Digital Realty — Feb 5, 2026 release

Table of Contents Exhibit 99.1 ​ ​ ​ Table of Contents ​ Financial Supplement Table of Contents ​ Fourth Quarter 2025 ​ ​ ​ Overview PAGE ​ ​ Corporate Information 3 ​ ​ Key Quarterly Financial Data 5 ​ ​ Consolidated Statements of Operations ​ ​ ​ Earnings Release 7 ​ ​ 2026 Outlook 10 ​ ​ Consolidated Quarterly Statements of Operations 12 ​ ​ Funds From Operations and Core Funds From Operations 13 ​ ​ Adjusted Funds From Operations 14 ​ ​ Balance Sheet Information ​ ​ ​ Consolidated Balance Sheets 15 ​ ​ Components of Net Asset Value 16 ​ ​ Debt Maturities 17 ​ ​ Debt Analysis   and Covenant Compliance 18 ​ ​ Internal Growth ​ ​ ​ Same-Capital Operating Trend Summary 19 ​ ​ Summary of Leasing Activity   - Signed 20 ​ ​ Summary of Leasing Activity   - R enewed 21 ​ ​ Lease Expirations   - By Si z e 22 ​ ​ Top 20 Customers by Annualized Rent 23 ​ ​ Occupancy Analysis 24 ​ ​ External Growth ​ ​ ​ Development Lifecycle 25 ​ ​ Construction Projects in Progress 26 ​ ​ Historical Capital Expenditures and Investments in Real Estate 27 ​ ​ Acquisitions / Dispositions / Joint Ventures 28 ​ ​ Unconsolidated Entities 29 ​ ​ Additional Information ​ ​ ​ Reconciliation of Earnings Before Interest, Taxes, Depreciation   & Amortization and Financial Ratios 30 ​ ​ Management Statements on Non-GAAP Measures 31 ​ ​ Forward-Looking Statements 33 ​ ​ ​ ​ Table of Contents ​ Financial Supplement Corporate Information ​ Fourth Quarter 2025 ​ Corporate Profile Digital Realty Trust, Inc. (“Digital Realty” or the “company”) owns, acquires, develops, and operates data centers through its operating partnership subsidiary, Digital Realty Trust, L.P. (the “operating partnership”). The company is focused on providing data center, colocation, and interconnection solutions for domestic and international customers across a variety of industry verticals ranging from cloud and information technology services, communications and social networking to financial services, manufacturing, energy, healthcare, and consumer products. As of December 31, 2025, the company’s 310 data centers, including 89 data centers held as investments in unconsolidated entities, contain applications and operations critical to the day-to-day operations of technology industry and corporate enterprise data center customers. Digital Realty’s portfolio is comprised of approximately 43.2 million square feet, excluding approximately 9.7 million square feet of space under active development and 4.7 million square feet of space held for future development, located throughout North America, Europe, South America, Asia, Australia, and Africa. For additional information, please visit the company’s website at digitalrealty.com . ​ ​ ​ Corporate Headquarters Austin, TX Website: digitalrealty.com Senior Management President & Chief Executive Officer: Andrew P. Power Chief Financial Officer: Matthew R. Mercier Chief Investment Officer: Gregory S. Wright Chief Technology Officer: Christopher L. Sharp Chief Revenue Officer: Colin M. McLean ​ Investor Relations To request more information or to be added to our e-mail distribution list, please visit the Investor Relations section of our website at https://investor.digitalrealty.com . ​ Analyst Coverage BMO ​ ​ ​ ​ ​ BMO Capital BNP Paribas ​ ​ BofA Securities ​ Barclays ​ Markets ​ Exane ​ Citigroup ​ Citizens JMP ​ Deutsche Bank Michael Funk ​ Brendan Lynch ​ Ari Klein ​ Nate Crossett ​ Michael Rollins ​ Greg Miller ​ Benjamin Soff (646) 855-5664 ​ (212) 526-9428 ​ (212) 885-4103 ​ (646) 725-3716 ​ (212) 816-1116 ​ (212) 699-2917 ​ (212) 250-3716 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Evercore ISI ​ Goldman Sachs ​ Green Street Advisors ​ Guggenheim ​ HSBC ​ Jefferies ​ J.P. Morgan Irvin Liu ​ Michael Ng ​ David Guarino ​ Joseph Osha ​ Phani Kanumuri ​ Jonathan Petersen ​ Richard Choe (415) 800-0183 ​ (212) 902-8618 ​ (949) 640-8780 ​ (415) 852-6468 ​ (240) 709-8135 ​ (212) 284-1705 ​ (212) 662-6708 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ KeyBanc ​ Mizuho Group ​ MoffettNathanson ​ Morgan Stanley ​ Oppenheimer ​ Raymond James ​ RBC Capital Markets Brandon Nispel ​ Vikram Malhotra ​ Nick Del Deo ​ Cameron McVeigh ​ Timothy Horan ​ Frank Louthan ​ Jonathan Atkin (503) 821-3871 ​ (212) 282-3827 ​ (212) 519-0025 ​ (212) 761-4209 ​ (212) 667-8137 ​ (404) 442-5867 ​ (415) 633-8589 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Scotiabank ​ Stifel ​ TD Cowen ​ Truist Securities ​ UBS ​ Wells Fargo ​ Wolfe Research Maher Yaghi ​ Erik Rasmussen ​ Michael Elias ​ Anthony Hau ​ John Hodulik ​ Eric Luebchow ​ Andrew Rosivach (437) 995-5548 ​ (212) 271-3461 ​ (646) 562-1358 ​ (212) 303-4176 ​ (212) 713-4226 ​ (312) 630-2386 ​ (646) 582-9250 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ This Earnings Press Release and Supplemental Information package supplements the information provided in our quarterly and annual reports filed with the U.S. Securities and Exchange Commission. Additional information about Digital Realty and our business is also available on our website at digitalrealty.com . Upcoming Conference Schedule ​ ​ ​ February 25, 2026 Wolfe Fifth Annual Real Estate Conference Virtual March 2 - 3, 2026 Citi's 2026 Global Property CEO Conference Hollywood, FL March 2, 2026 Morgan Stanley Technology, Media & Telecom Conference San Francisco, CA March 3, 2026 Raymond James & Associates’ 47th Annual Institutional Investors Conference Orlando, FL March 9, 2026 Deutsche Bank's 34th Annual Media, Internet & Telecom Conference Palm Beach, FL ​ Webcasts for these events are available through the Digital Realty Investor Relations website when possible. Please check our website for additional information. 3 Table of Contents ​ Financial Supplement Corporate Information (Continued) ​ Fourth Quarter 2025 ​ Stock Listing Information The stock of Digital Realty Trust, Inc. is traded primarily on the New York Stock Exchange under the following symbols: Common Stock: ​ DLR Series J Preferred Stock: ​ DLRPRJ Series K Preferred Stock: ​ DLRPRK Series L Preferred Stock: ​ DLRPRL ​ Symbols may vary by stock quote provider. Credit Ratings Standard & Poor ’ s ​ ​ ​ Corporate Credit Rating: ​ BBB+ (Stable Outlook) Preferred Stock: ​ BBB- ​ ​ ​ ​ ​ Moody ’ s ​ ​ ​ Issuer Rating: ​ Baa2 (Positive Outlook) Preferred Stock: ​ Baa3 ​ ​ ​ ​ ​ Fitch ​ ​ ​ Issuer Default Rating: ​ BBB (Stable Outlook) Preferred Stock: ​ BB+ ​ ​ These credit ratings may not reflect the potential impact of risks relating to the structure or trading of the company’s securities and are provided solely for informational purposes. Credit ratings are not recommendations to buy, hold or sell any security, and may be revised or withdrawn at any time by the issuing rating agency at its sole discretion. The company does not undertake any obligation to maintain the ratings or to advise of any change in ratings. Each agency’s rating should be evaluated independently of any other agency’s rating. An explanation of the significance of the ratings may be obtained from each of the rating agencies. ​ Common Stock Price Performance The following summarizes recent activity of Digital Realty’s common stock (DLR): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended   ​ ​ 31-Dec-25 ​ 30-Sep-25 ​ 30-Jun-25 ​ 31-Mar-25 ​ 31-Dec-24 ​  High price ​   $182.48 ​   $182.00 ​   $178.85 ​   $187.74 ​   $198.00    Low price   ​ ​ ​ $146.23   ​ ​ ​ $159.22   ​ ​ ​ $129.95   ​ ​ ​ $139.27   ​ ​ ​ $155.16 ​  Closing price, end of quarter ​ ​ $154.71 ​ ​ $172.88 ​ ​ $174.33 ​ ​ $143.29 ​ ​ $177.33 ​  Average daily trading volume (1) ​ ​ 1,826 ​ ​ 1,520 ​ ​ 2,034 ​ ​ 2,529 ​ ​ 1,911 ​  Indicated dividend per common share (2) ​ ​ $4.88 ​ ​ $4.88 ​ ​ $4.88 ​ ​ $4.88 ​ ​ $4.88 ​  Closing annual dividend yield, end of quarter ​ ​ 3.2% ​ ​ 2.8% ​ ​ 2.8% ​ ​ 3.4% ​ ​ 2.8% ​  Shares and units outstanding, end of quarter (1) (3) ​ ​ 349,746 ​ ​ 349,244 ​ ​ 346,644 ​ ​ 343,092 ​ ​ 342,772 ​  Closing market value of shares and units outstanding (4) ​ ​ $54,109,204 ​ ​ $60,377,303 ​ ​ $60,430,449 ​ ​ $49,161,653 ​ ​ $60,783,759 ​ ​ (1) Shares or shares and units in thousands. (2) On an annualized basis. (3) As of December 31, 2025, the total number of shares and units includes 343,557 shares of common stock, 4,045 common units held by third parties and 2,144 common units and vested and unvested long-term incentive units held by directors, officers and others and excludes all shares of common stock potentially issuable upon conversion of our series J, series K and series L cumulative redeemable preferred stock upon certain change of control transactions. (4) Dollars in thousands as of the end of the quarter. ​ This Earnings Press Release and Supplemental Information package supplements the information provided in our quarterly and annual reports filed with the U.S. Securities and Exchange Commission. Additional information about us and our data centers is also available on our website at digitalrealty.com . ​ ​ ​ 4 Table of Contents Key Quarterly Financial Data Financial Supplement Unaudited, Dollars (except per share data) and Square Feet in Thousands ​ Fourth Quarter 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​   Shares and Units at End of Quarter   ​ ​ ​ 31-Dec-25   ​ ​ ​ 30-Sep-25   ​ ​ ​ 30-Jun-25   ​ ​ ​ 31-Mar-25   ​ ​ ​ 31-Dec-24  Common shares outstanding   ​ 343,557   ​ 343,041   ​ 340,372   ​ 336,743   ​ 336,637  Common partnership units outstanding   ​ 6,189   ​ 6,203   ​ 6,272   ​ 6,349   ​ 6,135 Total Shares and Units   ​ 349,746   ​ 349,244   ​ 346,644   ​ 343,092   ​ 342,772 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​   Enterprise Value   ​   ​   ​   ​   ​   ​   ​   ​   ​   ​  Market value of common equity (1) ​ ​ $54,109,204 ​ ​ $60,377,303 ​ ​ $60,430,449 ​ ​ $49,161,653 ​ ​ $60,783,759  Liquidation value of preferred equity ​   755,000 ​   755,000 ​   755,000 ​   755,000 ​   755,000  Total debt at balance sheet carrying value ​   18,402,135 ​   18,225,434 ​   18,452,148 ​   17,016,279 ​   16,714,377 Total Enterprise Value ​ ​ $73,266,339 ​ ​ $79,357,737 ​ ​ $79,637,597 ​ ​ $66,932,932 ​ ​ $78,253,136  Total debt / total enterprise value ​   25.1% ​   23.0% ​   23.2% ​   25.4% ​   21.4% Debt-plus-preferred-to-total-enterprise-value ​ ​ 26.1% ​ ​ 23.9% ​ ​ 24.1% ​ ​ 26.6% ​ ​ 22.3% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​   Selected Balance Sheet Data ​     ​ ​     ​ ​     ​ ​     ​ ​     ​  Investments in real estate (before depreciation) ​ ​ $39,855,116 ​ ​ $39,374,646 ​ ​ $38,613,260 ​ ​ $35,693,166 ​ ​ $35,401,912  Total Assets ​   49,410,468 ​   48,728,634 ​   48,714,995 ​   45,080,562 ​   45,283,616  Total Liabilities ​   24,564,494 ​   23,739,412 ​   23,853,149 ​   21,902,406 ​   22,107,836 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​   Selected Operating Data ​     ​ ​     ​ ​     ​ ​     ​ ​     ​  Total operating revenues ​ ​ $1,634,671 ​ ​ $1,577,234 ​ ​ $1,493,150 ​ ​ $1,407,637 ​ ​ $1,435,862  Total operating expenses ​   1,522,047 ​   1,438,813 ​   1,281,453 ​   1,211,887 ​   1,291,540  Net income ​   96,111 ​   63,713 ​   1,046,946 ​   106,395 ​   185,688  Net income / (loss) available to common stockholders ​   88,466 ​   57,631 ​   1,021,975 ​   99,793 ​   179,388 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​   Financial Ratios ​     ​ ​     ​ ​     ​ ​     ​ ​     ​  EBITDA (2) ​ ​ $688,758 ​ ​ $679,912 ​ ​ $1,605,408 ​ ​ $658,400 ​ ​ $746,578  Adjusted EBITDA (3) ​   856,836 ​   867,807 ​   823,319 ​   791,156 ​   751,276  Net Debt-to-Adjusted EBITDA (4) ​   4.9x ​   4.9x ​   5.1x ​   5.1x ​   4.8x Interest expense ​   116,516 ​   113,584 ​   109,383 ​   98,464 ​   104,742  Fixed charges (5) ​   161,479 ​   156,687 ​   148,957 ​   138,739 ​   149,364  Interest coverage ratio (6) ​   4.8x ​   4.9x ​   5.0x ​   5.3x ​   4.5x  Fixed charge coverage ratio (7) ​   4.5x ​   4.6x ​   4.7x ​   4.9x ​   4.2x ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​   Profitability Measures ​     ​ ​     ​ ​     ​ ​     ​ ​     ​  Net income / (loss) per common share - basic ​ ​ $0.26 ​ ​ $0.17 ​ ​ $3.03 ​ ​ $0.30 ​ ​ $0.54  Net income / (loss) per common share - diluted ​ ​ $0.24 ​ ​ $0.15 ​ ​ $2.94 ​ ​ $0.27 ​ ​ $0.51  Funds from operations (FFO) / diluted share and unit (8) ​ ​ $1.89 ​ ​ $1.65 ​ ​ $1.75 ​ ​ $1.67 ​ ​ $1.61  Core funds from operations (Core FFO) / diluted share and unit (8) ​ ​ $1.86 ​ ​ $1.89 ​ ​ $1.87 ​ ​ $1.77 ​ ​ $1.73  Adjusted funds from operations (AFFO) / diluted share and unit (9) ​ ​ $1.34 ​ ​ $1.76 ​ ​ $1.68 ​ ​ $1.78 ​ ​ $1.36  Dividends per share and common unit ​ ​ $1.22 ​ ​ $1.22 ​ ​ $1.22 ​ ​ $1.22 ​ ​ $1.22  Diluted FFO payout ratio (8) (10) ​   64.5% ​   73.8% ​   69.6% ​   73.2% ​   75.6%  Diluted Core FFO payout ratio (8) (11) ​   65.6% ​   64.7% ​   65.2% ​   68.8% ​   70.7%  Diluted AFFO payout ratio (9) (12) ​   90.9% ​   69.2% ​   72.8% ​   68.6% ​   89.5% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​   Portfolio Statistics ​     ​ ​     ​ ​     ​ ​     ​ ​     ​  Buildings (13) ​ ​ 329 ​ ​ 330 ​ ​ 330 ​ ​ 328 ​ ​ 328  Data Centers (13) ​   310 ​   311 ​   310 ​   308 ​   308  Cross-connects (13) (14) ​   232,500 ​   231,000 ​   229,000 ​   228,000 ​   227,000  Net rentable square feet, excluding development space (13) ​   43,208 ​   42,706 ​   42,529 ​   41,778 ​   41,326  Occupancy at end of quarter (15) ​   84.7% ​   84.8% ​   84.8% ​   84.0% ​   84.1%  Occupied square footage (13) ​   36,582 ​   36,197 ​   36,073 ​   35,100 ​   34,741  Space under active development (16) ​   9,679 ​   10,230 ​   9,848 ​   9,463 ​   8,904  Space held for development (17) ​   4,696 ​   4,758 ​   4,616 ​   5,062 ​   4,686  Weighted average remaining lease term (years) (18) ​   5.0 ​   5.0 ​   5.1 ​   4.9 ​   4.8  Same-capital occupancy at end of quarter (15) (19) ​   83.7% ​   83.7% ​   83.7% ​   83.4% ​   83.5% ​ ​ 5 Table of Contents Key Quarterly Financial Data Financial Supplement Unaudited, Dollars (except per share data) and Square Feet in Thousands ​ Fourth Quarter 2025 ​ (1) The market value of common equity is based on the closing stock price at the end of the quarter and assumes 100% redemption of the limited partnership units in our operating partnership, including common units and vested and unvested long-term incentive units, for shares of our common stock on a one-for-one basis. Excludes shares of common stock potentially issuable upon conversion of our series J, series K and series L cumulative redeemable preferred stock upon certain change of control transactions, as applicable. (2) EBITDA is calculated as earnings before interest expense, loss on debt extinguishment and modifications, tax expense, and depreciation and amortization. For a discussion of EBITDA, see page 31 . For a reconciliation of net income available to common stockholders to EBITDA, see page 30 . (3) Adjusted EBITDA is EBITDA excluding (i) unconsolidated entities real estate related depreciation & amortization, (ii) unconsolidated entities interest and tax expense, (iii) severance, equity acceleration and legal expenses, (iv) transaction and integration expenses, (v) gain (loss) on sale / deconsolidation, (vi) provision for impairment, (vii) other non-core adjustments, net, (viii) noncontrolling interests, (ix) preferred stock dividends, and (x) gain on / issuance costs associated with redeemed preferred stock. For a discussion of Adjusted EBITDA, see page 31 . For a reconciliation of net income available to common stockholders to Adjusted EBITDA, see page 30 . (4) Net Debt to Adjusted EBITDA is calculated as total debt at balance sheet carrying value (see page 5 ), plus finance lease obligations, plus our share of unconsolidated entities debt at carrying value, less cash and cash equivalents (including our share of unconsolidated entities cash), divided by the product of Adjusted EBITDA (including our pro rata share of unconsolidated entities EBITDA), multiplied by four. (5) Fixed charges consist of GAAP interest expense, capitalized interest, scheduled debt principal payments and preferred stock dividends. (6) Interest coverage ratio is Adjusted EBITDA (including our pro rata share of unconsolidated entities EBITDA), divided by GAAP interest expense plus capitalized interest (including our share of unconsolidated entities interest expense). (7) Fixed charge coverage ratio is Adjusted EBITDA (including our pro rata share of unconsolidated entities EBITDA), divided by fixed charges (including our share of unconsolidated entities fixed charges). (8) For definitions and discussion of FFO and Core FFO, see page 31 . For reconciliations of net income available to common stockholders to FFO and Core FFO, see page 13 . (9) For a definition and discussion of AFFO, see page 31 . For a reconciliation of Core FFO to AFFO, see page 14 . (10) Diluted FFO payout ratio is dividends declared per common share and unit divided by diluted FFO per share and unit. (11) Diluted Core FFO payout ratio is dividends declared per common share and unit divided by diluted Core FFO per share and unit. (12) Diluted AFFO payout ratio is dividends declared per common share and unit divided by diluted AFFO per share and unit. (13) Includes buildings held as investments in unconsolidated entities. Excludes buildings held for sale and contribution. (14) Represents approximate amounts. (15) Occupancy and same-capital occupancy exclude space under active development and space held for development. Occupancy represents our consolidated portfolio in addition to our managed portfolio of unconsolidated entities and non-managed unconsolidated entities. For some of our buildings, we calculate occupancy based on factors in addition to contractually leased square feet, including available power, required support space and common area. Excludes buildings held for sale and contribution. (16) Space under active development includes current Base Building and Data Centers projects in progress. Excludes buildings held for sale and contribution. (17) Space held for development includes space held for future Data Center development and excludes space under active development. Excludes buildings held for sale and contribution. (18) Weighted average remaining lease term excludes renewal options and is weighted by net rentable square feet. (19) Represents buildings owned as of December 31, 2023, with less than 5% of total rentable square feet under development. Excludes buildings that were undergoing, or were expected to undergo, development activities in 2024-2025, buildings classified as held for sale and contribution, and buildings sold or contributed to joint ventures for all periods presented. Prior period results have been adjusted to reflect current same-capital pool. ​ ​ ​ ​ ​ ​ 6 Table of Contents Digital Realty Trust Financial Supplement Earnings Release ​ Fourth Quarter 2025 ​ Digital Realty Reports Fourth Quarter 2025 Results Austin, TX — February 5, 2026 — 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 2025. All per share results are presented on a fully diluted basis. Highlights ◾ Reported net income available to common stockholders of $0.24 per share in 4Q25, compared to $0.51 in 4Q24 ◾ Reported FFO per share of $1.89 in 4Q25, compared to $1.61 in 4Q24 ◾ Reported Core FFO per share of $1.86 in 4Q25, compared to $1.73 in 4Q24; reported Constant-Currency Core FFO per share of $1.81 in 4Q25 ◾ Reported rental rate increases on renewal leases of 6.1% on a cash basis in 4Q25 ◾ Signed total bookings during 4Q25 that are expected to generate $400 million of annualized GAAP rental revenue at 100% share ; at Digital Realty ’ s share, total bookings were $175 million, including a $96 million contribution from the 0 - 1 megawatt plus interconnection category ◾ Reported a backlog of $817 million of annualized GAAP base rent, at Digital Realty ’ s share, at the end of 2025 ◾ Introduced 2026 Core FFO per share outlook of $7.90 - $8.00 on a reported and Constant-Currency basis ​ Financial Results Digital Realty reported revenues of $1.6 billion in the fourth quarter of 2025, a 4% increase from the previous quarter and a 14% increase from the same quarter last year. The company delivered net income of $96 million in the fourth quarter of 2025, as well as net income available to common stockholders of $88 million and $0.24 per share, compared to $0.15 per share in the previous quarter and $0.51 per share in the same quarter last year. Digital Realty generated Adjusted EBITDA of $857 million in the fourth quarter of 2025, a 1% decrease from the previous quarter and a 14% increase over the same quarter last year. The company reported Funds From Operations (FFO) of $658 million in the fourth quarter of 2025, or $1.89 per share, compared to $1.65 per share in the previous quarter and $1.61 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 $1.86 in the fourth quarter of 2025, compared to $1.89 per share in the previous quarter and $1.73 per share in the same quarter last year. Digital Realty delivered Constant-Currency Core FFO per share of $1.81 in the fourth quarter of 2025 and $7.29 per share for the twelve-month period ended December 31, 2025. “Digital Realty delivered strong financial results in 2025, with robust top ‑ line growth, record leasing across our 0 ‑ 1 megawatt plus interconnection offering, and a substantial backlog that provides clear revenue visibility into 2026 and beyond, ” said Digital Realty President and CEO Andy Power. “ The evolution of our private capital strategy is enabling us to efficiently scale development while maintaining a flexible balance sheet positioned for growth. At the same time, we ’ re expanding the PlatformDIGITAL footprint to meet rising global demand. Together, these initiatives strengthen our ability to support our customers’ cloud and AI roadmaps while driving long term value for shareholders.” ​ Leasing Activity In the fourth quarter, Digital Realty signed total bookings that are expected to generate $400 million of annualized GAAP rental revenue, at 100% share; at Digital Realty’s share, total bookings were $175 million, including a $77 million contribution from the 0-1 megawatt category and a $19 million contribution from interconnection. The weighted-average lag between new leases signed during the fourth quarter of 2025 and the contractual commencement date was eight months. The backlog of signed-but-not-commenced leases at quarter-end was $817 million of annualized GAAP base rent, at Digital Realty’s share. In addition, Digital Realty also signed renewal leases representing $269 million of annualized cash rental revenue during the quarter. Rental rates on renewal leases signed during the fourth quarter of 2025 increased 6.1% on a cash basis and 12.0% on a GAAP basis. ​ 7 Table of Contents Digital Realty Trust Financial Supplement Earnings Release ​ Fourth Quarter 2025 ​ New leases signed during the fourth quarter of 2025 at Digital Realty’s share 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 ​ ​ $39,317   112 ​ ​ $351   12.2 ​ ​ $269 > 1 MW ​ ​ 64,759   207 ​ ​ 313   29.0 ​ ​ 186 Other (1) ​ ​ 385   7 ​ ​ 53   — ​ ​ — Total ​ ​ $104,461   326 ​ ​ $320   41.2 ​ ​ $211 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​  EMEA (2) ​ ​   ​     ​ ​ ​   ​     ​ ​ ​   ​ 0-1 MW ​ ​ $30,107   89 ​ ​ $337   8.4 ​ ​ $300 > 1 MW ​ ​ 5,585   21 ​ ​ 266   2.3 ​ ​ 199 Other (1) ​ ​ 291   1 ​ ​ 289   — ​ ​ — Total ​ ​ $35,982   111 ​ ​ $323   10.7 ​ ​ $278 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​  Asia Pacific (2) ​ ​   ​     ​ ​ ​   ​     ​ ​ ​   ​ 0-1 MW ​ ​ $7,693   17 ​ ​ $443   2.2 ​ ​ $286 > 1 MW ​ ​ 7,643   42 ​ ​ 181   4.5 ​ ​ 142 Other (1) ​ ​ 46   1 ​ ​ 45   — ​ ​ — Total ​ ​ $15,382   61 ​ ​ $254   6.7 ​ ​ $190 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ All Regions (2) ​ ​   ​     ​ ​ ​   ​     ​ ​ ​   ​ 0-1 MW ​ ​ $77,118   219 ​ ​ $352   22.8 ​ ​ $282 > 1 MW ​ ​ 77,987   270 ​ ​ 289   35.9 ​ ​ 181 Other (1) ​ ​ 722   9 ​ ​ 78   — ​ ​ — Total ​ ​ $155,826   498 ​ ​ $313   58.6 ​ ​ $220 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interconnection ​ ​ $18,890   N/A ​ ​ N/A   N/A ​ ​ N/A ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Grand Total at DLR Share ​ ​ $174,716   498 ​ ​ $313   58.6 ​ ​ $220 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Grand Total at 100% Share ​ ​ $400,330   1,291 ​ ​ $294   159.1 ​ ​ $198 ​ 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, 2025. Investment Activity During the fourth quarter, Digital Realty sold a non-core data center in the Dallas metro area for gross proceeds of approximately $33 million, as previously disclosed. ​ Digital Realty acquired the following: ● Two parcels of land totaling approximately 20 acres in the Portland metro area, one acquired in the fourth quarter and the other in January, that are expected to support up to 85 megawatts of IT capacity for approximately $23.6 million; and ● A building and land in Lisbon, Portugal which can support up to 2.4 megawatts of IT capacity for approximately €7.1 million or $8.3 million, marking Digital Realty's entry into the Portugal market. ​ Further, Digital Realty Mivne established a new joint venture with MedOne Ltd., the leading data center operator in Israel. The joint venture acquired approximately 2.5 acres of land in Petah Tikvah, the primary connectivity hub in Israel, with the intention of developing an 18-megawatt campus for ILS90 million, or $29 million at 100% share. Digital Realty’s share of the land was $7.1 million. ​ Additionally, Digital Realty contributed an incremental 40% interest in five operating data centers to its Digital Realty DC Partners NA Fund , increasing the Fund's stake to 80% at year end. Digital Realty received approximately $427 million of additional proceeds as a result of the contribution. ​ Subsequent to quarter end, Digital Realty announced an agreement to acquire the TelcoHub 1 data center located in Cyberjaya, Malaysia, one of Greater Kuala Lumpur’s most established data center hubs. TelcoHub 1 is an operational 1.5 megawatt data center that is one of Malaysia's leading connectivity hubs. In conjunction with this transaction, Digital Realty also agreed to acquire adjacent land that can support up to 14 megawatts of IT capacity, providing clear capacity for future expansion. The transactions are expected to close in the first half of 2026, subject to customary closing conditions. ​ 8 Table of Contents Digital Realty Trust Financial Supplement Earnings Release ​ Fourth Quarter 2025 ​ Balance Sheet ​ Digital Realty had approximately $18.4 billion of total debt outstanding as of December 31, 2025, comprised of $17.5 billion of unsecured debt and approximately $0.9 billion of secured debt and other debt. At the end of the fourth quarter of 2025, net debt-to-Adjusted EBITDA was 4.9x, debt-plus-preferred-to-total enterprise value was 26.1% and fixed charge coverage was 4.5x. ​ In October, the company sold 0.4 million shares of common stock under its At-The-Market (ATM) equity issuance program at a weighted average price of $175.68 per share, for net proceeds of approximately $77 million. ​ In November, Digital Realty issued €600 million of 3.750% notes due 2033 and €800 million of 4.250% notes due 2037, for aggregate net proceeds of approximately €1.4 billion ($1.6 billion). ​ In December, Digital Realty repaid early €1.075 billion ($1.3 billion) in aggregate principal amount of its 2.500% senior notes due 2026. ​ ​ ​ ​ ​ ​ ​ ​ 9 Table of Contents Digital Realty Trust Financial Supplement Earnings Release ​ Fourth Quarter 2025 ​ ​ 2026 Outlook Digital Realty introduced its 2026 Core FFO per share outlook on a reported and Constant-Currency basis of $7.90 - $8.00. The assumptions underlying the outlook are summarized in the following table. ​ ​ ​ ​   ​ ​ As of  Top-Line and Cost Structure ​ February 5, 2026 Total revenue ​ $6.600 - $6.700 billion Net non-cash rent adjustments (1) ​ ($90 - $95 million) Adjusted EBITDA ​ $3.600 - $3.700 billion G&A ​ $610 - $620 million ​ ​ ​  Internal Growth ​ ​ Rental rates on renewal leases ​ ​ Cash basis ​ 6.0% - 8.0% GAAP basis ​ 8.5% - 10.5% Year-end portfolio occupancy (2) ​ +50 - 100 bps "Same-Capital" cash NOI growth (3) ​ 4.0% - 5.0% ​ ​ ​ Foreign Exchange Rates ​ ​ U.S. Dollar / Pound Sterling ​ $1.30 - $1.35 U.S. Dollar / Euro ​ $1.13 - $1.18 ​ ​ ​  External Growth ​ ​ Dispositions / Joint Venture Capital ​ ​ Dollar volume ​ $500 - $1,000 million Cap rate ​ 0.0% - 10.0% Development ​ ​ CapEx (Net of Partner Contributions) (4) ​ $3,250 - $3,750 million Average stabilized yields ​ 10.0%+ Enhancements and other non-recurring CapEx  (5) ​ $30 - $35 million Recurring CapEx + capitalized leasing costs (6) ​ $400 - $425 million ​ ​ ​  Balance Sheet ​ ​ Long-term debt issuance ​ ​ Dollar amount ​ $1,000 - $1,500 million Pricing ​ 4.0% - 4.5% Timing ​ Mid-Year ​ ​ ​  Net income per diluted share ​ $2.55 - $2.65 Real estate depreciation and (gain) / loss on sale ​ $4.90 - $4.90  Funds From Operations / share (NAREIT-Defined) ​ $7.45 - $7.55 Non-core expenses and revenue streams ​ $0.45 - $0.45  Core Funds From Operations / share ​ $7.90 - $8.00 Foreign currency translation adjustments ​ $0.00 - $0.00 Constant-Currency Core Funds From Operations / share ​ $7.90 - $8.00 ​ (1) Net non-cash rent adjustments represent the sum of straight-line rental revenue and straight-line rental expense, as well as the amortization of above- and below-market leases (i.e., ASC 805 adjustments). (2) Year-end portfolio occupancy guidance based on IT load (kW). (3) The “ Same-Capital ” pool includes properties owned as of December 31, 2024 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 2025-2026, properties classified as held for sale and contribution, and properties sold or contributed to joint ventures for all periods presented. The 2026 “ Same-Capital ” cash NOI growth outlook is presented on a constant currency basis. (4) Excludes land acquisitions and includes Digital Realty ’ s share of joint venture and fund contributions. Figure is net of joint venture and fund partners ’ share of contributions. (5) Other non-recurring CapEx represents costs incurred to enhance the capacity or marketability of operating properties, such as network fiber initiatives and software development costs. (6) Recurring CapEx represents non-incremental improvements required to maintain current revenues, including second-generation tenant improvements and leasing commissions. ​ Note: The company does not provide a reconciliation for non-GAAP estimates on a forward-looking basis, where it is unable to provide a meaningful or accurate calculation or estimation of reconciling items, and the information is not available without unreasonable effort. Please see Non-GAAP Financial Measures in this document for further discussion. 10 Table of Contents Digital Realty Trust Financial Supplement Earnings Release ​ Fourth Quarter 2025 ​ ​ Non-GAAP Financial Measures This document contains non-GAAP financial measures, including FFO, Core FFO, Constant Currency Core FFO, Adjusted FFO, Net Operating Income (NOI), “Same-Capital” Cash NOI and Adjusted EBITDA. A reconciliation from U.S. GAAP net income available to common stockholders to FFO, a reconciliation from FFO to Core FFO, a reconciliation from Core FFO to Adjusted FFO, a reconciliation from NOI to Cash NOI, and definitions of FFO, Core FFO, Constant Currency Core FFO, Adjusted FFO, NOI and “Same-Capital” Cash NOI are included as an attachment to this document. A reconciliation from U.S. GAAP net income available to common stockholders to Adjusted EBITDA, a definition of Adjusted EBITDA and definitions of net debt-to-Adjusted EBITDA, debt-plus-preferred-to-total enterprise value, cash NOI, and fixed charge coverage ratio are included as an attachment to this document. The company does not provide a reconciliation for non-GAAP estimates on a forward-looking basis, where it is unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and/or amount of various items that would impact net income attributable to common stockholders per diluted share, which is the most directly comparable forward-looking GAAP financial measure. This includes, for example, external growth factors, such as dispositions, and balance sheet items such as debt issuances, that have not yet occurred, are out of the company's control and/or cannot be reasonably predicted. For the same reasons, the company is unable to address the probable significance of the unavailable information. Forward-looking non-GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures. Investor Conference Call Prior to Digital Realty’s investor conference call at 5:00 p.m. ET / 4:00 p.m. CT on February 5, 2026, 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 fourth quarter 2025 financial results and operating performance. The conference call will feature President & Chief Executive Officer Andy Power and Chief Financial Officer Matt Mercier. A live webcast of the call will be available on the Investors section of Digital Realty’s website at https://investor.digitalrealty.com . The webcast will be archived until February 5, 2027 and the replay will be available shortly after the conclusion of the live event. 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 55+ metros across 30+ countries on six continents. To learn more about Digital Realty, please visit digitalrealty.com or follow us on LinkedIn and X . ​ Contact Information Matt Mercier Chief Financial Officer Digital Realty ​ Jordan Sadler / Jim Huseby Investor Relations Digital Realty (214) 231-1350 ​ ​ ​ ​ ​ ​ ​ ​ 11 Table of Contents Consolidated Quarterly Statements of Operations Financial Supplement Unaudited and in Thousands, Except Per Share Data ​ Fourth Quarter 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ Twelve Months Ended ​   ​ ​ 31-Dec-25   ​ ​ 30-Sep-25   ​ ​ 30-Jun-25   ​ ​ 31-Mar-25   ​ ​ 31-Dec-24 ​ ​ ​ 31-Dec-25   ​ ​ ​ ​ 31-Dec-24 Rental revenues ​ ​ $1,074,703 ​ ​ $1,045,708 ​ ​ $1,003,550 ​ ​ $960,526 ​ ​ $958,892 ​ ​ ​ $4,084,487 ​ ​ $3,722,646 Tenant reimbursements - Utilities ​ ​ 356,084 ​ ​ 332,681 ​ ​ 294,503 ​ ​ 271,189 ​ ​ 302,664 ​ ​ ​ 1,254,457 ​ ​ 1,158,623 Tenant reimbursements - Other ​ ​ 34,406 ​ ​ 37,302 ​ ​ 37,355 ​ ​ 42,177 ​ ​ 38,591 ​ ​ ​ 151,240 ​ ​ 158,612 Interconnection and other ​ ​ 123,414 ​ ​ 120,399 ​ ​ 121,952 ​ ​ 112,969 ​ ​ 112,360 ​ ​ ​ 478,734 ​ ​ 442,591 Fee income ​ ​ 45,692 ​ ​ 36,398 ​ ​ 34,427 ​ ​ 20,643 ​ ​ 23,316 ​ ​ ​ 137,160 ​ ​ 64,888 Other ​ ​ 372 ​ ​ 4,746 ​ ​ 1,363 ​ ​ 133 ​ ​ 40 ​ ​ ​ 6,614 ​ ​ 7,608 Total Operating Revenues ​ ​ $1,634,671 ​ ​ $1,577,234 ​ ​ $1,493,150 ​ ​ $1,407,637 ​ ​ $1,435,862 ​ ​ ​ $6,112,692 ​ ​ $5,554,968 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Utilities ​ ​ $398,185 ​ ​ $375,627 ​ ​ $339,288 ​ ​ $313,385 ​ ​ $337,534 ​ ​ ​ $1,426,485 ​ ​ $1,333,416 Rental property operating ​ ​ 295,948 ​ ​ 278,292 ​ ​ 267,724 ​ ​ 238,600 ​ ​ 273,104 ​ ​ ​ 1,080,564 ​ ​ 984,921 Property taxes ​ ​ 50,791 ​ ​ 51,823 ​ ​ 49,570 ​ ​ 48,856 ​ ​ 46,044 ​ ​ ​ 201,040 ​ ​ 182,453 Insurance ​ ​ 4,711 ​ ​ 4,508 ​ ​ 4,946 ​ ​ 4,483 ​ ​ 6,007 ​ ​ ​ 18,648 ​ ​ 18,325 Depreciation and amortization ​ ​ 493,458 ​ ​ 497,002 ​ ​ 461,167 ​ ​ 443,009 ​ ​ 455,355 ​ ​ ​ 1,894,636 ​ ​ 1,771,797 General and administration ​ ​ 159,283 ​ ​ 139,911 ​ ​ 133,755 ​ ​ 121,112 ​ ​ 124,470 ​ ​ ​ 554,061 ​ ​ 473,521 Severance, equity acceleration and legal expenses ​ ​ 4,937 ​ ​ 1,794 ​ ​ 2,262 ​ ​ 2,428 ​ ​ 2,346 ​ ​ ​ 11,421 ​ ​ 6,502 Transaction and integration expenses ​ ​ 36,083 ​ ​ 86,559 ​ ​ 22,546 ​ ​ 39,902 ​ ​ 11,797 ​ ​ ​ 185,090 ​ ​ 93,902 Provision for impairment ​ ​ 78,553 ​ ​ — ​ ​ — ​ ​ — ​ ​ 22,881 ​ ​ ​ 78,553 ​ ​ 191,184 Other expenses ​ ​ 98 ​ ​ 3,297 ​ ​ 195 ​ ​ 112 ​ ​ 12,002 ​ ​ ​ 3,702 ​ ​ 27,083 Total Operating Expenses ​ ​ $1,522,047 ​ ​ $1,438,813 ​ ​ $1,281,453 ​ ​ $1,211,887 ​ ​ $1,291,540 ​ ​ ​ $5,454,200 ​ ​ $5,083,104 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Income ​ ​ $112,624 ​ ​ $138,421 ​ ​ $211,697 ​ ​ $195,750 ​ ​ $144,322 ​ ​ ​ $658,492 ​ ​ $471,864 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity in earnings / (loss) of unconsolidated entities ​ ​ 4,659 ​ ​ (16,944) ​ ​ (12,062) ​ ​ (7,640) ​ ​ (36,201) ​ ​ ​ (31,987) ​ ​ (120,138) Gain / (loss) on sale of investments ​ ​ 42,865 ​ ​ 19,780 ​ ​ 931,830 ​ ​ 1,111 ​ ​ 144,885 ​ ​ ​ 995,586 ​ ​ 595,825 Interest and other income / (expense), net ​ ​ 42,797 ​ ​ 47,735 ​ ​ 37,747 ​ ​ 32,773 ​ ​ 44,517 ​ ​ ​ 161,052 ​ ​ 154,243 Interest (expense) ​ ​ (116,516) ​ ​ (113,584) ​ ​ (109,383) ​ ​ (98,464) ​ ​ (104,742) ​ ​ ​ (437,947) ​ ​ (452,836) Income tax benefit / (expense) ​ ​ 9,673 ​ ​ (11,695) ​ ​ (12,883) ​ ​ (17,135) ​ ​ (4,928) ​ ​ ​ (32,040) ​ ​ (54,760) Gain (loss) on debt extinguishment and modifications ​ ​ 9 ​ ​ — ​ ​ — ​ ​ — ​ ​ (2,165) ​ ​ ​ 9 ​ ​ (5,871) Net Income ​ ​ $96,111 ​ ​ $63,713 ​ ​ $1,046,946 ​ ​ $106,395 ​ ​ $185,688 ​ ​ ​ $1,313,165 ​ ​ $588,327 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net (income) / loss attributable to noncontrolling interests ​ ​ 2,536 ​ ​ 4,099 ​ ​ (14,790) ​ ​ 3,579 ​ ​ 3,881 ​ ​ ​ (4,576) ​ ​ 14,163 Net Income Attributable to Digital Realty Trust, Inc. ​ ​ $98,647 ​ ​ $67,812 ​ ​ $1,032,156 ​ ​ $109,974 ​ ​ $189,569 ​ ​ ​ $1,308,589 ​ ​ $602,490 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Preferred stock dividends ​ ​ (10,181) ​ ​ (10,181) ​ ​ (10,181) ​ ​ (10,181) ​ ​ (10,181) ​ ​ ​ (40,724) ​ ​ (40,725) Net Income / (Loss) Available to Common Stockholders ​ ​ $88,466 ​ ​ $57,631 ​ ​ $1,021,975 ​ ​ $99,793 ​ ​ $179,388 ​ ​ ​ $1,267,865 ​ ​ $561,766 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average shares outstanding - basic ​ ​ 343,493 ​ ​ 341,370 ​ ​ 337,589 ​ ​ 336,683 ​ ​ 333,376 ​ ​ ​ 339,807 ​ ​ 323,336 Weighted-average shares outstanding - diluted ​ ​ 351,570 ​ ​ 349,234 ​ ​ 345,734 ​ ​ 344,721 ​ ​ 340,690 ​ ​ ​ 347,810 ​ ​ 331,547 Weighted-average fully diluted shares and units ​ ​ 357,430 ​ ​ 355,165 ​ ​ 351,691 ​ ​ 350,632 ​ ​ 346,756 ​ ​ ​ 353,720 ​ ​ 337,697 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income / (loss) per share - basic ​ ​ $0.26 ​ ​ $0.17 ​ ​ $3.03 ​ ​ $0.30 ​ ​ $0.54 ​ ​ ​ $3.73 ​ ​ $1.74 Net income / (loss) per share - diluted ​ ​ $0.24 ​ ​ $0.15 ​ ​ $2.94 ​ ​ $0.27 ​ ​ $0.51 ​ ​ ​ $3.58 ​ ​ $1.61 ​ ​ ​ ​ 12 Table of Contents Funds From Operations and Core Funds From Operations Financial Supplement Unaudited and in Thousands, Except Per Share Data ​ Fourth Quarter 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ Twelve Months Ended Reconciliation of Net Income to Funds From Operations (FFO) ​ ​ 31-Dec-25 ​ ​ 30-Sep-25 ​ ​ 30-Jun-25 ​ ​ 31-Mar-25 ​ ​ 31-Dec-24 ​ ​ ​ 31-Dec-25 ​ ​ 31-Dec-24 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Income / (Loss) Available to Common Stockholders ​ ​ $88,466 ​ ​ $57,631 ​ ​ $1,021,975 ​ ​ $99,793 ​ ​ $179,388 ​ ​ ​ $1,267,865 ​ ​ $561,766 Adjustments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Noncontrolling interest in operating partnership ​ ​ 2,000 ​ ​ 2,000 ​ ​ 21,000 ​ ​ 3,000 ​ ​ 4,000 ​ ​ ​ 28,000 ​ ​ 12,700 Real estate related depreciation and amortization (1) ​ ​ 484,260 ​ ​ 487,182 ​ ​ 451,050 ​ ​ 432,652 ​ ​ 445,462 ​ ​ ​ 1,855,144 ​ ​ 1,730,059 Reconciling items related to noncontrolling interests ​ ​ (22,753) ​ ​ (22,888) ​ ​ (21,038) ​ ​ (19,480) ​ ​ (19,531) ​ ​ ​ (86,159) ​ ​ (64,612) Unconsolidated entities real estate related depreciation and amortization ​ ​ 70,260 ​ ​ 65,922 ​ ​ 59,172 ​ ​ 55,861 ​ ​ 49,463 ​ ​ ​ 251,215 ​ ​ 192,931 (Gain) / loss on real estate transactions ​ ​ (42,865) ​ ​ (19,780) ​ ​ (931,830) ​ ​ (1,111) ​ ​ (137,047) ​ ​ ​ (995,586) ​ ​ (596,904) Provision for impairment ​ ​ 78,553 ​ ​ — ​ ​ — ​ ​ — ​ ​ 22,881 ​ ​ ​ 78,553 ​ ​ 191,185 Funds From Operations ​ ​ $657,921 ​ ​ $570,067 ​ ​ $600,329 ​ ​ $570,715 ​ ​ $544,616 ​ ​ ​ $2,399,032 ​ ​ $2,027,122 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average shares and units outstanding - basic ​ ​ 349,354 ​ ​ 347,301 ​ ​ 343,546 ​ ​ 342,594 ​ ​ 339,442 ​ ​ ​ 345,717 ​ ​ 329,485 Weighted-average shares and units outstanding - diluted (2) (3) ​ ​ 357,430 ​ ​ 355,165 ​ ​ 351,691 ​ ​ 350,632 ​ ​ 346,756 ​ ​ ​ 353,720 ​ ​ 337,697 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Funds From Operations per share - basic ​ ​ $1.88 ​ ​ $1.64 ​ ​ $1.75 ​ ​ $1.67 ​ ​ $1.60 ​ ​ ​ $6.94 ​ ​ $6.15 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Funds From Operations per share - diluted (2) (3) ​ ​ $1.89 ​ ​ $1.65 ​ ​ $1.75 ​ ​ $1.67 ​ ​ $1.61 ​ ​ ​ $6.96 ​ ​ $6.14 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ Twelve Months Ended Reconciliation of FFO to Core FFO ​ ​ 31-Dec-25 ​ ​ 30-Sep-25 ​ ​ 30-Jun-25 ​ ​ 31-Mar-25 ​ ​ 31-Dec-24 ​ ​ ​ 31-Dec-25 ​ ​ 31-Dec-24 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Funds From Operations ​ ​ $657,921 ​ ​ $570,067 ​ ​ $600,329 ​ ​ $570,715 ​ ​ $544,616 ​ ​ ​ $2,399,032 ​ ​ $2,027,122 Other non-core revenue adjustments (4) ​ ​ (10,633) ​ ​ (4,746) ​ ​ 4,228 ​ ​ (1,925) ​ ​ 4,537 ​ ​ ​ (13,076) ​ ​ (30,339) Transaction and integration expenses ​ ​ 36,083 ​ ​ 86,559 ​ ​ 22,546 ​ ​ 39,902 ​ ​ 11,797 ​ ​ ​ 185,090 ​ ​ 93,902 Gain (loss) on debt extinguishment and modifications ​ ​ (9) ​ ​ — ​ ​ — ​ ​ — ​ ​ 2,165 ​ ​ ​ (9) ​ ​ 5,871 Severance, equity acceleration and legal expenses (5) ​ ​ 4,937 ​ ​ 1,794 ​ ​ 2,262 ​ ​ 2,428 ​ ​ 2,346 ​ ​ ​ 11,421 ​ ​ 6,502 (Gain) / Loss on FX and derivatives revaluation ​ ​ (16,295) ​ ​ 252 ​ ​ 8,827 ​ ​ (2,064) ​ ​ 7,127 ​ ​ ​ (9,280) ​ ​ 74,464 Other non-core expense adjustments (6) ​ ​ (21,794) ​ ​ 2,075 ​ ​ 5,092 ​ ​ (702) ​ ​ 14,229 ​ ​ ​ (15,329) ​ ​ 37,671 Core Funds From Operations ​ ​ $650,210 ​ ​ $656,001 ​ ​ $643,284 ​ ​ $608,354 ​ ​ $586,816 ​ ​ ​ $2,557,849 ​ ​ $2,215,194 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average shares and units outstanding - diluted (2) (3) ​ ​ 349,740 ​ ​ 347,700 ​ ​ 343,909 ​ ​ 343,050 ​ ​ 339,982 ​ ​ ​ 346,086 ​ ​ 329,899 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Core Funds From Operations per share - diluted (2) ​ ​ $1.86 ​ ​ $1.89 ​ ​ $1.87 ​ ​ $1.77 ​ ​ $1.73 ​ ​ ​ $7.39 ​ ​ $6.71 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) ​ Three Months Ended ​ ​ Twelve Months Ended Real Estate Related Depreciation & Amortization ​ ​ 31-Dec-25 ​ ​ 30-Sep-25 ​ ​ 30-Jun-25 ​ ​ 31-Mar-25 ​ ​ 31-Dec-24 ​ ​ ​ 31-Dec-25 ​ ​ 31-Dec-24 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciation and amortization per income statement ​ ​ $493,458 ​ ​ $497,002 ​ ​ $461,167 ​ ​ $443,009 ​ ​ $455,355 ​ ​ ​ $1,894,636 ​ ​ $1,771,798 Non-real estate depreciation ​ ​ (9,198) ​ ​ (9,820) ​ ​ (10,117) ​ ​ (10,356) ​ ​ (9,894) ​ ​ ​ (39,492) ​ ​ (41,739) Real Estate Related Depreciation & Amortization ​ ​ $484,260 ​ ​ $487,182 ​ ​ $451,050 ​ ​ $432,652 ​ ​ $445,462 ​ ​ ​ $1,855,144 ​ ​ $1,730,059 ​ (2) Certain of Teraco's minority indirect shareholders have the right to put their shares in an upstream parent company of Teraco to Digital Realty in exchange for cash or the equivalent value of shares of Digital Realty common stock, or a combination thereof. U.S. GAAP requires Digital Realty to assume the put right is settled in shares for purposes of calculating diluted EPS. This same approach was utilized to calculate FFO/share. The potential future dilutive impact associated with this put right will be excluded from Core FFO and AFFO until settlement occurs – causing diluted share count to be higher for FFO than for Core FFO and AFFO. When calculating diluted FFO, Teraco related noncontrolling interest is added back to the FFO numerator as the denominator assumes all shares have been put back to Digital Realty. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ Twelve Months Ended ​ ​ ​ 31-Dec-25 ​ ​ 30-Sep-25 ​ ​ 30-Jun-25 ​ ​ 31-Mar-25 ​ ​ 31-Dec-24 ​ ​ ​ 31-Dec-25 ​ ​ 31-Dec-24 Teraco noncontrolling share of FFO ​ ​ $18,240 ​ ​ $17,018 ​ ​ $15,850 ​ ​ $13,286 ​ ​ $14,905 ​ ​ ​ $64,394 ​ ​ $46,954 Teraco related minority interest ​ ​ $18,240 ​ ​ $17,018 ​ ​ $15,850 ​ ​ $13,286 ​ ​ $14,905 ​ ​ ​ $64,394 ​ ​ $46,954 ​ (3) For all periods presented, we have excluded the effect of dilutive series J, series K and series L preferred stock, as applicable, that may be converted into common stock upon the occurrence of specified change in control transactions as described in the articles supplementary governing the series J, series K and series L preferred stock, as applicable, which we consider highly improbable. See above for calculations of FFO and the share count detail section that follows the reconciliation of Core FFO to AFFO for calculations of weighted average common stock and units outstanding. For definitions and discussion of FFO and Core FFO, see the Definitions section. (4) Includes deferred rent adjustments related to a customer bankruptcy, development fees included in gains, lease termination fees and gain on sale of equity investment included in other income. (5) Relates to severance and other charges related to the departure of company executives and integration-related severance. (6) Includes write-offs associated with bankrupt or terminated customers, non-recurring legal and insurance expenses, impact of foreign tax rate changes and adjustments to reflect our proportionate share of transaction costs associated with noncontrolling interests. ​ ​ 13 Table of Contents Adjusted Funds From Operations (AFFO) Financial Supplement Unaudited and in Thousands, Except Per Share Data ​ Fourth Quarter 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ Twelve Months Ended  Reconciliation of Core FFO to AFFO ​ ​ 31-Dec-25 ​ ​ 30-Sep-25 ​ ​ 30-Jun-25 ​ ​ 31-Mar-25 ​ ​ 31-Dec-24 ​ ​ ​ 31-Dec-25 ​ ​ 31-Dec-24 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​  Core FFO available to common stockholders and unitholders ​ ​ $650,210 ​ ​ $656,001 ​ ​ $643,284 ​ ​ $608,354 ​ ​ $586,816 ​ ​ ​ $2,557,849 ​ ​ $2,215,194 Adjustments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-real estate depreciation ​ ​ 9,198 ​ ​ 9,820 ​ ​ 10,117 ​ ​ 10,356 ​ ​ 9,894 ​ ​ ​ 39,492 ​ ​ 41,739 Amortization of deferred financing costs ​ ​ 6,781 ​ ​ 6,565 ​ ​ 6,451 ​ ​ 6,548 ​ ​ 5,697 ​ ​ ​ 26,345 ​ ​ 21,198 Amortization of debt discount/premium ​ ​ 1,341 ​ ​ 1,293 ​ ​ 1,251 ​ ​ 1,125 ​ ​ 1,324 ​ ​ ​ 5,010 ​ ​ 5,805 Non-cash stock-based compensation expense ​ ​ 17,327 ​ ​ 18,174 ​ ​ 18,026 ​ ​ 16,700 ​ ​ 13,386 ​ ​ ​ 70,227 ​ ​ 55,468 Straight-line rental revenue ​ ​ (34,351) ​ ​ (33,351) ​ ​ (23,698) ​ ​ (9,692) ​ ​ (18,242) ​ ​ ​ (101,092) ​ ​ (25,513) Straight-line rental expense ​ ​ (97) ​ ​ (271) ​ ​ (475) ​ ​ (160) ​ ​ (136) ​ ​ ​ (1,003) ​ ​ 3,447 Above- and below-market rent amortization ​ ​ (972) ​ ​ (864) ​ ​ (752) ​ ​ (706) ​ ​ (269) ​ ​ ​ (3,294) ​ ​ (3,555) Deferred tax (benefit) / expense ​ ​ (26,184) ​ ​ 18,187 ​ ​ (30,714) ​ ​ (517) ​ ​ (15,048) ​ ​ ​ (39,228) ​ ​ (37,834) Leasing compensation and internal lease commissions ​ ​ 14,644 ​ ​ 15,013 ​ ​ 14,721 ​ ​ 13,405 ​ ​ 10,505 ​ ​ ​ 57,783 ​ ​ 45,233 Recurring capital expenditures (1) ​ ​ (168,539) ​ ​ (77,998) ​ ​ (62,083) ​ ​ (35,305) ​ ​ (130,245) ​ ​ ​ (343,925) ​ ​ (305,712) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ AFFO available to common stockholders and unitholders (2) ​ ​ $469,358 ​ ​ $612,569 ​ ​ $576,127 ​ ​ $610,108 ​ ​ $463,682 ​ ​ ​ $2,268,164 ​ ​ $2,015,471 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average shares and units outstanding - basic ​ ​ 349,354 ​ ​ 347,301 ​ ​ 343,546 ​ ​ 342,594 ​ ​ 339,442 ​ ​ ​ 345,717 ​ ​ 329,485 Weighted-average shares and units outstanding - diluted (3) ​ ​ 349,740 ​ ​ 347,700 ​ ​ 343,909 ​ ​ 343,050 ​ ​ 339,982 ​ ​ ​ 346,086 ​ ​ 329,899 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ AFFO per share - diluted (3) ​ ​ $1.34 ​ ​ $1.76 ​ ​ $1.68 ​ ​ $1.78 ​ ​ $1.36 ​ ​ ​ $6.55 ​ ​ $6.11 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​  Dividends per share and common unit ​ ​ $1.22 ​ ​ $1.22 ​ ​ $1.22 ​ ​ $1.22 ​ ​ $1.22 ​ ​ ​ $4.88 ​ ​ $4.88 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted AFFO Payout Ratio ​ ​ 90.9% ​ ​ 69.2% ​ ​ 72.8% ​ ​ 68.6% ​ ​ 89.5% ​ ​ ​ 74.5% ​ ​ 79.9% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ Twelve Months Ended Share Count Detail ​ ​ 31-Dec-25 ​ ​ 30-Sep-25 ​ ​ 30-Jun-25 ​ ​ 31-Mar-25 ​ ​ 31-Dec-24 ​ ​ ​ 31-Dec-25 ​ ​ 31-Dec-24 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average Common Stock and Units Outstanding ​ ​ 349,354 ​ ​ 347,301 ​ ​ 343,546 ​ ​ 342,594 ​ ​ 339,442 ​ ​ ​ 345,717 ​ ​ 329,485 Add: Effect of dilutive securities ​ ​ 386 ​ ​ 399 ​ ​ 362 ​ ​ 456 ​ ​ 540 ​ ​ ​ 369 ​ ​ 413 Weighted Avg. Common Stock and Units Outstanding - diluted ​ ​ 349,740 ​ ​ 347,700 ​ ​ 343,909 ​ ​ 343,050 ​ ​ 339,982 ​ ​ ​ 346,086 ​ ​ 329,899 ​ (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. ​ ​ ​ ​ ​ ​ ​ 14 Table of Contents Consolidated Balance Sheets Financial Supplement Unaudited and in Thousands, Except Per Share Data ​ Fourth Quarter 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 31-Dec-25 ​ 30-Sep-25 ​ 30-Jun-25 ​ 31-Mar-25 ​ 31-Dec-24 Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments in real estate: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Real estate ​ $31,359,298 ​ ​ $30,194,891 ​ ​ $29,836,218 ​ ​ $27,947,964 ​ ​ $27,558,993 Construction in progress ​ 4,976,785 ​ ​ 5,422,338 ​ ​ 5,080,701 ​ ​ 4,973,266 ​ ​ 5,164,334 Land held for future development ​ 91,130 ​ ​ 66,668 ​ ​ 73,665 ​ ​ 69,089 ​ ​ 38,785 Investments in Real Estate ​ $36,427,213 ​ ​ $35,683,897 ​ ​ $34,990,583 ​ ​ $32,990,319 ​ ​ $32,762,112 Accumulated depreciation and amortization ​ (9,993,596) ​ ​ (9,665,380) ​ ​ (9,341,719) ​ ​ (8,856,535) ​ ​ (8,641,331) Net Investments in Properties ​ $26,433,617 ​ ​ $26,018,517 ​ ​ $25,648,865 ​ ​ $24,133,784 ​ ​ $24,120,781 Investment in unconsolidated entities ​ 3,427,903 ​ ​ 3,690,749 ​ ​ 3,622,677 ​ ​ 2,702,847 ​ ​ 2,639,800 Net Investments in Real Estate ​ $29,861,520 ​ ​ $29,709,266 ​ ​ $29,271,542 ​ ​ $26,836,631 ​ ​ $26,760,582 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating lease right-of-use assets, net ​ $1,135,645 ​ ​ $1,167,398 ​ ​ $1,180,657 ​ ​ $1,165,924 ​ ​ $1,178,853 Cash and cash equivalents ​ 3,451,647 ​ ​ 3,299,703 ​ ​ 3,554,126 ​ ​ 2,321,885 ​ ​ 3,870,891 Accounts and other receivables, net (1) ​ 1,358,895 ​ ​ 1,496,105 ​ ​ 1,586,146 ​ ​ 1,373,521 ​ ​ 1,257,464 Deferred rent, net ​ 750,907 ​ ​ 710,624 ​ ​ 681,375 ​ ​ 641,290 ​ ​ 642,456 Goodwill ​ 9,711,953 ​ ​ 9,647,754 ​ ​ 9,636,513 ​ ​ 9,174,165 ​ ​ 8,929,431 Customer relationship value, deferred leasing costs and other intangibles, net ​ 2,134,698 ​ ​ 2,080,898 ​ ​ 2,171,318 ​ ​ 2,124,989 ​ ​ 2,178,054 Assets held for sale and contribution ​ ​ 349,826 ​ ​ 116,624 ​ ​ 139,993 ​ ​ 953,236 ​ ​ — Other assets ​ 655,377 ​ ​ 500,262 ​ ​ 493,325 ​ ​ 488,921 ​ ​ 465,885 Total Assets ​ $49,410,468 ​ ​ $48,728,634 ​ ​ $48,714,995 ​ ​ $45,080,562 ​ ​ $45,283,616 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities and Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Global unsecured revolving credit facilities, net ​ $899,090 ​ ​ $1,152,042 ​ ​ $567,699 ​ ​ $1,096,931 ​ ​ $1,611,308 Unsecured term loans, net ​ 439,536 ​ ​ 438,933 ​ ​ 440,788 ​ ​ 404,335 ​ ​ 386,903 Unsecured senior notes, net of discount ​ 16,194,441 ​ ​ 15,808,565 ​ ​ 16,641,367 ​ ​ 14,744,063 ​ ​ 13,962,852 Secured and other debt, net of discount ​ 869,068 ​ ​ 825,894 ​ ​ 802,294 ​ ​ 770,950 ​ ​ 753,314 Operating lease liabilities ​ 1,253,217 ​ ​ 1,285,067 ​ ​ 1,298,085 ​ ​ 1,281,572 ​ ​ 1,294,219 Accounts payable and other accrued liabilities ​ 2,600,979 ​ ​ 2,377,726 ​ ​ 2,310,882 ​ ​ 1,927,611 ​ ​ 2,056,215 Deferred tax liabilities ​ 1,124,724 ​ ​ 1,151,374 ​ ​ 1,137,305 ​ ​ 1,109,294 ​ ​ 1,084,562 Accrued dividends and distributions ​ 428,337 ​ ​ — ​ ​ — ​ ​ — ​ ​ 418,661 Security deposits and prepaid rents ​ 754,920 ​ ​ 699,528 ​ ​ 653,640 ​ ​ 559,768 ​ ​ 539,802 Obligations associated with assets held for sale and contribution ​ ​ 182 ​ ​ 283 ​ ​ 1,089 ​ ​ 7,882 ​ ​ — Total Liabilities ​ $24,564,494 ​ ​ $23,739,412 ​ ​ $23,853,149 ​ ​ $21,902,406 ​ ​ $22,107,836 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Redeemable noncontrolling interests ​ 1,498,975 ​ ​ 1,535,972 ​ ​ 1,505,889 ​ ​ 1,459,322 ​ ​ 1,433,185 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Preferred Stock: $0.01 par value per share, 110,000 shares authorized: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Series J Cumulative Redeemable Preferred Stock (2) ​ $193,540 ​ ​ $193,540 ​ ​ $193,540 ​ ​ $193,540 ​ ​ $193,540 Series K Cumulative Redeemable Preferred Stock (3) ​ 203,264 ​ ​ 203,264 ​ ​ 203,264 ​ ​ 203,264 ​ ​ 203,264 Series L Cumulative Redeemable Preferred Stock (4) ​ 334,886 ​ ​ 334,886 ​ ​ 334,886 ​ ​ 334,886 ​ ​ 334,886 Common Stock: $0.01 par value per share, 502,000 shares authorized (5) ​ 3,406 ​ ​ 3,400 ​ ​ 3,374 ​ ​ 3,338 ​ ​ 3,337 Additional paid-in capital ​ 29,350,487 ​ ​ 29,182,332 ​ ​ 28,720,826 ​ ​ 28,091,661 ​ ​ 28,079,738 Dividends in excess of earnings ​ (6,690,722) ​ ​ (6,358,501) ​ ​ (5,997,607) ​ ​ (6,604,217) ​ ​ (6,292,085) Accumulated other comprehensive (loss), net ​ (469,198) ​ ​ (533,891) ​ ​ (543,756) ​ ​ (926,874) ​ ​ (1,182,283) Total Stockholders' Equity ​ $22,925,663 ​ ​ $23,025,030 ​ ​ $22,914,527 ​ ​ $21,295,598 ​ ​ $21,340,397 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Noncontrolling Interests ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Noncontrolling interest in operating partnership ​ $415,456 ​ ​ $420,280 ​ ​ $431,000 ​ ​ $415,956 ​ ​ $396,099 Noncontrolling interest in consolidated entities ​ 5,880 ​ ​ 7,940 ​ ​ 10,430 ​ ​ 7,280 ​ ​ 6,099 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Noncontrolling Interests ​ $421,336 ​ ​ $428,220 ​ ​ $441,430 ​ ​ $423,236 ​ ​ $402,198 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Equity ​ $23,346,999 ​ ​ $23,453,250 ​ ​ $23,355,957 ​ ​ $21,718,834 ​ ​ $21,742,595 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Liabilities and Equity ​ $49,410,468 ​ ​ $48,728,634 ​ ​ $48,714,995 ​ ​ $45,080,562 ​ ​ $45,283,616 ​ (1) Net of allowance for doubtful accounts of $86,351 and $59,224 as of December 31, 2025 and December 31, 2024, respectively. (2) Series   J Cumulative Redeemable Preferred Stock, 5.250%, $200,000 liquidation preference ($25.00 per share), 8,000 shares issued and outstanding as of December 31, 2025 and December 31, 2024. (3) Series   K Cumulative Redeemable Preferred Stock, 5.850%, $210,000 liquidation preference ($25.00 per share), 8,400 shares issued and outstanding as of December 31, 2025 and December 31, 2024. (4) Series   L Cumulative Redeemable Preferred Stock, 5.200%, $345,000 liquidation preference ($25.00 per share), 13,800 shares issued and outstanding as of December 31, 2025 and December 31, 2024. (5) Common Stock: 343,557 and 336,637 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively. ​ ​ ​ ​ ​ ​ ​ 15 Table of Contents Components of Net Asset Value (NAV) (1) Financial Supplement Unaudited and in Thousands ​ Fourth Quarter 2025 44 ​ ​ ​ ​ ​ ​ Consolidated Properties Cash Net Operating Income (NOI) (2) , Annualized (3) ​ ​ ​ Network-Dense ​ ​ $1,178,813 Campus ​ ​ 1,957,833 Other (4) ​ ​ 77,358 Total Cash NOI, Annualized ​ ​ $3,214,004 less: Partners' share of consolidated JVs ​ ​ (84,721) Acquisitions / dispositions / expirations ​ ​ (142,880) FY 2026 backlog cash NOI and 4Q25 carry-over (stabilized) (5) ​ ​ 359,005 Total Consolidated Cash NOI, Annualized ​ ​ $3,345,408 ​ ​ ​ ​ Digital Realty's Pro Rata Share of Unconsolidated Entities Cash NOI (3) (6) ​ ​ $361,940 ​ ​ ​ ​ Other Income ​ ​ ​ Development and Management Fees (net), Annualized ​ ​ $182,769 ​ ​ ​ ​ Other Assets ​ ​ ​ Pre-stabilized inventory, at cost (7) ​ ​ $480,686 Land held for development ​ ​ 91,130 Development CIP (8) ​ ​ 4,976,785 less: Investment associated with FY26 Backlog NOI (9) ​ ​ (1,018,532) Cash and cash equivalents ​ ​ 3,451,647 Accounts and other receivables, net ​ ​ 1,358,895 Other assets ​ ​ 655,377 less: Partners' share of consolidated entities assets ​ ​ (160,412) Total Other Assets ​ ​ $9,835,576 ​ ​ ​ ​ Liabilities ​ ​ ​ Global unsecured revolving credit facilities ​ ​ $918,539 Unsecured term loans ​ ​ 440,475 Unsecured senior notes ​ ​ 16,321,227 Secured and other debt ​ ​ 876,528 Accounts payable and other accrued liabilities ​ ​ 2,600,979 Deferred tax liabilities ​ ​ 1,124,724 Accrued dividends and distributions ​ ​ 428,337 Security deposits and prepaid rents ​ ​ 754,920 Obligations associated with assets held for sale and contribution ​ ​ 182 Backlog NOI cost to complete (9) ​ ​ 1,027,953 Preferred stock ​ ​ 755,000 Digital Realty's share of unconsolidated entities debt ​ ​ 1,897,624 less: Partners' share of consolidated entities liabilities ​ ​ (522,145) Total Liabilities ​ ​ $26,624,343 ​ ​ ​ ​ ​ (1) Backlog and associated financial line items include activity related to unconsolidated entities properties. (2) For definitions and discussion of NOI and cash NOI and a reconciliation of operating income to NOI and cash NOI, see page 32 . (3) Annualized cash NOI is calculated by multiplying results for the most recent quarter by four. Annualized results may not be indicative of any four-quarter period and do not take into account scheduled lease expirations, among other things. Annualized data is presented for illustrative purposes only. Reflects annualized 4Q25 Cash NOI of $3.2 billion. NOI is allocated based on management’s estimates derived using contractual ABR and stabilized margins. (4) Other includes Powered Base Building shell capacity as well as storage and office space within fully improved data center facilities. (5) Estimated cash NOI related to signed leases that are expected to commence through December 31, 2026. Includes Digital Realty’s share of signed leases at unconsolidated entities properties. (6) For a reconciliation of Digital Realty’s pro rata share of unconsolidated entities operating income to cash NOI, see page 29 . (7) Excludes Digital Realty’s share of cost at unconsolidated entities properties. (8) See page 26 for further details on the breakdown of the construction in progress balance. (9) Includes Digital Realty’s share of construction in progress and expected cost to complete at unconsolidated entities properties. ​ ​ ​ ​ ​ 16 Table of Contents Debt Maturities Financial Supplement Unaudited and Dollars in thousands ​ Fourth Quarter 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2025 ​ ​ ​ ​ Interest Rate ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest ​ Including ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rate ​ Swaps ​ 2026 ​ 2027 ​ 2028 ​ 2029 ​ 2030 ​ Thereafter ​ Total Global Unsecured Revolving Credit Facilities (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Global unsecured revolving credit facility ​ 2.829% ​ 2.829% ​ — ​ — ​ — ​ — ​ $797,938 ​ — ​ $797,938 Yen revolving credit facility ​ 1.275% ​ 1.275% ​ — ​ — ​ — ​ — ​ 120,601 ​ — ​ 120,601 Deferred financing costs, net ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ (19,449) Total Global Unsecured Revolving Credit Facilities ​ 2.625% ​ 2.625% ​ — ​ — ​ — ​ — ​ $918,539 ​ — ​ $899,090 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unsecured Term Loans (1) ​ ​ ​ ​   ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Euro term loan facility ​ 2.734% ​ 2.734% ​ — ​ $440,475 ​ — ​ — ​ — ​ — ​ $440,475 Deferred financing costs, net ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ (939) Total Unsecured Term Loans ​ 2.734% ​ 2.734% ​ — ​ $440,475 ​ — ​ — ​ — ​ — ​ $439,536 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Senior Notes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ₣275 million 0.200% Notes due 2026 ​ 0.200% ​ 0.200% ​ $346,918 ​ — ​ — ​ — ​ — ​ — ​ $346,918 ₣150 million 1.700% Notes due 2027 ​ 1.700% ​ 1.700% ​ — ​ $189,228 ​ — ​ — ​ — ​ — ​ 189,228 $1.00 billion 3.700% Notes due 2027 (2) ​ 3.700% ​ 2.485% ​ — ​ 1,000,000 ​ — ​ — ​ — ​ — ​ 1,000,000 €500 million 1.125% Notes due 2028 ​ 1.125% ​ 1.125% ​ — ​ — ​ $587,300 ​ — ​ — ​ — ​ 587,300 $900 million 5.550% Notes due 2028 (2) ​ 5.550% ​ 3.996% ​ — ​ — ​ 900,000 ​ — ​ — ​ — ​ 900,000 $650 million 4.450% Notes due 2028 ​ 4.450% ​ 4.450% ​ — ​ — ​ 650,000 ​ — ​ — ​ — ​ 650,000 ₣270 million 0.550% Notes due 2029 ​ 0.550% ​ 0.550% ​ — ​ — ​ — ​ $340,611 ​ — ​ — ​ 340,611 $900 million 3.600% Notes due 2029 ​ 3.600% ​ 3.600% ​ — ​ — ​ — ​ 900,000 ​ — ​ — ​ 900,000 £350 million 3.300% Notes due 2029 ​ 3.300% ​ 3.300% ​ — ​ — ​ — ​ 471,625 ​ — ​ — ​ 471,625 $1.15 billion 1.875% Exchangeable Notes due 2029 (2) ​ 1.875% ​ 1.263% ​ — ​ — ​ — ​ 1,150,000 ​ — ​ — ​ 1,150,000 €750 million 1.500% Notes due 2030 ​ 1.500% ​ 1.500% ​ — ​ — ​ — ​ — ​ $880,950 ​ — ​ 880,950 £550 million 3.750% Notes due 2030 ​ 3.750% ​ 3.750% ​ — ​ — ​ — ​ — ​ 741,125 ​ — ​ 741,125 €500 million 1.250% Notes due 2031 ​ 1.250% ​ 1.250% ​ — ​ — ​ — ​ — ​ — ​ $587,300 ​ 587,300 €1.00 billion 0.625% Notes due 2031 ​ 0.625% ​ 0.625% ​ — ​ — ​ — ​ — ​ — ​ 1,174,600 ​ 1,174,600 €750 million 1.000% Notes due 2032 ​ 1.000% ​ 1.000% ​ — ​ — ​ — ​ — ​ — ​ 880,950 ​ 880,950 €750 million 1.375% Notes due 2032 ​ 1.375% ​ 1.375% ​ — ​ — ​ — ​ — ​ — ​ 880,950 ​ 880,950 €600 million 3.750% Notes due 2033 ​ 3.750% ​ 3.750% ​ — ​ — ​ — ​ — ​ — ​ 704,760 ​ 704,760 €850 million 3.875% Notes due 2033 ​ 3.875% ​ 3.875% ​ — ​ — ​ — ​ — ​ — ​ 998,410 ​ 998,410 €850 million 3.875% Notes due 2034 ​ 3.875% ​ 3.875% ​ — ​ — ​ — ​ — ​ — ​ 998,410 ​ 998,410 €850 million 3.875% Notes due 2035 ​ 3.875% ​ 3.875% ​ — ​ — ​ — ​ — ​ — ​ 998,410 ​ 998,410 €800 million 4.250% Notes due 2037 ​ 4.250% ​ 4.250% ​ — ​ — ​ — ​ — ​ — ​ 939,680 ​ 939,680 Unamortized discounts, net ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ (46,316) Deferred financing costs, net ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ (80,470) Total Senior Notes ​ 2.799% ​ 2.596% ​ $346,918 ​ $1,189,228 ​ $2,137,300 ​ $2,862,236 ​ $1,622,075 ​ $8,163,470 ​ $16,194,441 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Secured Debt ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ICN10 Facilities ​ 4.720% ​ 3.133% ​ — ​ — ​ — ​ — ​ $11,698 ​ — ​ $11,698 Westin ​ 3.290% ​ 3.290% ​ — ​ $135,000 ​ — ​ — ​ — ​ — ​ 135,000 Teraco Loans ​ 8.999% ​ 10.148% ​ $56,514 ​ 112,127 ​ $420,744 ​ $15,096 ​ 52,835 ​ — ​ 657,315 Deferred financing costs, net ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ (3,298) Total Secured Debt ​ 7.978% ​ 8.894% ​ $56,514 ​ $247,127 ​ $420,744 ​ $15,096 ​ $64,533 ​ — ​ $800,715 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other Debt ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Icolo loans ​ 12.732% ​ 12.732% ​ $6,431 ​ $4,899 ​ $1,180 ​ $5,660 ​ — ​ — ​ $18,170 Total Other Debt ​ 12.732% ​ 12.732% ​ $6,431 ​ $4,899 ​ $1,180 ​ $5,660 ​ — ​ — ​ $18,170 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mandatorily Redeemable Preferred Shares (Teraco) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mandatorily Redeemable Preferred Shares (Teraco) ​ 9.675% ​ 9.675% ​ $54,345 ​ — ​ — ​ — ​ — ​ — ​ $54,345 Unamortized discounts, net ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ (4,162) Total Redeemable Preferred Shares ​ 9.675% ​ 9.675% ​ $54,345 ​ — ​ — ​ — ​ — ​ — ​ $50,183 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total unhedged variable rate debt ​ — ​ — ​ $56,086 ​ $443,786 ​ $16,446 ​ $1,811 ​ $929,353 ​ — ​ $1,447,482 Total fixed rate / hedged variable rate debt ​ — ​ — ​ 408,122 ​ 1,437,943 ​ 2,542,778 ​ 2,881,181 ​ 1,675,794 ​ $8,163,470 ​ 17,109,288 Total Debt ​ 3.043% ​ 2.904% ​ $464,208 ​ $1,881,729 ​ $2,559,224 ​ $2,882,992 ​ $2,605,147 ​ $8,163,470 ​ $18,556,770 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average Interest Rate ​ ​ ​ ​ ​ 2.694% ​ 3.005% ​ 4.468% ​ 2.311% ​ 2.719% ​ 2.671% ​ 2.904% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Summary ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average Term to Initial Maturity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 5.0 Years ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average Maturity (assuming exercise of extension options) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 5.0 Years ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Global Unsecured Revolving Credit Facilities Detail As of December 31, 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Maximum Available ​ Existing Capacity (3) ​ Currently Drawn ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Global Unsecured Revolving Credit Facilities $4,456,769 ​ $3,444,047 ​ $918,539 ​ (1) Assumes all extensions will be exercised. (2) Subject to cross-currency swaps. (3) Net of letters of credit issued of $94.2 million. ​ ​ ​ 17 Table of Contents Debt Analysis and Covenant Compliance Financial Supplement Unaudited ​ Fourth Quarter 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​   ​ ​ ​ ​   ​ ​ ​ ​   ​ ​ ​ ​   ​ ​ ​ Global Unsecured   ​ ​ Unsecured Senior Notes ​  Credit Facilities  Debt Covenant Ratios (1)     Required ​ Actual (2) ​ Actual (3) ​ Required ​ Actual  Total outstanding debt / total assets (4)     Less than 60% ​ 41% ​ 35% ​ Less than 60% (5)   ​ ​ ​ 30%  Secured debt / total assets (6)   Less than 40% ​ 5% ​ 1% ​ Less than 40% (7) ​ 3%  Total unencumbered assets / unsecured debt   Greater than 150% ​ 256% ​ 281% ​ N/A   N/A  Consolidated EBITDA / interest expense (8)   Greater than 1.50x   4.4x   4.4x   N/A   N/A  Fixed charge coverage   ​   N/A   N/A   Greater than 1.50x   4.8x  Unencumbered assets debt service coverage ratio (9)   ​   N/A   N/A   Greater than 1.50x   5.4 ​ (1) For definitions of the terms used in the table above and related footnotes, please refer to the indentures which govern the notes, the Third Amended and Restated Global Senior Credit Agreement dated as of September 24, 2024 and the Second Amended and Restated Yen facility Credit Agreement dated as of September 24, 2024, each as amended and which are filed as exhibits to our reports filed with the U.S. Securities and Exchange Commission. (2) Ratios for the Unsecured Senior Notes listed on page   17 except for the 0.20% notes due 2026, 1.70% notes due 2027, 5.550% notes due 2028, 0.55% notes due 2029, 1.875% notes due 2029, 1.250% notes due 2031, 0.625% notes due 2031, 1.00% notes due 2032, 1.375% notes due 2032, 3.750% notes due 2033, 3.875% notes due 2033, 3.875% notes due 2034, 3.875% notes due 2035 and 4.250% notes due 2037. (3) Ratios for the 0.20% notes due 2026, 1.70% notes due 2027, 5.550% notes due 2028, 0.55% notes due 2029, 1.875% notes due 2029, 1.250% notes due 2031, 0.625% notes due 2031, 1.00% notes due 2032, 1.375% notes due 2032, 3.750% notes due 2033, 3.875% notes due 2033, 3.875% notes due 2034, 3.875% notes due 2035 and 4.250% notes due 2037. (4) This ratio is referred to as the Leverage Ratio, defined as Consolidated Debt / Total Asset Value, under the global unsecured revolving credit facility and the Yen facility. For the calculation of Total Assets, please refer to the indentures which govern the notes, the Third Amended and Restated Global Senior Credit Agreement dated as of September 24, 2024 and the Second Amended and Restated Yen facility Credit Agreement dated as of September 24, 2024, each as amended and which are filed as exhibits to our reports filed with the U.S. Securities and Exchange Commission. (5) The company has the right to maintain a Leverage Ratio of greater than 60.0% but less than or equal to 65.0% for up to four consecutive fiscal quarters during the term of the facility following any acquisition of one or more Assets. (6) This ratio is referred to as the Secured Debt Leverage Ratio, defined as Secured Debt / Total Asset Value, under the global unsecured revolving credit facility and the Yen facility. (7) The company has the right to maintain a Secured Debt Leverage Ratio of greater than 40.0% but less than or equal to 45.0% for up to four consecutive fiscal quarters during the term of the facility following any acquisition of one or more Assets. (8) Calculated as current quarter annualized consolidated EBITDA to current quarter annualized Interest Expense (including capitalized interest and debt discounts). (9) Assets must satisfy certain conditions to qualify for inclusion as an Unencumbered Asset under the global unsecured revolving credit facility and the Yen facility . ​ ​ ​ ​ ​ ​ ​ 18 Table of Contents Same-Capital Operating Trend Summary Financial Supplement Unaudited and in Thousands ​ Fourth Quarter 2025 ​ Stabilized (“Same-Capital”) Portfolio (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ Twelve Months Ended ​ ​ ​ 31-Dec-25 ​ 31-Dec-24 ​ % Change ​ 30-Sep-25 ​ % Change ​ ​ 31-Dec-25 ​ 31-Dec-24 ​ % Change ​ Rental revenues ​ ​ $740,566 ​ ​ $690,569 ​ ​ 7.2% ​ ​ $736,542 ​ ​ 0.5% ​ ​ ​ $2,880,090 ​ ​ $2,714,688 ​ ​ 6.1% ​ Tenant reimbursements - Utilities ​ ​ 252,644 ​ ​ 226,821 ​ ​ 11.4% ​ ​ 244,458 ​ ​ 3.3% ​ ​ ​ 932,787 ​ ​ 885,545 ​ ​ 5.3% ​ Tenant reimbursements - Other ​ ​ 23,463 ​ ​ 24,904 ​ ​ (5.8%) ​ ​ 26,224 ​ ​ (10.5%) ​ ​ ​ 102,330 ​ ​ 104,385 ​ ​ (2.0%) ​ Interconnection and other ​ ​ 91,087 ​ ​ 81,660 ​ ​ 11.5% ​ ​ 91,121 ​ ​ (0.0%) ​ ​ ​ 357,643 ​ ​ 323,547 ​ ​ 10.5% ​ Total Revenue ​ ​ $1,107,760 ​ ​ $1,023,954 ​ ​ 8.2% ​ ​ $1,098,345 ​ ​ 0.9% ​ ​ ​ $4,272,850 ​ ​ $4,028,165 ​ ​ 6.1% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Utilities ​ ​ $266,615 ​ ​ $245,191 ​ ​ 8.7% ​ ​ $274,782 ​ ​ (3.0%) ​ ​ ​ $1,031,119 ​ ​ $1,001,884 ​ ​ 2.9% ​ Rental property operating ​ ​ 213,275 ​ ​ 199,186 ​ ​ 7.1% ​ ​ 198,727 ​ ​ 7.3% ​ ​ ​ 772,706 ​ ​ 712,225 ​ ​ 8.5% ​ Property taxes ​ ​ 37,078 ​ ​ 31,456 ​ ​ 17.9% ​ ​ 40,905 ​ ​ (9.4%) ​ ​ ​ 148,590 ​ ​ 141,129 ​ ​ 5.3% ​ Insurance ​ ​ 4,804 ​ ​ 4,158 ​ ​ 15.5% ​ ​ 4,841 ​ ​ (0.8%) ​ ​ ​ 18,963 ​ ​ 15,542 ​ ​ 22.0% ​ Total Expenses ​ ​ $521,772 ​ ​ $479,991 ​ ​ 8.7% ​ ​ $519,255 ​ ​ 0.5% ​ ​ ​ $1,971,378 ​ ​ $1,870,780 ​ ​ 5.4% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Operating Income (2) ​ ​ $585,988 ​ ​ $543,963 ​ ​ 7.7% ​ ​ $579,090 ​ ​ 1.2% ​ ​ ​ $2,301,472 ​ ​ $2,157,385 ​ ​ 6.7% ​ Less: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stabilized straight-line rent ​ ​ $4,384 ​ ​ $8,874 ​ ​ (50.6%) ​ ​ $6,017 ​ ​ (27.1%) ​ ​ ​ $13,398 ​ ​ $11,009 ​ ​ 21.7% ​ Above- and below-market rent ​ ​ 636 ​ ​ 91 ​ ​ 595.3% ​ ​ 580 ​ ​ 9.5% ​ ​ ​ 2,318 ​ ​ 1,795 ​ ​ 29.1% ​ Cash Net Operating Income (3) ​ ​ $580,968 ​ ​ $534,998 ​ ​ 8.6% ​ ​ $572,493 ​ ​ 1.5% ​ ​ ​ $2,285,756 ​ ​ $2,144,581 ​ ​ 6.6% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Constant Currency Cash Net Operating Income (4) ​ ​ $559,059 ​ ​ $534,998 ​ ​ 4.5% ​ ​ ​ ​ ​ ​ ​ ​ ​ $2,240,979 ​ ​ $2,144,581 ​ ​ 4.5% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stabilized Portfolio Occupancy at period end (5) ​ ​ 83.7% ​ ​ 83.5% ​ ​ (0.2%) ​ ​ 83.7% ​ ​ (0.1%) ​ ​ ​ 83.7% ​ ​ 83.5% ​ ​ (0.2%) ​ ​ (1) Represents buildings owned as of December 31, 2023 with less than 5% of total rentable square feet under development. Excludes buildings that were undergoing, or were expected to undergo, development activities in 2024-2025, buildings classified as held for sale and contribution, and buildings sold or contributed to joint ventures for all periods presented. Prior period numbers adjusted to reflect current same-capital pool. (2) For a definition and discussion of net operating income and a reconciliation of operating income to NOI, see page   32 . (3) For a definition and discussion of cash net operating income and a reconciliation of operating income to cash NOI, see page   32 . (4) Adjustment calculated by holding currency translation rates for 2025 constant with average currency translation rates that were applicable to the same periods in 2024. (5) Occupancy excludes space under active development and space held for development. For some of our buildings, we calculate occupancy based on factors in addition to contractually leased square feet, including available power, required support space and common areas. ​ ​ ​ ​ ​ ​ ​ 19 Table of Contents Summary of Leasing Activity Financial Supplement Leases Signed in the Quarter End December 31, 2025 ​ Fourth Quarter 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 0-1 MW ​ > 1 MW ​ Other (3) ​ Total  Leasing Activity - New (1) (2)   ​ ​ ​ 4Q25   ​ ​ ​ LTM   ​ ​ ​ 4Q25   ​ ​ ​ LTM   ​ ​ ​ 4Q25   ​ ​ ​ LTM   ​ ​ ​ 4Q25   ​ ​ ​ LTM ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Annualized GAAP Rent (in thousands)   ​ $77,118   ​ $268,637   ​ $77,987 ​ ​ $371,302 ​ ​ $722 ​ ​ $3,672 ​ ​ $155,826 ​ ​ $643,611 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Kilowatt leased ​ ​ 22,788 ​ ​ 78,204 ​ ​ 35,852 ​ ​ 152,556 ​ ​ — ​ ​ — ​ ​ 58,640 ​ ​ 230,760 NRSF (in thousands) ​ ​ 219 ​ ​ 845 ​ ​ 270 ​ ​ 1,188 ​ ​ 9 ​ ​ 61 ​ ​ 498 ​ ​ 2,093 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average Lease Term (years) ​ ​ 4.2 ​ ​ 4.5 ​ ​ 8.9 ​ ​ 10.0 ​ ​ 8.6 ​ ​ 8.3 ​ ​ 6.1 ​ ​ 7.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Initial stabilized cash rent per Kilowatt ​ ​ $278 ​ ​ $283 ​ ​ $154 ​ ​ $172 ​ ​ — ​ ​ — ​ ​ $202 ​ ​ $210 GAAP rent per Kilowatt ​ ​ $282 ​ ​ $286 ​ ​ $181 ​ ​ $203 ​ ​ — ​ ​ — ​ ​ $220 ​ ​ $231 Leasing cost per Kilowatt ​ ​ $46 ​ ​ $32 ​ ​ $1 ​ ​ $2 ​ ​ — ​ ​ — ​ ​ $19 ​ ​ $12 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Effective Economics by Kilowatt (4) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Base rent by Kilowatt ​ ​ $284 ​ ​ $290 ​ ​ $184 ​ ​ $205 ​ ​ — ​ ​ — ​ ​ $223 ​ ​ $234 Rental concessions by Kilowatt ​ ​ $2 ​ ​ $3 ​ ​ $3 ​ ​ $2 ​ ​ — ​ ​ — ​ ​ $3 ​ ​ $3 Estimated operating expense by Kilowatt ​ ​ $81 ​ ​ $82 ​ ​ $46 ​ ​ $51 ​ ​ — ​ ​ — ​ ​ $59 ​ ​ $62 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net rent per Kilowatt ​ ​ $201 ​ ​ $205 ​ ​ $135 ​ ​ $152 ​ ​ — ​ ​ — ​ ​ $161 ​ ​ $170 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tenant improvements by Kilowatt ​ ​ $4 ​ ​ $3 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ $1 ​ ​ $1 Leasing commissions by Kilowatt ​ ​ $12 ​ ​ $9 ​ ​ — ​ ​ $0 ​ ​ — ​ ​ — ​ ​ $5 ​ ​ $3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net effective rent per Kilowatt ​ ​ $185 ​ ​ $192 ​ ​ $135 ​ ​ $151 ​ ​ — ​ ​ — ​ ​ $155 ​ ​ $165 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Initial stabilized cash rent per NRSF ​ ​ $348 ​ ​ $314 ​ ​ $246 ​ ​ $266 ​ ​ $73 ​ ​ $54 ​ ​ $287 ​ ​ $279 GAAP rent per NRSF ​ ​ $352 ​ ​ $318 ​ ​ $289 ​ ​ $313 ​ ​ $78 ​ ​ $60 ​ ​ $313 ​ ​ $307 Leasing cost per NRSF ​ ​ $57 ​ ​ $36 ​ ​ $2 ​ ​ $3 ​ ​ $5 ​ ​ $3 ​ ​ $27 ​ ​ $16 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Effective Economics by NRSF (4) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Base rent by NRSF ​ ​ $355 ​ ​ $322 ​ ​ $293 ​ ​ $316 ​ ​ $78 ​ ​ $60 ​ ​ $317 ​ ​ $311 Rental concessions by NRSF ​ ​ $3 ​ ​ $4 ​ ​ $4 ​ ​ $4 ​ ​ — ​ ​ — ​ ​ $4 ​ ​ $4 Estimated operating expense by NRSF ​ ​ $101 ​ ​ $91 ​ ​ $73 ​ ​ $79 ​ ​ $8 ​ ​ $8 ​ ​ $84 ​ ​ $82 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net rent per NRSF ​ ​ $252 ​ ​ $227 ​ ​ $216 ​ ​ $233 ​ ​ $70 ​ ​ $52 ​ ​ $229 ​ ​ $225 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tenant improvements by NRSF ​ ​ $5 ​ ​ $4 ​ ​ — ​ ​ — ​ ​ — ​ ​ $0 ​ ​ $2 ​ ​ $2 Leasing commissions by NRSF ​ ​ $15 ​ ​ $10 ​ ​ $0 ​ ​ — ​ ​ $3 ​ ​ $1 ​ ​ $7 ​ ​ $4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net effective rent per NRSF ​ ​ $232 ​ ​ $213 ​ ​ $215 ​ ​ $233 ​ ​ $66 ​ ​ $50 ​ ​ $220 ​ ​ $219 ​ (1) Excludes short-term, roof, storage, and garage leases. (2) Includes leases for new and re-leased space. (3) Other includes Powered Base Building shell capacity as well as storage and office space within fully improved data center facilities. (4) All dollar amounts are per square foot averaged over lease term. Per Kilowatt amounts are presented in monthly values. Per NRSF amounts are presented in yearly values. ​ Note: LTM is last twelve months, including current quarter. Weighted average lease term excludes renewal options and is weighted by net rentable square feet. ​ 20 Table of Contents Summary of Leasing Activity Financial Supplement Leases Renewed in the Quarter Ended December 31, 2025 ​ Fourth Quarter 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 0-1 MW ​ > 1 MW ​ Other (4) ​ Total  Leasing Activity - Renewals (1) (2) (3)   ​ ​ ​ 4Q25   ​ ​ ​ LTM   ​ ​ ​ 4Q25   ​ ​ ​ LTM   ​ ​ ​ 4Q25   ​ ​ ​ LTM   ​ ​ ​ 4Q25   ​ ​ ​ LTM ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Leases renewed (Kilowatt) ​ ​ 39,022 ​ ​ 144,934 ​ ​ 38,925 ​ ​ 84,328 ​ ​ — ​ ​ — ​ ​ 77,947 ​ ​ 229,261 Leases renewed (NRSF in thousands) ​ ​ 618 ​ ​ 2,039 ​   493 ​ ​ 1,008 ​ ​ 64 ​ ​ 471 ​ ​ 1,176 ​ ​ 3,517 Leasing cost per Kilowatt ​ ​ $1 ​ ​ $1 ​   $7 ​   $4 ​ ​ — ​ ​ — ​ ​ $4 ​ ​ $2 Leasing cost per NRSF ​ ​ $1 ​ ​ $1 ​   $7 ​   $4 ​ ​ $1 ​ ​ $2 ​ ​ $1 ​ ​ $2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Term (years) ​ ​ 1.8 ​ ​ 1.4 ​ ​ 6.0 ​ ​ 5.1 ​ ​ 3.8 ​ ​ 4.2 ​ ​ 3.7 ​ ​ 2.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash Rent ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Expiring cash rent per Kilowatt   ​ $359 ​ ​ $315 ​ ​ $174 ​ ​ $161 ​ ​ — ​ ​ — ​ ​ $266 ​ ​ $258 Renewed cash rent per Kilowatt   ​ $374 ​ ​ $328 ​ ​ $188 ​ ​ $181 ​ ​ — ​ ​ — ​ ​ $281 ​ ​ $274 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ % Change Cash Rent Per Kilowatt   ​ 4.3% ​ ​ 4.1% ​ ​ 8.1% ​ ​ 12.3% ​ ​ — ​ ​ — ​ ​ 5.5% ​ ​ 6.0% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Expiring cash rent per NRSF ​ ​ $272 ​ ​ $269 ​ ​ $165 ​ ​ $162 ​ ​ $73 ​ ​ $53 ​ ​ $216 ​ ​ $209 Renewed cash rent per NRSF ​ ​ $283 ​ ​ $280 ​ ​ $178 ​ ​ $182 ​ ​ $98 ​ ​ $67 ​ ​ $229 ​ ​ $223 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ % Change Cash Rent Per NRSF ​ ​ 4.3% ​ ​ 4.1% ​ ​ 8.1% ​ ​ 12.3% ​   33.8% ​   26.8% ​   6.1% ​   6.7% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ GAAP Rent ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Expiring GAAP rent per Kilowatt   ​ $358   ​ $314 ​ ​ $152 ​ ​ $146 ​   — ​   — ​   $255 ​ ​ $252 Renewed GAAP rent per Kilowatt   ​ $375   ​ $329 ​ ​ $192 ​ ​ $185 ​   — ​   — ​   $284 ​ ​ $276 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ % Change GAAP Rent Per Kilowatt   ​ 4.9%   ​ 4.6% ​ ​ 26.4% ​ ​ 27.0% ​ ​ — ​ ​ — ​ ​ 11.3% ​ ​ 9.4% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Expiring GAAP rent per NRSF ​ ​ $271 ​ ​ $268 ​ ​ $143 ​ ​ $146 ​ ​ $67 ​ ​ $49 ​ ​ $206 ​ ​ $204 Renewed GAAP rent per NRSF ​ ​ $284 ​ ​ $280 ​ ​ $181 ​ ​ $186 ​ ​ $102 ​ ​ $71 ​ ​ $231 ​ ​ $225 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ % Change GAAP Rent Per NRSF ​ ​ 4.9%   ​ 4.6% ​ ​ 26.4% ​ ​ 27.0% ​ ​ 52.0% ​ ​ 43.0% ​ ​ 12.0% ​ ​ 10.5% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retention ratio (5) ​ ​ 83.5% ​ ​ 80.4% ​ ​ 72.3% ​ ​ 66.2% ​ ​ 87.9% ​ ​ 76.8% ​ ​ 78.6% ​ ​ 75.3% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Churn (6) ​ ​ 2.2% ​ ​ 8.5% ​ ​ 1.1% ​ ​ 3.2% ​ ​ 0.2% ​ ​ 3.4% ​ ​ 1.5% ​ ​ 5.4% ​ ​ (1) Excludes short-term, roof, storage, and garage leases. (2) Rental rates represent annual estimated cash rent per kilowatt and net rentable square feet, adjusted for straight-line rents in accordance with GAAP. (3) Per Kilowatt amounts are presented in monthly values. Per NRSF amounts are presented in yearly values. (4) Other includes Powered Base Building shell capacity as well as storage and office space within fully improved data center facilities. (5) Based on square feet. (6) Churn is defined as recurring revenue lost during the period due to leases terminated or not renewed, divided by recurring revenue at the beginning of the period. ​ Note: LTM is last twelve months, including current quarter. Weighted average lease term excludes renewal options and is weighted by net rentable square feet. ​ ​ 21 Table of Contents Lease Expirations - By Size Financial Supplement Dollars and Square Feet in Thousands (except per square foot and per kW data) ​ Fourth Quarter 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​   ​ ​ ​ ​   ​ ​ ​ ​ ​   ​ ​ ​ % of   ​ ​ ​ Annualized Rent Per   ​ ​ ​ Annualized Rent Per   ​ ​ ​ ​   ​ ​ ​ ​ ​   ​ ​ ​ ​   ​ ​ ​ Rent Per kW   ​ ​ Square Footage of ​ Annualized ​ Annualized ​ Occupied ​ Occupied Square ​ Annualized Rent ​ kW of Expiring ​ Rent per kW ​ Per Month at   Year ​ Expiring Leases  (1) ​ Rent  (2) ​ Rent ​ Square Foot ​ Foot at Expiration ​  at Expiration ​ Leases ​ Per Month ​ Expiration   0-1 MW     ​       ​     ​       ​       ​       ​       ​       ​       ​    Available   3,222   ​ —   —   ​ —   ​ —   ​ —   ​ —   ​ —   ​ — ​  Month to Month (3)   279   ​ $81,067   1.9%   ​ $291   ​ $294   ​ $81,838   ​ 16,168   ​ $418   ​ $422 ​ 2026   2,418   ​ 797,550   19.0%   ​ 330   ​ 330   ​ 797,485   ​ 177,793   ​ 374   ​ 374 ​ 2027   801   ​ 204,342   4.9%   ​ 255   ​ 262   ​ 209,837   ​ 61,779   ​ 276   ​ 283 ​ 2028   591   ​ 155,393   3.7%   ​ 263   ​ 281   ​ 165,805   ​ 44,411   ​ 292   ​ 311 ​ 2029   326   ​ 73,909   1.8%   ​ 227   ​ 249   ​ 81,204   ​ 24,053   ​ 256   ​ 281 ​ 2030   305   ​ 73,958   1.8%   ​ 242   ​ 262   ​ 79,847   ​ 21,607   ​ 285   ​ 308 ​ 2031   177   ​ 29,273   0.7%   ​ 166   ​ 192   ​ 33,897   ​ 8,174   ​ 298   ​ 346 ​ 2032   88   ​ 22,689   0.5%   ​ 257   ​ 292   ​ 25,776   ​ 7,155   ​ 264   ​ 300 ​ 2033   45   ​ 12,589   0.3%   ​ 279   ​ 342   ​ 15,449   ​ 3,443   ​ 305   ​ 374 ​ 2034   20   ​ 2,416   0.1%   ​ 122   ​ 123   ​ 2,426   ​ 814   ​ 247   ​ 248 ​ 2035   35   ​ 6,740   0.2%   ​ 195   ​ 215   ​ 7,447   ​ 2,491   ​ 225   ​ 249 ​  Thereafter   182   ​ 2,086   0.0%   ​ 11   ​ 12   ​ 2,210   ​ 1,932   ​ 90   ​ 95 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total / Wtd. Avg.   8,488 ​ ​ $1,462,012   34.9% ​ ​ $278 ​ ​ $285 ​ ​ $1,503,222 ​ ​ 369,819 ​ ​ $329 ​ ​ $339 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ > 1 MW     ​Expiring Leases (1) ​ Annualized   Annualized Annualized Rent Per ​ Annualized Rent Per ​ Annualized Rent Per ​ kW of Expiring ​ Annualized ​ Rent Per kW    Available   1,155   ​ —   —   ​ —   ​ —   ​ —   ​ —   ​ —   ​ — ​  Month to Month (3)   114   ​ $15,596   0.4%   ​ $137   ​ $138   ​ $15,699   ​ 9,047   ​ $144   ​ $145 ​ 2026   1,618   ​ 259,941   6.2%   ​ 161   ​ 162   ​ 261,760   ​ 147,952   ​ 146   ​ 147 ​ 2027   1,559   ​ 257,982   6.2%   ​ 166   ​ 170   ​ 265,375   ​ 150,153   ​ 143   ​ 147 ​ 2028   1,754   ​ 240,052   5.7%   ​ 137   ​ 144   ​ 253,424   ​ 157,629   ​ 127   ​ 134 ​ 2029   1,888   ​ 298,326   7.1%   ​ 158   ​ 169   ​ 319,579   ​ 215,624   ​ 115   ​ 124 ​ 2030   1,726   ​ 272,971   6.5%   ​ 158   ​ 171   ​ 295,501   ​ 176,754   ​ 129   ​ 139 ​ 2031   1,240   ​ 193,432   4.6%   ​ 156   ​ 179   ​ 222,039   ​ 127,304   ​ 127   ​ 145 ​ 2032   1,127   ​ 170,809   4.1%   ​ 152   ​ 172   ​ 193,305   ​ 108,806   ​ 131   ​ 148 ​ 2033   490   ​ 83,138   2.0%   ​ 170   ​ 194   ​ 94,781   ​ 51,409   ​ 135   ​ 154 ​ 2034   1,223   ​ 157,121   3.7%   ​ 128   ​ 148   ​ 180,612   ​ 120,516   ​ 109   ​ 125 ​ 2035   408   ​ 74,540   1.8%   ​ 183   ​ 201   ​ 81,974   ​ 47,982   ​ 129   ​ 142 ​  Thereafter   2,637   ​ 482,069   11.5%   ​ 183   ​ 253   ​ 666,346   ​ 271,950   ​ 148   ​ 204 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total / Wtd. Avg.   16,938 ​ ​ $2,505,977   59.8% ​ ​ $159 ​ ​ $181 ​ ​ $2,850,394 ​ ​ 1,585,126 ​ ​ $132 ​ ​ $150 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other (4)     ​Expiring Leases (1) ​ Annualized   Annualized Annualized Rent Per ​ Annualized Rent Per ​ Annualized Rent Per ​ kW of Expiring ​ Annualized ​ Rent Per kW ​  Available   1,159   ​ —   —   ​ —   ​ —   ​ —   ​ —   ​ —   ​ — ​  Month to Month (3)   51   ​ $1,943   0.0%   ​ $38   ​ $39   ​ $1,960   ​ —   ​ —   ​ — ​ 2026   903   ​ 28,272   0.7%   ​ 31   ​ 31   ​ 28,410   ​ —   ​ —   ​ — ​ 2027   370   ​ 14,773   0.4%   ​ 40   ​ 41   ​ 15,217   ​ —   ​ —   ​ — ​ 2028   513   ​ 16,191   0.4%   ​ 32   ​ 33   ​ 16,961   ​ —   ​ —   ​ — ​ 2029   605   ​ 41,620   1.0%   ​ 69   ​ 75   ​ 45,214   ​ —   ​ —   ​ — ​ 2030   903   ​ 51,259   1.2%   ​ 57   ​ 63   ​ 57,314   ​ —   ​ —   ​ — ​ 2031   93   ​ 3,713   0.1%   ​ 40   ​ 45   ​ 4,211   ​ —   ​ —   ​ — ​ 2032   59   ​ 3,272   0.1%   ​ 55   ​ 62   ​ 3,692   ​ —   ​ —   ​ — ​ 2033   108   ​ 4,480   0.1%   ​ 41   ​ 48   ​ 5,128   ​ —   ​ —   ​ — ​ 2034   577   ​ 22,948   0.5%   ​ 40   ​ 48   ​ 27,576   ​ —   ​ —   ​ — ​ 2035   617   ​ 19,881   0.5%   ​ 32   ​ 39   ​ 24,319   ​ —   ​ —   ​ — ​  Thereafter   1,474   ​ 17,563   0.4%   ​ 12   ​ 13   ​ 18,864   ​ —   ​ —   ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total / Wtd. Avg.   7,433 ​ ​ $225,915   5.4% ​ ​ $36 ​ ​ $40 ​ ​ $248,867 ​ ​ — ​ ​ — ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total     ​Expiring Leases (1) ​ Annualized   Annualized Annualized Rent Per ​ Annualized Rent Per ​ Annualized Rent Per ​ kW of Expiring ​ Annualized ​ Rent Per kW    Available   5,536   ​ —   —   ​ —   ​ —   ​ —   ​ —   ​ —   ​ — ​  Month to Month (3)   443   ​ $98,605   2.4%   ​ $222   ​ $224   ​ $99,496   ​ —   ​ —   ​ — ​ 2026   4,939   ​ 1,085,764   25.9%   ​ 220   ​ 220   ​ 1,087,655   ​ —   ​ —   ​ — ​ 2027   2,730   ​ 477,097   11.4%   ​ 175   ​ 180   ​ 490,429   ​ —   ​ —   ​ — ​ 2028   2,858   ​ 411,637   9.8%   ​ 144   ​ 153   ​ 436,190   ​ —   ​ —   ​ — ​ 2029   2,819   ​ 413,855   9.9%   ​ 147   ​ 158   ​ 445,997   ​ —   ​ —   ​ — ​ 2030   2,934   ​ 398,188   9.5%   ​ 136   ​ 147   ​ 432,662   ​ —   ​ —   ​ — ​ 2031   1,510   ​ 226,417   5.4%   ​ 150   ​ 172   ​ 260,147   ​ —   ​ —   ​ — ​ 2032   1,274   ​ 196,770   4.7%   ​ 154   ​ 175   ​ 222,773   ​ —   ​ —   ​ — ​ 2033   643   ​ 100,207   2.4%   ​ 156   ​ 180   ​ 115,358   ​ —   ​ —   ​ — ​ 2034   1,821   ​ 182,486   4.4%   ​ 100   ​ 116   ​ 210,614   ​ —   ​ —   ​ — ​ 2035   1,060   ​ 101,160   2.4%   ​ 95   ​ 107   ​ 113,741   ​ —   ​ —   ​ — ​  Thereafter   4,292   ​ 501,718   12.0%   ​ 117   ​ 160   ​ 687,420   ​ —   ​ —   ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total / Wtd. Avg.   32,858 ​ ​ $4,193,904   100.0% ​ ​ $153 ​ ​ $168 ​ ​ $4,602,483 ​ ​ — ​ ​ — ​ ​ — ​ ​ ​ ​ ​ (1) For some buildings, we calculate square footage based on factors in addition to contractually leased square feet, including available power, required support space and common areas. We estimate the total net rentable square feet available for lease based on a number of factors in addition to contractually leased square feet, including available power, required support space and common areas. (2) Annualized rent represents the monthly contractual base rent (defined as cash base rent before abatements) under existing leases as of December 31, 2025, multiplied by 12. (3) Includes leases, licenses, and similar agreements that upon expiration have been automatically renewed on a   month-to-month basis. (4) Other includes unimproved building shell capacity as well as storage and office space within fully improved data center facilities. Note: Represents consolidated portfolio in addition to our managed portfolio of unconsolidated entities based on our ownership percentage. ​ ​ 22 Table of Contents Top 20 Customers by Annualized Rent Financial Supplement Dollars in Thousands ​ Fourth Quarter 2025 ​ ​ ​ s ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​   ​ ​ ​ ​ ​   ​ ​ ​ ​   ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ ​ ​ Annualized ​ % of Annualized ​ Remaining ​ ​ ​ ​ Number of ​ Recurring ​ Recurring ​ Lease Term in ​ ​ Customer ​ Locations ​ Revenue  (1) ​ Revenue ​ Years 1 ​ Fortune 50 Software Company ​ 76 ​ ​ $547,189 ​ 11.7% ​ 9.4 2 ​ Oracle Corporation ​ 42 ​ ​ 424,130 ​ 9.0% ​ 10.2 3 ​ Social Content Platform ​ 33 ​ ​ 246,602 ​ 5.3% ​ 2.9 4 ​ Global Cloud Provider ​ 64 ​ ​ 212,744 ​ 4.5% ​ 3.6 5 ​ IBM ​ 34 ​ ​ 109,596 ​ 2.3% ​ 2.6 6 ​ Equinix ​ 14 ​ ​ 95,641 ​ 2.0% ​ 4.6 7 ​ LinkedIn Corporation ​ 8 ​ ​ 77,088 ​ 1.6% ​ 2.5 8 ​ Meta Platforms, Inc. ​ 49 ​ ​ 73,494 ​ 1.6% ​ 2.8 9 ​ Fortune 25 Investment Grade-Rated Company ​ 29 ​ ​ 67,366 ​ 1.4% ​ 2.1 10 ​ Social Media Platform ​ 2 ​ ​ 63,572 ​ 1.4% ​ 5.4 11 ​ Fortune 25 Tech Company ​ 57 ​ ​ 62,971 ​ 1.3% ​ 4.1 12 ​ Specialized Cloud Provider ​ 4 ​ ​ 61,554 ​ 1.3% ​ 3.7 13 ​ Lumen Technologies, Inc. ​ 112 ​ ​ 56,649 ​ 1.2% ​ 8.2 14 ​ AT&T ​ 75 ​ ​ 48,802 ​ 1.0% ​ 2.4 15 ​ Comcast Corporation ​ 43 ​ ​ 47,235 ​ 1.0% ​ 2.5 16 ​ JPMorgan Chase & Co. ​ 21 ​ ​ 44,326 ​ 0.9% ​ 2.5 17 ​ Quantitative Research and Investment Firm ​ 2 ​ ​ 41,524 ​ 0.9% ​ 5.5 18 ​ Morgan Stanley ​ 13 ​ ​ 39,944 ​ 0.9% ​ 3.9 19 ​ Rackspace ​ 23 ​ ​ 39,768 ​ 0.8% ​ 9.1 20 ​ Global Commerce Platform ​ 13 ​ ​ 39,500 ​ 0.8% ​ 5.6 ​ ​ Total / Weighted Average ​ ​ ​ ​ $2,399,695 ​ 50.9% ​ 6.1 ​ (1) Annualized recurring revenue represents the monthly contractual base rent (defined as cash base rent before abatements) and interconnection revenue under existing leases as of December 31, 2025, multiplied by 12. ​ Note: Represents consolidated portfolio in addition to our managed portfolio of unconsolidated entities based on ownership percentage. Our direct customers may be the entities named in the table above or their subsidiaries or affiliates. ​ ​ ​ 23 ​ Occupancy Analysis Financial Supplement Dollars and Square Feet in Thousands ​ Fourth Quarter 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Rentable ​ Space Under Active ​ Space Held for ​ Annualized ​ Occupancy  (5) ​ White Space ​ Data Center Metropolitan Area   ​ Square Feet  (1)   ​ Development  (2)   ​ Development  (3)   ​ Rent  (4)   ​ 31-Dec-25   ​ 30-Sep-25   ​ IT Load  (6)   ​ Count   North America     ​     ​     ​   ​   ​     ​     ​     ​     ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Northern Virginia   5,200   309   283 ​ ​ $761,054   95.1% ​ 95.0% ​ 503.7 ​ 16 Chicago   2,230   565   68 ​ ​ 251,774   93.9% ​ 93.6% ​ 82.4 ​ 7 New York   1,497   70   28 ​ ​ 191,514   72.2% ​ 72.3% ​ 61.8 ​ 10 Dallas   2,660   408   246 ​ ​ 189,680   82.6% ​ 82.6% ​ 92.3 ​ 16 Portland   1,147   —   — ​ ​ 159,403   99.9% ​ 99.9% ​ 122.5 ​ 3 Silicon Valley   1,175   13   37 ​ ​ 154,319   81.7% ​ 88.0% ​ 91.2 ​ 11 Phoenix   783   19   — ​ ​ 73,279   75.6% ​ 75.6% ​ 44.6 ​ 2 Toronto   593   —   135 ​ ​ 67,732   96.5% ​ 96.5% ​ 55.8 ​ 2 San Francisco   844   —   — ​ ​ 65,457   60.1% ​ 58.9% ​ 31.5 ​ 5 Seattle   412   —   — ​ ​ 64,352   67.5% ​ 68.2% ​ 5.9 ​ 1 Atlanta   154   68   314 ​ ​ 51,444   76.7% ​ 77.4% ​ 11.3 ​ 3 Los Angeles   750   —   104 ​ ​ 47,590   86.6% ​ 83.5% ​ 16.1 ​ 2 Houston   393   —   14 ​ ​ 18,775   69.7% ​ 69.7% ​ 11.0 ​ 6 Boston   336   —   51 ​ ​ 13,017   39.4% ​ 40.9% ​ 12.9 ​ 2 Austin   86   —   — ​ ​ 7,845   60.9% ​ 60.8% ​ 4.4 ​ 1 Miami   150   —   12 ​ ​ 7,091   85.4% ​ 85.5% ​ 2.3 ​ 1 Charlotte   95   —   — ​ ​ 6,646   94.4% ​ 94.3% ​ 1.4 ​ 3 North America Total/Weighted Average   18,504   1,452   1,290 ​ ​ $2,130,972   85.5% ​ 85.6% ​ 1,151.0 ​ 91 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​   EMEA ​   ​     ​     ​ ​     ​     ​     ​     ​     ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Frankfurt   2,102   1,071   — ​ ​ $265,169   81.9% ​ 83.8% ​ 135.0 ​ 24 London   1,348   77   76 ​ ​ 241,945   65.4% ​ 65.7% ​ 97.0 ​ 13 Amsterdam ​ 1,425   202   19 ​ ​ 216,485   81.4% ​ 87.6% ​ 127.2 ​ 13 Paris   1,262   622   — ​ ​ 191,592   84.4% ​ 87.0% ​ 122.6 ​ 12 Johannesburg   1,681   530   — ​ ​ 188,233   83.3% ​ 83.2% ​ 92.4 ​ 5 Zurich   596   —   — ​ ​ 88,512   78.2% ​ 78.3% ​ 44.9 ​ 3 Marseille   558   237   378 ​ ​ 88,406   78.1% ​ 76.5% ​ 43.0 ​ 4 Dublin   555   —   — ​ ​ 70,548   76.1% ​ 73.6% ​ 39.1 ​ 9 Madrid   352   56   — ​ ​ 59,067   79.1% ​ 79.3% ​ 22.3 ​ 4 Vienna   356   133   — ​ ​ 56,300   82.2% ​ 82.2% ​ 27.2 ​ 3 Cape Town   326   402   — ​ ​ 50,581   89.3% ​ 89.1% ​ 21.1 ​ 2 Brussels   338   —   — ​ ​ 42,558   70.0% ​ 70.8% ​ 21.5 ​ 3 Copenhagen   226   —   99 ​ ​ 27,235   72.7% ​ 73.5% ​ 12.8 ​ 3 Stockholm   245   —   — ​ ​ 23,873   46.4% ​ 44.9% ​ 15.1 ​ 6 Dusseldorf   181   55   — ​ ​ 21,861   50.8% ​ 66.7% ​ 8.4 ​ 3 Athens   148   61   — ​ ​ 20,382   82.8% ​ 82.7% ​ 9.0 ​ 4 Durban   59   —   — ​ ​ 8,156   69.6% ​ 69.6% ​ 2.1 ​ 1 Mombasa   37   —   21 ​ ​ 4,957   47.3% ​ 45.6% ​ 1.9 ​ 2 Nairobi   16   75   — ​ ​ 3,981   66.7% ​ 70.1% ​ 0.9 ​ 1 Zagreb   34   —   — ​ ​ 3,159   66.8% ​ 98.0% ​ 1.6 ​ 1 Maputo   3   —   — ​ ​ 636   45.7% ​ 45.7% ​ 0.2 ​ 1 Crete   11   —   — ​ ​ 233   6.1% ​ 4.6% ​ 1.0 ​ 1 Rome   0   37   — ​ ​ 203   100.0% ​ 100.0% ​ 0.1 ​ 1 Lisbon   —   —   44 ​ ​ —   — ​ — ​ — ​ — Barcelona   —   144   — ​ ​ —   — ​ — ​ — ​ — EMEA Total/Weighted Average   11,858   3,701   638 ​ ​ $1,674,070   77.9% ​ 79.2% ​ 846.1 ​ 119 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​   Asia Pacific     ​     ​     ​ ​     ​     ​     ​     ​     ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Singapore   810   —   80 ​ ​ $239,622   89.9% ​ 89.9% ​ 72.2 ​ 3 Sydney   361   —   88 ​ ​ 28,748   83.3% ​ 83.3% ​ 22.8 ​ 4 Hong Kong   180   —   104 ​ ​ 22,644   88.2% ​ 86.1% ​ 13.5 ​ 1 Melbourne   147   —   — ​ ​ 18,929   90.3% ​ 90.5% ​ 9.6 ​ 2 Seoul   162   1,025   — ​ ​ 10,965   51.5% ​ 35.6% ​ 12.0 ​ 1 Asia Pacific Total/Weighted Average   1,660   1,025   272 ​ ​ $320,908   84.6% ​ 82.7% ​ 130.0 ​ 11 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Consolidated Portfolio Total/Weighted Average   32,022   6,177   2,200 ​ ​ $4,125,949   82.6% ​ 83.1% ​ 2,127.2 ​ 221 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Held For Sale (7)   100   —   2 ​ ​ $6,762   71.5% ​ 71.5% ​ 4.4 ​ 1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Managed Unconsolidated entities     ​     ​     ​ ​     ​   ​   ​ ​   ​ ​   ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Northern Virginia   3,581   2,325   — ​ ​ $376,530   97.4% ​ 97.2% ​ 276.5 ​ 15 Chicago   1,118   —   — ​ ​ 127,300   97.0% ​ 97.0% ​ 94.2 ​ 3 Frankfurt   551   —   — ​ ​ 58,867   86.3% ​ 85.5% ​ 46.1 ​ 5 Dallas   463   —   10 ​ ​ 39,990   99.9% ​ 99.9% ​ 26.0 ​ 3 Silicon Valley   442   —   400 ​ ​ 30,807   100.0% ​ 100.0% ​ 6.0 ​ 4 Paris   181   90   — ​ ​ 26,588   80.5% ​ 80.5% ​ 20.0 ​ 1 New York   144   —   — ​ ​ 20,224   100.0% ​ 100.0% ​ 7.2 ​ 1 Toronto   104   —   — ​ ​ 12,597   81.4% ​ 81.4% ​ 6.8 ​ 1 Los Angeles   196   —   — ​ ​ 10,850   81.9% ​ 84.9% ​ 4.5 ​ 2 Hong Kong   186   —   — ​ ​ 7,320   32.7% ​ 32.9% ​ 11.0 ​ 1 Lagos   8   26   — ​ ​ 3,504   61.9% ​ 56.3% ​ 1.7 ​ 3 Accra   24   —   — ​ ​ 84   1.1% ​ — ​ 1.7 ​ 1 Managed Unconsolidated Portfolio Total/Weighted Average   7,000   2,441   409 ​ ​ $714,661   93.7% ​ 93.5% ​ 501.5 ​ 40 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Managed Portfolio Total/Weighted Average   39,022   8,618   2,609 ​ ​ $4,840,611   84.6% ​ 85.0% ​ 2,628.7 ​ 261 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Digital Realty Share Total/Weighted Average (8)   32,858   6,001   2,541 ​ ​ $4,193,904   83.2% ​ 83.6% ​ 2,201.4 ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​   Non-Managed Unconsolidated entities     ​     ​     ​ ​     ​   ​   ​     ​     ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Sao Paulo   1,508   64   1,117 ​ ​ $203,391   98.8% ​ 98.7% ​ 127.0 ​ 25 Tokyo   1,261   336   — ​ ​ 123,724   77.7% ​ 76.1% ​ 86.1 ​ 5 Osaka   644   113   23 ​ ​ 82,596   86.3% ​ 85.1% ​ 64.9 ​ 4 Santiago   214   47   47 ​ ​ 27,742   95.4% ​ 95.4% ​ 16.2 ​ 3 Queretaro   105   —   583 ​ ​ 13,959   100.0% ​ 100.0% ​ 8.0 ​ 3 Rio De Janeiro   112   —   — ​ ​ 11,620   100.0% ​ 100.0% ​ 8.0 ​ 2 Seattle   51   —   — ​ ​ 7,770   100.0% ​ 100.0% ​ 9.0 ​ 1 Jakarta   135   —   — ​ ​ 4,048   38.3% ​ 30.1% ​ 6.5 ​ 2 Fortaleza   94   —   — ​ ​ 2,101   15.9% ​ 13.6% ​ 6.2 ​ 1 Chennai   61   —   119 ​ ​ 467   8.5% ​ 8.5% ​ 7.2 ​ 1 Mumbai   —   501   — ​ ​ —   — ​ — ​ — ​ — Bogota   —   —   197 ​ ​ —   — ​ — ​ — ​ 2 Non-Managed Portfolio Total/Weighted Average   4,186   1,061   2,087 ​ ​ $477,419   85.3% ​ 83.1% ​ 339.0 ​ 49 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Portfolio Total/Weighted Average   43,208   9,679   4,696 ​ ​ $5,318,029   84.7% ​ 84.8% ​ 2,967.7 ​ 310 ​ (1) We estimate the total net rentable square feet available for lease based on a number of factors in addition to contractually leased square feet, including available power, required support space and common areas. (2) Space under active development includes current Base Building and Data Center projects in progress. (3) Space held for development includes space held for future Data Center development and excludes space under active development. (4) Annualized base rent represents the monthly contractual base rent (defined as cash base rent before abatements) under existing leases as of December 31, 2025, multiplied by 12. (5) Occupancy excludes space under active development and space held for development. For some of our buildings, we calculate occupancy based on factors in addition to contractually leased square feet, including available power, required support space and common areas. (6) White Space IT Load represents UPS-backed utility power dedicated to Digital Realty’s operated data center space. (7) Held for Sale represents the assets targeted to be sold or contributed in 1Q26. (8) Represents consolidated portfolio plus our managed portfolio of unconsolidated entities based on our ownership percentage. ​ ​ 24 Table of Contents Development Lifecycle (1) Financial Supplement Dollars in Thousands ​ Fourth Quarter 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Future Development Capacity ​ Data Center Construction ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ IT Capacity (100% Share) (2) ​ Total Investment (3) ​ Project Summary (4) ​ 100% Share (4) ​ DLR Share (5) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​   ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Under ​ ​ ​ Average ​ Current ​ Future ​ Total ​ Current ​ Future ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ 100% Share ​ DLR Share ​ Construction ​ ​ ​ Expected ​ Investment ​ Investment ​ Investment ​ Investment ​ Investment ​ Investment ​ ​ Yields Region ​ Land (MW) ​ Shell (MW) ​ ​ (4) ​ (5) ​ ​ (MW) ​ % Leased ​ Completion ​ ​ (6) ​ ​ ​ (7) ​ ​ ​ (8) ​ ​ (6) ​ ​ (7) ​ ​ ​ (8) ​ ​ ​ (9) ​  Northern Virginia ​ 800   70 ​ ​ $2,038,688 ​ ​ $1,590,576   348   86%   4Q26 ​ ​ $1,396,096 ​ ​ $2,671,068 ​ ​ $4,067,164 ​ ​ $601,458 ​ ​ $767,916 ​ ​ $1,369,374 ​ ​ ​  Chicago ​ 70   — ​ ​ 66,590 ​ ​ 66,590   66   73%   1Q27 ​ ​ 228,724 ​ ​ 689,847 ​ ​ 918,571 ​ ​ 228,724 ​ ​ 689,847 ​ ​ 918,571 ​ ​ ​  Dallas ​ 680   10 ​ ​ 326,744 ​ ​ 115,763   100   68%   4Q26 ​ ​ 176,615 ​ ​ 1,237,502 ​ ​ 1,414,118 ​ ​ 152,958 ​ ​ 599,539 ​ ​ 752,497 ​ ​ ​  Other ​ 1,050   130 ​ ​ 2,289,356 ​ ​ 2,190,435   9   59%   2Q26 ​ ​ 82,256 ​ ​ 75,424 ​ ​ 157,680 ​ ​ 47,577 ​ ​ 51,936 ​ ​ 99,513 ​ ​ ​ Americas   2,600   210 ​ ​ $4,721,378 ​ ​ $3,963,363   523   81%   ​ ​ ​ $1,883,692 ​ ​ $4,673,841 ​ ​ $6,557,533 ​ ​ $1,030,717 ​ ​ $2,109,237 ​ ​ $3,139,954 ​ ​ 12.7% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​  Frankfurt   90   60 ​ ​ $1,035,476 ​ ​ $811,581   31   11%   1Q27 ​ ​ $421,477 ​ ​ $276,717 ​ ​ $698,194 ​ ​ $421,477 ​ ​ $276,717 ​ ​ $698,194 ​ ​ ​  Amsterdam   40   — ​ ​ 40,882 ​ ​ 40,882   26   47%   2Q26 ​ ​ 259,742 ​ ​ 109,527 ​ ​ 369,268 ​ ​ 259,742 ​ ​ 109,527 ​ ​ 369,268 ​ ​ ​  Paris   230   50 ​ ​ 503,508 ​ ​ 442,613   22   45%   2Q27 ​ ​ 137,909 ​ ​ 229,812 ​ ​ 367,721 ​ ​ 42,223 ​ ​ 211,004 ​ ​ 253,227 ​ ​ ​  Other   500   110 ​ ​ 861,899 ​ ​ 812,902   109   17%   1Q27 ​ ​ 760,623 ​ ​ 740,388 ​ ​ 1,501,011 ​ ​ 678,772 ​ ​ 678,049 ​ ​ 1,356,821 ​ ​ ​ EMEA   860   220 ​ ​ $2,441,765 ​ ​ $2,107,979   188   23%   ​ ​ ​ $1,579,751 ​ ​ $1,356,444 ​ ​ $2,936,195 ​ ​ $1,402,215 ​ ​ $1,275,297 ​ ​ $2,677,511 ​ ​ 11.0% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​  Tokyo   30   — ​ ​ $91,877 ​ ​ $45,939   28   41%   4Q26 ​ ​ $153,371 ​ ​ $176,246 ​ ​ $329,616 ​ ​ $76,685 ​ ​ $88,123 ​ ​ $164,808 ​ ​ ​  Sydney   —   10 ​ ​ 44,661 ​ ​ 44,661   7   100%   2Q26 ​ ​ 24,039 ​ ​ 49,237 ​ ​ 73,276 ​ ​ 24,039 ​ ​ 49,237 ​ ​ 73,276 ​ ​ ​  Osaka   40   — ​ ​ 25,660 ​ ​ 12,830   12   50%   3Q26 ​ ​ 50,711 ​ ​ 60,987 ​ ​ 111,697 ​ ​ 25,355 ​ ​ 30,493 ​ ​ 55,849 ​ ​ ​  Other   150   110 ​ ​ 689,088 ​ ​ 549,954   10   _   4Q26 ​ ​ 16,011 ​ ​ 75,533 ​ ​ 91,544 ​ ​ 5,332 ​ ​ 25,152 ​ ​ 30,484 ​ ​ ​ APAC   220   120 ​ ​ $851,287 ​ ​ $653,384   58   43%   ​ ​ ​ $244,131 ​ ​ $362,002 ​ ​ $606,133 ​ ​ $131,411 ​ ​ $193,006 ​ ​ $324,417 ​ ​ 10.8% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total   3,680   550 ​ ​ $8,014,429 ​ ​ $6,724,727   769   64% ​ ​ ​ ​ $3,707,574 ​ ​ $6,392,287 ​ ​ $10,099,862 ​ ​ $2,564,343 ​ ​ $3,577,539 ​ ​ $6,141,883 ​ ​ 11.9% ​ (1) Includes development projects in consolidated and unconsolidated entities. (2) Represents the expected megawatt capacity to be developed based on our current plans and estimates; actual megawatt capacity developed may differ. Includes land and space held or actively under construction in preparation for future data center fit-out. (3) Represents cost incurred through December 31, 2025, plus remaining cost to complete on approved phases in preparation for future data center fit-out, including pro-rata share of acquisition, shell, and infrastructure costs. (4) Includes Digital Realty's and partners' shares in development joint ventures projects. (5) Includes only Digital Realty's share in development joint ventures projects. (6) Represents cost incurred through December 31, 2025. (7) Represents estimated cost to complete scope of work pursuant to approved development budget. (8) Represents total cost to develop a data center, including pro-rata share of acquisition, infrastructure, and shell space, plus the direct investment in the data center fit-out. (9) Represents pre-tax estimated stabilized cash yields, which are based on total expected investment amounts and anticipated net operating income from leases signed or other assumptions based on market conditions. ​ ​ ​ 25 Table of Contents Construction Projects in Progress (1) Financial Supplement Dollars in Thousands ​ Fourth Quarter 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​   ​ ​ ​ ​ 100% Share (2)   ​ ​ ​ DLR Share (3) ​ ​ Current ​ Future ​ Total ​ Current ​ Future ​ Total ​ ​  Construction Projects in Progress ​ Investment (4) (10) ​ Investment (5) ​ Investment ​ Investment (4) (6) (10) ​ Investment (5) ​ Investment ​ ​ Future Development Capacity (7)   ​ $3,862,671 ​ ​ $4,151,758 ​ ​ $8,014,429 ​ ​ $3,277,055 ​ ​ $3,447,672 ​ ​ $6,724,727   ​  Data Center Construction ​   3,707,574 ​ ​ 6,392,287 ​ ​ 10,099,861 ​ ​ 2,564,343 ​ ​ 3,577,539 ​ ​ 6,141,882 ​    Equipment Pool & Other Inventory (8) ​   279,942 ​ ​ — ​ ​ 279,942 ​ ​ 279,942 ​ ​ — ​ ​ 279,942 ​    Campus, Tenant Improvements & Other (9) ​   263,408 ​ ​ 257,176 ​ ​ 520,584 ​ ​ 263,408 ​ ​ 257,176 ​ ​ 520,584 ​   Total Land Held and Development CIP ​   $8,113,595 ​ ​ $10,801,221 ​ ​ $18,914,816 ​ ​ $6,384,748 ​ ​ $7,282,387 ​ ​ $13,667,135 ​   ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​  Enhancement & Other ​   $7,844 ​ ​ $5,433 ​ ​ $13,277 ​ ​ $7,844 ​ ​ $5,433 ​ ​ $13,277 ​    Recurring ​   43,494 ​ ​ 41,378 ​ ​ 84,872 ​ ​ 43,494 ​ ​ 41,378 ​ ​ 84,872 ​   Total Land Held and Construction in Progress ​   $8,164,933 ​ ​ $10,848,032 ​ ​ $19,012,965 ​ ​ $6,436,086 ​ ​ $7,329,198 ​ ​ $13,765,284 ​   ​ (1) Includes development projects in consolidated and unconsolidated entities. (2) Includes Digital Realty's and partners' shares in development joint ventures projects. (3) Includes only Digital Realty's share in development joint ventures projects. (4) Represents cost incurred through December 31, 2025. (5) Represents estimated cost to complete scope of work pursuant to approved development budget. (6) Excludes $113 million representing our partners' shares in consolidated entities included in Construction in Progress or Land Held for Future Development in our Consolidated Balance Sheet; includes $1,090 million representing Digital Realty's share in development projects classified as Investments in Unconsolidated entities in our Consolidated Balance Sheet. (7) Includes land and space held or actively under construction in preparation for future data center fit-out. (8) Represents long-lead equipment and materials required for timely deployment and delivery of data center fit-out. (9) Represents improvements in progress as of December 31, 2025, which benefit space recently converted to our operating portfolio and is composed primarily of shared infrastructure projects and first-generation tenant improvements. Includes $2.8 million included in our Consolidated Balance Sheet related to fair value adjustments on Teraco portfolio projects that were partially constructed as of August 1, 2022. (10) Includes $336.4 million classified as assets held for sale and contribution in our Consolidated Balance Sheet related to development projects that are expected to be contributed to our Digital Realty DC Partners NA Fund. ​ ​ 26 Table of Contents Historical Capital Expenditures and Investments in Real Estate Financial Supplement Dollars and Square Feet in Thousands ​ Fourth Quarter 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ Twelve Months Ended ​   ​ ​ 31-Dec-25 ​ ​ 30-Sep-25 30-Jun-25   ​ ​ 31-Mar-25   ​ ​ 31-Dec-24   ​   ​ 31-Dec-25   ​ ​ 31-Dec-24 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​  Non-Recurring Capital Expenditures (1)       ​       ​       ​       ​       ​ ​       ​       ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​  Development (2) ​ ​ $756,758 ​ ​ $532,590 ​ ​ $565,168 ​ ​ $686,622 ​ ​ $528,356 ​ ​ ​ $2,541,138 ​ ​ $2,260,693 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​  Enhancements and Other Non-Recurring ​ ​ 4,385 ​ ​ 8,114 ​ ​ 10,234 ​ ​ 5,588 ​ ​ 13,384 ​ ​ ​ 28,321 ​ ​ 35,243 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Non-Recurring Capital Expenditures ​ ​ $761,143 ​ ​ $540,704 ​ ​ $575,402 ​ ​ $692,210 ​ ​ $541,740 ​ ​ ​ $2,569,459 ​ ​ $2,295,936 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​  Recurring Capital Expenditures (3) ​ ​ $168,539 ​ ​ $77,998 ​ ​ $62,083 ​ ​ $35,305 ​ ​ $130,245 ​ ​ ​ $343,925 ​ ​ $305,712 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Direct Capital Expenditures ​ ​ $929,682 ​ ​ $618,702 ​ ​ $637,485 ​ ​ $727,515 ​ ​ $671,985 ​ ​ ​ $2,913,384 ​ ​ $2,601,647 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​  Indirect Capital Expenditures ​ ​   ​ ​ ​   ​ ​ ​   ​ ​ ​   ​ ​ ​   ​ ​ ​ ​   ​ ​ ​   ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​  Capitalized Interest ​ ​ $34,783 ​ ​ $32,923 ​ ​ $29,393 ​ ​ $30,095 ​ ​ $34,442 ​ ​ ​ $127,194 ​ ​ $118,868 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​  Capitalized Overhead ​ ​ 37,696 ​ ​ 35,767 ​ ​ 37,445 ​ ​ 29,693 ​ ​ 28,983 ​ ​ ​ 140,601 ​ ​ 111,226 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Indirect Capital Expenditures ​ ​ $72,479 ​ ​ $68,690 ​ ​ $66,838 ​ ​ $59,788 ​ ​ $63,425 ​ ​ ​ $267,795 ​ ​ $230,094 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Improvements to and Advances for Investment in Real Estate ​ ​ $1,002,161 ​ ​ $687,392 ​ ​ $704,323 ​ ​ $787,303 ​ ​ $735,410 ​ ​ ​ $3,181,179 ​ ​ $2,831,740 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Non-recurring capital expenditures are primarily for development of space and land, excluding acquisition costs. (2) Amount reflects the total capital expenditures on consolidated development projects during the quarter. The total includes 100% of spending on projects contributed to joint ventures prior to their contribution . (3) Recurring capital expenditures represent non-incremental building improvements required to maintain current revenues, including second-generation tenant improvements and external leasing commissions. Recurring capital expenditures do not include acquisition costs contemplated when underwriting the purchase of a building, costs which are incurred to bring a building up to Digital Realty’s operating standards, or internal leasing commissions. ​ ​ ​ ​ ​ 27 Table of Contents Acquisitions / Dispositions/ Joint Ventures Financial Supplement Dollars and Square Feet in Thousands ​ Fourth Quarter 2025 ​ Closed Acquisitions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​   ​ ​   ​ ​   ​ ​   ​ ​   ​   ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Acquisition ​ Metropolitan ​ Date ​ Purchase ​ Cap Property ​ Type ​ Area ​ Acquired ​ Price  (1) ​ Rate (2) Petah Tikva ​ Land ​ Tel Aviv, Israel ​ 11/5/2025 ​ $7,065 ​ NA Hillsboro Campus ​ Land ​ Portland, OR ​ 12/22/2025 ​ 23,600 ​ NA Carnaxide, Portugal ​ Land and Building ​ Lisbon, Portugal ​ 12/30/2025 ​ 8,340 ​ NA Total ​ ​ ​ ​ ​ ​ ​ $39,005   — ​ ​ Closed Dispositions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​   ​ ​   ​ ​   ​ ​   ​ ​   ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Disposition ​ Metropolitan ​ Date ​ Sale ​ Cap Property ​ Type ​ Area ​ Disposed ​   ​ ​ ​Price (1)      ​ Rate (2) Alpha Road ​ Building ​ Dallas, TX ​ 10/8/2025 ​ $33,000 ​ NA Total ​ ​ ​ ​ ​ ​ ​ $33,000 ​ — ​ ​ Closed Joint Venture / Fund Contributions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​   ​ ​ ​ ​   ​ ​ ​ ​   ​ ​ ​ ​   ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Metropolitan ​ ​ ​ Contribution ​ Cap Property ​ Area ​ Date ​ Price ​ Rate (2) ​ ​ — ​ — ​ — ​ — Total   —   —   —   — ​ (1) Represents the purchase price or sale price, as applicable before contractual price adjustments, transaction expenses, taxes, and potential currency fluctuations. All prices were converted to USD based on FX rate as of December 31, 2025. (2) We calculate the cash capitalization rate on acquisitions, dispositions, and joint venture and fund contributions by dividing anticipated annual net operating income by the purchase/sale/contribution price, including assumed debt and related pre-payment penalties. Net operating income represents rental revenue and tenant reimbursement revenue from in-place leases, less rental property operating and maintenance expenses, property taxes and insurance expenses, and is not a financial measure calculated in accordance with GAAP. We caution you not to place undue reliance on our cash capitalization rates because they are based solely on data made available to us in the diligence process in connection with the relevant acquisitions and are calculated on a non-GAAP basis. Our calculation of the cash capitalization rate on acquisitions may change, based on our experience operating the data centers subsequent to closing of the acquisitions. In addition, the actual cash capitalization rates may differ from our expectations based on numerous other factors, including the results of our final purchase price allocation, difficulties collecting anticipated rental revenues, tenant bankruptcies, property tax reassessments and unanticipated expenses at the data centers that we cannot pass on to tenants. ​ ​ ​ ​ ​ ​ ​ 28 Table of Contents Unconsolidated Entities Financial Supplement Dollars in Thousands Fourth Quarter 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Summary Balance Sheet - ​ As of December 31, 2025 at the JV's 100% Share ​ ​ Americas (1) ​ ​ APAC (2) ​ ​ EMEA (3) ​ ​ Global (4) ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross cost of operating real estate     $9,750,350     $2,331,469     $962,858     $1,718,755     $14,763,432 Accumulated depreciation and amortization ​ ​ (1,321,316) ​ ​ (365,532) ​ ​ (23,717) ​ ​ (174,658) ​ ​ (1,885,223) Net Book Value of Operating Real Estate ​ ​ $8,429,034 ​ ​ $1,965,937 ​ ​ $939,141 ​ ​ $1,544,097 ​ ​ $12,878,209 Cash ​ ​ 449,204 ​ ​ 408,700 ​ ​ 88,037 ​ ​ 29,863 ​ ​ 975,804 Other assets ​ ​ 1,904,561 ​ ​ 240,401 ​ ​ 242,158 ​ ​ 500,330 ​ ​ 2,887,450 Total Assets ​ ​ $10,782,799 ​ ​ $2,615,038 ​ ​ $1,269,336 ​ ​ $2,074,290 ​ ​ $16,741,463 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt ​ ​ 3,869,443 ​ ​ 906,684 ​ ​ 379,955 ​ ​ 669,545 ​ ​ 5,825,627 Other liabilities ​ ​ 1,017,228 ​ ​ 220,761 ​ ​ 323,583 ​ ​ 512,728 ​ ​ 2,074,300 Equity / (deficit) ​ ​ 5,896,128 ​ ​ 1,487,593 ​ ​ 565,798 ​ ​ 892,017 ​ ​ 8,841,536 Total Liabilities and Equity ​ ​ $10,782,799 ​ ​ $2,615,038 ​ ​ $1,269,336 ​ ​ $2,074,290 ​ ​ $16,741,463 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Digital Realty's Pro Rata Share of Unconsolidated entities Debt ​ ​ $1,167,127 ​ ​ $438,752 ​ ​ $75,991 ​ ​ $215,754 ​ ​ $1,897,624 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Summary Statement of Operations - ​ Three Months Ended December 31, 2025 at the JV's 100% Share ​ ​ Americas (1) ​ ​ APAC (2) ​ ​ EMEA (3) ​ ​ Global (4) ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenues     $291,321     $91,249     $17,341     $46,161     $446,072 Operating expenses ​ ​ (121,920) ​ ​ (41,237) ​ ​ (5,998) ​ ​ (22,419) ​ ​ (191,574) Net Operating Income (NOI) ​ ​ $169,401 ​ ​ $50,012 ​ ​ $11,343 ​ ​ $23,742 ​ ​ $254,498 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Straight-line rent ​ ​ (8,471) ​ ​ (1,505) ​ ​ (2,961) ​ ​ (552) ​ ​ (13,489) Above and below market rent ​ ​ (2,881) ​ ​ — ​ ​ (939) ​ ​ (3,069) ​ ​ (6,889) Cash Net Operating Income (NOI) ​ ​ $158,049 ​ ​ $48,507 ​ ​ $7,443 ​ ​ $20,121 ​ ​ $234,120 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest expense ​ ​ ($60,415) ​ ​ ($3,490) ​ ​ ($2,027) ​ ​ ($7,188) ​ ​ ($73,120) Depreciation and amortization ​ ​ (135,684) ​ ​ (24,343) ​ ​ (5,536) ​ ​ (23,112) ​ ​ (188,675) Other income / (expense) ​ ​ (4,972) ​ ​ (5,698) ​ ​ (1,668) ​ ​ 2,900 ​ ​ (9,438) FX remeasurement on USD debt ​ ​ 10,584 ​ ​ — ​ ​ 5,788 ​ ​ (8,345) ​ ​ 8,027 Total Non-Operating Expenses ​ ​ ($190,487) ​ ​ ($33,531) ​ ​ ($3,443) ​ ​ ($35,745) ​ ​ ($263,206) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Income / (Loss) ​ ​ ($21,086) ​ ​ $16,481 ​ ​ $7,900 ​ ​ ($12,003) ​ ​ ($8,709) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Digital Realty's Pro Rata Share of Unconsolidated entities NOI ​ ​ $59,463 ​ ​ $24,978 ​ ​ $2,465 ​ ​ $11,299 ​ ​ $98,205 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Digital Realty's Pro Rata Share of Unconsolidated entities Cash NOI ​ ​ $55,187 ​ ​ $24,227 ​ ​ $1,685 ​ ​ $9,386 ​ ​ $90,485 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Digital Realty's Earnings (loss) income from unconsolidated entities ​ ​ ($13,012) ​ ​ $7,851 ​ ​ $6,876 ​ ​ $2,944 ​ ​ $4,659 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Digital Realty's Pro Rata Share of Core FFO (5) ​ ​ $22,728 ​ ​ $20,022 ​ ​ $1,220 ​ ​ $11,720 ​ ​ $55,690 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Digital Realty's Fee Income from Unconsolidated entities ​ ​ $28,508 ​ ​ $971 ​ ​ $1,908 ​ ​ $3,903 ​ ​ $35,290 ​ (1) Includes Ascenty, Blackstone NoVa, Clise, Digital Realty DC Partners NA Fund, GI Partners, Mapletree, Menlo, Mitsubishi, Realty Income, TPG Real Estate, and Walsh. (2) Includes Digital Realty Bersama, Digital Connexion, Lumen, and MC Digital Realty. (3) Includes Blackstone Frankfurt, Blackstone Paris, Medallion, and Mivne. (4) Includes Digital Core REIT. (5) For a definition of Core FFO , see page 31 . ​ Note: Digital Realty’s ownership percentages in the unconsolidated entities vary. ​ ​ ​ ​ 29 Table of Contents Reconciliation of Earnings Before Interest, Taxes, Depreciation & Amortization and Financial Ratios Financial Supplement Unaudited and Dollars in Thousands ​ Fourth Quarter 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended Reconciliation of Earnings Before Interest, Taxes, Depreciation & Amortization (EBITDA) (1) ​ ​ 31-Dec-25 ​ ​ 30-Sep-25 ​ ​ 30-Jun-25 ​ ​ 31-Mar-25 ​ ​ 31-Dec-24 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Income / (Loss) Available to Common Stockholders ​ ​ $88,466 ​ ​ $57,631 ​ ​ $1,021,975 ​ ​ $99,793 ​ ​ $179,388 Interest     116,516     113,584     109,383     98,464     104,742 Gain (loss) on debt extinguishment and modifications ​ ​ (9) ​ ​ — ​ ​ — ​ ​ — ​ ​ 2,165 Income tax expense (benefit) ​ ​ (9,673) ​ ​ 11,695 ​ ​ 12,883 ​ ​ 17,135 ​ ​ 4,928 Depreciation and amortization ​ ​ 493,458 ​ ​ 497,002 ​ ​ 461,167 ​ ​ 443,009 ​ ​ 455,355 EBITDA ​ ​ $688,758 ​ ​ $679,912 ​ ​ $1,605,408 ​ ​ $658,400 ​ ​ $746,578 Unconsolidated JV real estate related depreciation and amortization ​ ​ 70,260 ​ ​ 65,922 ​ ​ 59,172 ​ ​ 55,861 ​ ​ 49,463 Unconsolidated JV interest expense and tax expense ​ ​ 38,498 ​ ​ 44,795 ​ ​ 31,243 ​ ​ 33,390 ​ ​ 32,255 Severance, equity acceleration and legal expenses ​ ​ 4,937 ​ ​ 1,794 ​ ​ 2,262 ​ ​ 2,428 ​ ​ 2,346 Transaction and integration expenses ​ ​ 36,083 ​ ​ 86,559 ​ ​ 22,546 ​ ​ 39,902 ​ ​ 11,797 (Gain) / loss on sale of investments ​ ​ (42,865) ​ ​ (19,780) ​ ​ (931,830) ​ ​ (1,111) ​ ​ (144,885) Provision for impairment ​ ​ 78,553 ​ ​ — ​ ​ — ​ ​ — ​ ​ 22,881 Other non-core adjustments, net (2) ​ ​ (25,033) ​ ​ 2,523 ​ ​ 9,545 ​ ​ (4,316) ​ ​ 24,539 Noncontrolling interests ​ ​ (2,536) ​ ​ (4,099) ​ ​ 14,790 ​ ​ (3,579) ​ ​ (3,881) Preferred stock dividends ​ ​ 10,181 ​ ​ 10,181 ​ ​ 10,181 ​ ​ 10,181 ​ ​ 10,181 Adjusted EBITDA ​ ​ $856,836 ​ ​ $867,807 ​ ​ $823,319 ​ ​ $791,156 ​ ​ $751,276 ​ (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, impact of foreign tax rate changes, write offs associated with bankrupt or terminated customers, non-recurring legal and insurance expenses, gain on sale of land option and lease termination fees. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended Financial Ratios ​ ​ 31-Dec-25 ​ ​ 30-Sep-25 ​ ​ 30-Jun-25 ​ ​ 31-Mar-25 ​ ​ 31-Dec-24 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total GAAP interest expense     $116,516     $113,584     $109,383     $98,464     $104,742 Capitalized interest ​ ​ 34,783 ​ ​ 32,923 ​ ​ 29,393 ​ ​ 30,095 ​ ​ 34,442 Change in accrued interest and other non-cash amounts ​ ​ (52,014) ​ ​ 41,265 ​ ​ (92,065) ​ ​ 45,416 ​ ​ (58,137) Cash Interest Expense (3) ​ ​ $99,285 ​ ​ $187,772 ​ ​ $46,711 ​ ​ $173,975 ​ ​ $81,046 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Preferred stock dividends ​ ​ 10,181 ​ ​ 10,181 ​ ​ 10,181 ​ ​ 10,181 ​ ​ 10,181 Total Fixed Charges (4) ​ ​ $161,479 ​ ​ $156,687 ​ ​ $148,957 ​ ​ $138,739 ​ ​ $149,364 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Coverage ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest coverage ratio (5) ​ ​ 4.8x ​ ​ 4.9x ​ ​ 5.0x ​ ​ 5.3x ​ ​ 4.5x Cash interest coverage ratio (6) ​ ​ 6.8x ​ ​ 3.9x ​ ​ 11.2x ​ ​ 4.1x ​ ​ 6.9x Fixed charge coverage ratio (7) ​ ​ 4.5x ​ ​ 4.6x ​ ​ 4.7x ​ ​ 4.9x ​ ​ 4.2x Cash fixed charge coverage ratio (8) ​ ​ 6.3x ​ ​ 3.8x ​ ​ 9.9x ​ ​ 3.9x ​ ​ 6.3x ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Leverage ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt to total enterprise value (9)(10) ​ ​ 25.1% ​ ​ 23.0% ​ ​ 23.2% ​ ​ 25.4% ​ ​ 21.4% Debt-plus-preferred-stock-to-total-enterprise-value (10)(11) ​ ​ 26.1% ​ ​ 23.9% ​ ​ 24.1% ​ ​ 26.6% ​ ​ 22.3% Pre-tax income to interest expense (12) ​ ​ 1.8x ​ ​ 1.6x ​ ​ 10.6x ​ ​ 2.1x ​ ​ 2.8x Net Debt-to-Adjusted EBITDA (13) ​ ​ 4.9x ​ ​ 4.9x ​ ​ 5.1x ​ ​ 5.1x ​ ​ 4.8x ​ (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 (including our pro rata share of unconsolidated entities EBITDA), divided by GAAP interest expense plus capitalized interest (including our pro rata share of unconsolidated entities interest expense). (6) Adjusted EBITDA (including our pro rata share of unconsolidated entities EBITDA), divided by cash interest expense (including our pro rata share of unconsolidated entities interest expense). (7) Adjusted EBITDA (including our pro rata share of unconsolidated entities EBITDA), divided by fixed charges (including our pro rata share of unconsolidated entities fixed charges). (8) Adjusted EBITDA (including our pro rata share of unconsolidated entities EBITDA), divided by the sum of cash interest expense and preferred stock dividends (including our pro rata share of unconsolidated entities cash fixed charges). (9) Total debt divided by market value of common equity plus debt plus preferred stock. (10) Total enterprise value defined as market value of common equity plus debt plus preferred stock. (11) Same as (9), except numerator includes preferred stock. (12) Calculated as net income plus interest expense divided by GAAP interest expense. (13) Calculated as total debt at balance sheet carrying value, plus finance lease obligations, plus Digital Realty ’ s pro rata share of unconsolidated entities debt, less cash and cash equivalents (including Digital Realty ’ s pro rata share of unconsolidated entities cash) divided by the product of Adjusted EBITDA (including Digital Realty ’ s pro rata share of unconsolidated entities EBITDA), multiplied by four. ​ 30 Table of Contents Management Statements on Non-GAAP Measures Financial Supplement Unaudited ​ Fourth Quarter 2025 ​ Definition s Funds From Operations (FFO): We calculate funds from operations, or FFO, in accordance with the standards established by the National Association of Real Estate Investment Trusts (Nareit) in the Nareit Funds From Operations White Paper - 2018 Restatement. FFO is a non-GAAP financial measure and represents net income (loss) (computed in accordance with GAAP), excluding gain (loss) from the disposition of real estate assets, provision for impairment, real estate related depreciation and amortization (excluding amortization of deferred financing costs), our share of unconsolidated JV real estate related depreciation & amortization, net income attributable to noncontrolling interests in operating partnership and reconciling items related to noncontrolling interests. Management uses FFO as a supplemental performance measure because, in excluding real estate related depreciation and amortization and gains and losses from property dispositions and after adjustments for unconsolidated partnerships and joint ventures, it provides a performance measure that, when compared year over year, captures trends in occupancy rates, rental rates and operating costs. We also believe that, as a widely recognized measure of the performance of REITs, FFO will be used by investors as a basis to compare our operating performance with that of other REITs. However, because FFO excludes depreciation and amortization and captures neither the changes in the value of our data centers that result from use or market conditions, nor the level of capital expenditures and capitalized leasing commissions necessary to maintain the operating performance of our data centers, all of which have real economic effect and could materially impact our financial condition and results from operations, the utility of FFO as a measure of our performance is limited. Other REITs may not calculate FFO in accordance with the Nareit definition and, accordingly, our FFO may not be comparable to other REITs’ FFO. FFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance. Core Funds from Operations (Core FFO) : We present core funds from operations, or Core FFO, as a supplemental operating measure because, in excluding certain items that do not reflect core revenue or expense streams, it provides a performance measure that, when compared year over year, captures trends in our core business operating performance. We calculate Core FFO by adding to or subtracting from FFO (i) other non-core revenue adjustments, (ii) transaction and integration expenses, (iii) loss on debt extinguishment and modifications, (iv) gain on / issuance costs associated with redeemed preferred stock, (v) severance, equity acceleration and legal expenses, (vi) gain/loss on FX and derivatives revaluation, and (vii) other non-core expense adjustments. Because certain of these adjustments have a real economic impact on our financial condition and results from operations, the utility of Core FFO as a measure of our performance is limited. Other REITs may calculate Core FFO differently than we do and accordingly, our Core FFO may not be comparable to other REITs’ Core FFO. Core FFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance. Adjusted Funds from Operations (AFFO) : We present adjusted funds from operations, or AFFO, as a supplemental operating measure because, when compared year over year, it assesses our ability to fund dividend and distribution requirements from our operating activities. We also believe that, as a widely recognized measure of the operations of REITs, AFFO will be used by investors as a basis to assess our ability to fund dividend payments in comparison to other REITs, including on a per share and unit basis. We calculate AFFO by adding to or subtracting from Core FFO (i) non-real estate depreciation, (ii) amortization of deferred financing costs, (iii) amortization of debt discount/premium, (iv) non-cash stock-based compensation expense, (v) straight-line rental revenue, (vi) straight-line rental expense, (vii) above- and below-market rent amortization, (viii) deferred tax expense / (benefit), (ix) leasing compensation and internal lease commissions, and (x) recurring capital expenditures. Other REITs may calculate AFFO differently than we do and, accordingly, our AFFO may not be comparable to other REITs’ AFFO. AFFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance. EBITDA and Adjusted EBITDA : We believe that earnings before interest, loss on debt extinguishment and modifications, income taxes, and depreciation and amortization, or EBITDA, and Adjusted EBITDA (as defined below), are useful supplemental performance measures because they allow investors to view our performance without the impact of non-cash depreciation and amortization or the cost of debt and, with respect to Adjusted EBITDA, (i) unconsolidated entities real estate related depreciation & amortization, (ii) unconsolidated entities interest expense and tax expense, (iii) severance, equity acceleration and legal expenses, (iv) transaction and integration expenses, (v) gain (loss) on sale / deconsolidation, (vi) provision for impairment, (vii) other non-core adjustments, net, (viii) noncontrolling interests, (ix) preferred stock dividends, and (x) gain on / issuance costs associated with redeemed preferred stock. Adjusted EBITDA is EBITDA excluding (i) unconsolidated entities real estate related depreciation & amortization, (ii) unconsolidated entities interest expense and tax, (iii) severance, equity acceleration and legal expenses, (iv) transaction and integration expenses, (v) gain (loss) on sale / deconsolidation, (vi) provision for impairment, (vii) other non-core adjustments, net, (viii) noncontrolling interests, (ix) preferred stock dividends, and (x) gain on / issuance costs associated with redeemed preferred stock. In addition, we believe EBITDA and Adjusted EBITDA are frequently used by securities analysts, investors, and other interested parties in the evaluation of REITs. Because EBITDA and Adjusted EBITDA are calculated before recurring cash charges including interest expense and income taxes, exclude capitalized costs, such as leasing commissions, and are not adjusted for capital expenditures or other recurring cash requirements of our business, their utility as a measure of our performance is limited. Other REITs may calculate EBITDA and Adjusted EBITDA differently than we do and, accordingly, our EBITDA and Adjusted EBITDA may not be comparable to other REITs’ EBITDA and Adjusted EBITDA. Accordingly, EBITDA and Adjusted EBITDA should be considered only as supplements to net income computed in accordance with GAAP as a measure of our financial performance. 31 Table of Contents Management Statements on Non-GAAP Measures Financial Supplement Unaudited ​ Fourth Quarter 2025 ​ Net Operating Income (NOI) and Cash NOI : Net operating income, or NOI, represents rental revenue, tenant reimbursement revenue and interconnection revenue less utilities expense, rental property operating expenses, property taxes and insurance expenses (as reflected in the statement of operations). NOI is commonly used by stockholders, company management and industry analysts as a measurement of operating performance of the company’s rental portfolio. Cash NOI is NOI less straight-line rents and above- and below-market rent amortization. Cash NOI is commonly used by stockholders, company management and industry analysts as a measure of property operating performance on a cash basis. Same-Capital Cash NOI represents buildings owned as of December 31, 2023 with less than 5% of total rentable square feet under development and excludes buildings that were undergoing, or were expected to undergo, development activities in 2024-2025, buildings classified as held for sale and contribution, and buildings sold or contributed to joint ventures for all periods presented (prior period numbers adjusted to reflect current same-capital pool). However, because NOI and cash NOI exclude depreciation and amortization and capture neither the changes in the value of our data centers that result from use or market conditions, nor the level of capital expenditures and capitalized leasing commissions necessary to maintain the operating performance of our data centers, all of which have real economic effect and could materially impact our results from operations, the utility of NOI and cash NOI as measures of our performance is limited. Other REITs may calculate NOI and cash NOI differently than we do and, accordingly, our NOI and cash NOI may not be comparable to other REITs’ NOI and cash NOI. NOI and cash NOI should be considered only as supplements to net income computed in accordance with GAAP as measures of our performance. Additional Definitions GAAP refers to United States generally accepted accounting principles. Net debt-to-Adjusted EBITDA ratio is calculated as total debt at balance sheet carrying value, plus finance lease obligations, plus Digital Realty’s pro rata share of unconsolidated entities debt, less cash and cash equivalents (including Digital Realty’s pro rata share of unconsolidated entities cash) divided by the product of Adjusted EBITDA (including Digital Realty’s pro rata share of unconsolidated entities EBITDA), multiplied by four. Debt-plus-preferred-to-total enterprise value is total debt plus preferred stock divided by total debt plus the liquidation value of preferred stock and the market value of outstanding Digital Realty Trust, Inc. common stock and Digital Realty Trust, L.P. units, assuming the redemption of Digital Realty Trust, L.P. units for shares of Digital Realty Trust, Inc. common stock. Fixed charge coverage ratio is Adjusted EBITDA divided by the sum of GAAP interest expense, capitalized interest and preferred stock dividends. For the quarter ended December 31, 2025, GAAP interest expense was $117 million, capitalized interest was $35 million and preferred stock dividends were $10 million. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reconciliation of Net Operating Income (NOI) ​ Three Months Ended ​ ​ Twelve Months Ended (in thousands)   ​ ​ ​ 31-Dec-25   ​ ​ ​ 30-Sep-25   ​ ​ ​ 31-Dec-24   ​   ​ 31-Dec-25   ​ ​ ​ 31-Dec-24 ​ ​   ​ ​   ​ ​   ​ ​ ​   ​ ​   ​ Operating income ​ ​ $112,624 ​ ​ $138,421 ​ ​ $144,322 ​ ​ ​ $658,492 ​ ​ $471,864 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​  Fee income ​ ​ (45,692) ​ ​ (36,398) ​ ​ (23,316) ​ ​ ​ (137,160) ​ ​ (64,888)  Other income ​ ​ (372) ​ ​ (4,746) ​ ​ (40) ​ ​ ​ (6,614) ​ ​ (7,608)  Depreciation and amortization ​ ​ 493,458 ​ ​ 497,002 ​ ​ 455,355 ​ ​ ​ 1,894,636 ​ ​ 1,771,797  General and administrative ​ ​ 159,283 ​ ​ 139,911 ​ ​ 124,470 ​ ​ ​ 554,061 ​ ​ 473,521 Severance, equity acceleration and legal expenses ​ ​ 4,937 ​ ​ 1,794 ​ ​ 2,346 ​ ​ ​ 11,421 ​ ​ 6,502 Transaction and integration expenses ​ ​ 36,083 ​ ​ 86,559 ​ ​ 11,797 ​ ​ ​ 185,090 ​ ​ 93,902 Provision for impairment ​ ​ 78,553 ​ ​ — ​ ​ 22,881 ​ ​ ​ 78,553 ​ ​ 191,184 Other expenses ​ ​ 98 ​ ​ 3,297 ​ ​ 12,002 ​ ​ ​ 3,702 ​ ​ 27,083 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Operating Income ​ ​ $838,972 ​ ​ $825,840 ​ ​ $749,818 ​ ​ ​ $3,242,181 ​ ​ $2,963,357 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​  Cash Net Operating Income (Cash NOI) ​ ​   ​ ​ ​   ​ ​ ​   ​ ​ ​ ​   ​ ​ ​   ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Operating Income ​ ​ $838,972 ​ ​ $825,840 ​ ​ $749,818 ​ ​ ​ $3,242,181 ​ ​ $2,963,357 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​  Straight-line rental revenue ​ ​ (34,359) ​ ​ (33,196) ​ ​ (22,577) ​ ​ ​ (101,264) ​ ​ (46,395)  Straight-line rental expense ​ ​ (140) ​ ​ (297) ​ ​ 51 ​ ​ ​ (882) ​ ​ 4,061  Above- and below-market rent amortization ​ ​ (972) ​ ​ (864) ​ ​ (269) ​ ​ ​ (3,294) ​ ​ (3,555) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash Net Operating Income ​ ​ $803,501 ​ ​ $791,483 ​ ​ $727,022 ​ ​ ​ $3,136,741 ​ ​ $2,917,467 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Constant Currency Core FFO Reconciliation ​ Three Months Ended ​ ​ Twelve Months Ended (in thousands, except per share data)   ​ ​ ​ 31-Dec-25   ​ ​ ​ ​   ​ ​ ​ 31-Dec-24   ​   ​ 31-Dec-25   ​ ​ ​ 31-Dec-24 ​ ​   ​ ​   ​ ​   ​ ​ ​   ​ ​   ​ Core FFO (1) ​ ​ $650,210 ​ ​ ​ ​ ​ $586,816 ​ ​ ​ $2,557,849 ​ ​ $2,215,194 Core FFO impact of holding '24 Exchange Rates Constant (2) ​ ​ (16,372) ​ ​ ​ ​ ​ — ​ ​ ​ (33,721) ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Constant Currency Core FFO ​ ​ $633,838 ​ ​ ​ ​ ​ $586,816 ​ ​ ​ $2,524,128 ​ ​ $2,215,194 Weighted-average shares and units outstanding - diluted ​ ​ 349,740 ​ ​ ​ ​ ​ 339,982 ​ ​ ​ 346,086 ​ ​ 329,899 Constant Currency Core FFO Per Share ​ ​ $1.81 ​ ​ ​ ​ ​ $1.73 ​ ​ ​ $7.29 ​ ​ $6.71 ​ ​ 1) As reconciled to net income above. 2) Adjustment calculated by holding currency translation rates for 2025 constant with average currency translation rates that were applicable to the same periods in 2024 . ​ ​ 32 Table of Contents Forward-Looking Statements Financial Supplement ​ ​ Fourth Quarter 2025 ​ ​ This document contains forward-looking statements within the meaning of the federal securities laws, which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. Such forward-looking statements include statements relating to: our economic outlook, our expected investment and expansion activity, anticipated continued demand for our products and service, our liquidity, our joint ventures, supply and demand for data center and colocation space, our acquisition and disposition activity, pricing and net effective leasing economics, market dynamics and data center fundamentals, our strategic priorities, our product offerings, available inventory, rent from leases that have been signed but have not yet commenced and other contracted rent to be received in future periods, rental rates on future leases, lag between signing and commencement, cap rates and yields, investment activity, the company’s FFO, Core FFO, constant currency Core FFO, adjusted FFO, and net income, 2026 outlook and underlying assumptions, information related to trends, our strategy and plans, leasing expectations, weighted average lease terms, the exercise of lease extensions, lease expirations, debt maturities, annualized rent at expiration of leases, the effect new leases and increases in rental rates will have on our rental revenue, our credit ratings, construction and development activity and plans, projected construction costs, estimated yields on investment, expected occupancy, expected square footage and IT load capacity upon completion of development projects, backlog NOI, NAV components, and other forward-looking financial data. Such statements are based on management’s beliefs and assumptions made based on information currently available to management. Such statements are subject to risks, uncertainties and assumptions and are not guarantees of future performance and may be affected by known and unknown risks, trends, uncertainties, and factors that are beyond our control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated, or projected. Some of the risks and uncertainties that may cause our actual results, performance, or achievements to differ materially from those expressed or implied by forward-looking statements include, among others, the following: ● reduced demand for data centers or decreases in information technology spending; ● decreased rental rates, increased operating costs or increased vacancy rates; ● increased competition or available supply of data center space; ● the suitability of our data centers and data center infrastructure, delays or disruptions in connectivity or availability of power, or failures or breaches of our physical and information security infrastructure or services; ● breaches of our obligations or restrictions under our contracts with our customers; ● our inability to successfully develop and lease new properties and development space, and delays or unexpected costs in development of properties; ● the impact of current global and local economic, credit and market conditions; ● increased tariffs, global supply chain or procurement disruptions, or increased supply chain costs; ● the impact from periods of heightened inflation on our costs, such as operating and general and administrative expenses, interest expense and real estate acquisition and construction costs; ● the impact on our customers ’ and our suppliers ’ operations during an epidemic, pandemic, or other global events; ● our dependence upon significant customers, bankruptcy or insolvency of a major customer or a significant number of smaller customers, or defaults on or   non-renewal   of leases by customers; ● changes in political conditions, geopolitical turmoil, political instability, civil disturbances, restrictive governmental actions or nationalization in the countries in which we operate; ● our inability to retain data center space that we lease or sublease from third parties; ● information security and data privacy breaches; ● difficulties managing an international business and acquiring or operating properties in foreign jurisdictions and unfamiliar metropolitan areas; ● our failure to realize the intended benefits from, or disruptions to our plans and operations or unknown or contingent liabilities related to, our recent and future acquisitions; ● our failure to successfully integrate and operate acquired or developed properties or businesses; ● difficulties in identifying properties to acquire and completing acquisitions; ● risks related to joint venture investments, including as a result of our lack of control of such investments; ● risks associated with using debt to fund our business activities, including re-financing and interest rate risks, our failure to repay debt when due, adverse changes in our credit ratings or our breach of covenants or other terms contained in our loan facilities and agreements; ● our failure to obtain necessary debt and equity financing, and our dependence on external sources of capital; ● financial market fluctuations and changes in foreign currency exchange rates; ● adverse economic or real estate developments in our industry or the industry sectors that we sell to, including risks relating to decreasing real estate valuations and impairment charges and goodwill and other intangible asset impairment charges; ● our inability to manage our growth effectively; ● losses in excess of our insurance coverage; ● our inability to attract and retain talent; ● environmental liabilities, risks related to natural disasters and our inability to achieve our sustainability goals; ● the expected operating performance of anticipated near-term acquisitions and descriptions relating to these expectations; ● our inability to comply with rules   and regulations applicable to our company; ● Digital Realty Trust,   Inc. ’ s failure to maintain its status as a REIT for U.S. federal income tax purposes; ● Digital Realty Trust,   L.P. ’ s failure to qualify as a partnership for U.S. federal income tax purposes; ● restrictions on our ability to engage in certain business activities; ● changes in local, state, federal and international laws, and regulations, including related to taxation, real estate, and zoning laws, and increases in real property tax rates; and ● the impact of any financial, accounting, legal or regulatory issues or litigation that may affect us. The risks included here are not exhaustive, and additional factors could adversely affect our business and financial performance. Several additional material risks are discussed in our annual report on Form 10-K for the year ended December 31, 2024, and other filings with the U.S. Securities and Exchange Commission. Those risks continue to be relevant to our performance and financial condition. Moreover, we operate in a competitive and rapidly changing environment. New risk factors emerge from time to time and it is not possible for management to predict all such risk factors, nor can it assess the impact of all such risk factors on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. We expressly disclaim any responsibility to update forward-looking statements, whether as a result of new information, future events or otherwise. Digital Realty, Digital Realty Trust, the Digital Realty logo, Interxion, Turn-Key Flex, Powered Base Building, ServiceFabric, AnyScale Colo, Pervasive Data Center Architecture, PlatformDIGITAL, PDx, Data Gravity Index and Data Gravity Index DGx are registered trademarks and service marks of Digital Realty Trust, Inc. in the United States and/or other countries. All other names, trademarks and service marks are the property of their respective owners. 33