Digital Realty — Feb 13, 2025 release

​ ​ ​ ​ ​     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 propert