Digital Realty — Oct 23, 2025 release

The assumptions underlying the outlook are summarized in the following table. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​     As of     As of     As of   As of  Top-Line and Cost Structure ​ February 13, 2025 ​ April 24, 2025 ​ July 24, 2025 ​ October 23, 2025 Total revenue ​ $5.800 - $5.900 billion ​ $5.825 - $5.925 billion ​ $5.925 - $6.025 billion   $6.025 - $6.075 billion Net non-cash rent adjustments (1) ​ ($45 - $50 million) ​ ($50 - $55 million) ​ ($65 - $70 million) ​ ($75 - $80 million) Adjusted EBITDA ​ $3.100 - $3.200 billion ​ $3.125 - $3.225 billion ​ $3.200 - $3.300 billion ​ $3.300 - $3.350 billion G&A ​ $500 - $510 million ​ $505 - $515 million ​ $520 - $530 million ​ $530 - $535 million ​ ​ ​ ​ ​ ​ ​ ​ ​  Internal Growth ​ ​ ​ ​ ​ ​ ​ ​ Rental rates on renewal leases ​ ​ ​ ​ ​ ​ ​ ​ Cash basis ​ 4.0% - 6.0% ​ 4.0% - 6.0% ​ 5.0% - 6.0% ​ 5.75% - 6.25% GAAP basis ​ 6.0% - 8.0% ​ 6.0% - 8.0% ​ 7.0% - 8.0% ​ 7.75% - 8.25% Year-end portfolio occupancy ​ +100 - 200 bps ​ +100 - 200 bps ​ +100 - 200 bps ​ +100 - 200 bps "Same-Capital" cash NOI growth (2) ​ 3.5% - 4.5% ​ 3.5% - 4.5% ​ 3.5% - 4.5% ​ 4.25% - 4.75% ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign Exchange Rates ​ ​ ​ ​ ​ ​ ​ ​ U.S. Dollar / Pound Sterling ​ $1.20 - $1.25 ​ $1.25 - $1.35 ​ $1.30 - $1.35 ​ $1.30 - $1.35 U.S. Dollar / Euro ​ $1.00 - $1.05 ​ $1.05 - $1.15 ​ $1.10 - $1.15 ​ $1.13 - $1.18 ​ ​ ​ ​ ​ ​ ​ ​ ​  External Growth ​ ​ ​ ​ ​ ​ ​ ​ Dispositions / Joint Venture Capital ​ ​ ​ ​ ​ ​ ​ ​ Dollar volume ​ $500 - $