**Digital Realty Reports Fourth Quarter 2023 Results**

**Austin, TX — February 15, 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 fourth quarter of 2023. All per share results are presented on a fully diluted basis.

**Highlights**

-  Reported net income available to common stockholders of $0.08 per share in 4Q23, compared to ($0.02) in 4Q22

-  Reported FFO per share of $1.53 in 4Q23, compared to $1.45 in 4Q22

-  Reported Core FFO per share of $1.63 in 4Q23, compared to $1.65 in 4Q22

-  Reported Constant-Currency Core FFO per share of $1.62 in 4Q23 and $6.57 per share for the twelve months ended December 31, 2023

-  Reported “Same-Capital” cash NOI growth of 9.9% in 4Q23

-  Reported rental rate increases on renewal leases of 8.2% on a cash basis in 4Q23

-  Signed total bookings during 4Q23 that are expected to generate $110 million of annualized GAAP rental revenue, including a $39 million
contribution from the 0–1 megawatt category and $13 million contribution from interconnection

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

**Financial Results**

Digital Realty reported revenues of $1.4 billion in the fourth quarter of 2023, a 2% decrease from the previous quarter and an 11% increase from the
same quarter last year.

The company delivered net income of $20 million in the fourth quarter of 2023, and net income available to common stockholders of $18 million, or
$0.08 per diluted share, compared to $2.33 per diluted share in the previous quarter and ($0.02) per diluted share in the same quarter last year.

Digital Realty generated Adjusted EBITDA of $700 million in the fourth quarter of 2023, a 2% increase from the previous quarter and 9% increase over
the same quarter last year.

The company reported Funds From Operations (FFO) of $484 million in the fourth quarter of 2023, or $1.53 per share, compared to $1.55 per share in
the previous quarter and $1.45 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 $1.63 in the fourth
quarter of 2023, compared to $1.62 per share in the previous quarter and $1.65 per share in the same quarter last year. Digital Realty delivered
Constant-Currency Core FFO per share of $1.62 for the fourth quarter of 2023 and $6.57 per share for the twelve-month period ended December 31,
2023.

“Our fourth quarter results marked the culmination of a transformative year for Digital Realty. We delivered on our strategic priorities and positioned
the company for the growing opportunity that lies ahead,” said Digital Realty President & Chief Executive Officer Andy Power. “During the fourth
quarter, we bolstered and diversified our capital sources through the formation of two new development joint ventures, while continuing to evolve our
portfolio to capture the tremendous opportunities created by AI.”

**Leasing Activity**

In the fourth quarter, Digital Realty signed total bookings that are expected to generate $110 million of annualized GAAP rental revenue, including a $39
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 fourth quarter of 2023 and the contractual commencement date was 16 months.

In addition to new leases signed, Digital Realty also signed renewal leases representing $210 million of annualized rental revenue during the quarter.
Rental rates on renewal leases signed during the fourth quarter of 2023 increased 8.2% on a cash basis and 10.6% on a GAAP basis.


-----

New leases signed during the fourth quarter of 2023 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 $13,068 57 $228 4.5 $241

> 1 MW 7,520 66 115 3.9 160

Other [(1)] 300 5 62 — —

**Total** **$20,887** **128** **$163** **8.4** **$204**

**EMEA [(2)]**

0-1 MW $17,189 87 $198 6.3 $226

> 1 MW 44,669 306 146 25.7 145

Other [(1)] 49 2 28 — —

**Total** **$61,908** **395** **$157** **32.0** **$161**

**Asia Pacific [(2)]**

0-1 MW $9,225 27 $343 2.8 $273

> 1 MW 4,453 28 158 3.0 124

Other [(1)] 128 4 30 — —

**Total** **$13,806** **59** **$233** **5.8** **$196**

**All Regions [(2)]**

0-1 MW $39,482 171 $231 13.7 $241

> 1 MW 56,642 400 142 32.6 145

Other [(1)] 477 11 44 — —

**Total** **$96,601** **582** **$166** **46.3** **$173**

**Interconnection** **$13,483** **N/A** **N/A** **N/A** **N/A**

**Grand Total** **$110,084** **582** **$166** **46.3** **$173**

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 December 31, 2023.

**Investment Activity**

During the fourth quarter, Digital Realty signed definitive agreements with Brookfield Infrastructure Partners L.P., Cyxtera Technologies and Digital Core
REIT to successfully resolve the relationship with Cyxtera. These agreements were completed in conjunction with Brookfield's announced agreement to
acquire Cyxtera, pursuant to its Plan of Reorganization under its Chapter 11 proceedings. As part of the agreements, Brookfield would acquire Digital
Realty’s interest in four data centers for approximately $275 million, Digital Realty would redeploy $55 million to buy out Cyxtera’s leases in three
Digital Realty data centers in Singapore and Frankfurt, Brookfield would grant Digital Realty a purchase option to acquire a data center outside of
London, UK, Brookfield would assume the leases in three data centers previously leased to Cyxtera, and Brookfield would amend the leases in these
three data centers in New Jersey and Los Angeles, accelerating the expiration date to September 2024. Subsequent to year end, Digital Realty closed on
the transactions and exercised its purchase option to acquire the data center outside of London, UK, which is expected to close at the end of the first
quarter.

As previously disclosed, in mid-November, Digital Realty and Realty Income Corporation established a joint venture to support the development of two
build-to-suit data centers in Northern Virginia. Realty Income initially invested approximately $200 million to acquire an 80% equity interest in the
venture, while Digital Realty maintains a 20% interest. Each partner will fund its pro rata share of the remaining development costs for the two facilities.
The build-to-suit facilities are 100% pre-leased and are expected to generate a 6.9% initial cash lease yield upon lease commencement in mid-2024.

Also previously disclosed, in December, Digital Realty and Blackstone Inc. announced a $7 billion joint venture to develop four hyperscale data center
campuses across Frankfurt, Paris and Northern Virginia. The campuses are planned to support the construction of 10 data centers with approximately
500 megawatts of potential IT load capacity. Blackstone will initially invest approximately $700 million to acquire an 80% equity interest in the joint
venture, while Digital Realty maintains a 20% interest. Digital Realty will manage the development and day-to-day operations of the joint venture, for
which it will receive customary fees. Subsequent to year end, the first phase of the joint venture closed on hyperscale data center campuses in Paris and
Northern Virginia, while the second phase is scheduled to close later this year, upon obtaining the required regulatory approvals.

Additionally, Digital Realty completed the sale of an option maintained on a second parcel of land in Sydney, Australia with an area of 21 acres for
approximately AU$29 million or $20 million.


-----

Further during the fourth quarter, Digital Realty exercised its option to purchase approximately 19 acres of land (PAR 8 11) in Paris, France for
approximately €70 million or $77 million. The parcel of land, previously leased to Digital Realty, is currently under development to support up to 77
megawatts of IT load. Subsequent to year end, Digital Realty closed on PAR 8 – 11.

In addition, during the fourth quarter, Digital Realty closed on the acquisition of approximately three acres adjacent to its existing campus near Athens,
Greece for approximately €6 million or $6 million. This land can support the development of an additional data center (ATH5) with up to 15 megawatts
of IT load.

Subsequent to year end, GI Partners executed its option to acquire an additional 15% interest in two stabilized hyperscale data center buildings in
Chicago, increasing their interest from the 65% interest acquired in the third quarter to 80%. The top-up, completed at the same terms as the initial
closing, resulted in approximately $68 million of gross proceeds to Digital Realty.

**Balance Sheet**

Digital Realty had approximately $17.4 billion of total debt outstanding as of December 31, 2023, comprised of $16.8 billion of unsecured debt and
approximately $0.6 billion of secured debt and other. At the end of the fourth quarter of 2023, net debt-to-Adjusted EBITDA was 6.2x, debt-pluspreferred-to-total enterprise value was 29.8% and fixed charge coverage was 3.8x. Pro forma for the completion of the Blackstone development joint
ventures announced in December 2023, the completion of asset sales, and the issuance of common stock subsequent to year end, net debt-to-Adjusted
EBITDA was 5.8x.

During the quarter, Digital Realty sold 8.7 million shares of its common stock at a weighted average price of $133.21 per share through its ATM
program, for net proceeds of approximately $1.1 billion. Subsequent to year end, the company 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 year end, the company retired $240 million of the $740 million U.S. dollar term loan.


-----

**2024 Outlook**

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

**As of**


**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**


**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**


(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 February 15, 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](https://investor.digitalrealty.com/overview/investor-relations-overview/default.aspx)
fourth quarter 2023 financial results and operating performance. The conference call will feature President & Chief Executive Officer Andy Power and
Chief Financial Officer Matt Mercier.

To participate in the live call, investors are invited to dial +1 (888) 317-6003 (for domestic callers) or +1 (412) 317-6061 (for international callers) and
reference the conference ID# 0216634 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 March 15, 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# 4147003. 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


-----

**Consolidated Quarterly Statements of Operations**


**Financial Supplement**


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

**Three Months Ended** **Twelve Months Ended**

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

Rental revenues $885,694 $886,960 $869,298 $870,975 $834,374   $3,512,926 [ $3,141,488 ]

Tenant reimbursements - Utilities 316,634 335,477 330,416 317,148 247,725 1,299,676 941,891

Tenant reimbursements - Other 46,418 64,876 46,192 40,150 46,045 197,636 199,663

Interconnection & other 106,413 107,305 104,521 101,695 97,286 419,934 379,641

Fee income 14,330 7,819 14,908 7,868 7,508 44,926 24,506

Other 144 — 932 887 168 1,963 4,645

**Total Operating Revenues** **[ $1,369,633 ]** **$1,402,437** **$1,366,267** **$1,338,724** **$1,233,108** **[ $5,477,061 ]** **$4,691,834**

Utilities $366,083 $384,455 $374,934 $346,364 $268,561   $1,471,836 [ $1,005,070 ]

Rental property operating 237,118 223,089 224,762 224,861 222,430 909,830 820,746

Property taxes 40,161 72,279 46,718 40,424 42,032 199,581 175,631

Insurance 3,794 4,289 4,385 4,355 4,578 16,823 16,114

Depreciation & amortization 420,475 420,613 432,573 421,198 430,130 1,694,859 1,577,933

General & administration 109,235 108,039 105,964 107,766 104,452 431,004 398,669

Severance, equity acceleration and legal expenses 7,565 2,682 3,652 4,155 15,980 18,054 23,498

Transaction and integration expenses 40,226 14,465 17,764 12,267 17,350 84,722 68,766

Provision for impairment 5,363 113,000 — — 3,000 118,363 3,000

Other expenses 5,580 1,295 655 — 3,615 7,529 12,438

**Total Operating Expenses** **[ $1,235,598 ]** **$1,344,206** **$1,211,407** **$1,161,388** **$1,112,127** **[ $4,952,600 ]** **$4,101,865**

**Operating Income** **$134,035** **$58,231** **$154,860** **$177,335** **$120,981** **$524,461** **$589,969**

Equity in earnings / (loss) of unconsolidated joint ventures (29,955) (19,793) 5,059 14,897 (28,112) (29,791) (13,496)

Gain / (loss) on sale of investments (103) 810,688 89,946 — (6) 900,531 176,754

Interest and other income / (expense), net 50,269 24,812 (6,930) 280 (22,894) 68,431 8,918

Interest (expense) (113,638) (110,767) (111,116) (102,220) (86,882) (437,741) (299,132)

Income tax benefit / (expense) (20,724) (17,228) (16,173) (21,454) 17,676 (75,579) (31,551)

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

**Net Income** **$19,884** **$745,941** **$115,647** **$68,839** **$763** **$950,311** **$380,327**

Net income / (loss) attributable to noncontrolling interests 8,419 (12,320) 2,538 (111) 3,326 (1,474) (2,455)

**Net Income Attributable to Digital Realty Trust, Inc.** **$28,304** **$733,621** **$118,185** **$68,728** **$4,089** **$948,838** **$377,872**

Preferred stock dividends (10,181) (10,181) (10,181) (10,181) (10,181) (40,725) (40,725)

**Net Income / (Loss) Available to Common Stockholders** **$18,122** **$723,440** **$108,003** **$58,547** **($6,093)** **$908,113** **$337,147**

Weighted-average shares outstanding - basic 305,781 301,827 295,390 291,219 289,365 298,603 286,334

Weighted-average shares outstanding - diluted 314,995 311,341 306,819 303,065 301,712 309,065 297,919

Weighted-average fully diluted shares and units 321,173 317,539 313,021 309,026 307,546 315,113 303,708

Net income / (loss) per share - basic $0.06 $2.40 $0.37 $0.20 ($0.02) $3.04 $1.18

Net income / (loss) per share - diluted $0.08 $2.33 $0.37 $0.19 ($0.02) $3.00 $1.13


-----

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

|Unaudited and in Thousands, Except Per Share Data|Col2|Col3|Col4|Col5|Col6|Col7|Col8|Col9|
|---|---|---|---|---|---|---|---|---|
|Three Months Ended Reconciliation of Net Income to Funds From Operations (FFO) 31-Dec-23 30-Sep-23 30-Jun-23 31-Mar-23 31-Dec-22 Net Income / (Loss) Available to Common Stockholders $18,122 $723,440 $108,003 $58,547 ($6,093) Adjustments: Non-controlling interest in operating partnership 410 16,300 2,500 1,500 (586) Real estate related depreciation & amortization (1) 410,167 410,836 424,044 412,192 422,951 Reconciling items related to non-controlling interests (15,377) (14,569) (14,144) (13,388) (13,856) Unconsolidated JV real estate related depreciation & amortization 64,833 43,215 35,386 33,719 33,927 (Gain) / loss on real estate transactions 103 (810,688) (89,946) (7,825) 572 Provision for impairment 5,363 113,000 — — 3,000||||||Twelve Months Ended|||
|||||||31-Dec-23 31-Dec-22|||
|||||||$908,112 $337,147 20,710 7,914 1,657,239 1,547,865 (57,477) (22,110) 177,153 123,099 (908,356) (177,332) 118,363 3,000|||
|Funds From Operations $483,621 $481,535 $465,844 $484,745 $439,915 Weighted-average shares and units outstanding - basic 311,960 308,024 301,593 297,180 295,199 Weighted-average shares and units outstanding - diluted (2)(3) 321,173 317,539 313,021 309,026 307,546 Funds From Operations per share - basic $1.55 $1.56 $1.54 $1.63 $1.49 Funds From Operations per share - diluted (2)(3) $1.53 $1.55 $1.52 $1.60 $1.45 Thr e e Months End ed Reconciliation of FFO to Core FFO 31-Dec-23 30-Sep-23 30-Jun-23 31-Mar-23 31-Dec-22 Funds From Operations $483,621 $481,535 $465,844 $484,745 $439,915 Other non-core revenue adjustments (146) (27) 27,454 (887) (3,786) Transaction and integration expenses 40,226 14,465 17,764 12,267 17,350 Loss from early extinguishment of debt — — — — — Severance, equity acceleration and legal expenses (4) 7,565 2,682 3,652 4,155 15,980 (Gain) / Loss on FX revaluation (24,804) 451 (7,868) (6,778) 14,564 Other non-core expense adjustments 1,956 1,295 655 — 3,615||||||$1,915,745 $1,819,583 304,651 292,123 315,113 303,708 $6.29 $6.23 $6.20 $6.03 Twelve M on t hs Ended|||
|||||||31-Dec-23 31-Dec-22|||
|||||||$1,915,745 $1,819,583 26,393 8,768 84,722 68,766 — 51,135 18,054 23,498 (39,000) (24,694) 3,905 12,388|||
|Core Funds From Operations $508,417 $500,402 $507,501 $493,500 $487,638 Weighted-average shares and units outstanding - diluted (2)(3) 312,356 308,539 301,806 297,382 295,519||||||$2,009,820 $1,959,444 305,138 292,528|||
|Core Funds From Operations per share - diluted (2) $1.63 $1.62 $1.68 $1.66 $1.65 (1) Real Estate Related Depreciation & Amortization Thr e e Months End ed 31-Dec-23 30-Sep-23 30-Jun-23 31-Mar-23 31-Dec-22 Depreciation & amortization per income statement $420,475 $420,613 $432,573 $421,198 $430,130 Non-real estate depreciation (10,308) (9,777) (8,529) (9,006) (7,179)||||||$6.59 $6.70 Twelve M on t hs Ended|||
|||||||31-Dec-23 31-Dec-22|||
|||||||$1,694,859 $1,577,933 (37,619) (30,068)|||
|Real Estate Related Depreciation & Amortization|$410,167|$410,836|$424,044|$412,192|$422,951||$1,657,239|$1,547,865|



(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-Dec-23 30-Sep-23 30-Jun-23 31-Mar-23 31-Dec-22 Teraco noncontrolling share of FFO $7,135 $11,537 $9,645 $11,069 $7,213|Col2|Col3|Col4|Col5|Col6|Twelve Months Ended|Col8|Col9|
|---|---|---|---|---|---|---|---|---|
|||||||31-Dec-23 31-Dec-22|||
|||||||$39,386 $11,919|||
|Teraco related minority interest|$7,135|$11,537|$9,645|$11,069|$7,213||$39,386|$11,919|



(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|Col2|
|---|---|
|Three Months Ended Reconciliation of Core FFO to AFFO 31-Dec-23 30-Sep-23 30-Jun-23 31-Mar-23 31-Dec-22 Core FFO available to common stockholders and unitholders $508,417 $500,402 $507,501 $493,500 $487,638 Adjustments: Non-real estate depreciation 10,308 9,777 8,529 9,006 7,179 Amortization of deferred financing costs 5,744 5,776 5,984 4,072 3,753 Amortization of debt discount/premium 973 1,360 1,339 1,301 1,276 Non-cash stock-based compensation expense 9,226 14,062 13,893 13,056 16,042 Straight-line rental revenue (21,992) (14,080) (16,151) (16,194) (29,392) Straight-line rental expense (4,999) 1,427 520 (515) (208) Above- and below-market rent amortization (856) (1,127) (1,195) (1,226) (762) Deferred tax (benefit) / expense 33,448 (8,539) 1,339 (9,795) (4,885) Leasing compensation & internal lease commissions 9,848 12,515 11,611 11,067 9,578 Recurring capital expenditures (1) (142,808) (90,251) (53,498) (40,465) (109,999)|Twelve Months Ended|
||31-Dec-23 31-Dec-22|
||$2,009,820 $1,959,444 37,619 30,068 21,575 13,987 4,973 4,829 50,238 62,242 (68,417) (83,604) (3,567) 4,401 (4,404) (696) 16,452 (12,491) 45,040 42,117 (327,022) (266,466)|
|AFFO available to common stockholders and unitholders (2) $407,306 $431,322 $479,873 $463,807 $380,220 Weighted-average shares and units outstanding - basic 311,960 308,024 301,593 297,180 295,199 Weighted-average shares and units outstanding - diluted (3) 312,356 308,539 301,806 297,382 295,519 AFFO per share - diluted (3) $1.30 $1.40 $1.59 $1.56 $1.29 Dividends per share and common unit $1.22 $1.22 $1.22 $1.22 $1.22 Diluted AFFO Payout Ratio 93.6% 87.3% 76.7% 78.2% 94.8%|$1,782,308 $1,753,831 304,651 292,123 305,138 292,528 $5.84 $6.00 $4.88 $4.88 83.5% 81.4%|



**Three Months Ended** **Twelve Months Ended**

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

|Weighted Average Common Stock and Units Outstanding 311,960 308,024 301,593 297,180 295,199 Add: Effect of dilutive securities 396 515 213 202 320|Col2|Col3|Col4|Col5|Col6|304,651 292,123 487 405|Col8|
|---|---|---|---|---|---|---|---|
|Weighted Avg. Common Stock and Units Outstanding - diluted|312,356|308,539|301,806|297,382|295,519|305,138|292,528|



(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.


-----

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

**Assets**

Investments in real estate:


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


Real estate $27,306,369 $25,887,031 $27,087,769 $27,052,022 $26,136,057

Construction in progress 4,635,215 5,020,464 4,635,939 4,563,578 4,789,134

Land held for future development 118,190 179,959 193,936 194,564 118,452

**Investments in Real Estate** **$32,059,773** **$31,087,453** **$31,917,644** **$31,810,164** **$31,043,643**

Accumulated depreciation and amortization (7,823,685) (7,489,193) (7,739,462) (7,600,559) (7,268,981)

**Net Investments in Properties** **$24,236,089** **$23,598,260** **$24,178,182** **$24,209,605** **$23,774,662**

Investment in unconsolidated joint ventures 2,295,889 2,180,313 2,040,452 1,995,576 1,991,426

**Net Investments in Real Estate** **$26,531,977** **$25,778,573** **$26,218,634** **$26,205,180** **$25,766,088**

Operating lease right-of-use assets,net $1,414,256 $1,274,410 $1,291,233 $1,317,293 $1,351,329

Cash and cash equivalents 1,625,495 1,062,050 124,519 131,406 141,773

Accounts and other receivables, net [(1)] 1,278,110 1,325,725 1,158,383 1,070,066 969,292

Deferred rent, net 624,427 586,418 613,796 627,700 601,590

Goodwill 9,239,871 8,998,074 9,148,603 9,199,636 9,208,497

Customer relationship value, deferred leasing costs & other intangibles, net 2,500,237 2,506,198 2,825,596 3,015,291 3,092,627

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

Other assets 420,382 401,068 414,078 386,495 353,802

**Total Assets** **$44,113,257** **$41,932,515** **$42,388,735** **$41,953,068** **$41,484,998**

**Liabilities and Equity**

Global unsecured revolving credit facilities, net $1,812,287 $1,698,780 $2,242,258 $2,514,202 $2,150,451

Unsecured term loans, net 1,560,305 1,524,663 1,548,780 1,542,275 797,449

Unsecured senior notes, net of discount 13,422,342 13,072,102 13,383,819 13,258,079 13,120,033

Secured and other debt, net of discount 630,973 574,231 554,594 560,955 528,870

Operating lease liabilities 1,542,094 1,404,510 1,420,239 1,443,994 1,471,044

Accounts payable and other accrued liabilities 2,168,983 2,147,103 2,214,820 1,923,819 1,868,884

Deferred tax liabilities, net 1,151,096 1,088,724 1,128,961 1,164,276 1,192,752

Accrued dividends and distributions 387,988 — — — 363,716

Security deposits and prepaid rents 401,867 385,521 417,693 392,021 369,654

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

**Total Liabilities** **$23,116,936** **$21,895,634** **$22,916,155** **$22,799,620** **$21,862,853**

Redeemable non-controlling interests 1,394,814 1,360,308 1,367,422 1,448,772 1,514,680

**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)] 3,088 3,002 2,967 2,888 2,887

Additional paid-in capital 24,396,797 23,239,088 22,882,200 22,126,379 22,142,868

Dividends in excess of earnings (5,262,648) (4,900,757) (5,253,915) (4,995,982) (4,698,313)

Accumulated other comprehensive (loss), net (751,393) (882,996) (741,484) (652,486) (595,798)

**Total Stockholders' Equity** **$19,117,535** **$18,190,026** **$17,621,456** **$17,212,490** **$17,583,334**

**Noncontrolling Interests**

Noncontrolling interest in operating partnership $438,081 $441,366 $436,099 $444,843 $419,317

Noncontrolling interest in consolidated joint ventures 45,892 45,182 47,603 47,342 104,814

**Total Noncontrolling Interests** **$483,972** **$486,547** **$483,702** **$492,185** **$524,131**

**Total Equity** **$19,601,507** **$18,676,573** **$18,105,158** **$17,704,675** **$18,107,465**

|Total Liabilities and Equity|$44,113,257|$41,932,515|$42,388,735|$41,953,068|$41,484,998|
|---|---|---|---|---|---|



(1) Net of allowance for doubtful accounts of $41,204 and $33,048 as of December 31, 2023 and December 31, 2022, 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 December 31, 2023 and December
31, 2022.

(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 December 31, 2023 and December
31, 2022.

(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 December 31, 2023 and December
31, 2022.

(5) Common Stock: 311,608 and 291,148 shares issued and outstanding as of December 31, 2023 and December 31, 2022, respectively.


-----

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

**Unaudited and Dollars in Thousands**

**Three Months Ended**

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

**Net Income / (Loss) Available to Common Stockholders** **$18,122** **$723,440** **$108,003** **$58,547** **($6,093)**

Interest 113,638 110,767 111,116 102,220 86,882

Income tax expense (benefit) 20,724 17,228 16,173 21,454 (17,676)

Depreciation & amortization 420,475 420,613 432,573 421,198 430,130

**EBITDA** **$572,958** **$1,272,048** **$667,866** **$603,420** **$493,243**

Unconsolidated JV real estate related depreciation & amortization 64,833 43,214 35,386 33,719 33,927

Unconsolidated JV interest expense and tax expense 42,140 27,000 32,105 18,556 53,481

Severance, equity acceleration and legal expenses 7,565 2,682 3,652 4,155 15,980

Transaction and integration expenses 40,226 14,465 17,764 12,267 17,350

(Gain) / loss on sale of investments 103 (810,688) (89,946) — 6

Provision for impairment 5,363 113,000 — — 3,000

Other non-core adjustments, net (35,439) 1,719 22,132 (14,604) 15,127

Non-controlling interests (8,419) 12,320 (2,538) 111 (3,326)

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

**Adjusted EBITDA** **$699,509** **$685,943** **$696,604** **$667,804** **$638,969**

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

**Three Months Ended**

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

Total GAAP interest expense $113,638 $110,767 $111,116 $102,220 $86,882

Capitalized interest 33,032 29,130 27,883 26,771 24,581

Change in accrued interest and other non-cash amounts (66,013) 44,183 (60,612) 38,137 (67,909)

**Cash Interest Expense [(2)]** **$80,657** **$184,081** **$78,387** **$167,128** **$43,554**

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

**Total Fixed Charges [(3)]** **$156,851** **$150,079** **$149,181** **$139,172** **$121,645**

**Coverage**

Interest coverage ratio [(4)] 4.0x 4.3x 4.5x 4.7x 5.3x

Cash interest coverage ratio [(5)] 6.4x 3.4x 7.4x 3.7x 11.9x

Fixed charge coverage ratio [(6)] 3.8x 4.1x 4.2x 4.4x 4.9x

Cash fixed charge coverage ratio [(7)] 5.8x 3.2x 6.6x 3.5x 10.0x

**Leverage**

Debt to total enterprise value [(8)(9)] 28.6% 30.6% 33.3% 37.3% 35.2%

Debt-plus-preferred-stock-to-total-enterprise-value [(9)(10)] 29.8% 32.0% 34.7% 38.9% 36.8%

Pre-tax income to interest expense [(11)] 1.2x 7.7x 2.0x 1.7x 1.0x

Net Debt-to-Adjusted EBITDA [(12)] 6.2x 6.3x 6.8x 7.1x 6.9x

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

**Core Funds from Operations (Core FFO):**
We present core funds from operations, or Core FFO, as a supplemental operating measure because, in excluding certain items that do not reflect core
revenue or expense streams, it provides a performance measure that, when compared year over year, captures trends in our core business operating
performance. We calculate Core FFO by adding to or subtracting from FFO (i) other non-core revenue adjustments, (ii) transaction and integration
expenses, (iii) loss from early extinguishment of debt, (iv) gain on / issuance costs associated with redeemed preferred stock, (v) severance, equity
acceleration and legal expenses, (vi) gain/loss on FX revaluation, and (vii) other non-core expense adjustments. Because certain of these adjustments
have a real economic impact on our financial condition and results from operations, the utility of Core FFO as a measure of our performance is limited.
Other REITs may calculate Core FFO differently than we do and accordingly, our Core FFO may not be comparable to other REITs’ Core FFO. Core FFO
should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance.

**Adjusted Funds from Operations (AFFO):**
We present adjusted funds from operations, or AFFO, as a supplemental operating measure because, when compared year over year, it assesses our
ability to fund dividend and distribution requirements from our operating activities. We also believe that, as a widely recognized measure of the
operations of REITs, AFFO will be used by investors as a basis to assess our ability to fund dividend payments in comparison to other REITs, including on
a per share and unit basis. We calculate AFFO by adding to or subtracting from Core FFO (i) non-real estate depreciation, (ii) amortization of deferred
financing costs, (iii) amortization of debt discount/premium, (iv) non-cash stock-based compensation expense, (v) straight-line rental revenue,
(vi) straight-line rental expense, (vii) above- and below-market rent amortization, (viii) deferred tax expense / (benefit), (ix) leasing compensation and
internal lease commissions, and (x) recurring capital expenditures. Other REITs may calculate AFFO differently than we do and, accordingly, our AFFO
may not be comparable to other REITs’ AFFO. AFFO should be considered only as a supplement to net income computed in accordance with GAAP as a
measure of our performance.

**EBITDA and Adjusted EBITDA:**
We believe that earnings before interest, loss from early extinguishment of debt, income taxes, and depreciation and amortization, or EBITDA, and
Adjusted EBITDA (as defined below), are useful supplemental performance measures because they allow investors to view our performance without the
impact of non-cash depreciation and amortization or the cost of debt and, with respect to Adjusted EBITDA, (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, 2021 of the prior year with less than 5% of total rentable square feet under development and
excludes buildings that were undergoing, or were expected to undergo, development activities in 2022-2023, buildings classified as held for sale, and buildings sold or
contributed to joint ventures for all periods presented (prior period numbers adjusted to reflect current same-capital pool). However, because NOI and cash NOI exclude
depreciation and amortization and capture neither the changes in the value of our data centers that result from use or market conditions, nor the level of capital
expenditures and capitalized leasing commissions necessary to maintain the operating performance of our data centers, all of which have real economic effect and could
materially impact our results from operations, the utility of NOI and cash NOI as measures of our performance is limited. Other REITs may calculate NOI and cash NOI
differently than we do and, accordingly, our NOI and cash NOI may not be comparable to other REITs’ NOI and cash NOI. NOI and cash NOI should be considered only as
supplements to net income computed in accordance with GAAP as measures of our performance.

**Additional Definitions**

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

Debt-plus-preferred-to-total enterprise value is 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 December 31,
2023, GAAP interest expense was $114 million, capitalized interest was $33 million and preferred stock dividends was $10 million.

|Reconciliation of Net Operating Income (NOI) Three Months Ended (in thousands) 31-Dec-23 30-Sep-23 31-Dec-22 Operating income $134,035 $58,231 $120,981 Fee income (14,330) (7,819) (7,508) Other income (144) — (168) Depreciation and amortization 420,475 420,613 430,130 General and administrative 109,235 108,039 104,452 Severance, equity acceleration and legal expenses 7,565 2,682 15,980 Transaction expenses 40,226 14,465 17,350 Provision for impairment 5,363 113,000 3,000 Other expenses 5,580 1,295 3,615|Twelve Months Ended 31-Dec-23 31-Dec-22|
|---|---|
||$524,461 $589,969 (44,926) (24,506) (1,963) (4,645) 1,694,859 1,577,933 431,004 398,669 18,054 23,498 84,722 68,766 118,363 3,000 7,529 12,438|
|Net Operating Income $708,003 $710,505 $687,831 Cash Net Operating Income (Cash NOI) Net Operating Income $708,003 $710,505 $687,831 Straight-line rental revenue (22,085) (14,185) (32,226) Straight-line rental expense (4,745) 1,632 (680) Above- and below-market rent amortization (856) (1,127) (762)|$2,832,102 $2,645,122|
||$2,832,102 $2,645,122 (40,480) (69,998) (2,901) 2,857 (4,404) (696)|
|Cash Net Operating Income $680,317 $696,826 $654,164 Constant Currency CFFO Reconciliation Three Months Ended (in thousands, except per share data) 31-Dec-23 30-Sep-23 31-Dec-22 Core FFO (1) $508,417 $487,638 Core FFO impact of holding '22 Exchange Rates Constant (2) (3,781) —|$2,784,317 $2,577,283|
||Twelve Months Ended 31-Dec-23 31-Dec-22|
||$2,009,820 $1,959,444 (3,964) —|
|Constant Currency Core FFO $504,636 $487,638 Weighted-average shares and units outstanding - diluted 312,356 295,519 Constant Currency CFFO Per Share $1.62 $1.65|$2,005,856 $1,959,444 305,138 292,528 $6.57 $6.70|



1) As reconciled to net income above.

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


-----

This document contains forward-looking statements within the meaning of the federal securities laws, which are based on current expectations, forecasts and assumptions that involve risks and
uncertainties that could cause actual outcomes and results to differ materially. Such forward-looking statements include statements relating to: our economic outlook, our expected investment
and expansion activity, anticipated continued demand for our products and service, our liquidity, our joint ventures, supply and demand for data center and colocation space, our acquisition and
disposition activity, pricing and net effective leasing economics, market dynamics and data center fundamentals, our strategic priorities, our product offerings, available inventory, rent from leases
that have been signed but have not yet commenced and other contracted rent to be received in future periods, rental rates on future leases, lag between signing and commencement, cap rates
and yields, investment activity, the company’s FFO, Core FFO, constant currency Core FFO, adjusted FFO, and net income, 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, 2022, and other filings with the U.S. Securities and Exchange Commission. Those risks continue to be relevant to our performance and financial
condition. Moreover, we operate in a competitive and rapidly changing environment. New risk factors emerge from time to time and it is not possible for management to predict all such risk
factors, nor can it assess the impact of all such risk factors on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those
contained in any forward-looking statements. We expressly disclaim any responsibility to update forward-looking statements, whether as a result of new information, future events or otherwise.
Digital Realty, Digital Realty Trust, the Digital Realty logo, Interxion, Turn-Key Flex, Powered Base Building, ServiceFabric, AnyScale Colo, Pervasive Data Center Architecture, PlatformDIGITAL, PDx,
Data Gravity Index and Data Gravity Index DGx are registered trademarks and service marks of Digital Realty Trust, Inc. in the United States and/or other countries. All other names, trademarks
and service marks are the property of their respective owners.


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