Digital Realty — Jul 24, 2025 release

​ ​ ​ ​ ​ ​ ​ ​ ​     As of     As of     As of    Top-Line and Cost Structure ​ February 13, 2025 ​ April 24, 2025 ​ July 24, 2025   Total revenue ​ $5.800 - $5.900 billion ​ $5.825 - $5.925 billion ​ $5.925 - $6.025 billion   Net non-cash rent adjustments (1) ​ ($45 - $50 million) ​ ($50 - $55 million) ​ ($65 - $70 million) ​ Adjusted EBITDA ​ $3.100 - $3.200 billion ​ $3.125 - $3.225 billion ​ $3.200 - $3.300 billion ​ G&A ​ $500 - $510 million ​ $505 - $515 million ​ $520 - $530 million ​ ​ ​ ​ ​ ​ ​ ​ ​  Internal Growth ​ ​ ​ ​ ​ ​ ​ Rental rates on renewal leases ​ ​ ​ ​ ​ ​ ​ Cash basis ​ 4.0% - 6.0% ​ 4.0% - 6.0% ​ 5.0% - 6.0% ​ GAAP basis ​ 6.0% - 8.0% ​ 6.0% - 8.0% ​ 7.0% - 8.0% ​ Year-end portfolio occupancy ​ +100 - 200 bps ​ +100 - 200 bps ​ +100 - 200 bps ​ "Same-Capital" cash NOI growth (2) ​ 3.5% - 4.5% ​ 3.5% - 4.5% ​ 3.5% - 4.5% ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign Exchange Rates ​ ​ ​ ​ ​ ​ ​ U.S. Dollar / Pound Sterling ​ $1.20 - $1.25 ​ $1.25 - $1.35 ​ $1.30 - $1.35 ​ U.S. Dollar / Euro ​ $1.00 - $1.05 ​ $1.05 - $1.15 ​ $1.10 - $1.15 ​ ​ ​ ​ ​ ​ ​ ​ ​  External Growth ​ ​ ​ ​ ​ ​ ​ Dispositions / Joint Venture Capital ​ ​ ​ ​ ​ ​ ​ Dollar volume ​ $500 - $1,000 million ​ $500 - $1,000 million ​ $700 - $1,000 million ​ Cap rate ​ 0.0% - 10.0% ​ 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 ​ $3,000 - $3,500 million ​ Average stabilized yields ​ 10.0%+ ​ 10.0%+ ​ 10.0%+ ​ Enhancements and other non-recurring CapEx  (4) ​ $30 - $35 million ​ $30 - $35 million ​ $30 - $35 million ​ Recurring CapEx + capitalized leasing costs (5) ​ $320 - $335 million ​ $320 - $335 million ​ $320 - $335 million ​ ​ ​ ​ ​ ​ ​ ​ ​  Balance Sheet ​ ​ ​ ​ ​ ​ ​ Long-term debt issuance ​ ​ ​ ​ ​ ​ ​ Dollar amount ​ $900 - $1,500 million ​ $900 - $1,500 million ​ ~$2,000 million ​ Pricing ​ 5.0% - 5.5% ​ 4.0% - 5.5% ​ ~4.0% ​ Ti