**Digital Realty Reports First Quarter 2024 Results**

**Austin, TX — May 2, 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 first quarter of 2024. All per share results are presented on a fully diluted basis.

**Highlights**

-  Reported net income available to common stockholders of $0.82 per share in 1Q24, compared to $0.20 in 1Q23

-  Reported FFO per share of $1.41 in 1Q24, compared to $1.60 in 1Q23

-  Reported Core FFO per share of $1.67 in 1Q24, compared to $1.66 in 1Q23

-  Reported “Same-Capital” cash NOI growth of 4.7% in 1Q24

-  Reported rental rate increases on renewal leases of 11.8% on a cash basis in 1Q24

-  Signed total bookings during 1Q24 that are expected to generate $252 million of annualized GAAP rental revenue, including a $40 million
contribution from the 0–1 megawatt category and $13 million contribution from interconnection

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

**Financial Results**

Digital Realty reported revenues of $1.3 billion in the first quarter of 2024, a 3% decrease from the previous quarter and an 1% decrease from the same
quarter last year.

The company delivered net income of $288 million in the first quarter of 2024, and net income available to common stockholders of $271 million, or
$0.82 per diluted share, compared to $0.08 per diluted share in the previous quarter and $0.20 per diluted share in the same quarter last year.

Digital Realty generated Adjusted EBITDA of $711 million in the first quarter of 2024, a 2% increase from the previous quarter and 6% increase over the
same quarter last year.

The company reported Funds From Operations (FFO) of $451 million in the first quarter of 2024, or $1.41 per share, compared to $1.53 per share in the
previous quarter and $1.60 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 $1.67 in the first quarter
of 2024, compared to $1.63 per share in the previous quarter and $1.66 per share in the same quarter last year. Digital Realty delivered ConstantCurrency Core FFO per share of $1.67 for the first quarter of 2024.

“Digital Realty saw accelerating demand in the first quarter, executing on a number of multifaceted AI-oriented opportunities, while continuing to
support hybrid multi-cloud requirements. Strong demand supported a new leasing record, driven by large footprint deals,” said Digital Realty President
& Chief Executive Officer Andy Power. “In support of this demand, we sourced over $1 billion of fresh capital through asset sales and joint ventures,
further reducing our reported leverage while positioning the company to meet our customers' growing needs.”

**Leasing Activity**

In the first quarter, Digital Realty signed total bookings that are expected to generate $252 million of annualized GAAP rental revenue, including a $40
million contribution from the 0–1 megawatt category and a $13 million contribution from interconnection.

The weighted-average lag between new leases signed during the first quarter of 2024 and the contractual commencement date was 7 months.

In addition to new leases signed, Digital Realty also signed renewal leases representing $248 million of annualized cash rental revenue during the
quarter. Rental rates on renewal leases signed during the first quarter of 2024 increased 11.8% on a cash basis and 13.0% on a GAAP basis.


-----

New leases signed during the first 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 $19,050 67 $283 6.5 $243

> 1 MW 175,200 636 275 84.0 174

Other [(1)] 495 10 51 — —

**Total** **$194,746** **713** **$273** **90.5** **$179**

**EMEA [(2)]**

0-1 MW $14,754 60 $246 5.5 $224

> 1 MW 23,020 112 206 13.7 140

Other [(1)] 72 1 117 — —

**Total** **$37,846** **173** **$219** **19.2** **$164**

**Asia Pacific [(2)]**

0-1 MW $6,192 18 $343 1.5 $333

> 1 MW — — — — —

Other [(1)] 159 3 56 — —

**Total** **$6,351** **21** **$304** **1.5** **$333**

**All Regions [(2)]**

0-1 MW $39,996 145 $275 13.6 $246

> 1 MW 198,220 748 265 97.7 169

Other [(1)] 726 13 55 — —

**Total** **$238,942** **907** **$264** **111.2** **$178**

**Interconnection** **$13,240** **N/A** **N/A** **N/A** **N/A**

**Grand Total** **$252,182** **907** **$264** **111.2** **$178**

Note: Totals may not foot due to rounding differences.

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

(2) Based on quarterly average exchange rates during the three months ended March 31, 2024.

**Investment Activity**

As previously disclosed, in the first quarter, Digital Realty successfully resolved its relationship with Cyxtera, with the closing of a series of transactions
with Brookfield Infrastructure Partners L.P., Cyxtera Technologies and Digital Core REIT. Digital Realty received $277 million for its interest in four data
centers and redeployed $55 million to buy out Cyxtera’s leases in Digital Realty’s Frankfurt and Singapore data centers. Digital Realty also exercised its
option to purchase a data center outside of London, UK, which is expected to close in the second quarter.

Also previously disclosed, in January, Digital Realty and Blackstone Inc. established the first phase of their $7 billion hyperscale data center development
joint venture, which includes campuses in Paris and Northern Virginia. The second phase is scheduled to close later this year, upon obtaining the
required approvals.

As announced in early March, Digital Realty and Mitsubishi Corporation established a joint venture to support the development of two build-to-suit data
centers in the Dallas metro area. The two data centers commenced construction in the fourth quarter of 2022 and can deliver up to 48 megawatts of IT
load. Mitsubishi initially invested approximately $200 million to acquire a 65% equity interest in the venture, while Digital Realty maintains a 35%
interest. Each partner will fund its pro rata share of the remaining development costs for the two facilities, which are slated for initial completion and
commencement in late 2024.

Additionally, as previously disclosed, during the quarter, Digital Realty closed on the purchase of approximately 19 acres of land in Paris, France for
approximately €70 million or $76 million. The parcel of land, which was previously leased to Digital Realty, is currently under development to support up
to 77 megawatts of IT load.

During the quarter, Digital Realty closed on the sale of 19 acres of vacant land in Sydney, Australia for approximately AU$96 million or $63 million.

Digital Realty also received approximately $92 million of proceeds during the first quarter, pursuant to an agreement to grant land easements for the
use of substations on its Digital Dulles campus.

During the first quarter, MC Digital Realty closed on the acquisition of five acres of land in Osaka, Japan which could support the development of up to
18 megawatts of IT load, for approximately JPY1 billion or $7 million.


-----

Subsequent to quarter end, Digital Realty and GI Partners expanded their existing joint venture in Chicago, with the sale to GI Partners of a 75% interest
in a stabilized hyperscale data center that is situated on the same campus as two stabilized hyperscale data centers that were previously contributed to
a joint venture with GI Partners in July 2023. Digital Realty received approximately $388 million of gross proceeds and will maintain a 25% interest in the
joint venture. Based on annualized in‐place cash NOI as of March 31, 2024, adjusted for a customary vacancy allowance, the transaction values the
facility at a 6.5% cap rate. As previously disclosed, in January, GI Partners executed its option to increase its stake from 65% to 80% in the two original
stabilized hyperscale data centers within the Chicago joint venture.

Subsequent to quarter end, 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 $129 million. The transaction valued the Frankfurt facility at €470 million, or
approximately $517 million (at 100% share). Digital Core REIT has an option to acquire up to an 89.9% total ownership interest in the facility.

**Balance Sheet**

Digital Realty had approximately $17.0 billion of total debt outstanding as of March 31, 2024, comprised of $16.4 billion of unsecured debt and
approximately $0.6 billion of secured debt and other. At the end of the first quarter of 2024, net debt-to-Adjusted EBITDA was 6.1x, debt-pluspreferred-to-total enterprise value was 27.9% and fixed charge coverage was 4.0x. Pro forma for the completion of the second phase of the Blackstone
development joint ventures announced in December 2023, as well as the expansion of the joint venture with GI Partners and the sale of an interest in
an asset to Digital Core REIT subsequent to quarter end, net debt-to-Adjusted EBITDA was 5.8x.

As previously disclosed, in January, Digital Realty sold 0.6 million shares of its common stock at a weighted average price of $133.43 per share for net
proceeds of approximately $84 million.

Subsequent to quarter end, the company repaid €600 million ($647 million) aggregate principal amount of its 2.625% 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**

**February 15, 2024**

$5.550 - $5.650 billion

($35 - $40 million)

$2.800 - $2.900 billion

$450 - $460 million

4.0% - 6.0%

6.0% - 8.0%

+100 - 200 bps

2.0% - 3.0%

$1.25 - $1.30

$1.05 - $1.10

$1,000 - $1,500 million

6.0% - 8.0%

$2,000 - $2,500 million

10.0%+

$15 - $20 million

$260 - $275 million

$0 - $1,000 million

5.0% - 5.5%

Mid-Year

**$1.80 - $1.95**

$4.40 - $4.40

**$6.20 - $6.35**

$0.40 - $0.40

**$6.60 - $6.75**

$0.00 - $0.00

**$6.60 - $6.75**


**As of**

**May 2, 2024**

$5.550 - $5.650 billion

($35 - $40 million)

$2.800 - $2.900 billion

$450 - $460 million

5.0% - 7.0%

7.0% - 9.0%

+100 - 200 bps

2.5% - 3.5%

$1.25 - $1.30

$1.05 - $1.10

$1,000 - $1,500 million

6.0% - 8.0%

$2,000 - $2,500 million

10.0%+

$15 - $20 million

$260 - $275 million

$0 - $1,000 million

5.0% - 5.5%

Mid-Year

**$1.80 - $1.95**

$4.40 - $4.40

**$6.20 - $6.35**

$0.40 - $0.40

**$6.60 - $6.75**

$0.00 - $0.00

**$6.60 - $6.75**


**Top-Line and Cost Structure**

Total revenue

Net non-cash rent adjustments [(1)]

Adjusted EBITDA

G&A

**Internal Growth**

Rental rates on renewal leases

Cash basis

GAAP basis

Year-end portfolio occupancy

"Same-Capital" cash NOI growth [(2)]

Foreign Exchange Rates

U.S. Dollar / Pound Sterling

U.S. Dollar / Euro

**External Growth**

Dispositions / Joint Venture Capital

Dollar volume

Cap rate

Development

CapEx (Net of Partner Contributions) [(3)]

Average stabilized yields

Enhancements and other non-recurring CapEx [(4)]

Recurring CapEx + capitalized leasing costs [(5)]

**Balance Sheet**

Long-term debt issuance

Dollar amount

Pricing

Timing

**Net income per diluted share**

Real estate depreciation and (gain) / loss on sale

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

Non-core expenses and revenue streams

**Core Funds From Operations / share**

Foreign currency translation adjustments

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


(1) Net non-cash rent adjustments represent the sum of straight-line rental revenue and straight-line rental expense, as well as the amortization of above- and belowmarket leases (i.e., ASC 805 adjustments).

(2) The “Same-Capital” pool includes properties owned as of December 31, 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 May 2, 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 first 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# 1322262 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 June 2, 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# 7673278. 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


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**Consolidated Quarterly Statements of Operations**

**Unaudited and in Thousands, Except Per Share Data**


**First Quarter 2024**


**Three Months Ended**

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

Rental revenues $894,409 $885,694 $886,960 $869,298 $870,975

Tenant reimbursements - Utilities 276,357 316,634 335,477 330,416 317,148

Tenant reimbursements - Other 38,434 46,418 64,876 46,192 40,150

Interconnection & other 108,071 106,413 107,305 104,521 101,695

Fee income 13,010 14,330 7,819 14,908 7,868

Other 862 144 — 932 887

**Total Operating Revenues** **$1,331,143** **$1,369,633** **$1,402,437** **$1,366,267** **$1,338,724**

Utilities $324,571 $366,083 $384,455 $374,934 $346,364

Rental property operating 224,369 237,118 223,089 224,762 224,861

Property taxes 41,156 40,161 72,279 46,718 40,424

Insurance 2,694 3,794 4,289 4,385 4,355

Depreciation & amortization 431,102 420,475 420,613 432,573 421,198

General & administration 114,419 109,235 108,039 105,964 107,766

Severance, equity acceleration and legal expenses 791 7,565 2,682 3,652 4,155

Transaction and integration expenses 31,839 40,226 14,465 17,764 12,267

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

Other expenses 10,836 5,580 1,295 655 —

**Total Operating Expenses** **$1,181,776** **$1,235,598** **$1,344,206** **$1,211,407** **$1,161,388**

**Operating Income** **$149,367** **$134,035** **$58,231** **$154,860** **$177,335**

Equity in earnings / (loss) of unconsolidated joint ventures (16,008) (29,955) (19,793) 5,059 14,897

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

Interest and other income / (expense), net 9,709 50,269 24,812 (6,930) 280

Interest (expense) (109,535) (113,638) (110,767) (111,116) (102,220)

Income tax benefit / (expense) (22,413) (20,724) (17,228) (16,173) (21,454)

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

**Net Income** **$287,837** **$19,884** **$745,941** **$115,647** **$68,839**

Net income / (loss) attributable to noncontrolling interests (6,329) 8,419 (12,320) 2,538 (111)

**Net Income Attributable to Digital Realty Trust, Inc.** **$281,508** **$28,304** **$733,621** **$118,185** **$68,728**

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

**Net Income / (Loss) Available to Common Stockholders** **$271,327** **$18,122** **$723,440** **$108,003** **$58,547**

Weighted-average shares outstanding - basic 312,292 305,781 301,827 295,390 291,219

Weighted-average shares outstanding - diluted 320,798 314,995 311,341 306,819 303,065

Weighted-average fully diluted shares and units 326,975 321,173 317,539 313,021 309,026

Net income / (loss) per share - basic $0.87 $0.06 $2.40 $0.37 $0.20

Net income / (loss) per share - diluted $0.82 $0.08 $2.34 $0.35 $0.20


-----

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

**Unaudited and in Thousands, Except Per Share Data**


**First Quarter 2024**


**Three Months Ended**

**Reconciliation of Net Income to Funds From Operations (FFO)** **31-Mar-24** **31-Dec-23** **30-Sep-23** **30-Jun-23** **31-Mar-23**

**Net Income / (Loss) Available to Common Stockholders** **$271,327** **$18,122** **$723,440** **$108,003** **$58,547**

Adjustments:

Non-controlling interest in operating partnership 6,200 410 16,300 2,500 1,500

Real estate related depreciation & amortization [(1)] 420,591 410,167 410,836 424,044 412,192

Reconciling items related to non-controlling interests (8,017) (15,377) (14,569) (14,144) (13,388)

Unconsolidated JV real estate related depreciation & amortization 47,877 64,833 43,215 35,386 33,719

(Gain) / loss on real estate transactions (286,704) 103 (810,688) (89,946) (7,825)

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

|Funds From Operations|$451,273|$483,621 $481,535 $465,844 $484,745|
|---|---|---|



Weighted-average shares and units outstanding - basic 318,469 311,960 308,024 301,593 297,180

Weighted-average shares and units outstanding - diluted [(2) (3)] 326,975 321,173 317,539 313,021 309,026

**Funds From Operations per share - basic** **$1.42** **$1.55** **$1.56** **$1.54** **$1.63**

**Funds From Operations per share - diluted[ (2) (3)]** **$1.41** **$1.53** **$1.55** **$1.52** **$1.60**

**Three Months Ended**

**Reconciliation of FFO to Core FFO** **31-Mar-24** **31-Dec-23** **30-Sep-23** **30-Jun-23** **31-Mar-23**

**Funds From Operations** **$451,273** **$483,621** **$481,535** **$465,844** **$484,745**

Other non-core revenue adjustments 3,525 (146) (27) 27,454 (887)

Transaction and integration expenses 31,839 40,226 14,465 17,764 12,267

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

Severance, equity acceleration and legal expenses [(4)] 791 7,565 2,682 3,652 4,155

(Gain) / Loss on FX revaluation 33,602 (24,804) 451 (7,868) (6,778)

Other non-core expense adjustments 10,052 1,956 1,295 655 —

|Core Funds From Operations|$532,153|$508,417 $500,402 $507,501 $493,500|
|---|---|---|



Weighted-average shares and units outstanding - diluted[ (2) (3)] 319,138 312,356 308,539 301,806 297,382

|Core Funds From Operations per share - diluted (2)|$1.67|$1.63 $1.62 $1.68 $1.66|
|---|---|---|



(1)     Real Estate Related Depreciation & Amortization **Three Months Ended**

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

Depreciation & amortization per income statement $431,102 $420,475 $420,613 $432,573 $421,198

Non-real estate depreciation (10,511) (10,308) (9,777) (8,529) (9,006)

**Real Estate Related Depreciation & Amortization** **$420,591** **$410,167** **$410,836** **$424,044** **$412,192**

(2) Certain of Teraco's minority indirect shareholders have the right to put their shares in an upstream parent company of Teraco to Digital Realty in exchange for cash or the equivalent value
of shares of Digital Realty common stock, or a combination thereof. US GAAP requires Digital Realty to assume the put right is settled in shares for purposes of calculating diluted EPS. This
same approach was utilized to calculate FFO/share. The potential future dilutive impact associated with this put right will be excluded from Core FFO and AFFO until settlement occurs –
causing diluted share count to be higher for FFO than for Core FFO and AFFO. When calculating diluted FFO, Teraco related minority interest is added back to the FFO numerator as the
denominator assumes all shares have been put back to Digital Realty.

**Three Months Ended**

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

Teraco noncontrolling share of FFO $9,768 $7,135 $11,537 $9,645 $11,069

**Teraco related minority interest** **$9,768** **$7,135** **$11,537** **$9,645** **$11,069**

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


-----

**Adjusted Funds From Operations (AFFO)**

**Unaudited and in Thousands, Except Per Share Data**


**First Quarter 2024**


**Three Months Ended**

**Reconciliation of Core FFO to AFFO** **31-Mar-24** **31-Dec-23** **30-Sep-23** **30-Jun-23** **31-Mar-23**

**Core FFO available to common stockholders and unitholders** **$532,153** **$508,417** **$500,402** **$507,501** **$493,500**

Adjustments:

Non-real estate depreciation 10,511 10,308 9,777 8,529 9,006

Amortization of deferred financing costs 5,576 5,744 5,776 5,984 4,072

Amortization of debt discount/premium 1,832 973 1,360 1,339 1,301

Non-cash stock-based compensation expense 12,592 9,226 14,062 13,893 13,056

Straight-line rental revenue 9,976 (21,992) (14,080) (16,151) (16,194)

Straight-line rental expense 1,111 (4,999) 1,427 520 (515)

Above- and below-market rent amortization (854) (856) (1,127) (1,195) (1,226)

Deferred tax (benefit) / expense (3,437) 33,448 (8,539) 1,339 (9,795)

Leasing compensation & internal lease commissions 13,291 9,848 12,515 11,611 11,067

Recurring capital expenditures [(1)] (47,676) (142,808) (90,251) (53,498) (40,465)

**AFFO available to common stockholders and unitholders [(2)]** **$535,073** **$407,306** **$431,322** **$479,873** **$463,807**

Weighted-average shares and units outstanding - basic 318,469 311,960 308,024 301,593 297,180

Weighted-average shares and units outstanding - diluted [(3)] 319,138 312,356 308,539 301,806 297,382

**AFFO per share - diluted [(3)]** **$1.68** **$1.30** **$1.40** **$1.59** **$1.56**

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

**Diluted AFFO Payout Ratio** **72.8%** **93.6%** **87.3%** **76.7%** **78.2%**

**Three Months Ended**

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

**Weighted Average Common Stock and Units Outstanding** **318,469** **311,960** **308,024** **301,593** **297,180**

Add: Effect of dilutive securities 669 396 515 213 202

**Weighted Avg. Common Stock and Units Outstanding - diluted** **319,138** **312,356** **308,539** **301,806** **297,382**

(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.


-----

**Consolidated Balance Sheets**

**Unaudited and in Thousands, Except Per Share Data**

**Assets**

Investments in real estate:


**First Quarter 2024**

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


Real estate $27,122,796 $27,306,369 $25,887,031 $27,087,769 $27,052,022

Construction in progress 4,496,840 4,635,215 5,020,464 4,635,939 4,563,578

Land held for future development 114,240 118,190 179,959 193,936 194,564

**Investments in Real Estate** **$31,733,877** **$32,059,773** **$31,087,453** **$31,917,644** **$31,810,164**

Accumulated depreciation and amortization (7,976,093) (7,823,685) (7,489,193) (7,739,462) (7,600,559)

**Net Investments in Properties** **$23,757,784** **$24,236,089** **$23,598,260** **$24,178,182** **$24,209,605**

Investment in unconsolidated joint ventures 2,365,821 2,295,889 2,180,313 2,040,452 1,995,576

**Net Investments in Real Estate** **$26,123,605** **$26,531,977** **$25,778,573** **$26,218,634** **$26,205,180**

Operating lease right-of-use assets, net $1,233,410 $1,414,256 $1,274,410 $1,291,233 $1,317,293

Cash and cash equivalents 1,193,784 1,625,495 1,062,050 124,519 131,406

Accounts and other receivables, net [(1)] 1,217,276 1,278,110 1,325,725 1,158,383 1,070,066

Deferred rent, net 611,670 624,427 586,418 613,796 627,700

Goodwill 9,105,026 9,239,871 8,998,074 9,148,603 9,199,636

Customer relationship value, deferred leasing costs & other intangibles, net 2,359,380 2,500,237 2,506,198 2,825,596 3,015,291

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

Other assets 501,875 420,382 401,068 414,078 386,495

**Total Assets** **$42,633,089** **$44,113,257** **$41,932,515** **$42,388,735** **$41,953,068**

**Liabilities and Equity**

Global unsecured revolving credit facilities, net $1,901,126 $1,812,287 $1,698,780 $2,242,258 $2,514,202

Unsecured term loans, net 1,303,263 1,560,305 1,524,663 1,548,780 1,542,275

Unsecured senior notes, net of discount 13,190,202 13,422,342 13,072,102 13,383,819 13,258,079

Secured and other debt, net of discount 625,750 630,973 574,231 554,594 560,955

Operating lease liabilities 1,357,751 1,542,094 1,404,510 1,420,239 1,443,994

Accounts payable and other accrued liabilities 1,870,344 2,168,983 2,147,103 2,214,820 1,923,819

Deferred tax liabilities, net 1,121,224 1,151,096 1,088,724 1,128,961 1,164,276

Accrued dividends and distributions — 387,988 — — —

Security deposits and prepaid rents 413,225 401,867 385,521 417,693 392,021

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

**Total Liabilities** **$21,792,866** **$23,116,936** **$21,895,634** **$22,916,155** **$22,799,620**

Redeemable non-controlling interests 1,350,736 1,394,814 1,360,308 1,367,422 1,448,772

**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)] 3,097 3,088 3,002 2,967 2,888

Additional paid-in capital 24,508,683 24,396,797 23,239,088 22,882,200 22,126,379

Dividends in excess of earnings (5,373,529) (5,262,648) (4,900,757) (5,253,915) (4,995,982)

Accumulated other comprehensive (loss), net (850,091) (751,393) (882,996) (741,484) (652,486)

**Total Stockholders' Equity** **$19,019,850** **$19,117,535** **$18,190,026** **$17,621,456** **$17,212,490**

**Noncontrolling Interests**

Noncontrolling interest in operating partnership $438,422 $438,081 $441,366 $436,099 $444,843

Noncontrolling interest in consolidated joint ventures 31,215 45,892 45,182 47,603 47,342

**Total Noncontrolling Interests** **$469,637** **$483,972** **$486,547** **$483,702** **$492,185**

**Total Equity** **$19,489,487** **$19,601,507** **$18,676,573** **$18,105,158** **$17,704,675**

|Total Liabilities and Equity|$42,633,089|$44,113,257|$41,932,515|$42,388,735|$41,953,068|
|---|---|---|---|---|---|



(1) Net of allowance for doubtful accounts of $43,873 and $36,240 as of March 31, 2024 and March 31, 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 March 31, 2024 and March 31, 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 March 31, 2024 and March 31,
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 March 31, 2024 and March 31,
2023.

(5) Common Stock: 312,421 and 291,299 shares issued and outstanding as of March 31, 2024 and March 31, 2023, respectively.


-----

**Reconciliation of Earnings Before Interest, Taxes, Depreciation &**

**Unaudited and Dollars in Thousands**

**Three Months Ended**

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

**Net Income / (Loss) Available to Common Stockholders** **$271,327** **$18,122** **$723,440** **$108,003** **$58,547**

Interest 109,535 113,638 110,767 111,116 102,220

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

Income tax expense (benefit) 22,413 20,724 17,228 16,173 21,454

Depreciation & amortization 431,102 420,475 420,613 432,573 421,198

**EBITDA** **$835,446** **$572,958** **$1,272,048** **$667,866** **$603,420**

Unconsolidated JV real estate related depreciation & amortization 47,877 64,833 43,214 35,386 33,719

Unconsolidated JV interest expense and tax expense 34,271 42,140 27,000 32,105 18,556

Severance, equity acceleration and legal expenses 791 7,565 2,682 3,652 4,155

Transaction and integration expenses 31,839 40,226 14,465 17,764 12,267

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

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

Other non-core adjustments, net 21,608 (35,439) 1,719 22,132 (14,604)

Non-controlling interests 6,329 (8,419) 12,320 (2,538) 111

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

**Adjusted EBITDA** **$710,556** **$699,509** **$685,943** **$696,604** **$667,804**

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

**Three Months Ended**

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

Total GAAP interest expense $109,535 $113,638 $110,767 $111,116 $102,220

Capitalized interest 28,522 33,032 29,130 27,883 26,771

Change in accrued interest and other non-cash amounts 55,421 (66,013) 44,183 (60,612) 38,137

**Cash Interest Expense [(2)]** **$193,479** **$80,657** **$184,081** **$78,387** **$167,128**

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

**Total Fixed Charges [(3)]** **$148,239** **$156,851** **$150,079** **$149,181** **$139,172**

**Coverage**

Interest coverage ratio [(4)] 4.3x 4.0x 4.3x 4.5x 4.7x

Cash interest coverage ratio [(5)] 3.2x 6.4x 3.4x 7.4x 3.7x

Fixed charge coverage ratio [(6)] 4.0x 3.8x 4.1x 4.2x 4.4x

Cash fixed charge coverage ratio [(7)] 3.1x 5.8x 3.2x 6.6x 3.5x

**Leverage**

Debt to total enterprise value [(8)(9)] 26.7% 28.6% 30.6% 33.3% 37.3%

Debt-plus-preferred-stock-to-total-enterprise-value [(9)(10)] 27.9% 29.8% 32.0% 34.7% 38.9%

Pre-tax income to interest expense [(11)] 3.6x 1.2x 7.7x 2.0x 1.7x

Net Debt-to-Adjusted EBITDA [(12)] 6.1x 6.2x 6.3x 6.8x 7.1x

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

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

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

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

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

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

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

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

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

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

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


-----

**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.


-----

**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
March 31, 2024, GAAP interest expense was $110 million, capitalized interest was $29 million and preferred stock dividends was $10 million.

**Reconciliation of Net Operating Income (NOI)** **Three Months Ended**

**(in thousands)** **31-Mar-24** **31-Dec-23** **31-Mar-23**

**Operating income** **$149,367** **$134,035** **$177,335**

Fee income (13,010) (14,330) (7,868)

Other income (862) (144) (887)

Depreciation and amortization 431,102 420,475 421,198

General and administrative 114,419 109,235 107,766

Severance, equity acceleration and legal expenses 791 7,565 4,155

Transaction expenses 31,839 40,226 12,267

Provision for impairment — 5,363 —

Other expenses 10,836 5,580 —

**Net Operating Income** **$724,482** **$708,003** **$713,965**

**Cash Net Operating Income (Cash NOI)**

**Net Operating Income** **$724,482** **$708,003** **$713,965**

Straight-line rental revenue (2,522) (22,085) (16,327)

Straight-line rental expense 1,369 (4,745) (510)

Above- and below-market rent amortization (854) (856) (1,226)

**Cash Net Operating Income** **$722,474** **$680,317** **$695,902**

**Constant Currency CFFO Reconciliation** **Three Months Ended**

**(in thousands, except per share data)** **31-Mar-24** **31-Mar-23**

**Core FFO [(1)]** **$532,153** **$493,500**

Core FFO impact of holding '23 Exchange Rates Constant [(2)] 1,119 —

**Constant Currency Core FFO** **$533,272** **$493,500**

Weighted-average shares and units outstanding - diluted 319,138 297,382

**Constant Currency CFFO Per Share** **$1.67** **$1.66**

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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