**Digital Realty Reports Second Quarter 2023 Results**

**Austin, TX — July 27, 2023 — Digital Realty (NYSE: DLR), the largest global provider of cloud- and carrier-neutral data center, colocation and**
interconnection solutions, announced today financial results for the second quarter of 2023. All per share results are presented on a fully diluted basis.

**Highlights**

-  Reported net income available to common stockholders of $0.37 per share in 2Q23, compared to $0.19 in 2Q22

-  Reported FFO per share of $1.52 in 2Q23, compared to $1.55 in 2Q22

-  Reported Core FFO per share of $1.68 in 2Q23, compared to $1.72 in 2Q22

-  Reported Constant-Currency Core FFO per share of $1.69 in 2Q23 and $3.38 per share for the six months ended June 30, 2023

-  Reported “Same-Capital” cash NOI growth of 5.6% in 2Q23

-  Reported rental rate increases on renewal leases of 6.9% on a cash basis in 2Q23

-  Signed total bookings during 2Q23 that are expected to generate $114 million of annualized GAAP rental revenue, including a $37 million
contribution from the 0–1 megawatt category and a $13 million contribution from interconnection

-  Adjusted 2023 Core FFO per share outlook to $6.55 - $6.65

**Financial Results**

Digital Realty reported revenues for the second quarter of 2023 of $1.4 billion, a 2% increase from the previous quarter and a 20% increase from the
same quarter last year.

The company delivered second quarter of 2023 net income of $116 million, and net income available to common stockholders of $108 million, or $0.37
per diluted share, compared to $0.19 per diluted share in the previous quarter and $0.19 per diluted share in the same quarter last year.

Digital Realty generated second quarter of 2023 Adjusted EBITDA of $697 million, a 4% increase from the previous quarter and a 14% increase over the
same quarter last year.

The company reported second quarter of 2023 funds from operations (FFO) of $466 million, or $1.52 per share, compared to $1.60 per share in the
previous quarter and $1.55 per share in the same quarter last year.

Excluding certain items that do not represent core expenses or revenue streams, Digital Realty delivered second quarter of 2023 Core FFO per share of
$1.68, compared to $1.66 per share in the previous quarter and $1.72 per share in the same quarter last year. Digital Realty delivered ConstantCurrency Core FFO per share of $1.69 for the second quarter of 2023 and $3.38 per share for the six-month period ended June 30, 2023.

“Digital Realty’s second-quarter results demonstrate the positive momentum in our operating business, with improving fundamentals highlighted by
strong enterprise leasing activity along with robust renewal spreads and healthy organic growth,” said Digital Realty President & Chief Executive Officer
Andy Power. “We advanced our funding plan by completing two capital recycling transactions that generated more than $2 billion in gross proceeds,
helping to position Digital Realty for the opportunity that lies ahead.”

**Leasing Activity**

In the second quarter, Digital Realty signed total bookings that are expected to generate $114 million of annualized GAAP rental revenue, including a
$37 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 second quarter of 2023 and the contractual commencement date was eleven months.

In addition to new leases signed, Digital Realty also signed renewal leases representing $211 million of annualized GAAP rental revenue during the
quarter. Rental rates on renewal leases signed during the second quarter of 2023 rolled up 6.9% on a cash basis and up 14.6% on a GAAP basis.


-----

New leases signed during the second quarter of 2023 are summarized by region as follows:

**Annualized GAAP**

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

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

0-1 MW $15,019 65 $232 5.6 $225

> 1 MW [(1)] 11,506 30 387 3.2 300

Other [(2)] 2,915 41 71 — —

**Total** **$29,441** **136** **$217** **8.8** **$252**

**EMEA [(3)]**

0-1 MW $15,427 60 $259 4.0 $319

> 1 MW 47,329 477 99 31.7 124

Other [(2)] 18 1 27 — —

**Total** **$62,774** **537** **$117** **35.8** **$146**

**Asia Pacific [(3)]**

0-1 MW $6,235 15 $404 1.4 $377

> 1 MW 2,640 12 217 1.5 149

Other [(2)] 87 1 96 — —

**Total** **$8,962** **29** **$314** **2.9** **$259**

**All Regions [(3)]**

0-1 MW $36,682 140 $263 11.0 $278

> 1 MW 61,475 519 118 36.4 141

Other [(2)] 3,020 43 70 — —

**Total** **$101,177** **701** **$144** **47.4** **$173**

**Interconnection** **$12,653** **N/A** **N/A** **N/A** **N/A**

**Grand Total** **$113,830** **701** **$144** **47.4** **$173**

Note: Totals may not foot due to rounding differences.

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

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

(3) Based on quarterly average exchange rates during the three months ended June 30, 2023.

**Investment Activity**

During the second quarter, Digital Realty sold a non‐core data center in Texas realizing approximately $150 million of net proceeds. The property was sold at a 4.4% cap rate, based on
in-place net operating income (NOI), and generated a capital gain of approximately $88 million.

In Amsterdam during the second quarter, Digital Realty acquired the land and building shell of a previously leased 15 megawatts data center (AMS7) for €17 million or $18 million.
This was a contractual purchase obligation which was a part of the Interxion transaction, and the asset was acquired at an 8.3% cap rate.

Digital Realty also acquired a nine‐acre land parcel located nearby AMS7 on its existing Amsterdam Schiphol campus for €26 million or $28 million. The Schiphol campus is one of the
most highly connected data center campuses in the Netherlands. The parcel has the capacity to support a data center with a total IT load in excess of 40 megawatts and will be
interconnected with Digital Realty’s existing Schiphol data centers.

After the close of the second quarter, Digital Realty partnered with GI Partners to establish a joint venture for the sale of a 65% interest in two stabilized hyperscale data center
buildings in the Chicago metropolitan area. Digital received approximately $743 million of gross proceeds related to the joint venture and the associated financing and maintains a
35% interest in the joint venture while continuing to manage the day‐to‐day operations of the assets. Based on annualized in‐place cash NOI at June 30, 2023 and the benefit of leases
signed but not yet commenced, the transaction values the two facilities at approximately a 6.5% cap rate. Digital Realty also granted GI Partners an option to purchase an interest in
the third facility on the same data center campus.

In July, Digital Realty partnered with TPG Real Estate to establish a joint venture for the sale of an 80% interest in three stabilized hyperscale data center buildings in Northern Virginia.
Digital Realty will receive approximately $1.3 billion of gross proceeds related to the joint venture and the associated financing and will maintain a 20% interest in the joint venture
while continuing to manage the day‐to‐day operations of the assets. Based on annualized in‐place cash NOI on June 30, 2023, net of signed leases and known move-out, the
transaction values the three facilities at approximately a 6.0% cap rate.

Also in July, Digital Realty announced the expansion of its joint venture in India with Brookfield Infrastructure through the addition of Jio, a Reliance Industries, Ltd. company. The new
joint venture, ‘Digital Connexion: A Brookfield, Jio and Digital Realty Company’, succeeds BAM Digital Realty.


-----

**Balance Sheet**

Digital Realty had approximately $17.7 billion of total debt outstanding as of June 30, 2023, comprised of $17.2 billion of unsecured debt and
approximately $0.5 billion of secured debt and other. At the end of the second quarter of 2023, net debt-to-Adjusted EBITDA was 6.8x, debt-pluspreferred-to-total enterprise value was 34.7% and fixed charge coverage was 4.2x. Pro forma for the completion of the two stabilized hyperscale joint
ventures completed in July 2023 and full physical settlement of the outstanding amount under the 2Q23 forward equity sales agreements, net debt-toadjusted EBITDA was 6.3x and fixed charge coverage ratio was 4.6x.

During the second quarter, Digital Realty sold 7.8 million shares of its common stock at a weighted average price of $95.96 per share through its ATM
program, realizing approximately $743 million of net proceeds. In addition, the company entered into forward sale agreements under its ATM program
with respect to 3.5 million shares of its common stock at approximately $97.68 per share. Subsequent to quarter end, the company settled the
outstanding forward sales for net proceeds of approximately $336 million.


-----

**2023 Outlook**

Digital Realty adjusted its 2023 Core FFO per share and constant-currency Core FFO per share outlook to $6.55 - $6.65. The assumptions underlying the
outlook are summarized in the following table.


**As of**

**February 16, 2023**

$5.700 - $5.800 billion

($55 - $60 million)

$2.675 - $2.725 billion

$425 - $435 million

Greater than 3.0%

Greater than 3.0%

85.0% - 86.0%

3.0% - 4.0%

$1.20 - $1.25

$1.00 - $1.05

$1.5 - $2.5 billion

0.0% - 10.0%

$2.3 - $2.5 billion

9.0% - 15.0%

$15 - $20 million

$230 - $240 million

$1.0 - $1.5 billion

4.5% - 5.5%

First Half 2023

**$1.15 - $1.25**

$5.25 - $5.25

**$6.40 - $6.50**

$0.25 - $0.25

**$6.65 - $6.75**

$0.00 - $0.00

**$6.65 - $6.75**


**As of**

**April 27, 2023**

$5.500 - $5.600 billion

($55 - $60 million)

$2.675 - $2.725 billion

$425 - $435 million

Greater than 3.0%

Greater than 3.0%

85.0% - 86.0%

3.0% - 4.0%

$1.20 - $1.25

$1.05 - $1.10

$1.5 - $2.5 billion

0.0% - 10.0%

$2.3 - $2.5 billion

9.0% - 15.0%

$15 - $20 million

$230 - $240 million

$1.0 - $1.5 billion

5.5% - 6.0%

First Half 2023

**$1.15 - $1.25**

$5.25 - $5.25

**$6.40 - $6.50**

$0.25 - $0.25

**$6.65 - $6.75**

$0.00 - $0.00

**$6.65 - $6.75**


**As of**

**July 27, 2023**

$5.500 - $5.600 billion

($55 - $60 million)

$2.675 - $2.725 billion

$425 - $435 million

Greater than 4.0%

Greater than 8.0%

84.0% - 85.0%

4.0% - 5.0%

$1.20 - $1.25

$1.05 - $1.10

$2.2 - $3.0 billion

0.0% - 10.0%

$2.3 - $2.5 billion

9.0% - 15.0%

$15 - $20 million

$230 - $240 million

$740 million

5.5%

Completed

**$1.05 - $1.15**

$5.25 - $5.25

**$6.30 - $6.40**

$0.25 - $0.25

**$6.55 - $6.65**

$0.00 - $0.00

**$6.55 - $6.65**


**Top-Line and Cost Structure**

Total revenue

Net non-cash rent adjustments (1)

Adjusted EBITDA

G&A

**Internal Growth**

Rental rates on renewal leases

Cash basis

GAAP basis

Year-end portfolio occupancy

"Same-capital" cash NOI growth (2)

Foreign Exchange Rates

U.S. Dollar / Pound Sterling

U.S. Dollar / Euro

**External Growth**

Dispositions / Joint Venture Capital

Dollar volume

Cap rate

Development

CapEx (3)

Average stabilized yields

Enhancements and other non-recurring CapEx (4)

Recurring CapEx + capitalized leasing costs (5)

**Balance Sheet**

Long-term debt issuance

Dollar amount

Pricing

Timing

**Net income per diluted share**

Real estate depreciation and (gain) / loss on sale

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

Non-core expenses and revenue streams

**Core Funds From Operations / share**

Foreign currency translation adjustments

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


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

(2) The “same-capital” pool includes properties owned as of December 31, 2021 with less than 5% of total rentable square feet under development. It excludes
properties that were undergoing, or were expected to undergo, development activities in 2022-2023, properties classified as held for sale, and properties sold or
contributed to joint ventures for all periods presented.

(3) Includes land acquisitions.

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

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

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


-----

**Non-GAAP Financial Measures**

This document contains non-GAAP financial measures, including FFO, Core FFO, Adjusted FFO, Net Operating Income (NOI), “Same-Capital” Cash NOI
and Adjusted EBITDA. A reconciliation from U.S. GAAP net income available to common stockholders to FFO, a reconciliation from FFO to Core FFO, a
reconciliation from Core FFO to Adjusted FFO, reconciliation from NOI to Cash NOI, and definitions of FFO, Core FFO, Adjusted FFO, NOI and “SameCapital” Cash NOI are included as an attachment to this document. A reconciliation from U.S. GAAP net income available to common stockholders to
Adjusted EBITDA, a definition of Adjusted EBITDA and definitions of net debt-to-Adjusted EBITDA, debt-plus-preferred-to-total enterprise value, cash
NOI, and fixed charge coverage ratio are included as an attachment to this document.

The Company does not provide a reconciliation for non-GAAP estimates on a forward-looking basis, where it is unable to provide a meaningful or
accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent
difficulty of forecasting the timing and/or amount of various items that would impact net income attributable to common stockholders per diluted
share, which is the most directly comparable forward-looking GAAP financial measure. This includes, for example, external growth factors, such as
dispositions, and balance sheet items, that have not yet occurred, are out of the Company's control and/or cannot be reasonably predicted. For the
same reasons, the Company is unable to address the probable significance of the unavailable information. Forward-looking non-GAAP financial
measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial
measures.

**Investor Conference Call**

Prior to Digital Realty’s investor conference call at 5:00 p.m. ET / 4:00 p.m. CT on July 27, 2023, a presentation will be posted to the Investors section of
[the company’s website at https://investor.digitalrealty.com/. The presentation is designed to accompany the discussion of the company’s second](https://investor.digitalrealty.com/overview/investor-relations-overview/default.aspx)
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# 5098292 at least five minutes prior to start time. A live webcast of the call will be available via the Investors section of
[Digital Realty’s website at https://investor.digitalrealty.com/.](https://investor.digitalrealty.com/overview/investor-relations-overview/default.aspx)

Telephone and webcast replays will be available after the call until August 27, 2023. 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# 3348387. The webcast replay can be accessed on
Digital Realty’s website.

**About Digital Realty**

Digital Realty brings companies and data together by delivering the full spectrum of data center, colocation, and interconnection solutions.
PlatformDIGITAL®, the company’s global data center platform, provides customers with a secure data “meeting place” and a proven Pervasive Datacenter
Architecture (PDx®) solution methodology for powering innovation and efficiently managing Data Gravity challenges. Digital Realty gives its customers
access to the connected communities that matter to them with a global data center footprint of 300+ facilities in 50+ metros across 27 countries on six
[continents. To learn more about Digital Realty, please visit digitalrealty.com or follow us on LinkedIn and Twitter.](https://www.digitalrealty.com/)

**Contact Information**

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

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


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**Consolidated Quarterly Statements of Operations**

|Unaudited and Dollars in Thousands, Except Per Share Data|Second Quarter 2023|
|---|---|
|Thr e e Months En ded 30-Jun-23 31-Mar-23 31-Dec-22 30-Sep-22 30-Jun-22 Rental revenues $869,298 $870,975 $834,374 $787,839 $767,313 Tenant reimbursements - Utilities 330,416 317,148 247,725 251,420 218,198 Tenant reimbursements - Other 46,192 40,150 46,045 49,419 52,688 Interconnection & other 104,521 101,695 97,286 95,486 93,338 Fee income 14,908 7,868 7,508 6,169 5,072 Other 932 887 168 1,749 2,713 Total Operating Revenues $1,366,267 $1,338,724 $1,233,108 $1,192,082 $1,139,321 Utilities $374,934 $346,364 $268,561 $271,844 $223,426 Rental property operating 224,762 224,861 222,430 205,886 198,076 Property taxes 46,718 40,424 42,032 39,860 47,213 Insurance 4,385 4,355 4,578 4,002 3,836 Depreciation & amortization 432,573 421,198 430,130 388,704 376,967 General & administration 105,964 107,766 104,452 95,792 101,991 Severance, equity acceleration, and legal expenses 3,652 4,155 15,980 1,655 3,786 Transaction and integration expenses 17,764 12,267 17,350 25,862 13,586 Impairment of investments in real estate — — 3,000 — — Other expenses 655 — 3,615 1,096 70 Total Operating Expenses $1,211,407 $1,161,388 $1,112,127 $1,034,701 $968,950 Operating Income $154,860 $177,335 $120,981 $157,381 $170,371 Equity in earnings / (loss) of unconsolidated joint ventures 5,059 14,897 (28,112) (12,254) (34,088) Gain / (loss) on sale of investments 89,946 — (6) 173,990 — Interest and other income / (expense), net (6,930) 280 (22,894) 15,752 13,008 Interest (expense) (111,116) (102,220) (86,882) (76,502) (69,023) Income tax benefit / (expense) (16,173) (21,454) 17,676 (19,576) (16,406) Loss from early extinguishment of debt — — — — — Net Income $115,647 $68,839 $763 $238,791 $63,862 Net income / (loss) attributable to noncontrolling interests 2,538 (111) 3,326 (1,716) (436) Net Income Attributable to Digital Realty Trust, Inc. $118,185 $68,728 $4,089 $237,075 $63,426 Preferred stock dividends, including undeclared dividends (10,181) (10,181) (10,181) (10,181) (10,181) Net Income / (Loss) Available to Common Stockholders $108,003 $58,547 ($6,093) $226,894 $53,245 Weighted-average shares outstanding - basic 295,390,446 291,218,549 289,364,739 286,693,071 284,694,064 Weighted-average shares outstanding - diluted 306,818,538 303,064,832 301,712,082 296,414,726 285,109,903 Weighted-average fully diluted shares and units 313,020,947 309,026,076 307,546,353 302,257,518 290,944,163 Net income / (loss) per share - basic $0.37 $0.20 ($0.02) $0.79 $0.19 Net income / (loss) per share - diluted $0.37 $0.19 ($0.02) $0.75 $0.19|Six Mon ths Ended|
||30-Jun-23 30-Jun-22|
||$1,740,273 $1,519,275 647,565 442,745 86,342 104,198 206,216 186,868 22,777 10,829 1,819 2,728 $2,704,991 $2,266,644 $721,298 $464,665 449,623 392,430 87,141 93,738 8,739 7,534 853,771 759,099 213,730 198,426 7,807 5,863 30,031 25,554 — — 655 7,727 $2,372,795 $1,955,037 $332,196 $311,607 19,957 26,870 89,946 2,770 (6,650) 16,059 (213,336) (135,748) (37,627) (29,650) — (51,135) $184,486 $140,773 2,427 (4,065) $186,913 $136,708 (20,363) (20,363) $166,550 $116,346 293,316,022 284,610,492 304,453,040 284,979,709 310,589,141 290,716,197 $0.57 $0.41 $0.57 $0.41|


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

|Unaudited and in Thousands, Except Per Share Data|Col2|Col3|Col4|Col5|Col6|Second Quarter 2023|Col8|Col9|
|---|---|---|---|---|---|---|---|---|
|Thr e e Months End ed Reconciliation of Net Income to Funds From Operations (FFO) 30-Jun-23 31-Mar-23 31-Dec-22 30-Sep-22 30-Jun-22 Net Income / (Loss) Available to Common Stockholders $108,003 $58,547 ($6,093) $226,894 $53,245 Adjustments: Non-controlling interest in operating partnership 2,500 1,500 (586) 5,400 1,500 Real estate related depreciation & amortization (1) 424,044 412,192 422,951 381,425 369,327 Depreciation related to non-controlling interests (14,144) (13,388) (13,856) (8,254) - Unconsolidated JV real estate related depreciation & amortization 35,386 33,719 33,927 30,831 29,022 (Gain) / loss on real estate transactions (89,946) (7,825) 572 (173,990) (1,144) Impairment of investments in real estate - - 3,000 - -||||||Six Mon th s Ended|||
|||||||30-Jun-23 30-Jun-22|||
|||||||$166,550 $116,346 4,000 3,100 836,236 743,489 (27,532) - 69,105 58,341 (97,771) (3,914) - -|||
|Funds From Operations - diluted $465,844 $484,745 $439,915 $462,306 $451,949 Weighted-average shares and units outstanding - basic 301,593 297,180 295,199 292,536 290,528 Weighted-average shares and units outstanding - diluted (2)(3) 313,021 309,026 307,546 302,258 290,944 Funds From Operations per share - basic $1.54 $1.63 $1.49 $1.58 $1.56 Funds From Operations per share - diluted (2)(3) $1.52 $1.60 $1.45 $1.55 $1.55 Thr e e Months End ed Reconciliation of FFO to Core FFO 30-Jun-23 31-Mar-23 31-Dec-22 30-Sep-22 30-Jun-22 Funds From Operations - diluted $465,844 $484,745 $439,915 $462,306 $451,949 Other non-core revenue adjustments 27,454 (887) (3,786) (1,818) 456 Transaction and integration expenses 17,764 12,267 17,350 25,862 13,586 Loss from early extinguishment of debt - - - - - Severance, equity acceleration, and legal expenses (4) 3,652 4,155 15,980 1,655 3,786 (Gain) / Loss on FX revaluation (7,868) (6,778) 14,564 (1,120) 29,539 Other non-core expense adjustments 655 - 3,615 1,046 70||||||$950,589 $917,362 299,452 290,346 310,589 290,716 $3.17 $3.16 $3.13 $3.16 Six Mon th s Ended|||
|||||||30-Jun-23 30-Jun-22|||
|||||||$950,589 $917,362 26,566 14,372 30,031 25,554 - 51,135 7,807 5,863 (14,647) (38,137) 655 7,727|||
|Core Funds From Operations - diluted $507,501 $493,500 $487,638 $487,931 $499,386 Weighted-average shares and units outstanding - diluted (2)(3) 301,806 297,382 295,519 292,830 290,944||||||$1,001,001 $983,875 299,730 290,716|||
|Core Funds From Operations per share - diluted (2) $1.68 $1.66 $1.65 $1.67 $1.72 (1) Real Estate Related Depreciation & Amortization Thr e e Months End ed 30-Jun-23 31-Mar-23 31-Dec-22 30-Sep-22 30-Jun-22 Depreciation & amortization per income statement $432,573 $421,198 $430,130 $388,704 $376,967 Non-real estate depreciation (8,529) (9,006) (7,179) (7,279) (7,640)||||||$3.34 $3.38 Six Mon th s Ended|||
|||||||30-Jun-23 30-Jun-22|||
|||||||$853,771 $759,099 (17,535) (15,610)|||
|Real Estate Related Depreciation & Amortization|$424,044|$412,192|$422,951|$381,425|$369,327||$836,236|$743,489|



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

|Three Months Ended 30-Jun-23 31-Mar-23 31-Dec-22 30-Sep-22 30-Jun-22 Teraco noncontrolling share of FFO $9,645 $11,069 $7,213 $4,706 -|Col2|Col3|Col4|Col5|Col6|Six Months Ended|Col8|Col9|
|---|---|---|---|---|---|---|---|---|
|||||||30-Jun-23 30-Jun-22|||
|||||||$20,714 -|||
|Teraco related minority interest|$9,645|$11,069|$7,213|$4,706|-||$20,714|-|



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

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


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**Adjusted Funds From Operations (AFFO)**

|Unaudited and in Thousands, Except Per Share Data|Second Quarter 2023|
|---|---|
|Thr e e Months End ed Reconciliation of Core FFO to AFFO 30-Jun-23 31-Mar-23 31-Dec-22 30-Sep-22 30-Jun-22 Core FFO available to common stockholders and unitholders $507,501 $493,500 $487,638 $487,931 $499,386 Adjustments: Non-real estate depreciation 8,529 9,006 7,179 7,279 7,640 Amortization of deferred financing costs 5,984 4,072 3,753 3,270 3,330 Amortization of debt discount/premium 1,339 1,301 1,276 1,146 1,193 Non-cash stock-based compensation expense 13,893 13,056 16,042 15,948 15,799 Straight-line rental revenue (16,151) (16,194) (29,392) (18,123) (17,278) Straight-line rental expense 520 (515) (208) 2,679 (2,237) Above- and below-market rent amortization (1,195) (1,226) (762) (465) 196 Deferred tax (benefit) / expense 1,339 (9,795) (4,885) (5,233) (769) Leasing compensation & internal lease commissions 11,611 11,067 9,578 9,866 9,411 Recurring capital expenditures (1) (53,498) (40,465) (109,999) (66,200) (43,497)|Six Mon th s Ended|
||30-Jun-23 30-Jun-22|
||$1,001,001 $983,875 17,535 15,610 10,056 6,964 2,640 2,407 26,949 30,253 (32,344) (36,089) 5 1,931 (2,421) 531 (8,456) (2,372) 22,678 22,672 (93,963) (90,267)|
|AFFO available to common stockholders and unitholders (2) $479,873 $463,807 $380,220 $438,097 $473,173 Weighted-average shares and units outstanding - basic 301,593 297,180 295,199 292,536 290,528 Weighted-average shares and units outstanding - diluted (3) 301,806 297,382 295,519 292,830 290,944 AFFO per share - diluted (3) $1.59 $1.56 $1.29 $1.50 $1.63 Dividends per share and common unit $1.22 $1.22 $1.22 $1.22 $1.22 Diluted AFFO Payout Ratio 76.7% 78.2% 94.8% 81.5% 75.0%|$943,679 $935,514 299,452 290,346 299,730 290,716 $3.15 $3.22 $2.44 $2.44 . 77.5% 75.8%|



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

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

|Weighted Average Common Stock and Units Outstanding 301,593 297,180 295,199 292,536 290,528 Add: Effect of dilutive securities 213 202 320 294 416|Col2|Col3|Col4|Col5|Col6|299,452 290,346 278 370|Col8|
|---|---|---|---|---|---|---|---|
|Weighted Avg. Common Stock and Units Outstanding - diluted|301,806|297,382|295,519|292,830|290,944|299,730|290,716|



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

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

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


-----

**Consolidated Balance Sheets**

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

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

**Assets**

Investments in real estate:

Real estate $27,087,769 $27,052,022 $26,136,057 $24,876,600 $24,065,933

Construction in progress 4,635,939 4,563,578 4,789,134 4,222,142 3,362,114

Land held for future development 193,936 194,564 118,452 34,713 37,460

**Investments in real estate** **$31,917,644** **$31,810,164** **$31,043,643** **$29,133,455** **$27,465,507**

Accumulated depreciation and amortization (7,739,462) (7,600,559) (7,268,981) (6,826,918) (6,665,118)

**Net Investments in Properties** **$24,178,182** **$24,209,605** **$23,774,662** **$22,306,537** **$20,800,389**

Investment in unconsolidated joint ventures 2,040,452 1,995,576 1,991,426 1,912,958 1,942,549

**Net Investments in Real Estate** **$26,218,634** **$26,205,180** **$25,766,088** **$24,219,495** **$22,742,937**

Cash and cash equivalents $124,519 $131,406 $141,773 $176,969 $99,226

Accounts and other receivables [(1)] 1,158,383 1,070,066 969,292 861,117 797,208

Deferred rent 613,796 627,700 601,590 556,198 554,016

Customer relationship value, deferred leasing costs & other
2,825,596 3,015,291 3,092,627 3,035,861 2,521,390
intangibles, net

Goodwill 9,148,603 9,199,636 9,208,497 8,728,105 7,545,107

Assets held for sale 593,892 — — — —

Operating lease right-of-use assets 1,291,233 1,317,293 1,351,329 1,253,393 1,310,970

Other assets 414,078 386,495 353,802 384,079 385,202

**Total Assets** **$42,388,735** **$41,953,068** **$41,484,998** **$39,215,217** **$35,956,057**

**Liabilities and Equity**

Global unsecured revolving credit facilities $2,242,258 $2,514,202 $2,150,451 $2,255,139 $1,440,040

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

Unsecured senior notes, net of discount 13,383,819 13,258,079 13,120,033 12,281,410 12,695,568

Secured debt and other, net of premiums 554,594 560,955 528,870 491,984 158,699

Operating lease liabilities 1,420,239 1,443,994 1,471,044 1,363,712 1,418,540

Accounts payable and other accrued liabilities 2,214,820 1,923,819 1,868,884 1,621,406 1,619,222

Deferred tax liabilities, net 1,128,961 1,164,276 1,192,752 1,145,097 611,582

Accrued dividends and distributions — — 363,716 — —

Security deposits and prepaid rent 417,693 392,021 369,654 341,552 341,140

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

**Total Liabilities** **$22,916,155** **$22,799,620** **$21,862,853** **$20,230,276** **$18,284,791**

Redeemable non-controlling interests 1,367,422 1,448,772 1,514,680 1,429,920 41,047

**Equity**

Preferred Stock: $0.01 par value per share, 110,000,000 shares
authorized:

Series J Cumulative Redeemable Preferred Stock [(2)] $193,540 $193,540 $193,540 $193,540 $193,540

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

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

Common Stock: $0.01 par value per share, 392,000,000 shares
2,967 2,888 2,887 2,851 2,824
authorized [(5)]

Additional paid-in capital 22,882,200 22,126,379 22,142,868 21,528,384 21,091,364

Dividends in excess of earnings (5,253,915) (4,995,982) (4,698,313) (4,336,201) (4,211,685)

Accumulated other comprehensive (loss), net (741,484) (652,486) (595,798) (862,804) (475,561)

**Total Stockholders' Equity** **$17,621,456** **$17,212,490** **$17,583,334** **$17,063,920** **$17,138,632**

**Noncontrolling Interests**

Noncontrolling interest in operating partnership $436,099 $444,843 $419,317 $421,484 $432,213

Noncontrolling interest in consolidated joint ventures 47,603 47,342 104,814 69,617 59,374

**Total Noncontrolling Interests** **$483,702** **$492,185** **$524,131** **$491,101** **$491,587**

**Total Equity** **$18,105,158** **$17,704,675** **$18,107,465** **$17,555,021** **$17,630,219**

|Total Liabilities and Equity|$42,388,735|$41,953,068|$41,484,998|$39,215,217|$35,956,057|
|---|---|---|---|---|---|



(1) Net of allowance for doubtful accounts of $42,624 and $33,048 as of June 30, 2023 and December 31, 2022, respectively.

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

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

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

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

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

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

(5) Common Stock: 299,240,366 and 291,148,222 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively.


-----

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

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

**Three Months Ended**

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

**Net Income / (Loss) Available to Common Stockholders** **$108,003** **$58,547** **($6,093)** **$226,894** **$53,245**

Interest 111,116 102,220 86,882 76,502 69,023

Income tax expense (benefit) 16,173 21,454 (17,676) 19,576 16,406

Depreciation & amortization 432,573 421,198 430,130 388,704 376,967

**EBITDA** **$667,866** **$603,419** **$493,244** **$711,676** **$515,642**

Unconsolidated JV real estate related depreciation & amortization 35,386 33,719 33,927 30,831 29,023

Unconsolidated JV interest expense and tax expense 32,105 18,556 53,481 11,948 6,708

Severance, equity acceleration, and legal expenses 3,652 4,155 15,980 1,655 3,786

Transaction and integration expenses 17,764 12,267 17,350 25,862 13,586

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

Impairment of investments in real estate — — 3,000 — —

Other non-core adjustments, net 22,132 (14,604) 15,127 (94) 31,633

Non-controlling interests (2,538) 111 (3,326) 1,716 436

Preferred stock dividends, including undeclared dividends 10,181 10,181 10,181 10,181 10,181

**Adjusted EBITDA** **$696,604** **$667,804** **$638,969** **$619,786** **$610,994**

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

**Three Months Ended**

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

Total GAAP interest expense $111,116 $102,220 $86,882 $76,502 $69,023

Capitalized interest 27,883 26,771 24,581 17,304 14,131

Change in accrued interest and other non-cash amounts (60,612) 38,137 (67,909) 31,860 (43,952)

**Cash Interest Expense [(2)]** **$78,387** **$167,128** **$43,554** **$125,666** **$39,202**

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

**Total Fixed Charges [(3)]** **$149,181** **$139,172** **$121,645** **$103,987** **$93,335**

**Coverage**

Interest coverage ratio [(4)] 4.5x 4.7x 5.3x 6.1x 6.6x

Cash interest coverage ratio [(5)] 7.4x 3.7x 11.9x 4.6x 12.6x

Fixed charge coverage ratio [(6)] 4.2x 4.4x 4.9x 5.5x 6.0x

Cash fixed charge coverage ratio [(7)] 6.6x 3.5x 10.0x 4.3x 10.4x

**Leverage**

Debt to total enterprise value [(8)(9)] 33.3% 37.3% 35.2% 34.5% 27.1%

Debt plus preferred stock to total enterprise value [(9)(10)] 34.7% 38.9% 36.8% 36.2% 28.5%

Pre-tax income to interest expense [(11)] 2.0x 1.7x 1.0x 4.1x 1.9x

Net Debt to Adjusted EBITDA [(12)] 6.8x 7.1x 6.9x 6.7x 6.2x

(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 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 dividends (including our pro rata share of unconsolidated joint venture cash fixed
charges).

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

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

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

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

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


-----

**Definition**

**Funds From Operations (FFO):**

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

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

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

**EBITDA and Adjusted EBITDA:**
We believe that earnings before interest, loss from early extinguishment of debt, income taxes, and depreciation and amortization, or EBITDA, and
Adjusted EBITDA (as defined below), are useful supplemental performance measures because they allow investors to view our performance without the
impact of non-cash depreciation and amortization or the cost of debt and, with respect to Adjusted EBITDA, unconsolidated joint venture real estate
related depreciation & amortization, unconsolidated joint venture interest expense and tax, severance, equity acceleration, and legal expenses,
transaction and integration expenses, gain on sale / deconsolidation, impairment of investments in real estate, other non-core adjustments, net, noncontrolling interests, preferred stock dividends, including undeclared dividends, and issuance costs associated with redeemed preferred stock. Adjusted
EBITDA is EBITDA excluding unconsolidated joint venture real estate related depreciation & amortization, unconsolidated joint venture interest expense
and tax, severance, equity acceleration, and legal expenses, transaction and integration expenses, gain on sale / deconsolidation, impairment of
investments in real estate, other non-core adjustments, net, non-controlling interests, preferred stock dividends, including undeclared dividends, and
gain on / issuance costs associated with redeemed preferred stock. In addition, we believe EBITDA and Adjusted EBITDA are frequently used by
securities analysts, investors, and other interested parties in the evaluation of REITs. Because EBITDA and Adjusted EBITDA are calculated before
recurring cash charges including interest expense and income taxes, exclude capitalized costs, such as leasing commissions, and are not adjusted for
capital expenditures or other recurring cash requirements of our business, their utility as a measure of our performance is limited. Other REITs may
calculate EBITDA and Adjusted EBITDA differently than we do and, accordingly, our EBITDA and Adjusted EBITDA may not be comparable to other REITs’
EBITDA and Adjusted EBITDA. Accordingly, EBITDA and Adjusted EBITDA should be considered only as supplements to net income computed in
accordance with GAAP as a measure of our financial performance.


-----

**Net Operating Income (NOI) and Cash NOI:**
Net operating income, or NOI, represents rental revenue, tenant reimbursement revenue and interconnection revenue less utilities expense, rental
property operating expenses, property taxes and insurance expenses (as reflected in the statement of operations). NOI is commonly used by
stockholders, company management and industry analysts as a measurement of operating performance of the company’s rental portfolio. Cash NOI is
NOI less straight-line rents and above- and below-market rent amortization. Cash NOI is commonly used by stockholders, company management and
industry analysts as a measure of property operating performance on a cash basis. However, because NOI and cash NOI exclude depreciation and
amortization and capture neither the changes in the value of our data centers that result from use or market conditions, nor the level of capital
expenditures and capitalized leasing commissions necessary to maintain the operating performance of our data centers, all of which have real economic
effect and could materially impact our results from operations, the utility of NOI and cash NOI as measures of our performance is limited. Other REITs
may calculate NOI and cash NOI differently than we do and, accordingly, our NOI and cash NOI may not be comparable to other REITs’ NOI and cash
NOI. NOI and cash NOI should be considered only as supplements to net income computed in accordance with GAAP as measures of our performance.

**Additional Definitions**

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

Debt-plus-preferred-to-total enterprise value is mortgage debt and other loans plus preferred stock divided by mortgage debt and other loans plus the
liquidation value of preferred stock and the market value of outstanding Digital Realty Trust, Inc. common stock and Digital Realty Trust, L.P. units,
assuming the redemption of Digital Realty Trust, L.P. units for shares of Digital Realty Trust, Inc. common stock.

Fixed charge coverage ratio is Adjusted EBITDA divided by the sum of GAAP interest expense, capitalized interest, scheduled debt principal payments
and preferred dividends. For the quarter ended June 30, 2023, GAAP interest expense was $111 million, capitalized interest was $28 million and
scheduled debt principal payments and preferred dividends was $10 million.

|Reconciliation of Net Operating Income (NOI) Three Months Ended (in thousands) 30-Jun-23 31-Mar-23 30-Jun-22 Operating income $154,860 $177,335 $170,371 Fee income (14,908) (7,868) (5,072) Other income (932) (887) (2,713) Depreciation and amortization 432,573 421,198 376,967 General and administrative 105,964 107,766 101,991 Severance, equity acceleration, and legal expenses 3,652 4,155 3,786 Transaction expenses 17,764 12,267 13,586 Other expenses 655 — 70|Six Months Ended 30-Jun-23 30-Jun-22|
|---|---|
||$332,196 $311,607 (22,777) (10,829) (1,819) (2,728) 853,771 759,099 213,730 198,426 7,807 5,863 30,031 25,554 655 7,727|
|Net Operating Income $699,629 $713,965 $658,986 Cash Net Operating Income (Cash NOI) Net Operating Income $699,629 $713,965 $658,986 Straight-line rental revenue 12,116 (16,327) (14,134) Straight-line rental expense 722 (510) (2,609) Above- and below-market rent amortization (1,195) (1,226) 196|$1,413,594 $1,294,720|
||$1,413,594 $1,294,720 (4,211) (20,664) 212 1,037 (2,421) 531|
|Cash Net Operating Income $711,272 $695,902 $642,439 Constant Currency CFFO Reconciliation Three Months Ended (in thousands) 30-Jun-23 31-Mar-23 30-Jun-22 Core FFO (1) $507,501 $499,386 Core FFO impact of holding '22 Exchange Rates Constant (2) 1,870 —|$1,407,174 $1,275,624|
||Six Months Ended 30-Jun-23 30-Jun-22|
||$1,001,001 $983,875 11,416 —|
|Constant Currency Core FFO $509,371 $499,386 Weighted-average shares and units outstanding - diluted 301,806 290,944 Constant Currency CFFO Per Share $1.69 $1.72|$1,012,417 $983,875 299,730 290,716 $3.38 $3.38|



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.


-----

uncertainties that could cause actual outcomes and results to differ materially. Such forward-looking statements include statements relating to: our economic outlook, our expected investment
and expansion activity, anticipated continued demand for our products and service, our liquidity, our joint ventures, supply and demand for data center and colocation space, our acquisition and
disposition activity, pricing and net effective leasing economics, market dynamics and data center fundamentals, our strategic priorities, our product offerings, available inventory, rent from leases
that have been signed but have not yet commenced and other contracted rent to be received in future periods, rental rates on future leases, lag between signing and commencement, cap rates
and yields, investment activity, the company’s FFO, Core FFO, constant currency Core FFO, adjusted FFO, and net income, 2023 outlook and underlying assumptions, information related to trends,
our strategy and plans, leasing expectations, weighted average lease terms, the exercise of lease extensions, lease expirations, debt maturities, annualized rent at expiration of leases, the effect
new leases and increases in rental rates will have on our rental revenue, our credit ratings, construction and development activity and plans, projected construction costs, estimated yields on
investment, expected occupancy, expected square footage and IT load capacity upon completion of development projects, backlog NOI, NAV components, and other forward-looking financial
data. Such statements are based on management’s beliefs and assumptions made based on information currently available to management. Such statements are subject to risks, uncertainties and
assumptions and are not guarantees of future performance and may be affected by known and unknown risks, trends, uncertainties, and factors that are beyond our control. Should one or more
of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated, or projected. Some of the risks
and uncertainties that may cause our actual results, performance, or achievements to differ materially from those expressed or implied by forward-looking statements include, among others, the
following:

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

-  increased competition or available supply of data center space;

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

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

-  our dependence upon significant customers, bankruptcy or insolvency of a major customer or a significant number of smaller customers, or defaults on or non-renewal of leases by
customers;

-  our ability to attract and retain customers;

-  breaches of our obligations or restrictions under our contracts with our customers;

-  our inability to successfully develop and lease new properties and development space, and delays or unexpected costs in development of properties;

-  the impact of current global and local economic, credit and market conditions;

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

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

-  information security and data privacy breaches;

-  difficulty managing an international business and acquiring or operating properties in foreign jurisdictions and unfamiliar metropolitan areas;

-  our failure to realize the intended benefits from, or disruptions to our plans and operations or unknown or contingent liabilities related to, our recent acquisitions;

-  our failure to successfully integrate and operate acquired or developed properties or businesses;

-  difficulties in identifying properties to acquire and completing acquisitions;

-  risks related to joint venture investments, including as a result of our lack of control of such investments;

-  risks associated with using debt to fund our business activities, including re-financing and interest rate risks, our failure to repay debt when due, adverse changes in our credit ratings
or our breach of covenants or other terms contained in our loan facilities and agreements;

-  our failure to obtain necessary debt and equity financing, and our dependence on external sources of capital;

-  financial market fluctuations and changes in foreign currency exchange rates;

-  adverse economic or real estate developments in our industry or the industry sectors that we sell to, including risks relating to decreasing real estate valuations and impairment
charges and goodwill and other intangible asset impairment charges;

-  our inability to manage our growth effectively;

-  losses in excess of our insurance coverage;

-  our inability to attract and retain talent;

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

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

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

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

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

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

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

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

The risks included here are not exhaustive, and additional factors could adversely affect our business and financial performance. Several additional material risks are discussed in our annual report
on Form 10-K for the year ended December 31, 2022, and other filings with the U.S. Securities and Exchange Commission. Those risks continue to be relevant to our performance and financial
condition. Moreover, we operate in a competitive and rapidly changing environment. New risk factors emerge from time to time and it is not possible for management to predict all such risk
factors, nor can it assess the impact of all such risk factors on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those
contained in any forward-looking statements. We expressly disclaim any responsibility to update forward-looking statements, whether as a result of new information, future events or otherwise.
Digital Realty, Digital Realty Trust, the Digital Realty logo, Interxion, Turn-Key Flex, Powered Base Building, ServiceFabric, AnyScale Colo, Pervasive Data Center Architecture, PlatformDIGITAL, 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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