Digital Realty — Apr 24, 2025 release

Table of Contents Exhibit 99.1 ​ ​ ​ Table of Contents ​ Financial Supplement Table of Contents ​ First Quarter 2025 ​ ​ ​ 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 ​ First Quarter 2025 ​ Corporate Profile Digital Realty Trust, Inc. (“Digital Realty” or the “company”) owns, acquires, develops, and operates data centers through its operating partnership subsidiary, Digital Realty Trust, L.P. (the “operating partnership”). The company is focused on providing data center, colocation, and interconnection solutions for domestic and international customers across a variety of industry verticals ranging from cloud and information technology services, communications and social networking to financial services, manufacturing, energy, healthcare, and consumer products. As of March 31, 2025, 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 41.8 million square feet, excluding approximately 9.5 million square feet of space under active development and 5.1 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 ​ Alexander Waters ​ Brendan Lynch ​ Ari Klein ​ Nate Crossett ​ Michael Rollins ​ Matthew Niknam (212) 425-7500 ​ (646) 855-0684 ​ (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 ​ Morningstar ​ Raymond James ​ RBC Capital Markets ​ Scotiabank Brandon Nispel ​ Vikram Malhotra ​ Nick Del Deo ​ Samuel Siampaus ​ Frank Louthan ​ Jonathan Atkin ​ Maher Yaghi (503) 821-3871 ​ (212) 282-3827 ​ (212) 519-0025 ​ (312) 244-7966 ​ (404) 442-5867 ​ (415) 633-8589 ​ (437) 995-5548 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stifel ​ TD Cowen ​ Truist Securities ​ UBS ​ Wells Fargo ​ Wolfe Research ​ ​ Erik Rasmussen ​ Michael Elias ​ Anthony Hau ​ John Hodulik ​ Eric Luebchow ​ Andrew Rosivach ​ ​ (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 ​ ​ ​ May 5-7, 2025 Wells Fargo Real Estate Securities Charleston, SC May 13, 2025 BMO North America Real Estate New York, NY June 3-4, 2025 NAREIT REITweek New York, NY June 10, 2025 Mizuho Technology Conference New York, NY ​ 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) ​ First Quarter 2025 ​ Stock Listing Information The stock of Digital Realty Trust, Inc. is traded primarily on the New York Stock Exchange under the following symbols: Common Stock: ​ DLR Series J Preferred Stock: ​ DLRPRJ Series K Preferred Stock: ​ DLRPRK Series L Preferred Stock: ​ DLRPRL ​ Symbols may vary by stock quote provider. Credit Ratings Standard & Poor ’ s ​ ​ ​ Corporate Credit Rating: ​ BBB (Stable Outlook) Preferred Stock: ​ 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-Mar-25 ​ 31-Dec-24 ​ 30-Sep-24 ​ 30-Jun-24 ​ 31-Mar-24 ​  High price ​   $187.74 ​   $198.00 ​   $165.17 ​   $153.25 ​   $154.18    Low price     ​ $139.27     ​ $155.16     ​ $141.00     ​ $135.54     ​ $130.00 ​  Closing price, end of quarter ​ ​ $143.29 ​ ​ $177.33 ​ ​ $161.83 ​ ​ $152.05 ​ ​ $144.04 ​  Average daily trading volume (1) ​ ​ 2,529 ​ ​ 1,911 ​ ​ 1,615 ​ ​ 1,863 ​ ​ 2,108 ​  Indicated dividend per common share (2) ​ ​ $4.88 ​ ​ $4.88 ​ ​ $4.88 ​ ​ $4.88 ​ ​ $4.88 ​  Closing annual dividend yield, end of quarter ​ ​ 3.4% ​ ​ 2.8% ​ ​ 3.0% ​ ​ 3.2% ​ ​ 3.4% ​  Shares and units outstanding, end of quarter (1) (3) ​ ​ 343,092 ​ ​ 342,772 ​ ​ 337,744 ​ ​ 332,346 ​ ​ 319,009 ​  Closing market value of shares and units outstanding (4) ​ ​ $49,161,653 ​ ​ $60,783,759 ​ ​ $54,657,112 ​ ​ $50,533,209 ​ ​ $45,950,001 ​ ​ (1) Shares or shares and units in thousands. (2) On an annualized basis. (3) As of March 31, 2025, the total number of shares and units includes 336,743 shares of common stock, 4,049 common units held by third parties and 2,300 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 ​ First Quarter 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​   Shares and Units at End of Quarter      31-Mar-25      31-Dec-24      30-Sep-24      30-Jun-24      31-Mar-24  Common shares outstanding   ​ 336,743   ​ 336,637   ​ 331,347   ​ 325,885   ​ 312,421  Common partnership units outstanding   ​ 6,349   ​ 6,135   ​ 6,397   ​ 6,461   ​ 6,588 Total Shares and Units   ​ 343,092   ​ 342,772   ​ 337,744   ​ 332,346   ​ 319,009 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​   Enterprise Value   ​      ​      ​      ​      ​     Market value of common equity (1) ​ ​ $49,161,653 ​ ​ $60,783,759 ​ ​ $54,657,112 ​ ​ $50,533,209 ​ ​ $45,950,001  Liquidation value of preferred equity ​   755,000 ​   755,000 ​   755,000 ​   755,000 ​   755,000  Total debt at balance sheet carrying value ​   17,016,279 ​   16,714,377 ​   16,986,546 ​   16,339,746 ​   17,020,340 Total Enterprise Value ​ ​ $66,932,932 ​ ​ $78,253,136 ​ ​ $72,398,658 ​ ​ $67,627,955 ​ ​ $63,725,341  Total debt / total enterprise value ​   25.4% ​   21.4% ​   23.5% ​   24.2% ​   26.7% Debt-plus-preferred-to-total-enterprise-value ​ ​ 26.6% ​ ​ 22.3% ​ ​ 24.5% ​ ​ 25.3% ​ ​ 27.9% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​   Selected Balance Sheet Data ​      ​      ​      ​      ​       Investments in real estate (before depreciation) ​ ​ $35,693,166 ​ ​ $35,401,912 ​ ​ $36,463,664 ​ ​ $34,573,283 ​ ​ $34,099,698  Total Assets ​   45,080,562 ​   45,283,616 ​   45,295,392 ​   43,606,883 ​   42,633,089  Total Liabilities ​   21,902,406 ​   22,107,836 ​   22,118,781 ​   21,199,178 ​   21,792,866 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​   Selected Operating Data ​      ​      ​      ​      ​       Total operating revenues ​ ​ $1,407,637 ​ ​ $1,435,862 ​ ​ $1,431,214 ​ ​ $1,356,749 ​ ​ $1,331,143  Total operating expenses ​   1,211,887 ​   1,291,540 ​   1,262,928 ​   1,346,860 ​   1,181,776  Net income ​   106,395 ​   185,688 ​   40,134 ​   74,668 ​   287,837  Net income / (loss) available to common stockholders ​   99,793 ​   179,388 ​   41,012 ​   70,039 ​   271,327 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​   Financial Ratios ​      ​      ​      ​      ​       EBITDA (2) ​ ​ $658,400 ​ ​ $746,578 ​ ​ $639,875 ​ ​ $625,130 ​ ​ $835,446  Adjusted EBITDA (3) ​   791,156 ​   751,276 ​   758,296 ​   726,874 ​   710,556  Net Debt-to-Adjusted EBITDA (4) ​   5.1x ​   4.8x ​   5.4x ​   5.3x ​   6.1x Interest expense ​   98,464 ​   104,742 ​   123,803 ​   114,756 ​   109,535  Fixed charges (5) ​   138,739 ​   149,364 ​   162,296 ​   152,529 ​   148,239  Interest coverage ratio (6) ​   5.3x ​   4.5x ​   4.3x ​   4.3x ​   4.3x  Fixed charge coverage ratio (7) ​   4.9x ​   4.2x ​   4.1x ​   4.1x ​   4.0x ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​   Profitability Measures ​      ​      ​      ​      ​       Net income / (loss) per common share - basic ​ ​ $0.30 ​ ​ $0.54 ​ ​ $0.13 ​ ​ $0.22 ​ ​ $0.87  Net income / (loss) per common share - diluted ​ ​ $0.27 ​ ​ $0.51 ​ ​ $0.09 ​ ​ $0.20 ​ ​ $0.82  Funds from operations (FFO) / diluted share and unit (8) ​ ​ $1.67 ​ ​ $1.61 ​ ​ $1.55 ​ ​ $1.57 ​ ​ $1.41  Core funds from operations (Core FFO) / diluted share and unit (8) ​ ​ $1.77 ​ ​ $1.73 ​ ​ $1.67 ​ ​ $1.65 ​ ​ $1.67  Adjusted funds from operations (AFFO) / diluted share and unit (9) ​ ​ $1.78 ​ ​ $1.36 ​ ​ $1.52 ​ ​ $1.56 ​ ​ $1.68  Dividends per share and common unit ​ ​ $1.22 ​ ​ $1.22 ​ ​ $1.22 ​ ​ $1.22 ​ ​ $1.22  Diluted FFO payout ratio (8) (10) ​   73.2% ​   75.6% ​   78.8% ​   77.9% ​   86.5%  Diluted Core FFO payout ratio (8) (11) ​   68.8% ​   70.7% ​   73.2% ​   73.9% ​   73.2%  Diluted AFFO payout ratio (9) (12) ​   68.6% ​   89.5% ​   80.4% ​   78.1% ​   72.8% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​   Portfolio Statistics ​      ​      ​      ​      ​       Buildings (13) ​ ​ 328 ​ ​ 328 ​ ​ 331 ​ ​ 323 ​ ​ 323  Data Centers (13) ​   308 ​   308 ​   312 ​   310 ​   309  Cross-connects (13) (14) ​   228,000 ​   227,000 ​   225,000 ​   223,000 ​   221,500  Net rentable square feet, excluding development space (13) ​   41,778 ​   41,326 ​   41,092 ​   41,220 ​   39,839  Occupancy at end of quarter (15) ​   84.0% ​   84.1% ​   83.9% ​   82.9% ​   82.1%  Occupied square footage (13) ​   35,100 ​   34,741 ​   34,479 ​   34,160 ​   32,727  Space under active development (16) ​   9,463 ​   8,904 ​   9,126 ​   8,507 ​   8,238  Space held for development (17) ​   5,062 ​   4,686 ​   4,862 ​   5,130 ​   4,141  Weighted average remaining lease term (years) (18) ​   4.9 ​   4.8 ​   4.8 ​   4.7 ​   4.5  Same-capital occupancy at end of quarter (15) (19) ​   82.7% ​   82.9% ​   83.0% ​   83.5% ​   82.4% ​ ​ 5 Table of Contents Key Quarterly Financial Data Financial Supplement Unaudited, Dollars (except per share data) and Square Feet in Thousands ​ First Quarter 2025 ​ (1) The market value of common equity is based on the closing stock price at the end of the quarter and assumes 100% redemption of the limited partnership units in our operating partnership, including common units and vested and unvested long-term incentive units, for shares of our common stock on a one-for-one basis. Excludes shares of common stock potentially issuable upon conversion of our series J, series K and series L cumulative redeemable preferred stock upon certain change of control transactions, as applicable. (2) EBITDA is calculated as earnings before interest expense, loss on debt extinguishment and modifications, tax expense, and depreciation and amortization. For a discussion of EBITDA, see page 31 . For a reconciliation of net income available to common stockholders to EBITDA, see page 30 . (3) Adjusted EBITDA is EBITDA excluding (i) unconsolidated 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 and contribution. (14) Represents approximate amounts. (15) Occupancy and same-capital occupancy exclude space under active development and space held for development. Occupancy represents our consolidated portfolio in addition to our managed portfolio of unconsolidated 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 and contribution. (16) Space under active development includes current Base Building and Data Centers projects in progress. Excludes buildings held-for-sale and contribution. (17) Space held for development includes space held for future Data Center development and excludes space under active development. Excludes buildings held for sale and contribution. (18) Weighted average remaining lease term excludes renewal options and is weighted by net rentable square feet. (19) Represents buildings owned as of December 31, 2023, with less than 5% of total rentable square feet under development. Excludes buildings that were undergoing, or were expected to undergo, development activities in 2024-2025, buildings classified as held-for-sale and contribution, and buildings sold or contributed to joint ventures for all periods presented. Prior period results have been adjusted to reflect current same-capital pool . ​ ​ ​ ​ ​ ​ 6 Table of Contents Digital Realty Trust Financial Supplement Earnings Release ​ First Quarter 2025 ​ Digital Realty Reports First Quarter 2025 Results Dallas, TX — April 24, 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 first quarter of 2025. All per share results are presented on a fully diluted basis. Highlights ◾ Reported net income available to common stockholders of $0.27 per share in 1Q25, compared to $0.82 in 1Q24 ◾ Reported FFO per share of $1.67 in 1Q25, compared to $1.41 in 1Q24 ◾ Reported Core FFO per share of $1.77 in 1Q25, compared to $1.67 in 1Q24 ◾ Reported Constant-Currency Core FFO per share of $1.79 in 1Q25 ◾ Reported rental rate increases on renewal leases of 5.6% on a cash basis in 1Q25 ◾ Signed total bookings during 1Q25 that are expected to generate $242 million of annualized GAAP rental revenue, including a $69 million contribution from the 0 – 1 megawatt plus interconnection category ◾ Reported a record backlog of $919 million of annualized GAAP base rent at the end of 1Q25 ◾ Raised 2025 Core FFO per share outlook to $7.05 - $7.15; maintained 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 first quarter of 2025, a 2% decrease from the previous quarter and a 6% increase from the same quarter last year. The company delivered net income of $106 million in the first quarter of 2025, as well as net income available to common stockholders of $100 million and $0.27 per share, compared to $0.51 per share in the previous quarter and $0.82 per share in the same quarter last year. Digital Realty generated Adjusted EBITDA of $791 million in the first quarter of 2025, a 5% increase from the previous quarter and an 11% increase over the same quarter last year. The company reported Funds From Operations (FFO) of $571 million in the first quarter of 2025, or $1.67 per share, compared to $1.61 per share in the previous quarter and $1.41 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 $1.77 in the first quarter of 2025, compared to $1.73 per share in the previous quarter and $1.67 per share in the same quarter last year. Digital Realty delivered Constant-Currency Core FFO per share of $1.79 in the first quarter of 2025. “Robust demand across our key product segments drove strong leasing and acceleration in Core FFO per share growth in the first quarter,” said Digital Realty President & Chief Executive Officer Andy Power. “Leasing kept pace with our 2024 record, lifting our backlog to a new high of $919 million and enhancing our visibility, while the successful launch of our first U.S. Hyperscale Data Center Fund further bolstered and evolved our funding model.” ​ Leasing Activity In the first quarter, Digital Realty signed total bookings that are expected to generate $242 million of annualized GAAP rental revenue at its share, including a $54 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 first quarter of 2025 and the contractual commencement date was ten months. The backlog of signed-but-not-commenced leases at quarter-end was $919 million of annualized GAAP base rent at Digital Realty’s share. In addition to new leases signed, Digital Realty also signed renewal leases representing $147 million of annualized cash rental revenue during the quarter. Rental rates on renewal leases signed during the first quarter of 2025 increased 5.6% on a cash basis and 7.1% on a GAAP basis. ​ ​ ​ 7 Table of Contents Digital Realty Trust Financial Supplement Earnings Release ​ First Quarter 2025 ​ New leases signed during the first quarter of 2025 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 ​ ​ $23,219   97 ​ ​ $240   6.4 ​ ​ $304 > 1 MW ​ ​ 163,390   448 ​ ​ 365   53.0 ​ ​ 257 Other (1) ​ ​ 1,307   21 ​ ​ 63   — ​ ​ — Total ​ ​ $187,916   565 ​ ​ $332   59.4 ​ ​ $262 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​  EMEA (2) ​ ​         ​ ​         ​ ​    0-1 MW ​ ​ $24,906   75 ​ ​ $333   7.7 ​ ​ $268 > 1 MW ​ ​ 3,626   27 ​ ​ 136   1.6 ​ ​ 189 Other (1) ​ ​ 97   3 ​ ​ 31   — ​ ​ — Total ​ ​ $28,630   105 ​ ​ $274   9.3 ​ ​ $255 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​  Asia Pacific (2) ​ ​         ​ ​         ​ ​    0-1 MW ​ ​ $5,997   15 ​ ​ $405   1.4 ​ ​ $357 > 1 MW ​ ​ 5,113   68 ​ ​ 76   7.2 ​ ​ 59 Other (1) ​ ​ —   — ​ ​ —   — ​ ​ — Total ​ ​ $11,110   82 ​ ​ $135   8.6 ​ ​ $108 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ All Regions (2) ​ ​         ​ ​         ​ ​    0-1 MW ​ ​ $54,122   186 ​ ​ $290   15.5 ​ ​ $291 > 1 MW ​ ​ 172,129   542 ​ ​ 318   61.8 ​ ​ 232 Other (1) ​ ​ 1,404   24 ​ ​ 59   — ​ ​ — Total ​ ​ $227,655   752 ​ ​ $303   77.3 ​ ​ $244 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interconnection ​ ​ $14,649   N/A ​ ​ N/A   N/A ​ ​ N/A ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Grand Total ​ ​ $242,305   752 ​ ​ $303   77.3 ​ ​ $244 ​ 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 March 31, 2025. Investment Activity During the first quarter, Digital Realty closed on the acquisition of three land parcels in Charlotte, North Carolina. The first was a 48-acre parcel for $20 million, located adjacent to a recently acquired 156-acre campus. The enlarged campus can support the development of up to 400 megawatts of IT capacity. Separately, Digital Realty acquired two parcels adjacent to its existing connectivity hub in Uptown Charlotte for approximately $16 million, enabling the expansion of approximately 12 megawatts of IT capacity for cloud, enterprise and colocation customers. ​ Digital Realty also announced the formation of its U.S. Hyperscale Data Center Fund (the “Fund”), successfully raising more than $1.7 billion of equity commitments from a broad array of global Limited Partners. The Fund is targeting $2.5 billion of LP equity commitments, representing up to an 80% ownership interest, while Digital Realty will maintain at least a 20% stake in the assets. The Fund will be comprised of operating hyperscale data centers and development sites, located across leading U.S. data center markets, including Northern Virginia, Dallas, Atlanta, Charlotte, New York metro and Silicon Valley. The initial portfolio includes five operating data centers plus four land sites with access to power for data center development. Digital Realty expects to contribute a share of the assets to the Fund in the second quarter and will serve as General Partner, maintaining operational and management responsibilities for the assets. ​ Digital Realty entered the Indonesia market in the first quarter through a 50% stake in a joint venture, Digital Realty Bersama, for approximately IDR1.5 billion or $95 million. Digital Realty Bersama owns and operates a connected campus that includes a recently launched data center (CGK11) in Central Jakarta and another data center (CGK10) in West Jakarta. Initially launched with five megawatts of IT load capacity, CGK11 is expected to support up to 32 megawatts. CGK11 offers robust connectivity, with direct access to a wide array of networks and services, including a direct connection to Indonesia's largest internet exchange provider, making it one of the most connected data center sites in downtown Jakarta. ​ Subsequent to quarter end, Digital Realty closed on the acquisition of approximately 100 acres of land in the Atlanta metro area for approximately $120 million, which is expected to support over 200 megawatts of IT capacity. ​ ​ 8 Table of Contents Digital Realty Trust Financial Supplement Earnings Release ​ First Quarter 2025 ​ Balance Sheet ​ Digital Realty had approximately $17.0 billion of total debt outstanding as of March 31, 2025, comprised of $16.2 billion of unsecured debt and approximately $0.8 billion of secured debt and other. At the end of the first quarter of 2025, net debt-to-Adjusted EBITDA was 5.1x, debt-plus-preferred-to-total enterprise value was 26.6% and fixed charge coverage was 4.9x. ​ Digital Realty completed the following financing transactions during the first quarter: ​ ◾ In January, the company issued €850 million of 3.875% notes due 2035, for net proceeds of approximately €841 million ($867 million); and ◾ 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 ​ First Quarter 2025 ​ ​ 2025 Outlook Digital Realty raised its 2025 Core FFO per share outlook to $7.05 - $7.15 and maintained 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     As of      Top-Line and Cost Structure ​ February 13, 2025 ​ April 24, 2025 ​ Total revenue ​ $5.800 - $5.900 billion ​ $5.825 - $5.925 billion ​ Net non-cash rent adjustments (1) ​ ($45 - $50 million) ​ ($50 - $55 million) ​ Adjusted EBITDA ​ $3.100 - $3.200 billion ​ $3.125 - $3.225 billion ​ G&A ​ $500 - $510 million ​ $505 - $515 million ​ ​ ​ ​ ​ ​ ​  Internal Growth ​ ​ ​ ​ ​ Rental rates on renewal leases ​ ​ ​ ​ ​ Cash basis ​ 4.0% - 6.0% ​ 4.0% - 6.0% ​ GAAP basis ​ 6.0% - 8.0% ​ 6.0% - 8.0% ​ Year-end portfolio occupancy ​ +100 - 200 bps ​ +100 - 200 bps ​ "Same-Capital" cash NOI growth (2) ​ 3.5% - 4.5% ​ 3.5% - 4.5% ​ ​ ​ ​ ​ ​ ​ Foreign Exchange Rates ​ ​ ​ ​ ​ U.S. Dollar / Pound Sterling ​ $1.20 - $1.25 ​ $1.25 - $1.35 ​ U.S. Dollar / Euro ​ $1.00 - $1.05 ​ $1.05 - $1.15 ​ ​ ​ ​ ​ ​ ​  External Growth ​ ​ ​ ​ ​ Dispositions / Joint Venture Capital ​ ​ ​ ​ ​ Dollar volume ​ $500 - $1,000 million ​ $500 - $1,000 million ​ Cap rate ​ 0.0% - 10.0% ​ 0.0% - 10.0% ​ Development ​ ​ ​ ​ ​ CapEx (Net of Partner Contributions) (3) ​ $3,000 - $3,500 million ​ $3,000 - $3,500 million ​ Average stabilized yields ​ 10.0%+ ​ 10.0%+ ​ Enhancements and other non-recurring CapEx  (4) ​ $30 - $35 million ​ $30 - $35 million ​ Recurring CapEx + capitalized leasing costs (5) ​ $320 - $335 million ​ $320 - $335 million ​ ​ ​ ​ ​ ​ ​  Balance Sheet ​ ​ ​ ​ ​ Long-term debt issuance ​ ​ ​ ​ ​ Dollar amount ​ $900 - $1,500 million ​ $900 - $1,500 million ​ Pricing ​ 5.0% - 5.5% ​ 4.0% - 5.5% ​ Timing ​ Mid-Year ​ Mid-Year ​ ​ ​ ​ ​ ​ ​  Net income per diluted share ​ $2.10 - $2.20 ​ $2.15 - $2.25 ​ Real estate depreciation and (gain) / loss on sale ​ $4.50 - $4.50 ​ $4.50 - $4.50 ​  Funds From Operations / share (NAREIT-Defined) ​ $6.60 - $6.70 ​ $6.65 - $6.75 ​ Non-core expenses and revenue streams ​ $0.40 - $0.40 ​ $0.40 - $0.40 ​  Core Funds From Operations / share ​ $7.00 - $7.10 ​ $7.05 - $7.15 ​ Foreign currency translation adjustments ​ $0.05 - $0.05 ​ $0.00 - $0.00 ​ Constant-Currency Core Funds From Operations / share ​ $7.05 - $7.15 ​ $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 contribution, 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 ​ First Quarter 2025 ​ ​ Non-GAAP Financial Measures This document contains non-GAAP financial measures, including FFO, Core FFO, Constant Currency Core FFO, Adjusted FFO, Net Operating Income (NOI), “Same-Capital” Cash NOI and Adjusted EBITDA. A reconciliation from U.S. GAAP net income available to common stockholders to FFO, a reconciliation from FFO to Core FFO, a reconciliation from Core FFO to Adjusted FFO, 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 April 24, 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 first quarter 2025 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# 9420618 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 May 24, 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# 2558953. 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 ​ First Quarter 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​    ​ 31-Mar-25    ​ 31-Dec-24    ​ 30-Sep-24    ​ 30-Jun-24    ​ 31-Mar-24 Rental revenues ​ ​ $960,526 ​ ​ $958,892 ​ ​ $956,351 ​ ​ $912,994 ​ ​ $894,409 Tenant reimbursements - Utilities ​ ​ 271,189 ​ ​ 302,664 ​ ​ 305,097 ​ ​ 274,505 ​ ​ 276,357 Tenant reimbursements - Other ​ ​ 42,177 ​ ​ 38,591 ​ ​ 39,624 ​ ​ 41,964 ​ ​ 38,434 Interconnection & other ​ ​ 112,969 ​ ​ 112,360 ​ ​ 112,655 ​ ​ 109,505 ​ ​ 108,071 Fee income ​ ​ 20,643 ​ ​ 23,316 ​ ​ 12,907 ​ ​ 15,656 ​ ​ 13,010 Other ​ ​ 133 ​ ​ 40 ​ ​ 4,581 ​ ​ 2,125 ​ ​ 862 Total Operating Revenues ​ ​ $1,407,637 ​ ​ $1,435,862 ​ ​ $1,431,214 ​ ​ $1,356,749 ​ ​ $1,331,143 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Utilities ​ ​ $313,385 ​ ​ $337,534 ​ ​ $356,063 ​ ​ $315,248 ​ ​ $324,571 Rental property operating ​ ​ 238,600 ​ ​ 273,104 ​ ​ 249,796 ​ ​ 237,653 ​ ​ 224,369 Property taxes ​ ​ 48,856 ​ ​ 46,044 ​ ​ 45,633 ​ ​ 49,620 ​ ​ 41,156 Insurance ​ ​ 4,483 ​ ​ 6,007 ​ ​ 4,869 ​ ​ 4,755 ​ ​ 2,694 Depreciation & amortization ​ ​ 443,009 ​ ​ 455,355 ​ ​ 459,997 ​ ​ 425,343 ​ ​ 431,102 General & administration ​ ​ 121,112 ​ ​ 124,470 ​ ​ 115,120 ​ ​ 119,511 ​ ​ 114,419 Severance, equity acceleration and legal expenses ​ ​ 2,428 ​ ​ 2,346 ​ ​ 2,481 ​ ​ 884 ​ ​ 791 Transaction and integration expenses ​ ​ 39,902 ​ ​ 11,797 ​ ​ 24,194 ​ ​ 26,072 ​ ​ 31,839 Provision for impairment ​ ​ — ​ ​ 22,881 ​ ​ — ​ ​ 168,303 ​ ​ — Other expenses ​ ​ 112 ​ ​ 12,002 ​ ​ 4,774 ​ ​ (529) ​ ​ 10,836 Total Operating Expenses ​ ​ $1,211,887 ​ ​ $1,291,540 ​ ​ $1,262,928 ​ ​ $1,346,860 ​ ​ $1,181,776 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Income ​ ​ $195,750 ​ ​ $144,322 ​ ​ $168,286 ​ ​ $9,889 ​ ​ $149,367 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity in earnings / (loss) of unconsolidated joint ventures ​ ​ (7,640) ​ ​ (36,201) ​ ​ (26,486) ​ ​ (41,443) ​ ​ (16,008) Gain / (loss) on sale of investments ​ ​ 1,111 ​ ​ 144,885 ​ ​ (556) ​ ​ 173,709 ​ ​ 277,787 Interest and other income / (expense), net ​ ​ 32,773 ​ ​ 44,517 ​ ​ 37,756 ​ ​ 62,261 ​ ​ 9,709 Interest (expense) ​ ​ (98,464) ​ ​ (104,742) ​ ​ (123,803) ​ ​ (114,756) ​ ​ (109,535) Income tax benefit / (expense) ​ ​ (17,135) ​ ​ (4,928) ​ ​ (12,427) ​ ​ (14,992) ​ ​ (22,413) Loss on debt extinguishment and modifications ​ ​ — ​ ​ (2,165) ​ ​ (2,636) ​ ​ — ​ ​ (1,070) Net Income ​ ​ $106,395 ​ ​ $185,688 ​ ​ $40,134 ​ ​ $74,668 ​ ​ $287,837 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net (income) / loss attributable to noncontrolling interests ​ ​ 3,579 ​ ​ 3,881 ​ ​ 11,059 ​ ​ 5,552 ​ ​ (6,329) Net Income Attributable to Digital Realty Trust, Inc. ​ ​ $109,974 ​ ​ $189,569 ​ ​ $51,193 ​ ​ $80,220 ​ ​ $281,508 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Preferred stock dividends ​ ​ (10,181) ​ ​ (10,181) ​ ​ (10,181) ​ ​ (10,181) ​ ​ (10,181) Net Income / (Loss) Available to Common Stockholders ​ ​ $99,793 ​ ​ $179,388 ​ ​ $41,012 ​ ​ $70,039 ​ ​ $271,327 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average shares outstanding - basic ​ ​ 336,683 ​ ​ 333,376 ​ ​ 327,977 ​ ​ 319,537 ​ ​ 312,292 Weighted-average shares outstanding - diluted ​ ​ 344,721 ​ ​ 340,690 ​ ​ 336,249 ​ ​ 327,946 ​ ​ 320,798 Weighted-average fully diluted shares and units ​ ​ 350,632 ​ ​ 346,756 ​ ​ 342,374 ​ ​ 334,186 ​ ​ 326,975 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income / (loss) per share - basic ​ ​ $0.30 ​ ​ $0.54 ​ ​ $0.13 ​ ​ $0.22 ​ ​ $0.87 Net income / (loss) per share - diluted ​ ​ $0.27 ​ ​ $0.51 ​ ​ $0.09 ​ ​ $0.20 ​ ​ $0.82 ​ ​ ​ 12 Table of Contents Funds From Operations and Core Funds From Operations Financial Supplement Unaudited and in Thousands, Except Per Share Data ​ First Quarter 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended Reconciliation of Net Income to Funds From Operations (FFO) ​ ​ 31-Mar-25 ​ ​ 31-Dec-24 ​ ​ 30-Sep-24 ​ ​ 30-Jun-24 ​ ​ 31-Mar-24 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Income / (Loss) Available to Common Stockholders ​ ​ $99,793 ​ ​ $179,388 ​ ​ $41,012 ​ ​ $70,039 ​ ​ $271,327 Adjustments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-controlling interest in operating partnership ​ ​ 3,000 ​ ​ 4,000 ​ ​ 1,000 ​ ​ 1,500 ​ ​ 6,200 Real estate related depreciation & amortization (1) ​ ​ 432,652 ​ ​ 445,462 ​ ​ 449,086 ​ ​ 414,920 ​ ​ 420,591 Reconciling items related to non-controlling interests ​ ​ (19,480) ​ ​ (19,531) ​ ​ (19,746) ​ ​ (17,317) ​ ​ (8,017) Unconsolidated JV real estate related depreciation & amortization ​ ​ 55,861 ​ ​ 49,463 ​ ​ 48,474 ​ ​ 47,117 ​ ​ 47,877 (Gain) / loss on real estate transactions ​ ​ (1,111) ​ ​ (137,047) ​ ​ 556 ​ ​ (173,709) ​ ​ (286,704) Provision for impairment ​ ​ — ​ ​ 22,881 ​ ​ — ​ ​ 168,303 ​ ​ — Funds From Operations ​ ​ $570,715 ​ ​ $544,616 ​ ​ $520,382 ​ ​ $510,852 ​ ​ $451,273 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average shares and units outstanding - basic ​ ​ 342,594 ​ ​ 339,442 ​ ​ 334,103 ​ ​ 325,777 ​ ​ 318,469 Weighted-average shares and units outstanding - diluted (2) (3) ​ ​ 350,632 ​ ​ 346,756 ​ ​ 342,374 ​ ​ 334,186 ​ ​ 326,975 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Funds From Operations per share - basic ​ ​ $1.67 ​ ​ $1.60 ​ ​ $1.56 ​ ​ $1.57 ​ ​ $1.42 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Funds From Operations per share - diluted (2) (3) ​ ​ $1.67 ​ ​ $1.61 ​ ​ $1.55 ​ ​ $1.57 ​ ​ $1.41 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended Reconciliation of FFO to Core FFO ​ ​ 31-Mar-25 ​ ​ 31-Dec-24 ​ ​ 30-Sep-24 ​ ​ 30-Jun-24 ​ ​ 31-Mar-24 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Funds From Operations ​ ​ $570,715 ​ ​ $544,616 ​ ​ $520,382 ​ ​ $510,852 ​ ​ $451,273 Other non-core revenue adjustments (4) ​ ​ (1,925) ​ ​ 4,537 ​ ​ (4,583) ​ ​ (33,818) ​ ​ 3,525 Transaction and integration expenses ​ ​ 39,902 ​ ​ 11,797 ​ ​ 24,194 ​ ​ 26,072 ​ ​ 31,839 Loss on debt extinguishment and modifications ​ ​ — ​ ​ 2,165 ​ ​ 2,636 ​ ​ — ​ ​ 1,070 Severance, equity acceleration and legal expenses (5) ​ ​ 2,428 ​ ​ 2,346 ​ ​ 2,481 ​ ​ 884 ​ ​ 791 (Gain) / Loss on FX and derivatives revaluation ​ ​ (2,064) ​ ​ 7,127 ​ ​ 1,513 ​ ​ 32,222 ​ ​ 33,602 Other non-core expense adjustments (6) ​ ​ (702) ​ ​ 14,229 ​ ​ 11,120 ​ ​ 2,271 ​ ​ 10,052 Core Funds From Operations ​ ​ $608,354 ​ ​ $586,816 ​ ​ $557,744 ​ ​ $538,482 ​ ​ $532,153 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average shares and units outstanding - diluted (2) (3) ​ ​ 343,050 ​ ​ 339,982 ​ ​ 334,476 ​ ​ 326,181 ​ ​ 319,138 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Core Funds From Operations per share - diluted (2) ​ ​ $1.77 ​ ​ $1.73 ​ ​ $1.67 ​ ​ $1.65 ​ ​ $1.67 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Real Estate Related Depreciation & Amortization ​ Three Months Ended ​ ​ ​ 31-Mar-25 ​ ​ 31-Dec-24 ​ ​ 30-Sep-24 ​ ​ 30-Jun-24 ​ ​ 31-Mar-24 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciation & amortization per income statement ​ ​ $443,009 ​ ​ $455,355 ​ ​ $459,997 ​ ​ $425,343 ​ ​ $431,102 Non-real estate depreciation ​ ​ (10,356) ​ ​ (9,894) ​ ​ (10,911) ​ ​ (10,424) ​ ​ (10,511) Real Estate Related Depreciation & Amortization ​ ​ $432,652 ​ ​ $445,462 ​ ​ $449,086 ​ ​ $414,920 ​ ​ $420,591 ​ (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 ​ ​ ​ 31-Mar-25 ​ ​ 31-Dec-24 ​ ​ 30-Sep-24 ​ ​ 30-Jun-24 ​ ​ 31-Mar-24 Teraco noncontrolling share of FFO ​ ​ $13,286 ​ ​ $14,905 ​ ​ $9,828 ​ ​ $12,453 ​ ​ $9,768 Teraco related minority interest ​ ​ $13,286 ​ ​ $14,905 ​ ​ $9,828 ​ ​ $12,453 ​ ​ $9,768 ​ (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 ​ First Quarter 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended  Reconciliation of Core FFO to AFFO ​ ​ 31-Mar-25 ​ ​ 31-Dec-24 ​ ​ 30-Sep-24 ​ ​ 30-Jun-24 ​ ​ 31-Mar-24 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​  Core FFO available to common stockholders and unitholders ​ ​ $608,354 ​ ​ $586,816 ​ ​ $557,744 ​ ​ $538,482 ​ ​ $532,153 Adjustments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-real estate depreciation ​ ​ 10,356 ​ ​ 9,894 ​ ​ 10,911 ​ ​ 10,424 ​ ​ 10,511 Amortization of deferred financing costs ​ ​ 6,548 ​ ​ 5,697 ​ ​ 4,853 ​ ​ 5,072 ​ ​ 5,576 Amortization of debt discount/premium ​ ​ 1,125 ​ ​ 1,324 ​ ​ 1,329 ​ ​ 1,321 ​ ​ 1,832 Non-cash stock-based compensation expense ​ ​ 16,700 ​ ​ 13,386 ​ ​ 15,026 ​ ​ 14,464 ​ ​ 12,592 Straight-line rental revenue ​ ​ (9,692) ​ ​ (18,242) ​ ​ (17,581) ​ ​ 334 ​ ​ 9,976 Straight-line rental expense ​ ​ (160) ​ ​ (136) ​ ​ 1,690 ​ ​ 782 ​ ​ 1,111 Above- and below-market rent amortization ​ ​ (706) ​ ​ (269) ​ ​ (742) ​ ​ (1,691) ​ ​ (854) Deferred tax (benefit) / expense ​ ​ (517) ​ ​ (15,048) ​ ​ (9,366) ​ ​ (9,982) ​ ​ (3,437) Leasing compensation & internal lease commissions ​ ​ 13,405 ​ ​ 10,505 ​ ​ 10,918 ​ ​ 10,519 ​ ​ 13,291 Recurring capital expenditures (1) ​ ​ (35,305) ​ ​ (130,245) ​ ​ (67,308) ​ ​ (60,483) ​ ​ (47,676) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ AFFO available to common stockholders and unitholders (2) ​ ​ $610,108 ​ ​ $463,682 ​ ​ $507,474 ​ ​ $509,241 ​ ​ $535,073 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average shares and units outstanding - basic ​ ​ 342,594 ​ ​ 339,442 ​ ​ 334,103 ​ ​ 325,777 ​ ​ 318,469 Weighted-average shares and units outstanding - diluted (3) ​ ​ 343,050 ​ ​ 339,982 ​ ​ 334,476 ​ ​ 326,181 ​ ​ 319,138 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ AFFO per share - diluted (3) ​ ​ $1.78 ​ ​ $1.36 ​ ​ $1.52 ​ ​ $1.56 ​ ​ $1.68 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​  Dividends per share and common unit ​ ​ $1.22 ​ ​ $1.22 ​ ​ $1.22 ​ ​ $1.22 ​ ​ $1.22 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted AFFO Payout Ratio ​ ​ 68.6% ​ ​ 89.5% ​ ​ 80.4% ​ ​ 78.1% ​ ​ 72.8% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended Share Count Detail ​ ​ 31-Mar-25 ​ ​ 31-Dec-24 ​ ​ 30-Sep-24 ​ ​ 30-Jun-24 ​ ​ 31-Mar-24 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average Common Stock and Units Outstanding ​ ​ 342,594 ​ ​ 339,442 ​ ​ 334,103 ​ ​ 325,777 ​ ​ 318,469 Add: Effect of dilutive securities ​ ​ 456 ​ ​ 540 ​ ​ 373 ​ ​ 404 ​ ​ 669 Weighted Avg. Common Stock and Units Outstanding - diluted ​ ​ 343,050 ​ ​ 339,982 ​ ​ 334,476 ​ ​ 326,181 ​ ​ 319,138 ​ (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 ​ First Quarter 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 31-Mar-25 ​ 31-Dec-24 ​ 30-Sep-24 ​ 30-Jun-24 ​ 31-Mar-24 Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments in real estate: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Real estate ​ $27,947,964 ​ ​ $27,558,993 ​ ​ $28,808,770 ​ ​ $27,470,635 ​ ​ $27,122,796 Construction in progress ​ 4,973,266 ​ ​ 5,164,334 ​ ​ 5,175,054 ​ ​ 4,676,012 ​ ​ 4,496,840 Land held for future development ​ 69,089 ​ ​ 38,785 ​ ​ 23,392 ​ ​ 93,938 ​ ​ 114,240 Investments in Real Estate ​ $32,990,319 ​ ​ $32,762,112 ​ ​ $34,007,216 ​ ​ $32,240,584 ​ ​ $31,733,877 Accumulated depreciation and amortization ​ (8,856,535) ​ ​ (8,641,331) ​ ​ (8,777,002) ​ ​ (8,303,070) ​ ​ (7,976,093) Net Investments in Properties ​ $24,133,784 ​ ​ $24,120,781 ​ ​ $25,230,214 ​ ​ $23,937,514 ​ ​ $23,757,784 Investment in unconsolidated joint ventures ​ 2,702,847 ​ ​ 2,639,800 ​ ​ 2,456,448 ​ ​ 2,332,698 ​ ​ 2,365,821 Net Investments in Real Estate ​ $26,836,631 ​ ​ $26,760,582 ​ ​ $27,686,662 ​ ​ $26,270,212 ​ ​ $26,123,605 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating lease right-of-use assets, net ​ $1,165,924 ​ ​ $1,178,853 ​ ​ $1,228,507 ​ ​ $1,211,003 ​ ​ $1,233,410 Cash and cash equivalents ​ 2,321,885 ​ ​ 3,870,891 ​ ​ 2,175,605 ​ ​ 2,282,062 ​ ​ 1,193,784 Accounts and other receivables, net (1) ​ 1,373,521 ​ ​ 1,257,464 ​ ​ 1,274,460 ​ ​ 1,222,403 ​ ​ 1,217,276 Deferred rent, net ​ 641,290 ​ ​ 642,456 ​ ​ 641,778 ​ ​ 613,749 ​ ​ 611,670 Goodwill ​ 9,174,165 ​ ​ 8,929,431 ​ ​ 9,395,233 ​ ​ 9,128,811 ​ ​ 9,105,026 Customer relationship value, deferred leasing costs & other intangibles, net ​ 2,124,989 ​ ​ 2,178,054 ​ ​ 2,367,467 ​ ​ 2,315,143 ​ ​ 2,359,380 Assets held for sale and contribution ​ ​ 953,236 ​ ​ — ​ ​ — ​ ​ — ​ ​ 287,064 Other assets ​ 488,921 ​ ​ 465,885 ​ ​ 525,679 ​ ​ 563,500 ​ ​ 501,875 Total Assets ​ $45,080,562 ​ ​ $45,283,616 ​ ​ $45,295,392 ​ ​ $43,606,883 ​ ​ $42,633,089 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities and Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Global unsecured revolving credit facilities, net ​ $1,096,931 ​ ​ $1,611,308 ​ ​ $1,786,921 ​ ​ $1,848,167 ​ ​ $1,901,126 Unsecured term loans, net ​ 404,335 ​ ​ 386,903 ​ ​ 913,733 ​ ​ 1,297,893 ​ ​ 1,303,263 Unsecured senior notes, net of discount ​ 14,744,063 ​ ​ 13,962,852 ​ ​ 13,528,061 ​ ​ 12,507,551 ​ ​ 13,190,202 Secured and other debt, net of discount ​ 770,950 ​ ​ 753,314 ​ ​ 757,831 ​ ​ 686,135 ​ ​ 625,750 Operating lease liabilities ​ 1,281,572 ​ ​ 1,294,219 ​ ​ 1,343,903 ​ ​ 1,336,839 ​ ​ 1,357,751 Accounts payable and other accrued liabilities ​ 1,927,611 ​ ​ 2,056,215 ​ ​ 2,140,764 ​ ​ 1,973,798 ​ ​ 1,870,344 Deferred tax liabilities ​ 1,109,294 ​ ​ 1,084,562 ​ ​ 1,223,771 ​ ​ 1,132,090 ​ ​ 1,121,224 Accrued dividends and distributions ​ — ​ ​ 418,661 ​ ​ — ​ ​ — ​ ​ — Security deposits and prepaid rents ​ 559,768 ​ ​ 539,802 ​ ​ 423,797 ​ ​ 416,705 ​ ​ 413,225 Obligations associated with assets held for sale and contribution ​ ​ 7,882 ​ ​ — ​ ​ — ​ ​ — ​ ​ 9,981 Total Liabilities ​ $21,902,406 ​ ​ $22,107,836 ​ ​ $22,118,781 ​ ​ $21,199,178 ​ ​ $21,792,866 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Redeemable non-controlling interests ​ 1,459,322 ​ ​ 1,433,185 ​ ​ 1,465,636 ​ ​ 1,399,889 ​ ​ 1,350,736 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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) ​ 3,338 ​ ​ 3,337 ​ ​ 3,285 ​ ​ 3,231 ​ ​ 3,097 Additional paid-in capital ​ 28,091,661 ​ ​ 28,079,738 ​ ​ 27,229,143 ​ ​ 26,388,393 ​ ​ 24,508,683 Dividends in excess of earnings ​ (6,604,217) ​ ​ (6,292,085) ​ ​ (6,060,642) ​ ​ (5,701,096) ​ ​ (5,373,529) Accumulated other comprehensive (loss), net ​ (926,874) ​ ​ (1,182,283) ​ ​ (657,364) ​ ​ (884,715) ​ ​ (850,091) Total Stockholders' Equity ​ $21,295,598 ​ ​ $21,340,397 ​ ​ $21,246,112 ​ ​ $20,537,503 ​ ​ $19,019,850 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Noncontrolling Interests ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Noncontrolling interest in operating partnership ​ $415,956 ​ ​ $396,099 ​ ​ $427,930 ​ ​ $434,253 ​ ​ $438,422 Noncontrolling interest in consolidated joint ventures ​ 7,280 ​ ​ 6,099 ​ ​ 36,933 ​ ​ 36,060 ​ ​ 31,215 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Noncontrolling Interests ​ $423,236 ​ ​ $402,198 ​ ​ $464,863 ​ ​ $470,313 ​ ​ $469,637 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Equity ​ $21,718,834 ​ ​ $21,742,595 ​ ​ $21,710,975 ​ ​ $21,007,816 ​ ​ $19,489,487 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Liabilities and Equity ​ $45,080,562 ​ ​ $45,283,616 ​ ​ $45,295,392 ​ ​ $43,606,883 ​ ​ $42,633,089 ​ (1) Net of allowance for doubtful accounts of $62,803 and $43,873 as of March 31, 2025 and March 31, 2024, respectively. (2) Series   J Cumulative Redeemable Preferred Stock, 5.250%, $200,000 liquidation preference ($25.00 per share), 8,000 shares issued and outstanding as of March 31, 2025 and March 31, 2024. (3) Series   K Cumulative Redeemable Preferred Stock, 5.850%, $210,000 liquidation preference ($25.00 per share), 8,400 shares issued and outstanding as of March 31, 2025 and March 31, 2024. (4) Series   L Cumulative Redeemable Preferred Stock, 5.200%, $345,000 liquidation preference ($25.00 per share), 13,800 shares issued and outstanding as of March 31, 2025 and March 31, 2024. (5) Common Stock: 336,743 and 312,421 shares issued and outstanding as of March 31, 2025 and March 31, 2024, respectively. ​ ​ ​ ​ ​ ​ ​ 15 Table of Contents Components of Net Asset Value (NAV) (1) Financial Supplement Unaudited and in Thousands ​ First Quarter 2025 44 ​ ​ ​ ​ ​ Consolidated Properties Cash Net Operating Income (NOI) (2) , Annualized (3) ​ ​ ​ Network-Dense ​ ​ $1,163,813 Campus ​ ​ 1,819,990 Other (4) ​ ​ 100,846 Total Cash NOI, Annualized ​ ​ $3,084,649 less: Partners' share of consolidated JVs ​ ​ (76,620) Acquisitions / dispositions / expirations ​ ​ (75,224) FY 2025 backlog cash NOI and 1Q25 carry-over (stabilized) (5) ​ ​ 218,729 Total Consolidated Cash NOI, Annualized ​ ​ $3,151,534 ​ ​ ​ ​ Digital Realty's Pro Rata Share of Unconsolidated Joint Venture Cash NOI (3) (6) ​ ​ $280,820 ​ ​ ​ ​ Other Income ​ ​ ​ Development and Management Fees (net), Annualized ​ ​ $82,571 ​ ​ ​ ​ Other Assets ​ ​ ​ Pre-stabilized inventory, at cost (7) ​ ​ $231,885 Land held for development ​ ​ 69,089 Development CIP (8) ​ ​ 4,973,266 less: Investment associated with FY25 Backlog NOI (9) ​ ​ (938,038) Cash and cash equivalents ​ ​ 2,321,885 Accounts and other receivables, net ​ ​ 1,373,521 Other assets ​ ​ 488,921 less: Partners' share of consolidated JV assets ​ ​ (161,517) Total Other Assets ​ ​ $8,359,012 ​ ​ ​ ​ Liabilities ​ ​ ​ Global unsecured revolving credit facilities ​ ​ $1,121,628 Unsecured term loans ​ ​ 405,600 Unsecured senior notes ​ ​ 14,849,815 Secured and other debt ​ ​ 778,767 Accounts payable and other accrued liabilities ​ ​ 1,927,611 Deferred tax liabilities ​ ​ 1,109,294 Security deposits and prepaid rents ​ ​ 559,768 Obligations associated with assets held for sale and contribution ​ ​ 7,882 Backlog NOI cost to complete (9) ​ ​ 377,263 Preferred stock ​ ​ 755,000 Digital Realty's share of unconsolidated JV debt ​ ​ 1,697,287 less: Partners' share of consolidated JV liabilities ​ ​ (451,453) Total Liabilities ​ ​ $23,138,462 ​ ​ ​ ​ ​ (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 1Q25 Cash NOI of $3.1 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 ​ First Quarter 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, 2025 ​ ​ ​ ​ Interest Rate ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest ​ Including ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rate ​ Swaps ​ 2025 ​ 2026 ​ 2027 ​ 2028 ​ 2029 ​ Thereafter ​ Total Global Unsecured Revolving Credit Facilities (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Global unsecured revolving credit facility ​ 3.451% ​ 3.451% ​ — ​ — ​ — ​ — ​ — ​ $923,988 ​ $923,988 Yen revolving credit facility ​ 1.120% ​ 1.120% ​ — ​ — ​ — ​ — ​ — ​ 197,640 ​ 197,640 Deferred financing costs, net ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ (24,697) Total Global Unsecured Revolving Credit Facilities ​ 3.040% ​ 3.040% ​ — ​ — ​ — ​ — ​ — ​ $1,121,628 ​ $1,096,931 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unsecured Term Loans (1) ​ ​ ​ ​   ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Euro term loan facility ​ 3.313% ​ 3.230% ​ — ​ — ​ $405,600 ​ — ​ — ​ — ​ $405,600 Deferred financing costs, net ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ (1,265) Total Unsecured Term Loans ​ 3.313% ​ 3.230% ​ — ​ — ​ $405,600 ​ — ​ — ​ — ​ $404,335 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Senior Notes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ €650 million 0.625% Notes due 2025 ​ 0.625% ​ 0.625% ​ $703,040 ​ — ​ — ​ — ​ — ​ — ​ $703,040 €1.08 billion 2.500% Notes due 2026 ​ 2.500% ​ 2.500% ​ — ​ $1,162,720 ​ — ​ — ​ — ​ — ​ 1,162,720 ₣275 million 0.200% Notes due 2026 ​ 0.200% ​ 0.200% ​ — ​ 310,974 ​ — ​ — ​ — ​ — ​ 310,974 ₣150 million 1.700% Notes due 2027 ​ 1.700% ​ 1.700% ​ — ​ — ​ $169,622 ​ — ​ — ​ — ​ 169,622 $1.00 billion 3.700% Notes due 2027 (2) ​ 3.700% ​ 2.485% ​ — ​ — ​ 1,000,000 ​ — ​ — ​ — ​ 1,000,000 €500 million 1.125% Notes due 2028 ​ 1.125% ​ 1.125% ​ — ​ — ​ — ​ $540,800 ​ — ​ — ​ 540,800 $900 million 5.550% Notes due 2028 (2) ​ 5.550% ​ 3.996% ​ — ​ — ​ — ​ 900,000 ​ — ​ — ​ 900,000 $650 million 4.450% Notes due 2028 ​ 4.450% ​ 4.450% ​ — ​ — ​ — ​ 650,000 ​ — ​ — ​ 650,000 ₣270 million 0.550% Notes due 2029 ​ 0.550% ​ 0.550% ​ — ​ — ​ — ​ — ​ $305,319 ​ — ​ 305,319 $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% ​ — ​ — ​ — ​ — ​ 452,130 ​ — ​ 452,130 $1.15 billion 1.875% Notes due 2029 (2) ​ 1.875% ​ 1.263% ​ — ​ — ​ — ​ — ​ 1,150,000 ​ — ​ 1,150,000 €750 million 1.500% Notes due 2030 ​ 1.500% ​ 1.500% ​ — ​ — ​ — ​ — ​ — ​ $811,200 ​ 811,200 £550 million 3.750% Notes due 2030 ​ 3.750% ​ 3.750% ​ — ​ — ​ — ​ — ​ — ​ 710,490 ​ 710,490 €500 million 1.250% Notes due 2031 ​ 1.250% ​ 1.250% ​ — ​ — ​ — ​ — ​ — ​ 540,800 ​ 540,800 €1.00 billion 0.625% Notes due 2031 ​ 0.625% ​ 0.625% ​ — ​ — ​ — ​ — ​ — ​ 1,081,600 ​ 1,081,600 €750 million 1.000% Notes due 2032 ​ 1.000% ​ 1.000% ​ — ​ — ​ — ​ — ​ — ​ 811,200 ​ 811,200 €750 million 1.375% Notes due 2032 ​ 1.375% ​ 1.375% ​ — ​ — ​ — ​ — ​ — ​ 811,200 ​ 811,200 €850 million 3.875% Notes due 2033 ​ 3.875% ​ 3.875% ​ — ​ — ​ — ​ — ​ — ​ 919,360 ​ 919,360 €850 million 3.875% Notes due 2035 ​ 3.875% ​ 3.875% ​ — ​ — ​ — ​ — ​ — ​ 919,360 ​ 919,360 Unamortized discounts, net ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ (33,220) Deferred financing costs, net ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ (72,532) Total Senior Notes ​ 2.507% ​ 2.284% ​ $703,040 ​ $1,473,694 ​ $1,169,622 ​ $2,090,800 ​ $2,807,449 ​ $6,605,210 ​ $14,744,063 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Secured Debt ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ICN10 Facilities ​ 5.590% ​ 3.465% ​ — ​ — ​ — ​ — ​ — ​ $11,463 ​ $11,463 Westin ​ 3.290% ​ 3.290% ​ — ​ — ​ $135,000 ​ — ​ — ​ — ​ 135,000 Teraco Loans ​ 9.834% ​ 9.896% ​ $605 ​ $49,067 ​ 97,319 ​ $364,014 ​ $9,278 ​ 32,663 ​ 552,947 Deferred financing costs, net ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ (4,055) Total Secured Debt ​ 8.502% ​ 8.515% ​ $605 ​ $49,067 ​ $232,319 ​ $364,014 ​ $9,278 ​ $44,126 ​ $695,355 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other Debt ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Icolo loans ​ 12.710% ​ 12.710% ​ — ​ $5,915 ​ $4,505 ​ $1,065 ​ $5,108 ​ — ​ $16,593 Total Other Debt ​ 12.710% ​ 12.710% ​ — ​ $5,915 ​ $4,505 ​ $1,065 ​ $5,108 ​ — ​ $16,593 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mandatorily Redeemable Preferred Shares (Teraco) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mandatorily Redeemable Preferred Shares (Teraco) ​ 9.675% ​ 9.675% ​ — ​ $62,764 ​ — ​ — ​ — ​ — ​ $62,764 Unamortized discounts, net ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ (3,762) Total Redeemable Preferred Shares ​ 9.675% ​ 9.675% ​ — ​ $62,764 ​ — ​ — ​ — ​ — ​ $59,002 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total unhedged variable rate debt ​ — ​ — ​ $115 ​ $63,448 ​ $1,213 ​ $7,787 ​ — ​ $1,126,011 ​ $1,198,573 Total fixed rate / hedged variable rate debt ​ — ​ — ​ 703,530 ​ 1,527,991 ​ 1,810,833 ​ 2,448,092 ​ $2,821,836 ​ 6,644,953 ​ 15,957,236 Total Debt ​ 2.842% ​ 2.647% ​ $703,645 ​ $1,591,439 ​ $1,812,046 ​ $2,455,879 ​ $2,821,836 ​ $7,770,964 ​ $17,155,809 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average Interest Rate ​ ​ ​ ​ ​ 0.633% ​ 2.600% ​ 3.062% ​ 4.362% ​ 2.307% ​ 2.324% ​ 2.647% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Summary ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average Term to Initial Maturity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 4.4 Years ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average Maturity (assuming exercise of extension options) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 4.5 Years ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Global Unsecured Revolving Credit Facilities Detail As of March 31, 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Maximum Available ​ Existing Capacity (3) ​ Currently Drawn ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Global Unsecured Revolving Credit Facilities $4,429,690 ​ $3,190,482 ​ $1,121,628 ​ (1) Assumes all extensions will be exercised. (2) Subject to cross-currency swaps. (3) Net of letters of credit issued of $117.6 million. ​ ​ ​ 17 Table of Contents Debt Analysis and Covenant Compliance Financial Supplement Unaudited ​ First Quarter 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​      ​      ​      ​      Global Unsecured   ​ ​ Unsecured Senior Notes ​  Credit Facilities  Debt Covenant Ratios (1)     Required ​ Actual (2) ​ Actual (3) ​ Required ​ Actual  Total outstanding debt / total assets (4)     Less than 60% ​ 43% ​ 36% ​ Less than 60% (5)      33%  Secured debt / total assets (6)   Less than 40% ​ 5% ​ 1% ​ Less than 40% (7) ​ 3%  Total unencumbered assets / unsecured debt   Greater than 150% ​ 251% ​ 275% ​ N/A   N/A  Consolidated EBITDA / interest expense (8)   Greater than 1.50x   4.8x   4.8x   N/A   N/A  Fixed charge coverage   ​   N/A   N/A   Greater than 1.50x   4.5x  Unsecured debt / total unencumbered asset value (9)   ​   N/A ​ N/A ​ Less than 60% ​ 36%  Unencumbered assets debt service coverage ratio (9)   ​   N/A   N/A   Greater than 1.50x   5.0x ​ (1) For definitions of the terms used in the table above and related footnotes, please refer to the indentures which govern the notes, the Third Amended and Restated Global Senior Credit Agreement dated as of September 24, 2024 and the Second Amended and Restated Yen facility Credit Agreement dated as of September 24, 2024, each as amended and which are filed as exhibits to our reports filed with the U.S. Securities and Exchange Commission. (2) Ratios for the Unsecured Senior Notes listed on page   17 except for the 0.20% notes due 2026, 1.70% notes due 2027, 5.550% notes due 2028, 0.55% notes due 2029, 1.875% notes due 2029, 1.250% notes due 2031, 0.625% notes due 2031, 1.00% notes due 2032, 1.375% notes due 2032, 3.875% notes due 2033 and 3.875% notes due 2035. (3) Ratios for the 0.20% notes due 2026, 1.70% notes due 2027, 5.550% notes due 2028, 0.55% notes due 2029, 1.875% notes due 2029, 1.250% notes due 2031, 0.625% notes due 2031, 1.00% notes due 2032, 1.375% notes due 2032, 3.875% notes due 2033 and 3.875% notes due 2035. (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 $35.0 billion. (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 ​ First Quarter 2025 ​ Stabilized (“Same-Capital”) Portfolio (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ 31-Mar-25 ​ 31-Mar-24 ​ % Change ​ 31-Dec-24 ​ % Change ​ Rental revenues ​ ​ $719,355 ​ ​ $689,987 ​ ​ 4.3% ​ ​ $715,724 ​ ​ 0.5% ​ Tenant reimbursements - Utilities ​ ​ 220,433 ​ ​ 228,364 ​ ​ (3.5%) ​ ​ 238,311 ​ ​ (7.5%) ​ Tenant reimbursements - Other ​ ​ 28,022 ​ ​ 24,782 ​ ​ 13.1% ​ ​ 26,781 ​ ​ 4.6% ​ Interconnection & other ​ ​ 85,678 ​ ​ 79,449 ​ ​ 7.8% ​ ​ 82,509 ​ ​ 3.8% ​ Total Revenue ​ ​ $1,053,488 ​ ​ $1,022,582 ​ ​ 3.0% ​ ​ $1,063,324 ​ ​ (0.9%) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Utilities ​ ​ $251,946 ​ ​ $262,687 ​ ​ (4.1%) ​ ​ $257,354 ​ ​ (2.1%) ​ Rental property operating ​ ​ 177,432 ​ ​ 166,218 ​ ​ 6.7% ​ ​ 205,692 ​ ​ (13.7%) ​ Property taxes ​ ​ 36,367 ​ ​ 33,354 ​ ​ 9.0% ​ ​ 34,224 ​ ​ 6.3% ​ Insurance ​ ​ 4,664 ​ ​ 3,616 ​ ​ 29.0% ​ ​ 4,357 ​ ​ 7.0% ​ Total Expenses ​ ​ $470,409 ​ ​ $465,874 ​ ​ 1.0% ​ ​ $501,626 ​ ​ (6.2%) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Operating Income (2) ​ ​ $583,079 ​ ​ $556,708 ​ ​ 4.7% ​ ​ $561,698 ​ ​ 3.8% ​ Less: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stabilized straight-line rent ​ ​ ($1,284) ​ ​ ($5,641) ​ ​ (77.2%) ​ ​ $10,962 ​ ​ (111.7%) ​ Above- and below-market rent ​ ​ 909 ​ ​ 946 ​ ​ (3.9%) ​ ​ 443 ​ ​ 105.3% ​ Cash Net Operating Income (3) ​ ​ $583,454 ​ ​ $561,403 ​ ​ 3.9% ​ ​ $550,293 ​ ​ 6.0% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash NOI impact of holding '24 Exchange Rates Constant (4) ​ ​ 5,740 ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Constant Currency Cash Net Operating Income ​ ​ $589,194 ​ ​ $561,403 ​ ​ 5.0% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stabilized Portfolio occupancy at period end (5) ​ ​ 82.7% ​ ​ 82.4% ​ ​ 0.3% ​ ​ 82.9% ​ ​ (0.2%) ​ ​ ​ (1) Represents buildings owned as of December 31, 2023 with less than 5% of total rentable square feet under development. Excludes buildings that were undergoing, or were expected to undergo, development activities in 2024-2025, buildings classified as held for sale and contribution, and buildings sold or contributed to joint ventures for all periods presented. Prior period numbers adjusted to reflect current same-capital pool. (2) For a definition and discussion of net operating income and a reconciliation of operating income to NOI, see page   32 . (3) For a definition and discussion of cash net operating income and a reconciliation of operating income to cash NOI, see page   32 . (4) Adjustment calculated by holding currency translation rates for 2025 constant with average currency translation rates that were applicable to the same periods in 2024. (5) Occupancy excludes space under active development and space held for development. For some of our buildings, we calculate occupancy based on factors in addition to contractually leased square feet, including available power, required support space and common areas. ​ ​ ​ ​ ​ ​ ​ 19 Table of Contents Summary of Leasing Activity Financial Supplement Leases Signed in the Quarter End March 31, 2025 ​ First Quarter 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 0-1 MW ​ > 1 MW ​ Other (3) ​ Total  Leasing Activity - New (1) (2)      1Q25      LTM      1Q25      LTM      1Q25      LTM      1Q25      LTM ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Annualized GAAP Rent (in thousands)   ​ $54,122   ​ $205,858   ​ $172,129 ​ ​ $754,696 ​ ​ $1,404 ​ ​ $7,419 ​ ​ $227,655 ​ ​ $967,973 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Kilowatt leased ​ ​ 15,502 ​ ​ 62,880 ​ ​ 61,801 ​ ​ 307,612 ​ ​ — ​ ​ — ​ ​ 77,303 ​ ​ 370,492 NRSF (in thousands) ​ ​ 186 ​ ​ 691 ​ ​ 542 ​ ​ 2,376 ​ ​ 24 ​ ​ 117 ​ ​ 752 ​ ​ 3,184 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average Lease Term (years) ​ ​ 3.8 ​ ​ 3.8 ​ ​ 12.6 ​ ​ 12.2 ​ ​ 10.5 ​ ​ 12.5 ​ ​ 10.4 ​ ​ 10.4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Initial stabilized cash rent per Kilowatt ​ ​ $287 ​ ​ $271 ​ ​ $183 ​ ​ $161 ​ ​ — ​ ​ — ​ ​ $204 ​ ​ $180 GAAP rent per Kilowatt ​ ​ $291 ​ ​ $273 ​ ​ $232 ​ ​ $204 ​ ​ — ​ ​ — ​ ​ $244 ​ ​ $216 Leasing cost per Kilowatt ​ ​ $21 ​ ​ $24 ​ ​ $2 ​ ​ — ​ ​ — ​ ​ — ​ ​ $5 ​ ​ $4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Effective Economics by Kilowatt (4) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Base rent by Kilowatt ​ ​ $294 ​ ​ $275 ​ ​ $234 ​ ​ $205 ​ ​ — ​ ​ — ​ ​ $246 ​ ​ $217 Rental concessions by Kilowatt ​ ​ $3 ​ ​ $3 ​ ​ $2 ​ ​ $1 ​ ​ — ​ ​ — ​ ​ $3 ​ ​ $1 Estimated operating expense by Kilowatt ​ ​ $86 ​ ​ $79 ​ ​ $58 ​ ​ $52 ​ ​ — ​ ​ — ​ ​ $64 ​ ​ $56 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net rent per Kilowatt ​ ​ $205 ​ ​ $193 ​ ​ $174 ​ ​ $153 ​ ​ — ​ ​ — ​ ​ $180 ​ ​ $160 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tenant improvements by Kilowatt ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Leasing commissions by Kilowatt ​ ​ $9 ​ ​ $9 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ $2 ​ ​ $2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net effective rent per Kilowatt ​ ​ $197 ​ ​ $184 ​ ​ $174 ​ ​ $153 ​ ​ — ​ ​ — ​ ​ $178 ​ ​ $158 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Initial stabilized cash rent per NRSF ​ ​ $286 ​ ​ $295 ​ ​ $250 ​ ​ $250 ​ ​ $48 ​ ​ $50 ​ ​ $253 ​ ​ $253 GAAP rent per NRSF ​ ​ $290 ​ ​ $298 ​ ​ $318 ​ ​ $318 ​ ​ $59 ​ ​ $63 ​ ​ $303 ​ ​ $304 Leasing cost per NRSF ​ ​ $21 ​ ​ $26 ​ ​ $2 ​ ​ — ​ ​ $2 ​ ​ $2 ​ ​ $7 ​ ​ $6 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Effective Economics by NRSF (4) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Base rent by NRSF ​ ​ $294 ​ ​ $301 ​ ​ $321 ​ ​ $319 ​ ​ $59 ​ ​ $64 ​ ​ $306 ​ ​ $306 Rental concessions by NRSF ​ ​ $3 ​ ​ $3 ​ ​ $3 ​ ​ $1 ​ ​ $1 ​ ​ — ​ ​ $3 ​ ​ $2 Estimated operating expense by NRSF ​ ​ $85 ​ ​ $87 ​ ​ $80 ​ ​ $83 ​ ​ $8 ​ ​ $8 ​ ​ $79 ​ ​ $81 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net rent per NRSF ​ ​ $205 ​ ​ $211 ​ ​ $238 ​ ​ $235 ​ ​ $50 ​ ​ $55 ​ ​ $224 ​ ​ $223 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tenant improvements by NRSF ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Leasing commissions by NRSF ​ ​ $9 ​ ​ $10 ​ ​ — ​ ​ — ​ ​ $1 ​ ​ $1 ​ ​ $2 ​ ​ $2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net effective rent per NRSF ​ ​ $196 ​ ​ $201 ​ ​ $237 ​ ​ $235 ​ ​ $50 ​ ​ $55 ​ ​ $221 ​ ​ $221 ​ (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 March 31, 2025 ​ First Quarter 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 0-1 MW ​ > 1 MW ​ Other (4) ​ Total  Leasing Activity - Renewals (1) (2) (3)      1Q25      LTM      1Q25      LTM      1Q25      LTM      1Q25      LTM ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Leases renewed (Kilowatt) ​ ​ 37,215 ​ ​ 141,387 ​ ​ 2,500 ​ ​ 157,969 ​ ​ — ​ ​ — ​ ​ 39,715 ​ ​ 299,356 Leases renewed (NRSF in thousands) ​ ​ 499 ​ ​ 2,030 ​   26 ​ ​ 1,800 ​ ​ 273 ​ ​ 495 ​ ​ 798 ​ ​ 4,326 Leasing cost per Kilowatt ​ ​ $1 ​ ​ $1 ​   — ​   $1 ​ ​ — ​ ​ — ​ ​ $1 ​ ​ $1 Leasing cost per NRSF ​ ​ $1 ​ ​ $1 ​   — ​   $1 ​ ​ $2 ​ ​ $3 ​ ​ $1 ​ ​ $1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Term (years) ​ ​ 1.2 ​ ​ 1.5 ​ ​ 3.0 ​ ​ 5.3 ​ ​ 4.0 ​ ​ 4.5 ​ ​ 2.2 ​ ​ 3.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash Rent ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Expiring cash rent per Kilowatt   ​ $275 ​ ​ $304 ​ ​ $161 ​ ​ $141 ​ ​ — ​ ​ — ​ ​ $268 ​ ​ $218 Renewed cash rent per Kilowatt   ​ $285 ​ ​ $317 ​ ​ $169 ​ ​ $159 ​ ​ — ​ ​ — ​ ​ $278 ​ ​ $234 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ % Change Cash Rent Per Kilowatt   ​ 3.8% ​ ​ 4.3% ​ ​ 4.6% ​ ​ 12.9% ​ ​ — ​ ​ — ​ ​ 3.8% ​ ​ 7.2% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Expiring cash rent per NRSF ​ ​ $246 ​ ​ $254 ​ ​ $187 ​ ​ $148 ​ ​ $43 ​ ​ $51 ​ ​ $175 ​ ​ $187 Renewed cash rent per NRSF ​ ​ $255 ​ ​ $265 ​ ​ $196 ​ ​ $168 ​ ​ $54 ​ ​ $61 ​ ​ $184 ​ ​ $201 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ % Change Cash Rent Per NRSF ​ ​ 3.8% ​ ​ 4.3% ​ ​ 4.6% ​ ​ 12.9% ​   24.1% ​   18.8% ​   5.6% ​   7.6% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ GAAP Rent ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Expiring GAAP rent per Kilowatt   ​ $274   ​ $302 ​ ​ $156 ​ ​ $132 ​   — ​   — ​   $267 ​ ​ $212 Renewed GAAP rent per Kilowatt   ​ $286   ​ $317 ​ ​ $174 ​ ​ $170 ​   — ​   — ​   $279 ​ ​ $240 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ % Change GAAP Rent Per Kilowatt   ​ 4.1%   ​ 5.0% ​ ​ 11.2% ​ ​ 29.0% ​ ​ — ​ ​ — ​ ​ 4.4% ​ ​ 12.8% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Expiring GAAP rent per NRSF ​ ​ $245 ​ ​ $253 ​ ​ $181 ​ ​ $139 ​ ​ $41 ​ ​ $47 ​ ​ $173 ​ ​ $182 Renewed GAAP rent per NRSF ​ ​ $256 ​ ​ $265 ​ ​ $202 ​ ​ $179 ​ ​ $56 ​ ​ $62 ​ ​ $186 ​ ​ $206 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ % Change GAAP Rent Per NRSF ​ ​ 4.1%   ​ 5.0% ​ ​ 11.2% ​ ​ 29.0% ​ ​ 38.4% ​ ​ 31.5% ​ ​ 7.1% ​ ​ 13.4% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retention ratio (5) ​ ​ 75.4% ​ ​ 79.5% ​ ​ 21.0% ​ ​ 79.7% ​ ​ 77.9% ​ ​ 57.3% ​ ​ 70.3% ​ ​ 76.2% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Churn (6) ​ ​ 2.5% ​ ​ 9.2% ​ ​ 0.7% ​ ​ 3.9% ​ ​ 1.8% ​ ​ 7.1% ​ ​ 1.5% ​ ​ 6.3% ​ ​ (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) ​ First Quarter 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​      ​      ​ ​      % of      Annualized Rent Per      Annualized Rent Per      ​      ​ ​      ​      Rent Per kW   ​ ​ Square Footage of ​ Annualized ​ Annualized ​ Occupied ​ Occupied Square ​ Annualized Rent ​ kW of Expiring ​ Rent per kW ​ Per Month at   Year ​ Expiring Leases  (1) ​ Rent  (2) ​ Rent ​ Square Foot ​ Foot at Expiration ​  at Expiration ​ Leases ​ Per Month ​ Expiration   0-1 MW                                                               Available   2,916   ​ —   —   ​ —   ​ —   ​ —   ​ —   ​ —   ​ — ​  Month to Month (3)   206   ​ $57,643   1.5%   ​ $279   ​ $280   ​ $57,867   ​ 11,453   ​ $419   ​ $421 ​ 2025   1,781   ​ 559,976   14.7%   ​ 314   ​ 316   ​ 563,554   ​ 126,486   ​ 369   ​ 371 ​ 2026   1,196   ​ 334,468   8.8%   ​ 280   ​ 284   ​ 339,337   ​ 90,247   ​ 309   ​ 313 ​ 2027   714   ​ 164,131   4.3%   ​ 230   ​ 240   ​ 171,071   ​ 55,077   ​ 248   ​ 259 ​ 2028   370   ​ 79,178   2.1%   ​ 214   ​ 232   ​ 85,986   ​ 27,616   ​ 239   ​ 259 ​ 2029   309   ​ 63,077   1.7%   ​ 204   ​ 227   ​ 69,928   ​ 23,548   ​ 223   ​ 247 ​ 2030   187   ​ 43,457   1.1%   ​ 233   ​ 261   ​ 48,742   ​ 12,669   ​ 286   ​ 321 ​ 2031   100   ​ 20,065   0.5%   ​ 201   ​ 228   ​ 22,678   ​ 6,627   ​ 252   ​ 285 ​ 2032   58   ​ 10,376   0.3%   ​ 178   ​ 209   ​ 12,157   ​ 4,353   ​ 199   ​ 233 ​ 2033   32   ​ 8,632   0.2%   ​ 268   ​ 319   ​ 10,262   ​ 2,635   ​ 273   ​ 325 ​ 2034   29   ​ 3,883   0.1%   ​ 133   ​ 133   ​ 3,889   ​ 1,811   ​ 179   ​ 179 ​  Thereafter   30   ​ 4,972   0.1%   ​ 168   ​ 190   ​ 5,619   ​ 2,076   ​ 200   ​ 226 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total / Wtd. Avg.   7,928 ​ ​ $1,349,856   35.5% ​ ​ $269 ​ ​ $278 ​ ​ $1,391,091 ​ ​ 364,597 ​ ​ $309 ​ ​ $318 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ > 1 MW     Expiring Leases (1) ​ Annualized   Annualized Annualized Rent Per ​ Annualized Rent Per ​ Annualized Rent Per ​ kW of Expiring ​ Annualized ​ Rent Per kW    Available   1,670   ​ —   —   ​ —   ​ —   ​ —   ​ —   ​ —   ​ — ​  Month to Month (3)   65   ​ $8,308   0.2%   ​ $127   ​ $128   ​ $8,336   ​ 4,867   ​ $142   ​ $143 ​ 2025   906   ​ 157,146   4.1%   ​ 173   ​ 174   ​ 157,970   ​ 88,990   ​ 147   ​ 148 ​ 2026   1,861   ​ 272,507   7.2%   ​ 146   ​ 150   ​ 278,629   ​ 165,403   ​ 137   ​ 140 ​ 2027   1,640   ​ 243,978   6.4%   ​ 149   ​ 156   ​ 256,486   ​ 154,823   ​ 131   ​ 138 ​ 2028   1,596   ​ 206,125   5.4%   ​ 129   ​ 137   ​ 218,616   ​ 143,602   ​ 120   ​ 127 ​ 2029   1,911   ​ 280,089   7.4%   ​ 147   ​ 161   ​ 307,954   ​ 214,151   ​ 109   ​ 120 ​ 2030   1,369   ​ 210,747   5.5%   ​ 154   ​ 166   ​ 227,675   ​ 149,919   ​ 117   ​ 127 ​ 2031   998   ​ 151,519   4.0%   ​ 152   ​ 176   ​ 176,113   ​ 104,742   ​ 121   ​ 140 ​ 2032   854   ​ 120,440   3.2%   ​ 141   ​ 159   ​ 135,847   ​ 92,941   ​ 108   ​ 122 ​ 2033   569   ​ 91,340   2.4%   ​ 160   ​ 188   ​ 106,797   ​ 60,596   ​ 126   ​ 147 ​ 2034   1,254   ​ 150,537   4.0%   ​ 120   ​ 140   ​ 175,320   ​ 119,985   ​ 105   ​ 122 ​  Thereafter   2,033   ​ 318,609   8.4%   ​ 157   ​ 197   ​ 401,296   ​ 196,664   ​ 135   ​ 170 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total / Wtd. Avg.   16,727 ​ ​ $2,211,346   58.1% ​ ​ $147 ​ ​ $163 ​ ​ $2,451,039 ​ ​ 1,496,683 ​ ​ $123 ​ ​ $136 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other (4)     Expiring Leases (1) ​ Annualized   Annualized Annualized Rent Per ​ Annualized Rent Per ​ Annualized Rent Per ​ kW of Expiring ​ Annualized ​ Rent Per kW ​  Available   1,292   ​ —   —   ​ —   ​ —   ​ —   ​ —   ​ —   ​ — ​  Month to Month (3)   57   ​ $2,257   0.1%   ​ $40   ​ $40   ​ $2,257   ​ —   ​ —   ​ — ​ 2025   605   ​ 17,513   0.5%   ​ 29   ​ 29   ​ 17,560   ​ —   ​ —   ​ — ​ 2026   805   ​ 29,153   0.8%   ​ 36   ​ 37   ​ 30,003   ​ —   ​ —   ​ — ​ 2027   348   ​ 11,902   0.3%   ​ 34   ​ 36   ​ 12,429   ​ —   ​ —   ​ — ​ 2028   488   ​ 14,560   0.4%   ​ 30   ​ 32   ​ 15,512   ​ —   ​ —   ​ — ​ 2029   792   ​ 44,171   1.2%   ​ 56   ​ 62   ​ 49,106   ​ —   ​ —   ​ — ​ 2030   847   ​ 36,960   1.0%   ​ 44   ​ 57   ​ 48,568   ​ —   ​ —   ​ — ​ 2031   124   ​ 3,725   0.1%   ​ 30   ​ 36   ​ 4,465   ​ —   ​ —   ​ — ​ 2032   111   ​ 6,286   0.2%   ​ 57   ​ 63   ​ 7,030   ​ —   ​ —   ​ — ​ 2033   110   ​ 4,166   0.1%   ​ 38   ​ 44   ​ 4,861   ​ —   ​ —   ​ — ​ 2034   564   ​ 20,644   0.5%   ​ 37   ​ 45   ​ 25,224   ​ —   ​ —   ​ — ​  Thereafter   2,544   ​ 54,102   1.4%   ​ 21   ​ 27   ​ 69,073   ​ —   ​ —   ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total / Wtd. Avg.   8,685 ​ ​ $245,438   6.4% ​ ​ $33 ​ ​ $39 ​ ​ $286,087 ​ ​ — ​ ​ — ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total     Expiring Leases (1) ​ Annualized   Annualized Annualized Rent Per ​ Annualized Rent Per ​ Annualized Rent Per ​ kW of Expiring ​ Annualized ​ Rent Per kW    Available   5,760   ​ —   —   ​ —   ​ —   ​ —   ​ —   ​ —   ​ — ​  Month to Month (3)   328   ​ $68,208   1.8%   ​ $208   ​ $208   ​ $68,459   ​ —   ​ —   ​ — ​ 2025   3,293   ​ 734,635   19.3%   ​ 223   ​ 224   ​ 739,084   ​ —   ​ —   ​ — ​ 2026   3,861   ​ 636,127   16.7%   ​ 165   ​ 168   ​ 647,969   ​ —   ​ —   ​ — ​ 2027   2,702   ​ 420,012   11.0%   ​ 155   ​ 163   ​ 439,986   ​ —   ​ —   ​ — ​ 2028   2,454   ​ 299,863   7.9%   ​ 122   ​ 130   ​ 320,114   ​ —   ​ —   ​ — ​ 2029   3,012   ​ 387,337   10.2%   ​ 129   ​ 142   ​ 426,988   ​ —   ​ —   ​ — ​ 2030   2,402   ​ 291,163   7.6%   ​ 121   ​ 135   ​ 324,985   ​ —   ​ —   ​ — ​ 2031   1,221   ​ 175,309   4.6%   ​ 144   ​ 166   ​ 203,256   ​ —   ​ —   ​ — ​ 2032   1,023   ​ 137,102   3.6%   ​ 134   ​ 152   ​ 155,034   ​ —   ​ —   ​ — ​ 2033   712   ​ 104,138   2.7%   ​ 146   ​ 171   ​ 121,920   ​ —   ​ —   ​ — ​ 2034   1,848   ​ 175,064   4.6%   ​ 95   ​ 111   ​ 204,434   ​ —   ​ —   ​ — ​  Thereafter   4,607   ​ 377,683   9.9%   ​ 82   ​ 103   ​ 475,988   ​ —   ​ —   ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total / Wtd. Avg.   33,223 ​ ​ $3,806,641   100.0% ​ ​ $139 ​ ​ $150 ​ ​ $4,128,217 ​ ​ — ​ ​ — ​ ​ — ​ ​ ​ ​ ​ (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 March 31, 2025, multiplied by 12. (3) Includes leases, licenses, and similar agreements that upon expiration have been automatically renewed on a   month-to-month basis. (4) Other includes unimproved building shell capacity as well as storage and office space within fully improved data center facilities. Note: Represents consolidated portfolio in addition to our managed portfolio of unconsolidated joint ventures based on our ownership percentage. ​ ​ 22 Table of Contents Top 20 Customers by Annualized Rent Financial Supplement Dollars in Thousands ​ First Quarter 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​      ​ ​      ​      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 ​ ​ $500,501 ​ 11.7% ​ 8.8 2 ​ Oracle Corporation ​ 43 ​ ​ 280,104 ​ 6.6% ​ 9.4 3 ​ Social Content Platform ​ 30 ​ ​ 233,027 ​ 5.5% ​ 3.5 4 ​ Global Cloud Provider ​ 64 ​ ​ 201,038 ​ 4.7% ​ 4.6 5 ​ IBM ​ 36 ​ ​ 114,227 ​ 2.7% ​ 2.8 6 ​ Equinix ​ 16 ​ ​ 92,218 ​ 2.2% ​ 5.4 7 ​ LinkedIn Corporation ​ 7 ​ ​ 84,500 ​ 2.0% ​ 3.4 8 ​ Fortune 25 Investment Grade-Rated Company ​ 29 ​ ​ 67,330 ​ 1.6% ​ 1.7 9 ​ Meta Platforms, Inc. ​ 48 ​ ​ 66,034 ​ 1.5% ​ 3.4 10 ​ Social Media Platform ​ 4 ​ ​ 63,631 ​ 1.5% ​ 6.1 11 ​ Specialized Cloud Provider ​ 3 ​ ​ 58,770 ​ 1.4% ​ 4.4 12 ​ Fortune 25 Tech Company ​ 54 ​ ​ 55,496 ​ 1.3% ​ 3.1 13 ​ Lumen Technologies, Inc. ​ 130 ​ ​ 54,196 ​ 1.3% ​ 8.3 14 ​ AT&T ​ 77 ​ ​ 49,122 ​ 1.2% ​ 2.5 15 ​ Comcast Corporation ​ 43 ​ ​ 45,949 ​ 1.1% ​ 3.3 16 ​ Fortune 500 SaaS Provider ​ 9 ​ ​ 41,652 ​ 1.0% ​ 2.6 17 ​ JPMorgan Chase & Co. ​ 19 ​ ​ 40,643 ​ 1.0% ​ 3.2 18 ​ Rackspace ​ 25 ​ ​ 38,558 ​ 0.9% ​ 8.6 19 ​ Morgan Stanley ​ 13 ​ ​ 37,740 ​ 0.9% ​ 4.2 20 ​ Zayo ​ 121 ​ ​ 36,202 ​ 0.8% ​ 1.5 ​ ​ Total / Weighted Average ​ ​ ​ ​ $2,160,938 ​ 50.9% ​ 6.0 ​ (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 March 31, 2025, 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 ​ First Quarter 2025 5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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-Mar-25    31-Dec-24    IT Load  (6)    Count   North America                  ​                        ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Northern Virginia   5,334   1,609   254 ​ ​ $652,278   93.7% ​ 92.8% ​ 478.5 ​ 18 Chicago   2,262   553   48 ​ ​ 232,255   92.9% ​ 92.6% ​ 81.0 ​ 7 New York   1,640   —   100 ​ ​ 211,732   75.1% ​ 73.7% ​ 64.7 ​ 11 Dallas   3,126   408   110 ​ ​ 204,738   81.6% ​ 84.0% ​ 111.2 ​ 19 Silicon Valley   1,524   —   — ​ ​ 161,324   87.0% ​ 87.9% ​ 94.6 ​ 13 Portland   1,147   —   — ​ ​ 153,755   98.9% ​ 98.9% ​ 123.6 ​ 3 Phoenix   796   —   — ​ ​ 75,650   74.9% ​ 76.7% ​ 42.5 ​ 2 Toronto   593   130   135 ​ ​ 63,348   96.4% ​ 96.1% ​ 55.8 ​ 2 San Francisco   844   —   — ​ ​ 62,303   57.5% ​ 61.6% ​ 31.5 ​ 4 Atlanta   489   68   314 ​ ​ 58,825   93.4% ​ 96.7% ​ 11.1 ​ 4 Seattle   397   —   — ​ ​ 56,415   73.1% ​ 73.8% ​ 5.9 ​ 1 Los Angeles   611   11   — ​ ​ 43,474   78.4% ​ 79.4% ​ 16.9 ​ 2 Houston   393   —   14 ​ ​ 19,236   69.6% ​ 69.7% ​ 12.0 ​ 6 Boston   437   —   51 ​ ​ 15,146   38.4% ​ 38.1% ​ 19.0 ​ 3 Miami   226   —   — ​ ​ 10,034   85.9% ​ 86.0% ​ 1.3 ​ 2 Austin   86   —   — ​ ​ 7,457   59.6% ​ 59.7% ​ 4.3 ​ 1 Charlotte   95   —   — ​ ​ 6,363   94.2% ​ 92.4% ​ 1.5 ​ 3 North America Total/Weighted Average   20,000   2,779   1,025 ​ ​ $2,034,333   85.0% ​ 85.5% ​ 1,155.3 ​ 101 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​   EMEA ​              ​                          ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ London   1,402   23   76 ​ ​ $237,568   63.8% ​ 61.0% ​ 98.9 ​ 13 Frankfurt   1,829   1,343   — ​ ​ 226,939   83.7% ​ 87.2% ​ 117.4 ​ 24 Amsterdam ​ 1,332   222   92 ​ ​ 189,063   86.2% ​ 86.2% ​ 116.3 ​ 13 Paris   1,090   172   — ​ ​ 148,976   85.7% ​ 82.8% ​ 104.7 ​ 12 Johannesburg   1,263   945   — ​ ​ 144,128   81.8% ​ 81.7% ​ 67.4 ​ 5 Marseille   558   358   378 ​ ​ 77,375   75.5% ​ 75.4% ​ 45.2 ​ 4 Zurich   596   —   — ​ ​ 75,025   75.0% ​ 85.2% ​ 42.4 ​ 3 Dublin   555   —   — ​ ​ 62,140   74.0% ​ 71.3% ​ 39.3 ​ 9 Vienna   356   133   — ​ ​ 52,020   82.5% ​ 82.6% ​ 25.6 ​ 3 Madrid   308   100   — ​ ​ 46,121   76.5% ​ 76.4% ​ 16.8 ​ 4 Cape Town   326   402   — ​ ​ 44,400   87.5% ​ 87.3% ​ 21.1 ​ 2 Brussels   338   —   — ​ ​ 38,571   69.6% ​ 69.7% ​ 21.5 ​ 3 Copenhagen   226   —   99 ​ ​ 24,611   69.6% ​ 69.2% ​ 12.9 ​ 3 Stockholm   245   —   — ​ ​ 22,020   46.9% ​ 57.7% ​ 16.8 ​ 6 Dusseldorf   142   —   71 ​ ​ 19,568   59.8% ​ 59.8% ​ 7.7 ​ 3 Athens   148   61   — ​ ​ 19,554   84.4% ​ 81.9% ​ 9.0 ​ 4 Durban   59   —   — ​ ​ 6,747   68.3% ​ 69.7% ​ 2.1 ​ 1 Mombasa   37   —   21 ​ ​ 4,518   42.9% ​ 39.6% ​ 1.9 ​ 2 Nairobi   16   75   — ​ ​ 3,286   66.3% ​ 64.6% ​ 0.9 ​ 1 Zagreb   24   10   — ​ ​ 2,836   94.6% ​ 94.6% ​ 0.9 ​ 1 Maputo   3   —   — ​ ​ 487   41.6% ​ 41.6% ​ 0.2 ​ 1 Rome   —   37   — ​ ​ 187   100.0% ​ 100.0% ​ 0.1 ​ 1 Barcelona   —   144   — ​ ​ —   — ​ — ​ — ​ — Crete   —   11   — ​ ​ —   — ​ — ​ — ​ — EMEA Total/Weighted Average   10,851   4,037   738 ​ ​ $1,446,141   77.8% ​ 78.1% ​ 769.1 ​ 118 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​   Asia Pacific                ​                          ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Singapore   793   —   97 ​ ​ $213,413   90.5% ​ 91.1% ​ 72.1 ​ 3 Sydney   361   —   88 ​ ​ 26,000   83.2% ​ 83.3% ​ 22.8 ​ 4 Melbourne   147   —   — ​ ​ 17,901   90.5% ​ 90.6% ​ 9.6 ​ 2 Hong Kong   114   66   104 ​ ​ 10,897   73.7% ​ 73.3% ​ 7.5 ​ 1 Seoul   162   —   — ​ ​ 6,576   33.6% ​ 25.2% ​ 12.0 ​ 1 Asia Pacific Total/Weighted Average   1,577   66   289 ​ ​ $274,786   81.8% ​ 81.2% ​ 123.9 ​ 11 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Consolidated Portfolio Total/Weighted Average   32,427   6,882   2,052 ​ ​ $3,755,260   82.4% ​ 82.9% ​ 2,048.3 ​ 230 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Managed Unconsolidated Joint Ventures                ​        ​   ​ ​    ​    ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Northern Virginia   2,793   1,583   — ​ ​ $253,645   98.7% ​ 97.0% ​ 209.7 ​ 12 Chicago   1,118   —   — ​ ​ 119,605   96.9% ​ 96.3% ​ 94.2 ​ 3 Frankfurt   551   —   — ​ ​ 53,409   85.7% ​ 81.0% ​ 46.1 ​ 5 Dallas   364   —   — ​ ​ 27,081   100.0% ​ 100.0% ​ 16.0 ​ 2 Silicon Valley   142   —   400 ​ ​ 18,867   100.0% ​ 100.0% ​ 10.9 ​ 2 Paris   136   135   — ​ ​ 15,998   73.3% ​ 60.1% ​ 15.0 ​ 1 Hong Kong   186   —   — ​ ​ 11,138   44.2% ​ 44.3% ​ 11.0 ​ 1 Los Angeles   197   —   — ​ ​ 10,626   82.1% ​ 80.0% ​ 4.6 ​ 2 Toronto   104   —   — ​ ​ 8,143   54.5% ​ 54.5% ​ 6.8 ​ 1 Lagos   5   26   — ​ ​ 2,258   99.5% ​ 93.3% ​ 0.7 ​ 2 Accra   —   24   — ​ ​ —   — ​ — ​ — ​ — Managed Unconsolidated Portfolio Total/Weighted Average   5,597   1,769   400 ​ ​ $520,771   93.3% ​ 91.8% ​ 414.7 ​ 31 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Managed Portfolio Total/Weighted Average   38,024   8,651   2,452 ​ ​ $4,276,031   84.0% ​ 84.2% ​ 2,463.0 ​ 261 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Digital Realty Share Total/Weighted Average (7)   33,223   6,180   2,389 ​ ​ $3,806,641   82.7% ​ 82.8% ​ 2,113.8 ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​   Non-Managed Unconsolidated Joint Ventures                ​        ​   ​           ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Sao Paulo   1,466   25   1,198 ​ ​ $183,708   93.2% ​ 92.0% ​ 123.6 ​ 25 Tokyo   1,166   431   — ​ ​ 101,178   77.2% ​ 76.2% ​ 70.9 ​ 5 Osaka   586   113   80 ​ ​ 75,957   83.8% ​ 82.0% ​ 58.9 ​ 4 Santiago   119   118   71 ​ ​ 14,969   90.6% ​ 90.1% ​ 10.2 ​ 3 Queretaro   105   —   583 ​ ​ 12,151   100.0% ​ 100.0% ​ 8.0 ​ 3 Rio De Janeiro   112   —   — ​ ​ 11,390   100.0% ​ 100.0% ​ 8.0 ​ 2 Seattle   51   —   — ​ ​ 7,770   100.0% ​ 100.0% ​ 9.0 ​ 1 Fortaleza   94   —   — ​ ​ 1,667   16.7% ​ 22.0% ​ 6.2 ​ 1 Chennai   55   —   104 ​ ​ 345   2.7% ​ 2.5% ​ 7.2 ​ 1 Mumbai   —   125   376 ​ ​ —   — ​ — ​ — ​ — Bogota   —   —   197 ​ ​ —   — ​ — ​ — ​ 2 Non-Managed Portfolio Total/Weighted Average   3,754   812   2,610 ​ ​ $409,134   83.9% ​ 83.0% ​ 302.0 ​ 47 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Portfolio Total/Weighted Average   41,778   9,463   5,062 ​ ​ $4,685,166   84.0% ​ 84.1% ​ 2,765.0 ​ 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 March 31, 2025, multiplied by 12. (5) Occupancy excludes space under active development and space held for development. For some of our buildings, we calculate occupancy based on factors in addition to contractually leased square feet, including available power, required support space and common areas. (6) White Space IT Load represents UPS-backed utility power dedicated to Digital Realty’s operated data center space. (7) 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 ​ First Quarter 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Future Development Capacity ​ Data Center Construction ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ IT Capacity (100% Share) (2) ​ Total Investment (3) ​ Project Summary (4) ​ 100% Share (4) ​ DLR Share (5) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​   ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Under ​ ​ ​ Average ​ Current ​ Future ​ Total ​ Current ​ Future ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ 100% Share ​ DLR Share ​ Construction ​ ​ ​ Expected ​ Investment ​ Investment ​ Investment ​ Investment ​ Investment ​ Investment ​ ​ Yields Region ​ Land (MW) ​ Shell (MW) ​ ​ (4) ​ (5) ​ ​ (MW) ​ % Leased ​ Completion ​ ​ (6) ​ ​ ​ (7) ​ ​ ​ (8) ​ ​ (6) ​ ​ (7) ​ ​ ​ (8) ​ ​ ​ (9) ​  Northern Virginia ​ 900   30 ​ ​ $1,250,358 ​ ​ $1,204,681   384   75%   2Q26 ​ ​ $1,090,957 ​ ​ $3,043,829 ​ ​ $4,134,786 ​ ​ $737,982 ​ ​ $1,735,040 ​ ​ $2,473,022 ​ ​ ​  Chicago ​ 40   — ​ ​ 45,738 ​ ​ 45,738   54   89%   4Q26 ​ ​ 131,913 ​ ​ 516,949 ​ ​ 648,862 ​ ​ 131,913 ​ ​ 516,949 ​ ​ 648,862 ​ ​ ​  Dallas ​ 230   30 ​ ​ 395,482 ​ ​ 395,482   48   100%   4Q26 ​ ​ 40,254 ​ ​ 473,670 ​ ​ 513,925 ​ ​ 40,254 ​ ​ 473,670 ​ ​ 513,925 ​ ​ ​  Other ​ 730   150 ​ ​ 1,101,927 ​ ​ 1,003,070   13   97%   4Q25 ​ ​ 160,512 ​ ​ 13,252 ​ ​ 173,764 ​ ​ 101,077 ​ ​ 7,758 ​ ​ 108,836 ​ ​ ​ Americas   1,900   210 ​ ​ $2,793,505 ​ ​ $2,648,971   499   79%   ​ ​ ​ $1,423,637 ​ ​ $4,047,700 ​ ​ $5,471,337 ​ ​ $1,011,227 ​ ​ $2,733,418 ​ ​ $3,744,644 ​ ​ 13.9% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​  Frankfurt   90   90 ​ ​ $883,646 ​ ​ $718,796   40   48%   4Q25 ​ ​ $640,055 ​ ​ $79,465 ​ ​ $719,520 ​ ​ $640,055 ​ ​ $79,465 ​ ​ $719,520 ​ ​ ​  Amsterdam   40   10 ​ ​ 73,554 ​ ​ 73,554   27   —   4Q25 ​ ​ 240,937 ​ ​ 182,644 ​ ​ 423,580 ​ ​ 240,937 ​ ​ 182,644 ​ ​ 423,580 ​ ​ ​  Paris   220   — ​ ​ 132,877 ​ ​ 87,800   34   52%   3Q25 ​ ​ 421,519 ​ ​ 95,217 ​ ​ 516,736 ​ ​ 317,539 ​ ​ 46,332 ​ ​ 363,871 ​ ​ ​  Other   520   100 ​ ​ 668,481 ​ ​ 644,680   148   29%   3Q26 ​ ​ 658,320 ​ ​ 908,450 ​ ​ 1,566,770 ​ ​ 512,653 ​ ​ 812,986 ​ ​ 1,325,639 ​ ​ ​ EMEA   870   200 ​ ​ $1,758,559 ​ ​ $1,524,830   249   32%   ​ ​ ​ $1,960,832 ​ ​ $1,265,776 ​ ​ $3,226,607 ​ ​ $1,711,183 ​ ​ $1,121,427 ​ ​ $2,832,610 ​ ​ 11.3% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​  Tokyo   30   10 ​ ​ $106,797 ​ ​ $53,398   30   69%   4Q25 ​ ​ $158,396 ​ ​ $166,540 ​ ​ $324,936 ​ ​ $79,198 ​ ​ $83,270 ​ ​ $162,468 ​ ​ ​  Hong Kong   —   — ​ ​ 26,299 ​ ​ 26,299   6   100%   3Q25 ​ ​ 63,156 ​ ​ 17,931 ​ ​ 81,086 ​ ​ 63,156 ​ ​ 17,931 ​ ​ 81,086 ​ ​ ​  Sydney   —   10 ​ ​ 41,336 ​ ​ 41,336   7   100%   2Q26 ​ ​ 1,112 ​ ​ 68,637 ​ ​ 69,749 ​ ​ 1,112 ​ ​ 68,637 ​ ​ 69,749 ​ ​ ​  Other   200   40 ​ ​ 303,341 ​ ​ 169,510   22   27%   1Q26 ​ ​ 66,490 ​ ​ 99,501 ​ ​ 165,991 ​ ​ 31,174 ​ ​ 43,981 ​ ​ 75,154 ​ ​ ​ APAC   230   60 ​ ​ $477,773 ​ ​ $290,544   65   61%   ​ ​ ​ $289,153 ​ ​ $352,609 ​ ​ $641,762 ​ ​ $174,639 ​ ​ $213,818 ​ ​ $388,457 ​ ​ 9.8% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total   3,000   470 ​ ​ $5,029,836 ​ ​ $4,464,345   814   63% ​ ​ ​ ​ $3,673,621 ​ ​ $5,666,085 ​ ​ $9,339,706 ​ ​ $2,897,049 ​ ​ $4,068,662 ​ ​ $6,965,711 ​ ​ 12.5% ​ (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 March 31, 2025, plus remaining cost to complete on approved phases in preparation for future data center fit-out, including pro-rata share of acquisition, shell, and infrastructure costs. (4) Includes Digital Realty's and partners' shares in development joint venture projects. (5) Includes only Digital Realty's share in development joint venture projects. (6) Represents cost incurred through March 31, 2025. (7) Represents estimated cost to complete scope of work pursuant to approved development budget. (8) Represents total cost to develop a data center, including pro-rata share of acquisition, infrastructure, and shell space, plus the direct investment in the data center fit-out. (9) Represents pre-tax estimated stabilized cash yields, which are based on total expected investment amounts and anticipated net operating income from leases signed or other assumptions based on market conditions. ​ ​ ​ 25 Table of Contents Construction Projects in Progress (1) Financial Supplement Dollars in Thousands ​ First Quarter 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​      ​ 100% Share (2)      DLR Share (3) ​ ​ Current ​ Future ​ Total ​ Current ​ Future ​ Total ​ ​  Construction Projects in Progress ​ Investment (4) (10) ​ Investment (5) ​ Investment ​ Investment (4) (6) (10) ​ Investment (5) ​ Investment ​ ​ Future Development Capacity (7)   ​ $2,992,474 ​ ​ $2,037,362 ​ ​ $5,029,836 ​ ​ $2,592,575 ​ ​ $1,871,770 ​ ​ $4,464,345   ​  Data Center Construction ​   3,673,621 ​ ​ 5,666,085 ​ ​ 9,339,706 ​ ​ 2,897,049 ​ ​ 4,068,662 ​ ​ 6,965,711 ​    Equipment Pool & Other Inventory (8) ​   216,089 ​ ​ — ​ ​ 216,089 ​ ​ 216,089 ​ ​ — ​ ​ 216,089 ​    Campus, Tenant Improvements & Other (9) ​   239,564 ​ ​ 171,892 ​ ​ 411,456 ​ ​ 239,564 ​ ​ 171,892 ​ ​ 411,456 ​   Total Land Held and Development CIP ​   $7,121,748 ​ ​ $7,875,339 ​ ​ $14,997,087 ​ ​ $5,945,277 ​ ​ $6,112,324 ​ ​ $12,057,601 ​   ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​  Enhancement & Other ​   $12,165 ​ ​ $7,392 ​ ​ $19,557 ​ ​ $12,165 ​ ​ $7,392 ​ ​ $19,557 ​    Recurring ​   35,173 ​ ​ 42,989 ​ ​ 78,162 ​ ​ 35,173 ​ ​ 42,989 ​ ​ 78,162 ​   Total Land Held and Construction in Progress ​   $7,169,086 ​ ​ $7,925,720 ​ ​ $15,094,806 ​ ​ $5,992,615 ​ ​ $6,162,705 ​ ​ $12,155,320 ​   ​ (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 March 31, 2025. (5) Represents estimated cost to complete scope of work pursuant to approved development budget. (6) Excludes $133.8 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 $721.4 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 March 31, 2025, which benefit space recently converted to our operating portfolio and is composed primarily of shared infrastructure projects and first-generation tenant improvements. Includes $2.8 million included in our Consolidated Balance Sheet related to fair value adjustments on Teraco portfolio projects that were partially constructed as of August 1, 2022. (10) Includes $315.3 million classified as assets held for sale and contribution in our Consolidated Balance Sheet related to eight development projects that will be contributed to a joint venture and our U.S. Hyperscale Fund in the second quarter. ​ ​ 26 Table of Contents Historical Capital Expenditures and Investments in Real Estate Financial Supplement Dollars and Square Feet in Thousands ​ First Quarter 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​     31-Mar-25 ​ ​ 31-Dec-24 30-Sep-24     30-Jun-24     31-Mar-24 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​  Non-Recurring Capital Expenditures (1)                                    ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​  Development (2) ​ ​ $686,622 ​ ​ $528,356 ​ ​ $650,912 ​ ​ $531,903 ​ ​ $549,522 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​  Enhancements and Other Non-Recurring ​ ​ 5,588 ​ ​ 13,384 ​ ​ 7,070 ​ ​ 7,051 ​ ​ 7,738 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Non-Recurring Capital Expenditures ​ ​ $692,210 ​ ​ $541,740 ​ ​ $657,982 ​ ​ $538,953 ​ ​ $557,260 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​  Recurring Capital Expenditures (3) ​ ​ $35,305 ​ ​ $130,245 ​ ​ $67,308 ​ ​ $60,483 ​ ​ $47,676 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Direct Capital Expenditures ​ ​ $727,515 ​ ​ $671,985 ​ ​ $725,290 ​ ​ $599,436 ​ ​ $604,936 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​  Indirect Capital Expenditures ​ ​    ​ ​    ​ ​    ​ ​    ​ ​    ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​  Capitalized Interest ​ ​ $30,095 ​ ​ $34,442 ​ ​ $28,312 ​ ​ $27,592 ​ ​ $28,522 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​  Capitalized Overhead ​ ​ 29,693 ​ ​ 28,983 ​ ​ 27,929 ​ ​ 28,457 ​ ​ 25,857 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Indirect Capital Expenditures ​ ​ $59,788 ​ ​ $63,425 ​ ​ $56,241 ​ ​ $56,049 ​ ​ $54,379 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Improvements to and Advances for Investment in Real Estate ​ ​ $787,303 ​ ​ $735,410 ​ ​ $781,530 ​ ​ $655,485 ​ ​ $659,315 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (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 ​ First Quarter 2025 ​ 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) Moores Chapel Road ​ Land ​ Charlotte, NC ​ 2/18/2025 ​ $20,000 ​ NA ​ — ​ — ​ — ​ — CGK10 & CGK11 (5) ​ Land and Buildings ​ Jakarta, Indonesia ​ 3/13/2025 ​ 94,731 ​ NA ​ — ​ — ​ — ​ — 712 E 5th St & 725 E Trade St ​ Land ​ Charlotte, NC ​ 3/26/2025 ​ 16,100 ​ NA ​ — ​ — ​ — ​ — Total ​ ​ ​ ​ ​ ​ ​ $130,831   —   —   —   —   — ​ ​ 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) ​ ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — Total ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ ​ 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) ​ ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — Total   —   —   —   — ​ —   —   —   — ​ (1) Represents the purchase price or sale price, as applicable before contractual price adjustments, transaction expenses, taxes, and potential currency fluctuations. All prices were converted to USD based on FX rate as of March 31, 2025. (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 closed on the acquisition of a 50% interest in Digital Realty Bersama, a Joint Venture which consists of two data centers in Jakarta, Indonesia for approximately IDR1.5 billion or $95 million. ​ ​ 28 Table of Contents Unconsolidated Joint Ventures Financial Supplement Dollars in Thousands ​ First Quarter 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Summary Balance Sheet - ​ As of March 31, 2025 at the JV's 100% Share ​ ​ Americas (1) ​ ​ APAC (2) ​ ​ EMEA (3) ​ ​ Global (4) ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross cost of operating real estate     $6,706,180     $2,015,121     $766,861     $1,728,318     $11,216,480 Accumulated depreciation & amortization ​ ​ (1,053,478) ​ ​ (296,264) ​ ​ (8,123) ​ ​ (120,792) ​ ​ (1,478,657) Net Book Value of Operating Real Estate ​ ​ $5,652,702 ​ ​ $1,718,857 ​ ​ $758,738 ​ ​ $1,607,526 ​ ​ $9,737,823 Cash ​ ​ 385,528 ​ ​ 518,039 ​ ​ 62,693 ​ ​ 49,506 ​ ​ 1,015,766 Other assets ​ ​ 1,698,892 ​ ​ 194,924 ​ ​ 268,833 ​ ​ 379,664 ​ ​ 2,542,313 Total Assets ​ ​ $7,737,122 ​ ​ $2,431,820 ​ ​ $1,090,264 ​ ​ $2,036,696 ​ ​ $13,295,902 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt ​ ​ 2,961,514 ​ ​ 910,128 ​ ​ 348,522 ​ ​ 643,562 ​ ​ 4,863,726 Other liabilities ​ ​ 760,460 ​ ​ 185,384 ​ ​ 457,602 ​ ​ 477,336 ​ ​ 1,880,782 Equity / (deficit) ​ ​ 4,015,148 ​ ​ 1,336,307 ​ ​ 284,141 ​ ​ 915,798 ​ ​ 6,551,394 Total Liabilities and Equity ​ ​ $7,737,122 ​ ​ $2,431,820 ​ ​ $1,090,264 ​ ​ $2,036,696 ​ ​ $13,295,902 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Digital Realty's Pro Rata Share of Unconsolidated JV Debt ​ ​ $975,396 ​ ​ $446,165 ​ ​ $69,704 ​ ​ $206,022 ​ ​ $1,697,287 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Summary Statement of Operations - ​ Three Months Ended March 31, 2025 at the JV's 100% Share ​ ​ Americas (1) ​ ​ APAC (2) ​ ​ EMEA (3) ​ ​ Global (4) ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenues     $226,218     $75,047     $8,142     $47,830     $357,237 Operating expenses ​ ​ (100,290) ​ ​ (33,318) ​ ​ (3,046) ​ ​ (21,223) ​ ​ (157,877) Net Operating Income (NOI) ​ ​ $125,928 ​ ​ $41,729 ​ ​ $5,096 ​ ​ $26,607 ​ ​ $199,360 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Straight-line rent ​ ​ (3,093) ​ ​ (2,077) ​ ​ (393) ​ ​ (815) ​ ​ (6,377) Above and below market rent ​ ​ 502 ​ ​ — ​ ​ (848) ​ ​ (3,427) ​ ​ (3,773) Cash Net Operating Income (NOI) ​ ​ $123,337 ​ ​ $39,652 ​ ​ $3,855 ​ ​ $22,365 ​ ​ $189,210 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest expense ​ ​ ($46,693) ​ ​ ($1,743) ​ ​ ($4,698) ​ ​ ($9,727) ​ ​ ($62,861) Depreciation & amortization ​ ​ (111,157) ​ ​ (20,358) ​ ​ (3,785) ​ ​ (23,532) ​ ​ (158,833) Other income / (expense) ​ ​ (24,164) ​ ​ (2,674) ​ ​ (717) ​ ​ 747 ​ ​ (26,807) FX remeasurement on USD debt ​ ​ 24,202 ​ ​ — ​ ​ (652) ​ ​ (17,236) ​ ​ 6,316 Total Non-Operating Expenses ​ ​ ($157,812) ​ ​ ($24,775) ​ ​ ($9,852) ​ ​ ($49,748) ​ ​ ($242,187) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Income / (Loss) ​ ​ ($31,884) ​ ​ $16,954 ​ ​ ($4,756) ​ ​ ($23,141) ​ ​ ($42,827) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Digital Realty's Pro Rata Share of Unconsolidated JV NOI ​ ​ $39,050 ​ ​ $20,918 ​ ​ $1,201 ​ ​ $13,360 ​ ​ $74,529 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Digital Realty's Pro Rata Share of Unconsolidated JV Cash NOI ​ ​ $38,445 ​ ​ $19,880 ​ ​ $953 ​ ​ $10,927 ​ ​ $70,205 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Digital Realty's Earnings (loss) income from unconsolidated joint ventures ​ ​ ($9,183) ​ ​ $9,433 ​ ​ ($306) ​ ​ ($7,584) ​ ​ ($7,640) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Digital Realty's Pro Rata Share of Core FFO (5) ​ ​ $12,209 ​ ​ $19,612 ​ ​ $855 ​ ​ $9,128 ​ ​ $41,804 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Digital Realty's Fee Income from Joint Ventures ​ ​ $12,752 ​ ​ $571 ​ ​ $1,219 ​ ​ $3,645 ​ ​ $18,187 ​ (1) Includes Ascenty, Blackstone NoVa, Clise, GI Partners, Mapletree, Menlo, Mitsubishi, Realty Income, TPG Real Estate, and Walsh. (2) Includes Digital Realty Bersama, Digital Connexion, Lumen, and MC Digital Realty. (3) Includes Blackstone Frankfurt, Blackstone Paris, Medallion, and Mivne. (4) Includes Digital Core REIT. (5) For a definition of Core FFO , see page 31 . ​ Note: Digital Realty’s ownership percentages in the 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 ​ First Quarter 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended Reconciliation of Earnings Before Interest, Taxes, Depreciation & Amortization (EBITDA) (1) ​ ​ 31-Mar-25 ​ ​ 31-Dec-24 ​ ​ 30-Sep-24 ​ ​ 30-Jun-24 ​ ​ 31-Mar-24 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Income / (Loss) Available to Common Stockholders ​ ​ $99,793 ​ ​ $179,388 ​ ​ $41,012 ​ ​ $70,039 ​ ​ $271,327 Interest     98,464     104,742     123,803     114,756     109,535 Loss on debt extinguishment and modifications ​ ​ — ​ ​ 2,165 ​ ​ 2,636 ​ ​ — ​ ​ 1,070 Income tax expense (benefit) ​ ​ 17,135 ​ ​ 4,928 ​ ​ 12,427 ​ ​ 14,992 ​ ​ 22,413 Depreciation & amortization ​ ​ 443,009 ​ ​ 455,355 ​ ​ 459,997 ​ ​ 425,343 ​ ​ 431,102 EBITDA ​ ​ $658,400 ​ ​ $746,578 ​ ​ $639,875 ​ ​ $625,130 ​ ​ $835,446 Unconsolidated JV real estate related depreciation & amortization ​ ​ 55,861 ​ ​ 49,463 ​ ​ 48,474 ​ ​ 47,117 ​ ​ 47,877 Unconsolidated JV interest expense and tax expense ​ ​ 33,390 ​ ​ 32,255 ​ ​ 34,951 ​ ​ 27,704 ​ ​ 34,271 Severance, equity acceleration and legal expenses ​ ​ 2,428 ​ ​ 2,346 ​ ​ 2,481 ​ ​ 884 ​ ​ 791 Transaction and integration expenses ​ ​ 39,902 ​ ​ 11,797 ​ ​ 24,194 ​ ​ 26,072 ​ ​ 31,839 (Gain) / loss on sale of investments ​ ​ (1,111) ​ ​ (144,885) ​ ​ 556 ​ ​ (173,709) ​ ​ (277,787) Provision for impairment ​ ​ — ​ ​ 22,881 ​ ​ — ​ ​ 168,303 ​ ​ — Other non-core adjustments, net (2) ​ ​ (4,316) ​ ​ 24,539 ​ ​ 8,642 ​ ​ 743 ​ ​ 21,608 Non-controlling interests ​ ​ (3,579) ​ ​ (3,881) ​ ​ (11,059) ​ ​ (5,552) ​ ​ 6,329 Preferred stock dividends ​ ​ 10,181 ​ ​ 10,181 ​ ​ 10,181 ​ ​ 10,181 ​ ​ 10,181 Adjusted EBITDA ​ ​ $791,156 ​ ​ $751,276 ​ ​ $758,296 ​ ​ $726,874 ​ ​ $710,556 ​ (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-Mar-25 ​ ​ 31-Dec-24 ​ ​ 30-Sep-24 ​ ​ 30-Jun-24 ​ ​ 31-Mar-24 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total GAAP interest expense     $98,464     $104,742     $123,803     $114,756     $109,535 Capitalized interest ​ ​ 30,095 ​ ​ 34,442 ​ ​ 28,312 ​ ​ 27,592 ​ ​ 28,522 Change in accrued interest and other non-cash amounts ​ ​ 45,416 ​ ​ (58,137) ​ ​ 43,720 ​ ​ (55,605) ​ ​ 55,421 Cash Interest Expense (3) ​ ​ $173,975 ​ ​ $81,046 ​ ​ $195,835 ​ ​ $86,743 ​ ​ $193,479 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Preferred stock dividends ​ ​ 10,181 ​ ​ 10,181 ​ ​ 10,181 ​ ​ 10,181 ​ ​ 10,181 Total Fixed Charges (4) ​ ​ $138,739 ​ ​ $149,364 ​ ​ $162,296 ​ ​ $152,529 ​ ​ $148,239 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Coverage ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest coverage ratio (5) ​ ​ 5.3x ​ ​ 4.5x ​ ​ 4.3x ​ ​ 4.3x ​ ​ 4.3x Cash interest coverage ratio (6) ​ ​ 4.1x ​ ​ 6.9x ​ ​ 3.4x ​ ​ 6.4x ​ ​ 3.2x Fixed charge coverage ratio (7) ​ ​ 4.9x ​ ​ 4.2x ​ ​ 4.1x ​ ​ 4.1x ​ ​ 4.0x Cash fixed charge coverage ratio (8) ​ ​ 3.9x ​ ​ 6.3x ​ ​ 3.3x ​ ​ 5.9x ​ ​ 3.1x ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Leverage ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt to total enterprise value (9)(10) ​ ​ 25.4% ​ ​ 21.4% ​ ​ 23.5% ​ ​ 24.2% ​ ​ 26.7% Debt-plus-preferred-stock-to-total-enterprise-value (10)(11) ​ ​ 26.6% ​ ​ 22.3% ​ ​ 24.5% ​ ​ 25.3% ​ ​ 27.9% Pre-tax income to interest expense (12) ​ ​ 2.1x ​ ​ 2.8x ​ ​ 1.3x ​ ​ 1.7x ​ ​ 3.6x Net Debt-to-Adjusted EBITDA (13) ​ ​ 5.1x ​ ​ 4.8x ​ ​ 5.4x ​ ​ 5.3x ​ ​ 6.1x ​ (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 ​ First Quarter 2025 ​ Definition s Funds From Operations (FFO): We calculate funds from operations, or FFO, in accordance with the standards established by the National Association of Real Estate Investment Trusts (Nareit) in the Nareit Funds From Operations White Paper - 2018 Restatement. FFO is a non-GAAP financial measure and represents net income (loss) (computed in accordance with GAAP), excluding gain (loss) from the disposition of real estate assets, provision for impairment, real estate related depreciation and amortization (excluding amortization of deferred financing costs), our share of unconsolidated JV real estate related depreciation & amortization, net income attributable to 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 ​ First Quarter 2025 ​ Net Operating Income (NOI) and Cash NOI : Net operating income, or NOI, represents rental revenue, tenant reimbursement revenue and interconnection revenue less utilities expense, rental property operating expenses, property taxes and insurance expenses (as reflected in the statement of operations). NOI is commonly used by stockholders, company management and industry analysts as a measurement of operating performance of the company’s rental portfolio. Cash NOI is NOI less straight-line rents and above- and below-market rent amortization. Cash NOI is commonly used by stockholders, company management and industry analysts as a measure of property operating performance on a cash basis. Same-Capital Cash NOI represents buildings owned as of December 31, 2023 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 2024-2025, buildings classified as held for sale and contribution, and buildings sold or contributed to joint ventures for all periods presented (prior period numbers adjusted to reflect current same-capital pool). However, because NOI and cash NOI exclude depreciation and amortization and capture neither the changes in the value of our data centers that result from use or market conditions, nor the level of capital expenditures and capitalized leasing commissions necessary to maintain the operating performance of our data centers, all of which have real economic effect and could materially impact our results from operations, the utility of NOI and cash NOI as measures of our performance is limited. Other REITs may calculate NOI and cash NOI differently than we do and, accordingly, our NOI and cash NOI may not be comparable to other REITs’ NOI and cash NOI. NOI and cash NOI should be considered only as supplements to net income computed in accordance with GAAP as measures of our performance. Additional Definitions 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 March 31, 2025, GAAP interest expense was $98 million, capitalized interest was $30 million and preferred stock dividends was $10 million. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reconciliation of Net Operating Income (NOI) ​ Three Months Ended (in thousands)      31-Mar-25      31-Dec-24      31-Mar-24 ​ ​   ​ ​   ​ ​   ​ Operating income ​ ​ $195,750 ​ ​ $144,322 ​ ​ $149,367 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​  Fee income ​ ​ (20,643) ​ ​ (23,316) ​ ​ (13,010)  Other income ​ ​ (133) ​ ​ (40) ​ ​ (862)  Depreciation and amortization ​ ​ 443,009 ​ ​ 455,355 ​ ​ 431,102  General and administrative ​ ​ 121,112 ​ ​ 124,470 ​ ​ 114,419 Severance, equity acceleration and legal expenses ​ ​ 2,428 ​ ​ 2,346 ​ ​ 791 Transaction expenses ​ ​ 39,902 ​ ​ 11,797 ​ ​ 31,839 Provision for impairment ​ ​ — ​ ​ 22,881 ​ ​ — Other expenses ​ ​ 112 ​ ​ 12,002 ​ ​ 10,836 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Operating Income ​ ​ $781,536 ​ ​ $749,818 ​ ​ $724,482 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​  Cash Net Operating Income (Cash NOI) ​ ​    ​ ​    ​ ​    ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Operating Income ​ ​ $781,536 ​ ​ $749,818 ​ ​ $724,482 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​  Straight-line rental revenue ​ ​ (9,693) ​ ​ (22,577) ​ ​ (2,522)  Straight-line rental expense ​ ​ 24 ​ ​ 51 ​ ​ 1,369  Above- and below-market rent amortization ​ ​ (706) ​ ​ (269) ​ ​ (854) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash Net Operating Income ​ ​ $771,162 ​ ​ $727,022 ​ ​ $722,474 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Constant Currency CFFO Reconciliation ​ Three Months Ended (in thousands, except per share data)      31-Mar-25      ​      31-Mar-24 ​ ​   ​ ​   ​ ​   ​ Core FFO (1) ​ ​ $608,354 ​ ​ ​ ​ ​ $532,153 Core FFO impact of holding '24 Exchange Rates Constant (2) ​ ​ 5,609 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Constant Currency Core FFO ​ ​ $613,963 ​ ​ ​ ​ ​ $532,153 Weighted-average shares and units outstanding - diluted ​ ​ 343,050 ​ ​ ​ ​ ​ 319,138 Constant Currency CFFO Per Share ​ ​ $1.79 ​ ​ ​ ​ ​ $1.67 ​ ​ 1) As reconciled to net income above. 2) Adjustment calculated by holding currency translation rates for 2025 constant with average currency translation rates that were applicable to the same periods in 2024. 32 Table of Contents Forward-Looking Statements Financial Supplement ​ ​ First Quarter 2025 ​ ​ This document contains forward-looking statements within the meaning of the federal securities laws, which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. Such forward-looking statements include statements relating to: our economic outlook, our expected investment and expansion activity, anticipated continued demand for our products and service, our liquidity, our joint ventures, supply and demand for data center and colocation space, our acquisition and disposition activity, pricing and net effective leasing economics, market dynamics and data center fundamentals, our strategic priorities, our product offerings, available inventory, rent from leases that have been signed but have not yet commenced and other contracted rent to be received in future periods, rental rates on future leases, lag between signing and commencement, cap rates and yields, investment activity, the company’s FFO, Core FFO, constant currency Core FFO, adjusted FFO, and net income, 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; ● increased tariffs, global supply chain or procurement disruptions, or increased supply chain costs; ● the impact from periods of heightened inflation on our costs, such as operating and general and administrative expenses, interest expense and real estate acquisition and construction costs; ● the impact on our customers ’ and our suppliers ’ operations during an epidemic, pandemic, or other global events; ● our dependence upon significant customers, bankruptcy or insolvency of a major customer or a significant number of smaller customers, or defaults on or   non-renewal   of leases by customers; ● changes in political conditions, geopolitical turmoil, political instability, civil disturbances, restrictive governmental actions or nationalization in the countries in which we operate; ● our inability to retain data center space that we lease or sublease from third parties; ● information security and data privacy breaches; ● difficulties managing an international business and acquiring or operating properties in foreign jurisdictions and unfamiliar metropolitan areas; ● our failure to realize the intended benefits from, or disruptions to our plans and operations or unknown or contingent liabilities related to, our recent and future acquisitions; ● our failure to successfully integrate and operate acquired or developed properties or businesses; ● difficulties in identifying properties to acquire and completing acquisitions; ● risks related to joint venture investments, including as a result of our lack of control of such investments; ● risks associated with using debt to fund our business activities, including re-financing and interest rate risks, our failure to repay debt when due, adverse changes in our credit ratings or our breach of covenants or other terms contained in our loan facilities and agreements; ● our failure to obtain necessary debt and equity financing, and our dependence on external sources of capital; ● financial market fluctuations and changes in foreign currency exchange rates; ● adverse economic or real estate developments in our industry or the industry sectors that we sell to, including risks relating to decreasing real estate valuations and impairment charges and goodwill and other intangible asset impairment charges; ● our inability to manage our growth effectively; ● losses in excess of our insurance coverage; ● our inability to attract and retain talent; ● environmental liabilities, risks related to natural disasters and our inability to achieve our sustainability goals; ● the expected operating performance of anticipated near-term acquisitions and descriptions relating to these expectations; ● our inability to comply with rules   and regulations applicable to our company; ● Digital Realty Trust,   Inc. ’ s failure to maintain its status as a REIT for U.S. federal income tax purposes; ● Digital Realty Trust,   L.P. ’ s failure to qualify as a partnership for U.S. federal income tax purposes; ● restrictions on our ability to engage in certain business activities; ● changes in local, state, federal and international laws, and regulations, including related to taxation, real estate, and zoning laws, and increases in real property tax rates; and ● the impact of any financial, accounting, legal or regulatory issues or litigation that may affect us. The risks included here are not exhaustive, and additional factors could adversely affect our business and financial performance. Several additional material risks are discussed in our annual report on Form 10-K for the year ended December 31, 2024, and other filings with the U.S. Securities and Exchange Commission. Those risks continue to be relevant to our performance and financial condition. Moreover, we operate in a competitive and rapidly changing environment. New risk factors emerge from time to time and it is not possible for management to predict all such risk factors, nor can it assess the impact of all such risk factors on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. We expressly disclaim any responsibility to update forward-looking statements, whether as a result of new information, future events or otherwise. Digital Realty, Digital Realty Trust, the Digital Realty logo, Interxion, Turn-Key Flex, Powered Base Building, ServiceFabric, AnyScale Colo, Pervasive Data Center Architecture, PlatformDIGITAL, PDx, Data Gravity Index and Data Gravity Index DGx are registered trademarks and service marks of Digital Realty Trust, Inc. in the United States and/or other countries. All other names, trademarks and service marks are the property of their respective owners. 33