-----

**ab e o Co** **e** **s** **d Qua e** **0 3**

**Overview** **PAGE**

Corporate Information 3

Key Quarterly Financial Data 5

**Consolidated Statements of Operations**

Earnings Release 7

2023 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 -  Renewed 21

Lease Expirations -  By Size 22

Top 20 Customers by Annualized Rent 23

Occupancy Analysis 24

**External Growth**

Development Lifecycle -  Committed Active Development 25

Construction Projects in Progress 26

Historical Capital Expenditures and Investments in Real Estate 27

Development Lifecycle - Held for Development 28

Acquisitions / Dispositions / Joint Ventures 29

Unconsolidated Joint Ventures 30

**Additional Information**

Reconciliation of Earnings Before Interest, Taxes, Depreciation & Amortization and Financial Ratios 31

Management Statements on Non-GAAP Measures 32

Forward-Looking Statements 34


-----

**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 September 30, 2023, the
company’s 312 data centers, including 66 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 39.5 million square feet, excluding approximately 9.2 million square feet of space under active development and 3.9 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 https://www.digitalrealty.com/.


**Corporate Headquarters**
5707 Southwest Parkway, Building 1, Suite 275
Austin, TX 78735
Telephone: (737) 281-0101
[Website: https://www.digitalrealty.com/](https://www.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/](https://investor.digitalrealty.com/)

**Analyst Coverage**


BMO **Bank of America** **BMO Capital** **BNP Paribas**

**Argus Research** **Merrill Lynch** **Barclays** **Markets** **Exane** **Citigroup** **Deutsche Bank**

Marie Ferguson David Barden Brendan Lynch Ari Klein Nate Crossett Michael Rollins Matthew Niknam

(212) 425-7500 (646) 855-1320 (212) 526-9428 (212) 885-4103 (646) 725-3716 (212) 816-1116 (212) 250-4711


**Green Street**
**Advisors** **J.P. Morgan** **Jefferies** **MoffettNathanson** **Morgan Stanley**


**Edward Jones**


**Evercore ISI**


Kyle Sanders Irvin Liu David Guarino Richard Choe Jonathan Petersen Nick Del Deo Simon Flannery

(314) 515-0198 (415) 800-0183 (949) 640-8780 (212) 662-6708 (212) 284-1705 (212) 519-0025 (212) 761-6432


**RBC Capital**
**Markets** **Scotiabank** **Stifel** **TD Cowen** **Truist Securities**


**Morningstar** **Raymond James**


Matthew Dolgin Frank Louthan Jonathan Atkin Maher Yaghi Erik Rasmussen Michael Elias Anthony Hau

(312) 696-6783 (404) 442-5867 (415) 633-8589 (437) 995-5548 (212) 271-3461 (646) 562-1358 (212) 303-4176

**UBS** **Wells Fargo** **Wolfe Research**

John Hodulik Eric Luebchow Andrew Rosivach

(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
www.digitalrealty.com.

**Upcoming Conference Schedule**

Nov. 14 – 16, 2023 REITworld 2023 Annual Conference Los Angeles, CA

Dec. 5, 2023 Jefferies 3rd Annual Global Real Estate Miami, FL

Webcasts for these events are available through the Digital Realty Investor Relations website when possible. Please check our website for any additional
information.


-----

**Co po a e** **o** **a o (Co** **ued)** **d Qua e** **0 3**

**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 (Negative 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**

**30-Sep-23** **30-Jun-23** **31-Mar-23** **31-Dec-22** **30-Sep-22**


$133.39


$114.43


$122.43


$114.86


$138.09


High price


|Low price|$112.38|$86.33|$90.72|$85.76|$96.08|
|---|---|---|---|---|---|


Closing price, end of quarter $121.02 $113.87 $98.31 $100.27 $99.18

|Average daily trading volume|2,300,855|3,112,901|2,232,417|2,168,114|1,608,999|
|---|---|---|---|---|---|



Indicated dividend per common share (1) $4.88 $4.88 $4.88 $4.88 $4.88

|Closing annual dividend yield, end of quarter|4.0%|4.3%|5.0%|4.9%|4.9%|
|---|---|---|---|---|---|



Shares and units outstanding, end of quarter (2) 309,325,420  305,723,430  297,760,767  297,436,891  293,803,727

|Closing market value of shares and units outstanding (3)|$37,434,562|$34,812,727|$29,272,861|$29,823,997|$29,139,454|
|---|---|---|---|---|---|



(1) On an annualized basis.

(2) As of September 30, 2023, the total number of shares and units includes 302,846,026 shares of common stock, 4,343,275 common units held by third parties and
2,136,119 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.

(3) 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 www.digitalrealty.com.](http://www.digitalrealty.com/)


-----

**Shares and Units at End of Quarter** **30-Sep-23   30-Jun-23   31-Mar-23   31-Dec-22   30-Sep-22**

Common shares outstanding 302,846,026   299,240,366   291,298,610   291,148,222   287,509,059

Common partnership units outstanding 6,479,394 6,483,064 6,462,157 6,288,669 6,294,668

|Total Shares and Units|309,325,420|305,723,430|297,760,767|297,436,891|293,803,727|
|---|---|---|---|---|---|



**Enterprise Value**

Market value of common equity (1) $37,434,562  $34,812,727  $29,272,861  $29,823,997  $29,139,454

Liquidation value of preferred equity 755,000 755,000 755,000 755,000 755,000

Total debt at balance sheet carrying value 16,869,776   17,729,452   17,875,511   16,596,803   15,758,509

|Total Enterprise Value|$55,059,338|$53,297,179|$47,903,372|$47,175,800|$45,652,963|
|---|---|---|---|---|---|



Total debt / total enterprise value 30.6% 33.3% 37.3% 35.2% 34.5%

Debt-plus-preferred-to-total-enterprise-value 32.0% 34.7% 38.9% 36.8% 36.2%

**Selected Balance Sheet Data**

Investments in real estate (before depreciation) $33,267,766  $33,958,096  $33,805,740  $33,035,069  $31,046,413

|Total Assets|41,932,515|42,388,735|41,953,068|41,484,998|39,215,217|
|---|---|---|---|---|---|



Total Liabilities 21,895,634   22,916,155   22,799,620   21,862,853   20,230,276

**Selected Operating Data**

Total operating revenues $1,402,437  $1,366,267  $1,338,724  $1,233,108  $1,192,082

|Total operating expenses|1,344,206|1,211,407|1,161,388|1,112,127|1,034,701|
|---|---|---|---|---|---|



Net income 745,941 115,647 68,839 763 238,791

|Net income / (loss) available to common stockholders|723,440|108,003|58,547|(6,093)|226,894|
|---|---|---|---|---|---|



**Financial Ratios**

EBITDA (2) $1,272,048 $667,866 $603,419 $493,244 $711,676

|Adjusted EBITDA (3)|685,943|696,604|667,804|638,969|619,786|
|---|---|---|---|---|---|



Net Debt to Adjusted EBITDA (4) 6.3x 6.8x 7.1x 6.9x 6.7x

|Interest expense|110,767|111,116|102,220|86,882|76,502|
|---|---|---|---|---|---|



Fixed charges (5) 150,079 149,181 139,172 121,644 103,987

|Interest coverage ratio (6)|4.3x|4.5x|4.7x|5.3x|6.1x|
|---|---|---|---|---|---|



Fixed charge coverage ratio (7) 4.1x 4.2x 4.4x 4.9x 5.5x

**Profitability Measures**

Net income / (loss) per common share - basic $2.40 $0.37 $0.20 ($0.02) $0.79

|Net income / (loss) per common share - diluted|$2.33|$0.37|$0.19|($0.02)|$0.75|
|---|---|---|---|---|---|



Funds from operations (FFO) / diluted share and unit (8) $1.55 $1.52 $1.60 $1.45 $1.55

|Core funds from operations (Core FFO) / diluted share and unit (8)|$1.62|$1.68|$1.66|$1.65|$1.67|
|---|---|---|---|---|---|



Adjusted funds from operations (AFFO) / diluted share and unit (9) $1.40 $1.59 $1.56 $1.29 $1.50

|Dividends per share and common unit|$1.22|$1.22|$1.22|$1.22|$1.22|
|---|---|---|---|---|---|



Diluted FFO payout ratio (8) (10) 78.6% 80.3% 76.0% 83.9% 79.0%

|Diluted Core FFO payout ratio (8) (11)|75.2%|72.6%|73.5%|73.9%|73.2%|
|---|---|---|---|---|---|



Diluted AFFO payout ratio (9) (12) 87.3% 76.7% 78.2% 94.8% 81.5%

**Portfolio Statistics**

Buildings (13) 326 330 328 329 316

|Data Centers (13)|312|316|314|316|304|
|---|---|---|---|---|---|



Cross-connects (13)(14) 218,000 216,000 214,000 211,000 188,000

|Net rentable square feet, excluding development space (13)|39,542|39,310|38,804|38,156|36,699|
|---|---|---|---|---|---|



Occupancy at end of quarter (15) 82.8% 82.9% 83.5% 84.7% 84.7%

|Occupied square footage (13)|32,727|32,603|32,394|32,327|31,077|
|---|---|---|---|---|---|



Space under active development (16) 9,205 8,841 9,243 9,245 8,878

|Space held for development (17)|3,937|3,941|3,742|3,351|2,896|
|---|---|---|---|---|---|



Weighted average remaining lease term (years) (18) 4.8 4.9 4.8 4.7 4.7

|Same-capital occupancy at end of quarter (15) (19)|82.7%|83.0%|83.3%|83.8%|83.1%|
|---|---|---|---|---|---|


-----

(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 from early extinguishment of debt, tax expense, and depreciation and amortization. For a discussion of
EBITDA, see page 32. For a reconciliation of net income available to common stockholders to EBITDA, see page 31.

(3) Adjusted EBITDA is EBITDA excluding unconsolidated joint venture real estate related depreciation & amortization, unconsolidated joint venture interest and tax
expense, severance, equity acceleration, and legal expenses, transaction and integration expenses, gain on sale / deconsolidation, provision for impairment, other
non-core adjustments, net, non-controlling interests, preferred stock dividends, and issuance costs associated with redeemed preferred stock. For a discussion of
Adjusted EBITDA, see page 32. For a reconciliation of net income available to common stockholders to Adjusted EBITDA, see page 31.

(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 32. 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 32. For a reconciliation of Core FFO to AFFO, see page 14.

(10) Diluted FFO payout ratio is dividends declared per common share and unit divided by diluted FFO per share and unit.

(11) Diluted Core FFO payout ratio is dividends declared per common share and unit divided by diluted Core FFO per share and unit.

(12) Diluted AFFO payout ratio is dividends declared per common share and unit divided by diluted AFFO per share and unit.

(13) Includes buildings held as investments in unconsolidated entities. Excludes buildings held-for-sale.

(14) Represents approximate amounts.

(15) Occupancy and same-capital occupancy exclude space under active development and space held for development. Occupancy represents our consolidated portfolio

in addition to our managed portfolio of unconsolidated joint ventures and non-managed unconsolidated joint ventures. For some of our buildings, we calculate
occupancy based on factors in addition to contractually leased square feet, including available power, required support space and common area. Excludes buildings
held-for-sale.

(16) Space under active development includes current Base Building and Data Centers projects in progress (see page 25). Excludes buildings held-for-sale.

(17) Space held for development includes space held for future Data Center development and excludes space under active development (see page 28). Excludes buildings

held-for-sale.

(18) Weighted average remaining lease term excludes renewal options and is weighted by net rentable square feet.

(19) Represents buildings owned as of December 31, 2021, with less than 5% of total rentable square feet under development. Excludes buildings that were undergoing,

or were expected to undergo, development activities in 2022-2023, buildings classified as held-for-sale, and buildings sold or contributed to joint ventures for all
periods presented. Prior period results have been adjusted to reflect current same-capital pool.


-----

**Digital Realty Reports Third Quarter 2023 Results**

**Austin, TX — October 26, 2023 — 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 third quarter of 2023. All per share results are presented on a fully diluted basis.

**Highlights**

-  Reported net income available to common stockholders of $2.33 per share in 3Q23, compared to $0.75 in 3Q22

-  Reported FFO per share of $1.55 in 3Q23, compared to $1.55 in 3Q22

-  Reported Core FFO per share of $1.62 in 3Q23, compared to $1.67 in 3Q22

-  Reported Constant-Currency Core FFO per share of $1.60 in 3Q23 and $4.96 per share for the nine months ended September 30, 2023

-  Reported “Same-Capital” cash NOI growth of 9.4% in 3Q23

-  Reported rental rate increases on renewal leases of 7.4% on a cash basis in 3Q23

-  Signed total bookings during 3Q23 that are expected to generate $152 million of annualized GAAP rental revenue, including a $42 million
contribution from the 0–1 megawatt category and $12 million contribution from interconnection

-  Narrowed 2023 Core FFO per share outlook to $6.58 - $6.62

**Financial Results**

Digital Realty reported revenues of $1.4 billion in the third quarter of 2023, a 3% increase from the previous quarter and an 18% increase from the same
quarter last year.

The company delivered net income of $746 million in the third quarter of 2023, and net income available to common stockholders of $723 million, or
$2.33 per diluted share, compared to $0.37 per diluted share in the previous quarter and $0.75 per diluted share in the same quarter last year.

Digital Realty generated Adjusted EBITDA of $686 million in the third quarter of 2023, a 2% decrease from the previous quarter and 11% increase over
the same quarter last year.

The company reported Funds From Operations (FFO) of $482 million in the third quarter of 2023, or $1.55 per share, compared to $1.52 per share in the
previous quarter and $1.55 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 $1.62 in the third
quarter of 2023, compared to $1.68 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 $1.60 for the third quarter of 2023 and $4.96 per share for the nine-month period ended September 30, 2023.

“Digital Realty’s third quarter results demonstrate strong and broad-based demand across our product spectrum. We posted record leasing in the 0-1
megawatt plus interconnection category and robust leasing in the greater-than-a-megawatt category,” said Digital Realty President & Chief Executive
Officer Andy Power. “Accelerating Same-Capital cash NOI growth combined with strong progress on our funding plan have enabled the company to delever while reinvesting to meet the needs of our customers.”

**Leasing Activity**

In the third quarter, Digital Realty signed total bookings that are expected to generate $152 million of annualized GAAP rental revenue, including a $42
million contribution from the 0–1 megawatt category and a $12 million contribution from interconnection.

The weighted-average lag between new leases signed during the third quarter of 2023 and the contractual commencement date was 12 months.

In addition to new leases signed, Digital Realty also signed renewal leases representing $157 million of annualized GAAP rental revenue during the
quarter. Rental rates on renewal leases signed during the third quarter of 2023 increased 7.4% on a cash basis and 9.5% on a GAAP basis.


-----

New leases signed during the third quarter of 2023 are summarized by region and product as follows:

**Annualized GAAP**

**Base Rent** **Square Feet** **GAAP Base Rent** **GAAP Base Rent**

**The Americas** **(in thousands)** **(in thousands)** **per Square Foot** **Megawatts** **per Kilowatt**

0-1 MW $22,233 96 $230 8.2 $227

> 1 MW 68,378 274 250 40.9 139

Other [(1)] 1,128 11 100 — —

**Total** **$91,739** **382** **$240** **49.1** **$154**

**EMEA [(2)]**

0-1 MW $15,164 56 $270 4.4 $286

> 1 MW 5,193 41 125 3.2 135

Other [(1)] 188 4 46 — —

**Total** **$20,545** **102** **$202** **7.6** **$223**

**Asia Pacific [(2)]**

0-1 MW $4,378 11 $383 1.3 $284

> 1 MW 23,307 132 176 11.9 164

Other [(1)] 53 1 100 — —

**Total** **$27,738** **144** **$192** **13.1** **$176**

**All Regions [(2)]**

0-1 MW $41,776 164 $254 13.9 $251

> 1 MW 96,877 447 217 56.0 144

Other [(1)] 1,370 16 86 — —

**Total** **$140,023** **627** **$223** **69.8** **$166**

**Interconnection** **$12,106** **N/A** **N/A** **N/A** **N/A**

**Grand Total** **$152,128** **627** **$223** **69.8** **$166**

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 September 30, 2023.

**Investment Activity**

As previously disclosed, in July, Digital Realty formed a joint venture in which GI Partners purchased a 65% interest in two stabilized hyperscale data centers in the Chicago metro area.
Digital Realty received approximately $743 million of gross proceeds from the sale and the associated financing and maintains a 35% interest in the joint venture. Based on annualized
in‐place cash NOI at June 30, 2023 and the benefit of leases signed but not yet commenced, the transaction valued the two facilities at an approximate 6.5% cap rate. Digital Realty
also granted GI Partners an options to purchase an interest in the third facility on the same data center campus, along with the ability to increase its stake in the assets up to 80%.

Also previously disclosed, in late July, Digital Realty formed a joint venture in which TPG Real Estate purchased an 80% interest in three stabilized hyperscale data centers in Northern
Virginia. Digital Realty received approximately $1.4 billion of gross proceeds from the sale and the associated financing and maintains a 20% interest in the joint venture. Based on
annualized in‐place cash NOI at June 30, 2023, net of signed leases and known move-outs, the transaction valued the facilities at an approximate 6.0% cap rate.

In addition, Digital Realty previously announced plans to expand its joint venture in India with Brookfield Infrastructure through the addition of Jio, a Reliance Industries, Ltd.
company. Upon closing, the new joint venture, ‘Digital Connexion: A Brookfield, Jio and Digital Realty Company’, will succeed BAM Digital Realty.

During the third quarter, Digital Realty signed a 50-year right of use agreement related to a 2.7-acre site (MRS5) in Marseille, France, which can support the development of data
center capacity with approximately 22 megawatts of IT load, as an extension to its existing highly connected campus in the port of Marseille. The minimum total payments over the
next 30 years for MRS5 will be €62 million or $65 million. Marseille is a key connectivity gateway in Europe.

Additionally, Digital Realty secured approximately 27 acres (MRS6) near Marseille for a purchase price of €47 million or $49 million. MRS6 can support the development of data center
capacity of up to 50 megawatts of IT load to support the increasing demand from cloud service providers.

Further during the third quarter, Digital Realty sold a non-core data center in Watford, United Kingdom for approximately $146 million of net proceeds representing a 9.8% cap rate
based on in-place NOI adjusted for known move-outs. Additionally, Digital Realty sold a non-core data center in Chantilly, Virginia for approximately $43 million, representing a 9.3%
cap rate based on in-place NOI at September 30, 2023.


-----

**Balance Sheet**

Digital Realty had approximately $16.9 billion of total debt outstanding as of September 30, 2023, comprised of $16.3 billion of unsecured debt and
approximately $0.6 billion of secured debt and other. At the end of the third quarter of 2023, net debt-to-Adjusted EBITDA was 6.3x, debt-pluspreferred-to-total enterprise value was 32.0% and fixed charge coverage was 4.1x.

During the quarter, Digital Realty settled its previously disclosed forward sales agreements under its ATM program, issuing 3.5 million shares at a
weighted average price of $97.23 per share, realizing approximately $336 million of net proceeds.


-----

**2023 Outlook**

Digital Realty narrowed its 2023 Core FFO per share and constant-currency Core FFO per share outlook to $6.58 - $6.62. The assumptions underlying the
outlook are summarized in the following table.


**As of**

**February 16, 2023**

$5.700 - $5.800 billion

($55 - $60 million)

$2.675 - $2.725 billion

$425 - $435 million

Greater than 3.0%

Greater than 3.0%

85.0% - 86.0%

3.0% - 4.0%

$1.20 - $1.25

$1.00 - $1.05

$1.5 - $2.5 billion

0.0% - 10.0%

$2.3 - $2.5 billion

9.0% - 15.0%

$15 - $20 million

$230 - $240 million

$1.0 - $1.5 billion

4.5% - 5.5%

First Half 2023

**$1.15 - $1.25**

$5.25 - $5.25

**$6.40 - $6.50**

$0.25 - $0.25

**$6.65 - $6.75**

$0.00 - $0.00

**$6.65 - $6.75**


**As of**

**April 27, 2023**

$5.500 - $5.600 billion

($55 - $60 million)

$2.675 - $2.725 billion

$425 - $435 million

Greater than 3.0%

Greater than 3.0%

85.0% - 86.0%

3.0% - 4.0%

$1.20 - $1.25

$1.05 - $1.10

$1.5 - $2.5 billion

0.0% - 10.0%

$2.3 - $2.5 billion

9.0% - 15.0%

$15 - $20 million

$230 - $240 million

$1.0 - $1.5 billion

5.5% - 6.0%

First Half 2023

**$1.15 - $1.25**

$5.25 - $5.25

**$6.40 - $6.50**

$0.25 - $0.25

**$6.65 - $6.75**

$0.00 - $0.00

**$6.65 - $6.75**


**As of**

**July 27, 2023**

$5.500 - $5.600 billion

($55 - $60 million)

$2.675 - $2.725 billion

$425 - $435 million

Greater than 4.0%

Greater than 8.0%

84.0% - 85.0%

4.0% - 5.0%

$1.20 - $1.25

$1.05 - $1.10

$2.2 - $3.0 billion

0.0% - 10.0%

$2.3 - $2.5 billion

9.0% - 15.0%

$15 - $20 million

$230 - $240 million

$740 million

5.5%

Completed

**$1.05 - $1.15**

$5.25 - $5.25

**$6.30 - $6.40**

$0.25 - $0.25

**$6.55 - $6.65**

$0.00 - $0.00

**$6.55 - $6.65**


**As of**

**October 26, 2023**

$5.475 - $5.525 billion

($55 - $60 million)

$2.685 - $2.715 billion

$425 - $435 million

Greater than 5.0%

Greater than 9.0%

83.0% - 84.0%

6.0% - 7.0%

$1.20 - $1.25

$1.05 - $1.10

$2.7 - $3.2 billion

0.0% - 10.0%

$2.7 - $2.9 billion

9.0% - 15.0%

$15 - $20 million

$230 - $240 million

$740 million

5.5%

Completed

**$3.18 - $3.22**

$3.15 - $3.15

**$6.33 - $6.37**

$0.25 - $0.25

**$6.58 - $6.62**

$0.00 - $0.00

**$6.58 - $6.62**


**Top-Line and Cost Structure**

Total revenue

Net non-cash rent adjustments (1)

Adjusted EBITDA

G&A

**Internal Growth**

Rental rates on renewal leases

Cash basis

GAAP basis

Year-end portfolio occupancy

"Same-capital" cash NOI growth (2)

Foreign Exchange Rates

U.S. Dollar / Pound Sterling

U.S. Dollar / Euro

**External Growth**

Dispositions / Joint Venture Capital

Dollar volume

Cap rate

Development

CapEx (3)

Average stabilized yields

Enhancements and other non-recurring CapEx (4)

Recurring CapEx + capitalized leasing costs (5)

**Balance Sheet**

Long-term debt issuance

Dollar amount

Pricing

Timing

**Net income per diluted share**

Real estate depreciation and (gain) / loss on sale

**Funds From Operations / share (NAREIT-Defined)**

Non-core expenses and revenue streams

**Core Funds From Operations / share**

Foreign currency translation adjustments

**Constant-Currency Core Funds From Operations /**
**share**


(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 belowmarket leases (i.e., ASC 805 adjustments).

(2) The “same-capital” pool includes properties owned as of December 31, 2021 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 2022-2023, properties classified as held for sale, and properties sold or
contributed to joint ventures for all periods presented.

(3) Includes land acquisitions.

(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.


-----

**Non-GAAP Financial Measures**

This document contains non-GAAP financial measures, including FFO, 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, Adjusted FFO, NOI and “SameCapital” 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, 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 October 26, 2023, 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](https://investor.digitalrealty.com/overview/investor-relations-overview/default.aspx)
third quarter 2023 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# 0455927 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/.](https://investor.digitalrealty.com/overview/investor-relations-overview/default.aspx)

Telephone and webcast replays will be available after the call until November 26, 2023. The telephone replay can be accessed by dialing +1 (877) 3447529 (for domestic callers) or +1 (412) 317-0088 (for international callers) and providing the conference ID# 5888857. 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 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.](https://www.digitalrealty.com/)

**Contact Information**

Matt Mercier
Chief Financial Officer
Digital Realty
(737) 281-0101

Jordan Sadler / Jim Huseby
Investor Relations
Digital Realty
(737) 281-0101


-----

**Three Months Ended** **Nine Months Ended**

**30-Sep-23** **30-Jun-23** **31-Mar-23** **31-Dec-22** **30-Sep-22** **30-Sep-23** **30-Sep-22**

Rental revenues $886,960 $869,298 $870,975 $834,374 $787,839   $2,627,233 [ $2,307,114 ]

Tenant reimbursements - Utilities 335,477 330,416 317,148 247,725 251,420 983,041 694,166

Tenant reimbursements - Other 64,876 46,192 40,150 46,045 49,419 151,218 153,618

Interconnection & other 107,305 104,521 101,695 97,286 95,486 313,521 282,354

Fee income 7,819 14,908 7,868 7,508 6,169 30,596 16,998

Other — 932 887 168 1,749 1,819 4,477

**Total Operating Revenues** **[ $1,402,437 ]** **$1,366,267** **$1,338,724** **$1,233,108** **$1,192,082** **[ $4,107,428 ]** **$3,458,726**

Utilities $384,455 $374,934 $346,364 $268,561 $271,844   $1,105,753 $736,509

Rental property operating 223,089 224,762 224,861 222,430 205,886 672,712 598,317

Property taxes 72,279 46,718 40,424 42,032 39,860 159,420 133,598

Insurance 4,289 4,385 4,355 4,578 4,002 13,029 11,536

Depreciation & amortization 420,613 432,573 421,198 430,130 388,704 1,274,384 1,147,803

General & administration 108,039 105,964 107,766 104,452 95,792 321,769 294,217

Severance, equity acceleration, and legal expenses 2,682 3,652 4,155 15,980 1,655 10,489 7,519

Transaction and integration expenses 14,465 17,764 12,267 17,350 25,862 44,496 51,416

Provision for impairment 113,000 — — 3,000 — 113,000 —

Other expenses 1,295 655 — 3,615 1,096 1,949 8,823

**Total Operating Expenses** **[ $1,344,206 ]** **$1,211,407** **$1,161,388** **$1,112,127** **$1,034,701** **[ $3,717,001 ]** **$2,989,738**

**Operating Income** **$58,231** **$154,860** **$177,335** **$120,981** **$157,381** **$390,426** **$468,988**

Equity in earnings / (loss) of unconsolidated joint ventures (19,793) 5,059 14,897 (28,112) (12,254) 164 14,616

Gain / (loss) on sale of investments 810,688 89,946 — (6) 173,990 900,634 176,760

Interest and other income / (expense), net 24,812 (6,930) 280 (22,894) 15,752 18,162 31,811

Interest (expense) (110,767) (111,116) (102,220) (86,882) (76,502) (324,103) (212,250)

Income tax benefit / (expense) (17,228) (16,173) (21,454) 17,676 (19,576) (54,855) (49,227)

Loss from early extinguishment of debt — — — — — — (51,135)

**Net Income** **$745,941** **$115,647** **$68,839** **$763** **$238,791** **$930,427** **$379,564**

Net income / (loss) attributable to noncontrolling interests (12,320) 2,538 (111) 3,326 (1,716) (9,893) (5,781)

**Net Income Attributable to Digital Realty Trust, Inc.** **$733,621** **$118,185** **$68,728** **$4,089** **$237,075** **$920,534** **$373,783**

Preferred stock dividends (10,181) (10,181) (10,181) (10,181) (10,181) (30,544) (30,544)

**Net Income / (Loss) Available to Common Stockholders** **$723,440** **$108,003** **$58,547** **($6,093)** **$226,894** **$889,990** **$343,240**

Weighted-average shares outstanding - basic 301,826,890 295,390,446 291,218,549 289,364,739 286,693,071   296,184,154 285,312,314

Weighted-average shares outstanding - diluted 311,341,418 306,818,538 303,064,832 301,712,082 296,414,726 306,734,807 294,257,222

Weighted-average fully diluted shares and units 317,538,689 313,020,947 309,026,076 307,546,353 302,257,518   312,866,880 300,028,470

Net income / (loss) per share - basic $2.40 $0.37 $0.20 ($0.02) $0.79 $3.00 $1.20

Net income / (loss) per share - diluted $2.33 $0.37 $0.19 ($0.02) $0.75 $2.93 $1.15


-----

|Three Months Ended Reconciliation of Net Income to Funds From Operations (FFO) 30-Sep-23 30-Jun-23 31-Mar-23 31-Dec-22 30-Sep-22 Net Income / (Loss) Available to Common Stockholders $723,440 $108,003 $58,547 ($6,093) $226,894 Adjustments: Non-controlling interest in operating partnership 16,300 2,500 1,500 (586) 5,400 Real estate related depreciation & amortization (1) 410,836 424,044 412,192 422,951 381,425 Depreciation related to non-controlling interests (14,569) (14,144) (13,388) (13,856) (8,254) Unconsolidated JV real estate related depreciation & amortization 43,215 35,386 33,719 33,927 30,831 (Gain) / loss on real estate transactions (810,688) (89,946) (7,825) 572 (173,990) Provision for impairment 113,000 - - 3,000 -|Nine Months Ended|
|---|---|
||30-Sep-23 30-Sep-22|
||$889,990 $343,240 20,300 8,500 1,247,072 1,124,914 (42,101) (8,254) 112,320 89,172 (908,459) (177,904) 113,000 -|
|Funds From Operations - diluted $481,535 $465,844 $484,745 $439,915 $462,306 Weighted-average shares and units outstanding - basic 308,024 301,593 297,180 295,199 292,536 Weighted-average shares and units outstanding - diluted (2)(3) 317,539 313,021 309,026 307,546 302,258 Funds From Operations per share - basic $1.56 $1.54 $1.63 $1.49 $1.58 Funds From Operations per share - diluted (2)(3) $1.55 $1.52 $1.60 $1.45 $1.55|$1,432,124 $1,379,667 302,316 291,084 312,867 300,028 $4.74 $4.74 $4.68 $4.61|


|Three Months Ended Reconciliation of FFO to Core FFO 30-Sep-23 30-Jun-23 31-Mar-23 31-Dec-22 30-Sep-22 Funds From Operations - diluted $481,535 $465,844 $484,745 $439,915 $462,306 Other non-core revenue adjustments (27) 27,454 (887) (3,786) (1,818) Transaction and integration expenses 14,465 17,764 12,267 17,350 25,862 Loss from early extinguishment of debt - - - - - Severance, equity acceleration, and legal expenses (4) 2,682 3,652 4,155 15,980 1,655 (Gain) / Loss on FX revaluation 451 (7,868) (6,778) 14,564 (1,120) Other non-core expense adjustments 1,295 655 - 3,615 1,046|Col2|Col3|Col4|Col5|Col6|Nine Months Ended|Col8|Col9|
|---|---|---|---|---|---|---|---|---|
|||||||30-Sep-23 30-Sep-22|||
|||||||$1,432,124 $1,379,667 26,540 12,554 44,496 51,416 - 51,135 10,489 7,519 (14,195) (39,258) 1,949 8,773|||
|Core Funds From Operations - diluted $500,402 $507,501 $493,500 $487,638 $487,931 Weighted-average shares and units outstanding - diluted (2)(3) 308,539 301,806 297,382 295,519 292,830||||||$1,501,403 $1,471,806 302,740 291,461|||
|Core Funds From Operations per share - diluted (2)|$1.62|$1.68|$1.66|$1.65|$1.67||$4.96|$5.05|


|(1) Real Estate Related Depreciation & Amortization Three Months Ended 30-Sep-23 30-Jun-23 31-Mar-23 31-Dec-22 30-Sep-22 Depreciation & amortization per income statement $420,613 $432,573 $421,198 $430,130 $388,704 Non-real estate depreciation (9,777) (8,529) (9,006) (7,179) (7,279)|Col2|Col3|Col4|Col5|Col6|Nine Months Ended|Col8|Col9|
|---|---|---|---|---|---|---|---|---|
|||||||30-Sep-23 30-Sep-22|||
|||||||$1,274,384 $1,147,803 (27,312) (22,889)|||
|Real Estate Related Depreciation & Amortization|$410,836|$424,044|$412,192|$422,951|$381,425||$1,247,072|$1,124,914|


(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 30-Sep-23 30-Jun-23 31-Mar-23 31-Dec-22 30-Sep-22 Teraco noncontrolling share of FFO $11,537 $9,645 $11,069 $7,213 $4,706|Col2|Col3|Col4|Col5|Col6|Nine Months Ended|Col8|Col9|
|---|---|---|---|---|---|---|---|---|
|||||||30-Sep-23 30-Sep-22|||
|||||||$32,251 $4,706|||
|Teraco related minority interest|$11,537|$9,645|$11,069|$7,213|$4,706||$32,251|$4,706|



(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 diluted 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) Relates to severance and other charges related to the departure of company executives and integration-related severance.


-----

|Three Months Ended Reconciliation of Core FFO to AFFO 30-Sep-23 30-Jun-23 31-Mar-23 31-Dec-22 30-Sep-22 Core FFO available to common stockholders and unitholders $500,402 $507,501 $493,500 $487,638 $487,931 Adjustments: Non-real estate depreciation 9,777 8,529 9,006 7,179 7,279 Amortization of deferred financing costs 5,776 5,984 4,072 3,753 3,270 Amortization of debt discount/premium 1,360 1,339 1,301 1,276 1,146 Non-cash stock-based compensation expense 14,062 13,893 13,056 16,042 15,948 Straight-line rental revenue (14,080) (16,151) (16,194) (29,392) (18,123) Straight-line rental expense 1,427 520 (515) (208) 2,679 Above- and below-market rent amortization (1,127) (1,195) (1,226) (762) (465) Deferred tax (benefit) / expense (8,539) 1,339 (9,795) (4,885) (5,233) Leasing compensation & internal lease commissions 12,515 11,611 11,067 9,578 9,866 Recurring capital expenditures (1) (90,251) (53,498) (40,465) (109,999) (66,200)|Nine Months Ended|
|---|---|
||30-Sep-23 30-Sep-22|
||$1,501,403 $1,471,806 27,312 22,889 15,832 10,234 4,000 3,553 41,012 46,201 (46,424) (54,212) 1,432 4,609 (3,548) 65 (16,995) (7,605) 35,193 32,538 (184,214) (156,467)|
|AFFO available to common stockholders and unitholders (2) $431,322 $479,873 $463,807 $380,220 $438,097 Weighted-average shares and units outstanding - basic 308,024 301,593 297,180 295,199 292,536 Weighted-average shares and units outstanding - diluted (3) 308,539 301,806 297,382 295,519 292,830 AFFO per share - diluted (3) $1.40 $1.59 $1.56 $1.29 $1.50 Dividends per share and common unit $1.22 $1.22 $1.22 $1.22 $1.22 Diluted AFFO Payout Ratio 87.3% 76.7% 78.2% 94.8% 81.5%|$1,375,001 $1,373,611 302,316 291,084 302,740 291,461 $4.54 $4.71 $3.66 $3.66 . 80.6% 77.7%|


**Three Months Ended** **Nine Months Ended**

**Share Count Detail** **30-Sep-23** **30-Jun-23** **31-Mar-23** **31-Dec-22** **30-Sep-22** **30-Sep-23** **30-Sep-22**

|Weighted Average Common Stock and Units Outstanding 308,024 301,593 297,180 295,199 292,536 Add: Effect of dilutive securities 515 213 202 320 294|Col2|Col3|Col4|Col5|Col6|302,316 291,084 424 377|Col8|
|---|---|---|---|---|---|---|---|
|Weighted Avg. Common Stock and Units Outstanding - diluted|308,539|301,806|297,382|295,519|292,830|302,740|291,461|



(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 diluted FFO available to common stockholders and unitholders and for calculations of weighted average common stock and units outstanding.


-----

**30-Sep-23** **30-Jun-23** **31-Mar-23** **31-Dec-22** **30-Sep-22**

**Assets**

Investments in real estate:

Real estate $25,887,031 $27,087,769 $27,052,022 $26,136,057 $24,876,600

Construction in progress 5,020,464 4,635,939 4,563,578 4,789,134 4,222,142

Land held for future development 179,959 193,936 194,564 118,452 34,713

**Investments in Real Estate** **$31,087,453** **$31,917,644** **$31,810,164** **$31,043,643** **$29,133,455**

Accumulated depreciation and amortization (7,489,193) (7,739,462) (7,600,559) (7,268,981) (6,826,918)

**Net Investments in Properties** **$23,598,260** **$24,178,182** **$24,209,605** **$23,774,662** **$22,306,537**

Investment in unconsolidated joint ventures 2,180,313 2,040,452 1,995,576 1,991,426 1,912,958

**Net Investments in Real Estate** **$25,778,573** **$26,218,634** **$26,205,180** **$25,766,088** **$24,219,495**

Cash and cash equivalents $1,062,050 $124,519 $131,406 $141,773 $176,969

Accounts and other receivables [(1)] 1,325,725 1,158,383 1,070,066 969,292 861,117

Deferred rent 586,418 613,796 627,700 601,590 556,198

Customer relationship value, deferred leasing costs & other
2,506,198 2,825,596 3,015,291 3,092,627 3,035,861
intangibles, net

Goodwill 8,998,074 9,148,603 9,199,636 9,208,497 8,728,105

Assets held for sale — 593,892 — — —

Operating lease right-of-use assets 1,274,410 1,291,233 1,317,293 1,351,329 1,253,393

Other assets 401,068 414,078 386,495 353,802 384,079

**Total Assets** **$41,932,515** **$42,388,735** **$41,953,068** **$41,484,998** **$39,215,217**

**Liabilities and Equity**

Global unsecured revolving credit facilities $1,698,780 $2,242,258 $2,514,202 $2,150,451 $2,255,139

Unsecured term loans 1,524,663 1,548,780 1,542,275 797,449 729,976

Unsecured senior notes, net of discount 13,072,102 13,383,819 13,258,079 13,120,033 12,281,410

Secured debt and other, net of premiums 574,231 554,594 560,955 528,870 491,984

Operating lease liabilities 1,404,510 1,420,239 1,443,994 1,471,044 1,363,712

Accounts payable and other accrued liabilities 2,147,103 2,214,820 1,923,819 1,868,884 1,621,406

Deferred tax liabilities, net 1,088,724 1,128,961 1,164,276 1,192,752 1,145,097

Accrued dividends and distributions — — — 363,716 —

Security deposits and prepaid rent 385,521 417,693 392,021 369,654 341,552

Liabilities associated with assets held for sale — 4,990 — — —

**Total Liabilities** **$21,895,634** **$22,916,155** **$22,799,620** **$21,862,853** **$20,230,276**

Redeemable non-controlling interests 1,360,308 1,367,422 1,448,772 1,514,680 1,429,920

**Equity**

Preferred Stock: $0.01 par value per share, 110,000,000 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, 392,000,000 shares
3,002 2,967 2,888 2,887 2,851
authorized [(5)]

Additional paid-in capital 23,239,088 22,882,200 22,126,379 22,142,868 21,528,384

Dividends in excess of earnings (4,900,757) (5,253,915) (4,995,982) (4,698,313) (4,336,201)

Accumulated other comprehensive (loss), net (882,996) (741,484) (652,486) (595,798) (862,804)

**Total Stockholders' Equity** **$18,190,026** **$17,621,456** **$17,212,490** **$17,583,334** **$17,063,920**

**Noncontrolling Interests**

Noncontrolling interest in operating partnership $441,366 $436,099 $444,843 $419,317 $421,484

Noncontrolling interest in consolidated joint ventures 45,182 47,603 47,342 104,814 69,617

**Total Noncontrolling Interests** **$486,547** **$483,702** **$492,185** **$524,131** **$491,101**

**Total Equity** **$18,676,573** **$18,105,158** **$17,704,675** **$18,107,465** **$17,555,021**

|Total Liabilities and Equity|$41,932,515|$42,388,735|$41,953,068|$41,484,998|$39,215,217|
|---|---|---|---|---|---|



(1) Net of allowance for doubtful accounts of $46,643 and $33,048 as of September 30, 2023 and December 31, 2022, respectively.

(2) Series J Cumulative Redeemable Preferred Stock, 5.250%, $200,000 and $200,000 liquidation preference, respectively ($25.00 per share), 8,000,000 and 8,000,000 shares issued and

outstanding as of September 30, 2023 and December 31, 2022, respectively.

(3) Series K Cumulative Redeemable Preferred Stock, 5.850%, $210,000 and $210,000 liquidation preference, respectively ($25.00 per share), 8,400,000 and 8,400,000 shares issued and

outstanding as of September 30, 2023 and December 31, 2022, respectively.

(4) Series L Cumulative Redeemable Preferred Stock, 5.200%, $345,000 and $345,000 liquidation preference, respectively ($25.00 per share), 13,800,000 and 13,800,000 shares issued and

outstanding as of September 30, 2023 and December 31, 2022, respectively.

(5) Common Stock: 302,846,026 and 291,148,222 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively.


-----

**Consolidated Properties Cash Net Operating Income (NOI)[(2)], Annualized [(3)]**

Network-Dense $1,083,225

Campus 1,511,305

Other [(4)] 192,775

**Total Cash NOI, Annualized** **$2,787,305**

_less: Partners' share of consolidated JVs_ _(55,347)_

Acquisitions / dispositions / expirations (50,124)

FY 2023 backlog cash NOI and 3Q23 carry-over (stabilized) [(5)] 65,386

**Total Consolidated Cash NOI, Annualized** **$2,747,220**

**Digital Realty's Pro Rata Share of Unconsolidated Joint Venture Cash NOI [(3)(6)]** **$228,272**

**Other Income**

**Development and Management Fees (net), Annualized** **$31,276**

**Other Assets**

Pre-stabilized inventory, at cost [(7)] $239,076

Land held for development 179,959

Development CIP [(8)] 5,020,464

_less: Investment associated with FY23 Backlog NOI_ _(603,091)_

Cash and cash equivalents 1,062,050

Accounts and other receivables, net 1,325,725

Other assets 401,068

_less: Partners' share of consolidated JV assets_ _(137,114)_

**Total Other Assets** **$7,488,136**

**Liabilities**

Global unsecured revolving credit facilities $1,713,024

Unsecured term loans 1,532,975

Unsecured senior notes 13,161,305

Secured debt and other 576,729

Accounts payable and other accrued liabilities 2,147,103

Deferred tax liabilities, net 1,088,724

Security deposits and prepaid rents 385,521

Backlog NOI cost to complete [(9)] 66,148

Preferred stock 755,000

Digital Realty's share of unconsolidated JV debt 1,463,211

_less: Partners' share of consolidated JV liabilities_ (362,954)

**Total Liabilities** **$22,526,786**

**Diluted Shares and Units Outstanding** **309,538**

(1) Backlog and associated financial line items exclude 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 33.

(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 3Q23 Cash
NOI of $2.8 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, 2023. Excludes 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 30.

(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) Excludes Digital Realty’s share of expected cost to complete at unconsolidated joint venture properties.


-----

**Unaudited** **Third Quarter 2023**

**As of September 30, 2023**

**[Interest ]**

**Rate**

**Interest Including**

**Rate** **Swaps** **2023** **2024** **2025** **2026** **2027** **Thereafter** **Total**


**Global Unsecured Revolving Credit Facilities [(1)]**

Global unsecured revolving credit facility 4.704%  4.704% — — — —  $1,627,462 —  $1,627,462

Yen revolving credit facility 0.570%  0.570% — — — — 85,562 — 85,562

Deferred financing costs, net — — — — — — — — (14,244)

|Total Global Unsecured Revolving Credit Facilities 4.498% 4.498% —|—|—|—|$1,713,024|—|$1,698,780|
|---|---|---|---|---|---|---|



**Unsecured Term Loans**

Euro term loan facility 4.841%  4.035% — —  $396,488 —  $396,487 — $792,975

USD term loan facility 6.379%  5.569% — — —  $740,000 — — 740,000

Deferred financing costs, net — — — — — — — — (8,312)

|Total Unsecured Term Loans 5.584% 4.776% —|—|$396,488|$740,000|$396,487|—|$1,524,663|
|---|---|---|---|---|---|---|



**Senior Notes**

₣100 million 0.600% Notes due 2023 [(2)] 0.600%  0.600%  $109,272 — — — — — $109,272

€600 million 2.625% Notes due 2024 2.625%  2.625% —  $634,380 — — — — 634,380

£250 million 2.750% Notes due 2024 2.750%  2.750% —  304,975 — — — — 304,975

£400 million 4.250% Notes due 2025 4.250%  4.250% — —  $487,960 — — — 487,960

€650 million 0.625% Notes due 2025 0.625%  0.625% — — 687,245 — — — 687,245

€1.08 billion 2.500% Notes due 2026 2.500%  2.500% — — —  $1,136,598 — — 1,136,598

₣275 million 0.200% Notes due 2026 0.200%  0.200% — — — 300,498 — — 300,498

₣150 million 1.700% Notes due 2027 1.700%  1.700% — — — —  $163,908 — 163,908

$1.00 billion 3.700% Notes due 2027 [(3)] 3.700%  2.485% — — — —  1,000,000 — 1,000,000

€500 million 1.125% Notes due 2028 1.125%  1.125% — — — — —  $528,650 528,650

$900 million 5.550% Notes due 2028 [(3)] 5.550%  3.996% — — — — — 900,000 900,000

$650 million 4.450% Notes due 2028 4.450%  4.450% — — — — — 650,000 650,000

₣270 million 0.550% Notes due 2029 0.550%  0.550% — — — — — 295,034 295,034

$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% — — — — — 426,965 426,965

€750 million 1.500% Notes due 2030 1.500%  1.500% — — — — — 792,975 792,975

£550 million 3.750% Notes due 2030 3.750%  3.750% — — — — — 670,945 670,945

€500 million 1.250% Notes due 2031 1.250%  1.250% — — — — — 528,650 528,650

€1.00 billion 0.625% Notes due 2031 0.625%  0.625% — — — — —  1,057,300 1,057,300

€750 million 1.000% Notes due 2032 1.000%  1.000% — — — — — 792,975 792,975

€750 million 1.375% Notes due 2032 1.375%  1.375% — — — — — 792,975 792,975

Unamortized discounts — — — — — — — — (33,066)

Deferred financing costs — — — — — — — — (56,136)

|Total Senior Notes 2.443% 2.245% $109,272|$939,355|$1,175,205|$1,437,095|$1,163,908|$8,336,469|$13,072,102|
|---|---|---|---|---|---|---|



**Secured Debt**

ICN10 Facilities 5.900%  3.584% — — — — — $12,536 $12,536

Westin 3.290%  3.290% — — — —  $135,000 — 135,000

Teraco Loans 10.600%  9.193% $56 $312 $567 $34,641 68,703 256,404 360,683

Deferred financing costs — — — — — — — — (2,498)

|Total Secured Debt 8.542% 7.487% $56|$312|$567|$34,641|$203,703|$268,940|$505,721|
|---|---|---|---|---|---|---|



**Other Debt**

Icolo loans 11.650% 11.650% — — — $5,016 $3,721 — $8,737

|Total Other Debt 11.650% 11.650% —|—|—|$5,016|$3,721|—|$8,737|
|---|---|---|---|---|---|---|



**Mandatorily Redeemable Preferred Shares (Teraco)**

Mandatorily Redeemable Preferred Shares (Teraco) 10.105%  10.105% — $4,228 — $59,188 — — $63,416

Unamortized discounts — — — — — — — — (3,643)

|Total Redeemable Preferred Shares 10.105% 10.105% —|$4,228|—|$59,188|—|—|$59,773|
|---|---|---|---|---|---|---|



Total unhedged variable rate debt — — $56 $4,540  $397,055 $93,829  $2,178,214 $59,218  $2,732,912

Total fixed rate / hedged variable rate debt — — 109,272  939,355  1,175,205  2,182,111  1,302,629  8,546,191  14,254,764

|Total Debt 3.150% 2.891% $109,328|$943,895|$1,572,260|$2,275,940|$3,480,843|$8,605,409|$16,987,676|
|---|---|---|---|---|---|---|



**Weighted Average Interest Rate** **0.604%** **2.701%** **2.613%** **3.514%** **3.788%** **2.464%** **2.891%**

**Summary**

**Weighted Average Term to Initial Maturity** **4.3 Years**

**Weighted Average Maturity (assuming exercise of extension options)** **4.5 Years**

**Global Unsecured Revolving Credit Facilities Detail As of September 30, 2023**

**Maximum Available** **Existing Capacity [(4)]** **Currently Drawn**

**Global Unsecured Revolving Credit Facilities** **$3,882,091** **$2,064,218** **$1,713,024**

(1) Assumes all extensions will be exercised.

(2) Repaid in full on October 2, 2023.

(3) Subject to cross-currency swaps.

(4) Net of letters of credit issued of $104.8 million.


-----

**Unaudited** **Third Quarter 2023**

**As of September 30, 2023**

**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% 37% _Less than 60%[ (5)]_ 40%

Secured debt / total assets [(6)] _Less than 40%_ 5% 1% _Less than 40%_ 3%

Total unencumbered assets / unsecured debt _Greater than 150%_ 223% 245% N/A N/A

Consolidated EBITDA / interest expense [(7)] _Greater than 1.50x_ 4.3x 4.3x N/A N/A

Fixed charge coverage N/A N/A _Greater than 1.50x_ 4.6x

Unsecured debt / total unencumbered asset value [(8)] N/A N/A _Less than 60%_ 42%

Unencumbered assets debt service coverage ratio [(8)] N/A N/A _Greater than 1.50x_ 5.4x

(1) For definitions of the terms used in the table above and related footnotes, please refer to the indentures which govern the notes, the Second Amended and Restated Global Senior Credit
Agreement dated as of November 18, 2021 and the Amended and Restated Yen facility Credit Agreement dated as of November 18, 2021, 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 0.60% notes due 2023, 0.20% notes due 2026, 1.70% notes due 2027, 5.550% notes due 2028, 0.55% notes due 2029,
1.250% notes due 2031, 0.625% notes due 2031, 1.00% notes due 2032 and 1.375% notes due 2032.

(3) Ratios for the 0.60% notes due 2023, 0.20% notes due 2026, 1.70% notes due 2027, 5.550% notes due 2028, 0.55% notes due 2029, 1.250% notes due 2031, 0.625% notes due 2031, 1.00%
notes due 2032 and 1.375% notes due 2032.

(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 Second Amended and Restated Global Senior Credit Agreement dated as of November 18, 2021 and the Amended
and Restated Yen facility Credit Agreement dated as of November 18, 2021, 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 an 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) Calculated as current quarter annualized consolidated EBITDA to current quarter annualized Interest Expense (including capitalized interest and debt discounts).

(8) Assets must satisfy certain conditions to qualify for inclusion as an Unencumbered Asset under the global unsecured revolving credit facility and the Yen facility.


-----

**Stabilized (“Same-Capital”) Portfolio (1)**

**Less:**

|Three Months Ended|Nine Months Ended|
|---|---|
|30-Sep-23 30-Sep-22 % Change 30-Jun-23 % Change|30-Sep-23 30-Sep-22 % Change|
|$648,940 $584,452 11.0% $634,827 2.2% 267,258 195,042 37.0% 256,811 4.1% 44,906 29,530 52.1% 29,792 50.7% 87,563 80,566 8.7% 86,076 1.7% $1,048,667 $889,591 17.9% $1,007,506 4.1% $312,322 $224,113 39.4% $284,037 10.0% 157,331 151,078 4.1% 160,529 (2.0%) 46,192 26,251 76.0% 32,075 44.0% 3,849 3,467 11.0% 3,751 2.6% $519,695 $404,908 28.3% $480,393 8.2% $528,973 $484,683 9.1% $527,113 0.4% ($5,188) ($4,038) 28.5% ($15,056) (65.5%) 1,043 1,293 (19.3%) 1,132 (7.8%) $533,117 $487,428 9.4% $541,038 (1.5%) 82.7% 83.1% (0.4%) 83.0% (0.3%)|$1,916,920 $1,764,585 8.6% 773,000 554,408 39.4% 99,756 94,792 5.2% 257,273 241,957 6.3% $3,046,949 $2,655,742 14.7% $865,055 $612,435 41.2% 475,465 440,154 8.0% 102,944 93,350 10.3% 11,416 10,370 10.1% $1,454,879 $1,156,310 25.8% $1,592,070 $1,499,432 6.2% ($20,785) ($11,926) 74.3% 3,351 3,883 (13.7%) $1,609,504 $1,507,474 6.8% 82.7% 83.1% (0.4%)|



(1) Represents buildings owned as of December 31, 2021 with less than 5% of total rentable square feet under development. Excludes buildings that were undergoing, or were expected to
undergo, development activities in 2022-2023, buildings classified as held for sale, and buildings sold or contributed to joint ventures for all periods presented. Prior period numbers
adjusted to reflect current same-capital pool.

(2) For a definition and discussion of net operating income and a reconciliation of operating income to NOI, see page 33.

(3) For a definition and discussion of cash net operating income and a reconciliation of operating income to cash NOI, see page 33.

(4) Occupancy excludes space under active development and space held for development. For some of our buildings, we calculate occupancy based on factors in addition to contractually leased
square feet, including available power, required support space and common areas.


-----

**0-1 MW** **> 1 MW [(3)]** **Other [(4)]** **Total**

**Leasing Activity - New [(1) (2)]** **3Q23** **LTM** **3Q23** **LTM** **3Q23** **LTM** **3Q23** **LTM**

**Annualized GAAP Rent (in thousands)** **$41,776** **$144,568** **$96,877** **$263,230** **$1,370** **$5,418** **$140,023** **$413,216**

Kilowatt leased 13,862 49,938 55,950 166,612 — — 69,812 216,550

NRSF (in thousands) 164 530 447 1,769 16 81 627 2,381

**Weighted Average Lease Term (years)** **3.9** **3.9** **10.2** **12.1** **5.6** **6.0** **8.4** **10.1**

Initial stabilized cash rent per Kilowatt $212 $222 $122 $119 — — $140 $142

GAAP rent per Kilowatt $251 $241 $144 $132 — — $166 $157

Leasing cost per Kilowatt $46 $29 — $9 — — $9 $14

**Net Effective Economics by Kilowatt [(5)]**

Base rent by Kilowatt $253 $283 $146 $131 — — $167 $166

Rental concessions by Kilowatt $2 $3 $1 $2 — — $1 $2

Estimated operating expense by Kilowatt $73 $71 $36 $32 — — $44 $41

**Net rent per Kilowatt** **$179** **$210** **$108** **$97** **—** **—** **$122** **$123**

Tenant improvements by Kilowatt — — — $1 — — — $1

Leasing commissions by Kilowatt $11 $11 — — — — $2 $3

**Net effective rent per Kilowatt** **$168** **$199** **$108** **$96** **—** **—** **$119** **$119**

Initial stabilized cash rent per NRSF $215 $250 $183 $134 $77 $64 $189 $158

GAAP rent per NRSF $254 $273 $217 $149 $86 $67 $223 $174

Leasing cost per NRSF $47 $29 — $10 $6 $152 $12 $19

**Net Effective Economics by NRSF [(5)]**

Base rent by NRSF $256 $283 $218 $148 $87 $70 $225 $176

Rental concessions by NRSF $2 $3 $2 $3 — $4 $2 $3

Estimated operating expense by NRSF $73 $78 $55 $42 $7 $9 $58 $49

**Net rent per NRSF** **$181** **$203** **$162** **$104** **$80** **$58** **$165** **$124**

Tenant improvements by NRSF — — — $1 — $14 — $1

Leasing commissions by NRSF $11 $11 — — — $6 $3 $3

**Net effective rent per NRSF** **$170** **$192** **$162** **$103** **$80** **$38** **$162** **$120**

(1) Excludes short-term, roof, storage, and garage leases.

(2) Includes leases for new and re-leased space.

(3) >1 MW Base Rent includes the net uplift related to an eight-megawatt lease replacement which resulted in an increased rate for the same capacity. GAAP Base Rent per Square Foot and per Kilowatt metrics reflect the incremental additional Base Rent with no incremental capacity added.

(4) Other includes Powered Base Building shell capacity as well as storage and office space within fully improved data center facilities.

(5) 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.


-----

**0-1 MW** **> 1 MW** **Other [(4)]** **Total**

**Leasing Activity - Renewals [(1) (2) (3)]** **3Q23** **LTM** **3Q23** **LTM** **3Q23** **LTM** **3Q23** **LTM**

Leases renewed (Kilowatt) 32,829 139,686 10,879 112,177 — — 43,708 251,863

Leases renewed (NRSF in thousands) 457 1,965 128 1,358 94 470 679 3,794

Leasing cost per Kilowatt $1 $1 $1 $4 — — $5 $3

Leasing cost per NRSF $1 $1 $1 $4 $20 $5 $4 $3

**Weighted Term (years)** **1.6** **1.5** **2.3** **5.4** **5.4** **4.5** **2.3** **3.5**

**Cash Rent**

Expiring cash rent per Kilowatt $306 $292 $140 $145 — — $276 $230

Renewed cash rent per Kilowatt $319 $307 $148 $149 — — $297 $241

**% Change Cash Rent Per Kilowatt** **4.4%** **5.2%** **5.6%** **2.5%** **—** **—** **7.4%** **4.7%**

Expiring cash rent per NRSF $264 $249 $142 $144 $66 $25 $213 $184

Renewed cash rent per NRSF $275 $262 $150 $147 $113 $29 $229 $192

**% Change Cash Rent Per NRSF** **4.4%** **5.2%** **5.6%** **2.5%** **71.6%** **17.5%** **7.4%** **4.7%**

**GAAP Rent**

Expiring GAAP rent per Kilowatt $304 $289 $136 $135 — — $274 $224

Renewed GAAP rent per Kilowatt $321 $308 $150 $149 — — $300 $241

**% Change GAAP Rent Per Kilowatt** **5.6%** **6.4%** **10.3%** **10.4%** **—** **—** **9.5%** **7.7%**

Expiring GAAP rent per NRSF $262 $247 $138 $134 $64 $24 $212 $179

Renewed GAAP rent per NRSF $277 $262 $152 $148 $119 $29 $232 $192

**% Change GAAP Rent Per NRSF** **5.6%** **6.4%** **10.3%** **10.4%** **85.5%** **20.3%** **9.5%** **7.7%**

**Retention ratio [(5)]** **83.4%** **85.2%** **47.9%** **75.9%** **64.6%** **41.3%** **70.7%** **72.9%**

**Churn [(6)]** **1.3%** **5.7%** **0.8%** **3.1%** **1.9%** **7.5%** **1.1%** **4.5%**

(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 during the period, 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.


-----

**% 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 2,641 — — — — — — — —

|Month to Month (3) 193|$47,626 1.4%|$247 $247|$47,756|9,859|$403|$404|
|---|---|---|---|---|---|---|



2023 523 173,569 5.1% 332 332 173,572 37,710 384 384

|2024 2,150|602,174 17.8%|280 281|603,867|151,622|331|332|
|---|---|---|---|---|---|---|



2025 698 163,574 4.8% 234 240 167,264 47,650 286 293

|2026 467|103,471 3.1%|221 232|108,338|34,496|250|262|
|---|---|---|---|---|---|---|



2027 432 75,035 2.2% 174 184 79,495 30,463 205 217

|2028 245|35,005 1.0%|143 157|38,596|14,795|197|217|
|---|---|---|---|---|---|---|



2029 96 11,411 0.3% 118 134 12,934 6,369 149 169

|2030 66|21,128 0.6%|318 329|21,822|5,374|328|338|
|---|---|---|---|---|---|---|



2031 54 9,495 0.3% 177 188 10,110 2,681 295 314

|2032 51|4,985 0.1%|97 110|5,655|1,700|244|277|
|---|---|---|---|---|---|---|



Thereafter 248 10,176 0.3% 41 50 12,351 3,283 258 313

|Total / Wtd. Avg. 7,866|$1,257,649 37.2%|$241 $245|$1,281,759|346,003|$303|$309|
|---|---|---|---|---|---|---|



**> 1 MW** **Expiring Leases (1)** **Annualized** **Annualized** **Annualized Rent Per** **Annualized Rent Per** **Annualized Rent Per** **kW of Expiring** **Annualized** **Rent Per kW**

Available 1,708 — — — — — — — —

|Month to Month (3) 149|$24,515 0.7%|$165 $169 $25,216|14,105|$145|$149|
|---|---|---|---|---|---|



2023 483 62,400 1.8% 129 129 62,400 40,593 128 128

|2024 1,394|215,238 6.4%|154 156 217,388|128,707|139|141|
|---|---|---|---|---|---|



2025 1,722 257,789 7.6% 150 153 263,914 154,044 139 143

|2026 1,711|240,654 7.1%|141 149 254,516|156,033|129|136|
|---|---|---|---|---|---|



2027 1,503 213,738 6.3% 142 153 230,614 145,333 123 132

|2028 917|119,082 3.5%|130 141 129,600|89,555|111|121|
|---|---|---|---|---|---|



2029 1,019 129,325 3.8% 127 139 141,465 123,730 87 95

|2030 1,070|143,242 4.2%|134 146 156,400|116,780|102|112|
|---|---|---|---|---|---|



2031 1,006 116,851 3.5% 116 129 129,776 98,615 99 110

|2032 787|96,641 2.9%|123 143 112,682|84,100|96|112|
|---|---|---|---|---|---|



Thereafter 1,837 218,440 6.5% 119 140 257,384 175,159 104 122

|Total / Wtd. Avg. 15,306|$1,837,914 54.4%|$135 $146 $1,981,356|1,326,753|$115|$124|
|---|---|---|---|---|---|



**Other (4)** **Expiring Leases (1)** **Annualized** **Annualized** **Annualized Rent Per** **Annualized Rent Per** **Annualized Rent Per** **kW of Expiring** **Annualized** **Rent Per kW**

Available 1,726 — — — — — — — —

|Month to Month (3) 56|$1,904 0.1%|$34 $34 $1,905|—|—|—|
|---|---|---|---|---|---|



2023 58 2,546 0.1% 44 44 2,546 — — —

|2024 528|20,605 0.6%|39 39 20,717|—|—|—|
|---|---|---|---|---|---|



2025 670 30,120 0.9% 45 46 31,052 — — —

|2026 769|26,072 0.8%|34 36 27,740|—|—|—|
|---|---|---|---|---|---|



2027 365 15,186 0.4% 42 45 16,556 — — —

|2028 508|18,334 0.5%|36 40 20,264|—|—|—|
|---|---|---|---|---|---|



2029 648 29,957 0.9% 46 54 34,713 — — —

|2030 762|47,756 1.4%|63 74 56,030|—|—|—|
|---|---|---|---|---|---|



2031 56 1,977 0.1% 35 42 2,367 — — —

|2032 107|6,137 0.2%|58 66 7,038|—|—|—|
|---|---|---|---|---|---|



Thereafter 3,178 80,648 2.4% 25 33 104,323 — — —

|Total / Wtd. Avg. 9,431|$281,243 8.3%|$36 $42 $325,251|—|—|—|
|---|---|---|---|---|---|



**Total** **Expiring Leases (1)** **Annualized** **Annualized** **Annualized Rent Per** **Annualized Rent Per** **Annualized Rent Per** **kW of Expiring** **Annualized** **Rent Per kW**

Available 6,074 — — — — — — — —

|Month to Month (3) 398|$74,045 2.2%|$186 $188 $74,877|—|—|—|
|---|---|---|---|---|---|



2023 1,065 238,514 7.1% 224 224 238,518 — — —

|2024 4,072|838,017 24.8%|206 207 841,972|—|—|—|
|---|---|---|---|---|---|



2025 3,090 451,484 13.4% 146 150 462,230 — — —

|2026 2,948|370,197 11.0%|126 132 390,594|—|—|—|
|---|---|---|---|---|---|



2027 2,301 303,958 9.0% 132 142 326,665 — — —

|2028 1,670|172,422 5.1%|103 113 188,460|—|—|—|
|---|---|---|---|---|---|



2029 1,763 170,693 5.1% 97 107 189,112 — — —

|2030 1,898|212,127 6.3%|112 123 234,252|—|—|—|
|---|---|---|---|---|---|



2031 1,116 128,324 3.8% 115 127 142,252 — — —

|2032 945|107,762 3.2%|114 133 125,375|—|—|—|
|---|---|---|---|---|---|



Thereafter 5,262 309,264 9.2% 59 71 374,058 — — —

|Total / Wtd. Avg. 32,603|$3,376,806 100.0%|$127 $135 $3,588,366|—|—|—|
|---|---|---|---|---|---|



(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 September 30, 2023, 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.


-----

**Weighted**

**Average**

**Annualized** **% of Annualized** **Remaining**

**Number of** **Recurring** **Recurring** **Lease Term in**

**Customer** **Locations** **Revenue (1)** **Revenue** **Years**

1 Fortune 50 Software Company 68 $389,926 10.3% 8.4

2 Social Content Platform 22 207,852 5.5% 5.0

3 Oracle Corporation 37 152,172 4.0% 6.5

4 Global Cloud Provider 59 150,107 4.0% 5.1

5 IBM 34 128,687 3.4% 2.3

6 Equinix 17 91,686 2.4% 6.2

7 LinkedIn Corporation 7 81,176 2.2% 1.4

8 Fortune 25 Investment Grade-Rated Company 29 76,406 2.0% 3.1

9 Fortune 25 Tech Company 51 67,175 1.8% 3.8

10 Fortune 500 SaaS Provider 14 66,854 1.8% 3.1

11 Cyxtera 15 63,359 1.7% 8.6

12 Social Media Platform 8 62,070 1.6% 7.6

13 Meta Platforms, Inc. 46 59,947 1.6% 4.1

14 Lumen Technologies, Inc. 124 50,855 1.3% 10.1

15 JPMorgan Chase & Co. 17 43,604 1.2% 3.5

16 AT&T 77 41,477 1.1% 3.0

17 Comcast Corporation 41 41,333 1.1% 4.3

18 Rackspace 25 36,565 1.0% 9.7

19 International Telecom Provider 31 34,858 0.9% 1.7

20 Zayo 114 33,316 0.9% 1.4

**Total / Weighted Average** **$1,879,425** **49.8%** **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
September 30, 2023, 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.


-----

**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)** **30-Sep-23** **30-Jun-23** **IT Load (6)** **Count**

**North America**

Northern Virginia 4,914 2,040 265 $498,100 91.4% 92.4% 422.5 21

Chicago 2,672 — 113 255,309 91.0% 92.4% 99.3 8

New York 2,067 159 130 214,828 74.7% 74.9% 55.8 13

Dallas 3,065 327 77 201,331 83.2% 83.0% 111.2 21

Silicon Valley 1,590 — 131 172,158 92.2% 92.1% 94.6 15

Portland 873 282 — 106,110 98.1% 98.5% 90.5 3

Phoenix 796 — — 70,326 70.6% 71.1% 42.5 2

San Francisco 844 — — 62,953 64.8% 65.2% 31.5 4

Atlanta 557 — 314 57,833 95.6% 93.3% 9.1 4

Toronto 430 297 — 43,550 92.8% 89.7% 39.8 2

Los Angeles 614 11 — 41,155 81.3% 78.4% 16.2 2

Seattle 399 — — 40,172 78.7% 78.7% 19.5 1

Boston 437 — 51 17,583 42.0% 43.8% 19.0 3

Houston 393 — 14 16,036 58.7% 55.6% 13.0 6

Miami 226 — — 9,809 85.2% 85.7% 1.3 2

Austin 86 — — 7,315 56.1% 58.6% 4.3 1

Charlotte 95 — — 5,521 90.5% 90.8% 1.5 3

**North America Total/Weighted Average** **20,059** **3,115** **1,094** **$1,820,092** **84.4%** **85.3%** **1,071.5** **111**

**EMEA**

Frankfurt 2,092 1,632 — $254,261 86.8% 86.3% 134.2 29

London 1,319 64 77 212,994 60.4% 63.3% 92.7 15

Amsterdam 1,259 222 92 171,042 82.6% 80.6% 116.3 12

Paris 964 734 — 103,580 73.4% 72.8% 79.1 13

Johannesburg 1,026 1,182 — 101,075 76.0% 83.7% 52.3 5

Marseille 520 — 38 67,133 77.7% 71.7% 45.4 4

Dublin 475 78 — 58,268 83.9% 82.6% 32.5 9

Zurich 439 159 — 57,701 77.9% 67.0% 29.0 3

Vienna 356 133 — 50,572 82.7% 82.2% 25.6 3

Madrid 304 105 — 42,889 71.4% 87.7% 16.8 4

Brussels 178 159 — 30,369 72.7% 69.5% 7.9 3

Cape Town 260 468 — 35,209 92.1% 87.8% 16.4 2

Stockholm 190 108 — 21,658 70.2% 69.3% 16.8 6

Copenhagen 226 99 — 20,272 63.9% 64.0% 12.9 3

Dusseldorf 142 71 — 19,200 58.4% 72.5% 11.0 3

Athens 55 159 — 9,302 86.2% 86.8% 2.2 4

Durban 45 — 14 5,653 80.6% 76.9% 1.1 1

Zagreb 22 — 13 2,669 82.9% 83.2% 0.9 1

Nairobi 16 — — 2,631 77.8% 76.5% 0.5 1

Mombasa 46 — 12 4,013 18.4% 16.0% 2.8 2

Maputo 3 — — 480 51.4% -  1.0 1

**EMEA Total/Weighted Average** **9,936** **5,375** **246** **$1,270,971** **77.0%** **77.1%** **697.3** **124**

**Asia Pacific**

Singapore 883 7 — $203,013 95.8% 95.4% 78.5 3

Sydney 362 — 88 31,349 91.9% 91.6% 22.1 4

Melbourne 147 — — 14,189 62.3% 62.3% 9.6 2

Seoul 162 — — 1,027 5.1% 5.0% 12.0 1

Hong Kong 99 186 — 488 2.2% 0.6% 7.5 1

**Asia Pacific Total/Weighted Average** **1,653** **192** **88** **$250,066** **77.4%** **77.1%** **129.7** **11**

**Non-Data Center Properties** 329 — 264 — -  13.5% — —

**Consolidated Portfolio Total/Weighted Average** **31,976** **8,683** **1,691** **$3,341,128** **80.9%** **81.7%** **1,898.5** **246**

**Unconsolidated Joint Ventures**

Northern Virginia 2,418 — — $214,004 97.9% 100.0% 193.7 10

Chicago 756 35 — 71,771 92.0% -  63.4 2

Silicon Valley 414 — — 25,807 100.0% 100.0% 10.9 4

Hong Kong 186 — — 15,883 66.2% 66.0% 11.0 1

Toronto 104 — — 13,018 56.3% 67.4% 6.8 1

Los Angeles 197 — — 5,325 100.0% 100.0% — 2

Lagos 4 — — 675 100.0% 100.0% 0.2 1

Abuja 1 — — 75 73.0% 73.0% 0.1 1

**Managed Unconsolidated Portfolio Total/Weighted Average** **4,081** **35** **—** **$346,558** **94.6%** **95.7%** **285.9** **22**

**Managed Portfolio Total/Weighted Average** **36,057** **8,717** **1,691** **$3,687,686** **82.4%** **82.5%** **2,184.4** **268**

**Digital Realty Share Total/Weighted Average [(7)]** **32,603** **7,817** **1,686** **$3,376,806** **81.4%** **82.6%** **1,942.3** **—**

**Non-Managed Unconsolidated Joint Ventures**

Sao Paulo 1,267 224 1,198 $167,942 91.1% 97.6% 107.6 25

Tokyo 1,272 27 — 77,157 75.9% 71.2% 58.8 3

Osaka 465 118 196 66,279 91.3% 90.6% 38.9 4

Queretaro 105 — 583 19,615 100.0% 100.0% 8.0 3

Santiago 119 118 71 14,185 90.1% 100.0% 10.2 3

Rio De Janeiro 112 — — 12,853 100.0% 100.0% 8.0 2

Fortaleza 94 — — 9,031 87.0% 100.0% 6.2 1

Seattle 51 — — 7,770 100.0% 100.0% 9.0 1

Bogota — — 197 — — — — 2

**Non-Managed Portfolio Total/Weighted Average** **3,485** **487** **2,246** **$374,833** **86.1%** **87.1%** **246.6** **44**

**Portfolio Total/Weighted Average** **39,542** **9,205** **3,937** **$4,062,519** **82.8%** **82.9%** **2,431.1** **312**

(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 (see page 25).

(3) Space held for development includes space held for future Data Center development and excludes space under active development (see page 28).

(4) Annualized base rent represents the monthly contractual base rent (defined as cash base rent before abatements) under existing leases as of September 30, 2023, 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.


-----

**Base Building Construction** **Data Center Construction** **Total Active Development**

**A** **B** **A + B** **A** **B** **A + B** **A** **B** **A + B**

**A**

**B**

**A + B**

**A**

**B**

**Average** **Pre-tax**

**Total** **Current** **Future** **Total** **Total** **Current** **Future** **Total** **Expected** **Est.** **Total** **Current** **Future** **Total**

**# of** **Square Investment** **Funding** **Expected** **# of** **Square** **Investment** **Funding** **Expected** **%** **Completion** **Stabilized** **# of** **Square** **Investment** **Funding** **Expected**

**Metropolitan Area** **Locations** **Feet** **(2)** **Req. (3) Investment (4) Locations** **Feet** **kW** **(2)** **Req. (3) Investment (4)** **Leased** **Period** **Cash Yield (5) Locations** **Feet** **(2)** **Req. (3) Investment (4)**

Northern Virginia 5 1,315  $222,528  $273,867 $496,395 6 724  88,000 $291,990  $624,530 $916,520 18.2% 2Q24 6 2,040 $514,518  $898,396 $1,412,915

Dallas 2 164 54,116 49,682 103,798 2 164 16,000 90,461 242,520 332,982 100.0% 2Q24 2 327 144,577 292,203 436,780

Portland — — — — — 1 282  32,000 136,284 234,006 370,290 100.0% 2Q24 1 282 136,284 234,006 370,290

Toronto — — — — — 1 297 16,000 92,681 93,078 185,758 100.0% 1Q24 1 297 92,681 93,078 185,758

New York — — — — — 3 159 10,800 86,791 97,440 184,230 66.7% 1Q24 3 159 86,791 97,440 184,230

Other — — — — — 1 11 1,200 12,483 29,520 42,003 — 4Q24 1 11 12,483 29,520 42,003

**North America** **7** **1,479  $276,644  $323,549** **$600,193** **14** **1,636  164,000  $710,690  $1,321,093** **$2,031,783** **53.2%** **10.0%** **14** **3,115** **$987,334  $1,644,642** **$2,631,976**

Frankfurt 4 927 $234,070 $74,911 $308,981 3 704 66,360  $583,480  $552,328 $1,135,808 62.1% 1Q25 7 1,632 $817,549  $627,239 $1,444,789

Paris 1 62 31,929 6,505 38,433 4 672 64,800 417,166 449,542 866,709 23.8% 3Q24 4 734 449,095 456,047 905,142

Amsterdam 1 111 29,823 60,342 90,165 1 111 13,500 29,876 194,958 224,834 — 1Q26 1 222 59,699 255,301 315,000

Zurich — — — — — 1 159 13,468 133,851 119,826 253,677 52.1% 4Q24 1 159 133,851 119,826 253,677

Brussels — — — — — 1 159 13,600 119,167 47,863 167,031 60.1% 4Q23 1 159 119,167 47,863 167,031

Other 8 1,222  166,212  143,877 310,089 10 1,247 88,706 319,517 433,636 753,153 48.2% 4Q23-1Q25 13 2,469 485,729 577,513 1,063,242

**EMEA** **14** **2,323  $462,033  $285,635** **$747,668** **20** **3,052  260,434  $1,603,057  $1,798,154** **$3,401,211** **44.0%** **10.5%** **27** **5,375  $2,065,090  $2,083,789** **$4,148,879**

Other 1 103  $24,263 $467 $24,730 2 89 7,000 $19,490 $58,047 $77,536 85.7% 2Q24 2 192 $43,753 $58,513 $102,266

**Asia Pacific** **1** **103  $24,263** **$467** **$24,730** **2** **89** **7,000** **$19,490** **$58,047** **$77,536** **85.7%** **9.5%** **2** **192** **$43,753** **$58,513** **$102,266**

|Total 22 3,905|$762,940|$609,651 $1,372,591 36 4,778 431,434|$2,333,237|$3,177,294|$5,510,531 48.2% 10.3% 43 8,683|$3,096,177|$3,786,945|$6,883,122|
|---|---|---|---|---|---|---|---|---|



(1) Unconsolidated joint ventures are excluded.

(2) Represents costs incurred through September 30, 2023.

(3) Represents estimated cost to complete specific scope of work pursuant to contract, budget, or approved capital plan.

(4) For Base Building Construction, represents the pro rata share of the acquisition and infrastructure costs related to the specific Base Building project. For Data Center Construction, represents the pro rata share of the acquisition and infrastructure costs, or Base Building Construction costs,
applicable to the specific Data Center project, plus the total direct investment in the specific Data Center project.

(5) Estimated yields are based on total expected investment amounts and anticipated net operating income from leases signed or other assumptions based on market conditions.

Note: Square footage is based on current estimates and project plans and may change upon completion of the project or due to remeasurement.


-----

**Total Cost/**

**Net Rentable** **Current** **Future** **Total** **Net Rentable**

**Construction Projects in Progress** **Square Feet (5)** **Acreage Investment (6) Investment (7)** **Investment** **Square Foot**

**Development Lifecycle**

**Land - Held for Development (1)** **N/A** **41.5** **$179,959** **—** **$179,959**

**Development Construction in Progress**

Land - Current Development (1) N/A 719.7  $1,120,228 —  $1,120,228

Space Held for Development (1) 1,691 N/A 247,766 — 247,766 $146

Base Building Construction (2) 3,905 N/A 762,940 $609,651  1,372,591 351

Data Center Construction 4,778 N/A 2,333,237 3,177,294  5,510,531 1,153

Equipment Pool & Other Inventory (3) N/A N/A 131,996 — 131,996

Campus, Tenant Improvements & Other (4) N/A N/A 424,296 179,649 603,945

|Total Development Construction in Progress 10,374|719.7|$5,020,464 $3,966,594|$8,987,057|
|---|---|---|---|



Enhancement & Other $19,929 $11,265 $31,194

Recurring 9,018 34,808 43,826

|Total Construction in Progress|761.2|$5,229,370 $4,012,667|$9,242,036|
|---|---|---|---|



(1) Land and Space Held for Development reflect cumulative cost spent to date pending future development. Excludes square footage and cost incurred on unconsolidated joint ventures.

(2) Base Building Construction consists of ongoing improvements to building infrastructure in preparation for future data center fit-out.

(3) Represents long-lead time equipment and materials required for timely deployment and delivery of data center fit-out.

(4) Represents improvements in progress as of September 30, 2023, which benefit space recently converted to our operating portfolio and is composed primarily of shared infrastructure
projects and first-generation tenant improvements. Includes $190.6 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.

(5) 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. Excludes square footage of properties held in unconsolidated joint ventures.

(6) Represents costs incurred through September 30, 2023. Excludes costs incurred by unconsolidated joint ventures.

(7) Represents estimated cost to complete specific scope of work pursuant to contract, budget, or approved capital plan.

Note: We capitalize interest on active construction work. Base Building Construction, Data Center Construction, Equipment Pool, Campus Improvements, Enhancements and Recurring are
considered active construction work. Square footage is based on current estimates and project plans and may change upon completion of the project or due to remeasurement.


-----

|Three Months Ended 30-Sep-23 30-Jun-23 31-Mar-23 31-Dec-22 30-Sep-22 Non-Recurring Capital Expenditures (1) Development $953,267 $523,406 $644,910 $730,341 $583,198 Enhancements and Other Non-Recurring 1,317 1,479 2,796 2,023 1,571 Total Non-Recurring Capital Expenditures $954,584 $524,885 $647,706 $732,364 $584,769 Recurring Capital Expenditures (2) $90,251 $53,498 $40,465 $109,999 $66,200|Nine Months Ended|
|---|---|
||30-Sep-23 30-Sep-22|
||$2,121,583 $1,480,449 5,592 10,268 $2,127,175 $1,490,717 $184,214 $156,467|
|Total Direct Capital Expenditures $1,044,835 $578,383 $688,171 $842,363 $650,969 Indirect Capital Expenditures Capitalized Interest $29,130 $27,883 $26,771 $24,581 $17,304 Capitalized Overhead 23,837 23,717 23,735 22,632 21,583|$2,311,389 $1,647,184 $83,784 $46,186 71,289 65,513|
|Total Indirect Capital Expenditures $52,967 $51,600 $50,506 $47,213 $38,887|$155,073 $109,699|
|Total Improvements to and Advances for $1,097,802 $629,983 $738,677 $889,576 $689,856 Investment in Real Estate Consolidated Portfolio Net Rentable Square Feet (3) 32,603 33,858 33,511 32,905 32,170|$2,466,462 $1,756,883 32,603 32,170|


(1) Non-recurring capital expenditures are primarily for development of space and land, excluding acquisition costs.

(2) 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.

(3) For some of our buildings, we calculate square footage based on factors in addition to contractually leased square feet, including available power, required support
space and common areas.


-----

**Land Inventory [(1)]** **Space Held for Development**

**Land -** **Land -** **Total**

**# of** **Held for** **Current** **# of** **Square** **Current**

**Metropolitan Area** **Locations** **Acres Development Development Locations** **Feet Investment [(2)]**

Atlanta — — — — 1 314 $25,730

Boston — — — — 1 51 23,623

Chicago 1 1.4 — $28,461 6 377 44,612

Dallas 2 60.4 — 46,716 3 77 10,138

Houston — — — — 1 14 2,726

New York 1 21.5 — 47,653 4 130 17,050

Northern Virginia 4 462.5 — 485,501 7 265 2,128

Silicon Valley 1 13.0 — 77,989 1 131 14,499

**North America** **9** **558.8** **—** **$686,320** **24** **1,358** **$140,505**

Amsterdam 1 3.6 — $10,017 2 92 $33,412

Barcelona 1 2.4 — 17,635 — — —

Crete 1 1.2 — 3,806 — — —

Dublin 2 5.0 — 17,039 — — —

Durban — — — — 1 14 —

Frankfurt 2 26.6 — 253,534 — — —

Johannesburg 1 3.6 — 4,554 — — —

London 1 6.7 $15,669 — 2 77 28,685

Madrid 1 1.8 18,705 — — — —

Marseille 1 2.7 — 2,002 1 38 —

Maputo 1 1.2 — 2,985 — — —

Mombasa 1 1.0 695 — 1 12 1,622

Nairobi 2 4.4 1,236 3,049 — — —

Paris 2 47.8 — 51,115 — — —

Rome 1 55.1 — 26,798 — — —

Zagreb 1 6.5 — 1,855 1 13 799

Zurich 1 2.6 — 31,352 — — —

**EMEA** **20** **172.3** **$36,305** **$425,740** **8** **246** **$64,517**

Melbourne 1 4.1 $3,879 — — — —

Osaka 1 2.5 — $8,169 — — —

Seoul 1 4.9 73,141 — — — —

Sydney 1 18.5 66,633 — 1 88 $42,744

**Asia Pacific** **4** **30.0** **$143,653** **$8,169** **1** **88** **$42,744**

|Consolidated Portfolio (3) 33 761.2 $179,959|$1,120,228 33 1,691 $247,766|
|---|---|



(1) Represents locations acquired to support ground-up development.

(2) Represents costs incurred through September 30, 2023. Includes the cost of acquisition as well as cost of improvements since acquisition to prepare for future
building construction.

(3) Consolidated portfolio does not include managed and non-managed unconsolidated joint ventures.

Note: Square footage is based on current estimates and project plans and may change upon completion of the project or due to remeasurement.


-----

**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)**

MRS5 Land [(5)] Land Marseille, France 8/8/2023 $65,147 — — — — —

MRS6 Land [(6)] Land Marseille, France 9/15/2023 NM — — — — —

**Total** **—** **—** **—** **$65,147** **—** **—** **—** **—** **—**

**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)**

4030-50 Lafayette, Chantilly VA Building Chantilly, VA 9/28/2023 $43,000    9.3% [(7)] 145,409 — — —

LHR14[ (8)] Building London 8/16/2023 145,810 9.8% 114,059 — — —

**Total** **—** **—** **— $ 188,810** **—** **259,468** **—** **—** **—**

**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)**

GI Partners JV [(9)] Chicago, IL 7/17/2023 $900,000 6.5% 755,660 — — 90.7%

TPG Real Estate Partners JV [(10)] Northern Virignia 7/27/2023 1,500,000 6.0% 1,067,997 — — 94.7%

**Total** **—** **—  $ 2,400,000** **—** **1,823,657** **—** **—** **—**

(1) Represents the purchase price before contractual purchase price adjustments, transaction expenses, taxes, and potential currency fluctuations.

(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) 50-year right of use agreement with minimum rental payments of €62 million or $65 million over the next 30 years. Represents USD to EUR exchange rate as of 9/30/23 of 0.95x.

(6) Purchase option with a strike price of €47 million or $49 million. Represents USD to EUR exchange rate as of 9/30/23 of 0.95x.

(7) When adjusting annual net operating income to reflect the net impact of signed leases and known move-outs, the cap rate is not meaningful.

(8) Represents USD to GBP exchange rate as of 9/30/23 of 0.82x.

(9) GI Partners purchased a 65% interest in two stabilized hyperscale data centers and their associated equipment in the Chicago metro area. Digital Realty received $743 million of gross
proceeds related to the joint venture and the associated financing, and maintains a 35% interest in the portfolio.

(10) TPG Real Estate acquired an 80% interest in three stabilized hyperscale data centers in Northern Virginia. Digital Realty received $1.4 billion of gross proceeds related to the joint venture

and the associated financing, and maintains a 20% interest in the portfolio.


-----

**Summary Balance Sheet -** **As of September 30, 2023**

**at the JV's 100% Share** **The Americas [(1)]** **APAC [(2)]** **EMEA [(3)]** **Global [(4)]** **Total**

Gross cost of operating real estate $4,740,119 $1,629,224 $24,701 $1,367,870 $7,761,914

Accumulated depreciation & amortization (597,632) (196,381) — (65,354) (859,367)

**Net Book Value of Operating Real Estate** **$4,142,487** **$1,432,843** **$24,700** **$1,302,516** **$6,902,547**

Cash 135,623 304,353 14,661 11,119 465,756

Other assets 1,931,298 177,597 50,381 221,904 2,381,180

**Total Assets** **$6,209,407** **$1,914,793** **$89,742** **$1,535,540** **$9,749,482**

Debt 2,558,001 649,649 — 503,483 3,711,134

Other liabilities 384,109 164,579 81,498 44,918 675,104

Equity / (deficit) 3,267,298 1,100,564 8,244 987,138 5,363,245

**Total Liabilities and Equity** **$6,209,407** **$1,914,793** **$89,742** **$1,535,540** **$9,749,482**

_Digital Realty's ownership percentage_ _Various_ _50%_ _Various_ _42%_

**Digital Realty's Pro Rata Share of Unconsolidated JV Debt** **$924,615** **$324,825** **—** **$213,772** **$1,463,211**

**Three Months Ended September 30, 2023**
**Summary Statement of Operations -**

**at the JV's 100% Share** **The Americas [(1)]** **APAC [(2)]** **EMEA [(3)]** **Global [(4)]** **Total**

Total revenues $174,371 $63,599 $315 $26,213 $264,498

Operating expenses (78,517) (33,180) (164) (10,489) (122,350)

**Net Operating Income (NOI)** **$95,854** **$30,419** **$152** **$15,723** **$142,149**

Straight-line rent (1,409) (429) — 592 (1,246)

Above and below market rent 3,527 — — (920) 2,608

**Cash Net Operating Income (NOI)** **$97,972** **$29,991** **$152** **$15,395** **$143,510**

Interest expense ($40,800) ($981) ($1,755) ($6,885) ($50,421)

Depreciation & amortization (79,515) (14,987) — (16,541) (111,043)

Other income / (expense) (199) (5,545) (435) (1,854) (8,032)

FX remeasurement on USD debt (25,084) — — 4,690 (20,394)

**Total Non-Operating Expenses** **($145,599)** **($21,512)** **($2,190)** **($20,590)** **($189,890)**

**Net Income / (Loss)** **($49,744)** **$8,906** **($2,040)** **($4,866)** **($47,742)**

_Digital Realty's ownership percentage_ _Various_ _50%_ _Various_ _42%_

**Digital Realty's Pro Rata Share of Unconsolidated JV NOI** **$34,841** **$15,210** **$91** **$6,676** **$56,818**

**Digital Realty's Pro Rata Share of Unconsolidated JV Cash NOI** **$35,446** **$14,995** **$91** **$6,537** **$57,068**

Digital Realty's Earnings (loss) income from unconsolidated joint ventures ($21,067) $4,454 ($1,223) ($1,957) ($19,793)

**Digital Realty's Pro Rata Share of Core FFO [(5)]** **$19,663** **$11,930** **($1,223)** **$3,323** **$33,693**

**Digital Realty's Fee Income from Joint Ventures** **$2,408** **$368** **—** **$2,934** **$5,710**

(1) Includes Ascenty, Clise, Colovore, GI Partners, Mapletree, Menlo, TPG Real Estate, and Walsh.

(2) Includes BAM Digital Realty, Lumen, and MCDR.

(3) Includes Medallion and Mivne.

(4) Includes Digital Core REIT.

(5) For a definition of Core FFO, see page 32.


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**Unaudited and Dollars in Thousands** **Third Quarter 2023**

**Three Months Ended**

**Reconciliation of Earnings Before Interest, Taxes, Depreciation & Amortization**
**(EBITDA) [(1)]** **30-Sep-23** **[30-Jun-23 ]** **[31-Mar-23 ]** **[31-Dec-22 ]** **[30-Sep-22 ]**

**Net Income / (Loss) Available to Common Stockholders** **$723,440** **$108,003** **$58,547** **($6,093)** **$226,894**

Interest 110,767 111,116 102,220 86,882 76,502

Income tax expense (benefit) 17,228 16,173 21,454 (17,676) 19,576

Depreciation & amortization 420,613 432,573 421,198 430,130 388,704

**EBITDA** **$1,272,048** **$667,866** **$603,420** **$493,243** **$711,676**

Unconsolidated JV real estate related depreciation & amortization 43,214 35,386 33,719 33,927 30,831

Unconsolidated JV interest expense and tax expense 27,000 32,105 18,556 53,481 11,948

Severance, equity acceleration, and legal expenses 2,682 3,652 4,155 15,980 1,655

Transaction and integration expenses 14,465 17,764 12,267 17,350 25,862

(Gain) / loss on sale of investments (810,688) (89,946) — 6 (173,990)

Provision for impairment 113,000 — — 3,000 —

Other non-core adjustments, net 1,719 22,132 (14,604) 15,127 (94)

Non-controlling interests 12,320 (2,538) 111 (3,326) 1,716

Preferred stock dividends 10,181 10,181 10,181 10,181 10,181

**Adjusted EBITDA** **$685,943** **$696,604** **$667,804** **$638,969** **$619,786**

(1) For definitions and discussion of EBITDA and Adjusted EBITDA, see the definitions section.

**Three Months Ended**

**Financial Ratios** **30-Sep-23** **30-Jun-23** **31-Mar-23** **31-Dec-22** **30-Sep-22**

Total GAAP interest expense $110,767 $111,116 $102,220 $86,882 $76,502

Capitalized interest 29,130 27,883 26,771 24,581 17,304

Change in accrued interest and other non-cash amounts 44,183 (60,612) 38,137 (67,909) 31,860

**Cash Interest Expense [(2)]** **$184,081** **$78,387** **$167,128** **$43,554** **$125,666**

Preferred stock dividends 10,181 10,181 10,181 10,181 10,181

**Total Fixed Charges [(3)]** **$150,079** **$149,181** **$139,172** **$121,645** **$103,987**

**Coverage**

Interest coverage ratio [(4)] 4.3x 4.5x 4.7x 5.3x 6.1x

Cash interest coverage ratio [(5)] 3.4x 7.4x 3.7x 11.9x 4.6x

Fixed charge coverage ratio [(6)] 4.1x 4.2x 4.4x 4.9x 5.5x

Cash fixed charge coverage ratio [(7)] 3.2x 6.6x 3.5x 10.0x 4.3x

**Leverage**

Debt to total enterprise value [(8)(9)] 30.6% 33.3% 37.3% 35.2% 34.5%

Debt plus preferred stock to total enterprise value [(9)(10)] 32.0% 34.7% 38.9% 36.8% 36.2%

Pre-tax income to interest expense [(11)] 7.7x 2.0x 1.7x 1.0x 4.1x

Net Debt to Adjusted EBITDA [(12)] 6.3x 6.8x 7.1x 6.9x 6.7x

(2) 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.

(3) Fixed charges consist of GAAP interest expense, capitalized interest, and preferred stock dividends.

(4) Adjusted EBITDA divided by GAAP interest expense plus capitalized interest (including our pro rata share of unconsolidated joint venture interest expense).

(5) Adjusted EBITDA divided by cash interest expense (including our pro rata share of unconsolidated joint venture interest expense).

(6) Adjusted EBITDA divided by fixed charges (including our pro rata share of unconsolidated joint venture fixed charges).

(7) 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).

(8) Mortgage debt and other loans divided by market value of common equity plus debt plus preferred stock.

(9) Total enterprise value defined as market value of common equity plus debt plus preferred stock.

(10) Same as (8), except numerator includes preferred stock.

(11) Calculated as net income plus interest expense divided by GAAP interest expense.

(12) 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.


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**Unaudited** **Third Quarter 2023**

**Definition**

**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,
or Nareit, in the Nareit Funds From Operations White Paper - 2018 Restatement. FFO represents net income (loss) (computed in accordance with
GAAP), excluding gains (or losses) from real estate transactions, provision for impairment, real estate related depreciation and amortization (excluding
amortization of deferred financing costs), unconsolidated JV real estate related depreciation & amortization, non-controlling interests in operating
partnership, depreciation related to non-controlling interests and after adjustments for unconsolidated partnerships and joint ventures. 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 from early extinguishment of debt, (iv) gain on / issuance costs associated with redeemed preferred stock, (v) severance, equity
acceleration, and legal expenses, (vi) gain/loss on FX 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 from early extinguishment of debt, 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, unconsolidated joint venture real estate
related depreciation & amortization, unconsolidated joint venture interest expense and tax, severance, equity acceleration, and legal expenses,
transaction and integration expenses, gain on sale / deconsolidation, provision for impairment, other non-core adjustments, net, non-controlling
interests, preferred stock dividends, and issuance costs associated with redeemed preferred stock. Adjusted EBITDA is EBITDA excluding unconsolidated
joint venture real estate related depreciation & amortization, unconsolidated joint venture interest expense and tax, severance, equity acceleration,
and legal expenses, transaction and integration expenses, gain on sale / deconsolidation, provision for impairment, other non-core adjustments, net,
non-controlling interests, preferred stock dividends, and 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.


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**Unaudited** **Third Quarter 2023**

**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, 2021 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 2022-2023, buildings classified as held for sale, and buildings sold or
contributed to joint ventures for all periods presented (prior period numbers adjusted to reflect current same-capital pool). However, because NOI and cash NOI exclude
depreciation and amortization and capture neither the changes in the value of our data centers that result from use or market conditions, nor the level of capital
expenditures and capitalized leasing commissions necessary to maintain the operating performance of our data centers, all of which have real economic effect and could
materially impact our results from operations, the utility of NOI and cash NOI as measures of our performance is limited. Other REITs may calculate NOI and cash NOI
differently than we do and, accordingly, our NOI and cash NOI may not be comparable to other REITs’ NOI and cash NOI. NOI and cash NOI should be considered only as
supplements to net income computed in accordance with GAAP as measures of our performance.

**Additional Definitions**

Net debt-to-Adjusted EBITDA ratio is calculated as total debt at balance sheet carrying value, plus capital lease obligations, plus Digital Realty’s pro rata share of
unconsolidated joint venture debt, less cash, and cash equivalents (including Digital Realty’s pro rata share of unconsolidated joint venture cash) divided by the product of
Adjusted EBITDA (including Digital Realty’s pro rata share of unconsolidated joint venture EBITDA), multiplied by four.

Debt-plus-preferred-to-total enterprise value is mortgage debt and other loans plus preferred stock divided by mortgage debt and other loans 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, scheduled debt principal payments and preferred stock
dividends. For the quarter ended September 30, 2023, GAAP interest expense was $111 million, capitalized interest was $29 million and scheduled debt principal payments
and preferred stock dividends was $10 million.

|Reconciliation of Net Operating Income (NOI) Three Months Ended (in thousands) 30-Sep-23 30-Jun-23 30-Sep-22 Operating income $58,231 $154,860 $157,381 Fee income (7,819) (14,908) (6,169) Other income — (932) (1,749) Depreciation and amortization 420,613 432,573 388,704 General and administrative 108,039 105,964 95,792 Severance, equity acceleration, and legal expenses 2,682 3,652 1,655 Transaction expenses 14,465 17,764 25,862 Provision for impairment 113,000 — — Other expenses 1,295 655 1,096|Nine Months Ended 30-Sep-23 30-Sep-22|
|---|---|
||$390,426 $468,988 (30,596) (16,998) (1,819) (4,477) 1,274,384 1,147,803 321,769 294,217 10,489 7,519 44,496 51,416 113,000 — 1,949 8,823|
|Net Operating Income $710,505 $699,629 $662,572 Cash Net Operating Income (Cash NOI) Net Operating Income $710,505 $699,629 $662,572 Straight-line rental revenue (14,185) 12,116 (17,505) Straight-line rental expense 1,632 722 2,499 Above- and below-market rent amortization (1,127) (1,195) (465)|$2,124,099 $1,957,291|
||$2,124,099 $1,957,291 (18,395) (38,168) 1,844 3,536 (3,548) 65|
|Cash Net Operating Income $696,826 $711,272 $647,101 Constant Currency CFFO Reconciliation Three Months Ended (in thousands) 30-Sep-23 30-Jun-23 30-Sep-22 Core FFO (1) $500,402 $487,931 Core FFO impact of holding '22 Exchange Rates Constant (2) (5,393) —|$2,104,000 $1,922,725|
||Nine Months Ended 30-Sep-23 30-Sep-22|
||$1,501,403 $1,471,806 (683) —|
|Constant Currency Core FFO $495,009 $487,931 Weighted-average shares and units outstanding - diluted 308,539 292,830 Constant Currency CFFO Per Share $1.60 $1.67|$1,500,720 $1,471,806 302,740 291,461 $4.96 $5.05|



1) As reconciled to net income above.

2) Adjustment calculated by holding currency translation rates for 2023 constant with average currency translation rates that were applicable to the same periods in 2022.


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**Third Quarter 2023**

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, 2023 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;

-  increased competition or available supply of data center space;

-  decreased rental rates, increased operating costs or increased vacancy rates;

-  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;

-  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;

-  our ability to attract and retain customers;

-  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;

-  our inability to retain data center space that we lease or sublease from third parties;

-  global supply chain or procurement disruptions, or increased supply chain costs;

-  information security and data privacy breaches;

-  difficulty 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 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;

-  impact on our operations and on the operations of our customers, suppliers and business partners during a pandemic, such as COVID-19;

-  environmental liabilities, risks related to natural disasters and our inability to achieve our sustainability goals;

-  our inability to comply with rules and regulations applicable to our company;

-  Digital Realty Trust, Inc.’s failure to maintain its status as a REIT for federal income tax purposes;

-  Digital Realty Trust, L.P.’s failure to qualify as a partnership for federal income tax purposes;

-  restrictions on our ability to engage in certain business activities;

-  changes in local, state, federal and international laws and regulations, including related to taxation, real estate and zoning laws, and increases in real property tax rates; and

-  the impact of any financial, accounting, legal or regulatory issues or litigation that may affect us.

The risks included here are not exhaustive, and additional factors could adversely affect our business and financial performance. Several additional material risks are discussed in our annual report
on Form 10-K for the year ended December 31, 2022, 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.


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