740 million U.S. dollar term loan.

-----

**2024 Outlook**

Digital Realty introduced its 2024 Core FFO per share and Constant-Currency Core FFO per share outlooks of $6.60 - $6.75. The assumptions underlying
the outlook are summarized in the following table.

**As of**

**Top-Line and Cost Structure**

Total revenue

Net non-cash rent adjustments (1)

Adjusted EBITDA

G&A

**Internal Growth**

Rental rates on renewal leases

Cash basis

GAAP basis

Year-end portfolio occupancy

"Same-Capital" cash NOI growth (2)

Foreign Exchange Rates

U.S. Dollar / Pound Sterling

U.S. Dollar / Euro

**External Growth**

Dispositions / Joint Venture Capital

Dollar volume

Cap rate

Development

CapEx (Net of Partner Contributions) (3)

Average stabilized yields

Enhancements and other non-recurring CapEx (4)

Recurring CapEx + capitalized leasing costs (5)

**Balance Sheet**

Long-term debt issuance

Dollar amount

Pricing

Timing

**Net income per diluted share**

Real estate depreciation and (gain) / loss on sale

**Funds From Operations / share (NAREIT-Defined)**

Non-core expenses and revenue streams

**Core Funds From Operations / share**

Foreign currency translation adjustments

**Constant-Currency Core Funds From Operations / share**

**February 15, 2024**

$5.550 - $5.650 billion

($35 - $40 million)

$2.800 - $2.900 billion

$450 - $460 million

4.0% - 6.0%

6.0% - 8.0%

+100 - 200 bps

2.0% - 3.0%

$1.25 - $1.30

$1.05 - $1.10

$1,000 - $1,500 million

6.0% - 8.0%

$2,000 - $2,500 million

10.0%+

$15 - $20 million

$260 - $275 million

$0 - $1,000 million

5.0% - 5.5%

Mid-Year

**$1.80 - $1.95**

$4.40 - $4.40

**$6.20 - $6.35**

$0.40 - $0.40

**$6.60 - $6.75**

$0.00 - $0.00

**$6.60 - $6.75**

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

(2) The “Same-Capital” pool includes properties owned as of December 31, 2022 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 2023-2024, properties classified as held for sale, and properties sold or
contributed to joint ventures for all periods presented.

(3) Excludes land acquisitions and includes Digital Realty’s share of JV contributions. Figure is net of JV partner 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.

-----

**Non-GAAP Financial Measures**

This document contains non-GAAP financial measures, including FFO, Core FFO, Adjusted FFO, Net Operating Income (NOI), “Same-Capital” Cash NOI
and Adjusted EBITDA. A reconciliation from U.S. GAAP net income available to common stockholders to FFO, a reconciliation from FFO to Core FFO, a
reconciliation from Core FFO to Adjusted FFO, reconciliation from NOI to Cash NOI, and definitions of FFO, Core FFO, Adjusted FFO, NOI and “SameCapital” 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 February 15, 2024, 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](https://investor.digitalrealty.com/overview/investor-relations-overview/default.aspx)
fourth quarter 2023 financial results and operating performance. The conference call will feature President & Chief Executive Officer Andy Power and
Chief Financial Officer Matt Mercier.

To participate in the live call, investors are invited to dial +1 (888) 317-6003 (for domestic callers) or +1 (412) 317-6061 (for international callers) and
reference the conference ID# 0216634 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.](https://investor.digitalrealty.com/overview/investor-relations-overview/default.aspx)

Telephone and webcast replays will be available after the call until March 15, 2024. 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# 4147003. The webcast replay can be accessed on
Digital Realty’s website.

**About Digital Realty**

Digital Realty brings companies and data together by delivering the full spectrum of data center, colocation, and interconnection solutions.
PlatformDIGITAL®, the company’s global data center platform, provides customers with a secure data meeting place and a proven Pervasive Datacenter
Architecture (PDx®) solution methodology for powering innovation and efficiently managing Data Gravity challenges. Digital Realty gives its customers
access to the connected 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.](https://www.digitalrealty.com/)

**Contact Information**

Matt Mercier
Chief Financial Officer
Digital Realty
(737) 281-0101

Jordan Sadler / Jim Huseby
Investor Relations
Digital Realty
(737) 281-0101

-----

**Consolidated Quarterly Statements of Operations**

**Financial Supplement**

**Unaudited and in Thousands, Except Per Share Data** **Fourth Quarter 2023**

**Three Months Ended** **Twelve Months Ended**

**31-Dec-23** **30-Sep-23** **30-Jun-23** **31-Mar-23** **31-Dec-22** **31-Dec-23** **31-Dec-22**

Rental revenues $885,694 $886,960 $869,298 $870,975 $834,374   $3,512,926 [ $3,141,488 ]

Tenant reimbursements - Utilities 316,634 335,477 330,416 317,148 247,725 1,299,676 941,891

Tenant reimbursements - Other 46,418 64,876 46,192 40,150 46,045 197,636 199,663

Interconnection & other 106,413 107,305 104,521 101,695 97,286 419,934 379,641

Fee income 14,330 7,819 14,908 7,868 7,508 44,926 24,506

Other 144 — 932 887 168 1,963 4,645

**Total Operating Revenues** **[ $1,369,633 ]** **$1,402,437** **$1,366,267** **$1,338,724** **$1,233,108** **[ $5,477,061 ]** **$4,691,834**

Utilities $366,083 $384,455 $374,934 $346,364 $268,561   $1,471,836 [ $1,005,070 ]

Rental property operating 237,118 223,089 224,762 224,861 222,430 909,830 820,746

Property taxes 40,161 72,279 46,718 40,424 42,032 199,581 175,631

Insurance 3,794 4,289 4,385 4,355 4,578 16,823 16,114

Depreciation & amortization 420,475 420,613 432,573 421,198 430,130 1,694,859 1,577,933

General & administration 109,235 108,039 105,964 107,766 104,452 431,004 398,669

Severance, equity acceleration and legal expenses 7,565 2,682 3,652 4,155 15,980 18,054 23,498

Transaction and integration expenses 40,226 14,465 17,764 12,267 17,350 84,722 68,766

Provision for impairment 5,363 113,000 — — 3,000 118,363 3,000

Other expenses 5,580 1,295 655 — 3,615 7,529 12,438

**Total Operating Expenses** **[ $1,235,598 ]** **$1,344,206** **$1,211,407** **$1,161,388** **$1,112,127** **[ $4,952,600 ]** **$4,101,865**

**Operating Income** **$134,035** **$58,231** **$154,860** **$177,335** **$120,981** **$524,461** **$589,969**

Equity in earnings / (loss) of unconsolidated joint ventures (29,955) (19,793) 5,059 14,897 (28,112) (29,791) (13,496)

Gain / (loss) on sale of investments (103) 810,688 89,946 — (6) 900,531 176,754

Interest and other income / (expense), net 50,269 24,812 (6,930) 280 (22,894) 68,431 8,918

Interest (expense) (113,638) (110,767) (111,116) (102,220) (86,882) (437,741) (299,132)

Income tax benefit / (expense) (20,724) (17,228) (16,173) (21,454) 17,676 (75,579) (31,551)

Loss from early extinguishment of debt — — — — — — (51,135)

**Net Income** **$19,884** **$745,941** **$115,647** **$68,839** **$763** **$950,311** **$380,327**

Net income / (loss) attributable to noncontrolling interests 8,419 (12,320) 2,538 (111) 3,326 (1,474) (2,455)

**Net Income Attributable to Digital Realty Trust, Inc.** **$28,304** **$733,621** **$118,185** **$68,728** **$4,089** **$948,838** **$377,872**

Preferred stock dividends (10,181) (10,181) (10,181) (10,181) (10,181) (40,725) (40,725)

**Net Income / (Loss) Available to Common Stockholders** **$18,122** **$723,440** **$108,003** **$58,547** **($6,093)** **$908,113** **$337,147**

Weighted-average shares outstanding - basic 305,781 301,827 295,390 291,219 289,365 298,603 286,334

Weighted-average shares outstanding - diluted 314,995 311,341 306,819 303,065 301,712 309,065 297,919

Weighted-average fully diluted shares and units 321,173 317,539 313,021 309,026 307,546 315,113 303,708

Net income / (loss) per share - basic $0.06 $2.40 $0.37 $0.20 ($0.02) $3.04 $1.18

Net income / (loss) per share - diluted $0.08 $2.33 $0.37 $0.19 ($0.02) $3.00 $1.13

-----

**Funds From Operations and Core Funds From Operations**

|Unaudited and in Thousands, Except Per Share Data|Col2|Col3|Col4|Col5|Col6|Col7|Col8|Col9|
|---|---|---|---|---|---|---|---|---|
|Three Months Ended Reconciliation of Net Income to Funds From Operations (FFO) 31-Dec-23 30-Sep-23 30-Jun-23 31-Mar-23 31-Dec-22 Net Income / (Loss) Available to Common Stockholders $18,122 $723,440 $108,003 $58,547 ($6,093) Adjustments: Non-controlling interest in operating partnership 410 16,300 2,500 1,500 (586) Real estate related depreciation & amortization (1) 410,167 410,836 424,044 412,192 422,951 Reconciling items related to non-controlling interests (15,377) (14,569) (14,144) (13,388) (13,856) Unconsolidated JV real estate related depreciation & amortization 64,833 43,215 35,386 33,719 33,927 (Gain) / loss on real estate transactions 103 (810,688) (89,946) (7,825) 572 Provision for impairment 5,363 113,000 — — 3,000||||||Twelve Months Ended|||
|||||||31-Dec-23 31-Dec-22|||
|||||||$908,112 $337,147 20,710 7,914 1,657,239 1,547,865 (57,477) (22,110) 177,153 123,099 (908,356) (177,332) 118,363 3,000|||
|Funds From Operations $483,621 $481,535 $465,844 $484,745 $439,915 Weighted-average shares and units outstanding - basic 311,960 308,024 301,593 297,180 295,199 Weighted-average shares and units outstanding - diluted (2)(3) 321,173 317,539 313,021 309,026 307,546 Funds From Operations per share - basic $1.55 $1.56 $1.54 $1.63 $1.49 Funds From Operations per share - diluted (2)(3) $1.53 $1.55 $1.52 $1.60 $1.45 Thr e e Months End ed Reconciliation of FFO to Core FFO 31-Dec-23 30-Sep-23 30-Jun-23 31-Mar-23 31-Dec-22 Funds From Operations $483,621 $481,535 $465,844 $484,745 $439,915 Other non-core revenue adjustments (146) (27) 27,454 (887) (3,786) Transaction and integration expenses 40,226 14,465 17,764 12,267 17,350 Loss from early extinguishment of debt — — — — — Severance, equity acceleration and legal expenses (4) 7,565 2,682 3,652 4,155 15,980 (Gain) / Loss on FX revaluation (24,804) 451 (7,868) (6,778) 14,564 Other non-core expense adjustments 1,956 1,295 655 — 3,615||||||$1,915,745 $1,819,583 304,651 292,123 315,113 303,708 $6.29 $6.23 $6.20 $6.03 Twelve M on t hs Ended|||
|||||||31-Dec-23 31-Dec-22|||
|||||||$1,915,745 $1,819,583 26,393 8,768 84,722 68,766 — 51,135 18,054 23,498 (39,000) (24,694) 3,905 12,388|||
|Core Funds From Operations $508,417 $500,402 $507,501 $493,500 $487,638 Weighted-average shares and units outstanding - diluted (2)(3) 312,356 308,539 301,806 297,382 295,519||||||$2,009,820 $1,959,444 305,138 292,528|||
|Core Funds From Operations per share - diluted (2) $1.63 $1.62 $1.68 $1.66 $1.65 (1) Real Estate Related Depreciation & Amortization Thr e e Months End ed 31-Dec-23 30-Sep-23 30-Jun-23 31-Mar-23 31-Dec-22 Depreciation & amortization per income statement $420,475 $420,613 $432,573 $421,198 $430,130 Non-real estate depreciation (10,308) (9,777) (8,529) (9,006) (7,179)||||||$6.59 $6.70 Twelve M on t hs Ended|||
|||||||31-Dec-23 31-Dec-22|||
|||||||$1,694,859 $1,577,933 (37,619) (30,068)|||
|Real Estate Related Depreciation & Amortization|$410,167|$410,836|$424,044|$412,192|$422,951||$1,657,239|$1,547,865|

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

|Three Months Ended 31-Dec-23 30-Sep-23 30-Jun-23 31-Mar-23 31-Dec-22 Teraco noncontrolling share of FFO $7,135 $11,537 $9,645 $11,069 $7,213|Col2|Col3|Col4|Col5|Col6|Twelve Months Ended|Col8|Col9|
|---|---|---|---|---|---|---|---|---|
|||||||31-Dec-23 31-Dec-22|||
|||||||$39,386 $11,919|||
|Teraco related minority interest|$7,135|$11,537|$9,645|$11,069|$7,213||$39,386|$11,919|

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

-----

**Adjusted Funds From Operations (AFFO)**

|Unaudited and in Thousands, Except Per Share Data|Col2|
|---|---|
|Three Months Ended Reconciliation of Core FFO to AFFO 31-Dec-23 30-Sep-23 30-Jun-23 31-Mar-23 31-Dec-22 Core FFO available to common stockholders and unitholders $508,417 $500,402 $507,501 $493,500 $487,638 Adjustments: Non-real estate depreciation 10,308 9,777 8,529 9,006 7,179 Amortization of deferred financing costs 5,744 5,776 5,984 4,072 3,753 Amortization of debt discount/premium 973 1,360 1,339 1,301 1,276 Non-cash stock-based compensation expense 9,226 14,062 13,893 13,056 16,042 Straight-line rental revenue (21,992) (14,080) (16,151) (16,194) (29,392) Straight-line rental expense (4,999) 1,427 520 (515) (208) Above- and below-market rent amortization (856) (1,127) (1,195) (1,226) (762) Deferred tax (benefit) / expense 33,448 (8,539) 1,339 (9,795) (4,885) Leasing compensation & internal lease commissions 9,848 12,515 11,611 11,067 9,578 Recurring capital expenditures (1) (142,808) (90,251) (53,498) (40,465) (109,999)|Twelve Months Ended|
||31-Dec-23 31-Dec-22|
||$2,009,820 $1,959,444 37,619 30,068 21,575 13,987 4,973 4,829 50,238 62,242 (68,417) (83,604) (3,567) 4,401 (4,404) (696) 16,452 (12,491) 45,040 42,117 (327,022) (266,466)|
|AFFO available to common stockholders and unitholders (2) $407,306 $431,322 $479,873 $463,807 $380,220 Weighted-average shares and units outstanding - basic 311,960 308,024 301,593 297,180 295,199 Weighted-average shares and units outstanding - diluted (3) 312,356 308,539 301,806 297,382 295,519 AFFO per share - diluted (3) $1.30 $1.40 $1.59 $1.56 $1.29 Dividends per share and common unit $1.22 $1.22 $1.22 $1.22 $1.22 Diluted AFFO Payout Ratio 93.6% 87.3% 76.7% 78.2% 94.8%|$1,782,308 $1,753,831 304,651 292,123 305,138 292,528 $5.84 $6.00 $4.88 $4.88 83.5% 81.4%|

**Three Months Ended** **Twelve Months Ended**

**Share Count Detail** **31-Dec-23** **30-Sep-23** **30-Jun-23** **31-Mar-23** **31-Dec-22** **31-Dec-23** **31-Dec-22**

|Weighted Average Common Stock and Units Outstanding 311,960 308,024 301,593 297,180 295,199 Add: Effect of dilutive securities 396 515 213 202 320|Col2|Col3|Col4|Col5|Col6|304,651 292,123 487 405|Col8|
|---|---|---|---|---|---|---|---|
|Weighted Avg. Common Stock and Units Outstanding - diluted|312,356|308,539|301,806|297,382|295,519|305,138|292,528|

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

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

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

-----

**Unaudited and in Thousands, Except Per Share Data**

**Assets**

Investments in real estate:

**31-Dec-23** **30-Sep-23** **30-Jun-23** **31-Mar-23** **31-Dec-22**

Real estate $27,306,369 $25,887,031 $27,087,769 $27,052,022 $26,136,057

Construction in progress 4,635,215 5,020,464 4,635,939 4,563,578 4,789,134

Land held for future development 118,190 179,959 193,936 194,564 118,452

**Investments in Real Estate** **$32,059,773** **$31,087,453** **$31,917,644** **$31,810,164** **$31,043,643**

Accumulated depreciation and amortization (7,823,685) (7,489,193) (7,739,462) (7,600,559) (7,268,981)

**Net Investments in Properties** **$24,236,089** **$23,598,260** **$24,178,182** **$24,209,605** **$23,774,662**

Investment in unconsolidated joint ventures 2,295,889 2,180,313 2,040,452 1,995,576 1,991,426

**Net Investments in Real Estate** **$26,531,977** **$25,778,573** **$26,218,634** **$26,205,180** **$25,766,088**

Operating lease right-of-use assets,net $1,414,256 $1,274,410 $1,291,233 $1,317,293 $1,351,329

Cash and cash equivalents 1,625,495 1,062,050 124,519 131,406 141,773

Accounts and other receivables, net [(1)] 1,278,110 1,325,725 1,158,383 1,070,066 969,292

Deferred rent, net 624,427 586,418 613,796 627,700 601,590

Goodwill 9,239,871 8,998,074 9,148,603 9,199,636 9,208,497

Customer relationship value, deferred leasing costs & other intangibles, net 2,500,237 2,506,198 2,825,596 3,015,291 3,092,627

Assets held for sale 478,503 — 593,892 — —

Other assets 420,382 401,068 414,078 386,495 353,802

**Total Assets** **$44,113,257** **$41,932,515** **$42,388,735** **$41,953,068** **$41,484,998**

**Liabilities and Equity**

Global unsecured revolving credit facilities, net $1,812,287 $1,698,780 $2,242,258 $2,514,202 $2,150,451

Unsecured term loans, net 1,560,305 1,524,663 1,548,780 1,542,275 797,449

Unsecured senior notes, net of discount 13,422,342 13,072,102 13,383,819 13,258,079 13,120,033

Secured and other debt, net of discount 630,973 574,231 554,594 560,955 528,870

Operating lease liabilities 1,542,094 1,404,510 1,420,239 1,443,994 1,471,044

Accounts payable and other accrued liabilities 2,168,983 2,147,103 2,214,820 1,923,819 1,868,884

Deferred tax liabilities, net 1,151,096 1,088,724 1,128,961 1,164,276 1,192,752

Accrued dividends and distributions 387,988 — — — 363,716

Security deposits and prepaid rents 401,867 385,521 417,693 392,021 369,654

Obligations associated with assets held for sale 39,001 — 4,990 — —

**Total Liabilities** **$23,116,936** **$21,895,634** **$22,916,155** **$22,799,620** **$21,862,853**

Redeemable non-controlling interests 1,394,814 1,360,308 1,367,422 1,448,772 1,514,680

**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, 392,000 shares authorized [(5)] 3,088 3,002 2,967 2,888 2,887

Additional paid-in capital 24,396,797 23,239,088 22,882,200 22,126,379 22,142,868

Dividends in excess of earnings (5,262,648) (4,900,757) (5,253,915) (4,995,982) (4,698,313)

Accumulated other comprehensive (loss), net (751,393) (882,996) (741,484) (652,486) (595,798)

**Total Stockholders' Equity** **$19,117,535** **$18,190,026** **$17,621,456** **$17,212,490** **$17,583,334**

**Noncontrolling Interests**

Noncontrolling interest in operating partnership $438,081 $441,366 $436,099 $444,843 $419,317

Noncontrolling interest in consolidated joint ventures 45,892 45,182 47,603 47,342 104,814

**Total Noncontrolling Interests** **$483,972** **$486,547** **$483,702** **$492,185** **$524,131**

**Total Equity** **$19,601,507** **$18,676,573** **$18,105,158** **$17,704,675** **$18,107,465**

|Total Liabilities and Equity|$44,113,257|$41,932,515|$42,388,735|$41,953,068|$41,484,998|
|---|---|---|---|---|---|

(1) Net of allowance for doubtful accounts of $41,204 and $33,048 as of December 31, 2023 and December 31, 2022, 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 December 31, 2023 and December
31, 2022.

(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 December 31, 2023 and December
31, 2022.

(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 December 31, 2023 and December
31, 2022.

(5) Common Stock: 311,608 and 291,148 shares issued and outstanding as of December 31, 2023 and December 31, 2022, respectively.

-----

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

**Unaudited and Dollars in Thousands**

**Three Months Ended**

**Reconciliation of Earnings Before Interest, Taxes, Depreciation & Amortization**
**(EBITDA) [(1)]** **31-Dec-23** **[30-Sep-23 ]** **[30-Jun-23 ]** **[31-Mar-23 ]** **[31-Dec-22 ]**

**Net Income / (Loss) Available to Common Stockholders** **$18,122** **$723,440** **$108,003** **$58,547** **($6,093)**

Interest 113,638 110,767 111,116 102,220 86,882

Income tax expense (benefit) 20,724 17,228 16,173 21,454 (17,676)

Depreciation & amortization 420,475 420,613 432,573 421,198 430,130

**EBITDA** **$572,958** **$1,272,048** **$667,866** **$603,420** **$493,243**

Unconsolidated JV real estate related depreciation & amortization 64,833 43,214 35,386 33,719 33,927

Unconsolidated JV interest expense and tax expense 42,140 27,000 32,105 18,556 53,481

Severance, equity acceleration and legal expenses 7,565 2,682 3,652 4,155 15,980

Transaction and integration expenses 40,226 14,465 17,764 12,267 17,350

(Gain) / loss on sale of investments 103 (810,688) (89,946) — 6

Provision for impairment 5,363 113,000 — — 3,000

Other non-core adjustments, net (35,439) 1,719 22,132 (14,604) 15,127

Non-controlling interests (8,419) 12,320 (2,538) 111 (3,326)

Preferred stock dividends 10,181 10,181 10,181 10,181 10,181

**Adjusted EBITDA** **$699,509** **$685,943** **$696,604** **$667,804** **$638,969**

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

**Three Months Ended**

**Financial Ratios** **31-Dec-23** **30-Sep-23** **30-Jun-23** **31-Mar-23** **31-Dec-22**

Total GAAP interest expense $113,638 $110,767 $111,116 $102,220 $86,882

Capitalized interest 33,032 29,130 27,883 26,771 24,581

Change in accrued interest and other non-cash amounts (66,013) 44,183 (60,612) 38,137 (67,909)

**Cash Interest Expense [(2)]** **$80,657** **$184,081** **$78,387** **$167,128** **$43,554**

Preferred stock dividends 10,181 10,181 10,181 10,181 10,181

**Total Fixed Charges [(3)]** **$156,851** **$150,079** **$149,181** **$139,172** **$121,645**

**Coverage**

Interest coverage ratio [(4)] 4.0x 4.3x 4.5x 4.7x 5.3x

Cash interest coverage ratio [(5)] 6.4x 3.4x 7.4x 3.7x 11.9x

Fixed charge coverage ratio [(6)] 3.8x 4.1x 4.2x 4.4x 4.9x

Cash fixed charge coverage ratio [(7)] 5.8x 3.2x 6.6x 3.5x 10.0x

**Leverage**

Debt to total enterprise value [(8)(9)] 28.6% 30.6% 33.3% 37.3% 35.2%

Debt-plus-preferred-stock-to-total-enterprise-value [(9)(10)] 29.8% 32.0% 34.7% 38.9% 36.8%

Pre-tax income to interest expense [(11)] 1.2x 7.7x 2.0x 1.7x 1.0x

Net Debt-to-Adjusted EBITDA [(12)] 6.2x 6.3x 6.8x 7.1x 6.9x

(2) Cash interest expense is interest expense less amortization of debt discount and deferred financing fees and includes interest that we capitalized. We consider cash
interest expense to be a useful measure of interest as it excludes non-cash-based interest expense.

(3) Fixed charges consist of GAAP interest expense, capitalized interest, and preferred stock dividends.

(4) Adjusted EBITDA divided by GAAP interest expense plus capitalized interest (including our pro rata share of unconsolidated joint venture interest expense).

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

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

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

(8) Total debt divided by market value of common equity plus debt plus preferred stock.

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

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

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

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

-----

**Definitions**

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

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

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

**EBITDA and Adjusted EBITDA:**
We believe that earnings before interest, loss from early extinguishment of debt, income taxes, and depreciation and amortization, or EBITDA, and
Adjusted EBITDA (as defined below), are useful supplemental performance measures because they allow investors to view our performance without the
impact of non-cash depreciation and amortization or the cost of debt and, with respect to Adjusted EBITDA, (i) unconsolidated joint venture real estate
related depreciation & amortization, (ii) unconsolidated joint venture 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) non-controlling interests, (ix) preferred stock dividends, and (x) issuance costs associated with redeemed preferred stock. Adjusted EBITDA is
EBITDA excluding (i) unconsolidated joint venture real estate related depreciation & amortization, (ii) unconsolidated joint venture 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, (vii) non-controlling 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.

-----

**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, 2021 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 2022-2023, buildings classified as held for sale, and buildings sold or
contributed to joint ventures for all periods presented (prior period numbers adjusted to reflect current same-capital pool). However, because NOI and cash NOI exclude
depreciation and amortization and capture neither the changes in the value of our data centers that result from use or market conditions, nor the level of capital
expenditures and capitalized leasing commissions necessary to maintain the operating performance of our data centers, all of which have real economic effect and could
materially impact our results from operations, the utility of NOI and cash NOI as measures of our performance is limited. Other REITs may calculate NOI and cash NOI
differently than we do and, accordingly, our NOI and cash NOI may not be comparable to other REITs’ NOI and cash NOI. NOI and cash NOI should be considered only as
supplements to net income computed in accordance with GAAP as measures of our performance.

**Additional Definitions**

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

Debt-plus-preferred-to-total enterprise value is 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 December 31,
2023, GAAP interest expense was $114 million, capitalized interest was $33 million and preferred stock dividends was $10 million.

|Reconciliation of Net Operating Income (NOI) Three Months Ended (in thousands) 31-Dec-23 30-Sep-23 31-Dec-22 Operating income $134,035 $58,231 $120,981 Fee income (14,330) (7,819) (7,508) Other income (144) — (168) Depreciation and amortization 420,475 420,613 430,130 General and administrative 109,235 108,039 104,452 Severance, equity acceleration and legal expenses 7,565 2,682 15,980 Transaction expenses 40,226 14,465 17,350 Provision for impairment 5,363 113,000 3,000 Other expenses 5,580 1,295 3,615|Twelve Months Ended 31-Dec-23 31-Dec-22|
|---|---|
||$524,461 $589,969 (44,926) (24,506) (1,963) (4,645) 1,694,859 1,577,933 431,004 398,669 18,054 23,498 84,722 68,766 118,363 3,000 7,529 12,438|
|Net Operating Income $708,003 $710,505 $687,831 Cash Net Operating Income (Cash NOI) Net Operating Income $708,003 $710,505 $687,831 Straight-line rental revenue (22,085) (14,185) (32,226) Straight-line rental expense (4,745) 1,632 (680) Above- and below-market rent amortization (856) (1,127) (762)|$2,832,102 $2,645,122|
||$2,832,102 $2,645,122 (40,480) (69,998) (2,901) 2,857 (4,404) (696)|
|Cash Net Operating Income $680,317 $696,826 $654,164 Constant Currency CFFO Reconciliation Three Months Ended (in thousands, except per share data) 31-Dec-23 30-Sep-23 31-Dec-22 Core FFO (1) $508,417 $487,638 Core FFO impact of holding '22 Exchange Rates Constant (2) (3,781) —|$2,784,317 $2,577,283|
||Twelve Months Ended 31-Dec-23 31-Dec-22|
||$2,009,820 $1,959,444 (3,964) —|
|Constant Currency Core FFO $504,636 $487,638 Weighted-average shares and units outstanding - diluted 312,356 295,519 Constant Currency CFFO Per Share $1.62 $1.65|$2,005,856 $1,959,444 305,138 292,528 $6.57 $6.70|

1) As reconciled to net income above.

2) Adjustment calculated by holding currency translation rates for 2023 constant with average currency translation rates that were applicable to the same periods in 2022.

-----

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, 2024 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;

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

-  our ability to attract and retain customers;

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

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

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

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

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

-  information security and data privacy breaches;

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

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

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

-  difficulties in identifying properties to acquire and completing acquisitions;

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

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

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

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

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

-  our inability to manage our growth effectively;

-  losses in excess of our insurance coverage;

-  our inability to attract and retain talent;

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

-  the expected operating performance of anticipated near-term acquisitions and descriptions relating to these expectations;

-  environmental liabilities, risks related to natural disasters and our inability to achieve our sustainability goals;

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

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

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

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

-  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, 2022, and other filings with the U.S. Securities and Exchange Commission. Those risks continue to be relevant to our performance and financial
condition. Moreover, we operate in a 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.

-----
END DOCUMENT 1

BEGIN DOCUMENT 2:
**Digital Realty Reports First Quarter 2023 Results**

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

**Highlights**

-  Reported net income available to common stockholders of $0.19 per share in 1Q23, compared to $0.22 in 1Q22

-  Reported FFO per share of $1.60 in 1Q23, compared to $1.60 in 1Q22

-  Reported Core FFO per share of $1.66 and Constant-Currency Core FFO per share of $1.69 in 1Q23, compared to $1.67 in 1Q22

-  Reported “Same-Capital” cash NOI growth of 3.4% in 1Q23

-  Reported rental rate increases on renewal leases of 4.5% on a cash basis in 1Q23

-  Signed total bookings during 1Q23 that are expected to generate $83 million of annualized GAAP rental revenue, including a $34 million
contribution from the 0-1 megawatt category and a record $14 million contribution from interconnection

-  Maintained 2023 Core FFO per share outlook of $6.65 - $6.75

**Financial Results**

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

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

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

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

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

**Leasing Activity**

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

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

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

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

-----

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

**Annualized GAAP**

**Base Rent** **Square Feet** **GAAP Base Rent** **GAAP Base Rent**

**The Americas** **(in thousands)** **(in thousands)** **per Square Foot** **Megawatts** **per Kilowatt**

0-1 MW $12,265 60 $204 3.6 $281

> 1 MW 27,464 189 145 19.7 116

Other [(1)] 581 19 30 — —

**Total** **$40,310** **269** **$150** **23.3** **$142**

**EMEA [(2)]**

0-1 MW $20,273 73 $278 5.5 $308

> 1 MW 7,357 59 125 5.5 111

Other [(1)] 17 1 33 — —

**Total** **$27,647** **132** **$209** **11.0** **$209**

**Asia Pacific [(2)]**

0-1 MW $1,252 8 $156 0.5 $225

> 1 MW — — — — —

Other [(1)] 21 — 44 — —

**Total** **$1,273** **8** **$149** **0.5** **$225**

**All Regions [(2)]**

0-1 MW $33,790 141 $239 9.6 $294

> 1 MW 34,821 248 140 25.2 115

Other [(1)] 619 20 30 — —

**Total** **$69,230** **410** **$169** **34.8** **$164**

**Interconnection** **$14,063** **N/A** **N/A** **N/A** **N/A**

**Grand Total** **$83,293** **410** **$169** **34.8** **$164**

Note: Totals may not foot due to rounding differences.

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

(2) Based on quarterly average exchange rates during the three months ended March 31, 2023.

**Investment Activity**

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

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

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

-----

**Balance Sheet**

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

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

-----

**2023 Outlook**

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

**As of**

**February 16, 2023**

$5.700 - $5.800 billion

($55 - $60 million)

$2.675 - $2.725 billion

$425 - $435 million

Greater than 3.0%

Greater than 3.0%

85.0% - 86.0%

3.0% - 4.0%

$1.20 - $1.25

$1.00 - $1.05

$1.5 - $2.5 billion

0.0% - 10.0%

$2.3 - $2.5 billion

9.0% - 15.0%

$15 - $20 million

$230 - $240 million

$1.0 - $1.5 billion

4.5% - 5.5%

First Half 2023

**$1.15 - $1.25**

$5.25 - $5.25

**$6.40 - $6.50**

$0.25 - $0.25

**$6.65 - $6.75**

$0.00 - $0.00

**$6.65 - $6.75**

**As of**

**April 27, 2023**

$5.500 - $5.600 billion

($55 - $60 million)

$2.675 - $2.725 billion

$425 - $435 million

Greater than 3.0%

Greater than 3.0%

85.0% - 86.0%

3.0% - 4.0%

$1.20 - $1.25

$1.05 - $1.10

$1.5 - $2.5 billion

0.0% - 10.0%

$2.3 - $2.5 billion

9.0% - 15.0%

$15 - $20 million

$230 - $240 million

$1.0 - $1.5 billion

5.5% - 6.0%

First Half 2023

**$1.15 - $1.25**

$5.25 - $5.25

**$6.40 - $6.50**

$0.25 - $0.25

**$6.65 - $6.75**

$0.00 - $0.00

**$6.65 - $6.75**

**Top-Line and Cost Structure**

Total revenue

Net non-cash rent adjustments (1)

Adjusted EBITDA

G&A

**Internal Growth**

Rental rates on renewal leases

Cash basis

GAAP basis

Year-end portfolio occupancy

"Same-capital" cash NOI growth (2)

Foreign Exchange Rates

U.S. Dollar / Pound Sterling

U.S. Dollar / Euro

**External Growth**

Dispositions / Joint Venture Capital

Dollar volume

Cap rate

Development

CapEx (3)

Average stabilized yields

Enhancements and other non-recurring CapEx (4)

Recurring CapEx + capitalized leasing costs (5)

**Balance Sheet**

Long-term debt issuance

Dollar amount

Pricing

Timing

**Net income per diluted share**

Real estate depreciation and (gain) / loss on sale

**Funds From Operations / share (NAREIT-Defined)**

Non-core expenses and revenue streams

**Core Funds From Operations / share**

Foreign currency translation adjustments

**Constant-Currency Core Funds From Operations / share**

(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 belowmarket leases (i.e., ASC 805 adjustments).

(2) The “same-capital” pool includes properties owned as of December 31, 2021 with less than 5% of total rentable square feet under development. It excludes
properties that were undergoing, or were expected to undergo, development activities in 2022-2023, properties classified as held for sale, and properties sold or
contributed to joint ventures for all periods presented.

(3) Includes land acquisitions.

(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.

-----

**Non-GAAP Financial Measures**

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

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

**Investor Conference Call**

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

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

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

**About Digital Realty**

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

**Contact Information**

Matt Mercier
Chief Financial Officer
Digital Realty
(737) 281-0101

Jordan Sadler / Jim Huseby
Investor Relations
Digital Realty
(737) 281-0101

-----

**Consolidated Quarterly Statements of Operations**

**Unaudited and Dollars in Thousands, Except Per Share Data** **First Quarter 2023**

**Three Months Ended**

**31-Mar-23** **31-Dec-22** **30-Sep-22** **30-Jun-22** **31-Mar-22**

Rental revenues $870,975 $834,374 $787,839 $767,313 $751,962

Tenant reimbursements - Utilities 317,148 247,725 251,420 218,198 224,547

Tenant reimbursements - Other 40,150 46,045 49,419 52,688 51,511

Interconnection & other 101,695 97,286 95,486 93,338 93,530

Fee income 7,868 7,508 6,169 5,072 5,757

Other 887 168 1,749 2,713 15

**Total Operating Revenues** **$1,338,724** **$1,233,108** **$1,192,082** **$1,139,321** **$1,127,323**

Utilities $346,364 $268,561 $271,844 $223,426 $241,239

Rental property operating 224,861 222,430 205,886 198,076 194,354

Property taxes 40,424 42,032 39,860 47,213 46,526

Insurance 4,355 4,578 4,002 3,836 3,698

Depreciation & amortization 421,198 430,130 388,704 376,967 382,132

General & administration 107,766 104,452 95,792 101,991 96,435

Severance, equity acceleration, and legal expenses 4,155 15,980 1,655 3,786 2,077

Transaction and integration expenses 12,267 17,350 25,862 13,586 11,968

Impairment of investments in real estate — 3,000 — — —

Other expenses — 3,615 1,096 70 7,657

**Total Operating Expenses** **$1,161,388** **$1,112,127** **$1,034,701** **$968,950** **$986,087**

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

Equity in earnings / (loss) of unconsolidated joint ventures 14,897 (28,112) (12,254) (34,088) 60,958

Gain / (loss) on sale of investments — (6) 173,990 — 2,770

Interest and other income / (expense), net 280 (22,894) 15,752 13,008 3,051

Interest (expense) (102,220) (86,882) (76,502) (69,023) (66,725)

Income tax benefit / (expense) (21,454) 17,676 (19,576) (16,406) (13,244)

Loss from early extinguishment of debt — — — — (51,135)

**Net Income** **$68,839** **$763** **$238,791** **$63,862** **$76,911**

Net income / (loss) attributable to noncontrolling interests (111) 3,326 (1,716) (436) (3,629)

**Net Income Attributable to Digital Realty Trust, Inc.** **$68,728** **$4,089** **$237,075** **$63,426** **$73,282**

Preferred stock dividends, including undeclared dividends (10,181) (10,181) (10,181) (10,181) (10,181)

**Net Income / (Loss) Available to Common Stockholders** **$58,547** **($6,093)** **$226,894** **$53,245** **$63,101**

Weighted-average shares outstanding - basic 291,218,549 289,364,739 286,693,071 284,694,064 284,525,992

Weighted-average shares outstanding - diluted 303,064,832 301,712,082 296,414,726 285,109,903 285,025,099

Weighted-average fully diluted shares and units 309,026,076 307,546,353 302,257,518 290,944,163 290,662,421

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

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

-----

**Funds From Operations and Core Funds From Operations**

**Unaudited and in Thousands, Except Per Share Data** **First Quarter 2023**

**Three Months Ended**

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

**Net Income / (Loss) Available to Common Stockholders** **$58,547** **($6,093)** **$226,894** **$53,245** **$63,101**

Adjustments:

Non-controlling interest in operating partnership 1,500 (586) 5,400 1,500 1,600

Real estate related depreciation & amortization (1) 412,192 422,951 381,425 369,327 374,162

Depreciation related to non-controlling interests (13,388) (13,856) (8,254) -  -

Unconsolidated JV real estate related depreciation & amortization 33,719 33,927 30,831 29,022 29,320

(Gain) / loss on real estate transactions (7,825) 572 (173,990) (1,144) (2,770)

Impairment of investments in real estate -  3,000 -  -  -

|Funds From Operations - diluted $484,745 $439,915 $462,306 $451,949|$465,412|
|---|---|

Weighted-average shares and units outstanding - basic 297,180 295,199 292,536 290,528 290,163

Weighted-average shares and units outstanding - diluted (2)(3) 309,026 307,546 302,258 290,944 290,662

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

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

**Three Months Ended**

**Reconciliation of FFO to Core FFO** **31-Mar-23** **31-Dec-22** **30-Sep-22** **30-Jun-22** **31-Mar-22**

**Funds From Operations - diluted** **$484,745** **$439,915** **$462,306** **$451,949** **$465,412**

Other non-core revenue adjustments (887) (3,786) (1,818) 456 13,916

Transaction and integration expenses 12,267 17,350 25,862 13,586 11,968

Loss from early extinguishment of debt -  -  -  -  51,135

Severance, equity acceleration, and legal expenses (4) 4,155 15,980 1,655 3,786 2,077

(Gain) / Loss on FX revaluation (6,778) 14,564 (1,120) 29,539 (67,676)

Other non-core expense adjustments -  3,615 1,046 70 7,657

|Core Funds From Operations - diluted $493,500 $487,638 $487,931 $499,386|$484,490|
|---|---|

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

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

(1)     Real Estate Related Depreciation & Amortization **Three Months Ended**

**31-Mar-23** **31-Dec-22** **30-Sep-22** **30-Jun-22** **31-Mar-22**

Depreciation & amortization per income statement $421,198 $430,130 $388,704 $376,967 $382,132

Non-real estate depreciation (9,006) (7,179) (7,279) (7,640) (7,970)

|Real Estate Related Depreciation & Amortization $412,192 $422,951 $381,425 $369,327|$374,162|
|---|---|

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

**Three Months Ended**

**31-Mar-23** **31-Dec-22** **30-Sep-22** **30-Jun-22** **31-Mar-22**

Teraco noncontrolling share of FFO $11,069 $7,213 $4,706 -  -

**Teraco related minority interest** **$11,069** **$7,213** **$4,706** **-** **-**

(3) For all periods presented, we have excluded the effect of dilutive series J, series K and series L preferred stock, as applicable, that may be converted into common stock upon the
occurrence of specified change in control transactions as described in the articles supplementary governing the series J, series K and series L preferred stock, as applicable, which we
consider highly improbable. See above for calculations of diluted FFO and the share count detail section that follows the reconciliation of Core FFO to AFFO for calculations of weighted
average common stock and units outstanding. For definitions and discussion of FFO and Core FFO, see the definitions section.

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

-----

**Adjusted Funds From Operations (AFFO)**

**Unaudited and in Thousands, Except Per Share Data** **First Quarter 2023**

**Three Months Ended**

**Reconciliation of Core FFO to AFFO** **31-Mar-23** **31-Dec-22** **30-Sep-22** **30-Jun-22** **31-Mar-22**

**Core FFO available to common stockholders and unitholders** **$493,500** **$487,638** **$487,931** **$499,386** **$484,490**

Adjustments:

Non-real estate depreciation 9,006 7,179 7,279 7,640 7,970

Amortization of deferred financing costs 4,072 3,753 3,270 3,330 3,634

Amortization of debt discount/premium 1,301 1,276 1,146 1,193 1,214

Non-cash stock-based compensation expense 13,056 16,042 15,948 15,799 14,453

Straight-line rental revenue (16,194) (29,392) (18,123) (17,278) (18,810)

Straight-line rental expense (515) (208) 2,679 (2,237) 4,168

Above- and below-market rent amortization (1,226) (762) (465) 196 335

Deferred tax (benefit) / expense (9,795) (4,885) (5,233) (769) (1,604)

Leasing compensation & internal lease commissions 11,067 9,578 9,866 9,411 13,261

Recurring capital expenditures (1) (40,465) (109,999) (66,200) (43,497) (46,770)

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

Weighted-average shares and units outstanding - basic 297,180 295,199 292,536 290,528 290,163

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

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

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

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

**Three Months Ended**

**Share Count Detail** **31-Mar-23** **31-Dec-22** **30-Sep-22** **30-Jun-22** **31-Mar-22**

**Weighted Average Common Stock and Units Outstanding** **297,180** **295,199** **292,536** **290,528** **290,163**

Add: Effect of dilutive securities 202 320 294 416 499

|Weighted Avg. Common Stock and Units Outstanding - diluted|297,382|295,519 292,830 290,944 290,662|
|---|---|---|

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

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

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

-----

**Consolidated Balance Sheets**

**Unaudited and in Thousands, Except Share and Per Share Data** **First Quarter 2023**

**31-Mar-23** **31-Dec-22** **30-Sep-22** **30-Jun-22** **31-Mar-22**

**Assets**

Investments in real estate:

Real estate $27,052,022 $26,136,057 $24,876,600 $24,065,933 $23,769,712

Construction in progress 4,563,578 4,789,134 4,222,142 3,362,114 3,523,484

Land held for future development 194,564 118,452 34,713 37,460 107,003

**Investments in real estate** **$31,810,164** **$31,043,643** **$29,133,455** **$27,465,507** **$27,400,199**

Accumulated depreciation and amortization (7,600,559) (7,268,981) (6,826,918) (6,665,118) (6,467,233)

**Net Investments in Properties** **$24,209,605** **$23,774,662** **$22,306,537** **$20,800,389** **$20,932,966**

Investment in unconsolidated joint ventures 1,995,576 1,991,426 1,912,958 1,942,549 2,044,074

**Net Investments in Real Estate** **$26,205,180** **$25,766,088** **$24,219,495** **$22,742,937** **$22,977,040**

Cash and cash equivalents $131,406 $141,773 $176,969 $99,226 $157,964

Accounts and other receivables[ (1)] 1,070,066 969,292 861,117 797,208 774,579

Deferred rent 627,700 601,590 556,198 554,016 545,666

Customer relationship value, deferred leasing costs
3,015,291 3,092,627 3,035,861 2,521,390 2,640,795
& other intangibles, net

Goodwill 9,199,636 9,208,497 8,728,105 7,545,107 7,802,440

Operating lease right-of-use assets 1,317,293 1,351,329 1,253,393 1,310,970 1,361,942

Other assets 386,495 353,802 384,079 385,202 420,119

**Total Assets** **$41,953,068** **$41,484,998** **$39,215,217** **$35,956,057** **$36,680,546**

**Liabilities and Equity**

Global unsecured revolving credit facilities $2,514,202 $2,150,451 $2,255,139 $1,440,040 $943,325

Unsecured term loans 1,542,275 797,449 729,976 — —

Unsecured senior notes, net of discount 13,258,079 13,120,033 12,281,410 12,695,568 13,284,650

Secured debt and other, net of premiums 560,955 528,870 491,984 158,699 160,240

Operating lease liabilities 1,443,994 1,471,044 1,363,712 1,418,540 1,472,510

Accounts payable and other accrued liabilities 1,923,819 1,868,884 1,621,406 1,619,222 1,572,359

Deferred tax liabilities, net 1,164,276 1,192,752 1,145,097 611,582 649,112

Accrued dividends and distributions — 363,716 — — —

Security deposits and prepaid rent 392,021 369,654 341,552 341,140 346,911

**Total Liabilities** **$22,799,620** **$21,862,853** **$20,230,276** **$18,284,791** **$18,429,107**

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

**Equity**

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

Series J Cumulative Redeemable Preferred Stock [(2)] $193,540 $193,540 $193,540 $193,540 $193,540

Series K Cumulative Redeemable Preferred Stock [(3)] 203,264 203,264 203,264 203,264 203,264

Series L Cumulative Redeemable Preferred Stock [(4)] 334,886 334,886 334,886 334,886 334,886

Common Stock: $0.01 par value per share,
2,888 2,887 2,851 2,824 2,824
392,000,000 shares authorized [(5)]

Additional paid-in capital 22,126,379 22,142,868 21,528,384 21,091,364 21,069,391

Dividends in excess of earnings (4,995,982) (4,698,313) (4,336,201) (4,211,685) (3,916,854)

Accumulated other comprehensive (loss), net (652,486) (595,798) (862,804) (475,561) (188,844)

**Total Stockholders' Equity** **$17,212,490** **$17,583,334** **$17,063,920** **$17,138,632** **$17,698,207**

**Noncontrolling Interests**

Noncontrolling interest in operating partnership $444,843 $419,317 $421,484 $432,213 $444,029

Noncontrolling interest in consolidated joint
47,342 104,814 69,617 59,374 66,470
ventures

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

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

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

(1) Net of allowance for doubtful accounts of $36,240 and $33,048 as of March 31, 2023 and December 31, 2022, respectively.

(2) Series J Cumulative Redeemable Preferred Stock, 5.250%, $200,000 and $200,000 liquidation preference, respectively ($25.00 per share), 8,000,000 and 8,000,000 shares issued and

outstanding as of March 31, 2023 and December 31, 2022, respectively.

(3) Series K Cumulative Redeemable Preferred Stock, 5.850%, $210,000 and $210,000 liquidation preference, respectively ($25.00 per share), 8,400,000 and 8,400,000 shares issued and

outstanding as of March 31, 2023 and December 31, 2022, respectively.

(4) Series L Cumulative Redeemable Preferred Stock, 5.200%, $345,000 and $345,000 liquidation preference, respectively ($25.00 per share), 13,800,000 and 13,800,000 shares issued and

outstanding as of March 31, 2023 and December 31, 2022, respectively.

(5) Common Stock: 291,298,610 and 291,148,222 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively.

-----

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

**Unaudited and Dollars in Thousands** **First Quarter 2023**

**Three Months Ended**

**Reconciliation of Earnings Before Interest, Taxes, Depreciation & Amortization**
**(EBITDA) [(1)]** **31-Mar-23** **[31-Dec-22 ]** **[30-Sep-22 ]** **[30-Jun-22 ]** **[31-Mar-22 ]**

**Net Income / (Loss) Available to Common Stockholders** **$58,547** **($6,093)** **$226,894** **$53,245** **$63,101**

Interest 102,220 86,882 76,502 69,023 66,725

Loss from early extinguishment of debt — — — — 51,135

Income tax expense (benefit) 21,454 (17,676) 19,576 16,406 13,244

Depreciation & amortization 421,198 430,130 388,704 376,967 382,132

**EBITDA** **$603,419** **$493,244** **$711,676** **$515,642** **$576,337**

Unconsolidated JV real estate related depreciation & amortization 33,719 33,927 30,831 29,023 29,319

Unconsolidated JV interest expense and tax expense 18,556 53,481 11,948 6,708 21,111

Severance, equity acceleration, and legal expenses 4,155 15,980 1,655 3,786 2,077

Transaction and integration expenses 12,267 17,350 25,862 13,586 11,968

(Gain) / loss on sale of investments — 6 (173,990) — (2,770)

Impairment of investments in real estate — 3,000 — — —

Other non-core adjustments, net (14,604) 15,127 (94) 31,633 (48,858)

Non-controlling interests 111 (3,326) 1,716 436 3,629

Preferred stock dividends, including undeclared dividends 10,181 10,181 10,181 10,181 10,181

(Gain on) / Issuance costs associated with redeemed preferred stock — — — — —

**Adjusted EBITDA** **$667,804** **$638,969** **$619,786** **$610,994** **$602,994**

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

**Three Months Ended**

**Financial Ratios** **31-Mar-23** **31-Dec-22** **30-Sep-22** **30-Jun-22** **31-Mar-22**

Total GAAP interest expense $102,220 $86,882 $76,502 $69,023 $66,725

Capitalized interest 26,771 24,581 17,304 14,131 14,751

Change in accrued interest and other non-cash amounts 38,137 (67,909) 31,860 (43,952) 52,324

**Cash Interest Expense [(2)]** **$167,128** **$43,554** **$125,666** **$39,202** **$133,800**

Preferred dividends 10,181 10,181 10,181 10,181 10,181

**Total Fixed Charges [(3)]** **$139,172** **$121,645** **$103,987** **$93,335** **$91,657**

**Coverage**

Interest coverage ratio [(4)] 4.7x 5.3x 6.1x 6.6x 6.1x

Cash interest coverage ratio [(5)] 3.7x 11.9x 4.6x 12.6x 4.0x

Fixed charge coverage ratio [(6)] 4.4x 4.9x 5.5x 6.0x 5.5x

Cash fixed charge coverage ratio [(7)] 3.5x 10.0x 4.3x 10.4x 3.7x

**Leverage**

Debt to total enterprise value [(8)(9)] 37.3% 35.2% 34.5% 27.1% 25.5%

Debt plus preferred stock to total enterprise value [(9)(10)] 38.9% 36.8% 36.2% 28.5% 26.8%

Pre-tax income to interest expense [(11)] 1.7x 1.0x 4.1x 1.9x 2.2x

Net Debt to Adjusted EBITDA [(12)] 7.1x 6.9x 6.7x 6.2x 6.3x

(2) Cash interest expense is interest expense less amortization of debt discount and deferred financing fees and includes interest that we capitalized. We consider cash interest expense to be a
useful measure of interest as it excludes non-cash based interest expense.

(3) Fixed charges consist of GAAP interest expense, capitalized interest, and preferred dividends.

(4) Adjusted EBITDA divided by GAAP interest expense plus capitalized interest (including our pro rata share of unconsolidated joint venture interest expense).

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

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

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

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

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

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

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

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

-----

**Definitions**

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

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

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

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

-----

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

**Additional Definitions**

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

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

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

**Reconciliation of Net Operating Income (NOI)** **Three Months Ended**

**(in thousands)** **31-Mar-23** **31-Dec-22** **31-Mar-22**

**Operating income** **$177,335** **$120,981** **$141,236**

Fee income (7,868) (7,508) (5,757)

Other income (887) (168) (15)

Depreciation and amortization 421,198 430,130 382,132

General and administrative 107,766 104,452 96,435

Severance, equity acceleration, and legal expenses 4,155 15,980 2,077

Transaction expenses 12,267 17,350 11,968

Other expenses — 3,615 7,657

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

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

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

Straight-line rental revenue (16,327) (32,226) (6,530)

Straight-line rental expense (510) (680) 3,646

Above- and below-market rent amortization (1,226) (762) 335

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

**Constant Currency CFFO Reconciliation** **Three Months Ended**

**(in thousands)** **31-Mar-23** **31-Mar-22**

**Core FFO [(1)]** **$493,500** **$484,490**

Core FFO impact of holding '22 Exchange Rates Constant [(2)] 9,413 —

**Constant Currency Core FFO** **$502,913** **$484,490**

Weighted-average shares and units outstanding - diluted 297,382 290,662

**Constant Currency CFFO Per Share** **$1.69** **$1.67**

1) As reconciled to net income above.

2) Adjustment calculated by holding currency translation rates for 2023 constant with average currency translation rates that were applicable to the same periods in 2022

-----

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

-  reduced demand for data centers or decreases in information technology spending;

-  increased competition or available supply of data center space;

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

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

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

-  our ability to attract and retain customers;

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

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

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

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

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

-  information security and data privacy breaches;

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

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

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

-  difficulties in identifying properties to acquire and completing acquisitions;

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

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

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

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

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

-  our inability to manage our growth effectively;

-  losses in excess of our insurance coverage;

-  our inability to attract and retain talent;

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

-  environmental liabilities, risks related to natural disasters and our inability to achieve our sustainability goals;

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

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

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

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

-  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, 2022 and other filings with the U.S. Securities and Exchange Commission. Those risks continue to be relevant to our performance and financial
condition. Moreover, we operate in a very competitive and rapidly changing environment. New risk factors emerge from time to time and it is not possible for management to predict all such risk
factors, nor can it assess the impact of all such risk factors on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those
contained in any forward-looking statements. We expressly disclaim any responsibility to update forward-looking statements, whether as a result of new information, future events or otherwise.
Digital Realty, Digital Realty Trust, the Digital Realty logo, Interxion, Turn-Key Flex, Powered Base Building, and PlatformDIGITAL®, Data Gravity Index and Data Gravity Index DGx are registered
trademarks and service marks of Digital Realty Trust, Inc. in the United States and/or other countries. All other names, trademarks and service marks are the property of their respective owners.

-----
END DOCUMENT 2

BEGIN DOCUMENT 3:
**Digital Realty Reports Second Quarter 2024 Results**

**Austin, TX — July 25, 2024 — 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 2024. All per share results are presented on a fully diluted basis.

**Highlights**

-  Reported net income available to common stockholders of $0.20 per share in 2Q24, compared to $0.34 in 2Q23

-  Reported FFO per share of $1.57 in 2Q24, compared to $1.52 in 2Q23

-  Reported Core FFO per share of $1.65 in 2Q24, compared to $1.68 in 2Q23

-  Reported rental rate increases on renewal leases of 4.0% on a cash basis in 2Q24

-  Signed total bookings during 2Q24 that are expected to generate $164 million of annualized GAAP rental revenue, including a $40 million
contribution from the 0–1 megawatt category and $14 million contribution from interconnection

-  Maintained 2024 Core FFO per share outlook of $6.60 - $6.75

**Financial Results**

Digital Realty reported revenues of $1.4 billion in the second quarter of 2024, a 2% increase from the previous quarter and a 1% decrease from the
same quarter last year.

The company delivered net income of $75 million in the second quarter of 2024, and net income available to common stockholders of $70 million, or
$0.20 per diluted share, compared to $0.82 per diluted share in the previous quarter and $0.34 per diluted share in the same quarter last year.

Digital Realty generated Adjusted EBITDA of $727 million in the second quarter of 2024, a 2% increase from the previous quarter and a 4% increase over
the same quarter last year.

The company reported Funds From Operations (FFO) of $511 million in the second quarter of 2024, or $1.57 per share, compared to $1.41 per share in
the previous quarter and $1.52 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 $1.65 in the second
quarter of 2024, compared to $1.67 per share in the previous quarter and $1.68 per share in the same quarter last year. Digital Realty delivered
Constant-Currency Core FFO per share of $1.66 for the second quarter of 2024 and $3.33 per share for the six-month period ended June 30, 2024.

“Digital Realty’s second quarter results reflect the continued strength of demand for data center capacity, along with a keen focus on our value
proposition,” said Digital Realty President & Chief Executive Officer Andy Power. “We have returned our balance sheet to below-target leverage levels
and broadened our capital sources to capitalize on the global opportunity we see for data center infrastructure.”

**Leasing Activity**

In the second quarter, Digital Realty signed total bookings that are expected to generate $164 million of annualized GAAP rental revenue, including a
$40 million contribution from the 0–1 megawatt category and a $14 million contribution from interconnection.

The weighted-average lag between new leases signed during the second quarter of 2024 and the contractual commencement date was 20 months.

In addition to new leases signed, Digital Realty also signed renewal leases representing $215 million of annualized cash rental revenue during the
quarter. Rental rates on renewal leases signed during the second quarter of 2024 increased 4.0% on a cash basis and 7.5% on a GAAP basis.

-----

New leases signed during the second quarter of 2024 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 $13,980 58 $239 4.4 $263

> 1 MW 87,212 359 243 49.8 146

Other [(1)] 183 6 32 — —

**Total** **$101,375** **423** **$239** **54.2** **$155**

**EMEA [(2)]**

0-1 MW $19,397 48 $406 4.9 $331

> 1 MW 14,309 80 178 7.6 158

Other [(1)] 37 4 10 — —

**Total** **$33,743** **132** **$256** **12.4** **$226**

**Asia Pacific [(2)]**

0-1 MW $6,264 20 $316 1.7 $304

> 1 MW 8,728 27 327 2.8 264

Other [(1)] 129 1 118 — —

**Total** **$15,121** **48** **$318** **4.5** **$279**

**All Regions [(2)]**

0-1 MW $39,642 126 $315 11.0 $299

> 1 MW 110,249 466 236 60.1 153

Other [(1)] 349 10 34 — —

**Total** **$150,239** **603** **$249** **71.1** **$176**

**Interconnection** **$14,011** **N/A** **N/A** **N/A** **N/A**

**Grand Total** **$164,250** **603** **$249** **71.1** **$176**

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, 2024.

**Investment Activity**

As previously disclosed, Digital Realty closed on the sale to Digital Core REIT (SGX: DCRU) of an additional 24.9% interest in a data center facility located
in Frankfurt, Germany for €117 million, or approximately $125 million. The transaction valued the Frankfurt facility at €470 million, or approximately
$504 million (at 100% share).

Also previously disclosed, Digital Realty expanded its existing joint venture with GI Partners in Chicago, with the sale of a 75% interest in a third
stabilized hyperscale data center that is situated on the same campus as two stabilized hyperscale data centers that were contributed to the joint
venture with GI Partners in July 2023. Digital Realty received approximately $388 million of gross proceeds and maintained a 25% interest in the joint
venture.

During the quarter, Digital Realty acquired a 4.1-acre parcel of land in Amsterdam, near one of its existing campuses for approximately €7.4 million or
$7.9 million. The site comprises approximately 70,000 square feet leased to local tenants and approximately 39,000 square feet of land which will be
used to develop a new high voltage substation to drive growth at the campus and optimize the use of a previously acquired land plot in the vicinity.

Also during the quarter, Digital Realty liquidated its 17% interest in Colovore, generating gross proceeds of approximately $35 million. Digital Realty
realized a gain of approximately $27 million on its original investments, made in 2015 and 2017.

Subsequent to quarter end, and as previously disclosed, Digital Realty closed on its purchase option to acquire two data centers located in the Slough
Trading Estate for $200 million. The two stabilized data centers offer a combined 15 MW of IT load, with an established community of 150+ customers,
including a broad array of connectivity providers, technology companies, and financial services firms, utilizing over 2,000 cross connects. The acquisition
marked Digital Realty’s entry into the west London, UK submarket, complementing Digital Realty’s existing colocation capabilities in the City and the
Docklands.

-----

**Balance Sheet**

Digital Realty had approximately $16.3 billion of total debt outstanding as of June 30, 2024, comprised of $15.6 billion of unsecured debt and
approximately $0.7 billion of secured debt and other. At the end of the second quarter of 2024, net debt-to-Adjusted EBITDA was 5.3x, debt-pluspreferred-to-total enterprise value was 25.3% and fixed charge coverage was 4.1x.

Digital Realty completed the following financing transactions during the second quarter:

-  In April, the company repaid €600 million ($647 million) in aggregate principal amount of its 2.625% senior notes;

-  In May, Digital Realty sold 12.1 million shares of common stock at $144.63 per share pursuant to a follow-on equity offering, raising $1.65
billion of net proceeds; and

-  The company also sold 1.2 million shares of common stock under its At-The-Market (ATM) equity issuance program at a weighted average
price of $148.99 per share, for net proceeds of approximately $177 million.

Subsequent to quarter end, the company sold an additional 1.4 million shares of common stock under its ATM program at a weighted average price of
$152.77 per share, for net proceeds of approximately $219 million. In July, the company also repaid £250 million ($316 million) in aggregate principal
amount of its 2.75% senior notes.

-----

**2024 Outlook**

Digital Realty maintained its 2024 Core FFO per share and Constant-Currency Core FFO per share outlook of $6.60 - $6.75. The assumptions underlying
the outlook are summarized in the following table.

**As of**

**February 15, 2024**

$5.550 - $5.650 billion

($35 - $40 million)

$2.800 - $2.900 billion

$450 - $460 million

4.0% - 6.0%

6.0% - 8.0%

+100 - 200 bps

2.0% - 3.0%

$1.25 - $1.30

$1.05 - $1.10

$1,000 - $1,500 million

6.0% - 8.0%

$2,000 - $2,500 million

10.0%+

$15 - $20 million

$260 - $275 million

$0 - $1,000 million

5.0% - 5.5%

Mid-Year

**$1.80 - $1.95**

$4.40 - $4.40

**$6.20 - $6.35**

$0.40 - $0.40

**$6.60 - $6.75**

$0.00 - $0.00

**$6.60 - $6.75**

**As of**

**May 2, 2024**

$5.550 - $5.650 billion

($35 - $40 million)

$2.800 - $2.900 billion

$450 - $460 million

5.0% - 7.0%

7.0% - 9.0%

+100 - 200 bps

2.5% - 3.5%

$1.25 - $1.30

$1.05 - $1.10

$1,000 - $1,500 million

6.0% - 8.0%

$2,000 - $2,500 million

10.0%+

$15 - $20 million

$260 - $275 million

$0 - $1,000 million

5.0% - 5.5%

Mid-Year

**$1.80 - $1.95**

$4.40 - $4.40

**$6.20 - $6.35**

$0.40 - $0.40

**$6.60 - $6.75**

$0.00 - $0.00

**$6.60 - $6.75**

**As of**

**July 25, 2024**

$5.550 - $5.650 billion

($35 - $40 million)

$2.800 - $2.900 billion

$450 - $460 million

5.0% - 7.0%

7.0% - 9.0%

+100 - 200 bps

2.5% - 3.5%

$1.25 - $1.30

$1.05 - $1.10

$1,000 - $1,500 million

6.0% - 8.0%

$2,000 - $2,500 million

10.0%+

$15 - $20 million

$260 - $275 million

$0 - $1,000 million

5.0% - 5.5%

Mid-Year

**$1.40 - $1.55**

$4.75 - $4.75

**$6.15 - $6.30**

$0.45 - $0.45

**$6.60 - $6.75**

$0.00 - $0.00

**$6.60 - $6.75**

**Top-Line and Cost Structure**

Total revenue

Net non-cash rent adjustments [(1)]

Adjusted EBITDA

G&A

**Internal Growth**

Rental rates on renewal leases

Cash basis

GAAP basis

Year-end portfolio occupancy

"Same-Capital" cash NOI growth [(2)]

Foreign Exchange Rates

U.S. Dollar / Pound Sterling

U.S. Dollar / Euro

**External Growth**

Dispositions / Joint Venture Capital

Dollar volume

Cap rate

Development

CapEx (Net of Partner Contributions) [(3)]

Average stabilized yields

Enhancements and other non-recurring CapEx [(4)]

Recurring CapEx + capitalized leasing costs [(5)]

**Balance Sheet**

Long-term debt issuance

Dollar amount

Pricing

Timing

**Net income per diluted share**

Real estate depreciation and (gain) / loss on sale

**Funds From Operations / share (NAREIT-Defined)**

Non-core expenses and revenue streams

**Core Funds From Operations / share**

Foreign currency translation adjustments

**Constant-Currency Core Funds From Operations / share**

(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 belowmarket leases (i.e., ASC 805 adjustments).

(2) The “Same-Capital” pool includes properties owned as of December 31, 2022 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 2023-2024, properties classified as held for sale, and properties sold or
contributed to joint ventures for all periods presented.

(3) Excludes land acquisitions and includes Digital Realty’s share of JV contributions. Figure is net of JV partner 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.

-----

**Non-GAAP Financial Measures**

This document contains non-GAAP financial measures, including FFO, Core FFO, Adjusted FFO, Net Operating Income (NOI), “Same-Capital” Cash NOI
and Adjusted EBITDA. A reconciliation from U.S. GAAP net income available to common stockholders to FFO, a reconciliation from FFO to Core FFO, a
reconciliation from Core FFO to Adjusted FFO, reconciliation from NOI to Cash NOI, and definitions of FFO, Core FFO, Adjusted FFO, NOI and “SameCapital” 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 25, 2024, 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](https://investor.digitalrealty.com/overview/investor-relations-overview/default.aspx)
2024 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# 2977783 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.](https://investor.digitalrealty.com/overview/investor-relations-overview/default.aspx)

Telephone and webcast replays will be available after the call until August 25, 2024. 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# 2171709. The webcast replay can be accessed on
Digital Realty’s website.

**About Digital Realty**

Digital Realty brings companies and data together by delivering the full spectrum of data center, colocation, and interconnection solutions.
PlatformDIGITAL®, the company’s global data center platform, provides customers with a secure data meeting place and a proven Pervasive Datacenter
Architecture (PDx®) solution methodology for powering innovation and efficiently managing Data Gravity challenges. Digital Realty gives its customers
access to the connected 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.](https://www.digitalrealty.com/)

**Contact Information**

Matt Mercier
Chief Financial Officer
Digital Realty
(737) 281-0101

Jordan Sadler / Jim Huseby
Investor Relations
Digital Realty
(737) 281-0101

-----

**Consolidated Quarterly Statements of Operations**

**Unaudited and in Thousands, Except Per Share Data**

**Second Quarter 2024**

**Three Months Ended** **Six Months Ended**

**30-Jun-24** **31-Mar-24** **31-Dec-23** **30-Sep-23** **30-Jun-23** **30-Jun-24** **30-Jun-23**

Rental revenues $912,994 $894,409 $885,694 $886,960 $869,298   $1,807,402 [ $1,740,273 ]

Tenant reimbursements - Utilities 274,505 276,357 316,634 335,477 330,416 550,862 647,565

Tenant reimbursements - Other 41,964 38,434 46,418 64,876 46,192 80,398 86,342

Interconnection & other 109,505 108,071 106,413 107,305 104,521 217,576 206,216

Fee income 15,656 13,010 14,330 7,819 14,908 28,666 22,777

Other 2,125 862 144 — 932 2,987 1,819

**Total Operating Revenues** **[ $1,356,749 ]** **$1,331,143** **$1,369,633** **$1,402,437** **$1,366,267** **[ $2,687,892 ]** **$2,704,991**

Utilities $315,248 $324,571 $366,083 $384,455 $374,934 $639,818 $721,298

Rental property operating 237,653 224,369 237,118 223,089 224,762 462,021 449,623

Property taxes 49,620 41,156 40,161 72,279 46,718 90,776 87,141

Insurance 4,755 2,694 3,794 4,289 4,385 7,449 8,739

Depreciation & amortization 425,343 431,102 420,475 420,613 432,573 856,445 853,771

General & administration 119,511 114,419 109,235 108,039 105,964 233,931 213,730

Severance, equity acceleration and legal expenses 884 791 7,565 2,682 3,652 1,675 7,807

Transaction and integration expenses 26,072 31,839 40,226 14,465 17,764 57,911 30,031

Provision for impairment 168,303 — 5,363 113,000 — 168,303 —

Other expenses (529) 10,836 5,580 1,295 655 10,306 655

**Total Operating Expenses** **[ $1,346,860 ]** **$1,181,776** **$1,235,598** **$1,344,206** **$1,211,407** **[ $2,528,636 ]** **$2,372,795**

**Operating Income** **$9,889** **$149,367** **$134,035** **$58,231** **$154,860** **$159,256** **$332,196**

Equity in earnings / (loss) of unconsolidated joint ventures (41,443) (16,008) (29,955) (19,793) 5,059 (57,451) 19,957

Gain / (loss) on sale of investments 173,709 277,787 (103) 810,688 89,946 451,496 89,946

Interest and other income / (expense), net 62,261 9,709 50,269 24,812 (6,930) 71,970 (6,650)

Interest (expense) (114,756) (109,535) (113,638) (110,767) (111,116) (224,291) (213,336)

Income tax benefit / (expense) (14,992) (22,413) (20,724) (17,228) (16,173) (37,405) (37,627)

Loss from early extinguishment of debt — (1,070) — — — (1,070) —

**Net Income** **$74,668** **$287,837** **$19,884** **$745,941** **$115,647** **$362,505** **$184,486**

Net (income) / loss attributable to noncontrolling interests 5,552 (6,329) 8,419 (12,320) 2,538 (777) 2,427

**Net Income Attributable to Digital Realty Trust, Inc.** **$80,220** **$281,508** **$28,304** **$733,621** **$118,185** **$361,728** **$186,913**

Preferred stock dividends (10,181) (10,181) (10,181) (10,181) (10,181) (20,363) (20,363)

**Net Income / (Loss) Available to Common Stockholders** **$70,039** **$271,327** **$18,122** **$723,440** **$108,003** **$341,366** **$166,550**

Weighted-average shares outstanding - basic 319,537 312,292 305,781 301,827 295,390 315,915 293,316

Weighted-average shares outstanding - diluted 327,946 320,798 314,995 311,341 306,819 324,451 304,452

Weighted-average fully diluted shares and units 334,186 326,975 321,173 317,539 313,022 330,687 310,588

Net income / (loss) per share - basic $0.22 $0.87 $0.06 $2.40 $0.37 $1.08 $0.57

Net income / (loss) per share - diluted [(1)] $0.20 $0.82 $0.03 $2.31 $0.34 $1.01 $0.52

(1) The Company has made an adjustment to previously reported amounts to correct an immaterial error in the computation of fully diluted earnings per share in each of the interim periods
ended June 30, 2023, September 30, 2023, and December 31, 2023. This adjustment does not impact any of the other diluted measures per share for FFO, Core FFO or Adjusted FFO.

-----

**Funds From Operations and Core Funds From Operations**

**Second Quarter 2024**

|Unaudited and in Thousands, Except Per Share Data|Col2|Col3|Col4|Col5|Col6|Col7|Col8|Col9|
|---|---|---|---|---|---|---|---|---|
|Three Months Ended Reconciliation of Net Income to Funds From Operations (FFO) 30-Jun-24 31-Mar-24 31-Dec-23 30-Sep-23 30-Jun-23 Net Income / (Loss) Available to Common Stockholders $70,039 $271,327 $18,122 $723,440 $108,003 Adjustments: Non-controlling interest in operating partnership 1,500 6,200 410 16,300 2,500 Real estate related depreciation & amortization (1) 414,920 420,591 410,167 410,836 424,044 Reconciling items related to non-controlling interests (17,317) (8,017) (15,377) (14,569) (14,144) Unconsolidated JV real estate related depreciation & amortization 47,117 47,877 64,833 43,215 35,386 (Gain) / loss on real estate transactions (173,709) (286,704) 103 (810,688) (89,946) Provision for impairment 168,303 — 5,363 113,000 —||||||Six Months Ended|||
|||||||30-Jun-24 30-Jun-23|||
|||||||$341,366 $166,550 7,700 4,000 835,511 836,236 (25,335) (27,532) 94,993 69,105 (460,413) (97,771) 168,303 —|||
|Funds From Operations $510,852 $451,273 $483,621 $481,535 $465,844 Weighted-average shares and units outstanding - basic 325,777 318,469 311,960 308,024 301,593 Weighted-average shares and units outstanding - diluted (2) (3) 334,186 326,975 321,173 317,539 313,022 Funds From Operations per share - basic $1.57 $1.42 $1.55 $1.56 $1.54 Funds From Operations per share - diluted (2) (3) $1.57 $1.41 $1.53 $1.55 $1.52 Thr e e Months End ed Reconciliation of FFO to Core FFO 30-Jun-24 31-Mar-24 31-Dec-23 30-Sep-23 30-Jun-23 Funds From Operations $510,852 $451,273 $483,621 $481,535 $465,844 Other non-core revenue adjustments (4) (33,818) 3,525 (146) (27) 27,454 Transaction and integration expenses 26,072 31,839 40,226 14,465 17,764 Loss from early extinguishment of debt — 1,070 — — — Severance, equity acceleration and legal expenses (5) 884 791 7,565 2,682 3,652 (Gain) / Loss on FX revaluation 32,222 33,602 (24,804) 451 (7,868) Other non-core expense adjustments (6) 2,271 10,052 1,956 1,295 655||||||$962,125 $950,589 322,151 299,452 330,687 310,588 $2.99 $3.17 $2.98 $3.13 Six Mon th s Ended|||
|||||||30-Jun-24 30-Jun-23|||
|||||||$962,125 $950,589 (30,293) 26,566 57,911 30,031 1,070 — 1,675 7,807 65,824 (14,647) 12,323 655|||
|Core Funds From Operations $538,482 $532,153 $508,417 $500,402 $507,501 Weighted-average shares and units outstanding - diluted (2) (3) 326,181 319,138 312,356 308,539 301,806||||||$1,070,634 $1,001,001 322,619 299,730|||
|Core Funds From Operations per share - diluted (2) $1.65 $1.67 $1.63 $1.62 $1.68 (1) Real Estate Related Depreciation & Amortization Thr e e Months End ed 30-Jun-24 31-Mar-24 31-Dec-23 30-Sep-23 30-Jun-23 Depreciation & amortization per income statement $425,343 $431,102 $420,475 $420,613 $432,573 Non-real estate depreciation (10,424) (10,511) (10,308) (9,777) (8,529)||||||$3.32 $3.34 Six Mon th s Ended|||
|||||||30-Jun-24 30-Jun-23|||
|||||||$856,445 $853,771 (20,935) (17,535)|||
|Real Estate Related Depreciation & Amortization|$414,920|$420,591|$410,167|$410,836|$424,044||$835,511|$836,236|

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

|Three Months Ended 30-Jun-24 31-Mar-24 31-Dec-23 30-Sep-23 30-Jun-23 Teraco noncontrolling share of FFO $12,453 $9,768 $7,135 $11,537 $9,645|Col2|Col3|Col4|Col5|Col6|Six Months Ended|Col8|Col9|
|---|---|---|---|---|---|---|---|---|
|||||||30-Jun-24 30-Jun-23|||
|||||||$22,221 $20,714|||
|Teraco related minority interest|$12,453|$9,768|$7,135|$11,537|$9,645||$22,221|$20,714|

(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, joint venture 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 expenses and adjustments to reflect our proportionate share of transaction costs associated with
noncontrolling interests.

-----

**Adjusted Funds From Operations (AFFO)**

**Second Quarter 2024**

|Unaudited and in Thousands, Except Per Share Data|Col2|
|---|---|
|Three Months Ended Reconciliation of Core FFO to AFFO 30-Jun-24 31-Mar-24 31-Dec-23 30-Sep-23 30-Jun-23 Core FFO available to common stockholders and unitholders $538,482 $532,153 $508,417 $500,402 $507,501 Adjustments: Non-real estate depreciation 10,424 10,511 10,308 9,777 8,529 Amortization of deferred financing costs 5,072 5,576 5,744 5,776 5,984 Amortization of debt discount/premium 1,321 1,832 973 1,360 1,339 Non-cash stock-based compensation expense 14,464 12,592 9,226 14,062 13,893 Straight-line rental revenue 334 9,976 (21,992) (14,080) (16,151) Straight-line rental expense 782 1,111 (4,999) 1,427 520 Above- and below-market rent amortization (1,691) (854) (856) (1,127) (1,195) Deferred tax (benefit) / expense (9,982) (3,437) 33,448 (8,539) 1,339 Leasing compensation & internal lease commissions 10,519 13,291 9,848 12,515 11,611 Recurring capital expenditures (1) (60,483) (47,676) (142,808) (90,251) (53,498)|Six Months Ended|
||30-Jun-24 30-Jun-23|
||$1,070,634 $1,001,001 20,935 17,535 10,648 10,056 3,153 2,640 27,056 26,949 10,310 (32,344) 1,893 5 (2,545) (2,421) (13,420) (8,456) 23,809 22,678 (108,159) (93,963)|
|AFFO available to common stockholders and unitholders (2) $509,241 $535,073 $407,306 $431,322 $479,873 Weighted-average shares and units outstanding - basic 325,777 318,469 311,960 308,024 301,593 Weighted-average shares and units outstanding - diluted (3) 326,181 319,138 312,356 308,539 301,806 AFFO per share - diluted (3) $1.56 $1.68 $1.30 $1.40 $1.59 Dividends per share and common unit $1.22 $1.22 $1.22 $1.22 $1.22 Diluted AFFO Payout Ratio 78.1% 72.8% 93.6% 87.3% 76.7% Thr e e Months End ed Share Count Detail 30-Jun-24 31-Mar-24 31-Dec-23 30-Sep-23 30-Jun-23|$1,044,314 $943,679 322,151 299,452 322,619 299,730 $3.24 $3.15 $2.44 $2.44 75.4% 77.5% Six Months Ended|
||30-Jun-24 30-Jun-23|

|Weighted Average Common Stock and Units Outstanding 325,777 318,469 311,960 308,024 301,593 Add: Effect of dilutive securities 404 669 396 515 213|Col2|Col3|Col4|Col5|Col6|322,151 299,452 467 278|Col8|
|---|---|---|---|---|---|---|---|
|Weighted Avg. Common Stock and Units Outstanding - diluted|326,181|319,138|312,356|308,539|301,806|322,618|299,730|

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

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

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

-----

**Consolidated Balance Sheets**

**Unaudited and in Thousands, Except Per Share Data**

**Assets**

Investments in real estate:

**Second Quarter 2024**

**30-Jun-24** **31-Mar-24** **31-Dec-23** **30-Sep-23** **30-Jun-23**

Real estate $27,470,635 $27,122,796 $27,306,369 $25,887,031 $27,087,769

Construction in progress 4,676,012 4,496,840 4,635,215 5,020,464 4,635,939

Land held for future development 93,938 114,240 118,190 179,959 193,936

**Investments in Real Estate** **$32,240,584** **$31,733,877** **$32,059,773** **$31,087,453** **$31,917,644**

Accumulated depreciation and amortization (8,303,070) (7,976,093) (7,823,685) (7,489,193) (7,739,462)

**Net Investments in Properties** **$23,937,514** **$23,757,784** **$24,236,089** **$23,598,260** **$24,178,182**

Investment in unconsolidated joint ventures 2,332,698 2,365,821 2,295,889 2,180,313 2,040,452

**Net Investments in Real Estate** **$26,270,212** **$26,123,605** **$26,531,977** **$25,778,573** **$26,218,634**

Operating lease right-of-use assets, net $1,211,003 $1,233,410 $1,414,256 $1,274,410 $1,291,233

Cash and cash equivalents 2,282,062 1,193,784 1,625,495 1,062,050 124,519

Accounts and other receivables, net [(1)] 1,222,403 1,217,276 1,278,110 1,325,725 1,158,383

Deferred rent, net 613,749 611,670 624,427 586,418 613,796

Goodwill 9,128,811 9,105,026 9,239,871 8,998,074 9,148,603

Customer relationship value, deferred leasing costs & other intangibles, net 2,315,143 2,359,380 2,500,237 2,506,198 2,825,596

Assets held for sale — 287,064 478,503 — 593,892

Other assets 563,500 501,875 420,382 401,068 414,078

**Total Assets** **$43,606,883** **$42,633,089** **$44,113,257** **$41,932,515** **$42,388,735**

**Liabilities and Equity**

Global unsecured revolving credit facilities, net $1,848,167 $1,901,126 $1,812,287 $1,698,780 $2,242,258

Unsecured term loans, net 1,297,893 1,303,263 1,560,305 1,524,663 1,548,780

Unsecured senior notes, net of discount 12,507,551 13,190,202 13,422,342 13,072,102 13,383,819

Secured and other debt, net of discount 686,135 625,750 630,973 574,231 554,594

Operating lease liabilities 1,336,839 1,357,751 1,542,094 1,404,510 1,420,239

Accounts payable and other accrued liabilities 1,973,798 1,870,344 2,168,983 2,147,103 2,214,820

Deferred tax liabilities, net 1,132,090 1,121,224 1,151,096 1,088,724 1,128,961

Accrued dividends and distributions — — 387,988 — —

Security deposits and prepaid rents 416,705 413,225 401,867 385,521 417,693

Obligations associated with assets held for sale — 9,981 39,001 — 4,990

**Total Liabilities** **$21,199,178** **$21,792,866** **$23,116,936** **$21,895,634** **$22,916,155**

Redeemable non-controlling interests 1,399,889 1,350,736 1,394,814 1,360,308 1,367,422

**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, 392,000 shares authorized [(5)] 3,231 3,097 3,088 3,002 2,967

Additional paid-in capital 26,388,393 24,508,683 24,396,797 23,239,088 22,882,200

Dividends in excess of earnings (5,701,096) (5,373,529) (5,262,648) (4,900,757) (5,253,915)

Accumulated other comprehensive (loss), net (884,715) (850,091) (751,393) (882,996) (741,484)

**Total Stockholders’ Equity** **$20,537,503** **$19,019,850** **$19,117,535** **$18,190,026** **$17,621,456**

**Noncontrolling Interests**

Noncontrolling interest in operating partnership $434,253 $438,422 $438,081 $441,366 $436,099

Noncontrolling interest in consolidated joint ventures 36,060 31,215 45,892 45,182 47,603

**Total Noncontrolling Interests** **$470,313** **$469,637** **$483,972** **$486,547** **$483,702**

**Total Equity** **$21,007,816** **$19,489,487** **$19,601,507** **$18,676,573** **$18,105,158**

|Total Liabilities and Equity|$43,606,883|$42,633,089|$44,113,257|$41,932,515|$42,388,735|
|---|---|---|---|---|---|

(1) Net of allowance for doubtful accounts of $50,609 and $42,624 as of June 30, 2024 and June 30, 2023, 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, 2024 and June 30, 2023.

(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, 2024 and June 30, 2023.

(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, 2024 and June 30, 2023.

(5) Common Stock: 325,885 and 299,240 shares issued and outstanding as of June 30, 2024 and June 30, 2023, respectively.

-----

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

**Unaudited and Dollars in Thousands**

**Second Quarter 2024**

**Three Months Ended**

**Reconciliation of Earnings Before Interest, Taxes, Depreciation & Amortization**
**(EBITDA) [(1)]** **30-Jun-24** **[31-Mar-24 ]** **[31-Dec-23 ]** **[30-Sep-23 ]** **[30-Jun-23 ]**

**Net Income / (Loss) Available to Common Stockholders** **$70,039** **$271,327** **$18,122** **$723,440** **$108,003**

Interest 114,756 109,535 113,638 110,767 111,116

Loss from early extinguishment of debt — 1,070 — — —

Income tax expense (benefit) 14,992 22,413 20,724 17,228 16,173

Depreciation & amortization 425,343 431,102 420,475 420,613 432,573

**EBITDA** **$625,130** **$835,446** **$572,958** **$1,272,048** **$667,866**

Unconsolidated JV real estate related depreciation & amortization 47,117 47,877 64,833 43,214 35,386

Unconsolidated JV interest expense and tax expense 27,704 34,271 42,140 27,000 32,105

Severance, equity acceleration and legal expenses 884 791 7,565 2,682 3,652

Transaction and integration expenses 26,072 31,839 40,226 14,465 17,764

(Gain) / loss on sale of investments (173,709) (277,787) 103 (810,688) (89,946)

Provision for impairment 168,303 — 5,363 113,000 —

Other non-core adjustments, net [(2)] 743 21,608 (35,439) 1,719 22,132

Non-controlling interests (5,552) 6,329 (8,419) 12,320 (2,538)

Preferred stock dividends 10,181 10,181 10,181 10,181 10,181

**Adjusted EBITDA** **$726,874** **$710,556** **$699,509** **$685,943** **$696,604**

(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 expenses, gain on sale of land option and lease termination fees.

**Three Months Ended**

**Financial Ratios** **30-Jun-24** **31-Mar-24** **31-Dec-23** **30-Sep-23** **30-Jun-23**

Total GAAP interest expense $114,756 $109,535 $113,638 $110,767 $111,116

Capitalized interest 27,592 28,522 33,032 29,130 27,883

Change in accrued interest and other non-cash amounts (55,605) 55,421 (66,013) 44,183 (60,612)

**Cash Interest Expense [(3)]** **$86,743** **$193,479** **$80,657** **$184,081** **$78,387**

Preferred stock dividends 10,181 10,181 10,181 10,181 10,181

**Total Fixed Charges [(4)]** **$152,529** **$148,239** **$156,851** **$150,079** **$149,181**

**Coverage**

Interest coverage ratio [(5)] 4.3x 4.3x 4.0x 4.3x 4.5x

Cash interest coverage ratio [(6)] 6.4x 3.2x 6.4x 3.4x 7.4x

Fixed charge coverage ratio [(7)] 4.1x 4.0x 3.8x 4.1x 4.2x

Cash fixed charge coverage ratio [(8)] 5.9x 3.1x 5.8x 3.2x 6.6x

**Leverage**

Debt to total enterprise value [(9)(10)] 24.2% 26.7% 28.6% 30.6% 33.3%

Debt-plus-preferred-stock-to-total-enterprise-value [(10)(11)] 25.3% 27.9% 29.8% 32.0% 34.7%

Pre-tax income to interest expense [(12)] 1.7x 3.6x 1.2x 7.7x 2.0x

Net Debt-to-Adjusted EBITDA [(13)] 5.3x 6.1x 6.2x 6.3x 6.8x

(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 joint venture interest expense).

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

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

(8) Adjusted EBITDA divided by the sum of cash interest expense and preferred stock dividends (including our pro rata share of unconsolidated joint venture 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 Realty’s pro rata share of unconsolidated joint venture debt, less cash and cash equivalents
(including Digital Realty’s pro rata share of unconsolidated joint venture cash) divided by the product of Adjusted EBITDA (including Digital Realty’s pro rata share of unconsolidated joint
venture EBITDA), multiplied by four.

-----

**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 non-controlling interests in operating partnership and, depreciation related to non-controlling 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 from early extinguishment of debt, (iv) gain on / issuance costs associated with redeemed preferred stock, (v) severance, equity
acceleration and legal expenses, (vi) gain/loss on FX revaluation, and (vii) other non-core expense adjustments. Because certain of these adjustments
have a real economic impact on our financial condition and results from operations, the utility of Core FFO as a measure of our performance is limited.
Other REITs may calculate Core FFO differently than we do and accordingly, our Core FFO may not be comparable to other REITs’ Core FFO. Core FFO
should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance.

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

**EBITDA and Adjusted EBITDA:**
We believe that earnings before interest, loss from early extinguishment of debt, income taxes, and depreciation and amortization, or EBITDA, and
Adjusted EBITDA (as defined below), are useful supplemental performance measures because they allow investors to view our performance without the
impact of non-cash depreciation and amortization or the cost of debt and, with respect to Adjusted EBITDA, (i) unconsolidated joint venture real estate
related depreciation & amortization, (ii) unconsolidated joint venture 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) non-controlling interests, (ix) preferred stock dividends, and (x) issuance costs associated with redeemed preferred stock. Adjusted EBITDA is
EBITDA excluding (i) unconsolidated joint venture real estate related depreciation & amortization, (ii) unconsolidated joint venture 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, (vii) non-controlling 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.

-----

**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, 2022 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 2023-2024, buildings classified as held for sale, and buildings sold or contributed to joint ventures for all
periods presented (prior period numbers adjusted to reflect current same-capital pool). However, because NOI and cash NOI exclude depreciation and
amortization and capture neither the changes in the value of our data centers that result from use or market conditions, nor the level of capital
expenditures and capitalized leasing commissions necessary to maintain the operating performance of our data centers, all of which have real economic
effect and could materially impact our results from operations, the utility of NOI and cash NOI as measures of our performance is limited. Other REITs
may calculate NOI and cash NOI differently than we do and, accordingly, our NOI and cash NOI may not be comparable to other REITs’ NOI and cash
NOI. NOI and cash NOI should be considered only as supplements to net income computed in accordance with GAAP as measures of our performance.

**Additional Definitions**

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

Debt-plus-preferred-to-total enterprise value is 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, 2024, GAAP interest expense was $115 million, capitalized interest was $28 million and preferred stock dividends was $10 million.

|Reconciliation of Net Operating Income (NOI) Three Months Ended (in thousands) 30-Jun-24 31-Mar-24 30-Jun-23 Operating income $9,889 $149,367 $154,860 Fee income (15,656) (13,010) (14,908) Other income (2,125) (862) (932) Depreciation and amortization 425,343 431,102 432,573 General and administrative 119,511 114,419 105,964 Severance, equity acceleration and legal expenses 884 791 3,652 Transaction expenses 26,072 31,839 17,764 Provision for impairment 168,303 — — Other expenses (529) 10,836 655|Six Months Ended 30-Jun-24 30-Jun-23|
|---|---|
||$159,256 $332,196 (28,666) (22,777) (2,987) (1,819) 856,445 853,771 233,931 213,730 1,675 7,807 57,911 30,031 168,303 — 10,306 655|
|Net Operating Income $731,692 $724,482 $699,629 Cash Net Operating Income (Cash NOI) Net Operating Income $731,692 $724,482 $699,629 Straight-line rental revenue (2,873) (2,522) 12,116 Straight-line rental expense 959 1,369 722 Above- and below-market rent amortization (1,691) (854) (1,195)|$1,456,175 $1,413,594|
||$1,456,175 $1,413,594 (5,395) (3,815) 2,328 212 (2,545) (2,421)|
|Cash Net Operating Income $728,088 $722,474 $711,272 Constant Currency CFFO Reconciliation Three Months Ended (in thousands, except per share data) 30-Jun-24 30-Jun-23 Core FFO (1) $538,482 $507,501 Core FFO impact of holding '23 Exchange Rates Constant (2) 3,841 —|$1,450,563 $1,407,570|
||Six Months Ended 30-Jun-24 30-Jun-23|
||$1,070,634 $1,001,001 5,180 —|
|Constant Currency Core FFO $542,323 $507,501 Weighted-average shares and units outstanding - diluted 326,181 301,806 Constant Currency CFFO Per Share $1.66 $1.68|$1,075,814 $1,001,001 322,619 299,730 $3.33 $3.34|

1) As reconciled to net income above.

2) Adjustment calculated by holding currency translation rates for 2024 constant with average currency translation rates that were applicable to the same periods in 2023.

-----

This document contains forward-looking statements within the meaning of the federal securities laws, which are based on current expectations, forecasts and assumptions that involve risks and
uncertainties that could cause actual outcomes and results to differ materially. Such forward-looking statements include statements relating to: our economic outlook, our expected investment
and expansion activity, anticipated continued demand for our products and service, our liquidity, our joint ventures, supply and demand for data center and colocation space, our acquisition and
disposition activity, pricing and net effective leasing economics, market dynamics and data center fundamentals, our strategic priorities, our product offerings, available inventory, rent from leases
that have been signed but have not yet commenced and other contracted rent to be received in future periods, rental rates on future leases, lag between signing and commencement, cap rates
and yields, investment activity, the company’s FFO, Core FFO, constant currency Core FFO, adjusted FFO, and net income, 2024 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;

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

-  our ability to attract and retain customers;

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

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

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

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

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

-  information security and data privacy breaches;

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

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

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

-  difficulties in identifying properties to acquire and completing acquisitions;

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

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

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

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

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

-  our inability to manage our growth effectively;

-  losses in excess of our insurance coverage;

-  our inability to attract and retain talent;

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

-  the expected operating performance of anticipated near-term acquisitions and descriptions relating to these expectations;

-  environmental liabilities, risks related to natural disasters and our inability to achieve our sustainability goals;

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

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

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

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

-  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, 2023, 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.

-----
END DOCUMENT 3

BEGIN DOCUMENT 4:
**Digital Realty Reports Second Quarter 2023 Results**

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

**Highlights**

-  Reported net income available to common stockholders of $0.37 per share in 2Q23, compared to $0.19 in 2Q22

-  Reported FFO per share of $1.52 in 2Q23, compared to $1.55 in 2Q22

-  Reported Core FFO per share of $1.68 in 2Q23, compared to $1.72 in 2Q22

-  Reported Constant-Currency Core FFO per share of $1.69 in 2Q23 and $3.38 per share for the six months ended June 30, 2023

-  Reported “Same-Capital” cash NOI growth of 5.6% in 2Q23

-  Reported rental rate increases on renewal leases of 6.9% on a cash basis in 2Q23

-  Signed total bookings during 2Q23 that are expected to generate $114 million of annualized GAAP rental revenue, including a $37 million
contribution from the 0–1 megawatt category and a $13 million contribution from interconnection

-  Adjusted 2023 Core FFO per share outlook to $6.55 - $6.65

**Financial Results**

Digital Realty reported revenues for the second quarter of 2023 of $1.4 billion, a 2% increase from the previous quarter and a 20% increase from the
same quarter last year.

The company delivered second quarter of 2023 net income of $116 million, and net income available to common stockholders of $108 million, or $0.37
per diluted share, compared to $0.19 per diluted share in the previous quarter and $0.19 per diluted share in the same quarter last year.

Digital Realty generated second quarter of 2023 Adjusted EBITDA of $697 million, a 4% increase from the previous quarter and a 14% increase over the
same quarter last year.

The company reported second quarter of 2023 funds from operations (FFO) of $466 million, or $1.52 per share, compared to $1.60 per share in the
previous quarter and $1.55 per share in the same quarter last year.

Excluding certain items that do not represent core expenses or revenue streams, Digital Realty delivered second quarter of 2023 Core FFO per share of
$1.68, compared to $1.66 per share in the previous quarter and $1.72 per share in the same quarter last year. Digital Realty delivered ConstantCurrency Core FFO per share of $1.69 for the second quarter of 2023 and $3.38 per share for the six-month period ended June 30, 2023.

“Digital Realty’s second-quarter results demonstrate the positive momentum in our operating business, with improving fundamentals highlighted by
strong enterprise leasing activity along with robust renewal spreads and healthy organic growth,” said Digital Realty President & Chief Executive Officer
Andy Power. “We advanced our funding plan by completing two capital recycling transactions that generated more than $2 billion in gross proceeds,
helping to position Digital Realty for the opportunity that lies ahead.”

**Leasing Activity**

In the second quarter, Digital Realty signed total bookings that are expected to generate $114 million of annualized GAAP rental revenue, including a
$37 million contribution from the 0–1 megawatt category and a $13 million contribution from interconnection.

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

In addition to new leases signed, Digital Realty also signed renewal leases representing $211 million of annualized GAAP rental revenue during the
quarter. Rental rates on renewal leases signed during the second quarter of 2023 rolled up 6.9% on a cash basis and up 14.6% on a GAAP basis.

-----

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

**Annualized GAAP**

**Base Rent** **Square Feet** **GAAP Base Rent** **GAAP Base Rent**

**The Americas** **(in thousands)** **(in thousands)** **per Square Foot** **Megawatts** **per Kilowatt**

0-1 MW $15,019 65 $232 5.6 $225

> 1 MW [(1)] 11,506 30 387 3.2 300

Other [(2)] 2,915 41 71 — —

**Total** **$29,441** **136** **$217** **8.8** **$252**

**EMEA [(3)]**

0-1 MW $15,427 60 $259 4.0 $319

> 1 MW 47,329 477 99 31.7 124

Other [(2)] 18 1 27 — —

**Total** **$62,774** **537** **$117** **35.8** **$146**

**Asia Pacific [(3)]**

0-1 MW $6,235 15 $404 1.4 $377

> 1 MW 2,640 12 217 1.5 149

Other [(2)] 87 1 96 — —

**Total** **$8,962** **29** **$314** **2.9** **$259**

**All Regions [(3)]**

0-1 MW $36,682 140 $263 11.0 $278

> 1 MW 61,475 519 118 36.4 141

Other [(2)] 3,020 43 70 — —

**Total** **$101,177** **701** **$144** **47.4** **$173**

**Interconnection** **$12,653** **N/A** **N/A** **N/A** **N/A**

**Grand Total** **$113,830** **701** **$144** **47.4** **$173**

Note: Totals may not foot due to rounding differences.

(1) >1 MW Base Rent includes the net uplift related to an eight-megawatt lease replacement which resulted in an increased rate for the same capacity. GAAP Base Rent per Square Foot and per
Kilowatt metrics reflect the incremental additional Base Rent with no incremental capacity added.

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

(3) Based on quarterly average exchange rates during the three months ended June 30, 2023.

**Investment Activity**

During the second quarter, Digital Realty sold a non‐core data center in Texas realizing approximately $150 million of net proceeds. The property was sold at a 4.4% cap rate, based on
in-place net operating income (NOI), and generated a capital gain of approximately $88 million.

In Amsterdam during the second quarter, Digital Realty acquired the land and building shell of a previously leased 15 megawatts data center (AMS7) for €17 million or $18 million.
This was a contractual purchase obligation which was a part of the Interxion transaction, and the asset was acquired at an 8.3% cap rate.

Digital Realty also acquired a nine‐acre land parcel located nearby AMS7 on its existing Amsterdam Schiphol campus for €26 million or $28 million. The Schiphol campus is one of the
most highly connected data center campuses in the Netherlands. The parcel has the capacity to support a data center with a total IT load in excess of 40 megawatts and will be
interconnected with Digital Realty’s existing Schiphol data centers.

After the close of the second quarter, Digital Realty partnered with GI Partners to establish a joint venture for the sale of a 65% interest in two stabilized hyperscale data center
buildings in the Chicago metropolitan area. Digital received approximately $743 million of gross proceeds related to the joint venture and the associated financing and maintains a
35% interest in the joint venture while continuing to manage the day‐to‐day operations of the assets. Based on annualized in‐place cash NOI at June 30, 2023 and the benefit of leases
signed but not yet commenced, the transaction values the two facilities at approximately a 6.5% cap rate. Digital Realty also granted GI Partners an option to purchase an interest in
the third facility on the same data center campus.

In July, Digital Realty partnered with TPG Real Estate to establish a joint venture for the sale of an 80% interest in three stabilized hyperscale data center buildings in Northern Virginia.
Digital Realty will receive approximately $1.3 billion of gross proceeds related to the joint venture and the associated financing and will maintain a 20% interest in the joint venture
while continuing to manage the day‐to‐day operations of the assets. Based on annualized in‐place cash NOI on June 30, 2023, net of signed leases and known move-out, the
transaction values the three facilities at approximately a 6.0% cap rate.

Also in July, Digital Realty announced the expansion of its joint venture in India with Brookfield Infrastructure through the addition of Jio, a Reliance Industries, Ltd. company. The new
joint venture, ‘Digital Connexion: A Brookfield, Jio and Digital Realty Company’, succeeds BAM Digital Realty.

-----

**Balance Sheet**

Digital Realty had approximately $17.7 billion of total debt outstanding as of June 30, 2023, comprised of $17.2 billion of unsecured debt and
approximately $0.5 billion of secured debt and other. At the end of the second quarter of 2023, net debt-to-Adjusted EBITDA was 6.8x, debt-pluspreferred-to-total enterprise value was 34.7% and fixed charge coverage was 4.2x. Pro forma for the completion of the two stabilized hyperscale joint
ventures completed in July 2023 and full physical settlement of the outstanding amount under the 2Q23 forward equity sales agreements, net debt-toadjusted EBITDA was 6.3x and fixed charge coverage ratio was 4.6x.

During the second quarter, Digital Realty sold 7.8 million shares of its common stock at a weighted average price of $95.96 per share through its ATM
program, realizing approximately $743 million of net proceeds. In addition, the company entered into forward sale agreements under its ATM program
with respect to 3.5 million shares of its common stock at approximately $97.68 per share. Subsequent to quarter end, the company settled the
outstanding forward sales for net proceeds of approximately $336 million.

-----

**2023 Outlook**

Digital Realty adjusted its 2023 Core FFO per share and constant-currency Core FFO per share outlook to $6.55 - $6.65. The assumptions underlying the
outlook are summarized in the following table.

**As of**

**February 16, 2023**

$5.700 - $5.800 billion

($55 - $60 million)

$2.675 - $2.725 billion

$425 - $435 million

Greater than 3.0%

Greater than 3.0%

85.0% - 86.0%

3.0% - 4.0%

$1.20 - $1.25

$1.00 - $1.05

$1.5 - $2.5 billion

0.0% - 10.0%

$2.3 - $2.5 billion

9.0% - 15.0%

$15 - $20 million

$230 - $240 million

$1.0 - $1.5 billion

4.5% - 5.5%

First Half 2023

**$1.15 - $1.25**

$5.25 - $5.25

**$6.40 - $6.50**

$0.25 - $0.25

**$6.65 - $6.75**

$0.00 - $0.00

**$6.65 - $6.75**

**As of**

**April 27, 2023**

$5.500 - $5.600 billion

($55 - $60 million)

$2.675 - $2.725 billion

$425 - $435 million

Greater than 3.0%

Greater than 3.0%

85.0% - 86.0%

3.0% - 4.0%

$1.20 - $1.25

$1.05 - $1.10

$1.5 - $2.5 billion

0.0% - 10.0%

$2.3 - $2.5 billion

9.0% - 15.0%

$15 - $20 million

$230 - $240 million

$1.0 - $1.5 billion

5.5% - 6.0%

First Half 2023

**$1.15 - $1.25**

$5.25 - $5.25

**$6.40 - $6.50**

$0.25 - $0.25

**$6.65 - $6.75**

$0.00 - $0.00

**$6.65 - $6.75**

**As of**

**July 27, 2023**

$5.500 - $5.600 billion

($55 - $60 million)

$2.675 - $2.725 billion

$425 - $435 million

Greater than 4.0%

Greater than 8.0%

84.0% - 85.0%

4.0% - 5.0%

$1.20 - $1.25

$1.05 - $1.10

$2.2 - $3.0 billion

0.0% - 10.0%

$2.3 - $2.5 billion

9.0% - 15.0%

$15 - $20 million

$230 - $240 million

$740 million

5.5%

Completed

**$1.05 - $1.15**

$5.25 - $5.25

**$6.30 - $6.40**

$0.25 - $0.25

**$6.55 - $6.65**

$0.00 - $0.00

**$6.55 - $6.65**

**Top-Line and Cost Structure**

Total revenue

Net non-cash rent adjustments (1)

Adjusted EBITDA

G&A

**Internal Growth**

Rental rates on renewal leases

Cash basis

GAAP basis

Year-end portfolio occupancy

"Same-capital" cash NOI growth (2)

Foreign Exchange Rates

U.S. Dollar / Pound Sterling

U.S. Dollar / Euro

**External Growth**

Dispositions / Joint Venture Capital

Dollar volume

Cap rate

Development

CapEx (3)

Average stabilized yields

Enhancements and other non-recurring CapEx (4)

Recurring CapEx + capitalized leasing costs (5)

**Balance Sheet**

Long-term debt issuance

Dollar amount

Pricing

Timing

**Net income per diluted share**

Real estate depreciation and (gain) / loss on sale

**Funds From Operations / share (NAREIT-Defined)**

Non-core expenses and revenue streams

**Core Funds From Operations / share**

Foreign currency translation adjustments

**Constant-Currency Core Funds From Operations / share**

(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 belowmarket leases (i.e., ASC 805 adjustments).

(2) The “same-capital” pool includes properties owned as of December 31, 2021 with less than 5% of total rentable square feet under development. It excludes
properties that were undergoing, or were expected to undergo, development activities in 2022-2023, properties classified as held for sale, and properties sold or
contributed to joint ventures for all periods presented.

(3) Includes land acquisitions.

(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.

-----

**Non-GAAP Financial Measures**

This document contains non-GAAP financial measures, including FFO, Core FFO, Adjusted FFO, Net Operating Income (NOI), “Same-Capital” Cash NOI
and Adjusted EBITDA. A reconciliation from U.S. GAAP net income available to common stockholders to FFO, a reconciliation from FFO to Core FFO, a
reconciliation from Core FFO to Adjusted FFO, reconciliation from NOI to Cash NOI, and definitions of FFO, Core FFO, Adjusted FFO, NOI and “SameCapital” 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, 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 27, 2023, a presentation will be posted to the Investors section of
[the company’s website at https://investor.digitalrealty.com/. The presentation is designed to accompany the discussion of the company’s second](https://investor.digitalrealty.com/overview/investor-relations-overview/default.aspx)
quarter 2023 financial results and operating performance. The conference call will feature President & Chief Executive Officer Andy Power and Chief
Financial Officer Matt Mercier.

To participate in the live call, investors are invited to dial +1 (888) 317-6003 (for domestic callers) or +1 (412) 317-6061 (for international callers) and
reference the conference ID# 5098292 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/.](https://investor.digitalrealty.com/overview/investor-relations-overview/default.aspx)

Telephone and webcast replays will be available after the call until August 27, 2023. The telephone replay can be accessed by dialing +1 (877) 344-7529
(for domestic callers) or +1 (412) 317-0088 (for international callers) and providing the conference ID# 3348387. The webcast replay can be accessed on
Digital Realty’s website.

**About Digital Realty**

Digital Realty brings companies and data together by delivering the full spectrum of data center, colocation, and interconnection solutions.
PlatformDIGITAL®, the company’s global data center platform, provides customers with a secure data “meeting place” and a proven Pervasive Datacenter
Architecture (PDx®) solution methodology for powering innovation and efficiently managing Data Gravity challenges. Digital Realty gives its customers
access to the connected communities that matter to them with a global data center footprint of 300+ facilities in 50+ metros across 27 countries on six
[continents. To learn more about Digital Realty, please visit digitalrealty.com or follow us on LinkedIn and Twitter.](https://www.digitalrealty.com/)

**Contact Information**

Matt Mercier
Chief Financial Officer
Digital Realty
(737) 281-0101

Jordan Sadler / Jim Huseby
Investor Relations
Digital Realty
(737) 281-0101

-----

**Consolidated Quarterly Statements of Operations**

|Unaudited and Dollars in Thousands, Except Per Share Data|Second Quarter 2023|
|---|---|
|Thr e e Months En ded 30-Jun-23 31-Mar-23 31-Dec-22 30-Sep-22 30-Jun-22 Rental revenues $869,298 $870,975 $834,374 $787,839 $767,313 Tenant reimbursements - Utilities 330,416 317,148 247,725 251,420 218,198 Tenant reimbursements - Other 46,192 40,150 46,045 49,419 52,688 Interconnection & other 104,521 101,695 97,286 95,486 93,338 Fee income 14,908 7,868 7,508 6,169 5,072 Other 932 887 168 1,749 2,713 Total Operating Revenues $1,366,267 $1,338,724 $1,233,108 $1,192,082 $1,139,321 Utilities $374,934 $346,364 $268,561 $271,844 $223,426 Rental property operating 224,762 224,861 222,430 205,886 198,076 Property taxes 46,718 40,424 42,032 39,860 47,213 Insurance 4,385 4,355 4,578 4,002 3,836 Depreciation & amortization 432,573 421,198 430,130 388,704 376,967 General & administration 105,964 107,766 104,452 95,792 101,991 Severance, equity acceleration, and legal expenses 3,652 4,155 15,980 1,655 3,786 Transaction and integration expenses 17,764 12,267 17,350 25,862 13,586 Impairment of investments in real estate — — 3,000 — — Other expenses 655 — 3,615 1,096 70 Total Operating Expenses $1,211,407 $1,161,388 $1,112,127 $1,034,701 $968,950 Operating Income $154,860 $177,335 $120,981 $157,381 $170,371 Equity in earnings / (loss) of unconsolidated joint ventures 5,059 14,897 (28,112) (12,254) (34,088) Gain / (loss) on sale of investments 89,946 — (6) 173,990 — Interest and other income / (expense), net (6,930) 280 (22,894) 15,752 13,008 Interest (expense) (111,116) (102,220) (86,882) (76,502) (69,023) Income tax benefit / (expense) (16,173) (21,454) 17,676 (19,576) (16,406) Loss from early extinguishment of debt — — — — — Net Income $115,647 $68,839 $763 $238,791 $63,862 Net income / (loss) attributable to noncontrolling interests 2,538 (111) 3,326 (1,716) (436) Net Income Attributable to Digital Realty Trust, Inc. $118,185 $68,728 $4,089 $237,075 $63,426 Preferred stock dividends, including undeclared dividends (10,181) (10,181) (10,181) (10,181) (10,181) Net Income / (Loss) Available to Common Stockholders $108,003 $58,547 ($6,093) $226,894 $53,245 Weighted-average shares outstanding - basic 295,390,446 291,218,549 289,364,739 286,693,071 284,694,064 Weighted-average shares outstanding - diluted 306,818,538 303,064,832 301,712,082 296,414,726 285,109,903 Weighted-average fully diluted shares and units 313,020,947 309,026,076 307,546,353 302,257,518 290,944,163 Net income / (loss) per share - basic $0.37 $0.20 ($0.02) $0.79 $0.19 Net income / (loss) per share - diluted $0.37 $0.19 ($0.02) $0.75 $0.19|Six Mon ths Ended|
||30-Jun-23 30-Jun-22|
||$1,740,273 $1,519,275 647,565 442,745 86,342 104,198 206,216 186,868 22,777 10,829 1,819 2,728 $2,704,991 $2,266,644 $721,298 $464,665 449,623 392,430 87,141 93,738 8,739 7,534 853,771 759,099 213,730 198,426 7,807 5,863 30,031 25,554 — — 655 7,727 $2,372,795 $1,955,037 $332,196 $311,607 19,957 26,870 89,946 2,770 (6,650) 16,059 (213,336) (135,748) (37,627) (29,650) — (51,135) $184,486 $140,773 2,427 (4,065) $186,913 $136,708 (20,363) (20,363) $166,550 $116,346 293,316,022 284,610,492 304,453,040 284,979,709 310,589,141 290,716,197 $0.57 $0.41 $0.57 $0.41|

-----

**Funds From Operations and Core Funds From Operations**

|Unaudited and in Thousands, Except Per Share Data|Col2|Col3|Col4|Col5|Col6|Second Quarter 2023|Col8|Col9|
|---|---|---|---|---|---|---|---|---|
|Thr e e Months End ed Reconciliation of Net Income to Funds From Operations (FFO) 30-Jun-23 31-Mar-23 31-Dec-22 30-Sep-22 30-Jun-22 Net Income / (Loss) Available to Common Stockholders $108,003 $58,547 ($6,093) $226,894 $53,245 Adjustments: Non-controlling interest in operating partnership 2,500 1,500 (586) 5,400 1,500 Real estate related depreciation & amortization (1) 424,044 412,192 422,951 381,425 369,327 Depreciation related to non-controlling interests (14,144) (13,388) (13,856) (8,254) - Unconsolidated JV real estate related depreciation & amortization 35,386 33,719 33,927 30,831 29,022 (Gain) / loss on real estate transactions (89,946) (7,825) 572 (173,990) (1,144) Impairment of investments in real estate - - 3,000 - -||||||Six Mon th s Ended|||
|||||||30-Jun-23 30-Jun-22|||
|||||||$166,550 $116,346 4,000 3,100 836,236 743,489 (27,532) - 69,105 58,341 (97,771) (3,914) - -|||
|Funds From Operations - diluted $465,844 $484,745 $439,915 $462,306 $451,949 Weighted-average shares and units outstanding - basic 301,593 297,180 295,199 292,536 290,528 Weighted-average shares and units outstanding - diluted (2)(3) 313,021 309,026 307,546 302,258 290,944 Funds From Operations per share - basic $1.54 $1.63 $1.49 $1.58 $1.56 Funds From Operations per share - diluted (2)(3) $1.52 $1.60 $1.45 $1.55 $1.55 Thr e e Months End ed Reconciliation of FFO to Core FFO 30-Jun-23 31-Mar-23 31-Dec-22 30-Sep-22 30-Jun-22 Funds From Operations - diluted $465,844 $484,745 $439,915 $462,306 $451,949 Other non-core revenue adjustments 27,454 (887) (3,786) (1,818) 456 Transaction and integration expenses 17,764 12,267 17,350 25,862 13,586 Loss from early extinguishment of debt - - - - - Severance, equity acceleration, and legal expenses (4) 3,652 4,155 15,980 1,655 3,786 (Gain) / Loss on FX revaluation (7,868) (6,778) 14,564 (1,120) 29,539 Other non-core expense adjustments 655 - 3,615 1,046 70||||||$950,589 $917,362 299,452 290,346 310,589 290,716 $3.17 $3.16 $3.13 $3.16 Six Mon th s Ended|||
|||||||30-Jun-23 30-Jun-22|||
|||||||$950,589 $917,362 26,566 14,372 30,031 25,554 - 51,135 7,807 5,863 (14,647) (38,137) 655 7,727|||
|Core Funds From Operations - diluted $507,501 $493,500 $487,638 $487,931 $499,386 Weighted-average shares and units outstanding - diluted (2)(3) 301,806 297,382 295,519 292,830 290,944||||||$1,001,001 $983,875 299,730 290,716|||
|Core Funds From Operations per share - diluted (2) $1.68 $1.66 $1.65 $1.67 $1.72 (1) Real Estate Related Depreciation & Amortization Thr e e Months End ed 30-Jun-23 31-Mar-23 31-Dec-22 30-Sep-22 30-Jun-22 Depreciation & amortization per income statement $432,573 $421,198 $430,130 $388,704 $376,967 Non-real estate depreciation (8,529) (9,006) (7,179) (7,279) (7,640)||||||$3.34 $3.38 Six Mon th s Ended|||
|||||||30-Jun-23 30-Jun-22|||
|||||||$853,771 $759,099 (17,535) (15,610)|||
|Real Estate Related Depreciation & Amortization|$424,044|$412,192|$422,951|$381,425|$369,327||$836,236|$743,489|

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

|Three Months Ended 30-Jun-23 31-Mar-23 31-Dec-22 30-Sep-22 30-Jun-22 Teraco noncontrolling share of FFO $9,645 $11,069 $7,213 $4,706 -|Col2|Col3|Col4|Col5|Col6|Six Months Ended|Col8|Col9|
|---|---|---|---|---|---|---|---|---|
|||||||30-Jun-23 30-Jun-22|||
|||||||$20,714 -|||
|Teraco related minority interest|$9,645|$11,069|$7,213|$4,706|-||$20,714|-|

(3) For all periods presented, we have excluded the effect of dilutive series J, series K and series L preferred stock, as applicable, that may be converted into common stock upon the occurrence of specified change in control
transactions as described in the articles supplementary governing the series J, series K and series L preferred stock, as applicable, which we consider highly improbable. See above for calculations of diluted FFO and the
share count detail section that follows the reconciliation of Core FFO to AFFO for calculations of weighted average common stock and units outstanding. For definitions and discussion of FFO and Core FFO, see the
definitions section.

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

-----

**Adjusted Funds From Operations (AFFO)**

|Unaudited and in Thousands, Except Per Share Data|Second Quarter 2023|
|---|---|
|Thr e e Months End ed Reconciliation of Core FFO to AFFO 30-Jun-23 31-Mar-23 31-Dec-22 30-Sep-22 30-Jun-22 Core FFO available to common stockholders and unitholders $507,501 $493,500 $487,638 $487,931 $499,386 Adjustments: Non-real estate depreciation 8,529 9,006 7,179 7,279 7,640 Amortization of deferred financing costs 5,984 4,072 3,753 3,270 3,330 Amortization of debt discount/premium 1,339 1,301 1,276 1,146 1,193 Non-cash stock-based compensation expense 13,893 13,056 16,042 15,948 15,799 Straight-line rental revenue (16,151) (16,194) (29,392) (18,123) (17,278) Straight-line rental expense 520 (515) (208) 2,679 (2,237) Above- and below-market rent amortization (1,195) (1,226) (762) (465) 196 Deferred tax (benefit) / expense 1,339 (9,795) (4,885) (5,233) (769) Leasing compensation & internal lease commissions 11,611 11,067 9,578 9,866 9,411 Recurring capital expenditures (1) (53,498) (40,465) (109,999) (66,200) (43,497)|Six Mon th s Ended|
||30-Jun-23 30-Jun-22|
||$1,001,001 $983,875 17,535 15,610 10,056 6,964 2,640 2,407 26,949 30,253 (32,344) (36,089) 5 1,931 (2,421) 531 (8,456) (2,372) 22,678 22,672 (93,963) (90,267)|
|AFFO available to common stockholders and unitholders (2) $479,873 $463,807 $380,220 $438,097 $473,173 Weighted-average shares and units outstanding - basic 301,593 297,180 295,199 292,536 290,528 Weighted-average shares and units outstanding - diluted (3) 301,806 297,382 295,519 292,830 290,944 AFFO per share - diluted (3) $1.59 $1.56 $1.29 $1.50 $1.63 Dividends per share and common unit $1.22 $1.22 $1.22 $1.22 $1.22 Diluted AFFO Payout Ratio 76.7% 78.2% 94.8% 81.5% 75.0%|$943,679 $935,514 299,452 290,346 299,730 290,716 $3.15 $3.22 $2.44 $2.44 . 77.5% 75.8%|

**Three Months Ended** **Six Months Ended**

**Share Count Detail** **30-Jun-23** **31-Mar-23** **31-Dec-22** **30-Sep-22** **30-Jun-22** **30-Jun-23** **30-Jun-22**

|Weighted Average Common Stock and Units Outstanding 301,593 297,180 295,199 292,536 290,528 Add: Effect of dilutive securities 213 202 320 294 416|Col2|Col3|Col4|Col5|Col6|299,452 290,346 278 370|Col8|
|---|---|---|---|---|---|---|---|
|Weighted Avg. Common Stock and Units Outstanding - diluted|301,806|297,382|295,519|292,830|290,944|299,730|290,716|

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

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

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

-----

**Consolidated Balance Sheets**

**Unaudited and in Thousands, Except Share and Per Share Data** **Second Quarter 2023**

**30-Jun-23** **31-Mar-23** **31-Dec-22** **30-Sep-22** **30-Jun-22**

**Assets**

Investments in real estate:

Real estate $27,087,769 $27,052,022 $26,136,057 $24,876,600 $24,065,933

Construction in progress 4,635,939 4,563,578 4,789,134 4,222,142 3,362,114

Land held for future development 193,936 194,564 118,452 34,713 37,460

**Investments in real estate** **$31,917,644** **$31,810,164** **$31,043,643** **$29,133,455** **$27,465,507**

Accumulated depreciation and amortization (7,739,462) (7,600,559) (7,268,981) (6,826,918) (6,665,118)

**Net Investments in Properties** **$24,178,182** **$24,209,605** **$23,774,662** **$22,306,537** **$20,800,389**

Investment in unconsolidated joint ventures 2,040,452 1,995,576 1,991,426 1,912,958 1,942,549

**Net Investments in Real Estate** **$26,218,634** **$26,205,180** **$25,766,088** **$24,219,495** **$22,742,937**

Cash and cash equivalents $124,519 $131,406 $141,773 $176,969 $99,226

Accounts and other receivables [(1)] 1,158,383 1,070,066 969,292 861,117 797,208

Deferred rent 613,796 627,700 601,590 556,198 554,016

Customer relationship value, deferred leasing costs & other
2,825,596 3,015,291 3,092,627 3,035,861 2,521,390
intangibles, net

Goodwill 9,148,603 9,199,636 9,208,497 8,728,105 7,545,107

Assets held for sale 593,892 — — — —

Operating lease right-of-use assets 1,291,233 1,317,293 1,351,329 1,253,393 1,310,970

Other assets 414,078 386,495 353,802 384,079 385,202

**Total Assets** **$42,388,735** **$41,953,068** **$41,484,998** **$39,215,217** **$35,956,057**

**Liabilities and Equity**

Global unsecured revolving credit facilities $2,242,258 $2,514,202 $2,150,451 $2,255,139 $1,440,040

Unsecured term loans 1,548,780 1,542,275 797,449 729,976 —

Unsecured senior notes, net of discount 13,383,819 13,258,079 13,120,033 12,281,410 12,695,568

Secured debt and other, net of premiums 554,594 560,955 528,870 491,984 158,699

Operating lease liabilities 1,420,239 1,443,994 1,471,044 1,363,712 1,418,540

Accounts payable and other accrued liabilities 2,214,820 1,923,819 1,868,884 1,621,406 1,619,222

Deferred tax liabilities, net 1,128,961 1,164,276 1,192,752 1,145,097 611,582

Accrued dividends and distributions — — 363,716 — —

Security deposits and prepaid rent 417,693 392,021 369,654 341,552 341,140

Liabilities associated with assets held for sale 4,990 — — — —

**Total Liabilities** **$22,916,155** **$22,799,620** **$21,862,853** **$20,230,276** **$18,284,791**

Redeemable non-controlling interests 1,367,422 1,448,772 1,514,680 1,429,920 41,047

**Equity**

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

Series J Cumulative Redeemable Preferred Stock [(2)] $193,540 $193,540 $193,540 $193,540 $193,540

Series K Cumulative Redeemable Preferred Stock [(3)] 203,264 203,264 203,264 203,264 203,264

Series L Cumulative Redeemable Preferred Stock [(4)] 334,886 334,886 334,886 334,886 334,886

Common Stock: $0.01 par value per share, 392,000,000 shares
2,967 2,888 2,887 2,851 2,824
authorized [(5)]

Additional paid-in capital 22,882,200 22,126,379 22,142,868 21,528,384 21,091,364

Dividends in excess of earnings (5,253,915) (4,995,982) (4,698,313) (4,336,201) (4,211,685)

Accumulated other comprehensive (loss), net (741,484) (652,486) (595,798) (862,804) (475,561)

**Total Stockholders' Equity** **$17,621,456** **$17,212,490** **$17,583,334** **$17,063,920** **$17,138,632**

**Noncontrolling Interests**

Noncontrolling interest in operating partnership $436,099 $444,843 $419,317 $421,484 $432,213

Noncontrolling interest in consolidated joint ventures 47,603 47,342 104,814 69,617 59,374

**Total Noncontrolling Interests** **$483,702** **$492,185** **$524,131** **$491,101** **$491,587**

**Total Equity** **$18,105,158** **$17,704,675** **$18,107,465** **$17,555,021** **$17,630,219**

|Total Liabilities and Equity|$42,388,735|$41,953,068|$41,484,998|$39,215,217|$35,956,057|
|---|---|---|---|---|---|

(1) Net of allowance for doubtful accounts of $42,624 and $33,048 as of June 30, 2023 and December 31, 2022, respectively.

(2) Series J Cumulative Redeemable Preferred Stock, 5.250%, $200,000 and $200,000 liquidation preference, respectively ($25.00 per share), 8,000,000 and 8,000,000 shares issued and

outstanding as of June 30, 2023 and December 31, 2022, respectively.

(3) Series K Cumulative Redeemable Preferred Stock, 5.850%, $210,000 and $210,000 liquidation preference, respectively ($25.00 per share), 8,400,000 and 8,400,000 shares issued and

outstanding as of June 30, 2023 and December 31, 2022, respectively.

(4) Series L Cumulative Redeemable Preferred Stock, 5.200%, $345,000 and $345,000 liquidation preference, respectively ($25.00 per share), 13,800,000 and 13,800,000 shares issued and

outstanding as of June 30, 2023 and December 31, 2022, respectively.

(5) Common Stock: 299,240,366 and 291,148,222 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively.

-----

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

**Unaudited and Dollars in Thousands** **Second Quarter 2023**

**Three Months Ended**

**Reconciliation of Earnings Before Interest, Taxes, Depreciation & Amortization**
**(EBITDA) [(1)]** **30-Jun-23** **[31-Mar-23 ]** **[31-Dec-22 ]** **[30-Sep-22 ]** **[30-Jun-22 ]**

**Net Income / (Loss) Available to Common Stockholders** **$108,003** **$58,547** **($6,093)** **$226,894** **$53,245**

Interest 111,116 102,220 86,882 76,502 69,023

Income tax expense (benefit) 16,173 21,454 (17,676) 19,576 16,406

Depreciation & amortization 432,573 421,198 430,130 388,704 376,967

**EBITDA** **$667,866** **$603,419** **$493,244** **$711,676** **$515,642**

Unconsolidated JV real estate related depreciation & amortization 35,386 33,719 33,927 30,831 29,023

Unconsolidated JV interest expense and tax expense 32,105 18,556 53,481 11,948 6,708

Severance, equity acceleration, and legal expenses 3,652 4,155 15,980 1,655 3,786

Transaction and integration expenses 17,764 12,267 17,350 25,862 13,586

(Gain) / loss on sale of investments (89,946) — 6 (173,990) —

Impairment of investments in real estate — — 3,000 — —

Other non-core adjustments, net 22,132 (14,604) 15,127 (94) 31,633

Non-controlling interests (2,538) 111 (3,326) 1,716 436

Preferred stock dividends, including undeclared dividends 10,181 10,181 10,181 10,181 10,181

**Adjusted EBITDA** **$696,604** **$667,804** **$638,969** **$619,786** **$610,994**

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

**Three Months Ended**

**Financial Ratios** **30-Jun-23** **31-Mar-23** **31-Dec-22** **30-Sep-22** **30-Jun-22**

Total GAAP interest expense $111,116 $102,220 $86,882 $76,502 $69,023

Capitalized interest 27,883 26,771 24,581 17,304 14,131

Change in accrued interest and other non-cash amounts (60,612) 38,137 (67,909) 31,860 (43,952)

**Cash Interest Expense [(2)]** **$78,387** **$167,128** **$43,554** **$125,666** **$39,202**

Preferred dividends 10,181 10,181 10,181 10,181 10,181

**Total Fixed Charges [(3)]** **$149,181** **$139,172** **$121,645** **$103,987** **$93,335**

**Coverage**

Interest coverage ratio [(4)] 4.5x 4.7x 5.3x 6.1x 6.6x

Cash interest coverage ratio [(5)] 7.4x 3.7x 11.9x 4.6x 12.6x

Fixed charge coverage ratio [(6)] 4.2x 4.4x 4.9x 5.5x 6.0x

Cash fixed charge coverage ratio [(7)] 6.6x 3.5x 10.0x 4.3x 10.4x

**Leverage**

Debt to total enterprise value [(8)(9)] 33.3% 37.3% 35.2% 34.5% 27.1%

Debt plus preferred stock to total enterprise value [(9)(10)] 34.7% 38.9% 36.8% 36.2% 28.5%

Pre-tax income to interest expense [(11)] 2.0x 1.7x 1.0x 4.1x 1.9x

Net Debt to Adjusted EBITDA [(12)] 6.8x 7.1x 6.9x 6.7x 6.2x

(2) Cash interest expense is interest expense less amortization of debt discount and deferred financing fees and includes interest that we capitalized. We consider cash
interest expense to be a useful measure of interest as it excludes non-cash-based interest expense.

(3) Fixed charges consist of GAAP interest expense, capitalized interest, and preferred dividends.

(4) Adjusted EBITDA divided by GAAP interest expense plus capitalized interest (including our pro rata share of unconsolidated joint venture interest expense).

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

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

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

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

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

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

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

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

-----

**Definition**

**Funds From Operations (FFO):**

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

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

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

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

-----

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

**Additional Definitions**

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

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

Fixed charge coverage ratio is Adjusted EBITDA divided by the sum of GAAP interest expense, capitalized interest, scheduled debt principal payments
and preferred dividends. For the quarter ended June 30, 2023, GAAP interest expense was $111 million, capitalized interest was $28 million and
scheduled debt principal payments and preferred dividends was $10 million.

|Reconciliation of Net Operating Income (NOI) Three Months Ended (in thousands) 30-Jun-23 31-Mar-23 30-Jun-22 Operating income $154,860 $177,335 $170,371 Fee income (14,908) (7,868) (5,072) Other income (932) (887) (2,713) Depreciation and amortization 432,573 421,198 376,967 General and administrative 105,964 107,766 101,991 Severance, equity acceleration, and legal expenses 3,652 4,155 3,786 Transaction expenses 17,764 12,267 13,586 Other expenses 655 — 70|Six Months Ended 30-Jun-23 30-Jun-22|
|---|---|
||$332,196 $311,607 (22,777) (10,829) (1,819) (2,728) 853,771 759,099 213,730 198,426 7,807 5,863 30,031 25,554 655 7,727|
|Net Operating Income $699,629 $713,965 $658,986 Cash Net Operating Income (Cash NOI) Net Operating Income $699,629 $713,965 $658,986 Straight-line rental revenue 12,116 (16,327) (14,134) Straight-line rental expense 722 (510) (2,609) Above- and below-market rent amortization (1,195) (1,226) 196|$1,413,594 $1,294,720|
||$1,413,594 $1,294,720 (4,211) (20,664) 212 1,037 (2,421) 531|
|Cash Net Operating Income $711,272 $695,902 $642,439 Constant Currency CFFO Reconciliation Three Months Ended (in thousands) 30-Jun-23 31-Mar-23 30-Jun-22 Core FFO (1) $507,501 $499,386 Core FFO impact of holding '22 Exchange Rates Constant (2) 1,870 —|$1,407,174 $1,275,624|
||Six Months Ended 30-Jun-23 30-Jun-22|
||$1,001,001 $983,875 11,416 —|
|Constant Currency Core FFO $509,371 $499,386 Weighted-average shares and units outstanding - diluted 301,806 290,944 Constant Currency CFFO Per Share $1.69 $1.72|$1,012,417 $983,875 299,730 290,716 $3.38 $3.38|

1) As reconciled to net income above.

2) Adjustment calculated by holding currency translation rates for 2023 constant with average currency translation rates that were applicable to the same periods in 2022.

-----

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

-  reduced demand for data centers or decreases in information technology spending;

-  increased competition or available supply of data center space;

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

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

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

-  our ability to attract and retain customers;

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

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

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

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

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

-  information security and data privacy breaches;

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

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

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

-  difficulties in identifying properties to acquire and completing acquisitions;

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

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

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

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

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

-  our inability to manage our growth effectively;

-  losses in excess of our insurance coverage;

-  our inability to attract and retain talent;

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

-  environmental liabilities, risks related to natural disasters and our inability to achieve our sustainability goals;

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

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

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

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

-  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, 2022, and other filings with the U.S. Securities and Exchange Commission. Those risks continue to be relevant to our performance and financial
condition. Moreover, we operate in a 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, 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.

-----
END DOCUMENT 4

BEGIN DOCUMENT 5:
**Digital Realty Reports First Quarter 2024 Results**

**Austin, TX — May 2, 2024 — Digital Realty (NYSE: DLR), the largest global provider of cloud- and carrier-neutral data center, colocation, and**
interconnection solutions, announced today financial results for the first quarter of 2024. All per share results are presented on a fully diluted basis.

**Highlights**

-  Reported net income available to common stockholders of $0.82 per share in 1Q24, compared to $0.20 in 1Q23

-  Reported FFO per share of $1.41 in 1Q24, compared to $1.60 in 1Q23

-  Reported Core FFO per share of $1.67 in 1Q24, compared to $1.66 in 1Q23

-  Reported “Same-Capital” cash NOI growth of 4.7% in 1Q24

-  Reported rental rate increases on renewal leases of 11.8% on a cash basis in 1Q24

-  Signed total bookings during 1Q24 that are expected to generate $252 million of annualized GAAP rental revenue, including a $40 million
contribution from the 0–1 megawatt category and $13 million contribution from interconnection

-  Maintained 2024 Core FFO per share outlook of $6.60 - $6.75

**Financial Results**

Digital Realty reported revenues of $1.3 billion in the first quarter of 2024, a 3% decrease from the previous quarter and an 1% decrease from the same
quarter last year.

The company delivered net income of $288 million in the first quarter of 2024, and net income available to common stockholders of $271 million, or
$0.82 per diluted share, compared to $0.08 per diluted share in the previous quarter and $0.20 per diluted share in the same quarter last year.

Digital Realty generated Adjusted EBITDA of $711 million in the first quarter of 2024, a 2% increase from the previous quarter and 6% increase over the
same quarter last year.

The company reported Funds From Operations (FFO) of $451 million in the first quarter of 2024, or $1.41 per share, compared to $1.53 per share in the
previous quarter and $1.60 per share in the same quarter last year.

Excluding certain items that do not represent core expenses or revenue streams, Digital Realty delivered Core FFO per share of $1.67 in the first quarter
of 2024, compared to $1.63 per share in the previous quarter and $1.66 per share in the same quarter last year. Digital Realty delivered ConstantCurrency Core FFO per share of $1.67 for the first quarter of 2024.

“Digital Realty saw accelerating demand in the first quarter, executing on a number of multifaceted AI-oriented opportunities, while continuing to
support hybrid multi-cloud requirements. Strong demand supported a new leasing record, driven by large footprint deals,” said Digital Realty President
& Chief Executive Officer Andy Power. “In support of this demand, we sourced over $1 billion of fresh capital through asset sales and joint ventures,
further reducing our reported leverage while positioning the company to meet our customers' growing needs.”

**Leasing Activity**

In the first quarter, Digital Realty signed total bookings that are expected to generate $252 million of annualized GAAP rental revenue, including a $40
million contribution from the 0–1 megawatt category and a $13 million contribution from interconnection.

The weighted-average lag between new leases signed during the first quarter of 2024 and the contractual commencement date was 7 months.

In addition to new leases signed, Digital Realty also signed renewal leases representing $248 million of annualized cash rental revenue during the
quarter. Rental rates on renewal leases signed during the first quarter of 2024 increased 11.8% on a cash basis and 13.0% on a GAAP basis.

-----

New leases signed during the first quarter of 2024 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 $19,050 67 $283 6.5 $243

> 1 MW 175,200 636 275 84.0 174

Other [(1)] 495 10 51 — —

**Total** **$194,746** **713** **$273** **90.5** **$179**

**EMEA [(2)]**

0-1 MW $14,754 60 $246 5.5 $224

> 1 MW 23,020 112 206 13.7 140

Other [(1)] 72 1 117 — —

**Total** **$37,846** **173** **$219** **19.2** **$164**

**Asia Pacific [(2)]**

0-1 MW $6,192 18 $343 1.5 $333

> 1 MW — — — — —

Other [(1)] 159 3 56 — —

**Total** **$6,351** **21** **$304** **1.5** **$333**

**All Regions [(2)]**

0-1 MW $39,996 145 $275 13.6 $246

> 1 MW 198,220 748 265 97.7 169

Other [(1)] 726 13 55 — —

**Total** **$238,942** **907** **$264** **111.2** **$178**

**Interconnection** **$13,240** **N/A** **N/A** **N/A** **N/A**

**Grand Total** **$252,182** **907** **$264** **111.2** **$178**

Note: Totals may not foot due to rounding differences.

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

(2) Based on quarterly average exchange rates during the three months ended March 31, 2024.

**Investment Activity**

As previously disclosed, in the first quarter, Digital Realty successfully resolved its relationship with Cyxtera, with the closing of a series of transactions
with Brookfield Infrastructure Partners L.P., Cyxtera Technologies and Digital Core REIT. Digital Realty received $277 million for its interest in four data
centers and redeployed $55 million to buy out Cyxtera’s leases in Digital Realty’s Frankfurt and Singapore data centers. Digital Realty also exercised its
option to purchase a data center outside of London, UK, which is expected to close in the second quarter.

Also previously disclosed, in January, Digital Realty and Blackstone Inc. established the first phase of their $7 billion hyperscale data center development
joint venture, which includes campuses in Paris and Northern Virginia. The second phase is scheduled to close later this year, upon obtaining the
required approvals.

As announced in early March, Digital Realty and Mitsubishi Corporation established a joint venture to support the development of two build-to-suit data
centers in the Dallas metro area. The two data centers commenced construction in the fourth quarter of 2022 and can deliver up to 48 megawatts of IT
load. Mitsubishi initially invested approximately $200 million to acquire a 65% equity interest in the venture, while Digital Realty maintains a 35%
interest. Each partner will fund its pro rata share of the remaining development costs for the two facilities, which are slated for initial completion and
commencement in late 2024.

Additionally, as previously disclosed, during the quarter, Digital Realty closed on the purchase of approximately 19 acres of land in Paris, France for
approximately €70 million or $76 million. The parcel of land, which was previously leased to Digital Realty, is currently under development to support up
to 77 megawatts of IT load.

During the quarter, Digital Realty closed on the sale of 19 acres of vacant land in Sydney, Australia for approximately AU$96 million or $63 million.

Digital Realty also received approximately $92 million of proceeds during the first quarter, pursuant to an agreement to grant land easements for the
use of substations on its Digital Dulles campus.

During the first quarter, MC Digital Realty closed on the acquisition of five acres of land in Osaka, Japan which could support the development of up to
18 megawatts of IT load, for approximately JPY1 billion or $7 million.

-----

Subsequent to quarter end, Digital Realty and GI Partners expanded their existing joint venture in Chicago, with the sale to GI Partners of a 75% interest
in a stabilized hyperscale data center that is situated on the same campus as two stabilized hyperscale data centers that were previously contributed to
a joint venture with GI Partners in July 2023. Digital Realty received approximately $388 million of gross proceeds and will maintain a 25% interest in the
joint venture. Based on annualized in‐place cash NOI as of March 31, 2024, adjusted for a customary vacancy allowance, the transaction values the
facility at a 6.5% cap rate. As previously disclosed, in January, GI Partners executed its option to increase its stake from 65% to 80% in the two original
stabilized hyperscale data centers within the Chicago joint venture.

Subsequent to quarter end, Digital Realty closed on the sale to Digital Core REIT (SGX: DCRU) of an additional 24.9% interest in a data center facility
located in Frankfurt, Germany for €117 million, or approximately $129 million. The transaction valued the Frankfurt facility at €470 million, or
approximately $517 million (at 100% share). Digital Core REIT has an option to acquire up to an 89.9% total ownership interest in the facility.

**Balance Sheet**

Digital Realty had approximately $17.0 billion of total debt outstanding as of March 31, 2024, comprised of $16.4 billion of unsecured debt and
approximately $0.6 billion of secured debt and other. At the end of the first quarter of 2024, net debt-to-Adjusted EBITDA was 6.1x, debt-pluspreferred-to-total enterprise value was 27.9% and fixed charge coverage was 4.0x. Pro forma for the completion of the second phase of the Blackstone
development joint ventures announced in December 2023, as well as the expansion of the joint venture with GI Partners and the sale of an interest in
an asset to Digital Core REIT subsequent to quarter end, net debt-to-Adjusted EBITDA was 5.8x.

As previously disclosed, in January, Digital Realty sold 0.6 million shares of its common stock at a weighted average price of $133.43 per share for net
proceeds of approximately $84 million.

Subsequent to quarter end, the company repaid €600 million ($647 million) aggregate principal amount of its 2.625% notes.

-----

**2024 Outlook**

Digital Realty maintained its 2024 Core FFO per share and Constant-Currency Core FFO per share outlook of $6.60 - $6.75. The assumptions underlying
the outlook are summarized in the following table.

**As of**

**February 15, 2024**

$5.550 - $5.650 billion

($35 - $40 million)

$2.800 - $2.900 billion

$450 - $460 million

4.0% - 6.0%

6.0% - 8.0%

+100 - 200 bps

2.0% - 3.0%

$1.25 - $1.30

$1.05 - $1.10

$1,000 - $1,500 million

6.0% - 8.0%

$2,000 - $2,500 million

10.0%+

$15 - $20 million

$260 - $275 million

$0 - $1,000 million

5.0% - 5.5%

Mid-Year

**$1.80 - $1.95**

$4.40 - $4.40

**$6.20 - $6.35**

$0.40 - $0.40

**$6.60 - $6.75**

$0.00 - $0.00

**$6.60 - $6.75**

**As of**

**May 2, 2024**

$5.550 - $5.650 billion

($35 - $40 million)

$2.800 - $2.900 billion

$450 - $460 million

5.0% - 7.0%

7.0% - 9.0%

+100 - 200 bps

2.5% - 3.5%

$1.25 - $1.30

$1.05 - $1.10

$1,000 - $1,500 million

6.0% - 8.0%

$2,000 - $2,500 million

10.0%+

$15 - $20 million

$260 - $275 million

$0 - $1,000 million

5.0% - 5.5%

Mid-Year

**$1.80 - $1.95**

$4.40 - $4.40

**$6.20 - $6.35**

$0.40 - $0.40

**$6.60 - $6.75**

$0.00 - $0.00

**$6.60 - $6.75**

**Top-Line and Cost Structure**

Total revenue

Net non-cash rent adjustments [(1)]

Adjusted EBITDA

G&A

**Internal Growth**

Rental rates on renewal leases

Cash basis

GAAP basis

Year-end portfolio occupancy

"Same-Capital" cash NOI growth [(2)]

Foreign Exchange Rates

U.S. Dollar / Pound Sterling

U.S. Dollar / Euro

**External Growth**

Dispositions / Joint Venture Capital

Dollar volume

Cap rate

Development

CapEx (Net of Partner Contributions) [(3)]

Average stabilized yields

Enhancements and other non-recurring CapEx [(4)]

Recurring CapEx + capitalized leasing costs [(5)]

**Balance Sheet**

Long-term debt issuance

Dollar amount

Pricing

Timing

**Net income per diluted share**

Real estate depreciation and (gain) / loss on sale

**Funds From Operations / share (NAREIT-Defined)**

Non-core expenses and revenue streams

**Core Funds From Operations / share**

Foreign currency translation adjustments

**Constant-Currency Core Funds From Operations / share**

(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 belowmarket leases (i.e., ASC 805 adjustments).

(2) The “Same-Capital” pool includes properties owned as of December 31, 2022 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 2023-2024, properties classified as held for sale, and properties sold or
contributed to joint ventures for all periods presented.

(3) Excludes land acquisitions and includes Digital Realty’s share of JV contributions. Figure is net of JV partner 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.

-----

**Non-GAAP Financial Measures**

This document contains non-GAAP financial measures, including FFO, Core FFO, Adjusted FFO, Net Operating Income (NOI), “Same-Capital” Cash NOI
and Adjusted EBITDA. A reconciliation from U.S. GAAP net income available to common stockholders to FFO, a reconciliation from FFO to Core FFO, a
reconciliation from Core FFO to Adjusted FFO, reconciliation from NOI to Cash NOI, and definitions of FFO, Core FFO, Adjusted FFO, NOI and “SameCapital” 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 May 2, 2024, a presentation will be posted to the Investors section of
[the company’s website at https://investor.digitalrealty.com. The presentation is designed to accompany the discussion of the company’s first quarter](https://investor.digitalrealty.com/overview/investor-relations-overview/default.aspx)
2024 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# 1322262 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.](https://investor.digitalrealty.com/overview/investor-relations-overview/default.aspx)

Telephone and webcast replays will be available after the call until June 2, 2024. 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# 7673278. The webcast replay can be accessed on
Digital Realty’s website.

**About Digital Realty**

Digital Realty brings companies and data together by delivering the full spectrum of data center, colocation, and interconnection solutions.
PlatformDIGITAL®, the company’s global data center platform, provides customers with a secure data meeting place and a proven Pervasive Datacenter
Architecture (PDx®) solution methodology for powering innovation and efficiently managing Data Gravity challenges. Digital Realty gives its customers
access to the connected 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.](https://www.digitalrealty.com/)

**Contact Information**

Matt Mercier
Chief Financial Officer
Digital Realty
(737) 281-0101

Jordan Sadler / Jim Huseby
Investor Relations
Digital Realty
(737) 281-0101

-----

**Consolidated Quarterly Statements of Operations**

**Unaudited and in Thousands, Except Per Share Data**

**First Quarter 2024**

**Three Months Ended**

**31-Mar-24** **31-Dec-23** **30-Sep-23** **30-Jun-23** **31-Mar-23**

Rental revenues $894,409 $885,694 $886,960 $869,298 $870,975

Tenant reimbursements - Utilities 276,357 316,634 335,477 330,416 317,148

Tenant reimbursements - Other 38,434 46,418 64,876 46,192 40,150

Interconnection & other 108,071 106,413 107,305 104,521 101,695

Fee income 13,010 14,330 7,819 14,908 7,868

Other 862 144 — 932 887

**Total Operating Revenues** **$1,331,143** **$1,369,633** **$1,402,437** **$1,366,267** **$1,338,724**

Utilities $324,571 $366,083 $384,455 $374,934 $346,364

Rental property operating 224,369 237,118 223,089 224,762 224,861

Property taxes 41,156 40,161 72,279 46,718 40,424

Insurance 2,694 3,794 4,289 4,385 4,355

Depreciation & amortization 431,102 420,475 420,613 432,573 421,198

General & administration 114,419 109,235 108,039 105,964 107,766

Severance, equity acceleration and legal expenses 791 7,565 2,682 3,652 4,155

Transaction and integration expenses 31,839 40,226 14,465 17,764 12,267

Provision for impairment — 5,363 113,000 — —

Other expenses 10,836 5,580 1,295 655 —

**Total Operating Expenses** **$1,181,776** **$1,235,598** **$1,344,206** **$1,211,407** **$1,161,388**

**Operating Income** **$149,367** **$134,035** **$58,231** **$154,860** **$177,335**

Equity in earnings / (loss) of unconsolidated joint ventures (16,008) (29,955) (19,793) 5,059 14,897

Gain / (loss) on sale of investments 277,787 (103) 810,688 89,946 —

Interest and other income / (expense), net 9,709 50,269 24,812 (6,930) 280

Interest (expense) (109,535) (113,638) (110,767) (111,116) (102,220)

Income tax benefit / (expense) (22,413) (20,724) (17,228) (16,173) (21,454)

Loss from early extinguishment of debt (1,070) — — — —

**Net Income** **$287,837** **$19,884** **$745,941** **$115,647** **$68,839**

Net income / (loss) attributable to noncontrolling interests (6,329) 8,419 (12,320) 2,538 (111)

**Net Income Attributable to Digital Realty Trust, Inc.** **$281,508** **$28,304** **$733,621** **$118,185** **$68,728**

Preferred stock dividends (10,181) (10,181) (10,181) (10,181) (10,181)

**Net Income / (Loss) Available to Common Stockholders** **$271,327** **$18,122** **$723,440** **$108,003** **$58,547**

Weighted-average shares outstanding - basic 312,292 305,781 301,827 295,390 291,219

Weighted-average shares outstanding - diluted 320,798 314,995 311,341 306,819 303,065

Weighted-average fully diluted shares and units 326,975 321,173 317,539 313,021 309,026

Net income / (loss) per share - basic $0.87 $0.06 $2.40 $0.37 $0.20

Net income / (loss) per share - diluted $0.82 $0.08 $2.34 $0.35 $0.20

-----

**Funds From Operations and Core Funds From Operations**

**Unaudited and in Thousands, Except Per Share Data**

**First Quarter 2024**

**Three Months Ended**

**Reconciliation of Net Income to Funds From Operations (FFO)** **31-Mar-24** **31-Dec-23** **30-Sep-23** **30-Jun-23** **31-Mar-23**

**Net Income / (Loss) Available to Common Stockholders** **$271,327** **$18,122** **$723,440** **$108,003** **$58,547**

Adjustments:

Non-controlling interest in operating partnership 6,200 410 16,300 2,500 1,500

Real estate related depreciation & amortization [(1)] 420,591 410,167 410,836 424,044 412,192

Reconciling items related to non-controlling interests (8,017) (15,377) (14,569) (14,144) (13,388)

Unconsolidated JV real estate related depreciation & amortization 47,877 64,833 43,215 35,386 33,719

(Gain) / loss on real estate transactions (286,704) 103 (810,688) (89,946) (7,825)

Provision for impairment — 5,363 113,000 — —

|Funds From Operations|$451,273|$483,621 $481,535 $465,844 $484,745|
|---|---|---|

Weighted-average shares and units outstanding - basic 318,469 311,960 308,024 301,593 297,180

Weighted-average shares and units outstanding - diluted [(2) (3)] 326,975 321,173 317,539 313,021 309,026

**Funds From Operations per share - basic** **$1.42** **$1.55** **$1.56** **$1.54** **$1.63**

**Funds From Operations per share - diluted[ (2) (3)]** **$1.41** **$1.53** **$1.55** **$1.52** **$1.60**

**Three Months Ended**

**Reconciliation of FFO to Core FFO** **31-Mar-24** **31-Dec-23** **30-Sep-23** **30-Jun-23** **31-Mar-23**

**Funds From Operations** **$451,273** **$483,621** **$481,535** **$465,844** **$484,745**

Other non-core revenue adjustments 3,525 (146) (27) 27,454 (887)

Transaction and integration expenses 31,839 40,226 14,465 17,764 12,267

Loss from early extinguishment of debt 1,070 — — — —

Severance, equity acceleration and legal expenses [(4)] 791 7,565 2,682 3,652 4,155

(Gain) / Loss on FX revaluation 33,602 (24,804) 451 (7,868) (6,778)

Other non-core expense adjustments 10,052 1,956 1,295 655 —

|Core Funds From Operations|$532,153|$508,417 $500,402 $507,501 $493,500|
|---|---|---|

Weighted-average shares and units outstanding - diluted[ (2) (3)] 319,138 312,356 308,539 301,806 297,382

|Core Funds From Operations per share - diluted (2)|$1.67|$1.63 $1.62 $1.68 $1.66|
|---|---|---|

(1)     Real Estate Related Depreciation & Amortization **Three Months Ended**

**31-Mar-24** **31-Dec-23** **30-Sep-23** **30-Jun-23** **31-Mar-23**

Depreciation & amortization per income statement $431,102 $420,475 $420,613 $432,573 $421,198

Non-real estate depreciation (10,511) (10,308) (9,777) (8,529) (9,006)

**Real Estate Related Depreciation & Amortization** **$420,591** **$410,167** **$410,836** **$424,044** **$412,192**

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

**Three Months Ended**

**31-Mar-24** **31-Dec-23** **30-Sep-23** **30-Jun-23** **31-Mar-23**

Teraco noncontrolling share of FFO $9,768 $7,135 $11,537 $9,645 $11,069

**Teraco related minority interest** **$9,768** **$7,135** **$11,537** **$9,645** **$11,069**

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

-----

**Adjusted Funds From Operations (AFFO)**

**Unaudited and in Thousands, Except Per Share Data**

**First Quarter 2024**

**Three Months Ended**

**Reconciliation of Core FFO to AFFO** **31-Mar-24** **31-Dec-23** **30-Sep-23** **30-Jun-23** **31-Mar-23**

**Core FFO available to common stockholders and unitholders** **$532,153** **$508,417** **$500,402** **$507,501** **$493,500**

Adjustments:

Non-real estate depreciation 10,511 10,308 9,777 8,529 9,006

Amortization of deferred financing costs 5,576 5,744 5,776 5,984 4,072

Amortization of debt discount/premium 1,832 973 1,360 1,339 1,301

Non-cash stock-based compensation expense 12,592 9,226 14,062 13,893 13,056

Straight-line rental revenue 9,976 (21,992) (14,080) (16,151) (16,194)

Straight-line rental expense 1,111 (4,999) 1,427 520 (515)

Above- and below-market rent amortization (854) (856) (1,127) (1,195) (1,226)

Deferred tax (benefit) / expense (3,437) 33,448 (8,539) 1,339 (9,795)

Leasing compensation & internal lease commissions 13,291 9,848 12,515 11,611 11,067

Recurring capital expenditures [(1)] (47,676) (142,808) (90,251) (53,498) (40,465)

**AFFO available to common stockholders and unitholders [(2)]** **$535,073** **$407,306** **$431,322** **$479,873** **$463,807**

Weighted-average shares and units outstanding - basic 318,469 311,960 308,024 301,593 297,180

Weighted-average shares and units outstanding - diluted [(3)] 319,138 312,356 308,539 301,806 297,382

**AFFO per share - diluted [(3)]** **$1.68** **$1.30** **$1.40** **$1.59** **$1.56**

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

**Diluted AFFO Payout Ratio** **72.8%** **93.6%** **87.3%** **76.7%** **78.2%**

**Three Months Ended**

**Share Count Detail** **31-Mar-24** **31-Dec-23** **30-Sep-23** **30-Jun-23** **31-Mar-23**

**Weighted Average Common Stock and Units Outstanding** **318,469** **311,960** **308,024** **301,593** **297,180**

Add: Effect of dilutive securities 669 396 515 213 202

**Weighted Avg. Common Stock and Units Outstanding - diluted** **319,138** **312,356** **308,539** **301,806** **297,382**

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

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

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

-----

**Consolidated Balance Sheets**

**Unaudited and in Thousands, Except Per Share Data**

**Assets**

Investments in real estate:

**First Quarter 2024**

**31-Mar-24** **31-Dec-23** **30-Sep-23** **30-Jun-23** **31-Mar-23**

Real estate $27,122,796 $27,306,369 $25,887,031 $27,087,769 $27,052,022

Construction in progress 4,496,840 4,635,215 5,020,464 4,635,939 4,563,578

Land held for future development 114,240 118,190 179,959 193,936 194,564

**Investments in Real Estate** **$31,733,877** **$32,059,773** **$31,087,453** **$31,917,644** **$31,810,164**

Accumulated depreciation and amortization (7,976,093) (7,823,685) (7,489,193) (7,739,462) (7,600,559)

**Net Investments in Properties** **$23,757,784** **$24,236,089** **$23,598,260** **$24,178,182** **$24,209,605**

Investment in unconsolidated joint ventures 2,365,821 2,295,889 2,180,313 2,040,452 1,995,576

**Net Investments in Real Estate** **$26,123,605** **$26,531,977** **$25,778,573** **$26,218,634** **$26,205,180**

Operating lease right-of-use assets, net $1,233,410 $1,414,256 $1,274,410 $1,291,233 $1,317,293

Cash and cash equivalents 1,193,784 1,625,495 1,062,050 124,519 131,406

Accounts and other receivables, net [(1)] 1,217,276 1,278,110 1,325,725 1,158,383 1,070,066

Deferred rent, net 611,670 624,427 586,418 613,796 627,700

Goodwill 9,105,026 9,239,871 8,998,074 9,148,603 9,199,636

Customer relationship value, deferred leasing costs & other intangibles, net 2,359,380 2,500,237 2,506,198 2,825,596 3,015,291

Assets held for sale 287,064 478,503 — 593,892 —

Other assets 501,875 420,382 401,068 414,078 386,495

**Total Assets** **$42,633,089** **$44,113,257** **$41,932,515** **$42,388,735** **$41,953,068**

**Liabilities and Equity**

Global unsecured revolving credit facilities, net $1,901,126 $1,812,287 $1,698,780 $2,242,258 $2,514,202

Unsecured term loans, net 1,303,263 1,560,305 1,524,663 1,548,780 1,542,275

Unsecured senior notes, net of discount 13,190,202 13,422,342 13,072,102 13,383,819 13,258,079

Secured and other debt, net of discount 625,750 630,973 574,231 554,594 560,955

Operating lease liabilities 1,357,751 1,542,094 1,404,510 1,420,239 1,443,994

Accounts payable and other accrued liabilities 1,870,344 2,168,983 2,147,103 2,214,820 1,923,819

Deferred tax liabilities, net 1,121,224 1,151,096 1,088,724 1,128,961 1,164,276

Accrued dividends and distributions — 387,988 — — —

Security deposits and prepaid rents 413,225 401,867 385,521 417,693 392,021

Obligations associated with assets held for sale 9,981 39,001 — 4,990 —

**Total Liabilities** **$21,792,866** **$23,116,936** **$21,895,634** **$22,916,155** **$22,799,620**

Redeemable non-controlling interests 1,350,736 1,394,814 1,360,308 1,367,422 1,448,772

**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, 392,000 shares authorized [(5)] 3,097 3,088 3,002 2,967 2,888

Additional paid-in capital 24,508,683 24,396,797 23,239,088 22,882,200 22,126,379

Dividends in excess of earnings (5,373,529) (5,262,648) (4,900,757) (5,253,915) (4,995,982)

Accumulated other comprehensive (loss), net (850,091) (751,393) (882,996) (741,484) (652,486)

**Total Stockholders' Equity** **$19,019,850** **$19,117,535** **$18,190,026** **$17,621,456** **$17,212,490**

**Noncontrolling Interests**

Noncontrolling interest in operating partnership $438,422 $438,081 $441,366 $436,099 $444,843

Noncontrolling interest in consolidated joint ventures 31,215 45,892 45,182 47,603 47,342

**Total Noncontrolling Interests** **$469,637** **$483,972** **$486,547** **$483,702** **$492,185**

**Total Equity** **$19,489,487** **$19,601,507** **$18,676,573** **$18,105,158** **$17,704,675**

|Total Liabilities and Equity|$42,633,089|$44,113,257|$41,932,515|$42,388,735|$41,953,068|
|---|---|---|---|---|---|

(1) Net of allowance for doubtful accounts of $43,873 and $36,240 as of March 31, 2024 and March 31, 2023, 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 March 31, 2024 and March 31, 2023.

(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 March 31, 2024 and March 31,
2023.

(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 March 31, 2024 and March 31,
2023.

(5) Common Stock: 312,421 and 291,299 shares issued and outstanding as of March 31, 2024 and March 31, 2023, respectively.

-----

**Reconciliation of Earnings Before Interest, Taxes, Depreciation &**

**Unaudited and Dollars in Thousands**

**Three Months Ended**

**Reconciliation of Earnings Before Interest, Taxes, Depreciation & Amortization**
**(EBITDA) [(1)]** **31-Mar-24** **[31-Dec-23 ]** **[30-Sep-23 ]** **[30-Jun-23 ]** **[31-Mar-23 ]**

**Net Income / (Loss) Available to Common Stockholders** **$271,327** **$18,122** **$723,440** **$108,003** **$58,547**

Interest 109,535 113,638 110,767 111,116 102,220

Loss from early extinguishment of debt 1,070 — — — —

Income tax expense (benefit) 22,413 20,724 17,228 16,173 21,454

Depreciation & amortization 431,102 420,475 420,613 432,573 421,198

**EBITDA** **$835,446** **$572,958** **$1,272,048** **$667,866** **$603,420**

Unconsolidated JV real estate related depreciation & amortization 47,877 64,833 43,214 35,386 33,719

Unconsolidated JV interest expense and tax expense 34,271 42,140 27,000 32,105 18,556

Severance, equity acceleration and legal expenses 791 7,565 2,682 3,652 4,155

Transaction and integration expenses 31,839 40,226 14,465 17,764 12,267

(Gain) / loss on sale of investments (277,787) 103 (810,688) (89,946) —

Provision for impairment — 5,363 113,000 — —

Other non-core adjustments, net 21,608 (35,439) 1,719 22,132 (14,604)

Non-controlling interests 6,329 (8,419) 12,320 (2,538) 111

Preferred stock dividends 10,181 10,181 10,181 10,181 10,181

**Adjusted EBITDA** **$710,556** **$699,509** **$685,943** **$696,604** **$667,804**

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

**Three Months Ended**

**Financial Ratios** **31-Mar-24** **31-Dec-23** **30-Sep-23** **30-Jun-23** **31-Mar-23**

Total GAAP interest expense $109,535 $113,638 $110,767 $111,116 $102,220

Capitalized interest 28,522 33,032 29,130 27,883 26,771

Change in accrued interest and other non-cash amounts 55,421 (66,013) 44,183 (60,612) 38,137

**Cash Interest Expense [(2)]** **$193,479** **$80,657** **$184,081** **$78,387** **$167,128**

Preferred stock dividends 10,181 10,181 10,181 10,181 10,181

**Total Fixed Charges [(3)]** **$148,239** **$156,851** **$150,079** **$149,181** **$139,172**

**Coverage**

Interest coverage ratio [(4)] 4.3x 4.0x 4.3x 4.5x 4.7x

Cash interest coverage ratio [(5)] 3.2x 6.4x 3.4x 7.4x 3.7x

Fixed charge coverage ratio [(6)] 4.0x 3.8x 4.1x 4.2x 4.4x

Cash fixed charge coverage ratio [(7)] 3.1x 5.8x 3.2x 6.6x 3.5x

**Leverage**

Debt to total enterprise value [(8)(9)] 26.7% 28.6% 30.6% 33.3% 37.3%

Debt-plus-preferred-stock-to-total-enterprise-value [(9)(10)] 27.9% 29.8% 32.0% 34.7% 38.9%

Pre-tax income to interest expense [(11)] 3.6x 1.2x 7.7x 2.0x 1.7x

Net Debt-to-Adjusted EBITDA [(12)] 6.1x 6.2x 6.3x 6.8x 7.1x

(2) Cash interest expense is interest expense less amortization of debt discount and deferred financing fees and includes interest that we capitalized. We consider cash
interest expense to be a useful measure of interest as it excludes non-cash-based interest expense.

(3) Fixed charges consist of GAAP interest expense, capitalized interest, and preferred stock dividends.

(4) Adjusted EBITDA divided by GAAP interest expense plus capitalized interest (including our pro rata share of unconsolidated joint venture interest expense).

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

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

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

(8) Total debt divided by market value of common equity plus debt plus preferred stock.

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

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

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

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

-----

**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 non-controlling interests in operating partnership and, depreciation related to non-controlling 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 from early extinguishment of debt, (iv) gain on / issuance costs associated with redeemed preferred stock, (v) severance, equity
acceleration and legal expenses, (vi) gain/loss on FX revaluation, and (vii) other non-core expense adjustments. Because certain of these adjustments
have a real economic impact on our financial condition and results from operations, the utility of Core FFO as a measure of our performance is limited.
Other REITs may calculate Core FFO differently than we do and accordingly, our Core FFO may not be comparable to other REITs’ Core FFO. Core FFO
should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance.

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

**EBITDA and Adjusted EBITDA:**
We believe that earnings before interest, loss from early extinguishment of debt, income taxes, and depreciation and amortization, or EBITDA, and
Adjusted EBITDA (as defined below), are useful supplemental performance measures because they allow investors to view our performance without the
impact of non-cash depreciation and amortization or the cost of debt and, with respect to Adjusted EBITDA, (i) unconsolidated joint venture real estate
related depreciation & amortization, (ii) unconsolidated joint venture 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) non-controlling interests, (ix) preferred stock dividends, and (x) issuance costs associated with redeemed preferred stock. Adjusted EBITDA is
EBITDA excluding (i) unconsolidated joint venture real estate related depreciation & amortization, (ii) unconsolidated joint venture 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, (vii) non-controlling 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.

-----

**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, 2022 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 2023-2024, buildings classified as held for sale, and buildings sold or
contributed to joint ventures for all periods presented (prior period numbers adjusted to reflect current same-capital pool). However, because NOI and cash NOI exclude
depreciation and amortization and capture neither the changes in the value of our data centers that result from use or market conditions, nor the level of capital
expenditures and capitalized leasing commissions necessary to maintain the operating performance of our data centers, all of which have real economic effect and could
materially impact our results from operations, the utility of NOI and cash NOI as measures of our performance is limited. Other REITs may calculate NOI and cash NOI
differently than we do and, accordingly, our NOI and cash NOI may not be comparable to other REITs’ NOI and cash NOI. NOI and cash NOI should be considered only as
supplements to net income computed in accordance with GAAP as measures of our performance.

**Additional Definitions**

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

Debt-plus-preferred-to-total enterprise value is 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
March 31, 2024, GAAP interest expense was $110 million, capitalized interest was $29 million and preferred stock dividends was $10 million.

**Reconciliation of Net Operating Income (NOI)** **Three Months Ended**

**(in thousands)** **31-Mar-24** **31-Dec-23** **31-Mar-23**

**Operating income** **$149,367** **$134,035** **$177,335**

Fee income (13,010) (14,330) (7,868)

Other income (862) (144) (887)

Depreciation and amortization 431,102 420,475 421,198

General and administrative 114,419 109,235 107,766

Severance, equity acceleration and legal expenses 791 7,565 4,155

Transaction expenses 31,839 40,226 12,267

Provision for impairment — 5,363 —

Other expenses 10,836 5,580 —

**Net Operating Income** **$724,482** **$708,003** **$713,965**

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

**Net Operating Income** **$724,482** **$708,003** **$713,965**

Straight-line rental revenue (2,522) (22,085) (16,327)

Straight-line rental expense 1,369 (4,745) (510)

Above- and below-market rent amortization (854) (856) (1,226)

**Cash Net Operating Income** **$722,474** **$680,317** **$695,902**

**Constant Currency CFFO Reconciliation** **Three Months Ended**

**(in thousands, except per share data)** **31-Mar-24** **31-Mar-23**

**Core FFO [(1)]** **$532,153** **$493,500**

Core FFO impact of holding '23 Exchange Rates Constant [(2)] 1,119 —

**Constant Currency Core FFO** **$533,272** **$493,500**

Weighted-average shares and units outstanding - diluted 319,138 297,382

**Constant Currency CFFO Per Share** **$1.67** **$1.66**

1) As reconciled to net income above.

2) Adjustment calculated by holding currency translation rates for 2024 constant with average currency translation rates that were applicable to the same periods in 2023.

-----

This document contains forward-looking statements within the meaning of the federal securities laws, which are based on current expectations, forecasts and assumptions that involve risks and
uncertainties that could cause actual outcomes and results to differ materially. Such forward-looking statements include statements relating to: our economic outlook, our expected investment
and expansion activity, anticipated continued demand for our products and service, our liquidity, our joint ventures, supply and demand for data center and colocation space, our acquisition and
disposition activity, pricing and net effective leasing economics, market dynamics and data center fundamentals, our strategic priorities, our product offerings, available inventory, rent from leases
that have been signed but have not yet commenced and other contracted rent to be received in future periods, rental rates on future leases, lag between signing and commencement, cap rates
and yields, investment activity, the company’s FFO, Core FFO, constant currency Core FFO, adjusted FFO, and net income, 2024 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;

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

-  our ability to attract and retain customers;

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

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

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

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

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

-  information security and data privacy breaches;

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

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

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

-  difficulties in identifying properties to acquire and completing acquisitions;

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

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

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

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

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

-  our inability to manage our growth effectively;

-  losses in excess of our insurance coverage;

-  our inability to attract and retain talent;

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

-  the expected operating performance of anticipated near-term acquisitions and descriptions relating to these expectations;

-  environmental liabilities, risks related to natural disasters and our inability to achieve our sustainability goals;

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

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

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

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

-  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, 2023, 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.

-----
END DOCUMENT 5

BEGIN DOCUMENT 6:
**Digital Realty Reports Third Quarter 2023 Results**

**Austin, TX — October 26, 2023 — Digital Realty (NYSE: DLR), the largest global provider of cloud- and carrier-neutral data center, colocation and**
interconnection solutions, announced today financial results for the third quarter of 2023. All per share results are presented on a fully diluted basis.

**Highlights**

-  Reported net income available to common stockholders of $2.33 per share in 3Q23, compared to $0.75 in 3Q22

-  Reported FFO per share of $1.55 in 3Q23, compared to $1.55 in 3Q22

-  Reported Core FFO per share of $1.62 in 3Q23, compared to $1.67 in 3Q22

-  Reported Constant-Currency Core FFO per share of $1.60 in 3Q23 and $4.96 per share for the nine months ended September 30, 2023

-  Reported “Same-Capital” cash NOI growth of 9.4% in 3Q23

-  Reported rental rate increases on renewal leases of 7.4% on a cash basis in 3Q23

-  Signed total bookings during 3Q23 that are expected to generate $152 million of annualized GAAP rental revenue, including a $42 million
contribution from the 0–1 megawatt category and $12 million contribution from interconnection

-  Narrowed 2023 Core FFO per share outlook to $6.58 - $6.62

**Financial Results**

Digital Realty reported revenues of $1.4 billion in the third quarter of 2023, a 3% increase from the previous quarter and an 18% increase from the same
quarter last year.

The company delivered net income of $746 million in the third quarter of 2023, and net income available to common stockholders of $723 million, or
$2.33 per diluted share, compared to $0.37 per diluted share in the previous quarter and $0.75 per diluted share in the same quarter last year.

Digital Realty generated Adjusted EBITDA of $686 million in the third quarter of 2023, a 2% decrease from the previous quarter and 11% increase over
the same quarter last year.

The company reported Funds From Operations (FFO) of $482 million in the third quarter of 2023, or $1.55 per share, compared to $1.52 per share in the
previous quarter and $1.55 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 $1.62 in the third
quarter of 2023, compared to $1.68 per share in the previous quarter and $1.67 per share in the same quarter last year. Digital Realty delivered
Constant-Currency Core FFO per share of $1.60 for the third quarter of 2023 and $4.96 per share for the nine-month period ended September 30, 2023.

“Digital Realty’s third quarter results demonstrate strong and broad-based demand across our product spectrum. We posted record leasing in the 0-1
megawatt plus interconnection category and robust leasing in the greater-than-a-megawatt category,” said Digital Realty President & Chief Executive
Officer Andy Power. “Accelerating Same-Capital cash NOI growth combined with strong progress on our funding plan have enabled the company to delever while reinvesting to meet the needs of our customers.”

**Leasing Activity**

In the third quarter, Digital Realty signed total bookings that are expected to generate $152 million of annualized GAAP rental revenue, including a $42
million contribution from the 0–1 megawatt category and a $12 million contribution from interconnection.

The weighted-average lag between new leases signed during the third quarter of 2023 and the contractual commencement date was 12 months.

In addition to new leases signed, Digital Realty also signed renewal leases representing $157 million of annualized GAAP rental revenue during the
quarter. Rental rates on renewal leases signed during the third quarter of 2023 increased 7.4% on a cash basis and 9.5% on a GAAP basis.

-----

New leases signed during the third quarter of 2023 are summarized by region and product as follows:

**Annualized GAAP**

**Base Rent** **Square Feet** **GAAP Base Rent** **GAAP Base Rent**

**The Americas** **(in thousands)** **(in thousands)** **per Square Foot** **Megawatts** **per Kilowatt**

0-1 MW $22,233 96 $230 8.2 $227

> 1 MW 68,378 274 250 40.9 139

Other [(1)] 1,128 11 100 — —

**Total** **$91,739** **382** **$240** **49.1** **$154**

**EMEA [(2)]**

0-1 MW $15,164 56 $270 4.4 $286

> 1 MW 5,193 41 125 3.2 135

Other [(1)] 188 4 46 — —

**Total** **$20,545** **102** **$202** **7.6** **$223**

**Asia Pacific [(2)]**

0-1 MW $4,378 11 $383 1.3 $284

> 1 MW 23,307 132 176 11.9 164

Other [(1)] 53 1 100 — —

**Total** **$27,738** **144** **$192** **13.1** **$176**

**All Regions [(2)]**

0-1 MW $41,776 164 $254 13.9 $251

> 1 MW 96,877 447 217 56.0 144

Other [(1)] 1,370 16 86 — —

**Total** **$140,023** **627** **$223** **69.8** **$166**

**Interconnection** **$12,106** **N/A** **N/A** **N/A** **N/A**

**Grand Total** **$152,128** **627** **$223** **69.8** **$166**

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 September 30, 2023.

**Investment Activity**

As previously disclosed, in July, Digital Realty formed a joint venture in which GI Partners purchased a 65% interest in two stabilized hyperscale data centers in the Chicago metro area.
Digital Realty received approximately $743 million of gross proceeds from the sale and the associated financing and maintains a 35% interest in the joint venture. Based on annualized
in‐place cash NOI at June 30, 2023 and the benefit of leases signed but not yet commenced, the transaction valued the two facilities at an approximate 6.5% cap rate. Digital Realty
also granted GI Partners options to purchase an interest in the third facility on the same data center campus, along with the ability to increase its stake in the assets up to 80%.

Also previously disclosed, in late July, Digital Realty formed a joint venture in which TPG Real Estate purchased an 80% interest in three stabilized hyperscale data centers in Northern
Virginia. Digital Realty received approximately $1.4 billion of gross proceeds from the sale and the associated financing and maintains a 20% interest in the joint venture. Based on
annualized in‐place cash NOI at June 30, 2023, net of signed leases and known move-outs, the transaction valued the facilities at an approximate 6.0% cap rate.

In addition, Digital Realty previously announced plans to expand its joint venture in India with Brookfield Infrastructure through the addition of Jio, a Reliance Industries, Ltd.
company. Upon closing, the new joint venture, ‘Digital Connexion: A Brookfield, Jio and Digital Realty Company’, will succeed BAM Digital Realty.

During the third quarter, Digital Realty signed a 50-year right of use agreement related to a 2.7-acre site (MRS5) in Marseille, France, which can support the development of data
center capacity with approximately 22 megawatts of IT load, as an extension to its existing highly connected campus in the port of Marseille. The minimum total payments over the
next 30 years for MRS5 will be €62 million or $65 million. Marseille is a key connectivity gateway in Europe.

Additionally, Digital Realty secured approximately 27 acres (MRS6) near Marseille for a purchase price of €47 million or $49 million. MRS6 can support the development of data center
capacity of up to 50 megawatts of IT load to support the increasing demand from cloud service providers.

Further during the third quarter, Digital Realty sold a non-core data center in Watford, United Kingdom for approximately $146 million of net proceeds representing a 9.8% cap rate
based on in-place NOI adjusted for known move-outs. Additionally, Digital Realty sold a non-core data center in Chantilly, Virginia for approximately $43 million, representing a 9.3%
cap rate based on in-place NOI at September 30, 2023.

-----

Digital Realty had approximately $16.9 billion of total debt outstanding as of September 30, 2023, comprised of $16.3 billion of unsecured debt and
approximately $0.6 billion of secured debt and other. At the end of the third quarter of 2023, net debt-to-Adjusted EBITDA was 6.3x, debt-pluspreferred-to-total enterprise value was 32.0% and fixed charge coverage was 4.1x.

During the quarter, Digital Realty settled its previously disclosed forward sales agreements under its ATM program, issuing 3.5 million shares at a
weighted average price of $97.23 per share, realizing approximately $336 million of net proceeds.

-----

**2023 Outlook**

Digital Realty narrowed its 2023 Core FFO per share and constant-currency Core FFO per share outlook to $6.58 - $6.62. The assumptions underlying the
outlook are summarized in the following table.

**As of**

**February 16, 2023**

$5.700 - $5.800 billion

($55 - $60 million)

$2.675 - $2.725 billion

$425 - $435 million

Greater than 3.0%

Greater than 3.0%

85.0% - 86.0%

3.0% - 4.0%

$1.20 - $1.25

$1.00 - $1.05

$1.5 - $2.5 billion

0.0% - 10.0%

$2.3 - $2.5 billion

9.0% - 15.0%

$15 - $20 million

$230 - $240 million

$1.0 - $1.5 billion

4.5% - 5.5%

First Half 2023

**$1.15 - $1.25**

$5.25 - $5.25

**$6.40 - $6.50**

$0.25 - $0.25

**$6.65 - $6.75**

$0.00 - $0.00

**$6.65 - $6.75**

**As of**

**April 27, 2023**

$5.500 - $5.600 billion

($55 - $60 million)

$2.675 - $2.725 billion

$425 - $435 million

Greater than 3.0%

Greater than 3.0%

85.0% - 86.0%

3.0% - 4.0%

$1.20 - $1.25

$1.05 - $1.10

$1.5 - $2.5 billion

0.0% - 10.0%

$2.3 - $2.5 billion

9.0% - 15.0%

$15 - $20 million

$230 - $240 million

$1.0 - $1.5 billion

5.5% - 6.0%

First Half 2023

**$1.15 - $1.25**

$5.25 - $5.25

**$6.40 - $6.50**

$0.25 - $0.25

**$6.65 - $6.75**

$0.00 - $0.00

**$6.65 - $6.75**

**As of**

**July 27, 2023**

$5.500 - $5.600 billion

($55 - $60 million)

$2.675 - $2.725 billion

$425 - $435 million

Greater than 4.0%

Greater than 8.0%

84.0% - 85.0%

4.0% - 5.0%

$1.20 - $1.25

$1.05 - $1.10

$2.2 - $3.0 billion

0.0% - 10.0%

$2.3 - $2.5 billion

9.0% - 15.0%

$15 - $20 million

$230 - $240 million

$740 million

5.5%

Completed

**$1.05 - $1.15**

$5.25 - $5.25

**$6.30 - $6.40**

$0.25 - $0.25

**$6.55 - $6.65**

$0.00 - $0.00

**$6.55 - $6.65**

**As of**

**October 26, 2023**

$5.475 - $5.525 billion

($55 - $60 million)

$2.685 - $2.715 billion

$425 - $435 million

Greater than 5.0%

Greater than 9.0%

83.0% - 84.0%

6.0% - 7.0%

$1.20 - $1.25

$1.05 - $1.10

$2.7 - $3.2 billion

0.0% - 10.0%

$2.7 - $2.9 billion

9.0% - 15.0%

$15 - $20 million

$230 - $240 million

$740 million

5.5%

Completed

**$3.18 - $3.22**

$3.15 - $3.15

**$6.33 - $6.37**

$0.25 - $0.25

**$6.58 - $6.62**

$0.00 - $0.00

**$6.58 - $6.62**

**Top-Line and Cost Structure**

Total revenue

Net non-cash rent adjustments (1)

Adjusted EBITDA

G&A

**Internal Growth**

Rental rates on renewal leases

Cash basis

GAAP basis

Year-end portfolio occupancy

"Same-capital" cash NOI growth (2)

Foreign Exchange Rates

U.S. Dollar / Pound Sterling

U.S. Dollar / Euro

**External Growth**

Dispositions / Joint Venture Capital

Dollar volume

Cap rate

Development

CapEx (3)

Average stabilized yields

Enhancements and other non-recurring CapEx (4)

Recurring CapEx + capitalized leasing costs (5)

**Balance Sheet**

Long-term debt issuance

Dollar amount

Pricing

Timing

**Net income per diluted share**

Real estate depreciation and (gain) / loss on sale

**Funds From Operations / share (NAREIT-Defined)**

Non-core expenses and revenue streams

**Core Funds From Operations / share**

Foreign currency translation adjustments

**Constant-Currency Core Funds From Operations /**
**share**

(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 belowmarket leases (i.e., ASC 805 adjustments).

(2) The “same-capital” pool includes properties owned as of December 31, 2021 with less than 5% of total rentable square feet under development. It excludes
properties that were undergoing, or were expected to undergo, development activities in 2022-2023, properties classified as held for sale, and properties sold or
contributed to joint ventures for all periods presented.

(3) Includes land acquisitions.

(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.

-----

**Non-GAAP Financial Measures**

This document contains non-GAAP financial measures, including FFO, Core FFO, Adjusted FFO, Net Operating Income (NOI), “Same-Capital” Cash NOI
and Adjusted EBITDA. A reconciliation from U.S. GAAP net income available to common stockholders to FFO, a reconciliation from FFO to Core FFO, a
reconciliation from Core FFO to Adjusted FFO, reconciliation from NOI to Cash NOI, and definitions of FFO, Core FFO, Adjusted FFO, NOI and “SameCapital” 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, 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 October 26, 2023, a presentation will be posted to the Investors
[section of the company’s website at https://investor.digitalrealty.com/. The presentation is designed to accompany the discussion of the company’s](https://investor.digitalrealty.com/overview/investor-relations-overview/default.aspx)
third quarter 2023 financial results and operating performance. The conference call will feature President & Chief Executive Officer Andy Power and
Chief Financial Officer Matt Mercier.

To participate in the live call, investors are invited to dial +1 (888) 317-6003 (for domestic callers) or +1 (412) 317-6061 (for international callers) and
reference the conference ID# 0455927 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/.](https://investor.digitalrealty.com/overview/investor-relations-overview/default.aspx)

Telephone and webcast replays will be available after the call until November 26, 2023. The telephone replay can be accessed by dialing +1 (877) 3447529 (for domestic callers) or +1 (412) 317-0088 (for international callers) and providing the conference ID# 5888857. The webcast replay can be
accessed on Digital Realty’s website.

**About Digital Realty**

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

**Contact Information**

Matt Mercier
Chief Financial Officer
Digital Realty
(737) 281-0101

Jordan Sadler / Jim Huseby
Investor Relations
Digital Realty
(737) 281-0101

-----

**Consolidated Quarterly Statements of Operations**

|Unaudited and Dollars in Thousands, Except Per Share Data|Third Quarter 2023|
|---|---|
|Thr e e Months En ded 30-Sep-23 30-Jun-23 31-Mar-23 31-Dec-22 30-Sep-22 Rental revenues $886,960 $869,298 $870,975 $834,374 $787,839 Tenant reimbursements - Utilities 335,477 330,416 317,148 247,725 251,420 Tenant reimbursements - Other 64,876 46,192 40,150 46,045 49,419 Interconnection & other 107,305 104,521 101,695 97,286 95,486 Fee income 7,819 14,908 7,868 7,508 6,169 Other — 932 887 168 1,749 Total Operating Revenues $1,402,437 $1,366,267 $1,338,724 $1,233,108 $1,192,082 Utilities $384,455 $374,934 $346,364 $268,561 $271,844 Rental property operating 223,089 224,762 224,861 222,430 205,886 Property taxes 72,279 46,718 40,424 42,032 39,860 Insurance 4,289 4,385 4,355 4,578 4,002 Depreciation & amortization 420,613 432,573 421,198 430,130 388,704 General & administration 108,039 105,964 107,766 104,452 95,792 Severance, equity acceleration, and legal expenses 2,682 3,652 4,155 15,980 1,655 Transaction and integration expenses 14,465 17,764 12,267 17,350 25,862 Provision for impairment 113,000 — — 3,000 — Other expenses 1,295 655 — 3,615 1,096 Total Operating Expenses $1,344,206 $1,211,407 $1,161,388 $1,112,127 $1,034,701 Operating Income $58,231 $154,860 $177,335 $120,981 $157,381 Equity in earnings / (loss) of unconsolidated joint ventures (19,793) 5,059 14,897 (28,112) (12,254) Gain / (loss) on sale of investments 810,688 89,946 — (6) 173,990 Interest and other income / (expense), net 24,812 (6,930) 280 (22,894) 15,752 Interest (expense) (110,767) (111,116) (102,220) (86,882) (76,502) Income tax benefit / (expense) (17,228) (16,173) (21,454) 17,676 (19,576) Loss from early extinguishment of debt — — — — — Net Income $745,941 $115,647 $68,839 $763 $238,791 Net income / (loss) attributable to noncontrolling interests (12,320) 2,538 (111) 3,326 (1,716) Net Income Attributable to Digital Realty Trust, Inc. $733,621 $118,185 $68,728 $4,089 $237,075 Preferred stock dividends (10,181) (10,181) (10,181) (10,181) (10,181) Net Income / (Loss) Available to Common Stockholders $723,440 $108,003 $58,547 ($6,093) $226,894 Weighted-average shares outstanding - basic 301,826,890 295,390,446 291,218,549 289,364,739 286,693,071 Weighted-average shares outstanding - diluted 311,341,418 306,818,538 303,064,832 301,712,082 296,414,726 Weighted-average fully diluted shares and units 317,538,689 313,020,947 309,026,076 307,546,353 302,257,518 Net income / (loss) per share - basic $2.40 $0.37 $0.20 ($0.02) $0.79 Net income / (loss) per share - diluted $2.33 $0.37 $0.19 ($0.02) $0.75|Nine Mo nth s Ended|
||30-Sep-23 30-Sep-22|
||$2,627,233 $2,307,114 983,041 694,166 151,218 153,618 313,521 282,354 30,596 16,998 1,819 4,477 $4,107,428 $3,458,726 $1,105,753 $736,509 672,712 598,317 159,420 133,598 13,029 11,536 1,274,384 1,147,803 321,769 294,217 10,489 7,519 44,496 51,416 113,000 — 1,949 8,823 $3,717,001 $2,989,738 $390,426 $468,988 164 14,616 900,634 176,760 18,162 31,811 (324,103) (212,250) (54,855) (49,227) — (51,135) $930,427 $379,564 (9,893) (5,781) $920,534 $373,783 (30,544) (30,544) $889,990 $343,240 296,184,154 285,312,314 306,734,807 294,257,222 312,866,880 300,028,470 $3.00 $1.20 $2.93 $1.15|

-----

**Funds From Operations and Core Funds From Operations**

|Unaudited and in Thousands, Except Per Share Data|Col2|Col3|Col4|Col5|Col6|Third Quarter 2023|Col8|Col9|
|---|---|---|---|---|---|---|---|---|
|Thr e e Months End ed Reconciliation of Net Income to Funds From Operations (FFO) 30-Sep-23 30-Jun-23 31-Mar-23 31-Dec-22 30-Sep-22 Net Income / (Loss) Available to Common Stockholders $723,440 $108,003 $58,547 ($6,093) $226,894 Adjustments: Non-controlling interest in operating partnership 16,300 2,500 1,500 (586) 5,400 Real estate related depreciation & amortization (1) 410,836 424,044 412,192 422,951 381,425 Depreciation related to non-controlling interests (14,569) (14,144) (13,388) (13,856) (8,254) Unconsolidated JV real estate related depreciation & amortization 43,215 35,386 33,719 33,927 30,831 (Gain) / loss on real estate transactions (810,688) (89,946) (7,825) 572 (173,990) Provision for impairment 113,000 - - 3,000 -||||||Nine Mo nth s Ended|||
|||||||30-Sep-23 30-Sep-22|||
|||||||$889,990 $343,240 20,300 8,500 1,247,072 1,124,914 (42,101) (8,254) 112,320 89,172 (908,459) (177,904) 113,000 -|||
|Funds From Operations - diluted $481,535 $465,844 $484,745 $439,915 $462,306 Weighted-average shares and units outstanding - basic 308,024 301,593 297,180 295,199 292,536 Weighted-average shares and units outstanding - diluted (2)(3) 317,539 313,021 309,026 307,546 302,258 Funds From Operations per share - basic $1.56 $1.54 $1.63 $1.49 $1.58 Funds From Operations per share - diluted (2)(3) $1.55 $1.52 $1.60 $1.45 $1.55 Thr e e Months End ed Reconciliation of FFO to Core FFO 30-Sep-23 30-Jun-23 31-Mar-23 31-Dec-22 30-Sep-22 Funds From Operations - diluted $481,535 $465,844 $484,745 $439,915 $462,306 Other non-core revenue adjustments (27) 27,454 (887) (3,786) (1,818) Transaction and integration expenses 14,465 17,764 12,267 17,350 25,862 Loss from early extinguishment of debt - - - - - Severance, equity acceleration, and legal expenses (4) 2,682 3,652 4,155 15,980 1,655 (Gain) / Loss on FX revaluation 451 (7,868) (6,778) 14,564 (1,120) Other non-core expense adjustments 1,295 655 - 3,615 1,046||||||$1,432,124 $1,379,667 302,316 291,084 312,867 300,028 $4.74 $4.74 $4.68 $4.61 Nine Mo nth s Ended|||
|||||||30-Sep-23 30-Sep-22|||
|||||||$1,432,124 $1,379,667 26,540 12,554 44,496 51,416 - 51,135 10,489 7,519 (14,195) (39,258) 1,949 8,773|||
|Core Funds From Operations - diluted $500,402 $507,501 $493,500 $487,638 $487,931 Weighted-average shares and units outstanding - diluted (2)(3) 308,539 301,806 297,382 295,519 292,830||||||$1,501,403 $1,471,806 302,740 291,461|||
|Core Funds From Operations per share - diluted (2) $1.62 $1.68 $1.66 $1.65 $1.67 (1) Real Estate Related Depreciation & Amortization Thr e e Months End ed 30-Sep-23 30-Jun-23 31-Mar-23 31-Dec-22 30-Sep-22 Depreciation & amortization per income statement $420,613 $432,573 $421,198 $430,130 $388,704 Non-real estate depreciation (9,777) (8,529) (9,006) (7,179) (7,279)||||||$4.96 $5.05 Nine Mo nth s Ended|||
|||||||30-Sep-23 30-Sep-22|||
|||||||$1,274,384 $1,147,803 (27,312) (22,889)|||
|Real Estate Related Depreciation & Amortization|$410,836|$424,044|$412,192|$422,951|$381,425||$1,247,072|$1,124,914|

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

|Three Months Ended 30-Sep-23 30-Jun-23 31-Mar-23 31-Dec-22 30-Sep-22 Teraco noncontrolling share of FFO $11,537 $9,645 $11,069 $7,213 $4,706|Col2|Col3|Col4|Col5|Col6|Nine Months Ended|Col8|Col9|
|---|---|---|---|---|---|---|---|---|
|||||||30-Sep-23 30-Sep-22|||
|||||||$32,251 $4,706|||
|Teraco related minority interest|$11,537|$9,645|$11,069|$7,213|$4,706||$32,251|$4,706|

(3) For all periods presented, we have excluded the effect of dilutive series J, series K and series L preferred stock, as applicable, that may be converted into common stock upon the occurrence of specified change in control
transactions as described in the articles supplementary governing the series J, series K and series L preferred stock, as applicable, which we consider highly improbable. See above for calculations of diluted FFO and the
share count detail section that follows the reconciliation of Core FFO to AFFO for calculations of weighted average common stock and units outstanding. For definitions and discussion of FFO and Core FFO, see the
definitions section.

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

-----

**Adjusted Funds From Operations (AFFO)**

|Unaudited and in Thousands, Except Per Share Data|Third Quarter 2023|
|---|---|
|Thr e e Months End ed Reconciliation of Core FFO to AFFO 30-Sep-23 30-Jun-23 31-Mar-23 31-Dec-22 30-Sep-22 Core FFO available to common stockholders and unitholders $500,402 $507,501 $493,500 $487,638 $487,931 Adjustments: Non-real estate depreciation 9,777 8,529 9,006 7,179 7,279 Amortization of deferred financing costs 5,776 5,984 4,072 3,753 3,270 Amortization of debt discount/premium 1,360 1,339 1,301 1,276 1,146 Non-cash stock-based compensation expense 14,062 13,893 13,056 16,042 15,948 Straight-line rental revenue (14,080) (16,151) (16,194) (29,392) (18,123) Straight-line rental expense 1,427 520 (515) (208) 2,679 Above- and below-market rent amortization (1,127) (1,195) (1,226) (762) (465) Deferred tax (benefit) / expense (8,539) 1,339 (9,795) (4,885) (5,233) Leasing compensation & internal lease commissions 12,515 11,611 11,067 9,578 9,866 Recurring capital expenditures (1) (90,251) (53,498) (40,465) (109,999) (66,200)|Nine Months Ended|
||30-Sep-23 30-Sep-22|
||$1,501,403 $1,471,806 27,312 22,889 15,832 10,234 4,000 3,553 41,012 46,201 (46,424) (54,212) 1,432 4,609 (3,548) 65 (16,995) (7,605) 35,193 32,538 (184,214) (156,467)|
|AFFO available to common stockholders and unitholders (2) $431,322 $479,873 $463,807 $380,220 $438,097 Weighted-average shares and units outstanding - basic 308,024 301,593 297,180 295,199 292,536 Weighted-average shares and units outstanding - diluted (3) 308,539 301,806 297,382 295,519 292,830 AFFO per share - diluted (3) $1.40 $1.59 $1.56 $1.29 $1.50 Dividends per share and common unit $1.22 $1.22 $1.22 $1.22 $1.22 Diluted AFFO Payout Ratio 87.3% 76.7% 78.2% 94.8% 81.5% Thr e e Months End ed Share Count Detail 30-Sep-23 30-Jun-23 31-Mar-23 31-Dec-22 30-Sep-22|$1,375,001 $1,373,611 302,316 291,084 302,740 291,461 $4.54 $4.71 $3.66 $3.66 . 80.6% 77.7% Nine Months Ended|
||30-Sep-23 30-Sep-22|

|Weighted Average Common Stock and Units Outstanding 308,024 301,593 297,180 295,199 292,536 Add: Effect of dilutive securities 515 213 202 320 294|Col2|Col3|Col4|Col5|Col6|302,316 291,084 424 377|Col8|
|---|---|---|---|---|---|---|---|
|Weighted Avg. Common Stock and Units Outstanding - diluted|308,539|301,806|297,382|295,519|292,830|302,740|291,461|

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

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

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

-----

**Consolidated Balance Sheets**

**Unaudited and in Thousands, Except Share and Per Share Data** **Third Quarter 2023**

**30-Sep-23** **30-Jun-23** **31-Mar-23** **31-Dec-22** **30-Sep-22**

**Assets**

Investments in real estate:

Real estate $25,887,031 $27,087,769 $27,052,022 $26,136,057 $24,876,600

Construction in progress 5,020,464 4,635,939 4,563,578 4,789,134 4,222,142

Land held for future development 179,959 193,936 194,564 118,452 34,713

**Investments in Real Estate** **$31,087,453** **$31,917,644** **$31,810,164** **$31,043,643** **$29,133,455**

Accumulated depreciation and amortization (7,489,193) (7,739,462) (7,600,559) (7,268,981) (6,826,918)

**Net Investments in Properties** **$23,598,260** **$24,178,182** **$24,209,605** **$23,774,662** **$22,306,537**

Investment in unconsolidated joint ventures 2,180,313 2,040,452 1,995,576 1,991,426 1,912,958

**Net Investments in Real Estate** **$25,778,573** **$26,218,634** **$26,205,180** **$25,766,088** **$24,219,495**

Cash and cash equivalents $1,062,050 $124,519 $131,406 $141,773 $176,969

Accounts and other receivables [(1)] 1,325,725 1,158,383 1,070,066 969,292 861,117

Deferred rent 586,418 613,796 627,700 601,590 556,198

Customer relationship value, deferred leasing costs & other
2,506,198 2,825,596 3,015,291 3,092,627 3,035,861
intangibles, net

Goodwill 8,998,074 9,148,603 9,199,636 9,208,497 8,728,105

Assets held for sale — 593,892 — — —

Operating lease right-of-use assets 1,274,410 1,291,233 1,317,293 1,351,329 1,253,393

Other assets 401,068 414,078 386,495 353,802 384,079

**Total Assets** **$41,932,515** **$42,388,735** **$41,953,068** **$41,484,998** **$39,215,217**

**Liabilities and Equity**

Global unsecured revolving credit facilities $1,698,780 $2,242,258 $2,514,202 $2,150,451 $2,255,139

Unsecured term loans 1,524,663 1,548,780 1,542,275 797,449 729,976

Unsecured senior notes, net of discount 13,072,102 13,383,819 13,258,079 13,120,033 12,281,410

Secured debt and other, net of premiums 574,231 554,594 560,955 528,870 491,984

Operating lease liabilities 1,404,510 1,420,239 1,443,994 1,471,044 1,363,712

Accounts payable and other accrued liabilities 2,147,103 2,214,820 1,923,819 1,868,884 1,621,406

Deferred tax liabilities, net 1,088,724 1,128,961 1,164,276 1,192,752 1,145,097

Accrued dividends and distributions — — — 363,716 —

Security deposits and prepaid rent 385,521 417,693 392,021 369,654 341,552

Liabilities associated with assets held for sale — 4,990 — — —

**Total Liabilities** **$21,895,634** **$22,916,155** **$22,799,620** **$21,862,853** **$20,230,276**

Redeemable non-controlling interests 1,360,308 1,367,422 1,448,772 1,514,680 1,429,920

**Equity**

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

Series J Cumulative Redeemable Preferred Stock [(2)] $193,540 $193,540 $193,540 $193,540 $193,540

Series K Cumulative Redeemable Preferred Stock [(3)] 203,264 203,264 203,264 203,264 203,264

Series L Cumulative Redeemable Preferred Stock [(4)] 334,886 334,886 334,886 334,886 334,886

Common Stock: $0.01 par value per share, 392,000,000 shares
3,002 2,967 2,888 2,887 2,851
authorized [(5)]

Additional paid-in capital 23,239,088 22,882,200 22,126,379 22,142,868 21,528,384

Dividends in excess of earnings (4,900,757) (5,253,915) (4,995,982) (4,698,313) (4,336,201)

Accumulated other comprehensive (loss), net (882,996) (741,484) (652,486) (595,798) (862,804)

**Total Stockholders' Equity** **$18,190,026** **$17,621,456** **$17,212,490** **$17,583,334** **$17,063,920**

**Noncontrolling Interests**

Noncontrolling interest in operating partnership $441,366 $436,099 $444,843 $419,317 $421,484

Noncontrolling interest in consolidated joint ventures 45,182 47,603 47,342 104,814 69,617

**Total Noncontrolling Interests** **$486,547** **$483,702** **$492,185** **$524,131** **$491,101**

**Total Equity** **$18,676,573** **$18,105,158** **$17,704,675** **$18,107,465** **$17,555,021**

|Total Liabilities and Equity|$41,932,515|$42,388,735|$41,953,068|$41,484,998|$39,215,217|
|---|---|---|---|---|---|

(1) Net of allowance for doubtful accounts of $46,643 and $33,048 as of September 30, 2023 and December 31, 2022, respectively.

(2) Series J Cumulative Redeemable Preferred Stock, 5.250%, $200,000 and $200,000 liquidation preference, respectively ($25.00 per share), 8,000,000 and 8,000,000 shares issued and

outstanding as of September 30, 2023 and December 31, 2022, respectively.

(3) Series K Cumulative Redeemable Preferred Stock, 5.850%, $210,000 and $210,000 liquidation preference, respectively ($25.00 per share), 8,400,000 and 8,400,000 shares issued and

outstanding as of September 30, 2023 and December 31, 2022, respectively.

(4) Series L Cumulative Redeemable Preferred Stock, 5.200%, $345,000 and $345,000 liquidation preference, respectively ($25.00 per share), 13,800,000 and 13,800,000 shares issued and

outstanding as of September 30, 2023 and December 31, 2022, respectively.

(5) Common Stock: 302,846,026 and 291,148,222 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively.

-----

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

**Unaudited and Dollars in Thousands** **Third Quarter 2023**

**Three Months Ended**

**Reconciliation of Earnings Before Interest, Taxes, Depreciation & Amortization**
**(EBITDA) [(1)]** **30-Sep-23** **[30-Jun-23 ]** **[31-Mar-23 ]** **[31-Dec-22 ]** **[30-Sep-22 ]**

**Net Income / (Loss) Available to Common Stockholders** **$723,440** **$108,003** **$58,547** **($6,093)** **$226,894**

Interest 110,767 111,116 102,220 86,882 76,502

Income tax expense (benefit) 17,228 16,173 21,454 (17,676) 19,576

Depreciation & amortization 420,613 432,573 421,198 430,130 388,704

**EBITDA** **$1,272,048** **$667,866** **$603,420** **$493,243** **$711,676**

Unconsolidated JV real estate related depreciation & amortization 43,214 35,386 33,719 33,927 30,831

Unconsolidated JV interest expense and tax expense 27,000 32,105 18,556 53,481 11,948

Severance, equity acceleration, and legal expenses 2,682 3,652 4,155 15,980 1,655

Transaction and integration expenses 14,465 17,764 12,267 17,350 25,862

(Gain) / loss on sale of investments (810,688) (89,946) — 6 (173,990)

Provision for impairment 113,000 — — 3,000 —

Other non-core adjustments, net 1,719 22,132 (14,604) 15,127 (94)

Non-controlling interests 12,320 (2,538) 111 (3,326) 1,716

Preferred stock dividends 10,181 10,181 10,181 10,181 10,181

**Adjusted EBITDA** **$685,943** **$696,604** **$667,804** **$638,969** **$619,786**

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

**Three Months Ended**

**Financial Ratios** **30-Sep-23** **30-Jun-23** **31-Mar-23** **31-Dec-22** **30-Sep-22**

Total GAAP interest expense $110,767 $111,116 $102,220 $86,882 $76,502

Capitalized interest 29,130 27,883 26,771 24,581 17,304

Change in accrued interest and other non-cash amounts 44,183 (60,612) 38,137 (67,909) 31,860

**Cash Interest Expense [(2)]** **$184,081** **$78,387** **$167,128** **$43,554** **$125,666**

Preferred stock dividends 10,181 10,181 10,181 10,181 10,181

**Total Fixed Charges [(3)]** **$150,079** **$149,181** **$139,172** **$121,645** **$103,987**

**Coverage**

Interest coverage ratio [(4)] 4.3x 4.5x 4.7x 5.3x 6.1x

Cash interest coverage ratio [(5)] 3.4x 7.4x 3.7x 11.9x 4.6x

Fixed charge coverage ratio [(6)] 4.1x 4.2x 4.4x 4.9x 5.5x

Cash fixed charge coverage ratio [(7)] 3.2x 6.6x 3.5x 10.0x 4.3x

**Leverage**

Debt to total enterprise value [(8)(9)] 30.6% 33.3% 37.3% 35.2% 34.5%

Debt plus preferred stock to total enterprise value [(9)(10)] 32.0% 34.7% 38.9% 36.8% 36.2%

Pre-tax income to interest expense [(11)] 7.7x 2.0x 1.7x 1.0x 4.1x

Net Debt to Adjusted EBITDA [(12)] 6.3x 6.8x 7.1x 6.9x 6.7x

(2) Cash interest expense is interest expense less amortization of debt discount and deferred financing fees and includes interest that we capitalized. We consider cash
interest expense to be a useful measure of interest as it excludes non-cash-based interest expense.

(3) Fixed charges consist of GAAP interest expense, capitalized interest, and preferred stock dividends.

(4) Adjusted EBITDA divided by GAAP interest expense plus capitalized interest (including our pro rata share of unconsolidated joint venture interest expense).

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

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

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

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

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

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

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

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

-----

**Definition**

**Funds From Operations (FFO):**

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

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

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

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

-----

**Net Operating Income (NOI) and Cash NOI:**
Net operating income, or NOI, represents rental revenue, tenant reimbursement revenue and interconnection revenue less utilities expense, rental property operating
expenses, property taxes and insurance expenses (as reflected in the statement of operations). NOI is commonly used by stockholders, company management and industry
analysts as a measurement of operating performance of the company’s rental portfolio. Cash NOI is NOI less straight-line rents and above- and below-market rent
amortization. Cash NOI is commonly used by stockholders, company management and industry analysts as a measure of property operating performance on a cash basis.
Same-Capital Cash NOI represents buildings owned as of December 31, 2021 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 2022-2023, buildings classified as held for sale, and buildings sold or
contributed to joint ventures for all periods presented (prior period numbers adjusted to reflect current same-capital pool). However, because NOI and cash NOI exclude
depreciation and amortization and capture neither the changes in the value of our data centers that result from use or market conditions, nor the level of capital
expenditures and capitalized leasing commissions necessary to maintain the operating performance of our data centers, all of which have real economic effect and could
materially impact our results from operations, the utility of NOI and cash NOI as measures of our performance is limited. Other REITs may calculate NOI and cash NOI
differently than we do and, accordingly, our NOI and cash NOI may not be comparable to other REITs’ NOI and cash NOI. NOI and cash NOI should be considered only as
supplements to net income computed in accordance with GAAP as measures of our performance.

**Additional Definitions**

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

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

Fixed charge coverage ratio is Adjusted EBITDA divided by the sum of GAAP interest expense, capitalized interest, scheduled debt principal payments and preferred stock
dividends. For the quarter ended September 30, 2023, GAAP interest expense was $111 million, capitalized interest was $29 million and scheduled debt principal payments
and preferred stock dividends was $10 million.

|Reconciliation of Net Operating Income (NOI) Three Months Ended (in thousands) 30-Sep-23 30-Jun-23 30-Sep-22 Operating income $58,231 $154,860 $157,381 Fee income (7,819) (14,908) (6,169) Other income — (932) (1,749) Depreciation and amortization 420,613 432,573 388,704 General and administrative 108,039 105,964 95,792 Severance, equity acceleration, and legal expenses 2,682 3,652 1,655 Transaction expenses 14,465 17,764 25,862 Provision for impairment 113,000 — — Other expenses 1,295 655 1,096|Nine Months Ended 30-Sep-23 30-Sep-22|
|---|---|
||$390,426 $468,988 (30,596) (16,998) (1,819) (4,477) 1,274,384 1,147,803 321,769 294,217 10,489 7,519 44,496 51,416 113,000 — 1,949 8,823|
|Net Operating Income $710,505 $699,629 $662,572 Cash Net Operating Income (Cash NOI) Net Operating Income $710,505 $699,629 $662,572 Straight-line rental revenue (14,185) 12,116 (17,505) Straight-line rental expense 1,632 722 2,499 Above- and below-market rent amortization (1,127) (1,195) (465)|$2,124,099 $1,957,291|
||$2,124,099 $1,957,291 (18,395) (38,168) 1,844 3,536 (3,548) 65|
|Cash Net Operating Income $696,826 $711,272 $647,101 Constant Currency CFFO Reconciliation Three Months Ended (in thousands) 30-Sep-23 30-Jun-23 30-Sep-22 Core FFO (1) $500,402 $487,931 Core FFO impact of holding '22 Exchange Rates Constant (2) (5,393) —|$2,104,000 $1,922,725|
||Nine Months Ended 30-Sep-23 30-Sep-22|
||$1,501,403 $1,471,806 (683) —|
|Constant Currency Core FFO $495,009 $487,931 Weighted-average shares and units outstanding - diluted 308,539 292,830 Constant Currency CFFO Per Share $1.60 $1.67|$1,500,720 $1,471,806 302,740 291,461 $4.96 $5.05|

1) As reconciled to net income above.

2) Adjustment calculated by holding currency translation rates for 2023 constant with average currency translation rates that were applicable to the same periods in 2022.

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

-  reduced demand for data centers or decreases in information technology spending;

-  increased competition or available supply of data center space;

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

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

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

-  our ability to attract and retain customers;

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

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

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

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

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

-  information security and data privacy breaches;

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

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

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

-  difficulties in identifying properties to acquire and completing acquisitions;

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

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

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

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

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

-  our inability to manage our growth effectively;

-  losses in excess of our insurance coverage;

-  our inability to attract and retain talent;

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

-  environmental liabilities, risks related to natural disasters and our inability to achieve our sustainability goals;

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

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

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

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

-  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, 2022, and other filings with the U.S. Securities and Exchange Commission. Those risks continue to be relevant to our performance and financial
condition. Moreover, we operate in a 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.

-----
END DOCUMENT 6

END INPUT DOCUMENTS

Answer the following question using the input documents provided above.

START QUESTION

Consider investments and sales made over the trailing 12 months ending 30 June 2024. What is the net acres of land have been acquired. To calculate this value, sum the acquired acres of land including right of use agreements, and subtract the sales of land including options.

END QUESTION

Question: Consider investments and sales made over the trailing 12 months ending 30 June 2024. What is the net acres of land have been acquired. To calculate this value, sum the acquired acres of land including right of use agreements, and subtract the sales of land including options.