Digital Realty — Feb 13, 2025 release

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