-----

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

**Overview** **PAGE**

Corporate Information 3

Key Quarterly Financial Data 5

**Consolidated Statements of Operations**

Earnings Release 7

2024 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 25

Construction Projects in Progress 26

Historical Capital Expenditures and Investments in Real Estate 27

Acquisitions / Dispositions / Joint Ventures 28

Unconsolidated Joint Ventures 29

**Additional Information**

Reconciliation of Earnings Before Interest, Taxes, Depreciation & Amortization and Financial Ratios 30

Management Statements on Non-GAAP Measures 31

Forward-Looking Statements 33


-----

**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 June 30, 2024, the
company’s 310 data centers, including 73 data centers held as investments in unconsolidated joint ventures, contain applications and operations critical
to the day-to-day operations of technology industry and corporate enterprise data center customers. Digital Realty’s portfolio is comprised of
approximately 41.2 million square feet, excluding approximately 8.5 million square feet of space under active development and 5.1 million square feet
of space held for future development, located throughout North America, Europe, South America, Asia, Australia, and Africa. For additional information,
please visit the company’s website at digitalrealty.com.


**Corporate Headquarters**
5707 Southwest Parkway, Building 1, Suite 275
Austin, TX 78735
Telephone: (737) 281-0101
[Website: 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

**Edward Jones** **Evercore ISI** **Goldman Sachs** **Green Street Advisors** **HSBC** **Jefferies** **J.P. Morgan**

Kyle Sanders Irvin Liu Jim Schneider David Guarino Phani Kanumuri Jonathan Petersen Richard Choe

(314) 515-0198 (415) 800-0183 (212) 357-2929 (949) 640-8780 +52 (551) 782-7350 (212) 284-1705 (212) 662-6708


**RBC Capital**
**Markets**


**KeyBanc** **Mizuho Group** **MoffettNathanson** **Morgan Stanley** **Morningstar** **Raymond James**


Brandon Nispel Vikram Malhotra Nick Del Deo Simon Flannery Matthew Dolgin Frank Louthan Jonathan Atkin

(503) 821-3871 (212) 282-3827 (212) 519-0025 (212) 761-6432 (312) 696-6783 (404) 442-5867 (415) 633-8589

**Scotiabank** **Stifel** **TD Cowen** **Truist Securities** **UBS** **Wells Fargo** **Wolfe Research**

Maher Yaghi Erik Rasmussen Michael Elias Anthony Hau John Hodulik Eric Luebchow Andrew Rosivach

(437) 995-5548 (212) 271-3461 (646) 562-1358 (212) 303-4176 (212) 713-4226 (312) 630-2386 (646) 582-9250

This Earnings Press Release and Supplemental Information package supplements the information provided in our quarterly and annual reports filed with
the U.S. Securities and Exchange Commission. Additional information about Digital Realty and our business is also available on our website at
digitalrealty.com.

**Upcoming Conference Schedule**

August 13 – 14, 2024 Raymond James Park City Summit Park City, UT

September 4, 2024 Bank of America Media, Communications, and Entertainment Conference New York, NY

September 5, 2024 Citi's 2024 Global TMT Conference New York, NY

September 10, 2024 Goldman Sachs Communacopia Conference San Francisco, CA

September 11-12, 2024 Bank of America Global REIT Conference New York, NY

September 24-25, 2024 RBC Global Communications Infrastructure Conference Chicago, IL

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


-----

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

**Stock Listing Information**

The stock of Digital Realty Trust, Inc. is traded primarily on the New York Stock Exchange under the following symbols:

Common Stock: DLR

Series J Preferred Stock: DLRPRJ

Series K Preferred Stock: DLRPRK

Series L Preferred Stock: DLRPRL

Symbols may vary by stock quote provider.

**Credit Ratings**

**_Standard & Poor’s_**

Corporate Credit Rating: BBB (Stable Outlook)

Preferred Stock: BB+

**_Moody’s_**

Issuer Rating: Baa2 (Stable Outlook)

Preferred Stock: Baa3

**_Fitch_**

Issuer Default Rating: BBB (Stable Outlook)

Preferred Stock: BB+

These credit ratings may not reflect the potential impact of risks relating to the structure or trading of the company’s securities and are provided solely
for informational purposes. Credit ratings are not recommendations to buy, hold or sell any security, and may be revised or withdrawn at any time by
the issuing rating agency at its sole discretion. The company does not undertake any obligation to maintain the ratings or to advise of any change in
ratings. Each agency’s rating should be evaluated independently of any other agency’s rating. An explanation of the significance of the ratings may be
obtained from each of the rating agencies.

**Common Stock Price Performance**

The following summarizes recent activity of Digital Realty’s common stock (DLR):

**Three Months Ended**

**30-Jun-24** **31-Mar-24** **31-Dec-23** **30-Sep-23** **30-Jun-23**


$153.25


$154.18


$139.35


$133.39


$114.43


High price


|Low price|$135.54|$130.00|$113.94|$112.38|$86.33|
|---|---|---|---|---|---|


Closing price, end of quarter $152.05 $144.04 $134.58 $121.02 $113.87

|Average daily trading volume (1)|1,863|2,108|1,932|2,301|3,113|
|---|---|---|---|---|---|



Indicated dividend per common share [(2)] $4.88 $4.88 $4.88 $4.88 $4.88

|Closing annual dividend yield, end of quarter|3.2%|3.4%|3.6%|4.0%|4.3%|
|---|---|---|---|---|---|



Shares and units outstanding, end of quarter [(1) (3)] 332,346 319,009 318,057 309,325 305,723

|Closing market value of shares and units outstanding (4)|$50,533,209|$45,950,001|$42,804,053|$37,434,562|$34,812,727|
|---|---|---|---|---|---|



(1) Shares or shares and units in thousands.

(2) On an annualized basis.

(3) As of June 30, 2024, the total number of shares and units includes 325,885 shares of common stock, 4,257 common units held by third parties and 2,204 common
units and vested and unvested long-term incentive units held by directors, officers and others and excludes all shares of common stock potentially issuable upon
conversion of our series J, series K and series L cumulative redeemable preferred stock upon certain change of control transactions.

(4) Dollars in thousands as of the end of the quarter.

This Earnings Press Release and Supplemental Information package supplements the information provided in our quarterly and annual reports filed with the U.S. Securities
[and Exchange Commission. Additional information about us and our data centers is also available on our website at digitalrealty.com.](http://www.digitalrealty.com/)


-----

**Shares and Units at End of Quarter** **30-Jun-24** **31-Mar-24** **31-Dec-23** **30-Sep-23** **30-Jun-23**

Common shares outstanding 325,885 312,421 311,608 302,846 299,240

Common partnership units outstanding 6,461 6,588 6,449 6,479 6,483

|Total Shares and Units|332,346|319,009|318,057|309,325|305,723|
|---|---|---|---|---|---|



**Enterprise Value**
Market value of common equity [(1)] $50,533,209 $45,950,001 $42,804,053 $37,434,562 $34,812,727

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

Total debt at balance sheet carrying value 16,339,746 17,020,340 17,425,908 16,869,776 17,729,452

|Total Enterprise Value|$67,627,955|$63,725,341|$60,984,961|$55,059,338|$53,297,179|
|---|---|---|---|---|---|



Total debt / total enterprise value 24.2% 26.7% 28.6% 30.6% 33.3%

Debt-plus-preferred-to-total-enterprise-value 25.3% 27.9% 29.8% 32.0% 34.7%

**Selected Balance Sheet Data**
Investments in real estate (before depreciation) $34,573,283 $34,099,698 $34,355,662 $33,267,766 $33,958,096

|Total Assets|43,606,883|42,633,089|44,113,257|41,932,515|42,388,735|
|---|---|---|---|---|---|



Total Liabilities 21,199,178 21,792,866 23,116,936 21,895,634 22,916,155

**Selected Operating Data**
Total operating revenues $1,356,749 $1,331,143 $1,369,633 $1,402,437 $1,366,267

|Total operating expenses|1,346,860|1,181,776|1,235,598|1,344,206|1,211,407|
|---|---|---|---|---|---|



Net income 74,668 287,837 19,884 745,941 115,647

|Net income / (loss) available to common stockholders|70,039|271,327|18,122|723,440|108,003|
|---|---|---|---|---|---|



**Financial Ratios**
EBITDA [(2)] $625,130 $835,446 $572,958 $1,272,048 $667,866

|Adjusted EBITDA (3)|726,874|710,556|699,509|685,943|696,604|
|---|---|---|---|---|---|



Net Debt-to-Adjusted EBITDA [(4)] 5.3x 6.1x 6.2x 6.3x 6.8x

|Interest expense|114,756|109,535|113,638|110,767|111,116|
|---|---|---|---|---|---|



Fixed charges [(5)] 152,529 148,239 156,851 150,079 149,181

|Interest coverage ratio (6)|4.3x|4.3x|4.0x|4.3x|4.5x|
|---|---|---|---|---|---|



Fixed charge coverage ratio [(7)] 4.1x 4.0x 3.8x 4.1x 4.2x

**Profitability Measures**
Net income / (loss) per common share - basic $0.22 $0.87 $0.06 $2.40 $0.37

|Net income / (loss) per common share - diluted|$0.20|$0.82|$0.03|$2.31|$0.34|
|---|---|---|---|---|---|



Funds from operations (FFO) / diluted share and unit [(8)] $1.57 $1.41 $1.53 $1.55 $1.52

|Core funds from operations (Core FFO) / diluted share and unit (8)|$1.65|$1.67|$1.63|$1.62|$1.68|
|---|---|---|---|---|---|



Adjusted funds from operations (AFFO) / diluted share and unit [(9)] $1.56 $1.68 $1.30 $1.40 $1.59

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



Diluted FFO payout ratio [(8) (10)] 77.9% 86.5% 79.8% 78.6% 80.3%

|Diluted Core FFO payout ratio (8) (11)|73.9%|73.2%|75.0%|75.2%|72.6%|
|---|---|---|---|---|---|



Diluted AFFO payout ratio [(9) (12)] 78.1% 72.8% 93.6% 87.3% 76.7%

**Portfolio Statistics**
Buildings [(13)] 323 323 323 326 330

|Data Centers (13)|310|309|309|312|316|
|---|---|---|---|---|---|



Cross-connects[ (13) (14)] 223,000 221,500 220,000 218,000 216,000

|Net rentable square feet, excluding development space (13)|41,220|39,839|39,688|39,542|39,310|
|---|---|---|---|---|---|



Occupancy at end of quarter [(15)] 82.9% 82.1% 81.7% 82.8% 82.9%

|Occupied square footage (13)|34,160|32,727|32,407|32,727|32,603|
|---|---|---|---|---|---|



Space under active development [(16)] 8,507 8,238 8,470 9,205 8,841

|Space held for development (17)|5,130|4,141|4,130|3,937|3,941|
|---|---|---|---|---|---|



Weighted average remaining lease term (years) [(18)] 4.7 4.5 4.6 4.8 4.9

|Same-capital occupancy at end of quarter (15) (19)|83.6%|82.6%|82.9%|82.8%|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 31. For a reconciliation of net income available to common stockholders to EBITDA, see page 30.

(3) Adjusted EBITDA is EBITDA excluding (i) unconsolidated joint venture real estate related depreciation & amortization, (ii) unconsolidated joint venture interest and
tax expense, (iii) severance, equity acceleration and legal expenses, (iv) transaction and integration expenses, (v) gain (loss) on sale / deconsolidation, (vi) provision
for impairment, (vii) other non-core adjustments, net, (viii) non-controlling interests, (ix) preferred stock dividends, and (x) issuance costs associated with redeemed
preferred stock. For a discussion of Adjusted EBITDA, see page 31. For a reconciliation of net income available to common stockholders to Adjusted EBITDA, see page
30.

(4) Net Debt to Adjusted EBITDA is calculated as total debt at balance sheet carrying value (see page 5), plus capital lease obligations, plus our share of unconsolidated
joint venture debt at carrying value, less cash and cash equivalents (including our share of unconsolidated joint venture cash), divided by the product of Adjusted
EBITDA (including our share of unconsolidated joint venture EBITDA), multiplied by four.

(5) Fixed charges consist of GAAP interest expense, capitalized interest, scheduled debt principal payments and preferred stock dividends.

(6) Interest coverage ratio is Adjusted EBITDA divided by GAAP interest expense plus capitalized interest (including our share of unconsolidated joint venture interest
expense).

(7) Fixed charge coverage ratio is Adjusted EBITDA divided by fixed charges (including our share of unconsolidated joint venture fixed charges).

(8) For definitions and discussion of FFO and Core FFO, see page 31. For reconciliations of net income available to common stockholders to FFO and Core FFO, see page
13.

(9) For a definition and discussion of AFFO, see page 31. For a reconciliation of Core FFO to AFFO, see page 14.

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

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

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

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

(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. Excludes buildings held-for-sale.

(17) Space held for development includes space held for future Data Center development and excludes space under active development. 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, 2022, with less than 5% of total rentable square feet under development. Excludes buildings that were undergoing,

or were expected to undergo, development activities in 2023-2024, 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 Second Quarter 2024 Results**

**Austin, TX — July 25, 2024 — 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 second quarter of 2024. All per share results are presented on a fully diluted basis.

**Highlights**

-  Reported net income available to common stockholders of $0.20 per share in 2Q24, compared to $0.34 in 2Q23

-  Reported FFO per share of $1.57 in 2Q24, compared to $1.52 in 2Q23

-  Reported Core FFO per share of $1.65 in 2Q24, compared to $1.68 in 2Q23

-  Reported rental rate increases on renewal leases of 4.0% on a cash basis in 2Q24

-  Signed total bookings during 2Q24 that are expected to generate $164 million of annualized GAAP rental revenue, including a $40 million
contribution from the 0–1 megawatt category and $14 million contribution from interconnection

-  Maintained 2024 Core FFO per share outlook of $6.60 - $6.75

**Financial Results**

Digital Realty reported revenues of $1.4 billion in the second quarter of 2024, a 2% increase from the previous quarter and a 1% decrease from the
same quarter last year.

The company delivered net income of $75 million in the second quarter of 2024, and net income available to common stockholders of $70 million, or
$0.20 per diluted share, compared to $0.82 per diluted share in the previous quarter and $0.34 per diluted share in the same quarter last year.

Digital Realty generated Adjusted EBITDA of $727 million in the second quarter of 2024, a 2% increase from the previous quarter and a 4% increase over
the same quarter last year.

The company reported Funds From Operations (FFO) of $511 million in the second quarter of 2024, or $1.57 per share, compared to $1.41 per share in
the previous quarter and $1.52 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 $1.65 in the second
quarter of 2024, compared to $1.67 per share in the previous quarter and $1.68 per share in the same quarter last year. Digital Realty delivered
Constant-Currency Core FFO per share of $1.66 for the second quarter of 2024 and $3.33 per share for the six-month period ended June 30, 2024.

“Digital Realty’s second quarter results reflect the continued strength of demand for data center capacity, along with a keen focus on our value
proposition,” said Digital Realty President & Chief Executive Officer Andy Power. “We have returned our balance sheet to below-target leverage levels
and broadened our capital sources to capitalize on the global opportunity we see for data center infrastructure.”

**Leasing Activity**

In the second quarter, Digital Realty signed total bookings that are expected to generate $164 million of annualized GAAP rental revenue, including a
$40 million contribution from the 0–1 megawatt category and a $14 million contribution from interconnection.

The weighted-average lag between new leases signed during the second quarter of 2024 and the contractual commencement date was 20 months.

In addition to new leases signed, Digital Realty also signed renewal leases representing $215 million of annualized cash rental revenue during the
quarter. Rental rates on renewal leases signed during the second quarter of 2024 increased 4.0% on a cash basis and 7.5% on a GAAP basis.


-----

New leases signed during the second quarter of 2024 are summarized by region and product as follows:

**Annualized GAAP**

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

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

0-1 MW $13,980 58 $239 4.4 $263

> 1 MW 87,212 359 243 49.8 146

Other [(1)] 183 6 32 — —

**Total** **$101,375** **423** **$239** **54.2** **$155**

**EMEA [(2)]**

0-1 MW $19,397 48 $406 4.9 $331

> 1 MW 14,309 80 178 7.6 158

Other [(1)] 37 4 10 — —

**Total** **$33,743** **132** **$256** **12.4** **$226**

**Asia Pacific [(2)]**

0-1 MW $6,264 20 $316 1.7 $304

> 1 MW 8,728 27 327 2.8 264

Other [(1)] 129 1 118 — —

**Total** **$15,121** **48** **$318** **4.5** **$279**

**All Regions [(2)]**

0-1 MW $39,642 126 $315 11.0 $299

> 1 MW 110,249 466 236 60.1 153

Other [(1)] 349 10 34 — —

**Total** **$150,239** **603** **$249** **71.1** **$176**

**Interconnection** **$14,011** **N/A** **N/A** **N/A** **N/A**

**Grand Total** **$164,250** **603** **$249** **71.1** **$176**

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 June 30, 2024.

**Investment Activity**

As previously disclosed, Digital Realty closed on the sale to Digital Core REIT (SGX: DCRU) of an additional 24.9% interest in a data center facility located
in Frankfurt, Germany for €117 million, or approximately $125 million. The transaction valued the Frankfurt facility at €470 million, or approximately
$504 million (at 100% share).

Also previously disclosed, Digital Realty expanded its existing joint venture with GI Partners in Chicago, with the sale of a 75% interest in a third
stabilized hyperscale data center that is situated on the same campus as two stabilized hyperscale data centers that were contributed to the joint
venture with GI Partners in July 2023. Digital Realty received approximately $388 million of gross proceeds and maintained a 25% interest in the joint
venture.

During the quarter, Digital Realty acquired a 4.1-acre parcel of land in Amsterdam, near one of its existing campuses for approximately €7.4 million or
$7.9 million. The site comprises approximately 70,000 square feet leased to local tenants and approximately 39,000 square feet of land which will be
used to develop a new high voltage substation to drive growth at the campus and optimize the use of a previously acquired land plot in the vicinity.

Also during the quarter, Digital Realty liquidated its 17% interest in Colovore, generating gross proceeds of approximately $35 million. Digital Realty
realized a gain of approximately $27 million on its original investments, made in 2015 and 2017.

Subsequent to quarter end, and as previously disclosed, Digital Realty closed on its purchase option to acquire two data centers located in the Slough
Trading Estate for $200 million. The two stabilized data centers offer a combined 15 MW of IT load, with an established community of 150+ customers,
including a broad array of connectivity providers, technology companies, and financial services firms, utilizing over 2,000 cross connects. The acquisition
marked Digital Realty’s entry into the west London, UK submarket, complementing Digital Realty’s existing colocation capabilities in the City and the
Docklands.


-----

**Balance Sheet**

Digital Realty had approximately $16.3 billion of total debt outstanding as of June 30, 2024, comprised of $15.6 billion of unsecured debt and
approximately $0.7 billion of secured debt and other. At the end of the second quarter of 2024, net debt-to-Adjusted EBITDA was 5.3x, debt-pluspreferred-to-total enterprise value was 25.3% and fixed charge coverage was 4.1x.

Digital Realty completed the following financing transactions during the second quarter:

-  In April, the company repaid €600 million ($647 million) in aggregate principal amount of its 2.625% senior notes;

-  In May, Digital Realty sold 12.1 million shares of common stock at $144.63 per share pursuant to a follow-on equity offering, raising $1.65
billion of net proceeds; and

-  The company also sold 1.2 million shares of common stock under its At-The-Market (ATM) equity issuance program at a weighted average
price of $148.99 per share, for net proceeds of approximately $177 million.

Subsequent to quarter end, the company sold an additional 1.4 million shares of common stock under its ATM program at a weighted average price of
$152.77 per share, for net proceeds of approximately $219 million. In July, the company also repaid £250 million ($316 million) in aggregate principal
amount of its 2.75% senior notes.


-----

**2024 Outlook**

Digital Realty maintained its 2024 Core FFO per share and Constant-Currency Core FFO per share outlook of $6.60 - $6.75. The assumptions underlying
the outlook are summarized in the following table.

**As of** **As of** **As of**

**Top-Line and Cost Structure** **February 15, 2024** **May 2, 2024** **July 25, 2024**

Total revenue $5.550 - $5.650 billion $5.550 - $5.650 billion $5.550 - $5.650 billion

Net non-cash rent adjustments [(1)] ($35 - $40 million) ($35 - $40 million) ($35 - $40 million)

Adjusted EBITDA $2.800 - $2.900 billion $2.800 - $2.900 billion $2.800 - $2.900 billion

G&A $450 - $460 million $450 - $460 million $450 - $460 million

**Internal Growth**

Rental rates on renewal leases

Cash basis 4.0% - 6.0% 5.0% - 7.0% 5.0% - 7.0%

GAAP basis 6.0% - 8.0% 7.0% - 9.0% 7.0% - 9.0%

Year-end portfolio occupancy +100 - 200 bps +100 - 200 bps +100 - 200 bps

"Same-Capital" cash NOI growth [(2)] 2.0% - 3.0% 2.5% - 3.5% 2.5% - 3.5%

Foreign Exchange Rates

U.S. Dollar / Pound Sterling $1.25 - $1.30 $1.25 - $1.30 $1.25 - $1.30

U.S. Dollar / Euro $1.05 - $1.10 $1.05 - $1.10 $1.05 - $1.10

**External Growth**

Dispositions / Joint Venture Capital

Dollar volume $1,000 - $1,500 million $1,000 - $1,500 million $1,000 - $1,500 million

Cap rate 6.0% - 8.0% 6.0% - 8.0% 6.0% - 8.0%

Development

CapEx (Net of Partner Contributions) [(3)] $2,000 - $2,500 million $2,000 - $2,500 million $2,000 - $2,500 million

Average stabilized yields 10.0%+ 10.0%+ 10.0%+

Enhancements and other non-recurring CapEx [(4)] $15 - $20 million $15 - $20 million $15 - $20 million

Recurring CapEx + capitalized leasing costs [(5)] $260 - $275 million $260 - $275 million $260 - $275 million

**Balance Sheet**

Long-term debt issuance

Dollar amount $0 - $1,000 million $0 - $1,000 million $0 - $1,000 million

Pricing 5.0% - 5.5% 5.0% - 5.5% 5.0% - 5.5%

Timing Mid-Year Mid-Year Mid-Year

**Net income per diluted share** **$1.80 - $1.95** **$1.80 - $1.95** **$1.40 - $1.55**

Real estate depreciation and (gain) / loss on sale $4.40 - $4.40 $4.40 - $4.40 $4.75 - $4.75

**Funds From Operations / share (NAREIT-Defined)** **$6.20 - $6.35** **$6.20 - $6.35** **$6.15 - $6.30**

Non-core expenses and revenue streams $0.40 - $0.40 $0.40 - $0.40 $0.45 - $0.45

**Core Funds From Operations / share** **$6.60 - $6.75** **$6.60 - $6.75** **$6.60 - $6.75**

Foreign currency translation adjustments $0.00 - $0.00 $0.00 - $0.00 $0.00 - $0.00

**Constant-Currency Core Funds From Operations / share** **$6.60 - $6.75** **$6.60 - $6.75** **$6.60 - $6.75**

(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, 2022 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 2023-2024, properties classified as held for sale, and properties sold or
contributed to joint ventures for all periods presented.

(3) Excludes land acquisitions and includes Digital Realty’s share of JV contributions. Figure is net of JV partner contributions.

(4) Other non-recurring CapEx represents costs incurred to enhance the capacity or marketability of operating properties, such as network fiber initiatives and software
development costs.

(5) Recurring CapEx represents non-incremental improvements required to maintain current revenues, including second-generation tenant improvements and leasing
commissions.

Note: The Company does not provide a reconciliation for non-GAAP estimates on a forward-looking basis, where it is unable to provide a meaningful or accurate
calculation or estimation of reconciling items and the information is not available without unreasonable effort. Please see Non-GAAP Financial Measures in this document
for further discussion.


-----

**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 such as debt issuances, that have not yet occurred, are out of the Company's control and/or cannot be reasonably
predicted. For the same reasons, the Company is unable to address the probable significance of the unavailable information. Forward-looking non-GAAP
financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial
measures.

**Investor Conference Call**

Prior to Digital Realty’s investor conference call at 5:00 p.m. ET / 4:00 p.m. CT on July 25, 2024, 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 second quarter](https://investor.digitalrealty.com/overview/investor-relations-overview/default.aspx)
2024 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# 2977783 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 August 25, 2024. The telephone replay can be accessed by dialing +1 (877) 344-7529
(for domestic callers) or +1 (412) 317-0088 (for international callers) and providing the conference ID# 2171709. The webcast replay can be accessed on
Digital Realty’s website.

**About Digital Realty**

Digital Realty brings companies and data together by delivering the full spectrum of data center, colocation, and interconnection solutions.
PlatformDIGITAL®, the company’s global data center platform, provides customers with a secure data meeting place and a proven Pervasive Datacenter
Architecture (PDx®) solution methodology for powering innovation and efficiently managing Data Gravity challenges. Digital Realty gives its customers
access to the connected data communities that matter to them with a global data center footprint of 300+ facilities in 50+ metros across 25+ countries
[on six continents. To learn more about Digital Realty, please visit digitalrealty.com or follow us on LinkedIn and X.](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** **Six Months Ended**

**30-Jun-24** **31-Mar-24** **31-Dec-23** **30-Sep-23** **30-Jun-23** **30-Jun-24** **30-Jun-23**

Rental revenues $912,994 $894,409 $885,694 $886,960 $869,298 $1,807,402 $1,740,273

Tenant reimbursements - Utilities 274,505 276,357 316,634 335,477 330,416 550,862 647,565

Tenant reimbursements - Other 41,964 38,434 46,418 64,876 46,192 80,398 86,342

Interconnection & other 109,505 108,071 106,413 107,305 104,521 217,576 206,216

Fee income 15,656 13,010 14,330 7,819 14,908 28,666 22,777

Other 2,125 862 144 — 932 2,987 1,819

**Total Operating Revenues** **$1,356,749** **$1,331,143** **$1,369,633** **$1,402,437** **$1,366,267** **$2,687,892** **$2,704,991**

Utilities $315,248 $324,571 $366,083 $384,455 $374,934 $639,818 $721,298

Rental property operating 237,653 224,369 237,118 223,089 224,762 462,021 449,623

Property taxes 49,620 41,156 40,161 72,279 46,718 90,776 87,141

Insurance 4,755 2,694 3,794 4,289 4,385 7,449 8,739

Depreciation & amortization 425,343 431,102 420,475 420,613 432,573 856,445 853,771

General & administration 119,511 114,419 109,235 108,039 105,964 233,931 213,730

Severance, equity acceleration and legal expenses 884 791 7,565 2,682 3,652 1,675 7,807

Transaction and integration expenses 26,072 31,839 40,226 14,465 17,764 57,911 30,031

Provision for impairment 168,303 — 5,363 113,000 — 168,303 —

Other expenses (529) 10,836 5,580 1,295 655 10,306 655

**Total Operating Expenses** **$1,346,860** **$1,181,776** **$1,235,598** **$1,344,206** **$1,211,407** **$2,528,636** **$2,372,795**

**Operating Income** **$9,889** **$149,367** **$134,035** **$58,231** **$154,860** **$159,256** **$332,196**

Equity in earnings / (loss) of unconsolidated joint ventures (41,443) (16,008) (29,955) (19,793) 5,059 (57,451) 19,957

Gain / (loss) on sale of investments 173,709 277,787 (103) 810,688 89,946 451,496 89,946

Interest and other income / (expense), net 62,261 9,709 50,269 24,812 (6,930) 71,970 (6,650)

Interest (expense) (114,756) (109,535) (113,638) (110,767) (111,116) (224,291) (213,336)

Income tax benefit / (expense) (14,992) (22,413) (20,724) (17,228) (16,173) (37,405) (37,627)

Loss from early extinguishment of debt — (1,070) — — — (1,070) —

**Net Income** **$74,668** **$287,837** **$19,884** **$745,941** **$115,647** **$362,505** **$184,486**

Net (income) / loss attributable to noncontrolling interests 5,552 (6,329) 8,419 (12,320) 2,538 (777) 2,427

**Net Income Attributable to Digital Realty Trust, Inc.** **$80,220** **$281,508** **$28,304** **$733,621** **$118,185** **$361,728** **$186,913**

Preferred stock dividends (10,181) (10,181) (10,181) (10,181) (10,181) (20,363) (20,363)

**Net Income / (Loss) Available to Common Stockholders** **$70,039** **$271,327** **$18,122** **$723,440** **$108,003** **$341,366** **$166,550**

Weighted-average shares outstanding - basic 319,537 312,292 305,781 301,827 295,390 315,915 293,316

Weighted-average shares outstanding - diluted 327,946 320,798 314,995 311,341 306,819 324,451 304,452

Weighted-average fully diluted shares and units 334,186 326,975 321,173 317,539 313,022 330,687 310,588

Net income / (loss) per share - basic $0.22 $0.87 $0.06 $2.40 $0.37 $1.08 $0.57

Net income / (loss) per share - diluted [(1)] $0.20 $0.82 $0.03 $2.31 $0.34 $1.01 $0.52

(1) The Company has made an adjustment to previously reported amounts to correct an immaterial error in the computation of fully diluted earnings per share in each of the interim periods
ended June 30, 2023, September 30, 2023, and December 31, 2023. This adjustment does not impact any of the other diluted measures per share for FFO, Core FFO or Adjusted FFO.


-----

|Three Months Ended Reconciliation of Net Income to Funds From Operations (FFO) 30-Jun-24 31-Mar-24 31-Dec-23 30-Sep-23 30-Jun-23 Net Income / (Loss) Available to Common Stockholders $70,039 $271,327 $18,122 $723,440 $108,003 Adjustments: Non-controlling interest in operating partnership 1,500 6,200 410 16,300 2,500 Real estate related depreciation & amortization (1) 414,920 420,591 410,167 410,836 424,044 Reconciling items related to non-controlling interests (17,317) (8,017) (15,377) (14,569) (14,144) Unconsolidated JV real estate related depreciation & amortization 47,117 47,877 64,833 43,215 35,386 (Gain) / loss on real estate transactions (173,709) (286,704) 103 (810,688) (89,946) Provision for impairment 168,303 — 5,363 113,000 —|Six Months Ended|
|---|---|
||30-Jun-24 30-Jun-23|
||$341,366 $166,550 7,700 4,000 835,511 836,236 (25,335) (27,532) 94,993 69,105 (460,413) (97,771) 168,303 —|
|Funds From Operations $510,852 $451,273 $483,621 $481,535 $465,844 Weighted-average shares and units outstanding - basic 325,777 318,469 311,960 308,024 301,593 Weighted-average shares and units outstanding - diluted (2) (3) 334,186 326,975 321,173 317,539 313,022 Funds From Operations per share - basic $1.57 $1.42 $1.55 $1.56 $1.54 Funds From Operations per share - diluted (2) (3) $1.57 $1.41 $1.53 $1.55 $1.52|$962,125 $950,589 322,151 299,452 330,687 310,588 $2.99 $3.17 $2.98 $3.13|


|Three Months Ended Reconciliation of FFO to Core FFO 30-Jun-24 31-Mar-24 31-Dec-23 30-Sep-23 30-Jun-23 Funds From Operations $510,852 $451,273 $483,621 $481,535 $465,844 Other non-core revenue adjustments (4) (33,818) 3,525 (146) (27) 27,454 Transaction and integration expenses 26,072 31,839 40,226 14,465 17,764 Loss from early extinguishment of debt — 1,070 — — — Severance, equity acceleration and legal expenses (5) 884 791 7,565 2,682 3,652 (Gain) / Loss on FX revaluation 32,222 33,602 (24,804) 451 (7,868) Other non-core expense adjustments (6) 2,271 10,052 1,956 1,295 655|Col2|Col3|Col4|Col5|Col6|Six Months Ended|Col8|Col9|
|---|---|---|---|---|---|---|---|---|
|||||||30-Jun-24 30-Jun-23|||
|||||||$962,125 $950,589 (30,293) 26,566 57,911 30,031 1,070 — 1,675 7,807 65,824 (14,647) 12,323 655|||
|Core Funds From Operations $538,482 $532,153 $508,417 $500,402 $507,501 Weighted-average shares and units outstanding - diluted (2) (3) 326,181 319,138 312,356 308,539 301,806||||||$1,070,634 $1,001,001 322,619 299,730|||
|Core Funds From Operations per share - diluted (2)|$1.65|$1.67|$1.63|$1.62|$1.68||$3.32|$3.34|


|(1) Real Estate Related Depreciation & Amortization Three Months Ended 30-Jun-24 31-Mar-24 31-Dec-23 30-Sep-23 30-Jun-23 Depreciation & amortization per income statement $425,343 $431,102 $420,475 $420,613 $432,573 Non-real estate depreciation (10,424) (10,511) (10,308) (9,777) (8,529)|Col2|Col3|Col4|Col5|Col6|Six Months Ended|Col8|Col9|
|---|---|---|---|---|---|---|---|---|
|||||||30-Jun-24 30-Jun-23|||
|||||||$856,445 $853,771 (20,935) (17,535)|||
|Real Estate Related Depreciation & Amortization|$414,920|$420,591|$410,167|$410,836|$424,044||$835,511|$836,236|


(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-Jun-24 31-Mar-24 31-Dec-23 30-Sep-23 30-Jun-23 Teraco noncontrolling share of FFO $12,453 $9,768 $7,135 $11,537 $9,645|Col2|Col3|Col4|Col5|Col6|Six Months Ended|Col8|Col9|
|---|---|---|---|---|---|---|---|---|
|||||||30-Jun-24 30-Jun-23|||
|||||||$22,221 $20,714|||
|Teraco related minority interest|$12,453|$9,768|$7,135|$11,537|$9,645||$22,221|$20,714|



(3) For all periods presented, we have excluded the effect of dilutive series J, series K and series L preferred stock, as applicable, that may be converted into common stock upon the
occurrence of specified change in control transactions as described in the articles supplementary governing the series J, series K and series L preferred stock, as applicable, which we
consider highly improbable. See above for calculations of FFO and the share count detail section that follows the reconciliation of Core FFO to AFFO for calculations of weighted average
common stock and units outstanding. For definitions and discussion of FFO and Core FFO, see the Definitions section.

(4) Includes deferred rent adjustments related to a customer bankruptcy, joint venture development fees included in gains, lease termination fees and gain on sale of equity investment
included in other income.

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

(6) Includes write-offs associated with bankrupt or terminated customers, non-recurring legal expenses and adjustments to reflect our proportionate share of transaction costs associated with
noncontrolling interests.


-----

|Three Months Ended Reconciliation of Core FFO to AFFO 30-Jun-24 31-Mar-24 31-Dec-23 30-Sep-23 30-Jun-23 Core FFO available to common stockholders and unitholders $538,482 $532,153 $508,417 $500,402 $507,501 Adjustments: Non-real estate depreciation 10,424 10,511 10,308 9,777 8,529 Amortization of deferred financing costs 5,072 5,576 5,744 5,776 5,984 Amortization of debt discount/premium 1,321 1,832 973 1,360 1,339 Non-cash stock-based compensation expense 14,464 12,592 9,226 14,062 13,893 Straight-line rental revenue 334 9,976 (21,992) (14,080) (16,151) Straight-line rental expense 782 1,111 (4,999) 1,427 520 Above- and below-market rent amortization (1,691) (854) (856) (1,127) (1,195) Deferred tax (benefit) / expense (9,982) (3,437) 33,448 (8,539) 1,339 Leasing compensation & internal lease commissions 10,519 13,291 9,848 12,515 11,611 Recurring capital expenditures (1) (60,483) (47,676) (142,808) (90,251) (53,498)|Six Months Ended|
|---|---|
||30-Jun-24 30-Jun-23|
||$1,070,634 $1,001,001 20,935 17,535 10,648 10,056 3,153 2,640 27,056 26,949 10,310 (32,344) 1,893 5 (2,545) (2,421) (13,420) (8,456) 23,809 22,678 (108,159) (93,963)|
|AFFO available to common stockholders and unitholders (2) $509,241 $535,073 $407,306 $431,322 $479,873 Weighted-average shares and units outstanding - basic 325,777 318,469 311,960 308,024 301,593 Weighted-average shares and units outstanding - diluted (3) 326,181 319,138 312,356 308,539 301,806 AFFO per share - diluted (3) $1.56 $1.68 $1.30 $1.40 $1.59 Dividends per share and common unit $1.22 $1.22 $1.22 $1.22 $1.22 Diluted AFFO Payout Ratio 78.1% 72.8% 93.6% 87.3% 76.7%|$1,044,314 $943,679 322,151 299,452 322,619 299,730 $3.24 $3.15 $2.44 $2.44 75.4% 77.5%|


**Three Months Ended** **Six Months Ended**

**Share Count Detail** **30-Jun-24** **31-Mar-24** **31-Dec-23** **30-Sep-23** **30-Jun-23** **30-Jun-24** **30-Jun-23**

|Weighted Average Common Stock and Units Outstanding 325,777 318,469 311,960 308,024 301,593 Add: Effect of dilutive securities 404 669 396 515 213|Col2|Col3|Col4|Col5|Col6|322,151 299,452 467 278|Col8|
|---|---|---|---|---|---|---|---|
|Weighted Avg. Common Stock and Units Outstanding - diluted|326,181|319,138|312,356|308,539|301,806|322,618|299,730|



(1) Recurring capital expenditures represent non-incremental building improvements required to maintain current revenues, including second-generation tenant improvements and external
leasing commissions. Recurring capital expenditures do not include acquisition costs contemplated when underwriting the purchase of a building, costs which are incurred to bring a building
up to Digital Realty’s operating standards, or internal leasing commissions.

(2) For a definition and discussion of AFFO, see the Definitions section. For a reconciliation of net income available to common stockholders to FFO and Core FFO, see above.

(3) For all periods presented, we have excluded the effect of dilutive series J, series K and series L preferred stock, as applicable, that may be converted into common stock upon the occurrence
of specified change in control transactions as described in the articles supplementary governing the series J, series K and series L preferred stock, as applicable, which we consider highly
improbable. See above for calculations of FFO and for calculations of weighted average common stock and units outstanding.


-----

**30-Jun-24** **31-Mar-24** **31-Dec-23** **30-Sep-23** **30-Jun-23**

**Assets**
Investments in real estate:
Real estate $27,470,635 $27,122,796 $27,306,369 $25,887,031 $27,087,769

Construction in progress 4,676,012 4,496,840 4,635,215 5,020,464 4,635,939

Land held for future development 93,938 114,240 118,190 179,959 193,936

**Investments in Real Estate** **$32,240,584** **$31,733,877** **$32,059,773** **$31,087,453** **$31,917,644**

Accumulated depreciation and amortization (8,303,070) (7,976,093) (7,823,685) (7,489,193) (7,739,462)

**Net Investments in Properties** **$23,937,514** **$23,757,784** **$24,236,089** **$23,598,260** **$24,178,182**

Investment in unconsolidated joint ventures 2,332,698 2,365,821 2,295,889 2,180,313 2,040,452

**Net Investments in Real Estate** **$26,270,212** **$26,123,605** **$26,531,977** **$25,778,573** **$26,218,634**

Operating lease right-of-use assets, net $1,211,003 $1,233,410 $1,414,256 $1,274,410 $1,291,233

Cash and cash equivalents 2,282,062 1,193,784 1,625,495 1,062,050 124,519

Accounts and other receivables, net [(1)] 1,222,403 1,217,276 1,278,110 1,325,725 1,158,383

Deferred rent, net 613,749 611,670 624,427 586,418 613,796

Goodwill 9,128,811 9,105,026 9,239,871 8,998,074 9,148,603

Customer relationship value, deferred leasing costs & other intangibles, net 2,315,143 2,359,380 2,500,237 2,506,198 2,825,596

Assets held for sale — 287,064 478,503 — 593,892

Other assets 563,500 501,875 420,382 401,068 414,078

**Total Assets** **$43,606,883** **$42,633,089** **$44,113,257** **$41,932,515** **$42,388,735**

**Liabilities and Equity**
Global unsecured revolving credit facilities, net $1,848,167 $1,901,126 $1,812,287 $1,698,780 $2,242,258

Unsecured term loans, net 1,297,893 1,303,263 1,560,305 1,524,663 1,548,780

Unsecured senior notes, net of discount 12,507,551 13,190,202 13,422,342 13,072,102 13,383,819

Secured and other debt, net of discount 686,135 625,750 630,973 574,231 554,594

Operating lease liabilities 1,336,839 1,357,751 1,542,094 1,404,510 1,420,239

Accounts payable and other accrued liabilities 1,973,798 1,870,344 2,168,983 2,147,103 2,214,820

Deferred tax liabilities, net 1,132,090 1,121,224 1,151,096 1,088,724 1,128,961

Accrued dividends and distributions — — 387,988 — —

Security deposits and prepaid rents 416,705 413,225 401,867 385,521 417,693

Obligations associated with assets held for sale — 9,981 39,001 — 4,990

**Total Liabilities** **$21,199,178** **$21,792,866** **$23,116,936** **$21,895,634** **$22,916,155**

Redeemable non-controlling interests 1,399,889 1,350,736 1,394,814 1,360,308 1,367,422

**Equity**
Preferred Stock: $0.01 par value per share, 110,000 shares authorized:
Series J Cumulative Redeemable Preferred Stock [(2)] $193,540 $193,540 $193,540 $193,540 $193,540

Series K Cumulative Redeemable Preferred Stock [(3)] 203,264 203,264 203,264 203,264 203,264

Series L Cumulative Redeemable Preferred Stock [(4)] 334,886 334,886 334,886 334,886 334,886

Common Stock: $0.01 par value per share, 392,000 shares authorized [(5)] 3,231 3,097 3,088 3,002 2,967

Additional paid-in capital 26,388,393 24,508,683 24,396,797 23,239,088 22,882,200

Dividends in excess of earnings (5,701,096) (5,373,529) (5,262,648) (4,900,757) (5,253,915)

Accumulated other comprehensive (loss), net (884,715) (850,091) (751,393) (882,996) (741,484)

**Total Stockholders' Equity** **$20,537,503** **$19,019,850** **$19,117,535** **$18,190,026** **$17,621,456**

**Noncontrolling Interests**
Noncontrolling interest in operating partnership $434,253 $438,422 $438,081 $441,366 $436,099

Noncontrolling interest in consolidated joint ventures 36,060 31,215 45,892 45,182 47,603

**Total Noncontrolling Interests** **$470,313** **$469,637** **$483,972** **$486,547** **$483,702**

**Total Equity** **$21,007,816** **$19,489,487** **$19,601,507** **$18,676,573** **$18,105,158**

|Total Liabilities and Equity|$43,606,883|$42,633,089|$44,113,257|$41,932,515|$42,388,735|
|---|---|---|---|---|---|



(1) Net of allowance for doubtful accounts of $50,609 and $42,624 as of June 30, 2024 and June 30, 2023, respectively.

(2) Series J Cumulative Redeemable Preferred Stock, 5.250%, $200,000 liquidation preference ($25.00 per share), 8,000 shares issued and outstanding as of June 30, 2024 and June 30, 2023.

(3) Series K Cumulative Redeemable Preferred Stock, 5.850%, $210,000 liquidation preference ($25.00 per share), 8,400 shares issued and outstanding as of June 30, 2024 and June 30, 2023.

(4) Series L Cumulative Redeemable Preferred Stock, 5.200%, $345,000 liquidation preference ($25.00 per share), 13,800 shares issued and outstanding as of June 30, 2024 and June 30, 2023.

(5) Common Stock: 325,885 and 299,240 shares issued and outstanding as of June 30, 2024 and June 30, 2023, respectively.


-----

44

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

Network-Dense $1,137,287

Campus 1,601,208

Other [(4)] 173,857

**Total Cash NOI, Annualized** **$2,912,352**

_less: Partners' share of consolidated JVs_ _(82,715)_

Acquisitions / dispositions / expirations (49,175)

FY 2024 backlog cash NOI and 2Q24 carry-over (stabilized) [(5)] 141,555

**Total Consolidated Cash NOI, Annualized** **$2,922,016**

**Digital Realty's Pro Rata Share of Unconsolidated Joint Venture Cash NOI [(3) (6)]** **$226,416**

**Other Income**

**Development and Management Fees (net), Annualized** **$62,622**

**Other Assets**

Pre-stabilized inventory, at cost [(7)] $407,996

Land held for development 93,938

Development CIP [(8)] 4,676,012

_less: Investment associated with FY24 Backlog NOI [(9)]_ _(499,799)_

Cash and cash equivalents 2,282,062

Accounts and other receivables, net 1,222,403

Other assets 563,500

_less: Partners' share of consolidated JV assets_ _(134,365)_

**Total Other Assets** **$8,611,747**

**Liabilities**

Global unsecured revolving credit facilities $1,858,194

Unsecured term loans 1,303,475

Unsecured senior notes 12,584,349

Secured and other debt 691,837

Accounts payable and other accrued liabilities 1,973,798

Deferred tax liabilities, net 1,132,090

Security deposits and prepaid rents 416,705

Backlog NOI cost to complete [(9)] 155,283

Preferred stock 755,000

Digital Realty's share of unconsolidated JV debt 1,415,647

_less: Partners' share of consolidated JV liabilities_ (429,498)

**Total Liabilities** **$21,856,879**

(1) Backlog and associated financial line items include activity related to unconsolidated joint venture properties.

(2) For definitions and discussion of NOI and cash NOI and a reconciliation of operating income to NOI and cash NOI, see page 32.

(3) Annualized cash NOI is calculated by multiplying results for the most recent quarter by four. Annualized results may not be indicative of any four-quarter period and
do not take into account scheduled lease expirations, among other things. Annualized data is presented for illustrative purposes only. Reflects annualized 2Q24 Cash
NOI of $2.9 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, 2024. Includes Digital Realty’s share of signed leases at
unconsolidated joint venture properties.

(6) For a reconciliation of Digital Realty’s pro rata share of unconsolidated joint venture operating income to cash NOI, see page 29.

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

(8) See page 26 for further details on the breakdown of the construction in progress balance.

(9) Includes Digital Realty’s share of construction in progress and expected cost to complete at unconsolidated joint venture properties.


-----

**As of June 30, 2024**



**[Interest ]**

**Rate**


**Interest Including**

**Rate** **Swaps** **2024** **2025** **2026** **2027** **2028** **Thereafter** **Total**

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

Global unsecured revolving credit facility 4.273% 4.273% — — —  $1,762,281 — —  $1,762,281

Yen revolving credit facility 0.670% 0.670% — — — 95,913 — — 95,913

Deferred financing costs, net — — — — — — — — (10,027)

|Total Global Unsecured Revolving Credit Facilities 4.087% 4.087% —|—|—|$1,858,194|—|—|$1,848,167|
|---|---|---|---|---|---|---|



**Unsecured Term Loans**

Euro term loan facility 4.596% 3.913% —  $401,737 —  $401,738 — — $803,475

USD term loan facility 6.376% 5.180% — —  $500,000 — — — 500,000

Deferred financing costs, net — — — — — — — — (5,582)

|Total Unsecured Term Loans 5.279% 4.399% —|$401,737|$500,000|$401,738|—|—|$1,297,893|
|---|---|---|---|---|---|---|



**Senior Notes**

£250 million 2.750% Notes due 2024 [(2)] 2.750% 2.750%  $316,125 — — — — — $316,125

£400 million 4.250% Notes due 2025 4.250% 4.250% —  $505,800 — — — — 505,800

€650 million 0.625% Notes due 2025 0.625% 0.625% — 696,345 — — — — 696,345

€1.08 billion 2.500% Notes due 2026 2.500% 2.500% — —  $1,151,648 — — — 1,151,648

₣275 million 0.200% Notes due 2026 0.200% 0.200% — — 306,009 — — — 306,009

₣150 million 1.700% Notes due 2027 1.700% 1.700% — — —  $166,914 — — 166,914

$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% — — — —  $535,650 — 535,650

$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% — — — — —  $300,445 300,445

$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% — — — — — 442,575 442,575

€750 million 1.500% Notes due 2030 1.500% 1.500% — — — — — 803,475 803,475

£550 million 3.750% Notes due 2030 3.750% 3.750% — — — — — 695,475 695,475

€500 million 1.250% Notes due 2031 1.250% 1.250% — — — — — 535,639 535,639

€1.00 billion 0.625% Notes due 2031 0.625% 0.625% — — — — —  1,071,300 1,071,300

€750 million 1.000% Notes due 2032 1.000% 1.000% — — — — — 803,475 803,475

€750 million 1.375% Notes due 2032 1.375% 1.375% — — — — — 803,475 803,475

Unamortized discounts — — — — — — — — (29,447)

Deferred financing costs — — — — — — — — (47,351)

|Total Senior Notes 2.447% 2.239% $316,125|$1,202,145|$1,457,656|$1,166,914|$2,085,650|$6,355,859|$12,507,551|
|---|---|---|---|---|---|---|



**Secured Debt**

ICN10 Facilities 5.750% 3.526% — — — — — $12,278 $12,278

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

Teraco Loans 10.661% 9.464% $179 $607 $45,096 89,573  $330,281 — 465,736

Deferred financing costs — — — — — — — — (1,913)

|Total Secured Debt 8.939% 7.985% $179|$607|$45,096|$224,573|$330,281|$12,278|$611,101|
|---|---|---|---|---|---|---|



**Other Debt**

Icolo loans 11.650% 11.650% — — $5,443 $4,152 $958 $2,310 $12,863

|Total Other Debt 11.650% 11.650% —|—|$5,443|$4,152|$958|$2,310|$12,863|
|---|---|---|---|---|---|---|



**Mandatorily Redeemable Preferred Shares (Teraco)**

Mandatorily Redeemable Preferred Shares (Teraco) 10.105%  10.105% — — $65,960 — — — $65,960

Unamortized discounts — — — — — — — — (3,789)

|Total Redeemable Preferred Shares 10.105% 10.105% —|—|$65,960|—|—|—|$62,171|
|---|---|---|---|---|---|---|



Total unhedged variable rate debt — — $36 $121 $68,960  $2,263,789 $21,625 $4,690  $2,359,221

Total fixed rate / hedged variable rate debt — — 316,268  1,604,368  2,005,195  1,391,782  2,395,264  6,365,757  14,078,634

|Total Debt 3.137% 2.873% $316,304|$1,604,489|$2,074,155|$3,655,571|$2,416,889|$6,370,447|$16,437,854|
|---|---|---|---|---|---|---|



**Weighted Average Interest Rate** **2.754%** **2.594%** **3.224%** **3.632%** **4.232%** **1.883%** **2.873%**

**Summary**

**Weighted Average Term to Initial Maturity** **3.8 Years**

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

**Global Unsecured Revolving Credit Facilities Detail As of June 30, 2024**

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

**Global Unsecured Revolving Credit Facilities** **$3,876,962** **$1,909,560** **$1,858,194**

(1) Assumes all extensions will be exercised.

(2) Repaid in full on July 19, 2024.

(3) Subject to cross-currency swaps.

(4) Net of letters of credit issued of $109.2 million.


-----

**As of June 30, 2024**

**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%_ 42% 35% _Less than 60%[ (5)]_ 34%

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

Total unencumbered assets / unsecured debt _Greater than 150%_ 258% 285% N/A N/A

Consolidated EBITDA / interest expense [(7)] _Greater than 1.50x_ 4.4x 4.4x N/A N/A

Fixed charge coverage N/A N/A _Greater than 1.50x_ 4.1x

Unsecured debt / total unencumbered asset value [(8)] N/A N/A _Less than 60%_ 35%

Unencumbered assets debt service coverage ratio [(8)] N/A N/A _Greater than 1.50x_ 5.3x

(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 0.20% 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 0.20% 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|Six Months Ended|
|---|---|
|30-Jun-24 30-Jun-23 % Change 31-Mar-24 % Change|30-Jun-24 30-Jun-23 % Change|
|$713,868 $690,450 3.4% $710,342 0.5% 225,307 277,863 (18.9%) 228,345 (1.3%) 35,790 27,774 28.9% 28,312 26.4% 93,624 88,766 5.5% 91,469 2.4% $1,068,589 $1,084,852 (1.5%) $1,058,467 1.0% $252,323 $311,131 (18.9%) $265,871 (5.1%) 188,637 169,875 11.0% 166,936 13.0% 40,402 31,294 29.1% 31,593 27.9% 4,432 3,922 13.0% 3,943 12.4% $485,795 $516,222 (5.9%) $468,343 3.7% $582,794 $568,631 2.5% $590,124 (1.2%) ($7,928) ($10,829) (26.8%) ($9,951) (20.3%) 790 1,104 (28.4%) 829 (4.7%) $589,933 $578,356 2.0% $599,246 (1.6%) 83.6% 83.1% 0.5% 82.6% 1.0%|$1,424,210 $1,375,229 3.6% 453,652 549,016 (17.4%) 64,102 51,192 25.2% 185,092 175,152 5.7% $2,127,056 $2,150,589 (1.1%) $518,195 $608,451 (14.8%) 355,573 336,954 5.5% 71,996 55,106 30.6% 8,375 7,945 5.4% $954,138 $1,008,457 (5.4%) $1,172,918 $1,142,133 2.7% ($17,879) ($9,286) 92.5% 1,619 2,253 (28.2%) $1,189,178 $1,149,166 3.5% 83.6% 83.1% 0.5%|



(1) Represents buildings owned as of December 31, 2022 with less than 5% of total rentable square feet under development. Excludes buildings that were undergoing, or were expected to
undergo, development activities in 2023-2024, 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 32.

(3) For a definition and discussion of cash net operating income and a reconciliation of operating income to cash NOI, see page 32.

(4) 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** **Other [(3)]** **Total**

**Leasing Activity - New [(1) (2)]** **2Q24** **LTM** **2Q24** **LTM** **2Q24** **LTM** **2Q24** **LTM**

**Annualized GAAP Rent (in thousands)** **$39,642** **$160,895** **$110,249** **$461,989** **$349** **$2,921** **$150,239** **$625,805**

Kilowatt leased 11,034 49,578 60,115 208,992 — — 71,150 258,570

NRSF (in thousands) 126 594 466 2,009 10 48 603 2,651

**Weighted Average Lease Term (years)** **3.2** **4.2** **8.8** **10.6** **7.7** **6.2** **7.6** **9.1**

Initial stabilized cash rent per Kilowatt $298 $261 $134 $157 — — $160 $177

GAAP rent per Kilowatt $299 $270 $153 $184 — — $176 $201

Leasing cost per Kilowatt $30 $30 — — — — $5 $6

**Net Effective Economics by Kilowatt [(4)]**

Base rent by Kilowatt $300 $274 $154 $185 — — $177 $202

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

Estimated operating expense by Kilowatt $87 $80 $39 $47 — — $47 $53

**Net rent per Kilowatt** **$212** **$190** **$114** **$137** **—** **—** **$129** **$148**

Tenant improvements by Kilowatt — — — — — — — —

Leasing commissions by Kilowatt $12 $9 — — — — $2 $2

**Net effective rent per Kilowatt** **$200** **$181** **$114** **$137** **—** **—** **$127** **$146**

Initial stabilized cash rent per NRSF $313 $261 $208 $197 $33 $56 $227 $209

GAAP rent per NRSF $315 $271 $236 $230 $34 $60 $249 $236

Leasing cost per NRSF $31 $30 — — $5 $5 $7 $7

**Net Effective Economics by NRSF [(4)]**

Base rent by NRSF $315 $274 $239 $232 $35 $61 $251 $238

Rental concessions by NRSF $1 $3 $2 $2 $1 $1 $2 $2

Estimated operating expense by NRSF $92 $73 $60 $60 $8 $8 $66 $62

**Net rent per NRSF** **$223** **$198** **$176** **$170** **$25** **$52** **$183** **$175**

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

Leasing commissions by NRSF $13 $9 — — $1 $1 $3 $2

**Net effective rent per NRSF** **$210** **$189** **$176** **$170** **$24** **$37** **$180** **$172**

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

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

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

(4) All dollar amounts are per square foot averaged over lease term. Per Kilowatt amounts are presented in monthly values. Per NRSF amounts are presented in yearly values.

Note: LTM is last twelve months, including current quarter. Weighted average lease term excludes renewal options and is weighted by net rentable square feet.


-----

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

**Leasing Activity - Renewals [(1) (2) (3)]** **2Q24** **LTM** **2Q24** **LTM** **2Q24** **LTM** **2Q24** **LTM**

Leases renewed (Kilowatt) 33,373 136,285 45,238 157,158 — — 78,611 293,443

Leases renewed (NRSF in thousands) 476 1,924 525 1,899 44 384 1,046 4,207

Leasing cost per Kilowatt $1 $2 $1 $2 — — $1 $2

Leasing cost per NRSF $1 $1 $1 $2 $9 $6 $1 $2

**Weighted Term (years)** **1.4** **1.5** **5.0** **4.8** **3.8** **5.5** **3.3** **3.4**

**Cash Rent**

Expiring cash rent per Kilowatt $301 $300 $153 $133 — — $216 $210

Renewed cash rent per Kilowatt $312 $313 $159 $147 — — $224 $225

**% Change Cash Rent Per Kilowatt** **3.8%** **4.5%** **3.9%** **11.2%** **—** **—** **3.8%** **6.8%**

Expiring cash rent per NRSF $253 $255 $158 $132 $61 $49 $197 $181

Renewed cash rent per NRSF $263 $266 $164 $146 $71 $78 $205 $195

**% Change Cash Rent Per NRSF** **3.8%** **4.5%** **3.9%** **11.2%** **16.3%** **58.2%** **4.0%** **8.0%**

**GAAP Rent**

Expiring GAAP rent per Kilowatt $300 $299 $145 $126 — — $211 $207

Renewed GAAP rent per Kilowatt $312 $314 $163 $148 — — $226 $225

**% Change GAAP Rent Per Kilowatt** **3.9%** **4.9%** **12.1%** **17.2%** **—** **—** **7.1%** **8.9%**

Expiring GAAP rent per NRSF $253 $254 $150 $125 $56 $40 $193 $176

Renewed GAAP rent per NRSF $263 $267 $168 $147 $74 $76 $207 $195

**% Change GAAP Rent Per NRSF** **3.9%** **4.9%** **12.1%** **17.2%** **33.0%** **91.0%** **7.5%** **10.6%**

**Retention ratio [(5)]** **82.7%** **83.4%** **79.1%** **77.5%** **43.9%** **77.1%** **78.1%** **80.1%**

**Churn [(6)]** **1.8%** **6.5%** **1.5%** **4.7%** **0.5%** **3.0%** **1.6%** **5.4%**

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

(2) Rental rates represent annual estimated cash rent per kilowatt and net rentable square feet, adjusted for straight-line rents in accordance with GAAP.

(3) Per Kilowatt amounts are presented in monthly values. Per NRSF amounts are presented in yearly values.

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

(5) Based on square feet.

(6) Churn is defined as recurring revenue lost during the period due to leases terminated or not renewed, divided by recurring revenue at the beginning of the period.

Note: LTM is last twelve months, including current quarter. Weighted average lease term excludes renewal options and is weighted by net rentable square feet.


-----

**% 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 2,662 — — — — — — — —

|Month to Month (3) 254|$53,236 1.5%|$209 $208|$53,002|12,633|$351|$350|
|---|---|---|---|---|---|---|



2024 1,179 354,434 9.8% 301 301 354,544 85,063 347 347

|2025 1,694|469,455 12.9%|277 279|471,892|119,691|327|329|
|---|---|---|---|---|---|---|



2026 581 149,283 4.1% 257 266 154,305 44,992 276 286

|2027 586|118,424 3.3%|202 216|126,564|44,982|219|234|
|---|---|---|---|---|---|---|



2028 305 52,719 1.5% 173 190 57,790 20,089 219 240

|2029 218|36,500 1.0%|167 188|40,991|14,919|204|229|
|---|---|---|---|---|---|---|



2030 80 23,758 0.7% 296 304 24,361 6,254 317 325

|2031 108|20,483 0.6%|190 207|22,313|7,132|239|261|
|---|---|---|---|---|---|---|



2032 59 5,571 0.2% 94 104 6,177 1,982 234 260

|2033 32|9,441 0.3%|299 366|11,562|2,863|275|337|
|---|---|---|---|---|---|---|



Thereafter 24 2,608 0.1% 109 108 2,584 928 234 232

|Total / Wtd. Avg. 7,782|$1,295,912 35.7%|$253 $259|$1,326,086|361,527|$299|$306|
|---|---|---|---|---|---|---|



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

Available 1,822 — — — — — — — —

|Month to Month (3) 60|$8,439 0.2%|$140 $140 $8,441|4,372|$161|$161|
|---|---|---|---|---|---|



2024 406 65,737 1.8% 162 162 65,737 39,219 140 140

|2025 1,607|245,063 6.8%|153 156 250,500|143,834|142|145|
|---|---|---|---|---|---|



2026 1,869 272,354 7.5% 146 152 283,941 169,844 134 139

|2027 1,557|227,703 6.3%|146 156 243,140|149,003|127|136|
|---|---|---|---|---|---|



2028 1,132 141,545 3.9% 125 134 152,253 106,256 111 119

|2029 1,475|201,742 5.6%|137 149 219,376|164,925|102|111|
|---|---|---|---|---|---|



2030 1,084 161,650 4.5% 149 159 172,498 119,629 113 120

|2031 1,022|147,924 4.1%|145 167 170,232|107,949|114|131|
|---|---|---|---|---|---|



2032 884 117,208 3.2% 133 152 134,512 95,656 102 117

|2033 561|86,010 2.4%|153 176 98,435|58,440|123|140|
|---|---|---|---|---|---|



Thereafter 2,372 295,346 8.1% 124 144 342,656 218,249 113 131

|Total / Wtd. Avg. 15,852|$1,970,723 54.3%|$140 $153 $2,141,719|1,377,375|$119|$130|
|---|---|---|---|---|---|



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

Available 1,816 — — — — — — — —

|Month to Month (3) 87|$3,378 0.1%|$39 $39 $3,378|—|—|—|
|---|---|---|---|---|---|



2024 474 21,362 0.6% 45 45 21,340 — — —

|2025 571|26,020 0.7%|46 46 26,408|—|—|—|
|---|---|---|---|---|---|



2026 810 26,597 0.7% 33 34 27,794 — — —

|2027 331|10,179 0.3%|31 33 10,869|—|—|—|
|---|---|---|---|---|---|



2028 451 13,162 0.4% 29 32 14,268 — — —

|2029 822|53,649 1.5%|65 73 60,284|—|—|—|
|---|---|---|---|---|---|



2030 927 54,544 1.5% 59 75 69,796 — — —

|2031 74|2,354 0.1%|32 37 2,770|—|—|—|
|---|---|---|---|---|---|



2032 111 6,421 0.2% 58 65 7,220 — — —

|2033 109|4,100 0.1%|38 44 4,815|—|—|—|
|---|---|---|---|---|---|



Thereafter 3,715 139,977 3.9% 38 42 156,016 — — —

|Total / Wtd. Avg. 10,300|$361,743 10.0%|$43 $48 $404,959|—|—|—|
|---|---|---|---|---|---|



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

Available 6,300 — — — — — — — —

|Month to Month (3) 402|$65,053 1.8%|$162 $161 $64,821|—|—|—|
|---|---|---|---|---|---|



2024 2,059 441,532 12.2% 214 215 441,621 — — —

|2025 3,872|740,538 20.4%|191 193 748,799|—|—|—|
|---|---|---|---|---|---|



2026 3,260 448,233 12.4% 138 143 466,040 — — —

|2027 2,474|356,306 9.8%|144 154 380,573|—|—|—|
|---|---|---|---|---|---|



2028 1,889 207,426 5.7% 110 119 224,311 — — —

|2029 2,516|291,891 8.0%|116 127 320,652|—|—|—|
|---|---|---|---|---|---|



2030 2,092 239,951 6.6% 115 127 266,655 — — —

|2031 1,203|170,762 4.7%|142 162 195,314|—|—|—|
|---|---|---|---|---|---|



2032 1,054 129,201 3.6% 123 140 147,908 — — —

|2033 702|99,552 2.7%|142 164 114,813|—|—|—|
|---|---|---|---|---|---|



Thereafter 6,111 437,931 12.1% 72 82 501,257 — — —

|Total / Wtd. Avg. 33,934|$3,628,377 100.0%|$131 $140 $3,872,763|—|—|—|
|---|---|---|---|---|---|



(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 June 30, 2024, 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 72 $437,750 10.8% 9.0

2 Social Content Platform 26 221,870 5.5% 4.2

3 Global Cloud Provider 62 189,715 4.7% 5.3

4 Oracle Corporation 38 182,982 4.5% 7.7

5 IBM 37 127,779 3.1% 1.8

6 Equinix 15 93,127 2.3% 5.4

7 LinkedIn Corporation 7 83,177 2.0% 1.4

8 Social Media Platform 7 62,913 1.6% 6.9

9 Fortune 25 Investment Grade-Rated Company 29 62,698 1.5% 2.3

10 Meta Platforms, Inc. 47 62,404 1.5% 3.4

11 Fortune 25 Tech Company 53 59,955 1.5% 3.6

12 Lumen Technologies, Inc. 125 49,437 1.2% 9.0

13 AT&T 75 48,806 1.2% 2.9

14 Fortune 500 SaaS Provider 11 44,278 1.1% 3.0

15 Comcast Corporation 42 42,105 1.0% 4.0

16 JPMorgan Chase & Co. 17 40,696 1.0% 3.1

17 Rackspace 24 36,735 0.9% 9.3

18 Centersquare [(2)] 8 35,118 0.9% 6.0

19 Morgan Stanley 13 35,095 0.9% 4.9

20 Verizon 87 33,736 0.8% 10.8

**Total / Weighted Average** **$1,950,376** **48.0%** **5.9**

(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 June 30,
2024, multiplied by 12.

(2) In April 2024, Cyxtera announced a combination with Evoque and the combined company is named Centersquare.

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-Jun-24** **31-Mar-24** **IT Load [(6)]** **Count**

**North America**

Northern Virginia 5,265 1,678 263 $570,103 90.3% 91.2% 462.5 18

Chicago 2,261 83 377 227,750 93.4% 90.0% 81.0 7

Dallas 3,064 408 77 208,402 81.7% 83.0% 111.2 19

New York 1,793 87 107 208,401 72.0% 70.5% 65.5 12

Silicon Valley 1,524 — 131 170,281 90.8% 90.1% 94.6 14

Portland 1,014 149 — 130,507 98.5% 98.9% 107.6 3

Phoenix 796 — — 77,298 75.9% 75.1% 42.5 2

San Francisco 844 — — 62,934 64.2% 64.2% 31.5 4

Atlanta 557 20 314 62,126 96.6% 96.5% 9.1 4

Toronto 509 83 135 55,423 95.0% 95.1% 47.8 2

Los Angeles 611 11 — 43,242 81.2% 85.5% 16.2 2

Seattle 397 — — 42,831 77.1% 77.8% 5.9 1

Houston 393 — 14 17,700 69.6% 69.6% 12.0 6

Boston 437 — 51 17,468 41.8% 41.7% 19.0 3

Miami 226 — — 9,730 86.3% 86.1% 1.3 2

Austin 86 — — 7,388 59.6% 56.3% 4.3 1

Charlotte 95 — — 5,818 91.3% 91.1% 1.5 3

**North America Total/Weighted Average** **19,873** **2,520** **1,467** **$1,917,404** **84.5%** **84.4%** **1,113.5** **103**

**EMEA**

Frankfurt 2,185 1,539 — $247,546 85.3% 84.4% 144.3 29

London 1,365 — 77 210,665 60.2% 54.8% 94.4 14

Amsterdam 1,332 222 92 177,113 85.0% 84.2% 116.3 13

Paris 918 344 — 123,090 87.5% 83.5% 85.5 12

Johannesburg 1,183 1,024 — 120,595 80.7% 78.7% 62.2 5

Marseille 520 38 378 69,876 78.8% 78.1% 45.4 4

Zurich 444 152 — 61,099 83.5% 77.5% 29.0 3

Dublin 553 — — 59,029 74.4% 76.0% 39.3 9

Vienna 356 133 — 51,581 82.7% 81.9% 25.6 3

Madrid 308 100 — 42,263 72.7% 70.9% 16.8 4

Brussels 338 — — 39,949 69.6% 72.9% 21.5 3

Cape Town 326 402 — 37,840 75.4% 75.4% 21.1 2

Stockholm 190 108 — 24,307 71.4% 70.4% 16.8 6

Copenhagen 226 — 99 20,978 67.1% 66.3% 12.9 3

Dusseldorf 142 — 71 18,903 55.9% 55.1% 7.7 3

Athens 148 61 — 16,003 77.5% 79.1% 2.2 4

Durban 45 — — 6,157 88.1% 86.9% 1.1 1

Mombasa 37 — 21 4,190 39.0% 38.1% 3.5 2

Zagreb 24 10 — 2,781 96.2% 85.7% 0.9 1

Nairobi 16 75 — 2,771 63.0% 61.9% 0.5 1

Maputo 3 — — 487 41.6% 41.6% 0.2 1

Barcelona — 144 — — — — — —

**EMEA Total/Weighted Average** **10,657** **4,354** **739** **$1,337,223** **78.2%** **76.4%** **747.0** **123**

**Asia Pacific**

Singapore 883 7 — $229,779 95.8% 95.2% 84.3 3

Sydney 361 — 88 32,576 91.2% 90.8% 22.8 4

Melbourne 147 — — 15,434 62.9% 62.3% 9.6 2

Seoul 162 — — 3,234 14.7% 7.6% 12.0 1

Hong Kong 114 66 104 504 1.9% 2.2% 7.5 1

**Asia Pacific Total/Weighted Average** **1,667** **73** **192** **$281,526** **77.6%** **77.0%** **136.1** **11**

**Non-Data Center Properties** 329 — — — — — — —

**Consolidated Portfolio Total/Weighted Average** **32,526** **6,947** **2,398** **$3,536,153** **81.3%** **80.6%** **1,996.6** **237**

**Unconsolidated Joint Ventures**

Northern Virginia 2,796 440 — $249,579 98.9% 98.8% 209.7 12

Chicago 1,118 — — 115,330 94.2% 91.8% 94.2 3

Silicon Valley 148 — 394 18,498 96.5% 100.0% 10.9 2

Hong Kong 186 — — 10,646 44.3% 48.2% 11.0 1

Toronto 104 — — 10,483 54.6% 55.7% 6.8 1

Paris 91 179 — 7,254 59.9% 61.5% 10.0 1

Los Angeles 197 — — 5,446 100.0% 100.0% — 2

Dallas 183 181 — 4,855 100.0% — 16.0 2

Lagos 4 26 — 690 100.0% 100.0% — 2

Accra — 24 — — — — — —

**Managed Unconsolidated Portfolio Total/Weighted Average** **4,827** **852** **394** **$422,782** **94.0%** **93.1%** **358.5** **26**

**Managed Portfolio Total/Weighted Average** **37,353** **7,799** **2,792** **$3,958,934** **82.9%** **81.9%** **2,355.1** **263**

**Digital Realty Share Total/Weighted Average [(7)]** **33,934** **6,300** **2,936** **$3,628,377** **81.4%** **80.3%** **2,101.1** **—**

**Non-Managed Unconsolidated Joint Ventures**

Sao Paulo 1,391 99 1,198 $178,995 91.9% 91.9% 117.6 25

Tokyo 1,357 431 48 85,533 76.0% 75.6% 64.9 5

Osaka 583 59 137 70,450 83.3% 83.3% 58.9 4

Santiago 119 118 71 13,068 90.1% 90.1% 10.2 3

Queretaro 105 — 583 12,273 100.0% 100.0% 8.0 3

Rio De Janeiro 112 — — 11,621 100.0% 100.0% 8.0 2

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

Fortaleza 94 — — 3,560 22.0% 87.0% 6.2 1

Chennai 55 — 104 — — — 7.2 1

Bogota — — 197 — — — — 2

**Non-Managed Portfolio Total/Weighted Average** **3,868** **708** **2,338** **$383,268** **82.5%** **84.1%** **290.0** **47**

**Portfolio Total/Weighted Average** **41,220** **8,507** **5,130** **$4,342,203** **82.9%** **82.1%** **2,645.1** **310**

(1) We estimate the total net rentable square feet available for lease based on a number of factors in addition to contractually leased square feet, including available power, required support space and
common areas.

(2) Space under active development includes current Base Building and Data Center projects in progress.

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

(4) Annualized base rent represents the monthly contractual base rent (defined as cash base rent before abatements) under existing leases as of June 30, 2024, 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.


-----

**Future Development Capacity** **Data Center Construction**

**IT Capacity (100% Share) [(2)]** **Total Investment [(3)]** **Project Summary [(4)]** **100% Share [(4)]** **DLR Share [(5)]**

**Under** **Average** **Current** **Future** **Total** **Current** **Future** **Total**

**100% Share** **DLR Share** **Construction** **Expected** **Investment** **Investment** **Investment** **Investment** **Investment** **Investment** **Yields**

**Region** **Land (MW)** **Shell (MW)** **(4)** **(5)** **(MW)** **% Leased** **Completion** **(6)** **(7)** **(8)** **(6)** **(7)** **(8)** **(9)**

Dallas 180 30 $153,104 $119,646 56 100% 2Q26 $129,726 $545,329 $675,055 $53,028 $523,588 $576,616

Northern Virginia 1,000 270 1,547,275 1,232,076 64 75% 2Q25 160,123 457,063 617,186 144,749 350,860 495,609

Portland — — — — 16 100% 3Q24 147,747 17,500 165,248 147,747 17,500 165,248

Other 280 180 843,005 743,334 34 91% 1Q25 296,464 101,362 397,826 233,623 85,374 318,997

**Americas** **1,460** **480** **$2,543,384** **$2,095,056** **170** **89%** **$734,060** **$1,121,255** **$1,855,315** **$579,148** **$977,321** **$1,556,469** **11.7%**

Frankfurt 120 60 $760,771 $760,771 56 55% 3Q25 $659,099 $371,499 $1,030,598 $659,099 $371,499 $1,030,598

Paris 220 — 94,109 51,792 58 53% 2Q25 555,945 318,054 873,999 443,451 232,388 675,839

Zurich 10 — 34,514 34,514 13 67% 4Q24 179,930 86,188 266,119 179,930 86,188 266,119

Other 340 170 813,361 765,994 95 39% 3Q25 326,573 701,475 1,028,048 262,966 606,251 869,217

**EMEA** **690** **230** **$1,702,754** **$1,613,070** **223** **48%** **$1,721,548** **$1,477,216** **$3,198,764** **$1,545,446** **$1,296,326** **$2,841,772** **9.7%**

Tokyo 30 20 $115,802 $57,901 30 59% 3Q25 $103,600 $206,154 $309,754 $51,800 $103,077 $154,877

Hong Kong — — 26,201 26,201 6 100% 3Q25 25,319 50,069 75,388 25,319 50,069 75,388

Osaka 40 10 48,474 24,237 6 100% 3Q25 19,687 29,928 49,615 9,844 14,964 24,808

Other 200 20 246,690 162,038 1 100% 3Q24 4,011 4,871 8,881 4,011 4,871 8,881

**APAC** **270** **50** **$437,167** **$270,376** **43** **71%** **$152,617** **$291,022** **$443,638** **$90,973** **$172,981** **$263,954** **10.5%**

|Total 2,420 760|$4,683,305|$3,978,503 436 66%|$2,608,225 $2,889,493 $5,497,717|$2,215,567 $2,446,628 $4,662,195 10.4%|
|---|---|---|---|---|



(1) Includes development projects in consolidated and unconsolidated joint ventures.

(2) Represents the expected megawatt capacity to be developed based on our current plans and estimates; actual megawatt capacity developed may differ. Includes land and space held or actively under construction in preparation for future data center
fit-out.

(3) Represents cost incurred through June 30, 2024, plus remaining cost to complete on approved phases in preparation for future data center fit-out, including pro-rata share of acquisition, shell, and infrastructure costs.

(4) Includes Digital Realty's and partners' shares in development joint venture projects.

(5) Includes only Digital Realty's share in development joint venture projects.

(6) Represents cost incurred through June 30, 2024.

(7) Represents estimated cost to complete scope of work pursuant to approved development budget.

(8) Represents total cost to develop a data center, including pro-rata share of acquisition, infrastructure, and shell space, plus the direct investment in the data center fit-out.

(9) Represents pre-tax estimated stabilized cash yields, which are based on total expected investment amounts and anticipated net operating income from leases signed or other assumptions based on market conditions.


-----

**100% Share [(2)]** **DLR Share [(3)]**

**Current** **Future** **Total** **Current** **Future** **Total**

**Construction Projects in Progress** **Investment [(4)]** **Investment [(5)]** **Investment** **Investment [(4) (6)] Investment [(5)]** **Investment**

Future Development Capacity [(7)] $2,933,024 $1,750,281 $4,683,305 $2,583,347 $1,395,156 $3,978,503

Data Center Construction 2,608,225 2,889,493 5,497,717 2,215,567 2,446,628 4,662,195

Equipment Pool & Other Inventory [(8)] 222,219 — 222,219 222,219 — 222,219

Campus, Tenant Improvements & Other[ (9)] 248,318 135,578 383,897 248,318 135,578 383,897

|Total Land Held and Development CIP|$6,011,787|$4,775,352|$10,787,139|$5,269,452|$3,977,363|$9,246,814|
|---|---|---|---|---|---|---|



Enhancement & Other $23,369 $5,789 $29,158 $23,369 $5,789 $29,158

Recurring 27,255 40,331 67,586 27,255 40,331 67,586

|Total Land Held and Construction in Progress|$6,062,411|$4,821,471|$10,883,883|$5,320,076|$4,023,482|$9,343,558|
|---|---|---|---|---|---|---|



(1) Includes development projects in consolidated and unconsolidated joint ventures.

(2) Includes Digital Realty's and partners' shares in development joint venture projects.

(3) Includes only Digital Realty's share in development joint venture projects.

(4) Represents cost incurred through June 30, 2024.

(5) Represents estimated cost to complete scope of work pursuant to approved development budget.

(6) Excludes $79.6 million representing our partners' shares in consolidated joint ventures included in Construction in Progress or Land Held for Future Development in our Consolidated Balance
Sheet; includes $579.1 million representing Digital Realty's share in development projects classified as Investments in Unconsolidated Joint Ventures in our Consolidated Balance Sheet.

(7) Includes land and space held or actively under construction in preparation for future data center fit-out.

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

(9) Represents improvements in progress as of June 30, 2024, which benefit space recently converted to our operating portfolio and is composed primarily of shared infrastructure projects and
first-generation tenant improvements. Includes $2.9 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.


-----

|Three Months Ended 30-Jun-24 31-Mar-24 31-Dec-23 30-Sep-23 30-Jun-23 Non-Recurring Capital Expenditures (1) Development (2) $531,903 $549,522 $845,315 $953,267 $523,406 Enhancements and Other Non-Recurring 7,051 7,738 10,113 1,317 1,479 Total Non-Recurring Capital Expenditures $538,953 $557,260 $855,428 $954,584 $524,885 Recurring Capital Expenditures (3) $60,483 $47,676 $142,808 $90,251 $53,498|Six Months Ended|
|---|---|
||30-Jun-24 30-Jun-23|
||$1,081,425 $1,168,316 14,789 4,275 $1,096,214 $1,172,591 $108,159 $93,963|
|Total Direct Capital Expenditures $599,436 $604,936 $998,236 $1,044,835 $578,383 Indirect Capital Expenditures Capitalized Interest $27,592 $28,522 $33,032 $29,130 $27,883 Capitalized Overhead 28,457 25,857 27,867 23,837 23,717|$1,204,373 $1,266,554 $56,114 $54,654 54,314 47,452|
|Total Indirect Capital Expenditures $56,049 $54,379 $60,899 $52,967 $51,600|$110,428 $102,106|
|Total Improvements to and Advances for $655,485 $659,315 $1,059,135 $1,097,802 $629,983 Investment in Real Estate|$1,314,801 $1,368,660|


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

(2) Amount reflects the total capital expenditures on consolidated development projects during the quarter. The total includes 100% of spending on projects contributed
to joint ventures for all periods excluding the period ended June 30, 2024, prior to their contribution.

(3) Recurring capital expenditures represent non-incremental building improvements required to maintain current revenues, including second-generation tenant
improvements and external leasing commissions. Recurring capital expenditures do not include acquisition costs contemplated when underwriting the purchase of a
building, costs which are incurred to bring a building up to Digital Realty’s operating standards, or internal leasing commissions.


-----

**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)]**

Land and
Schiphol Rijk Buildings Amsterdam 5/16/2024 $7,869 — 70,000 — 39,000 —

**Total** **$7,869** **—** **70,000** **—** **39,000** **—**

**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)]**

Wilhelm Fay Straße 24 (FRA29-32) [(5) ] Building Frankfurt 4/19/2024 $503,511 5.7% 449,546 — — 92.0%

**Total** **$503,511** **5.7%** **449,546** **—** **—** **92.0%**

**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)]**

Chicago Hyperscale JV [ (6)] Chicago 4/16/2024 $455,000 6.5% — — — —

**Total** **$455,000** **6.5%** **—** **—** **—** **—**

(1) Represents the purchase price or sale price, as applicable before contractual price adjustments, transaction expenses, taxes, and potential currency fluctuations. All prices converted to USD
based on FX rate as of June 30, 2024.

(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) DLR sold an additional 24.9% interest in the facility for €117 million or $125 million. Sale price is shown at 100%.

(6) GI Partners acquired a 75% equity interest in a stabilized hyperscale data center building in the Chicago metro area. Digital Realty received approximately $388 million of gross proceeds and
maintained a 25% interest in the joint venture. Contribution price is shown at 100%.


-----

**Summary Balance Sheet -** **As of June 30, 2024**

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

Gross cost of operating real estate $6,139,171 $1,723,489 $320,546 $1,339,848 $9,523,055

Accumulated depreciation & amortization (805,685) (232,461) (1,197) (85,659) (1,125,003)

**Net Book Value of Operating Real Estate** **$5,333,487** **$1,491,028** **$319,349** **$1,254,189** **$8,398,052**

Cash 340,090 258,480 66,889 23,187 688,646

Other assets 1,780,392 158,247 36,889 250,506 2,226,035

**Total Assets** **$7,453,968** **$1,907,755** **$423,126** **$1,527,883** **$11,312,733**

Debt 2,790,045 619,462 — 471,258 3,880,765

Other liabilities 648,204 145,456 389,840 33,871 1,217,370

Equity / (deficit) 4,015,721 1,142,837 33,287 1,022,754 6,214,598

**Total Liabilities and Equity** **$7,453,968** **$1,907,755** **$423,126** **$1,527,883** **$11,312,733**

_Digital Realty's ownership percentage_ _Various_ _Various_ _Various_ _38%_

**Digital Realty's Pro Rata Share of Unconsolidated JV Debt** **$933,601** **$302,303** **—** **$179,744** **$1,415,647**

**Three Months Ended June 30, 2024**
**Summary Statement of Operations -**

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

Total revenues $207,074 $70,307 $3,633 $24,788 $305,802

Operating expenses (93,697) (34,951) (1,532) (9,048) (139,228)

**Net Operating Income (NOI)** **$113,376** **$35,356** **$2,102** **$15,740** **$166,574**

Straight-line rent (2,473) (5,264) (1) (46) (7,784)

Above and below market rent 2,683 — — (775) 1,908

**Cash Net Operating Income (NOI)** **$113,585** **$30,093** **$2,101** **$14,918** **$160,698**

Interest expense ($62,078) ($1,199) ($1,811) ($5,131) ($70,219)

Depreciation & amortization (105,122) (17,233) (1,215) (15,092) (138,661)

Other income / (expense) 19,521 (3,196) (640) 4,931 20,615

FX remeasurement on USD debt (82,338) — — 4,757 (77,581)

**Total Non-Operating Expenses** **($230,016)** **($21,628)** **($3,666)** **($10,536)** **($265,846)**

**Net Income / (Loss)** **($116,640)** **$13,728** **($1,564)** **$5,204** **($99,272)**

**Digital Realty's Pro Rata Share of Unconsolidated JV NOI** **$35,376** **$17,678** **$461** **$6,003** **$59,518**

**Digital Realty's Pro Rata Share of Unconsolidated JV Cash NOI** **$35,407** **$15,047** **$461** **$5,690** **$56,604**

Digital Realty's Earnings (loss) income from unconsolidated joint ventures ($48,878) $6,864 ($895) $1,467 ($41,443)

**Digital Realty's Pro Rata Share of Core FFO [(5)]** **$25,486** **$15,480** **($646)** **$5,457** **$45,778**

**Digital Realty's Fee Income from Joint Ventures** **$8,514** **$304** **$1,790** **$3,618** **$14,226**

(1) Includes Ascenty, Blackstone NoVa, Clise, GI Partners, Mapletree, Menlo, Mitsubishi, Realty Income, TPG Real Estate, and Walsh.

(2) Includes Digital Connexion, Lumen, and MC Digital Realty.

(3) Includes Blackstone Paris, Medallion, and Mivne.

(4) Includes Digital Core REIT.

(5) For a definition of Core FFO, see page 31.

Note: Digital Realty’s ownership percentages in the Joint Ventures vary.


-----

**Unaudited and Dollars in Thousands** **Second Quarter 2024**

**Three Months Ended**

**Reconciliation of Earnings Before Interest, Taxes, Depreciation & Amortization**
**(EBITDA) [(1)]** **30-Jun-24** **[31-Mar-24 ]** **[31-Dec-23 ]** **[30-Sep-23 ]** **[30-Jun-23 ]**

**Net Income / (Loss) Available to Common Stockholders** **$70,039** **$271,327** **$18,122** **$723,440** **$108,003**

Interest 114,756 109,535 113,638 110,767 111,116

Loss from early extinguishment of debt — 1,070 — — —

Income tax expense (benefit) 14,992 22,413 20,724 17,228 16,173

Depreciation & amortization 425,343 431,102 420,475 420,613 432,573

**EBITDA** **$625,130** **$835,446** **$572,958** **$1,272,048** **$667,866**

Unconsolidated JV real estate related depreciation & amortization 47,117 47,877 64,833 43,214 35,386

Unconsolidated JV interest expense and tax expense 27,704 34,271 42,140 27,000 32,105

Severance, equity acceleration and legal expenses 884 791 7,565 2,682 3,652

Transaction and integration expenses 26,072 31,839 40,226 14,465 17,764

(Gain) / loss on sale of investments (173,709) (277,787) 103 (810,688) (89,946)

Provision for impairment 168,303 — 5,363 113,000 —

Other non-core adjustments, net [(2)] 743 21,608 (35,439) 1,719 22,132

Non-controlling interests (5,552) 6,329 (8,419) 12,320 (2,538)

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

**Adjusted EBITDA** **$726,874** **$710,556** **$699,509** **$685,943** **$696,604**

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

(2) Includes foreign exchange net unrealized gains/losses attributable to remeasurement, deferred rent adjustments related to a customer bankruptcy, write offs associated with bankrupt or
terminated customers, non-recurring legal expenses, gain on sale of land option and lease termination fees.

**Three Months Ended**

**Financial Ratios** **30-Jun-24** **31-Mar-24** **31-Dec-23** **30-Sep-23** **30-Jun-23**

Total GAAP interest expense $114,756 $109,535 $113,638 $110,767 $111,116

Capitalized interest 27,592 28,522 33,032 29,130 27,883

Change in accrued interest and other non-cash amounts (55,605) 55,421 (66,013) 44,183 (60,612)

**Cash Interest Expense [(3)]** **$86,743** **$193,479** **$80,657** **$184,081** **$78,387**

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

**Total Fixed Charges [(4)]** **$152,529** **$148,239** **$156,851** **$150,079** **$149,181**

**Coverage**

Interest coverage ratio [(5)] 4.3x 4.3x 4.0x 4.3x 4.5x

Cash interest coverage ratio [(6)] 6.4x 3.2x 6.4x 3.4x 7.4x

Fixed charge coverage ratio [(7)] 4.1x 4.0x 3.8x 4.1x 4.2x

Cash fixed charge coverage ratio [(8)] 5.9x 3.1x 5.8x 3.2x 6.6x

**Leverage**

Debt to total enterprise value [(9)(10)] 24.2% 26.7% 28.6% 30.6% 33.3%

Debt-plus-preferred-stock-to-total-enterprise-value [(10)(11)] 25.3% 27.9% 29.8% 32.0% 34.7%

Pre-tax income to interest expense [(12)] 1.7x 3.6x 1.2x 7.7x 2.0x

Net Debt-to-Adjusted EBITDA [(13)] 5.3x 6.1x 6.2x 6.3x 6.8x

(3) Cash interest expense is interest expense less amortization of debt discount and deferred financing fees and includes interest that we capitalized. We consider cash interest expense to be a
useful measure of interest as it excludes non-cash-based interest expense.

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

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

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

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

(8) Adjusted EBITDA divided by the sum of cash interest expense and preferred stock dividends (including our pro rata share of unconsolidated joint venture cash fixed charges).

(9) Total debt divided by market value of common equity plus debt plus preferred stock.

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

(11) Same as (9), except numerator includes preferred stock.

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

(13) Calculated as total debt at balance sheet carrying value, plus capital lease obligations, plus Digital Realty’s pro rata share of unconsolidated joint venture debt, less cash and cash equivalents

(including Digital Realty’s pro rata share of unconsolidated joint venture cash) divided by the product of Adjusted EBITDA (including Digital Realty’s pro rata share of unconsolidated joint
venture EBITDA), multiplied by four.


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**Definitions**

**Funds From Operations (FFO):**
We calculate funds from operations, or FFO, in accordance with the standards established by the National Association of Real Estate Investment Trusts
(Nareit) in the Nareit Funds From Operations White Paper - 2018 Restatement. FFO is a non-GAAP financial measure and represents net income (loss)
(computed in accordance with GAAP), excluding gain (loss) from the disposition of real estate assets, provision for impairment, real estate related
depreciation and amortization (excluding amortization of deferred financing costs), our share of unconsolidated JV real estate related depreciation &
amortization, net income attributable to non-controlling interests in operating partnership and, depreciation related to non-controlling interests.
Management uses FFO as a supplemental performance measure because, in excluding real estate related depreciation and amortization and gains and
losses from property dispositions and after adjustments for unconsolidated partnerships and joint ventures, it provides a performance measure that,
when compared year over year, captures trends in occupancy rates, rental rates and operating costs. We also believe that, as a widely recognized
measure of the performance of REITs, FFO will be used by investors as a basis to compare our operating performance with that of other REITs. However,
because FFO excludes depreciation and amortization and captures neither the changes in the value of our data centers that result from use or market
conditions, nor the level of capital expenditures and capitalized leasing commissions necessary to maintain the operating performance of our data
centers, all of which have real economic effect and could materially impact our financial condition and results from operations, the utility of FFO as a
measure of our performance is limited. Other REITs may not calculate FFO in accordance with the Nareit definition and, accordingly, our FFO may not be
comparable to other REITs’ FFO. FFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our
performance.

**Core Funds from Operations (Core FFO):**
We present core funds from operations, or Core FFO, as a supplemental operating measure because, in excluding certain items that do not reflect core
revenue or expense streams, it provides a performance measure that, when compared year over year, captures trends in our core business operating
performance. We calculate Core FFO by adding to or subtracting from FFO (i) other non-core revenue adjustments, (ii) transaction and integration
expenses, (iii) loss 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, (i) unconsolidated joint venture real estate
related depreciation & amortization, (ii) unconsolidated joint venture interest expense and tax, (iii) severance, equity acceleration and legal expenses,
(iv) transaction and integration expenses, (v) gain (loss) on sale / deconsolidation, (vi) provision for impairment, (vii) other non-core adjustments, net,
(viii) non-controlling interests, (ix) preferred stock dividends, and (x) issuance costs associated with redeemed preferred stock. Adjusted EBITDA is
EBITDA excluding (i) unconsolidated joint venture real estate related depreciation & amortization, (ii) unconsolidated joint venture interest expense and
tax, (iii) severance, equity acceleration and legal expenses, (iv) transaction and integration expenses, (v) gain (loss) on sale / deconsolidation, (vi)
provision for impairment, (vii) other non-core adjustments, net, (vii) non-controlling interests, (ix) preferred stock dividends, and (x) gain on / issuance
costs associated with redeemed preferred stock. In addition, we believe EBITDA and Adjusted EBITDA are frequently used by securities analysts,
investors, and other interested parties in the evaluation of REITs. Because EBITDA and Adjusted EBITDA are calculated before recurring cash charges
including interest expense and income taxes, exclude capitalized costs, such as leasing commissions, and are not adjusted for capital expenditures or
other recurring cash requirements of our business, their utility as a measure of our performance is limited. Other REITs may calculate EBITDA and
Adjusted EBITDA differently than we do and, accordingly, our EBITDA and Adjusted EBITDA may not be comparable to other REITs’ EBITDA and Adjusted
EBITDA. Accordingly, EBITDA and Adjusted EBITDA should be considered only as supplements to net income computed in accordance with GAAP as a
measure of our financial performance.


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**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, 2022 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 2023-2024, 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 total debt plus preferred stock divided by total debt plus the liquidation value of preferred stock and the market value of
outstanding Digital Realty Trust, Inc. common stock and Digital Realty Trust, L.P. units, assuming the redemption of Digital Realty Trust, L.P. units for shares of Digital Realty
Trust, Inc. common stock.

Fixed charge coverage ratio is Adjusted EBITDA divided by the sum of GAAP interest expense, capitalized interest and preferred stock dividends. For the quarter ended
June 30, 2024, GAAP interest expense was $115 million, capitalized interest was $28 million and preferred stock dividends was $10 million.

|Reconciliation of Net Operating Income (NOI) Three Months Ended (in thousands) 30-Jun-24 31-Mar-24 30-Jun-23 Operating income $9,889 $149,367 $154,860 Fee income (15,656) (13,010) (14,908) Other income (2,125) (862) (932) Depreciation and amortization 425,343 431,102 432,573 General and administrative 119,511 114,419 105,964 Severance, equity acceleration and legal expenses 884 791 3,652 Transaction expenses 26,072 31,839 17,764 Provision for impairment 168,303 — — Other expenses (529) 10,836 655|Six Months Ended 30-Jun-24 30-Jun-23|
|---|---|
||$159,256 $332,196 (28,666) (22,777) (2,987) (1,819) 856,445 853,771 233,931 213,730 1,675 7,807 57,911 30,031 168,303 — 10,306 655|
|Net Operating Income $731,692 $724,482 $699,629 Cash Net Operating Income (Cash NOI) Net Operating Income $731,692 $724,482 $699,629 Straight-line rental revenue (2,873) (2,522) 12,116 Straight-line rental expense 959 1,369 722 Above- and below-market rent amortization (1,691) (854) (1,195)|$1,456,175 $1,413,594|
||$1,456,175 $1,413,594 (5,395) (3,815) 2,328 212 (2,545) (2,421)|
|Cash Net Operating Income $728,088 $722,474 $711,272 Constant Currency CFFO Reconciliation Three Months Ended (in thousands, except per share data) 30-Jun-24 30-Jun-23 Core FFO (1) $538,482 $507,501 Core FFO impact of holding '23 Exchange Rates Constant (2) 3,841 —|$1,450,563 $1,407,570|
||Six Months Ended 30-Jun-24 30-Jun-23|
||$1,070,634 $1,001,001 5,180 —|
|Constant Currency Core FFO $542,323 $507,501 Weighted-average shares and units outstanding - diluted 326,181 301,806 Constant Currency CFFO Per Share $1.66 $1.68|$1,075,814 $1,001,001 322,619 299,730 $3.33 $3.34|



1) As reconciled to net income above.

2) Adjustment calculated by holding currency translation rates for 2024 constant with average currency translation rates that were applicable to the same periods in 2023.


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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, 2024 outlook and underlying assumptions, information related to trends,
our strategy and plans, leasing expectations, weighted average lease terms, the exercise of lease extensions, lease expirations, debt maturities, annualized rent at expiration of leases, the effect
new leases and increases in rental rates will have on our rental revenue, our credit ratings, construction and development activity and plans, projected construction costs, estimated yields on
investment, expected occupancy, expected square footage and IT load capacity upon completion of development projects, backlog NOI, NAV components, and other forward-looking financial
data. Such statements are based on management’s beliefs and assumptions made based on information currently available to management. Such statements are subject to risks, uncertainties and
assumptions and are not guarantees of future performance and may be affected by known and unknown risks, trends, uncertainties, and factors that are beyond our control. Should one or more
of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated, or projected. Some of the risks
and uncertainties that may cause our actual results, performance, or achievements to differ materially from those expressed or implied by forward-looking statements include, among others, the
following:

-  reduced demand for data centers or decreases in information technology spending;

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

-  increased competition or available supply of data center space;

-  the suitability of our data centers and data center infrastructure, delays or disruptions in connectivity or availability of power, or failures or breaches of our physical and information
security infrastructure or services;

-  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;

-  the expected operating performance of anticipated near-term acquisitions and descriptions relating to these expectations;

-  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, 2023, 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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