**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 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.


-----

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


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**Consolidated Quarterly Statements of Operations**

|Unaudited and Dollars in Thousands, Except Per Share Data|Third Quarter 2023|
|---|---|
|Thr e e Months En ded 30-Sep-23 30-Jun-23 31-Mar-23 31-Dec-22 30-Sep-22 Rental revenues $886,960 $869,298 $870,975 $834,374 $787,839 Tenant reimbursements - Utilities 335,477 330,416 317,148 247,725 251,420 Tenant reimbursements - Other 64,876 46,192 40,150 46,045 49,419 Interconnection & other 107,305 104,521 101,695 97,286 95,486 Fee income 7,819 14,908 7,868 7,508 6,169 Other — 932 887 168 1,749 Total Operating Revenues $1,402,437 $1,366,267 $1,338,724 $1,233,108 $1,192,082 Utilities $384,455 $374,934 $346,364 $268,561 $271,844 Rental property operating 223,089 224,762 224,861 222,430 205,886 Property taxes 72,279 46,718 40,424 42,032 39,860 Insurance 4,289 4,385 4,355 4,578 4,002 Depreciation & amortization 420,613 432,573 421,198 430,130 388,704 General & administration 108,039 105,964 107,766 104,452 95,792 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 Provision for impairment 113,000 — — 3,000 — Other expenses 1,295 655 — 3,615 1,096 Total Operating Expenses $1,344,206 $1,211,407 $1,161,388 $1,112,127 $1,034,701 Operating Income $58,231 $154,860 $177,335 $120,981 $157,381 Equity in earnings / (loss) of unconsolidated joint ventures (19,793) 5,059 14,897 (28,112) (12,254) Gain / (loss) on sale of investments 810,688 89,946 — (6) 173,990 Interest and other income / (expense), net 24,812 (6,930) 280 (22,894) 15,752 Interest (expense) (110,767) (111,116) (102,220) (86,882) (76,502) Income tax benefit / (expense) (17,228) (16,173) (21,454) 17,676 (19,576) Loss from early extinguishment of debt — — — — — Net Income $745,941 $115,647 $68,839 $763 $238,791 Net income / (loss) attributable to noncontrolling interests (12,320) 2,538 (111) 3,326 (1,716) Net Income Attributable to Digital Realty Trust, Inc. $733,621 $118,185 $68,728 $4,089 $237,075 Preferred stock dividends (10,181) (10,181) (10,181) (10,181) (10,181) Net Income / (Loss) Available to Common Stockholders $723,440 $108,003 $58,547 ($6,093) $226,894 Weighted-average shares outstanding - basic 301,826,890 295,390,446 291,218,549 289,364,739 286,693,071 Weighted-average shares outstanding - diluted 311,341,418 306,818,538 303,064,832 301,712,082 296,414,726 Weighted-average fully diluted shares and units 317,538,689 313,020,947 309,026,076 307,546,353 302,257,518 Net income / (loss) per share - basic $2.40 $0.37 $0.20 ($0.02) $0.79 Net income / (loss) per share - diluted $2.33 $0.37 $0.19 ($0.02) $0.75|Nine Mo nth s Ended|
||30-Sep-23 30-Sep-22|
||$2,627,233 $2,307,114 983,041 694,166 151,218 153,618 313,521 282,354 30,596 16,998 1,819 4,477 $4,107,428 $3,458,726 $1,105,753 $736,509 672,712 598,317 159,420 133,598 13,029 11,536 1,274,384 1,147,803 321,769 294,217 10,489 7,519 44,496 51,416 113,000 — 1,949 8,823 $3,717,001 $2,989,738 $390,426 $468,988 164 14,616 900,634 176,760 18,162 31,811 (324,103) (212,250) (54,855) (49,227) — (51,135) $930,427 $379,564 (9,893) (5,781) $920,534 $373,783 (30,544) (30,544) $889,990 $343,240 296,184,154 285,312,314 306,734,807 294,257,222 312,866,880 300,028,470 $3.00 $1.20 $2.93 $1.15|


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**Funds From Operations and Core Funds From Operations**

|Unaudited and in Thousands, Except Per Share Data|Col2|Col3|Col4|Col5|Col6|Third Quarter 2023|Col8|Col9|
|---|---|---|---|---|---|---|---|---|
|Thr e e Months End ed 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 Mo nth s 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 Thr e e Months End ed 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||||||$1,432,124 $1,379,667 302,316 291,084 312,867 300,028 $4.74 $4.74 $4.68 $4.61 Nine Mo nth s Ended|||
|||||||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 (1) Real Estate Related Depreciation & Amortization Thr e e Months End ed 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)||||||$4.96 $5.05 Nine Mo nth s Ended|||
|||||||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.


-----

**Adjusted Funds From Operations (AFFO)**

|Unaudited and in Thousands, Except Per Share Data|Third Quarter 2023|
|---|---|
|Thr e e Months End ed 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% Thr e e Months End ed Share Count Detail 30-Sep-23 30-Jun-23 31-Mar-23 31-Dec-22 30-Sep-22|$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% Nine Months Ended|
||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.


-----

**Consolidated Balance Sheets**

**Unaudited and in Thousands, Except Share and Per Share Data** **Third Quarter 2023**

**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.


-----

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

**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.


-----

**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.


-----

**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.


-----

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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