Digital Realty — Feb 13, 2025 release
Fiscal 2024 fourth-quarter results · 8-K Item 2.02 · Exhibit 99.1 · 0001558370-25-000945
Showing in the filing
Funds From Operations / share (NAREIT-Defined)
“$6.60 - $6.70”
Period
FY2025
Measure
Company-defined measure
Source
Guidance table
All guidance in this release · 22
Total revenue for FY2025
“$5.800 - $5.900 billion”
Net non-cash rent adjustments (1) for FY2025
“($45 - $50 million)”
Adjusted EBITDA for FY2025
“$3.100 - $3.200 billion”
Rental rates on renewal leases - Cash basis for FY2025
“4.0% - 6.0%”
Rental rates on renewal leases - GAAP basis for FY2025
“6.0% - 8.0%”
Year-end portfolio occupancy for FY2025
“+100 - 200 bps”
"Same-Capital" cash NOI growth (2) for FY2025
“3.5% - 4.5%”
U.S. Dollar / Pound Sterling for FY2025
“$1.20 - $1.25”
U.S. Dollar / Euro for FY2025
“$1.00 - $1.05”
Dispositions / Joint Venture Capital - Dolla… for FY2025
“$500 - $1,000 million”
Dispositions / Joint Venture Capital - Cap r… for FY2025
“0.0% - 10.0%”
Development CapEx (Net of Partner Contributi… for FY2025
“$3,000 - $3,500 million”
Development - Average stabilized yields for FY2025
“10.0%+”
Enhancements and other non-recurring CapEx for FY2025
“$30 - $35 million”
Recurring CapEx + capitalized leasing costs for FY2025
“$320 - $335 million”
Long-term debt issuance - Dollar amount for the long term
“$900 - $1,500 million”
Long-term debt issuance - Pricing for the long term
“5.0% - 5.5%”
Net income per diluted share for FY2025
“$2.10 - $2.20”
Funds From Operations / share (NAREIT-Defined) for FY2025
“$6.60 - $6.70”
Core Funds From Operations / share for FY2025
“$7.00 - $7.10”
Constant-Currency Core FFO per share outlook for FY2025
“$7.05 - $7.15”
Constant-Currency Core Funds From Operations… for FY2025
“$7.05 - $7.15”
Exhibit 99.1 · full document
Table of Contents Exhibit 99.1 Table of Contents Financial Supplement Table of Contents Fourth Quarter 2024 ++++++\ Overview PAGE Corporate Information 3 Key Quarterly Financial Data 5 Consolidated Statements of Operations Earnings Release 7 2025 Outlook 10 Consolidated Quarterly Statements of Operations 12 Funds From Operations and Core Funds From Operations 13 Adjusted Funds From Operations 14 Balance Sheet Information Consolidated Balance Sheets 15 Components of Net Asset Value 16 Debt Maturities 17 Debt Analysis and Covenant Compliance 18 Internal Growth Same-Capital Operating Trend Summary 19 Summary of Leasing Activity - Signed 20 Summary of Leasing Activity - 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 Joint Ventures 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 2024 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, 2024, the company’s 308 data centers, including 78 data centers held as investments in unconsolidated joint ventures, contain applications and operations critical to the day-to-day operations of technology industry and corporate enterprise data center customers. Digital Realty’s portfolio is comprised of approximately 41.3 million square feet, excluding approximately 8.9 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 2323 Bryan Street, Suite 1800 Dallas, TX 75201 Telephone: (214) 231-1350 Website: digitalrealty.com Senior Management President & Chief Executive Officer: Andrew P. Power Chief Financial Officer: Matthew R. Mercier Chief Investment Officer: Gregory S. Wright Chief Technology Officer: Christopher L. Sharp Chief Revenue Officer: Colin M. McLean Investor Relations To request more information or to be added to our e-mail distribution list, please visit the Investor Relations section of our website at https://investor.digitalrealty.com . Analyst Coverage BMO Bank of America BMO Capital BNP Paribas Argus Research Merrill Lynch Barclays Markets Exane Citigroup Deutsche Bank Marie Ferguson David Barden Brendan Lynch Ari Klein Nate Crossett Michael Rollins Matthew Niknam (212) 425-7500 (646) 855-1320 (212) 526-9428 (212) 885-4103 (646) 725-3716 (212) 816-1116 (212) 250-4711 Evercore ISI Goldman Sachs Green Street Advisors HSBC Jefferies JMP Securities J.P. Morgan Irvin Liu Jim Schneider David Guarino Phani Kanumuri Jonathan Petersen Greg Miller Richard Choe (415) 800-0183 (212) 357-2929 (949) 640-8780 +52 (551) 782-7350 (212) 284-1705 (212) 906-3500 (212) 662-6708 KeyBanc Mizuho Group MoffettNathanson Morgan Stanley Morningstar Raymond James RBC Capital Markets Brandon Nispel Vikram Malhotra Nick Del Deo Simon Flannery Samuel Siampaus Frank Louthan Jonathan Atkin (503) 821-3871 (212) 282-3827 (212) 519-0025 (212) 761-6432 (312) 244-7966 (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 March 2-5, 2025 Citi Global Property CEO Conference Hollywood, FL March 3-5, 2025 Raymond James Institutional Investors Conference Orlando, FL March 10-12, 2025 Deutsche Bank 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 2024 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: BB+ Moody ’ s Issuer Rating: Baa2 (Stable Outlook) Preferred Stock: Baa3 Fitch Issuer Default Rating: BBB (Stable Outlook) Preferred Stock: BB+ These credit ratings may not reflect the potential impact of risks relating to the structure or trading of the company’s securities and are provided solely for informational purposes. Credit ratings are not recommendations to buy, hold or sell any security, and may be revised or withdrawn at any time by the issuing rating agency at its sole discretion. The company does not undertake any obligation to maintain the ratings or to advise of any change in ratings. Each agency’s rating should be evaluated independently of any other agency’s rating. An explanation of the significance of the ratings may be obtained from each of the rating agencies. Common Stock Price Performance The following summarizes recent activity of Digital Realty’s common stock (DLR): Three Months Ended 31-Dec-24 30-Sep-24 30-Jun-24 31-Mar-24 31-Dec-23 High price $198.00 $165.17 $153.25 $154.18 $139.35 Low price $155.16 $141.00 $135.54 $130.00 $113.94 Closing price, end of quarter $177.33 $161.83 $152.05 $144.04 $134.58 Average daily trading volume (1) 1,911 1,615 1,863 2,108 1,932 Indicated dividend per common share (2) $4.88 $4.88 $4.88 $4.88 $4.88 Closing annual dividend yield, end of quarter 2.8% 3.0% 3.2% 3.4% 3.6% Shares and units outstanding, end of quarter (1) (3) 342,772 337,744 332,346 319,009 318,057 Closing market value of shares and units outstanding (4) $60,783,759 $54,657,112 $50,533,209 $45,950,001 $42,804,053 (1) Shares or shares and units in thousands. (2) On an annualized basis. (3) As of December 31, 2024, the total number of shares and units includes 336,637 shares of common stock, 4,049 common units held by third parties and 2,086 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 2024 Shares and Units at End of Quarter 31-Dec-24 30-Sep-24 30-Jun-24 31-Mar-24 31-Dec-23 Common shares outstanding 336,637 331,347 325,885 312,421 311,608 Common partnership units outstanding 6,135 6,397 6,461 6,588 6,449 Total Shares and Units 342,772 337,744 332,346 319,009 318,057 Enterprise Value Market value of common equity (1) $60,783,759 $54,657,112 $50,533,209 $45,950,001 $42,804,053 Liquidation value of preferred equity 755,000 755,000 755,000 755,000 755,000 Total debt at balance sheet carrying value 16,714,377 16,986,546 16,339,746 17,020,340 17,425,908 Total Enterprise Value $78,253,136 $72,398,658 $67,627,955 $63,725,341 $60,984,961 Total debt / total enterprise value 21.4% 23.5% 24.2% 26.7% 28.6% Debt-plus-preferred-to-total-enterprise-value 22.3% 24.5% 25.3% 27.9% 29.8% Selected Balance Sheet Data Investments in real estate (before depreciation) $35,401,912 $36,463,664 $34,573,283 $34,099,698 $34,355,662 Total Assets 45,283,616 45,295,392 43,606,883 42,633,089 44,113,257 Total Liabilities 22,107,836 22,118,781 21,199,178 21,792,866 23,116,936 Selected Operating Data Total operating revenues $1,435,862 $1,431,214 $1,356,749 $1,331,143 $1,369,633 Total operating expenses 1,291,540 1,262,928 1,346,860 1,181,776 1,235,598 Net income 185,688 40,134 74,668 287,837 19,884 Net income / (loss) available to common stockholders 179,388 41,012 70,039 271,327 18,122 Financial Ratios EBITDA (2) $746,578 $639,875 $625,130 $835,446 $572,958 Adjusted EBITDA (3) 751,276 758,296 726,874 710,556 699,509 Net Debt-to-Adjusted EBITDA (4) 4.8x 5.4x 5.3x 6.1x 6.2x Interest expense 104,742 123,803 114,756 109,535 113,638 Fixed charges (5) 149,364 162,296 152,529 148,239 156,851 Interest coverage ratio (6) 4.5x 4.3x 4.3x 4.3x 4.0x Fixed charge coverage ratio (7) 4.2x 4.1x 4.1x 4.0x 3.8x Profitability Measures Net income / (loss) per common share - basic $0.54 $0.13 $0.22 $0.87 $0.06 Net income / (loss) per common share - diluted $0.51 $0.09 $0.20 $0.82 $0.03 Funds from operations (FFO) / diluted share and unit (8) $1.61 $1.55 $1.57 $1.41 $1.53 Core funds from operations (Core FFO) / diluted share and unit (8) $1.73 $1.67 $1.65 $1.67 $1.63 Adjusted funds from operations (AFFO) / diluted share and unit (9) $1.36 $1.52 $1.56 $1.68 $1.30 Dividends per share and common unit $1.22 $1.22 $1.22 $1.22 $1.22 Diluted FFO payout ratio (8) (10) 75.6% 78.8% 77.9% 86.5% 79.8% Diluted Core FFO payout ratio (8) (11) 70.7% 73.2% 73.9% 73.2% 75.0% Diluted AFFO payout ratio (9) (12) 89.5% 80.4% 78.1% 72.8% 93.6% Portfolio Statistics Buildings (13) 328 331 323 323 323 Data Centers (13) 308 312 310 309 309 Cross-connects (13) (14) 227,000 225,000 223,000 221,500 220,000 Net rentable square feet, excluding development space (13) 41,326 41,092 41,220 39,839 39,688 Occupancy at end of quarter (15) 84.1% 83.9% 82.9% 82.1% 81.7% Occupied square footage (13) 34,741 34,479 34,160 32,727 32,407 Space under active development (16) 8,904 9,126 8,507 8,238 8,470 Space held for development (17) 4,686 4,862 5,130 4,141 4,130 Weighted average remaining lease term (years) (18) 4.8 4.8 4.7 4.5 4.6 Same-capital occupancy at end of quarter (15) (19) 82.9% 83.3% 83.5% 82.5% 82.8% 5 Table of Contents Key Quarterly Financial Data Financial Supplement Unaudited, Dollars (except per share data) and Square Feet in Thousands Fourth Quarter 2024 (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 joint venture real estate related depreciation & amortization, (ii) unconsolidated joint venture 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) non-controlling interests, (ix) preferred stock dividends, and (x) issuance costs associated with redeemed preferred stock. For a discussion of Adjusted EBITDA, see page 31 . For a reconciliation of net income available to common stockholders to Adjusted EBITDA, see page 30 . (4) Net Debt to Adjusted EBITDA is calculated as total debt at balance sheet carrying value (see page 5 ), plus capital lease obligations, plus our share of unconsolidated joint venture debt at carrying value, less cash and cash equivalents (including our share of unconsolidated joint venture cash), divided by the product of Adjusted EBITDA (including our share of unconsolidated joint venture EBITDA), multiplied by four. (5) Fixed charges consist of GAAP interest expense, capitalized interest, scheduled debt principal payments and preferred stock dividends. (6) Interest coverage ratio is Adjusted EBITDA divided by GAAP interest expense plus capitalized interest (including our share of unconsolidated joint venture interest expense). (7) Fixed charge coverage ratio is Adjusted EBITDA divided by fixed charges (including our share of unconsolidated joint venture 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. (14) Represents approximate amounts. (15) Occupancy and same-capital occupancy exclude space under active development and space held for development. Occupancy represents our consolidated portfolio in addition to our managed portfolio of unconsolidated joint ventures and non-managed unconsolidated joint ventures. For some of our buildings, we calculate occupancy based on factors in addition to contractually leased square feet, including available power, required support space and common area. Excludes buildings held for sale. (16) Space under active development includes current Base Building and Data Centers projects in progress. Excludes buildings held-for-sale. (17) Space held for development includes space held for future Data Center development and excludes space under active development. Excludes buildings held for sale. (18) Weighted average remaining lease term excludes renewal options and is weighted by net rentable square feet. (19) Represents buildings owned as of December 31, 2022, with less than 5% of total rentable square feet under development. Excludes buildings that were undergoing, or were expected to undergo, development activities in 2023-2024, buildings classified as held-for-sale, and buildings sold or contributed to joint ventures for all periods presented. Prior period results have been adjusted to reflect current same-capital pool . 6 Table of Contents Digital Realty Trust Financial Supplement Earnings Release Fourth Quarter 2024 Digital Realty Reports Fourth Quarter 2024 Results Dallas, TX — February 13, 2025 — Digital Realty (NYSE: DLR) , the largest global provider of cloud- and carrier-neutral data center, colocation, and interconnection solutions, announced today financial results for the fourth quarter of 2024. All per share results are presented on a fully diluted basis. Highlights ◾ Reported net income available to common stockholders of $0.51 per share in 4Q24, compared to $0.03 in 4Q23 ◾ Reported FFO per share of $1.61 in 4Q24, compared to $1.53 in 4Q23 ◾ Reported Core FFO per share of $1.73 in 4Q24, compared to $1.63 in 4Q23 ◾ Reported rental rate increases on renewal leases of 4.7% on a cash basis in 4Q24 ◾ Signed total bookings during 4Q24 that are expected to generate $100 million of annualized GAAP rental revenue, including a record $76 million contribution from the 0 – 1 megawatt plus interconnection category ◾ Reported backlog of $797 million of annualized GAAP base rent at the end of 4Q24 ◾ Introduced 2025 Constant-Currency Core FFO per share outlook of $7.05 - $7.15 Financial Results Digital Realty reported revenues of $1.4 billion in the fourth quarter of 2024, a slight increase from the previous quarter and a 5% increase from the same quarter last year. The company delivered net income of $186 million in the fourth quarter of 2024, and net income available to common stockholders of $179 million, or $0.51 per share, compared to $0.09 per share in the previous quarter and $0.03 per share in the same quarter last year. Digital Realty generated Adjusted EBITDA of $751 million in the fourth quarter of 2024, a 1% decrease from the previous quarter and a 7% increase over the same quarter last year. The company reported Funds From Operations (FFO) of $545 million in the fourth quarter of 2024, or $1.61 per share, compared to $1.55 per share in the previous quarter and $1.53 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 $1.73 in the fourth quarter of 2024, compared to $1.67 per share in the previous quarter and $1.63 per share in the same quarter last year. Digital Realty delivered Constant-Currency Core FFO per share of $1.73 for the fourth quarter of 2024 and $6.72 per share for the twelve-month period ended December 31, 2024. “2024 was a remarkable year for Digital Realty, with record leasing driving impressive growth in our revenue backlog, and providing compelling visibility into our accelerating earnings growth,” said Digital Realty President & Chief Executive Officer Andy Power. “In the fourth quarter, we achieved multiple milestones across our growing 0-1 megawatt plus interconnection segment, eclipsing last quarter’s bookings record and adding a record 166 new customers to the platform, demonstrating the continued success of our global, full spectrum data center strategy.” Leasing Activity In the fourth quarter, Digital Realty signed total bookings that are expected to generate $100 million of annualized GAAP rental revenue, including a $62 million contribution from the 0–1 megawatt category and a $15 million contribution from interconnection. The weighted-average lag between new leases signed during the fourth quarter of 2024 and the contractual commencement date was six months. The backlog of signed-but-not-commenced leases at quarter-end was $797 million of annualized GAAP base rent at Digital Realty’s share. In addition to new leases signed, Digital Realty also signed renewal leases representing $250 million of annualized cash rental revenue during the quarter. Rental rates on renewal leases signed during the fourth quarter of 2024 increased 4.7% on a cash basis and 9.1% on a GAAP basis. 7 Table of Contents Digital Realty Trust Financial Supplement Earnings Release Fourth Quarter 2024 New leases signed during the fourth quarter of 2024 are summarized by region and product as follows: Annualized GAAP Base Rent Square Feet GAAP Base Rent GAAP Base Rent Americas (in thousands) (in thousands) per Square Foot Megawatts per Kilowatt 0-1 MW $29,612 90 $329 8.9 $277 > 1 MW 3,978 20 197 2.2 154 Other (1) 409 7 58 — — Total $33,999 117 $290 11.1 $253 EMEA (2) 0-1 MW $25,997 100 $259 9.4 $232 > 1 MW 9,121 63 146 5.6 136 Other (1) 91 1 97 — — Total $35,209 164 $215 15.0 $196 Asia Pacific (2) 0-1 MW $6,139 19 $322 1.5 $352 > 1 MW 9,474 48 196 5.8 136 Other (1) 100 1 70 — — Total $15,713 69 $229 7.3 $179 All Regions (2) 0-1 MW $61,748 209 $295 19.7 $261 > 1 MW 22,573 131 172 13.6 139 Other (1) 599 9 64 — — Total $84,920 350 $243 33.3 $211 Interconnection $14,587 N/A N/A N/A N/A Grand Total $99,507 350 $243 33.3 $211 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, 2024. Investment Activity As previously disclosed, during the quarter, Digital Realty closed on the acquisition of a 6.7-acre parcel in Richardson, Texas, adjacent to its existing campus, for approximately $15 million, which can support the development of up to 100 megawatts of incremental IT capacity. During the quarter, Digital Realty also closed on the following acquisitions: ◾ 156 acres of land in Charlotte, North Carolina for $160 million, which can support up to 400 megawatts of IT capacity ◾ Three acres of land in Madrid, Spain for approximately €25 million or $26 million, which can support up to 24 megawatts of IT capacity During the quarter, Digital Realty closed on the following dispositions: ◾ A facility in San Jose, California for approximately $10 million ◾ A facility in Trumbull, Connecticut for approximately $10 million ◾ A facility in Redhill, United Kingdom for approximately £64 million or $80 million Also, during the quarter, Digital Realty closed on the sale to Digital Core REIT (SGX: DCRU) of an additional 15.1% interest in a data center located in Frankfurt, Germany for approximately €71 million or $74 million. The transaction valued the Frankfurt facility at €470 million or $508 million (at 100% share). Including two prior investments, Digital Core REIT now owns a 65% interest in this Frankfurt data center. Further during the quarter, Digital Realty and Blackstone Inc. closed on the second phase of their $7 billion hyperscale data center development joint venture. The second phase includes portions of data center campuses in Frankfurt and Northern Virginia, which will support the growth of existing hyperscale data center capacity in the regions. 8 Table of Contents Digital Realty Trust Financial Supplement Earnings Release Fourth Quarter 2024 Balance Sheet Digital Realty had approximately $16.7 billion of total debt outstanding as of December 31, 2024, comprised of $16.0 billion of unsecured debt and approximately $0.7 billion of secured debt and other. At the end of the fourth quarter of 2024, net debt-to-Adjusted EBITDA was 4.8x, debt-plus-preferred-to-total enterprise value was 22.3% and fixed charge coverage was 4.2x. Digital Realty completed the following financing transactions during the fourth quarter: ◾ In November, the company issued $1.15 billion of 1.875% exchangeable notes due 2029, for net proceeds of approximately $1.13 billion; ◾ In November, the company repaid a $500 million term loan; and ◾ The company also sold 5.0 million shares of common stock under its At-The-Market (ATM) equity issuance program at a weighted average price of $185.63 per share, for net proceeds of approximately $923 million. Subsequent to quarter end, the company issued €850 million of 3.875% notes due 2035, for net proceeds of approximately €841 million ($867 million). In January, the company also repaid £400 million ($501 million) of 4.25% senior notes. 9 Table of Contents Digital Realty Trust Financial Supplement Earnings Release Fourth Quarter 2024 2025 Outlook Digital Realty introduced its 2025 Constant-Currency Core FFO per share outlook of $7.05 - $7.15. The assumptions underlying the outlook are summarized in the following table. As of Top-Line and Cost Structure February 13, 2025 Total revenue $5.800 - $5.900 billion Net non-cash rent adjustments (1) ($45 - $50 million) Adjusted EBITDA $3.100 - $3.200 billion G&A $500 - $510 million Internal Growth Rental rates on renewal leases Cash basis 4.0% - 6.0% GAAP basis 6.0% - 8.0% Year-end portfolio occupancy +100 - 200 bps "Same-Capital" cash NOI growth (2) 3.5% - 4.5% Foreign Exchange Rates U.S. Dollar / Pound Sterling $1.20 - $1.25 U.S. Dollar / Euro $1.00 - $1.05 External Growth Dispositions / Joint Venture Capital Dollar volume $500 - $1,000 million Cap rate 0.0% - 10.0% Development CapEx (Net of Partner Contributions) (3) $3,000 - $3,500 million Average stabilized yields 10.0%+ Enhancements and other non-recurring CapEx (4) $30 - $35 million Recurring CapEx + capitalized leasing costs (5) $320 - $335 million Balance Sheet Long-term debt issuance Dollar amount $900 - $1,500 million Pricing 5.0% - 5.5% Net income per diluted share $2.10 - $2.20 Real estate depreciation and (gain) / loss on sale $4.50 - $4.50 Funds From Operations / share (NAREIT-Defined) $6.60 - $6.70 Non-core expenses and revenue streams $0.40 - $0.40 Core Funds From Operations / share $7.00 - $7.10 Foreign currency translation adjustments $0.05 - $0.05 Constant-Currency Core Funds From Operations / share $7.05 - $7.15 (1) Net non-cash rent adjustments represent the sum of straight-line rental revenue and straight-line rental expense, as well as the amortization of above- and below-market leases (i.e., ASC 805 adjustments). (2) The “ Same-Capital ” pool includes properties owned as of December 31, 2023 with less than 5% of total rentable square feet under development. It excludes properties that were undergoing, or were expected to undergo, development activities in 2024-2025, properties classified as held for sale, and properties sold or contributed to joint ventures for all periods presented. The 2025 “ Same-Capital ” cash NOI growth outlook is presented on a constant currency basis. (3) Excludes land acquisitions and includes Digital Realty ’ s share of JV contributions. Figure is net of JV partner contributions. (4) Other non-recurring CapEx represents costs incurred to enhance the capacity or marketability of operating properties, such as network fiber initiatives and software development costs. (5) Recurring CapEx represents non-incremental improvements required to maintain current revenues, including second-generation tenant improvements and leasing commissions. Note: The company does not provide a reconciliation for non-GAAP estimates on a forward-looking basis, where it is unable to provide a meaningful or accurate calculation or estimation of reconciling items, and the information is not available without unreasonable effort. Please see Non-GAAP Financial Measures in this document for further discussion. 10 Table of Contents Digital Realty Trust Financial Supplement Earnings Release Fourth Quarter 2024 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, 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 13, 2025, a presentation will be posted to the Investors section of the company’s website at https://investor.digitalrealty.com . The presentation is designed to accompany the discussion of the company’s fourth quarter 2024 financial results and operating performance. The conference call will feature President & Chief Executive Officer Andy Power and Chief Financial Officer Matt Mercier. To participate in the live call, investors are invited to dial +1 (888) 317-6003 (for domestic callers) or +1 (412) 317-6061 (for international callers) and reference the conference ID# 5600611 at least five minutes prior to start time. A live webcast of the call will be available via the Investors section of Digital Realty’s website at https://investor.digitalrealty.com . Telephone and webcast replays will be available after the call until March 13, 2025. The telephone replay can be accessed by dialing +1 (877) 344-7529 (for domestic callers) or +1 (412) 317-0088 (for international callers) and providing the conference ID# 3368293. The webcast replay can be accessed on Digital Realty’s website. About Digital Realty Digital Realty brings companies and data together by delivering the full spectrum of data center, colocation, and interconnection solutions. PlatformDIGITAL®, the company’s global data center platform, provides customers with a secure data meeting place and a proven Pervasive Datacenter Architecture (PDx®) solution methodology for powering innovation and efficiently managing Data Gravity challenges. Digital Realty gives its customers access to the connected data communities that matter to them with a global data center footprint of 300+ facilities in 50+ metros across 25+ countries on six continents. To learn more about Digital Realty, please visit digitalrealty.com or follow us on LinkedIn and X . Contact Information Matt Mercier Chief Financial Officer Digital Realty (415) 874-2803 Jordan Sadler / Jim Huseby Investor Relations Digital Realty (415) 275-5344 11 Table of Contents Consolidated Quarterly Statements of Operations Financial Supplement Unaudited and in Thousands, Except Per Share Data Fourth Quarter 2024 Three Months Ended Twelve Months Ended 31-Dec-24 30-Sep-24 30-Jun-24 31-Mar-24 31-Dec-23 31-Dec-24 31-Dec-23 Rental revenues $958,892 $956,351 $912,994 $894,409 $885,694 $3,722,646 $3,512,926 Tenant reimbursements - Utilities 302,664 305,097 274,505 276,357 316,634 1,158,623 1,299,676 Tenant reimbursements - Other 38,591 39,624 41,964 38,434 46,418 158,612 197,636 Interconnection & other 112,360 112,655 109,505 108,071 106,413 442,591 419,934 Fee income 23,316 12,907 15,656 13,010 14,330 64,888 44,926 Other 40 4,581 2,125 862 144 7,608 1,963 Total Operating Revenues $1,435,862 $1,431,214 $1,356,749 $1,331,143 $1,369,633 $5,554,968 $5,477,061 Utilities $337,534 $356,063 $315,248 $324,571 $366,083 $1,333,416 $1,471,836 Rental property operating 273,104 249,796 237,653 224,369 237,118 984,921 909,830 Property taxes 46,044 45,633 49,620 41,156 40,161 182,453 199,581 Insurance 6,007 4,869 4,755 2,694 3,794 18,325 16,823 Depreciation & amortization 455,355 459,997 425,343 431,102 420,475 1,771,797 1,694,859 General & administration 124,470 115,120 119,511 114,419 109,235 473,521 431,004 Severance, equity acceleration and legal expenses 2,346 2,481 884 791 7,565 6,502 18,054 Transaction and integration expenses 11,797 24,194 26,072 31,839 40,226 93,902 84,722 Provision for impairment 22,881 — 168,303 — 5,363 191,184 118,363 Other expenses 12,002 4,774 (529) 10,836 5,580 27,083 7,529 Total Operating Expenses $1,291,540 $1,262,928 $1,346,860 $1,181,776 $1,235,598 $5,083,104 $4,952,600 Operating Income $144,322 $168,286 $9,889 $149,367 $134,035 $471,864 $524,461 Equity in earnings / (loss) of unconsolidated joint ventures (36,201) (26,486) (41,443) (16,008) (29,955) (120,138) (29,791) Gain / (loss) on sale of investments 144,885 (556) 173,709 277,787 (103) 595,825 900,531 Interest and other income / (expense), net 44,517 37,756 62,261 9,709 50,269 154,243 68,431 Interest (expense) (104,742) (123,803) (114,756) (109,535) (113,638) (452,836) (437,741) Income tax benefit / (expense) (4,928) (12,427) (14,992) (22,413) (20,724) (54,760) (75,579) Loss on debt extinguishment and modifications (2,165) (2,636) — (1,070) — (5,871) — Net Income $185,688 $40,134 $74,668 $287,837 $19,884 $588,327 $950,311 Net (income) / loss attributable to noncontrolling interests 3,881 11,059 5,552 (6,329) 8,419 14,163 (1,474) Net Income Attributable to Digital Realty Trust, Inc. $189,569 $51,193 $80,220 $281,508 $28,304 $602,490 $948,838 Preferred stock dividends (10,181) (10,181) (10,181) (10,181) (10,181) (40,725) (40,725) Net Income / (Loss) Available to Common Stockholders $179,388 $41,012 $70,039 $271,327 $18,122 $561,766 $908,113 Weighted-average shares outstanding - basic 333,376 327,977 319,537 312,292 305,781 323,336 298,603 Weighted-average shares outstanding - diluted 340,690 336,249 327,946 320,798 314,995 331,547 309,065 Weighted-average fully diluted shares and units 346,756 342,374 334,186 326,975 321,173 337,697 315,113 Net income / (loss) per share - basic $0.54 $0.13 $0.22 $0.87 $0.06 $1.74 $3.04 Net income / (loss) per share - diluted $0.51 $0.09 $0.20 $0.82 $0.03 $1.61 $2.88 12 Table of Contents Funds From Operations and Core Funds From Operations Financial Supplement Unaudited and in Thousands, Except Per Share Data Fourth Quarter 2024 Three Months Ended Twelve Months Ended Reconciliation of Net Income to Funds From Operations (FFO) 31-Dec-24 30-Sep-24 30-Jun-24 31-Mar-24 31-Dec-23 31-Dec-24 31-Dec-23 Net Income / (Loss) Available to Common Stockholders $179,388 $41,012 $70,039 $271,327 $18,122 $561,766 $908,113 Adjustments: Non-controlling interest in operating partnership 4,000 1,000 1,500 6,200 410 12,700 20,710 Real estate related depreciation & amortization (1) 445,462 449,086 414,920 420,591 410,167 1,730,059 1,657,239 Reconciling items related to non-controlling interests (19,531) (19,746) (17,317) (8,017) (15,377) (64,612) (57,477) Unconsolidated JV real estate related depreciation & amortization 49,463 48,474 47,117 47,877 64,833 192,931 177,153 (Gain) / loss on real estate transactions (137,047) 556 (173,709) (286,704) 103 (596,904) (908,356) Provision for impairment 22,881 — 168,303 — 5,363 191,185 118,363 Funds From Operations $544,616 $520,382 $510,852 $451,273 $483,621 $2,027,122 $1,915,745 Weighted-average shares and units outstanding - basic 339,442 334,103 325,777 318,469 311,960 329,485 304,651 Weighted-average shares and units outstanding - diluted (2) (3) 346,756 342,374 334,186 326,975 321,173 337,697 315,113 Funds From Operations per share - basic $1.60 $1.56 $1.57 $1.42 $1.55 $6.15 $6.29 Funds From Operations per share - diluted (2) (3) $1.61 $1.55 $1.57 $1.41 $1.53 $6.14 $6.20 Three Months Ended Twelve Months Ended Reconciliation of FFO to Core FFO 31-Dec-24 30-Sep-24 30-Jun-24 31-Mar-24 31-Dec-23 31-Dec-24 31-Dec-23 Funds From Operations $544,616 $520,382 $510,852 $451,273 $483,621 $2,027,122 $1,915,745 Other non-core revenue adjustments (4) 4,537 (4,583) (33,818) 3,525 (146) (30,339) 26,393 Transaction and integration expenses 11,797 24,194 26,072 31,839 40,226 93,902 84,722 Loss on debt extinguishment and modifications 2,165 2,636 — 1,070 — 5,871 — Severance, equity acceleration and legal expenses (5) 2,346 2,481 884 791 7,565 6,502 18,054 (Gain) / Loss on FX and derivatives revaluation 7,127 1,513 32,222 33,602 (24,804) 74,464 (39,000) Other non-core expense adjustments (6) 14,229 11,120 2,271 10,052 1,956 37,671 3,905 Core Funds From Operations $586,816 $557,744 $538,482 $532,153 $508,417 $2,215,194 $2,009,820 Weighted-average shares and units outstanding - diluted (2) (3) 339,982 334,476 326,181 319,138 312,356 329,899 305,138 Core Funds From Operations per share - diluted (2) $1.73 $1.67 $1.65 $1.67 $1.63 $6.71 $6.59 (1) Real Estate Related Depreciation & Amortization Three Months Ended Twelve Months Ended 31-Dec-24 30-Sep-24 30-Jun-24 31-Mar-24 31-Dec-23 31-Dec-24 31-Dec-23 Depreciation & amortization per income statement $455,355 $459,997 $425,343 $431,102 $420,475 $1,771,798 $1,694,859 Non-real estate depreciation (9,894) (10,911) (10,424) (10,511) (10,308) (41,739) (37,619) Real Estate Related Depreciation & Amortization $445,462 $449,086 $414,920 $420,591 $410,167 $1,730,059 $1,657,239 (2) Certain of Teraco's minority indirect shareholders have the right to put their shares in an upstream parent company of Teraco to Digital Realty in exchange for cash or the equivalent value of shares of Digital Realty common stock, or a combination thereof. US GAAP requires Digital Realty to assume the put right is settled in shares for purposes of calculating diluted EPS. This same approach was utilized to calculate FFO/share. The potential future dilutive impact associated with this put right will be excluded from Core FFO and AFFO until settlement occurs – causing diluted share count to be higher for FFO than for Core FFO and AFFO. When calculating diluted FFO, Teraco related minority interest is added back to the FFO numerator as the denominator assumes all shares have been put back to Digital Realty. Three Months Ended Twelve Months Ended 31-Dec-24 30-Sep-24 30-Jun-24 31-Mar-24 31-Dec-23 31-Dec-24 31-Dec-23 Teraco noncontrolling share of FFO $14,905 $9,828 $12,453 $9,768 $7,135 $46,954 $39,386 Teraco related minority interest $14,905 $9,828 $12,453 $9,768 $7,135 $46,954 $39,386 (3) For all periods presented, we have excluded the effect of dilutive series J, series K and series L preferred stock, as applicable, that may be converted into common stock upon the occurrence of specified change in control transactions as described in the articles supplementary governing the series J, series K and series L preferred stock, as applicable, which we consider highly improbable. See above for calculations of FFO and the share count detail section that follows the reconciliation of Core FFO to AFFO for calculations of weighted average common stock and units outstanding. For definitions and discussion of FFO and Core FFO, see the Definitions section. (4) Includes deferred rent adjustments related to a customer bankruptcy, joint venture development fees included in gains, lease termination fees and gain on sale of equity investment included in other income. (5) Relates to severance and other charges related to the departure of company executives and integration-related severance. (6) Includes write-offs associated with bankrupt or terminated customers, non-recurring legal and insurance expenses and adjustments to reflect our proportionate share of transaction costs associated with noncontrolling interests. 13 Table of Contents Adjusted Funds From Operations (AFFO) Financial Supplement Unaudited and in Thousands, Except Per Share Data Fourth Quarter 2024 Three Months Ended Twelve Months Ended Reconciliation of Core FFO to AFFO 31-Dec-24 30-Sep-24 30-Jun-24 31-Mar-24 31-Dec-23 31-Dec-24 31-Dec-23 Core FFO available to common stockholders and unitholders $586,816 $557,744 $538,482 $532,153 $508,417 $2,215,194 $2,009,820 Adjustments: Non-real estate depreciation 9,894 10,911 10,424 10,511 10,308 41,739 37,619 Amortization of deferred financing costs 5,697 4,853 5,072 5,576 5,744 21,198 21,575 Amortization of debt discount/premium 1,324 1,329 1,321 1,832 973 5,805 4,973 Non-cash stock-based compensation expense 13,386 15,026 14,464 12,592 9,226 55,468 50,238 Straight-line rental revenue (18,242) (17,581) 334 9,976 (21,992) (25,513) (68,417) Straight-line rental expense (136) 1,690 782 1,111 (4,999) 3,447 (3,567) Above- and below-market rent amortization (269) (742) (1,691) (854) (856) (3,555) (4,404) Deferred tax (benefit) / expense (15,048) (9,366) (9,982) (3,437) 33,448 (37,834) 16,452 Leasing compensation & internal lease commissions 10,505 10,918 10,519 13,291 9,848 45,233 45,040 Recurring capital expenditures (1) (130,245) (67,308) (60,483) (47,676) (142,808) (305,712) (327,022) AFFO available to common stockholders and unitholders (2) $463,682 $507,474 $509,241 $535,073 $407,306 $2,015,471 $1,782,308 Weighted-average shares and units outstanding - basic 339,442 334,103 325,777 318,469 311,960 329,485 304,651 Weighted-average shares and units outstanding - diluted (3) 339,982 334,476 326,181 319,138 312,356 329,899 305,138 AFFO per share - diluted (3) $1.36 $1.52 $1.56 $1.68 $1.30 $6.11 $5.84 Dividends per share and common unit $1.22 $1.22 $1.22 $1.22 $1.22 $4.88 $4.88 Diluted AFFO Payout Ratio 89.5% 80.4% 78.1% 72.8% 93.6% 79.9% 83.5% Three Months Ended Twelve Months Ended Share Count Detail 31-Dec-24 30-Sep-24 30-Jun-24 31-Mar-24 31-Dec-23 31-Dec-24 31-Dec-23 Weighted Average Common Stock and Units Outstanding 339,442 334,103 325,777 318,469 311,960 329,485 304,651 Add: Effect of dilutive securities 540 373 404 669 396 413 487 Weighted Avg. Common Stock and Units Outstanding - diluted 339,982 334,476 326,181 319,138 312,356 329,899 305,138 (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 2024 31-Dec-24 30-Sep-24 30-Jun-24 31-Mar-24 31-Dec-23 Assets Investments in real estate: Real estate $27,558,993 $28,808,770 $27,470,635 $27,122,796 $27,306,369 Construction in progress 5,164,334 5,175,054 4,676,012 4,496,840 4,635,215 Land held for future development 38,785 23,392 93,938 114,240 118,190 Investments in Real Estate $32,762,112 $34,007,216 $32,240,584 $31,733,877 $32,059,773 Accumulated depreciation and amortization (8,641,331) (8,777,002) (8,303,070) (7,976,093) (7,823,685) Net Investments in Properties $24,120,781 $25,230,214 $23,937,514 $23,757,784 $24,236,089 Investment in unconsolidated joint ventures 2,639,800 2,456,448 2,332,698 2,365,821 2,295,889 Net Investments in Real Estate $26,760,582 $27,686,662 $26,270,212 $26,123,605 $26,531,977 Operating lease right-of-use assets, net $1,178,853 $1,228,507 $1,211,003 $1,233,410 $1,414,256 Cash and cash equivalents 3,870,891 2,175,605 2,282,062 1,193,784 1,625,495 Accounts and other receivables, net (1) 1,257,464 1,274,460 1,222,403 1,217,276 1,278,110 Deferred rent, net 642,456 641,778 613,749 611,670 624,427 Goodwill 8,929,431 9,395,233 9,128,811 9,105,026 9,239,871 Customer relationship value, deferred leasing costs & other intangibles, net 2,178,054 2,367,467 2,315,143 2,359,380 2,500,237 Assets held for sale — — — 287,064 478,503 Other assets 465,885 525,679 563,500 501,875 420,382 Total Assets $45,283,616 $45,295,392 $43,606,883 $42,633,089 $44,113,257 Liabilities and Equity Global unsecured revolving credit facilities, net $1,611,308 $1,786,921 $1,848,167 $1,901,126 $1,812,287 Unsecured term loans, net 386,903 913,733 1,297,893 1,303,263 1,560,305 Unsecured senior notes, net of discount 13,962,852 13,528,061 12,507,551 13,190,202 13,422,342 Secured and other debt, net of discount 753,314 757,831 686,135 625,750 630,973 Operating lease liabilities 1,294,219 1,343,903 1,336,839 1,357,751 1,542,094 Accounts payable and other accrued liabilities 2,056,215 2,140,764 1,973,798 1,870,344 2,168,983 Deferred tax liabilities, net 1,084,562 1,223,771 1,132,090 1,121,224 1,151,096 Accrued dividends and distributions 418,661 — — — 387,988 Security deposits and prepaid rents 539,802 423,797 416,705 413,225 401,867 Obligations associated with assets held for sale — — — 9,981 39,001 Total Liabilities $22,107,836 $22,118,781 $21,199,178 $21,792,866 $23,116,936 Redeemable non-controlling interests 1,433,185 1,465,636 1,399,889 1,350,736 1,394,814 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) 3,337 3,285 3,231 3,097 3,088 Additional paid-in capital 28,079,738 27,229,143 26,388,393 24,508,683 24,396,797 Dividends in excess of earnings (6,292,085) (6,060,642) (5,701,096) (5,373,529) (5,262,648) Accumulated other comprehensive (loss), net (1,182,283) (657,364) (884,715) (850,091) (751,393) Total Stockholders' Equity $21,340,397 $21,246,112 $20,537,503 $19,019,850 $19,117,535 Noncontrolling Interests Noncontrolling interest in operating partnership $396,099 $427,930 $434,253 $438,422 $438,081 Noncontrolling interest in consolidated joint ventures 6,099 36,933 36,060 31,215 45,892 Total Noncontrolling Interests $402,198 $464,863 $470,313 $469,637 $483,972 Total Equity $21,742,595 $21,710,975 $21,007,816 $19,489,487 $19,601,507 Total Liabilities and Equity $45,283,616 $45,295,392 $43,606,883 $42,633,089 $44,113,257 (1) Net of allowance for doubtful accounts of $59,224 and $41,204 as of December 31, 2024 and December 31, 2023, respectively. (2) Series J Cumulative Redeemable Preferred Stock, 5.250%, $200,000 liquidation preference ($25.00 per share), 8,000 shares issued and outstanding as of December 31, 2024 and December 31, 2023. (3) Series K Cumulative Redeemable Preferred Stock, 5.850%, $210,000 liquidation preference ($25.00 per share), 8,400 shares issued and outstanding as of December 31, 2024 and December 31, 2023. (4) Series L Cumulative Redeemable Preferred Stock, 5.200%, $345,000 liquidation preference ($25.00 per share), 13,800 shares issued and outstanding as of December 31, 2024 and December 31, 2023. (5) Common Stock: 336,637 and 311,608 shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively. 15 Table of Contents Components of Net Asset Value (NAV) (1) Financial Supplement Unaudited and in Thousands Fourth Quarter 2024 44 Consolidated Properties Cash Net Operating Income (NOI) (2) , Annualized (3) Network-Dense $1,098,181 Campus 1,716,860 Other (4) 93,047 Total Cash NOI, Annualized $2,908,088 less: Partners' share of consolidated JVs (82,398) Acquisitions / dispositions / expirations (96,689) FY 2025 backlog cash NOI and 4Q24 carry-over (stabilized) (5) 191,470 Total Consolidated Cash NOI, Annualized $2,920,471 Digital Realty's Pro Rata Share of Unconsolidated Joint Venture Cash NOI (3) (6) $264,484 Other Income Development and Management Fees (net), Annualized $93,265 Other Assets Pre-stabilized inventory, at cost (7) $178,717 Land held for development 38,785 Development CIP (8) 5,164,334 less: Investment associated with FY25 Backlog NOI (9) (1,038,358) Cash and cash equivalents 3,870,891 Accounts and other receivables, net 1,257,464 Other assets 465,885 less: Partners' share of consolidated JV assets (144,588) Total Other Assets $9,793,130 Liabilities Global unsecured revolving credit facilities $1,637,922 Unsecured term loans 388,275 Unsecured senior notes 14,059,415 Secured and other debt 761,262 Accounts payable and other accrued liabilities 2,056,215 Deferred tax liabilities, net 1,084,562 Accrued dividends and distributions 418,661 Security deposits and prepaid rents 539,802 Backlog NOI cost to complete (9) 412,496 Preferred stock 755,000 Digital Realty's share of unconsolidated JV debt 1,448,972 less: Partners' share of consolidated JV liabilities (446,294) Total Liabilities $23,116,287 (1) Backlog and associated financial line items include activity related to unconsolidated joint venture 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 4Q24 Cash NOI of $2.9 billion. NOI is allocated based on management’s estimates derived using contractual ABR and stabilized margins. (4) Other includes Powered Base Building shell capacity as well as storage and office space within fully improved data center facilities. (5) Estimated cash NOI related to signed leases that are expected to commence through December 31, 2025. Includes Digital Realty’s share of signed leases at unconsolidated joint venture properties. (6) For a reconciliation of Digital Realty’s pro rata share of unconsolidated joint venture operating income to cash NOI, see page 29 . (7) Excludes Digital Realty’s share of cost at unconsolidated joint venture 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 joint venture properties. 16 Table of Contents Debt Maturities Financial Supplement Unaudited and Dollars in thousands Fourth Quarter 2024 As of December 31, 2024 Interest Rate Interest Including Rate Swaps 2025 2026 2027 2028 2029 Thereafter Total Global Unsecured Revolving Credit Facilities (1) Global unsecured revolving credit facility 4.167% 4.118% — — — — — $1,481,187 $1,481,187 Yen revolving credit facility 0.900% 0.900% — — — — — 156,735 156,735 Deferred financing costs, net — — — — — — — — (26,614) Total Global Unsecured Revolving Credit Facilities 3.855% 3.810% — — — — — $1,637,922 $1,611,308 Unsecured Term Loans Euro term loan facility 3.813% 3.230% — — $388,275 — — — $388,275 Deferred financing costs, net — — — — — — — — (1,372) Total Unsecured Term Loans 3.813% 3.230% — — $388,275 — — — $386,903 Senior Notes £400 million 4.250% Notes due 2025 (2) 4.250% 4.250% $500,640 — — — — — $500,640 €650 million 0.625% Notes due 2025 0.625% 0.625% 673,010 — — — — — 673,010 €1.08 billion 2.500% Notes due 2026 2.500% 2.500% — $1,113,055 — — — — 1,113,055 ₣275 million 0.200% Notes due 2026 0.200% 0.200% — 302,987 — — — — 302,987 ₣150 million 1.700% Notes due 2027 1.700% 1.700% — — $165,265 — — — 165,265 $1.00 billion 3.700% Notes due 2027 (3) 3.700% 2.485% — — 1,000,000 — — — 1,000,000 €500 million 1.125% Notes due 2028 1.125% 1.125% — — — $517,700 — — 517,700 $900 million 5.550% Notes due 2028 (3) 5.550% 3.996% — — — 900,000 — — 900,000 $650 million 4.450% Notes due 2028 4.450% 4.450% — — — 650,000 — — 650,000 ₣270 million 0.550% Notes due 2029 0.550% 0.550% — — — — $297,478 — 297,478 $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% — — — — 438,060 — 438,060 $1.15 billion 1.875% Notes due 2029 (3) 1.875% 1.263% — — — — 1,150,000 — 1,150,000 €750 million 1.500% Notes due 2030 1.500% 1.500% — — — — — $776,550 776,550 £550 million 3.750% Notes due 2030 3.750% 3.750% — — — — — 688,380 688,380 €500 million 1.250% Notes due 2031 1.250% 1.250% — — — — — 517,700 517,700 €1.00 billion 0.625% Notes due 2031 0.625% 0.625% — — — — — 1,035,400 1,035,400 €750 million 1.000% Notes due 2032 1.000% 1.000% — — — — — 776,550 776,550 €750 million 1.375% Notes due 2032 1.375% 1.375% — — — — — 776,550 776,550 €850 million 3.875% Notes due 2033 3.875% 3.875% — — — — — 880,090 880,090 Unamortized discounts — — — — — — — — (27,479) Deferred financing costs — — — — — — — — (69,084) Total Senior Notes 2.500% 2.264% $1,173,650 $1,416,042 $1,165,265 $2,067,700 $2,785,538 $5,451,220 $13,962,852 Secured Debt ICN10 Facilities 5.680% 3.500% — — — — — $11,429 $11,429 Westin 3.290% 3.290% — — $135,000 — — — 135,000 Teraco Loans 10.027% 9.679% $782 $47,713 94,634 $353,970 $9,022 31,579 537,700 Deferred financing costs — — — — — — — — (4,290) Total Secured Debt 8.625% 8.315% $782 $47,713 $229,634 $353,970 $9,022 $43,008 $679,839 Other Debt Icolo loans 12.704% 12.704% — $5,760 $4,389 $1,029 $4,924 — $16,102 Total Other Debt 12.704% 12.704% — $5,760 $4,389 $1,029 $4,924 — $16,102 Mandatorily Redeemable Preferred Shares (Teraco) Mandatorily Redeemable Preferred Shares (Teraco) 9.675% 9.675% — $61,032 — — — — $61,032 Unamortized discounts — — — — — — — — (3,658) Total Redeemable Preferred Shares 9.675% 9.675% — $61,032 — — — — $57,374 Total unhedged variable rate debt — — $149 $61,697 $1,179 $9,697 $4,176 $1,506,917 $1,583,814 Total fixed rate / hedged variable rate debt — — 1,174,283 1,468,849 1,786,384 2,413,002 2,795,308 5,625,233 15,263,060 Total Debt 2.946% 2.719% $1,174,432 $1,530,546 $1,787,563 $2,422,699 $2,799,484 $7,132,150 $16,846,874 Weighted Average Interest Rate 2.176% 2.593% 3.041% 4.338% 2.305% 2.367% 2.719% Summary Weighted Average Term to Initial Maturity 4.2 Years Weighted Average Maturity (assuming exercise of extension options) 4.4 Years Global Unsecured Revolving Credit Facilities Detail As of December 31, 2024 Maximum Available Existing Capacity (4) Currently Drawn Global Unsecured Revolving Credit Facilities $4,408,339 $2,655,883 $1,637,922 (1) Assumes all extensions will be exercised. (2) Repaid in full on January 17, 2025. (3) Subject to cross-currency swaps. (4) Net of letters of credit issued of $114.5 million. 17 Table of Contents Debt Analysis and Covenant Compliance Financial Supplement Unaudited Fourth Quarter 2024 As of December 31, 2024 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% 42% 35% Less than 60% (5) 31% Secured debt / total assets (6) Less than 40% 5% 1% Less than 40% (7) 3% Total unencumbered assets / unsecured debt Greater than 150% 258% 282% N/A N/A Consolidated EBITDA / interest expense (8) Greater than 1.50x 4.3x 4.3x N/A N/A Fixed charge coverage N/A N/A Greater than 1.50x 4.3x Unsecured debt / total unencumbered asset value (9) N/A N/A Less than 60% 32% Unencumbered assets debt service coverage ratio (9) N/A N/A Greater than 1.50x 4.8x (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 and 3.875% notes due 2033. (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 and 3.875% notes due 2033. (4) This ratio is referred to as the Leverage Ratio, defined as Consolidated Debt / Total Asset Value, under the global unsecured revolving credit facility and the Yen facility. For the calculation of Total Assets, please refer to the indentures which govern the notes, the Third Amended and Restated Global Senior Credit Agreement dated as of September 24, 2024 and the Second Amended and Restated Yen facility Credit Agreement dated as of September 24, 2024, each as amended and which are filed as exhibits to our reports filed with the U.S. Securities and Exchange Commission. (5) The company has the right to maintain a Leverage Ratio of greater than 60.0% but less than or equal to 65.0% for up to four consecutive fiscal quarters during the term of the facility following any acquisition of one or more Assets. (6) This ratio is referred to as the Secured Debt Leverage Ratio, defined as Secured Debt / Total Asset Value, under the global unsecured revolving credit facility and the Yen facility. (7) The company has the right to maintain a Secured Debt Leverage Ratio of greater than 40.0% but less than or equal to 45.0% for up to four consecutive fiscal quarters during the term of the facility following any acquisition of one or more Assets. (8) Calculated as current quarter annualized consolidated EBITDA to current quarter annualized Interest Expense (including capitalized interest and debt discounts). This ratio no longer applies from and after the date that the company achieves a Debt Rating of at least BBB+ / Baa1 and a Total Asset Value of at least $35,000,000,000. (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 2024 Stabilized (“Same-Capital”) Portfolio (1) Three Months Ended Twelve Months Ended 31-Dec-24 31-Dec-23 % Change 30-Sep-24 % Change 31-Dec-24 31-Dec-23 % Change Rental revenues $703,083 $687,397 2.3% $698,831 0.6% $2,785,140 $2,704,364 3.0% Tenant reimbursements - Utilities 226,913 258,932 (12.4%) 231,434 (2.0%) 892,197 1,053,169 (15.3%) Tenant reimbursements - Other 27,884 34,815 (19.9%) 30,343 (8.1%) 120,119 120,184 (0.1%) Interconnection & other 94,051 90,608 3.8% 94,590 (0.6%) 372,994 355,495 4.9% Total Revenue $1,051,932 $1,071,752 (1.8%) $1,055,198 (0.3%) $4,170,449 $4,233,212 (1.5%) Utilities $250,191 $301,068 (16.9%) $271,626 (7.9%) $1,020,379 $1,203,719 (15.2%) Rental property operating 201,620 175,100 15.1% 172,991 16.5% 712,962 662,061 7.7% Property taxes 34,082 28,385 20.1% 36,312 (6.1%) 142,625 122,922 16.0% Insurance 4,436 3,460 28.2% 4,097 8.3% 16,714 15,219 9.8% Total Expenses $490,330 $508,013 (3.5%) $485,025 1.1% $1,892,680 $2,003,921 (5.6%) Net Operating Income (2) $561,602 $563,739 (0.4%) $570,172 (1.5%) $2,277,770 $2,229,291 2.2% Less: Stabilized straight-line rent $9,268 $18,726 (50.5%) $8,024 15.5% $2,746 $15,060 (81.8%) Above- and below-market rent 380 828 (54.1%) 840 (54.8%) 2,838 4,096 (30.7%) Cash Net Operating Income (3) $551,955 $544,185 1.4% $561,309 (1.7%) $2,272,186 $2,210,134 2.8% Stabilized Portfolio occupancy at period end (4) 82.9% 82.8% 0.0% 83.3% (0.4%) 82.9% 82.8% 0.0% (1) Represents buildings owned as of December 31, 2022 with less than 5% of total rentable square feet under development. Excludes buildings that were undergoing, or were expected to undergo, development activities in 2023-2024, buildings classified as held for sale, and buildings sold or contributed to joint ventures for all periods presented. Prior period numbers adjusted to reflect current same-capital pool. (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) 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, 2024 Fourth Quarter 2024 0-1 MW > 1 MW Other (3) Total Leasing Activity - New (1) (2) 4Q24 LTM 4Q24 LTM 4Q24 LTM 4Q24 LTM Annualized GAAP Rent (in thousands) $61,748 $191,748 $22,573 $780,787 $599 $6,741 $84,920 $979,276 Kilowatt leased 19,701 60,942 13,557 343,472 — — 33,258 404,414 NRSF (in thousands) 209 650 131 2,582 9 106 350 3,338 Weighted Average Lease Term (years) 4.5 3.9 8.1 11.7 4.3 12.2 5.8 10.2 Initial stabilized cash rent per Kilowatt $259 $260 $130 $152 — — $206 $168 GAAP rent per Kilowatt $261 $262 $139 $189 — — $211 $200 Leasing cost per Kilowatt $20 $23 — — — — $12 $4 Net Effective Economics by Kilowatt (4) Base rent by Kilowatt $263 $265 $141 $190 — — $213 $201 Rental concessions by Kilowatt $2 $3 $2 — — — $2 $1 Estimated operating expense by Kilowatt $75 $77 $37 $48 — — $60 $52 Net rent per Kilowatt $186 $185 $101 $142 — — $151 $148 Tenant improvements by Kilowatt — — — — — — — — Leasing commissions by Kilowatt $7 $9 — — — — $4 $1 Net effective rent per Kilowatt $178 $176 $101 $142 — — $147 $147 Initial stabilized cash rent per NRSF $292 $292 $161 $242 $62 $51 $237 $246 GAAP rent per NRSF $295 $295 $172 $302 $64 $64 $243 $293 Leasing cost per NRSF $23 $26 — — $7 $2 $14 $5 Net Effective Economics by NRSF (4) Base rent by NRSF $297 $298 $175 $303 $64 $64 $245 $294 Rental concessions by NRSF $2 $4 $3 $1 — — $2 $1 Estimated operating expense by NRSF $85 $81 $47 $80 $8 $8 $69 $78 Net rent per NRSF $210 $214 $126 $223 $56 $55 $174 $216 Tenant improvements by NRSF — — — — — — — — Leasing commissions by NRSF $8 $10 — — $2 $1 $5 $2 Net effective rent per NRSF $201 $204 $126 $223 $53 $55 $169 $214 (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, 2024 Fourth Quarter 2024 0-1 MW > 1 MW Other (4) Total Leasing Activity - Renewals (1) (2) (3) 4Q24 LTM 4Q24 LTM 4Q24 LTM 4Q24 LTM Leases renewed (Kilowatt) 34,382 142,148 59,304 216,280 — — 93,686 358,428 Leases renewed (NRSF in thousands) 537 2,082 701 2,513 36 404 1,274 5,000 Leasing cost per Kilowatt $1 $1 $2 $1 — — $2 $1 Leasing cost per NRSF $1 $1 $2 $1 $3 $2 $2 $1 Weighted Term (years) 1.2 1.5 4.0 5.5 2.3 5.4 2.8 3.8 Cash Rent Expiring cash rent per Kilowatt $351 $308 $128 $133 — — $210 $202 Renewed cash rent per Kilowatt $369 $321 $133 $152 — — $219 $219 % Change Cash Rent Per Kilowatt 4.9% 4.2% 3.7% 14.4% — — 4.4% 8.3% Expiring cash rent per NRSF $270 $253 $130 $137 $64 $51 $187 $178 Renewed cash rent per NRSF $283 $263 $135 $157 $86 $71 $196 $194 % Change Cash Rent Per NRSF 4.9% 4.2% 3.7% 14.4% 35.8% 38.5% 4.7% 9.0% GAAP Rent Expiring GAAP rent per Kilowatt $350 $307 $118 $125 — — $203 $197 Renewed GAAP rent per Kilowatt $369 $322 $135 $159 — — $221 $224 % Change GAAP Rent Per Kilowatt 5.5% 5.0% 14.6% 27.4% — — 8.8% 13.6% Expiring GAAP rent per NRSF $269 $251 $120 $129 $57 $46 $181 $173 Renewed GAAP rent per NRSF $284 $264 $137 $164 $80 $68 $197 $198 % Change GAAP Rent Per NRSF 5.5% 5.0% 14.6% 27.4% 40.4% 47.0% 9.1% 14.3% Retention ratio (5) 80.4% 82.9% 82.8% 81.0% 15.7% 54.5% 73.0% 78.6% Churn (6) 2.5% 7.8% 1.4% 4.9% 3.6% 5.6% 2.0% 6.2% (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 2024 % of Annualized Rent Per Annualized Rent Per Rent Per kW Square Footage of Annualized Annualized Occupied Occupied Square Annualized Rent kW of Expiring Rent per kW Per Month at Year Expiring Leases (1) Rent (2) Rent Square Foot Foot at Expiration at Expiration Leases Per Month Expiration 0-1 MW Available 2,890 — — — — — — — — Month to Month (3) 232 $53,167 1.4% $229 $228 $52,957 11,570 $383 $381 2025 2,422 733,388 19.8% 303 303 734,031 172,564 354 354 2026 678 175,076 4.7% 258 263 178,682 52,913 276 281 2027 703 158,584 4.3% 225 237 166,661 54,840 241 253 2028 328 64,153 1.7% 196 211 69,244 23,552 227 245 2029 309 59,728 1.6% 194 214 66,175 23,578 211 234 2030 125 29,986 0.8% 239 262 32,807 8,730 286 313 2031 110 20,766 0.6% 189 217 23,790 7,246 239 274 2032 48 7,653 0.2% 159 184 8,874 2,765 231 267 2033 30 8,520 0.2% 281 337 10,194 2,635 269 322 2034 29 3,644 0.1% 125 125 3,651 1,811 168 168 Thereafter 13 1,429 0.0% 111 114 1,468 425 280 287 Total / Wtd. Avg. 7,918 $1,316,096 35.5% $262 $268 $1,348,534 362,629 $302 $310 > 1 MW Expiring Leases (1) Annualized Annualized Annualized Rent Per Annualized Rent Per Annualized Rent Per kW of Expiring Annualized Rent Per kW Available 1,636 — — — — — — — — Month to Month (3) 52 $7,730 0.2% $149 $150 $7,762 3,942 $163 $164 2025 1,183 190,930 5.1% 161 163 192,834 108,455 147 148 2026 1,836 265,780 7.2% 145 149 274,030 164,408 135 139 2027 1,555 231,835 6.3% 149 158 245,316 149,234 129 137 2028 1,511 187,200 5.0% 124 133 200,885 137,029 114 122 2029 1,884 274,484 7.4% 146 160 301,997 211,706 108 119 2030 1,283 192,284 5.2% 150 165 211,557 141,513 113 125 2031 988 148,575 4.0% 150 176 173,996 103,823 119 140 2032 854 118,541 3.2% 139 158 134,580 92,948 106 121 2033 570 90,317 2.4% 159 187 106,313 60,600 124 146 2034 1,283 151,561 4.1% 118 139 178,319 122,392 103 121 Thereafter 1,820 289,885 7.8% 159 204 371,404 179,451 135 172 Total / Wtd. Avg. 16,455 $2,149,122 57.9% $145 $162 $2,398,993 1,475,502 $121 $135 Other (4) Expiring Leases (1) Annualized Annualized Annualized Rent Per Annualized Rent Per Annualized Rent Per kW of Expiring Annualized Rent Per kW Available 1,278 — — — — — — — — Month to Month (3) 96 $9,188 0.2% $96 $96 $9,197 — — — 2025 725 23,630 0.6% 33 33 23,696 — — — 2026 845 29,087 0.8% 34 36 30,345 — — — 2027 342 11,044 0.3% 32 34 11,633 — — — 2028 479 14,021 0.4% 29 31 15,047 — — — 2029 757 37,110 1.0% 49 55 41,479 — — — 2030 832 35,619 1.0% 43 57 47,438 — — — 2031 72 2,320 0.1% 32 38 2,713 — — — 2032 111 6,267 0.2% 57 64 7,028 — — — 2033 110 4,164 0.1% 38 44 4,860 — — — 2034 590 21,695 0.6% 37 45 26,686 — — — Thereafter 2,514 49,397 1.3% 20 25 63,804 — — — Total / Wtd. Avg. 8,749 $243,541 6.6% $33 $38 $283,925 — — — Total Expiring Leases (1) Annualized Annualized Annualized Rent Per Annualized Rent Per Annualized Rent Per kW of Expiring Annualized Rent Per kW Available 5,680 — — — — — — — — Month to Month (3) 380 $70,085 1.9% $184 $184 $69,917 — — — 2025 4,330 947,948 25.6% 219 220 950,561 — — — 2026 3,359 469,943 12.7% 140 144 483,057 — — — 2027 2,600 401,463 10.8% 154 163 423,610 — — — 2028 2,318 265,374 7.2% 114 123 285,176 — — — 2029 2,950 371,322 10.0% 126 139 409,651 — — — 2030 2,240 257,889 7.0% 115 130 291,802 — — — 2031 1,169 171,662 4.6% 147 171 200,498 — — — 2032 1,013 132,461 3.6% 131 149 150,482 — — — 2033 710 103,000 2.8% 145 171 121,367 — — — 2034 1,902 176,901 4.8% 93 110 208,656 — — — Thereafter 4,347 340,711 9.2% 78 100 436,675 — — — Total / Wtd. Avg. 32,999 $3,708,758 100.0% $136 $148 $4,031,452 — — — (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, 2024, 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 joint ventures based on our ownership percentage. 22 Table of Contents Top 20 Customers by Annualized Rent Financial Supplement Dollars in Thousands Fourth Quarter 2024 Weighted Average Annualized % of Annualized Remaining Number of Recurring Recurring Lease Term in Customer Locations Revenue (1) Revenue Years 1 Fortune 50 Software Company 73 $475,081 11.5% 8.9 2 Oracle Corporation 39 266,603 6.4% 9.7 3 Social Content Platform 30 229,771 5.5% 3.7 4 Global Cloud Provider 63 189,147 4.6% 4.8 5 IBM 36 119,145 2.9% 2.8 6 Equinix 17 98,128 2.4% 5.0 7 LinkedIn Corporation 7 84,509 2.0% 3.2 8 Fortune 25 Investment Grade-Rated Company 29 64,371 1.6% 1.9 9 Meta Platforms, Inc. 49 64,157 1.5% 3.6 10 Social Media Platform 5 63,168 1.5% 6.4 11 Specialized Cloud Provider 2 58,322 1.4% 4.7 12 Lumen Technologies, Inc. 130 55,529 1.3% 8.2 13 Fortune 25 Tech Company 54 54,008 1.3% 3.3 14 AT&T 77 49,890 1.2% 2.5 15 Comcast Corporation 44 43,900 1.1% 3.5 16 Fortune 500 SaaS Provider 10 42,462 1.0% 2.8 17 JPMorgan Chase & Co. 19 40,101 1.0% 3.4 18 Rackspace 23 37,599 0.9% 8.9 19 Morgan Stanley 13 37,276 0.9% 4.4 20 Verizon 88 33,554 0.8% 12.1 Total / Weighted Average $2,106,721 50.8% 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, 2024, multiplied by 12. Note: Represents consolidated portfolio in addition to our managed portfolio of unconsolidated joint ventures based on ownership percentage. Our direct customers may be the entities named in the table above or their subsidiaries or affiliates. 23 Table of Contents Occupancy Analysis Financial Supplement Dollars and Square Feet in Thousands Fourth Quarter 2024 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-24 30-Sep-24 IT Load (6) Count North America Northern Virginia 5,372 1,571 254 $643,833 92.8% 93.1% 478.5 18 Chicago 2,262 553 48 232,208 92.6% 92.3% 81.0 7 Dallas 3,126 408 110 211,320 84.0% 83.0% 111.2 19 New York 1,553 87 100 201,566 73.7% 67.0% 59.9 11 Silicon Valley 1,524 — — 162,151 87.9% 91.2% 94.6 13 Portland 1,147 — — 152,973 98.9% 98.9% 123.6 3 Phoenix 796 — — 78,576 76.7% 75.9% 42.5 2 Toronto 593 130 135 63,437 96.1% 95.5% 55.8 2 Atlanta 542 15 314 61,235 96.7% 97.6% 9.1 4 San Francisco 844 — — 60,731 61.6% 62.4% 31.5 4 Seattle 397 — — 48,233 73.8% 75.1% 5.9 1 Los Angeles 611 11 — 43,954 79.4% 80.6% 16.2 2 Houston 393 — 14 19,221 69.7% 69.6% 12.0 6 Boston 437 — 51 15,527 38.1% 41.9% 19.0 3 Miami 226 — — 9,941 86.0% 85.3% 1.3 2 Austin 86 — — 7,472 59.7% 59.6% 4.3 1 Charlotte 95 — — 5,889 92.4% 92.0% 1.5 3 North America Total/Weighted Average 20,004 2,775 1,025 $2,018,267 85.5% 85.5% 1,147.9 101 EMEA London 1,412 13 76 $227,318 61.0% 60.7% 98.9 13 Frankfurt 1,722 1,488 — 217,040 87.2% 86.5% 110.8 24 Amsterdam 1,332 222 92 183,014 86.2% 85.0% 116.3 13 Johannesburg 1,263 945 — 143,214 81.7% 80.7% 67.4 5 Paris 977 285 — 124,168 82.8% 83.1% 91.9 12 Marseille 558 237 378 72,264 75.4% 80.2% 45.2 4 Zurich 496 92 — 68,909 85.2% 83.1% 34.3 3 Dublin 553 — — 56,505 71.3% 71.8% 39.3 9 Vienna 356 133 — 50,148 82.6% 82.7% 25.6 3 Cape Town 326 402 — 44,169 87.3% 75.9% 21.1 2 Madrid 308 100 — 43,514 76.4% 75.9% 16.8 4 Brussels 338 — — 38,542 69.7% 69.7% 21.5 3 Stockholm 245 — — 23,781 57.7% 72.7% 16.8 6 Copenhagen 226 — 99 23,506 69.2% 69.8% 12.9 3 Dusseldorf 142 — 71 18,601 59.8% 54.7% 7.7 3 Athens 148 61 — 18,253 81.9% 80.8% 9.0 4 Durban 59 — — 6,914 69.7% 90.1% 2.1 1 Mombasa 37 — 21 4,346 39.6% 39.0% 1.9 2 Zagreb 24 10 — 2,723 94.6% 94.6% 0.9 1 Nairobi 16 75 — 2,993 64.6% 64.3% 0.9 1 Maputo 3 — — 487 41.6% 41.6% 0.2 1 Rome 0 37 — 177 100.0% — 0.1 1 Barcelona — 144 — — — — — — Crete — 11 — — — — — — EMEA Total/Weighted Average 10,540 4,254 738 $1,370,587 78.1% 77.6% 741.6 118 Asia Pacific Singapore 793 — 97 $210,062 91.1% 91.8% 72.1 3 Sydney 361 — 88 26,004 83.3% 85.9% 22.8 4 Melbourne 147 — — 17,598 90.6% 92.4% 9.6 2 Hong Kong 114 66 104 10,857 73.3% 73.2% 7.5 1 Seoul 162 — — 4,586 25.2% 14.9% 12.0 1 Asia Pacific Total/Weighted Average 1,577 66 289 $269,106 81.2% 81.8% 123.9 11 Consolidated Portfolio Total/Weighted Average 32,120 7,095 2,052 $3,657,960 82.9% 82.7% 2,013.3 230 Unconsolidated Joint Ventures Northern Virginia 2,793 792 — $244,873 97.0% 96.8% 209.7 12 Chicago 1,118 — — 118,762 96.3% 96.3% 94.2 3 Frankfurt 551 — — 49,376 81.0% 77.9% 46.1 5 Dallas 364 — — 27,081 100.0% 100.0% 16.0 2 Silicon Valley 142 — 400 18,592 100.0% 100.0% 10.9 2 Hong Kong 186 — — 11,192 44.3% 44.3% 11.0 1 Toronto 104 — — 9,821 54.5% 54.6% 6.8 1 Los Angeles 197 — — 9,617 80.0% 100.0% 4.3 2 Paris 91 179 — 7,050 60.1% 59.9% 10.0 1 Lagos 5 26 — 1,215 93.3% 92.2% 0.2 2 Accra — 24 — — — — — — Managed Unconsolidated Portfolio Total/Weighted Average 5,552 1,022 400 $497,581 91.8% 91.8% 409.0 31 Managed Portfolio Total/Weighted Average 37,672 8,117 2,452 $4,155,541 84.2% 84.0% 2,422.3 261 Digital Realty Share Total/Weighted Average (7) 32,999 6,495 2,446 $3,708,758 82.8% 81.6% 2,079.9 — Non-Managed Unconsolidated Joint Ventures Sao Paulo 1,416 75 1,198 $177,167 92.0% 91.9% 119.6 25 Tokyo 1,118 479 — 88,868 76.2% 74.9% 64.9 5 Osaka 583 116 80 73,048 82.0% 83.3% 58.9 4 Santiago 119 118 71 14,696 90.1% 90.1% 10.2 3 Rio De Janeiro 112 — — 11,647 100.0% 100.0% 8.0 2 Queretaro 105 — 583 9,693 100.0% 100.0% 8.0 3 Seattle 51 — — 7,770 100.0% 100.0% 9.0 1 Fortaleza 94 — — 1,769 22.0% 22.0% 6.2 1 Chennai 55 — 104 310 2.5% — 7.2 1 Bogota — — 197 — — — — 2 Non-Managed Portfolio Total/Weighted Average 3,654 787 2,234 $384,966 83.0% 82.6% 292.0 47 Portfolio Total/Weighted Average 41,326 8,904 4,686 $4,540,507 84.1% 83.9% 2,714.3 308 (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, 2024, multiplied by 12. (5) Occupancy excludes space under active development and space held for development. For some of our buildings, we calculate occupancy based on factors in addition to contractually leased square feet, including available power, required support space and common areas. (6) White Space IT Load represents UPS-backed utility power dedicated to Digital Realty’s operated data center space. (7) Represents consolidated portfolio plus our managed portfolio of unconsolidated joint ventures based on our ownership percentage. 24 Table of Contents Development Lifecycle (1) Financial Supplement Dollars in Thousands Fourth Quarter 2024 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 1,000 120 $1,774,041 $1,502,761 192 100% 4Q25 $655,787 $1,262,588 $1,918,375 $452,072 $683,674 $1,135,745 Chicago 40 — 38,990 38,990 54 89% 4Q26 100,126 548,796 648,923 100,126 548,796 648,923 Dallas 230 30 184,027 184,027 48 100% 4Q26 22,702 493,714 516,416 22,702 493,714 516,416 Other 710 150 847,546 751,069 24 90% 3Q25 259,435 36,461 295,896 195,655 29,240 224,895 Americas 1,980 300 $2,844,605 $2,476,848 318 97% $1,038,050 $2,341,560 $3,379,610 $770,555 $1,755,424 $2,525,979 13.7% Frankfurt 120 60 $771,095 $663,656 46 47% 4Q25 $688,564 $146,074 $834,638 $688,564 $146,074 $834,638 Paris 220 — 98,030 56,565 52 57% 3Q25 605,048 144,011 749,059 477,315 81,290 558,605 Amsterdam 40 10 66,906 66,906 27 — 4Q25 206,390 198,800 405,189 206,390 198,800 405,189 Other 460 110 680,518 657,677 146 35% 2Q26 636,775 824,875 1,461,650 509,608 719,430 1,229,038 EMEA 840 180 $1,616,550 $1,444,804 272 38% $2,136,776 $1,313,760 $3,450,536 $1,881,876 $1,145,594 $3,027,470 10.9% Tokyo 30 10 $101,880 $50,940 36 74% 3Q25 $174,200 $187,809 $362,009 $87,100 $93,904 $181,005 Hong Kong — — 26,334 26,334 6 100% 3Q25 45,386 34,454 79,840 45,386 34,454 79,840 Osaka 40 10 35,659 17,829 12 50% 4Q25 46,117 67,536 113,653 23,059 33,768 56,827 Other 200 20 257,248 173,172 — — — — — — — — — APAC 270 40 $421,120 $268,274 54 72% $265,704 $289,799 $555,503 $155,545 $162,126 $317,671 10.0% Total 3,090 520 $4,882,275 $4,189,927 644 70% $3,440,530 $3,945,119 $7,385,649 $2,807,976 $3,063,144 $5,871,121 12.1% (1) Includes development projects in consolidated and unconsolidated joint ventures. (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, 2024, 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 venture projects. (5) Includes only Digital Realty's share in development joint venture projects. (6) Represents cost incurred through December 31, 2024. (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 2024 100% Share (2) DLR Share (3) Current Future Total Current Future Total Construction Projects in Progress Investment (4) Investment (5) Investment Investment (4) (6) Investment (5) Investment Future Development Capacity (7) $2,910,984 $1,971,291 $4,882,275 $2,496,078 $1,693,848 $4,189,927 Data Center Construction 3,440,530 3,945,119 7,385,649 2,807,976 3,063,144 5,871,121 Equipment Pool & Other Inventory (8) 192,429 — 192,429 192,429 — 192,429 Campus, Tenant Improvements & Other (9) 271,042 157,976 429,018 271,042 157,976 429,018 Total Land Held and Development CIP $6,814,986 $6,074,385 $12,889,372 $5,767,526 $4,914,968 $10,682,495 Enhancement & Other $11,112 $6,768 $17,879 $11,112 $6,768 $17,879 Recurring 29,657 36,451 66,108 29,657 36,451 66,108 Total Land Held and Construction in Progress $6,855,755 $6,117,604 $12,973,359 $5,808,295 $4,958,187 $10,766,483 (1) Includes development projects in consolidated and unconsolidated joint ventures. (2) Includes Digital Realty's and partners' shares in development joint venture projects. (3) Includes only Digital Realty's share in development joint venture projects. (4) Represents cost incurred through December 31, 2024. (5) Represents estimated cost to complete scope of work pursuant to approved development budget. (6) Excludes $116.8 million representing our partners' shares in consolidated joint ventures included in Construction in Progress or Land Held for Future Development in our Consolidated Balance Sheet; includes $681.2 million representing Digital Realty's share in development projects classified as Investments in Unconsolidated Joint Ventures 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, 2024, 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. 26 Table of Contents Historical Capital Expenditures and Investments in Real Estate Financial Supplement Dollars and Square Feet in Thousands Fourth Quarter 2024 Three Months Ended Twelve Months Ended 31-Dec-24 30-Sep-24 30-Jun-24 31-Mar-24 31-Dec-23 31-Dec-24 31-Dec-23 Non-Recurring Capital Expenditures (1) Development (2) $528,356 $650,912 $531,903 $549,522 $845,315 $2,260,693 $2,966,898 Enhancements and Other Non-Recurring 13,384 7,070 7,051 7,738 10,113 35,243 15,705 Total Non-Recurring Capital Expenditures $541,740 $657,982 $538,953 $557,260 $855,428 $2,295,936 $2,982,603 Recurring Capital Expenditures (3) $130,245 $67,308 $60,483 $47,676 $142,808 $305,712 $327,022 Total Direct Capital Expenditures $671,985 $725,290 $599,436 $604,936 $998,236 $2,601,647 $3,309,625 Indirect Capital Expenditures Capitalized Interest $34,442 $28,312 $27,592 $28,522 $33,032 $118,868 $116,816 Capitalized Overhead 28,983 27,929 28,457 25,857 27,867 111,226 99,156 Total Indirect Capital Expenditures $63,425 $56,241 $56,049 $54,379 $60,899 $230,094 $215,972 Total Improvements to and Advances for Investment in Real Estate $735,410 $781,530 $655,485 $659,315 $1,059,135 $2,831,740 $3,525,597 (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 2024 Closed Acquisitions: Net Rentable Square Feet Square Feet % of Total Net Acquisition Metropolitan Date Purchase Cap Square Under Held For Rentable Square Property Type Area Acquired Price (1) Rate (2) Feet (3) Development Development Feet Occupied (4) 1201 North Bowser Road Land Dallas, TX 10/15/2024 $14,500 NA — — — — Calle Alcala (MAD5) Land Madrid, SPN 10/25/2024 26,430 NA — — — — Moores Chapel Road Land Charlotte, NC 11/21/2024 160,000 NA — — — — Total $200,930 — — — — — Closed Dispositions: Net Rentable Square Feet Square Feet % of Total Net Disposition Metropolitan Date Sale Cap Square Under Held For Rentable Square Property Type Area Disposed Price (1) Rate (2) Feet (3) Development Development Feet Occupied (4) Wilhelm-Fay-Straße 24 (5) Building Frankfurt, GER 12/5/2024 $489,088 5.7% — — — 98.5% 60 & 80 Merritt Boulevard Building Trumbull, CT 12/9/2024 10,000 NA — — — — 1 - 3 St Annes Boulevard Building Redhill, UK 12/19/2024 80,430 NA — — — — 2334 Lundy Place Building San Jose, CA 12/19/2024 9,543 NA — — — — Total $589,061 — — — — — Closed Joint Venture Contributions: Net Rentable Square Feet Square Feet % of Total Net Metropolitan Contribution Cap Square Under Held For Rentable Square Property Area Date Price Rate (2) Feet (3) Development Development Feet Occupied (4) Blackstone JV - Phase II (6) NoVa, Frankfurt 12/3/2024 $509,472 NA — — — — Total $509,472 — — — — — (1) Represents the purchase price or sale price, as applicable before contractual price adjustments, transaction expenses, taxes, and potential currency fluctuations. All prices converted to USD based on FX rate as of December 31, 2024. (2) We calculate the cash capitalization rate on acquisitions, dispositions, and joint venture contributions by dividing anticipated annual net operating income by the purchase/sale/contribution price, including assumed debt and related pre-payment penalties. Net operating income represents rental revenue and tenant reimbursement revenue from in-place leases, less rental property operating and maintenance expenses, property taxes and insurance expenses, and is not a financial measure calculated in accordance with GAAP. We caution you not to place undue reliance on our cash capitalization rates because they are based solely on data made available to us in the diligence process in connection with the relevant acquisitions and are calculated on a non-GAAP basis. Our calculation of the cash capitalization rate on acquisitions may change, based on our experience operating the data centers subsequent to closing of the acquisitions. In addition, the actual cash capitalization rates may differ from our expectations based on numerous other factors, including the results of our final purchase price allocation, difficulties collecting anticipated rental revenues, tenant bankruptcies, property tax reassessments and unanticipated expenses at the data centers that we cannot pass on to tenants. (3) We estimate the total net rentable square feet available for lease based on a number of factors in addition to contractually leased square feet, including available power, required support space and common area. (4) Occupancy excludes space under active development and space held for development . (5) Digital Realty sold an additional 15.1% interest in the Facility for € 71 million or approximately $74 million. Sale price is shown at 100%. (6) Blackstone acquired an 80% interest, while Digital Realty maintains a 20% interest and will manage the development and day-to-day operations of the JV. Contribution price is shown at 100%. 28 Table of Contents Unconsolidated Joint Ventures Financial Supplement Dollars in Thousands Fourth Quarter 2024 Summary Balance Sheet - As of December 31, 2024 at the JV's 100% Share Americas (1) APAC (2) EMEA (3) Global (4) Total Gross cost of operating real estate $6,443,437 $1,881,988 $701,844 $1,701,716 $10,728,985 Accumulated depreciation & amortization (970,107) (267,660) (4,540) (104,877) (1,347,184) Net Book Value of Operating Real Estate $5,473,330 $1,614,327 $697,304 $1,596,839 $9,381,800 Cash 343,954 303,723 63,301 44,115 755,093 Other assets 1,656,516 209,116 248,451 366,128 2,480,210 Total Assets $7,473,799 $2,127,166 $1,009,055 $2,007,082 $12,617,102 Debt 2,794,156 635,833 — 550,463 3,980,451 Other liabilities 738,092 188,088 992,580 44,258 1,963,018 Equity / (deficit) 3,941,551 1,303,245 16,475 1,011,361 6,272,632 Total Liabilities and Equity $7,473,799 $2,127,166 $1,009,055 $1,606,082 $12,216,102 Digital Realty's ownership percentage Various Various Various 38% Digital Realty's Pro Rata Share of Unconsolidated JV Debt $927,132 $309,994 — $211,846 $1,448,972 Summary Statement of Operations - Three Months Ended December 31, 2024 at the JV's 100% Share Americas (1) APAC (2) EMEA (3) Global (4) Total Total revenues $215,331 $71,559 $4,164 $33,120 $324,174 Operating expenses (89,750) (32,908) (2,608) (13,711) (138,977) Net Operating Income (NOI) $125,581 $38,651 $1,556 $19,409 $185,197 Straight-line rent (2,595) 211 (114) (329) (2,827) Above and below market rent 1,028 — (441) (1,575) (988) Cash Net Operating Income (NOI) $124,014 $38,862 $1,002 $17,504 $181,382 Interest expense ($58,436) ($1,457) ($3,214) ($8,628) ($71,734) Depreciation & amortization (110,014) (15,323) (2,467) (17,655) (145,458) Other income / (expense) 36,836 (3,911) 520 (28,692) 4,753 FX remeasurement on USD debt (83,632) — 3,851 25,769 (54,012) Total Non-Operating Expenses ($215,246) ($20,691) ($1,310) ($29,205) ($266,452) Net Income / (Loss) ($89,665) $17,960 $245 ($9,797) ($81,256) Digital Realty's Pro Rata Share of Unconsolidated JV NOI $39,541 $19,324 $441 $8,215 $67,521 Digital Realty's Pro Rata Share of Unconsolidated JV Cash NOI $39,053 $19,429 $330 $7,309 $66,121 Digital Realty's Earnings (loss) income from unconsolidated joint ventures ($45,281) $8,980 $3,301 ($3,201) ($36,201) Digital Realty's Pro Rata Share of Core FFO (5) $8,690 $16,626 $1,611 $6,919 $33,846 Digital Realty's Fee Income from Joint Ventures $14,547 $891 $621 $3,456 $19,515 (1) Includes Ascenty, Blackstone NoVa, Clise, GI Partners, Mapletree, Menlo, Mitsubishi, Realty Income, TPG Real Estate, and Walsh. (2) Includes 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 Joint Ventures 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 2024 Three Months Ended Reconciliation of Earnings Before Interest, Taxes, Depreciation & Amortization (EBITDA) (1) 31-Dec-24 30-Sep-24 30-Jun-24 31-Mar-24 31-Dec-23 Net Income / (Loss) Available to Common Stockholders $179,388 $41,012 $70,039 $271,327 $18,122 Interest 104,742 123,803 114,756 109,535 113,638 Loss on debt extinguishment and modifications 2,165 2,636 — 1,070 — Income tax expense (benefit) 4,928 12,427 14,992 22,413 20,724 Depreciation & amortization 455,355 459,997 425,343 431,102 420,475 EBITDA $746,578 $639,875 $625,130 $835,446 $572,958 Unconsolidated JV real estate related depreciation & amortization 49,463 48,474 47,117 47,877 64,833 Unconsolidated JV interest expense and tax expense 32,255 34,951 27,704 34,271 42,140 Severance, equity acceleration and legal expenses 2,346 2,481 884 791 7,565 Transaction and integration expenses 11,797 24,194 26,072 31,839 40,226 (Gain) / loss on sale of investments (144,885) 556 (173,709) (277,787) 103 Provision for impairment 22,881 — 168,303 — 5,363 Other non-core adjustments, net (2) 24,539 8,642 743 21,608 (35,439) Non-controlling interests (3,881) (11,059) (5,552) 6,329 (8,419) Preferred stock dividends 10,181 10,181 10,181 10,181 10,181 Adjusted EBITDA $751,276 $758,296 $726,874 $710,556 $699,509 (1) For definitions and discussion of EBITDA and Adjusted EBITDA, see the Definitions section. (2) Includes foreign exchange net unrealized gains/losses attributable to remeasurement, deferred rent adjustments related to a customer bankruptcy, write offs associated with bankrupt or terminated customers, non-recurring legal and insurance expenses, gain on sale of land option and lease termination fees. Three Months Ended Financial Ratios 31-Dec-24 30-Sep-24 30-Jun-24 31-Mar-24 31-Dec-23 Total GAAP interest expense $104,742 $123,803 $114,756 $109,535 $113,638 Capitalized interest 34,442 28,312 27,592 28,522 33,032 Change in accrued interest and other non-cash amounts (58,137) 43,720 (55,605) 55,421 (66,013) Cash Interest Expense (3) $81,046 $195,835 $86,743 $193,479 $80,657 Preferred stock dividends 10,181 10,181 10,181 10,181 10,181 Total Fixed Charges (4) $149,364 $162,296 $152,529 $148,239 $156,851 Coverage Interest coverage ratio (5) 4.5x 4.3x 4.3x 4.3x 4.2x Cash interest coverage ratio (6) 6.9x 3.4x 6.4x 6.3x 3.2x Fixed charge coverage ratio (7) 4.2x 4.1x 4.1x 4.0x 4.0x Cash fixed charge coverage ratio (8) 6.3x 3.3x 5.9x 3.1x 5.9x Leverage Debt to total enterprise value (9)(10) 21.4% 23.5% 24.2% 24.2% 26.7% Debt-plus-preferred-stock-to-total-enterprise-value (10)(11) 22.3% 24.5% 25.3% 25.3% 27.9% Pre-tax income to interest expense (12) 2.8x 1.3x 1.7x 3.5x 1.2x Net Debt-to-Adjusted EBITDA (13) 4.8x 5.4x 5.3x 5.7x 6.0x (3) Cash interest expense is interest expense less amortization of debt discount and deferred financing fees and includes interest that we capitalized. We consider cash interest expense to be a useful measure of interest as it excludes non-cash-based interest expense. (4) Fixed charges consist of GAAP interest expense, capitalized interest, and preferred stock dividends. (5) Adjusted EBITDA divided by GAAP interest expense plus capitalized interest (including our pro rata share of unconsolidated joint venture interest expense). (6) Adjusted EBITDA divided by cash interest expense (including our pro rata share of unconsolidated joint venture interest expense). (7) Adjusted EBITDA divided by fixed charges (including our pro rata share of unconsolidated joint venture fixed charges). (8) Adjusted EBITDA divided by the sum of cash interest expense and preferred stock dividends (including our pro rata share of unconsolidated joint venture cash fixed charges). (9) Total debt divided by market value of common equity plus debt plus preferred stock. (10) Total enterprise value defined as market value of common equity plus debt plus preferred stock. (11) Same as (9), except numerator includes preferred stock. (12) Calculated as net income plus interest expense divided by GAAP interest expense. (13) Calculated as total debt at balance sheet carrying value, plus capital lease obligations, plus Digital Realty ’ s pro rata share of unconsolidated joint venture debt, less cash and cash equivalents (including Digital Realty ’ s pro rata share of unconsolidated joint venture cash) divided by the product of Adjusted EBITDA (including Digital Realty ’ s pro rata share of unconsolidated joint venture EBITDA), multiplied by four. 30 Table of Contents Management Statements on Non-GAAP Measures Financial Supplement Unaudited Fourth Quarter 2024 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 non-controlling interests in operating partnership and reconciling items related to non-controlling interests. Management uses FFO as a supplemental performance measure because, in excluding real estate related depreciation and amortization and gains and losses from property dispositions and after adjustments for unconsolidated partnerships and joint ventures, it provides a performance measure that, when compared year over year, captures trends in occupancy rates, rental rates and operating costs. We also believe that, as a widely recognized measure of the performance of REITs, FFO will be used by investors as a basis to compare our operating performance with that of other REITs. However, because FFO excludes depreciation and amortization and captures neither the changes in the value of our data centers that result from use or market conditions, nor the level of capital expenditures and capitalized leasing commissions necessary to maintain the operating performance of our data centers, all of which have real economic effect and could materially impact our financial condition and results from operations, the utility of FFO as a measure of our performance is limited. Other REITs may not calculate FFO in accordance with the Nareit definition and, accordingly, our FFO may not be comparable to other REITs’ FFO. FFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance. Core Funds from Operations (Core FFO) : We present core funds from operations, or Core FFO, as a supplemental operating measure because, in excluding certain items that do not reflect core revenue or expense streams, it provides a performance measure that, when compared year over year, captures trends in our core business operating performance. We calculate Core FFO by adding to or subtracting from FFO (i) other non-core revenue adjustments, (ii) transaction and integration expenses, (iii) loss 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 joint venture real estate related depreciation & amortization, (ii) unconsolidated joint venture interest expense and tax, (iii) severance, equity acceleration and legal expenses, (iv) transaction and integration expenses, (v) gain (loss) on sale / deconsolidation, (vi) provision for impairment, (vii) other non-core adjustments, net, (viii) non-controlling interests, (ix) preferred stock dividends, and (x) issuance costs associated with redeemed preferred stock. Adjusted EBITDA is EBITDA excluding (i) unconsolidated joint venture real estate related depreciation & amortization, (ii) unconsolidated joint venture interest expense and tax, (iii) severance, equity acceleration and legal expenses, (iv) transaction and integration expenses, (v) gain (loss) on sale / deconsolidation, (vi) provision for impairment, (vii) other non-core adjustments, net, (viii) non-controlling interests, (ix) preferred stock dividends, and (x) gain on / issuance costs associated with redeemed preferred stock. In addition, we believe EBITDA and Adjusted EBITDA are frequently used by securities analysts, investors, and other interested parties in the evaluation of REITs. Because EBITDA and Adjusted EBITDA are calculated before recurring cash charges including interest expense and income taxes, exclude capitalized costs, such as leasing commissions, and are not adjusted for capital expenditures or other recurring cash requirements of our business, their utility as a measure of our performance is limited. Other REITs may calculate EBITDA and Adjusted EBITDA differently than we do and, accordingly, our EBITDA and Adjusted EBITDA may not be comparable to other REITs’ EBITDA and Adjusted EBITDA. Accordingly, EBITDA and Adjusted EBITDA should be considered only as supplements to net income computed in accordance with GAAP as a measure of our financial performance. 31 Table of Contents Management Statements on Non-GAAP Measures Financial Supplement Unaudited Fourth Quarter 2024 Net Operating Income (NOI) and Cash NOI : Net operating income, or NOI, represents rental revenue, tenant reimbursement revenue and interconnection revenue less utilities expense, rental property operating expenses, property taxes and insurance expenses (as reflected in the statement of operations). NOI is commonly used by stockholders, company management and industry analysts as a measurement of operating performance of the company’s rental portfolio. Cash NOI is NOI less straight-line rents and above- and below-market rent amortization. Cash NOI is commonly used by stockholders, company management and industry analysts as a measure of property operating performance on a cash basis. Same-Capital Cash NOI represents buildings owned as of December 31, 2022 of the prior year with less than 5% of total rentable square feet under development and excludes buildings that were undergoing, or were expected to undergo, development activities in 2023-2024, buildings classified as held for sale, and buildings sold or contributed to joint ventures for all periods presented (prior period numbers adjusted to reflect current same-capital pool). However, because NOI and cash NOI exclude depreciation and amortization and capture neither the changes in the value of our data centers that result from use or market conditions, nor the level of capital expenditures and capitalized leasing commissions necessary to maintain the operating performance of our data centers, all of which have real economic effect and could materially impact our results from operations, the utility of NOI and cash NOI as measures of our performance is limited. Other REITs may calculate NOI and cash NOI differently than we do and, accordingly, our NOI and cash NOI may not be comparable to other REITs’ NOI and cash NOI. NOI and cash NOI should be considered only as supplements to net income computed in accordance with GAAP as measures of our performance. Additional Definitions Net debt-to-Adjusted EBITDA ratio is calculated as total debt at balance sheet carrying value, plus capital lease obligations, plus Digital Realty’s pro rata share of unconsolidated joint venture debt, less cash and cash equivalents (including Digital Realty’s pro rata share of unconsolidated joint venture cash) divided by the product of Adjusted EBITDA (including Digital Realty’s pro rata share of unconsolidated joint venture EBITDA), multiplied by four. Debt-plus-preferred-to-total enterprise value is total debt plus preferred stock divided by total debt plus the liquidation value of preferred stock and the market value of outstanding Digital Realty Trust, Inc. common stock and Digital Realty Trust, L.P. units, assuming the redemption of Digital Realty Trust, L.P. units for shares of Digital Realty Trust, Inc. common stock. Fixed charge coverage ratio is Adjusted EBITDA divided by the sum of GAAP interest expense, capitalized interest and preferred stock dividends. For the quarter ended December 31, 2024, GAAP interest expense was $105 million, capitalized interest was $34 million and preferred stock dividends was $10 million. Reconciliation of Net Operating Income (NOI) Three Months Ended Twelve Months Ended (in thousands) 31-Dec-24 30-Sep-24 31-Dec-23 31-Dec-24 31-Dec-23 Operating income $144,322 $168,286 $134,035 $471,864 $524,461 Fee income (23,316) (12,907) (14,330) (64,888) (44,926) Other income (40) (4,581) (144) (7,608) (1,963) Depreciation and amortization 455,355 459,997 420,475 1,771,797 1,694,859 General and administrative 124,470 115,120 109,235 473,521 431,004 Severance, equity acceleration and legal expenses 2,346 2,481 7,565 6,502 18,054 Transaction expenses 11,797 24,194 40,226 93,902 84,722 Provision for impairment 22,881 — 5,363 191,184 118,363 Other expenses 12,002 4,774 5,580 27,083 7,529 Net Operating Income $749,818 $757,365 $708,003 $2,963,357 $2,832,102 Cash Net Operating Income (Cash NOI) Net Operating Income $749,818 $757,365 $708,003 $2,963,357 $2,832,102 Straight-line rental revenue (22,577) (18,423) (22,085) (46,395) (40,480) Straight-line rental expense 51 1,683 (4,745) 4,061 (2,901) Above- and below-market rent amortization (269) (742) (856) (3,555) (4,404) Cash Net Operating Income $727,022 $739,883 $680,317 $2,917,467 $2,784,317 Constant Currency CFFO Reconciliation Three Months Ended Twelve Months Ended (in thousands, except per share data) 31-Dec-24 31-Dec-23 31-Dec-24 31-Dec-23 Core FFO (1) $586,816 $508,417 $2,215,194 $2,009,820 Core FFO impact of holding '23 Exchange Rates Constant (2) (318) — 1,732 — Constant Currency Core FFO $586,498 $508,417 $2,216,926 $2,009,820 Weighted-average shares and units outstanding - diluted 339,982 312,356 329,899 305,138 Constant Currency CFFO Per Share $1.73 $1.63 $6.72 $6.59 1) As reconciled to net income above. 2) Adjustment calculated by holding currency translation rates for 2024 constant with average currency translation rates that were applicable to the same periods in 2023. 32 Table of Contents Forward-Looking Statements Financial Supplement Fourth Quarter 2024 This document contains forward-looking statements within the meaning of the federal securities laws, which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. Such forward-looking statements include statements relating to: our economic outlook, our expected investment and expansion activity, anticipated continued demand for our products and service, our liquidity, our joint ventures, supply and demand for data center and colocation space, our acquisition and disposition activity, pricing and net effective leasing economics, market dynamics and data center fundamentals, our strategic priorities, our product offerings, available inventory, rent from leases that have been signed but have not yet commenced and other contracted rent to be received in future periods, rental rates on future leases, lag between signing and commencement, cap rates and yields, investment activity, the company’s FFO, Core FFO, constant currency Core FFO, adjusted FFO, and net income, 2025 outlook and underlying assumptions, information related to trends, our strategy and plans, leasing expectations, weighted average lease terms, the exercise of lease extensions, lease expirations, debt maturities, annualized rent at expiration of leases, the effect new leases and increases in rental rates will have on our rental revenue, our credit ratings, construction and development activity and plans, projected construction costs, estimated yields on investment, expected occupancy, expected square footage and IT load capacity upon completion of development projects, backlog NOI, NAV components, and other forward-looking financial data. Such statements are based on management’s beliefs and assumptions made based on information currently available to management. Such statements are subject to risks, uncertainties and assumptions and are not guarantees of future performance and may be affected by known and unknown risks, trends, uncertainties, and factors that are beyond our control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated, or projected. Some of the risks and uncertainties that may cause our actual results, performance, or achievements to differ materially from those expressed or implied by forward-looking statements include, among others, the following: ● reduced demand for data centers or decreases in information technology spending; ● decreased rental rates, increased operating costs or increased vacancy rates; ● increased competition or available supply of data center space; ● the suitability of our data centers and data center infrastructure, delays or disruptions in connectivity or availability of power, or failures or breaches of our physical and information security infrastructure or services; ● breaches of our obligations or restrictions under our contracts with our customers; ● our inability to successfully develop and lease new properties and development space, and delays or unexpected costs in development of properties; ● the impact of current global and local economic, credit and market conditions; ● 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 federal income tax purposes; ● Digital Realty Trust, L.P. ’ s failure to qualify as a partnership for federal income tax purposes; ● restrictions on our ability to engage in certain business activities; ● changes in local, state, federal and international laws, and regulations, including related to taxation, real estate, and zoning laws, and increases in real property tax rates; and ● the impact of any financial, accounting, legal or regulatory issues or litigation that may affect us. The risks included here are not exhaustive, and additional factors could adversely affect our business and financial performance. Several additional material risks are discussed in our annual report on Form 10- K for the year ended December 31, 2023, and other filings with the U.S. Securities and Exchange Commission. Those risks continue to be relevant to our performance and financial condition. Moreover, we operate in a competitive and rapidly changing environment. New risk factors emerge from time to time and it is not possible for management to predict all such risk factors, nor can it assess the impact of all such risk factors on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. We expressly disclaim any responsibility to update forward-looking statements, whether as a result of new information, future events or otherwise. Digital Realty, Digital Realty Trust, the Digital Realty logo, Interxion, Turn-Key Flex, Powered Base Building, ServiceFabric, AnyScale Colo, Pervasive Data Center Architecture, PlatformDIGITAL, PDx, Data Gravity Index and Data Gravity Index DGx are registered trademarks and service marks of Digital Realty Trust, Inc. in the United States and/or other countries. All other names, trademarks and service marks are the property of their respective owners. 33
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other guidance in this release
Text is the filed exhibit, verbatim.