-----

**ab e o Co** **e** **s** **Seco d Qua e** **0 3**

**Overview** **PAGE**

Corporate Information 3

Key Quarterly Financial Data 5

**Consolidated Statements of Operations**

Earnings Release 7

2023 Outlook 10

Consolidated Quarterly Statements of Operations 12

Funds From Operations and Core Funds From Operations 13

Adjusted Funds From Operations 14

**Balance Sheet Information**

Consolidated Balance Sheets 15

Components of Net Asset Value 16

Debt Maturities 17

Debt Analysis and Covenant Compliance 18

**Internal Growth**

Same-Capital Operating Trend Summary 19

Summary of Leasing Activity -  Signed 20

Summary of Leasing Activity -  Renewed 21

Lease Expirations -  By Size 22

Top 20 Customers by Annualized Rent 23

Occupancy Analysis 24

**External Growth**

Development Lifecycle -  Committed Active Development 25

Construction Projects in Progress 26

Historical Capital Expenditures and Investments in Real Estate 27

Development Lifecycle - Held for Development 28

Acquisitions / Dispositions / Joint Ventures 29

Unconsolidated Joint Ventures 30

**Additional Information**

Reconciliation of Earnings Before Interest, Taxes, Depreciation & Amortization and Financial Ratios 31

Management Statements on Non-GAAP Measures 32

Forward-Looking Statements 34


-----

**Corporate Profile**
Digital Realty Trust, Inc. (“Digital Realty” or the “company”) owns, acquires, develops, and operates data centers through its operating partnership
subsidiary, Digital Realty Trust, L.P. (the “operating partnership”). The company is focused on providing data center, colocation and interconnection
solutions for domestic and international customers across a variety of industry verticals ranging from cloud and information technology services,
communications and social networking to financial services, manufacturing, energy, healthcare, and consumer products. As of June 30, 2023, the
company’s 316 data centers, including 61 data centers held as investments in unconsolidated joint ventures, contain applications and operations critical
to the day-to-day operations of technology industry and corporate enterprise data center customers. Digital Realty’s portfolio is comprised of
approximately 39.3 million square feet, excluding approximately 8.8 million square feet of space under active development and 3.9 million square feet
of space held for future development, located throughout North America, Europe, South America, Asia, Australia, and Africa. For additional information,
please visit the company’s website at https://www.digitalrealty.com/.

**Corporate Headquarters**
5707 Southwest Parkway, Building 1, Suite 275
Austin, TX 78735
Telephone: (737) 281-0101
[Website: https://www.digitalrealty.com/](https://www.digitalrealty.com/)

**Senior Management**
President & Chief Executive Officer: Andrew P. Power
Chief Financial Officer: Matthew R. Mercier
Chief Investment Officer: Gregory S. Wright
Chief Technology Officer: Christopher L. Sharp
Chief Revenue Officer: Colin M. McLean

**Investor Relations**
To request more information or to be added to our e-mail distribution list, please visit the Investor Relations section of our website at
[https://investor.digitalrealty.com/](https://investor.digitalrealty.com/)

**Analyst Coverage**


BMO **Bank of America** **BMO Capital** **BNP Paribas**

**Argus Research** **Merrill Lynch** **Barclays** **Markets** **Exane** **Citigroup** **Deutsche Bank**

Marie Ferguson David Barden Brendan Lynch Ari Klein Nate Crossett Michael Rollins Matthew Niknam

(212) 425-7500 (646) 855-1320 (212) 526-9428 (212) 885-4103 (646) 725-3716 (212) 816-1116 (212) 250-4711


**Green Street**
**Advisors**


**Edward Jones**


**Evercore ISI**


**J.P. Morgan** **Jefferies** **MoffettNathanson** **Morgan Stanley**


Kyle Sanders Irvin Liu David Guarino Richard Choe Jonathan Petersen Nick Del Deo Simon Flannery

(314) 515-0198 (415) 800-0183 (949) 640-8780 (212) 662-6708 (212) 284-1705 (212) 519-0025 (212) 761-6432


**RBC Capital**
**Markets** **Stifel** **TD Cowen** **Truist Securities** **UBS**


**Morningstar**


**Raymond James**


Matthew Dolgin Frank Louthan Jonathan Atkin Erik Rasmussen Michael Elias Anthony Hau John Hodulik

(312) 696-6783 (404) 442-5867 (415) 633-8589 (212) 271-3461 (646) 562-1358 (212) 303-4176 (212) 713- 4226

**Wells Fargo** **Wolfe Research**

Eric Luebchow Andrew Rosivach

(312) 630-2386 (646) 582-9250

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


-----

**Co po a e** **o** **a o (Co** **ued)** **Seco d Qua e** **0 3**

**Stock Listing Information**

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

Common Stock: DLR

Series J Preferred Stock: DLRPRJ

Series K Preferred Stock: DLRPRK

Series L Preferred Stock: DLRPRL

Symbols may vary by stock quote provider.

**Credit Ratings**

**_Standard & Poor’s_**

Corporate Credit Rating: BBB (Negative Outlook)

Preferred Stock: BB+

**_Moody’s_**

Issuer Rating: Baa2 (Stable Outlook)

Preferred Stock: Baa3

**_Fitch_**

Issuer Default Rating: BBB (Stable Outlook)

Preferred Stock: BB+

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

**Common Stock Price Performance**

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

**Three Months Ended**

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


$114.43


$122.43


$114.86


$138.09


$153.50


High price


|Low price|$86.33|$90.72|$85.76|$96.08|$124.00|
|---|---|---|---|---|---|


Closing price, end of quarter $113.87 $98.31 $100.27 $99.18 $129.83

|Average daily trading volume|3,112,901|2,232,417|2,168,114|1,608,999|1,580,520|
|---|---|---|---|---|---|



Indicated dividend per common share (1) $4.88 $4.88 $4.88 $4.88 $4.88

|Closing annual dividend yield, end of quarter|4.3%|5.0%|4.9%|4.9%|3.8%|
|---|---|---|---|---|---|



Shares and units outstanding, end of quarter (2) 305,723,430  297,760,767  297,436,891  293,803,727  291,033,400

|Closing market value of shares and units outstanding (3)|$34,812,727|$29,272,861|$29,823,997|$29,139,454|$37,784,866|
|---|---|---|---|---|---|



(1) On an annualized basis.

(2) As of June 30, 2023, the total number of shares and units includes 299,240,366 shares of common stock, 4,343,275 common units held by third parties and 2,139,789
common units and vested and unvested long-term incentive units held by directors, officers and others and excludes all shares of common stock potentially issuable
upon conversion of our series J, series K and series L cumulative redeemable preferred stock upon certain change of control transactions.

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

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


-----

**Shares and Units at End of Quarter** **30-Jun-23   31-Mar-23   31-Dec-22   30-Sep-22   30-Jun-22**

Common shares outstanding 299,240,366   291,298,610   291,148,222   287,509,059   284,733,922

Common partnership units outstanding 6,483,064 6,462,157 6,288,669 6,294,668 6,299,478

|Total Shares and Units|305,723,430|297,760,767|297,436,891|293,803,727|291,033,400|
|---|---|---|---|---|---|



**Enterprise Value**

Market value of common equity (1) $34,812,727  $29,272,861  $29,823,997  $29,139,454  $37,784,866

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

Total debt at balance sheet carrying value 17,729,452   17,875,511   16,596,803   15,758,509   14,294,307

|Total Enterprise Value|$53,297,179|$47,903,372|$47,175,800|$45,652,963|$52,834,174|
|---|---|---|---|---|---|



Total debt / total enterprise value 33.3% 37.3% 35.2% 34.5% 27.1%

Debt-plus-preferred-to-total-enterprise-value 34.7% 38.9% 36.8% 36.2% 28.5%

**Selected Balance Sheet Data**

Investments in real estate (before depreciation) $33,958,096  $33,805,740  $33,035,069  $31,046,413  $29,408,055

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



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

**Selected Operating Data**

Total operating revenues $1,366,267  $1,338,724  $1,233,108  $1,192,082  $1,139,321

|Total operating expenses|1,211,407|1,161,388|1,112,127|1,034,701|968,950|
|---|---|---|---|---|---|



Net income 115,647 68,839 763 238,791 63,862

|Net income / (loss) available to common stockholders|108,003|58,547|(6,093)|226,894|53,245|
|---|---|---|---|---|---|



**Financial Ratios**

EBITDA (2) $667,866 $603,419 $493,244 $711,676 $515,642

|Adjusted EBITDA (3)|696,604|667,804|638,969|619,786|610,994|
|---|---|---|---|---|---|



Net Debt to Adjusted EBITDA (4) 6.8x 7.1x 6.9x 6.7x 6.2x

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



Fixed charges (5) 149,181 139,172 121,644 103,987 93,335

|Interest coverage ratio (6)|4.5x|4.7x|5.3x|6.1x|6.6x|
|---|---|---|---|---|---|



Fixed charge coverage ratio (7) 4.2x 4.4x 4.9x 5.5x 6.0x

**Profitability Measures**

Net income / (loss) per common share - basic $0.37 $0.20 ($0.02) $0.79 $0.19

|Net income / (loss) per common share - diluted|$0.37|$0.19|($0.02)|$0.75|$0.19|
|---|---|---|---|---|---|



Funds from operations (FFO) / diluted share and unit (8) $1.52 $1.60 $1.45 $1.55 $1.55

|Core funds from operations (Core FFO) / diluted share and unit (8)|$1.68|$1.66|$1.65|$1.67|$1.72|
|---|---|---|---|---|---|



Adjusted funds from operations (AFFO) / diluted share and unit (9) $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 FFO payout ratio (8) (10) 80.3% 76.0% 83.9% 79.0% 78.7%

|Diluted Core FFO payout ratio (8) (11)|72.6%|73.5%|73.9%|73.2%|71.1%|
|---|---|---|---|---|---|



Diluted AFFO payout ratio (9) (12) 76.7% 78.2% 94.8% 81.5% 75.0%

**Portfolio Statistics**

Buildings (13) 330 328 329 316 309

|Data Centers (13)|316|314|316|304|297|
|---|---|---|---|---|---|



Cross-connects (13)(14) 216,000 214,000 211,000 188,000 185,000

|Net rentable square feet, excluding development space (13)|39,310|38,804|38,156|36,699|36,803|
|---|---|---|---|---|---|



Occupancy at end of quarter (15) 82.9% 83.5% 84.7% 84.7% 83.9%

|Occupied square footage (13)|32,603|32,394|32,327|31,077|30,866|
|---|---|---|---|---|---|



Space under active development (16) 8,841 9,243 9,245 8,878 8,289

|Space held for development (17)|3,941|3,742|3,351|2,896|2,661|
|---|---|---|---|---|---|



Weighted average remaining lease term (years) (18) 4.9 4.8 4.7 4.7 4.8

|Same-capital occupancy at end of quarter (15) (19)|83.3%|83.3%|83.8%|83.1%|82.6%|
|---|---|---|---|---|---|


-----

(1) The market value of common equity is based on the closing stock price at the end of the quarter and assumes 100% redemption of the limited partnership units in
our operating partnership, including common units and vested and unvested long-term incentive units, for shares of our common stock on a one-for-one basis.
Excludes shares of common stock potentially issuable upon conversion of our series J, series K and series L cumulative redeemable preferred stock upon certain
change of control transactions, as applicable.

(2) EBITDA is calculated as earnings before interest expense, loss from early extinguishment of debt, tax expense, and depreciation and amortization. For a discussion of
EBITDA, see page 32. For a reconciliation of net income available to common stockholders to EBITDA, see page 31.

(3) Adjusted EBITDA is EBITDA excluding unconsolidated joint venture real estate related depreciation & amortization, unconsolidated joint venture interest and tax
expense, 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 issuance costs associated with
redeemed preferred stock. For a discussion of Adjusted EBITDA, see page 32. For a reconciliation of net income available to common stockholders to Adjusted
EBITDA, see page 31.

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

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

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

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

(8) For definitions and discussion of FFO and Core FFO, see page 32. For reconciliations of net income available to common stockholders to FFO and Core FFO, see page
13.

(9) For a definition and discussion of AFFO, see page 32. For a reconciliation of Core FFO to AFFO, see page 14.

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

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

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

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

(14) Represents approximate amounts.

(15) Occupancy and same-capital occupancy exclude space under active development and space held for development. Occupancy represents our consolidated portfolio

in addition to our managed portfolio of unconsolidated joint ventures and non-managed unconsolidated joint ventures. For some of our buildings, we calculate
occupancy based on factors in addition to contractually leased square feet, including available power, required support space and common area. Excludes buildings
held-for-sale.

(16) Space under active development includes current Base Building and Data Centers projects in progress (see page 25). Excludes buildings held-for-sale.

(17) Space held for development includes space held for future Data Center development and excludes space under active development (see page 28). Excludes buildings

held-for-sale.

(18) Weighted average remaining lease term excludes renewal options and is weighted by net rentable square feet.

(19) Represents buildings owned as of December 31, 2021, with less than 5% of total rentable square feet under development. 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 results have been adjusted to reflect current same-capital pool.


-----

**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


-----

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

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

Rental revenues $869,298 $870,975 $834,374 $787,839 $767,313   $1,740,273 [ $1,519,275 ]

Tenant reimbursements - Utilities 330,416 317,148 247,725 251,420 218,198 647,565 442,745

Tenant reimbursements - Other 46,192 40,150 46,045 49,419 52,688 86,342 104,198

Interconnection & other 104,521 101,695 97,286 95,486 93,338 206,216 186,868

Fee income 14,908 7,868 7,508 6,169 5,072 22,777 10,829

Other 932 887 168 1,749 2,713 1,819 2,728

**Total Operating Revenues** **[ $1,366,267 ]** **$1,338,724** **$1,233,108** **$1,192,082** **$1,139,321** **[ $2,704,991 ]** **$2,266,644**

Utilities $374,934 $346,364 $268,561 $271,844 $223,426 $721,298 $464,665

Rental property operating 224,762 224,861 222,430 205,886 198,076 449,623 392,430

Property taxes 46,718 40,424 42,032 39,860 47,213 87,141 93,738

Insurance 4,385 4,355 4,578 4,002 3,836 8,739 7,534

Depreciation & amortization 432,573 421,198 430,130 388,704 376,967 853,771 759,099

General & administration 105,964 107,766 104,452 95,792 101,991 213,730 198,426

Severance, equity acceleration, and legal expenses 3,652 4,155 15,980 1,655 3,786 7,807 5,863

Transaction and integration expenses 17,764 12,267 17,350 25,862 13,586 30,031 25,554

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

Other expenses 655 — 3,615 1,096 70 655 7,727

**Total Operating Expenses** **[ $1,211,407 ]** **$1,161,388** **$1,112,127** **$1,034,701** **$968,950** **[ $2,372,795 ]** **$1,955,037**

**Operating Income** **$154,860** **$177,335** **$120,981** **$157,381** **$170,371** **$332,196** **$311,607**

Equity in earnings / (loss) of unconsolidated joint ventures 5,059 14,897 (28,112) (12,254) (34,088) 19,957 26,870

Gain / (loss) on sale of investments 89,946 — (6) 173,990 — 89,946 2,770

Interest and other income / (expense), net (6,930) 280 (22,894) 15,752 13,008 (6,650) 16,059

Interest (expense) (111,116) (102,220) (86,882) (76,502) (69,023) (213,336) (135,748)

Income tax benefit / (expense) (16,173) (21,454) 17,676 (19,576) (16,406) (37,627) (29,650)

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

**Net Income** **$115,647** **$68,839** **$763** **$238,791** **$63,862** **$184,486** **$140,773**

Net income / (loss) attributable to noncontrolling interests 2,538 (111) 3,326 (1,716) (436) 2,427 (4,065)

**Net Income Attributable to Digital Realty Trust, Inc.** **$118,185** **$68,728** **$4,089** **$237,075** **$63,426** **$186,913** **$136,708**

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

**Net Income / (Loss) Available to Common Stockholders** **$108,003** **$58,547** **($6,093)** **$226,894** **$53,245** **$166,550** **$116,346**

Weighted-average shares outstanding - basic 295,390,446 291,218,549 289,364,739 286,693,071 284,694,064   293,316,022 284,610,492

Weighted-average shares outstanding - diluted 306,818,538 303,064,832 301,712,082 296,414,726 285,109,903 304,453,040 284,979,709

Weighted-average fully diluted shares and units 313,020,947 309,026,076 307,546,353 302,257,518 290,944,163   310,589,141 290,716,197

Net income / (loss) per share - basic $0.37 $0.20 ($0.02) $0.79 $0.19 $0.57 $0.41

Net income / (loss) per share - diluted $0.37 $0.19 ($0.02) $0.75 $0.19 $0.57 $0.41


-----

|Three Months Ended 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 Months 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|$950,589 $917,362 299,452 290,346 310,589 290,716 $3.17 $3.16 $3.13 $3.16|


|Three Months Ended 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|Col2|Col3|Col4|Col5|Col6|Six Months Ended|Col8|Col9|
|---|---|---|---|---|---|---|---|---|
|||||||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||$3.34|$3.38|


|(1) Real Estate Related Depreciation & Amortization Three Months Ended 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)|Col2|Col3|Col4|Col5|Col6|Six Months Ended|Col8|Col9|
|---|---|---|---|---|---|---|---|---|
|||||||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.


-----

|Three Months Ended 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 Months 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.


-----

**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.


-----

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

Network-Dense $1,060,162

Campus 1,632,444

Other [(4)] 152,484

**Total Cash NOI, Annualized** **$2,845,090**

_less: Partners' share of consolidated JVs_ _(51,616)_

Acquisitions / dispositions / expirations (53,788)

FY 2023 backlog cash NOI and 2Q23 carry-over (stabilized) [(5)] 117,394

**Total Consolidated Cash NOI, Annualized** **$2,857,080**

**Digital Realty's Pro Rata Share of Unconsolidated Joint Venture Cash NOI [(3)(6)]** **$182,448**

**Other Income**

**Development and Management Fees (net), Annualized** **$59,632**

**Other Assets**

Pre-stabilized inventory, at cost [(7)] $327,021

Land held for development 193,936

Development CIP [(8)] 4,635,939

_less: Investment associated with FY23 Backlog NOI_ _(720,987)_

Cash and cash equivalents 124,519

Accounts and other receivables, net 1,158,383

Other assets 414,078

_less: Partners' share of consolidated JV assets_ _(170,718)_

**Total Other Assets** **$5,962,171**

**Liabilities**

Global unsecured revolving credit facilities $2,257,864

Unsecured term loans 1,558,175

Unsecured senior notes 13,479,365

Secured debt and other 557,138

Accounts payable and other accrued liabilities 2,214,820

Deferred tax liabilities, net 1,128,961

Security deposits and prepaid rents 417,693

Liabilities associated with assets held for sale 4,990

Backlog NOI cost to complete [(9)] 142,732

Preferred stock 755,000

Digital Realty's share of unconsolidated JV debt 1,118,743

_less: Partners' share of consolidated JV liabilities_ (362,954)

**Total Liabilities** **$23,272,527**

**Diluted Shares and Units Outstanding** **305,925**

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

(2) For definitions and discussion of NOI and cash NOI and a reconciliation of operating income to NOI and cash NOI, see page 33.

(3) Annualized cash NOI is calculated by multiplying results for the most recent quarter by four. Annualized results may not be indicative of any four-quarter period and
do not take into account scheduled lease expirations, among other things. Annualized data is presented for illustrative purposes only. Reflects annualized 2Q23 Cash
NOI of $2.8 billion. NOI is allocated based on management’s estimates derived using contractual ABR and stabilized margins.

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

(5) Estimated cash NOI related to signed leases that are expected to commence through December 31, 2023. Excludes Digital Realty’s share of signed leases at
unconsolidated joint venture properties.

(6) For a reconciliation of Digital Realty’s pro rata share of unconsolidated joint venture operating income to cash NOI, see page 30.

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

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

(9) Excludes Digital Realty’s share of expected cost to complete at unconsolidated joint venture properties.


-----

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

**As of June 30, 2023**

**[Interest ]**

**Rate**

**Interest Including**

**Rate** **Swaps** **2023** **2024** **2025** **2026** **2027** **Thereafter** **Total**


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

Global unsecured revolving credit facility 4.290%  4.290% — — — —  $2,191,336 —  $2,191,336

Yen revolving credit facility 0.550%  0.550% — — — — 66,528 — 66,528

Deferred financing costs, net — — — — — — — — (15,605)

|Total Global Unsecured Revolving Credit Facilities 4.180% 4.180% —|—|—|—|$2,257,864|—|$2,242,258|
|---|---|---|---|---|---|---|



**Unsecured Term Loans**

Euro term loan facility 4.300%  3.765% — —  $409,088 —  $409,088 — $818,176

USD term loan facility 6.181%  5.505% — — —  $740,000 — — 740,000

Deferred financing costs, net — — — — — — — — (9,395)

|Total Unsecured Term Loans 5.193% 4.591% —|—|$409,088|$740,000|$409,088|—|$1,548,781|
|---|---|---|---|---|---|---|



**Senior Notes**

₣100 million 0.600% Notes due 2023 0.600%  0.600%  $111,665 — — — — — $111,665

€600 million 2.625% Notes due 2024 2.625%  2.625% —  $654,540 — — — — 654,540

£250 million 2.750% Notes due 2024 2.750%  2.750% —  317,575 — — — — 317,575

£400 million 4.250% Notes due 2025 4.250%  4.250% — —  $508,120 — — — 508,120

€650 million 0.625% Notes due 2025 0.625%  0.625% — — 709,085 — — — 709,085

€1.08 billion 2.500% Notes due 2026 2.500%  2.500% — — —  $1,172,718 — — 1,172,718

₣275 million 0.200% Notes due 2026 0.200%  0.200% — — — 307,077 — — 307,077

₣150 million 1.700% Notes due 2027 1.700%  1.700% — — — —  $167,497 — 167,497

$1.00 billion 3.700% Notes due 2027 [(2)] 3.700%  2.485% — — — —  1,000,000 — 1,000,000

€500 million 1.125% Notes due 2028 1.125%  1.125% — — — — —  $545,450 545,450

$900 million 5.550% Notes due 2028 [(2)] 5.550%  3.996% — — — — — 900,000 900,000

$650 million 4.450% Notes due 2028 4.450%  4.450% — — — — — 650,000 650,000

₣270 million 0.550% Notes due 2029 0.550%  0.550% — — — — — 301,494 301,494

$900 million 3.600% Notes due 2029 3.600%  3.600% — — — — — 900,000 900,000

£350 million 3.300% Notes due 2029 3.300%  3.300% — — — — — 444,605 444,605

€750 million 1.500% Notes due 2030 1.500%  1.500% — — — — — 818,175 818,175

£550 million 3.750% Notes due 2030 3.750%  3.750% — — — — — 698,665 698,665

€500 million 1.250% Notes due 2031 1.250%  1.250% — — — — — 545,450 545,450

€1.00 billion 0.625% Notes due 2031 0.625%  0.625% — — — — —  1,090,900 1,090,900

€750 million 1.000% Notes due 2032 1.000%  1.000% — — — — — 818,175 818,175

€750 million 1.375% Notes due 2032 1.375%  1.375% — — — — — 818,175 818,175

Unamortized discounts — — — — — — — — (35,377)

Deferred financing costs — — — — — — — — (60,169)

|Total Senior Notes 2.431% 2.237% $111,665|$972,115|$1,217,205|$1,479,795|$1,167,497|$8,531,089|$13,383,819|
|---|---|---|---|---|---|---|



**Secured Debt**

ICN10 Facilities 5.740%  3.522% — — — — — $12,824 $12,824

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

Teraco Loans 10.769%  9.081% $113 $313 $569 $32,658 64,735 242,423 340,811

Deferred financing costs — — — — — — —  . (2,543)

|Total Secured Debt 8.571% 7.335% $113|$313|$569|$32,658|$199,735|$255,247|$486,092|
|---|---|---|---|---|---|---|



**Other Debt**

Icolo loans 11.650% 11.650% — — — $4,837 $3,650 — $8,487

|Total Other Debt 11.650% 11.650% —|—|—|$4,837|$3,650|—|$8,487|
|---|---|---|---|---|---|---|



**Mandatorily Redeemable Preferred Shares (Teraco)**

Mandatorily Redeemable Preferred Shares (Teraco) 10.105%  10.105% — $4,245 — $59,427 — — $63,672

Unamortized discounts — — — — — — — — (3,657)

|Total Redeemable Preferred Shares 10.105% 10.105% —|$4,245|—|$59,427|—|—|$60,015|
|---|---|---|---|---|---|---|



Total unhedged variable rate debt — — $113 $4,558  $409,657 $92,085  $2,731,687 $65,169  $3,303,269

Total fixed rate / hedged variable rate debt — — 111,665  972,115  1,217,205  2,224,632  1,306,147  8,721,167  14,552,930

|Total Debt 3.093% 2.860% $111,778|$976,673|$1,626,862|$2,316,717|$4,037,833|$8,786,336|$17,856,199|
|---|---|---|---|---|---|---|



**Weighted Average Interest Rate** **0.609%** **2.700%** **2.550%** **1.704%** **3.671%** **2.433%** **2.860%**

**Summary**

**Weighted Average Term to Initial Maturity** **4.5 Years**

**Weighted Average Maturity (assuming exercise of extension options)** **4.8 Years**

**Global Unsecured Revolving Credit Facilities Detail As of June 30, 2023**

**Maximum Available** **Existing Capacity [(3)]** **Currently Drawn**

**Global Unsecured Revolving Credit Facilities** **$3,910,003** **$1,550,256** **$2,257,864**

(1) Assumes all extensions will be exercised.

(2) Subject to cross-currency swaps.

(3) Net of letters of credit issued of $101.9 million.


-----

**Unaudited** **Second Quarter 2023**

**As of June 30, 2023**

**Global Unsecured**

**Unsecured Senior Notes** **Credit Facilities**

**Debt Covenant Ratios [(1)]** **Required** **Actual [(2)]** **Actual [(3)]** **Required** **Actual**

Total outstanding debt / total assets [(4)] _Less than 60%_ 47% 43% _Less than 60%[ (5)]_ 42%

Secured debt / total assets [(6)] _Less than 40%_ 1% 1% _Less than 40%_ 2%

Total unencumbered assets / unsecured debt _Greater than 150%_ 202% 223% N/A N/A

Consolidated EBITDA / interest expense [(7)] _Greater than 1.50x_ 4.1x 4.1x N/A N/A

Fixed charge coverage N/A N/A _Greater than 1.50x_ 5.0x

Unsecured debt / total unencumbered asset value [(8)] N/A N/A _Less than 60%_ 45%

Unencumbered assets debt service coverage ratio [(8)] N/A N/A _Greater than 1.50x_ 6.0x

(1) For definitions of the terms used in the table above and related footnotes, please refer to the indentures which govern the notes, the Second Amended and Restated Global Senior Credit
Agreement dated as of November 18, 2021 and the Amended and Restated Yen facility Credit Agreement dated as of November 18, 2021, each as amended and which are filed as exhibits to
our reports filed with the U.S. Securities and Exchange Commission.

(2) Ratios for the Unsecured Senior Notes listed on page 17 except for the 0.60% notes due 2023, 0.20% notes due 2026, 1.70% notes due 2027, 5.550% notes due 2028, 0.55% notes due 2029,
1.250% notes due 2031, 0.625% notes due 2031, 1.00% notes due 2032 and 1.375% notes due 2032.

(3) Ratios for the 0.60% notes due 2023, 0.20% notes due 2026, 1.70% notes due 2027, 5.550% notes due 2028, 0.55% notes due 2029, 1.250% notes due 2031, 0.625% notes due 2031, 1.00%
notes due 2032 and 1.375% notes due 2032.

(4) This ratio is referred to as the Leverage Ratio, defined as Consolidated Debt / Total Asset Value, under the global unsecured revolving credit facility and the Yen facility. For the calculation of
Total Assets, please refer to the indentures which govern the notes, the Second Amended and Restated Global Senior Credit Agreement dated as of November 18, 2021 and the Amended
and Restated Yen facility Credit Agreement dated as of November 18, 2021, each as amended and which are filed as exhibits to our reports filed with the U.S. Securities and Exchange
Commission.

(5) The company has the right to maintain a Leverage Ratio of greater than 60.0% but less than or equal to 65.0% for up to four consecutive fiscal quarters during the term of the facility
following an acquisition of one or more Assets.

(6) This ratio is referred to as the Secured Debt Leverage Ratio, defined as Secured Debt / Total Asset Value, under the global unsecured revolving credit facility and the Yen facility.

(7) Calculated as current quarter annualized consolidated EBITDA to current quarter annualized Interest Expense (including capitalized interest and debt discounts).

(8) Assets must satisfy certain conditions to qualify for inclusion as an Unencumbered Asset under the global unsecured revolving credit facility and the Yen facility.


-----

**Stabilized (“Same-Capital”) Portfolio (1)**

**Less:**

|Three Months Ended|Six Months Ended|
|---|---|
|30-Jun-23 30-Jun-22 % Change 31-Mar-23 % Change|30-Jun-23 30-Jun-22 % Change|
|$664,744 $622,572 6.8% $664,580 0.0% 265,651 181,384 46.5% 256,835 3.4% 34,899 39,986 (12.7%) 27,535 26.7% 86,178 80,658 6.8% 83,780 2.9% $1,051,472 $924,600 13.7% $1,032,730 1.8% $292,110 $195,498 49.4% $276,723 5.6% 167,342 151,285 10.6% 165,399 1.2% 34,332 36,474 (5.9%) 26,847 27.9% 3,879 3,726 4.1% 3,949 (1.8%) $497,664 $386,984 28.6% $472,918 5.2% $553,809 $537,617 3.0% $559,813 (1.1%) ($15,425) ($1,405) 997.5% $113 (13731.0%) 1,556 1,505 3.4% 1,587 (2.0%) $567,678 $537,517 5.6% $558,112 1.7% 83.3% 82.6% 0.8% 83.3% 0.0%|$1,329,324 $1,245,456 6.7% 522,486 367,512 42.2% 62,434 77,708 (19.7%) 169,958 161,599 5.2% $2,084,203 $1,852,275 12.5% $568,832 $396,175 43.6% 332,741 301,730 10.3% 61,179 71,025 (13.9%) 7,828 7,187 8.9% $970,581 $776,118 25.1% $1,113,621 $1,076,157 3.5% ($15,312) ($6,170) 148.2% 3,143 3,016 4.2% $1,125,791 $1,079,311 4.3% 83.3% 82.6% 0.8%|



(1) Represents buildings owned as of December 31, 2021 with less than 5% of total rentable square feet under development. 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.

(2) For a definition and discussion of net operating income and a reconciliation of operating income to NOI, see page 33.

(3) For a definition and discussion of cash net operating income and a reconciliation of operating income to cash NOI, see page 33.

(4) Occupancy excludes space under active development and space held for development. For some of our buildings, we calculate occupancy based on factors in addition to contractually leased
square feet, including available power, required support space and common areas.


-----

**0-1 MW** **> 1 MW [(5)]** **Other [(3)]** **Total**

**Leasing Activity - New [(1) (2)]** **2Q23** **LTM** **2Q23** **LTM** **2Q23** **LTM** **2Q23** **LTM**

**Annualized GAAP Rent (in thousands)** **$36,682** **$131,703** **$61,475** **$285,240** **$3,020** **$19,988** **$101,177** **$436,931**

Kilowatt leased 10,988 40,183 36,430 202,076 — — 47,418 242,259

NRSF (in thousands) 140 470 519 2,307 43 358 701 3,135

**Weighted Average Lease Term (years)** **3.7** **3.6** **14.8** **10.7** **6.6** **9.2** **11.2** **9.5**

Initial stabilized cash rent per Kilowatt $304 $273 $117 $110 — — $160 $137

GAAP rent per Kilowatt $278 $284 $141 $115 — — $173 $143

Leasing cost per Kilowatt $24 $24 $1 $35 — — $6 $33

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

Base rent by Kilowatt $322 $287 $131 $118 — — $175 $146

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

Estimated operating expense by Kilowatt $80 $81 $32 $28 — — $43 $36

**Net rent per Kilowatt** **$239** **$204** **$96** **$88** **—** **—** **$129** **$107**

Tenant improvements by Kilowatt $1 — — $1 — — — $1

Leasing commissions by Kilowatt $6 $11 — — — — $2 $2

**Net effective rent per Kilowatt** **$231** **$193** **$96** **$87** **—** **—** **$127** **$104**

Initial stabilized cash rent per NRSF $249 $280 $109 $116 $71 $52 $134 $133

GAAP rent per NRSF $263 $280 $118 $124 $70 $56 $144 $139

Leasing cost per NRSF $23 $24 $1 $37 $280 $47 $22 $36

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

Base rent by NRSF $304 $294 $111 $124 $77 $57 $147 $142

Rental concessions by NRSF $3 $2 $2 $3 $6 $1 $3 $3

Estimated operating expense by NRSF $76 $79 $36 $31 $9 $9 $42 $36

**Net rent per NRSF** **$225** **$213** **$72** **$90** **$61** **$46** **$102** **$103**

Tenant improvements by NRSF $1 — — $1 $27 $3 $2 $1

Leasing commissions by NRSF $6 $11 — — — $3 $1 $2

**Net effective rent per NRSF** **$218** **$202** **$72** **$89** **$34** **$41** **$99** **$100**

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

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

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

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

(5) >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.

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


-----

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

**Leasing Activity - Renewals [(1) (2) (3)]** **2Q23** **LTM** **2Q23** **LTM** **2Q23** **LTM** **2Q23** **LTM**

Leases renewed (Kilowatt) 37,779 131,620 36,848 127,097 — — 74,627 258,717

Leases renewed (NRSF in thousands) 528 1,761 467 1,530 222 434 1,217 3,725

Leasing cost per Kilowatt $1 $1 $1 $5 — — $3 $3

Leasing cost per NRSF $1 $1 $2 $5 $2 $2 $2 $3

**Weighted Term (years)** **1.6** **1.5** **6.6** **5.4** **5.1** **4.5** **4.2** **3.5**

**Cash Rent**

Expiring cash rent per Kilowatt $279 $292 $142 $147 — — $215 $224

Renewed cash rent per Kilowatt $292 $304 $155 $147 — — $230 $231

**% Change Cash Rent Per Kilowatt** **4.8%** **4.2%** **8.7%** **(0.2%)** **—** **—** **6.9%** **3.0%**

Expiring cash rent per NRSF $239 $262 $135 $147 $14 $23 $158 $187

Renewed cash rent per NRSF $251 $273 $146 $147 $22 $28 $169 $192

**% Change Cash Rent Per NRSF** **4.8%** **4.2%** **8.7%** **(0.2%)** **54.7%** **19.1%** **6.9%** **3.0%**

**GAAP Rent**

Expiring GAAP rent per Kilowatt $276 $289 $126 $136 — — $205 $217

Renewed GAAP rent per Kilowatt $294 $304 $164 $147 — — $235 $231

**% Change GAAP Rent Per Kilowatt** **6.5%** **5.1%** **29.9%** **7.7%** **—** **—** **14.6%** **6.2%**

Expiring GAAP rent per NRSF $237 $259 $120 $136 $14 $22 $151 $194

Renewed GAAP rent per NRSF $252 $272 $156 $146 $23 $27 $173 $201

**% Change GAAP Rent Per NRSF** **6.5%** **5.1%** **29.9%** **7.7%** **66.0%** **21.9%** **14.6%** **3.6%**

**Retention ratio [(5)]** **88.9%** **76.9%** **72.0%** **84.8%** **95.0%** **40.3%** **82.5%** **72.2%**

**Churn [(6)]** **1.5%** **6.3%** **1.7%** **3.5%** **0.3%** **5.6%** **1.5%** **4.8%**

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

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

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

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

(5) Based on square feet.

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

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


-----

**% of** **Annualized Rent Per   Annualized Rent Per** **Rent Per kW**

**Square Footage of** **Annualized** **Annualized** **Occupied** **Occupied Square** **Annualized Rent** **kW of Expiring** **Rent per kW** **Per Month at**

**Year** **Expiring Leases (1)** **Rent (2)** **Rent** **Square Foot** **Foot at Expiration** **at Expiration** **Leases** **Per Month** **Expiration**

**0 - 1 MW**

Available 2,494 — — — — — — — —

|Month to Month (3) 185|$42,572 1.2%|$230 $230|$42,688|9,756|$364|$365|
|---|---|---|---|---|---|---|



2023 1,133 373,754 10.7% 330 330 373,392 80,967 385 384

|2024 1,717|450,241 12.9%|262 263|451,161|121,042|310|311|
|---|---|---|---|---|---|---|



2025 746 161,749 4.7% 217 223 166,051 47,152 286 293

|2026 410|85,390 2.5%|208 217|89,154|30,869|231|241|
|---|---|---|---|---|---|---|



2027 413 67,790 1.9% 164 174 71,860 29,347 192 204

|2028 190|23,596 0.7%|124 138|26,168|10,673|184|204|
|---|---|---|---|---|---|---|



2029 74 9,120 0.3% 123 148 10,975 5,100 149 179

|2030 53|13,874 0.4%|262 267|14,135|3,907|296|302|
|---|---|---|---|---|---|---|



2031 53 9,523 0.3% 178 190 10,141 2,681 296 315

|2032 51|4,937 0.1%|96 109|5,608|1,650|249|283|
|---|---|---|---|---|---|---|



Thereafter 216 8,105 0.2% 38 41 8,904 2,586 261 287

|Total / Wtd. Avg. 7,736|$1,250,651 36.0%|$239 $242|$1,270,236|345,730|$301|$306|
|---|---|---|---|---|---|---|



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

Available 1,962 — — — — — — — —

|Month to Month (3) 181|$27,572 0.8%|$152 $152 $27,572|16,546|$139|$139|
|---|---|---|---|---|---|



2023 717 88,170 2.5% 123 123 88,253 58,348 126 126

|2024 1,427|220,199 6.3%|154 157 223,857|129,474|142|144|
|---|---|---|---|---|---|



2025 1,912 284,766 8.2% 149 153 292,789 174,101 136 140

|2026 1,928|268,012 7.7%|139 148 284,429|178,062|125|133|
|---|---|---|---|---|---|



2027 1,825 244,023 7.0% 134 145 265,175 175,548 116 126

|2028 915|113,592 3.3%|124 136 124,209|88,289|107|117|
|---|---|---|---|---|---|



2029 1,005 125,421 3.6% 125 138 139,036 123,729 84 94

|2030 1,117|152,795 4.4%|137 149 166,454|118,175|108|117|
|---|---|---|---|---|---|



2031 1,066 124,172 3.6% 117 130 138,841 103,861 100 111

|2032 815|100,436 2.9%|123 145 117,877|87,650|95|112|
|---|---|---|---|---|---|



Thereafter 1,897 218,991 6.3% 115 136 257,255 182,860 100 117

|Total / Wtd. Avg. 16,766|$1,968,150 56.6%|$133 $144 $2,125,746|1,436,642|$114|$123|
|---|---|---|---|---|---|



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

Available 1,677 — — — — — — — —

|Month to Month (3) 65|$2,442 0.1%|$37 $37 $2,442|—|—|—|
|---|---|---|---|---|---|



2023 316 9,971 0.3% 32 32 9,971 — — —

|2024 441|19,990 0.6%|45 46 20,326|—|—|—|
|---|---|---|---|---|---|



2025 627 26,607 0.8% 42 44 27,808 — — —

|2026 808|25,105 0.7%|31 35 27,895|—|—|—|
|---|---|---|---|---|---|



2027 374 15,185 0.4% 41 44 16,592 — — —

|2028 505|16,594 0.5%|33 40 20,237|—|—|—|
|---|---|---|---|---|---|



2029 551 26,891 0.8% 49 57 31,426 — — —

|2030 643|27,787 0.8%|43 51 33,026|—|—|—|
|---|---|---|---|---|---|



2031 63 2,085 0.1% 33 40 2,524 — — —

|2032 108|6,222 0.2%|58 66 7,125|—|—|—|
|---|---|---|---|---|---|



Thereafter 3,175 79,637 2.3% 25 33 103,219 — — —

|Total / Wtd. Avg. 9,353|$258,517 7.4%|$34 $39 $302,591|—|—|—|
|---|---|---|---|---|---|



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

Available 6,133 — — — — — — — —

|Month to Month (3) 433|$72,586 2.1%|$168 $168 $72,702|—|—|—|
|---|---|---|---|---|---|



2023 2,166 471,895 13.6% 218 218 471,616 — — —

|2024 3,586|690,430 19.9%|193 194 695,343|—|—|—|
|---|---|---|---|---|---|



2025 3,285 473,123 13.6% 144 148 486,649 — — —

|2026 3,146|378,507 10.9%|120 128 401,477|—|—|—|
|---|---|---|---|---|---|



2027 2,612 326,997 9.4% 125 135 353,627 — — —

|2028 1,610|153,782 4.4%|96 106 170,614|—|—|—|
|---|---|---|---|---|---|



2029 1,630 161,432 4.6% 99 111 181,437 — — —

|2030 1,813|194,456 5.6%|107 118 213,615|—|—|—|
|---|---|---|---|---|---|



2031 1,182 135,780 3.9% 115 128 151,506 — — —

|2032 975|111,595 3.2%|115 134 130,609|—|—|—|
|---|---|---|---|---|---|



Thereafter 5,288 306,734 8.8% 58 70 369,378 — — —

|Total / Wtd. Avg. 33,858|$3,477,318 100.0%|$125 $133 $3,698,573|—|—|—|
|---|---|---|---|---|---|



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

(2) Annualized rent represents the monthly contractual base rent (defined as cash base rent before abatements) under existing leases as of June 30, 2023, multiplied by 12.

(3) Includes leases, licenses, and similar agreements that upon expiration have been automatically renewed on a month-to-month basis.

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

Note: Represents consolidated portfolio in addition to our managed portfolio of unconsolidated joint ventures based on our ownership percentage.


-----

**Weighted**

**Average**

**Annualized** **% of Annualized** **Remaining**

**Number of** **Recurring** **Recurring** **Lease Term in**

**Customer** **Locations** **Revenue (1)** **Revenue** **Years**

1 Fortune 50 Software Company 67 $398,863 10.3% 8.3

2 Social Content Platform 22 187,705 4.8% 5.0

3 Global Cloud Provider 58 148,565 3.8% 5.4

4 Oracle Corporation 36 141,712 3.7% 6.5

5 IBM 36 137,152 3.5% 2.5

6 Fortune 25 Investment Grade-Rated Company 29 111,699 2.9% 3.5

7 Equinix 17 90,847 2.3% 6.5

8 LinkedIn Corporation 7 81,037 2.1% 1.7

9 Fortune 500 SaaS Provider 14 78,967 2.0% 2.9

10 Meta Platforms, Inc. 46 72,725 1.9% 3.8

11 Fortune 25 Tech Company 50 67,040 1.7% 3.7

12 Cyxtera 15 63,136 1.6% 8.8

13 Social Media Platform 8 62,075 1.6% 7.9

14 Rackspace 25 52,164 1.3% 9.7

15 Lumen Technologies, Inc. 126 50,775 1.3% 10.3

16 JPMorgan Chase & Co. 17 43,768 1.1% 2.6

17 Comcast Corporation 41 40,232 1.0% 4.6

18 AT&T 77 39,603 1.0% 3.0

19 Zayo 118 35,557 0.9% 1.6

20 International Telecom Provider 30 34,830 0.9% 1.9

**Total / Weighted Average** **$1,938,452** **49.7%** **6.0**

(1) Annualized recurring revenue represents the monthly contractual base rent (defined as cash base rent before abatements) and interconnection revenue under existing leases as of June 30,
2023, multiplied by 12.

Note: Represents consolidated portfolio in addition to our managed portfolio of unconsolidated joint ventures based on ownership percentage. Our direct customers may be the entities named in
the table above or their subsidiaries or affiliates.


-----

**Net Rentable** **Space Under Active** **Space Held for** **Annualized** **Occupancy (5)** **White Space** **Data Center**

**Metropolitan Area** **Square Feet (1)** **Development (2)  Development (3)** **Rent (4)** **30-Jun-23** **31-Mar-23** **IT Load (6)** **Count**

**North America**

Northern Virginia 5,983 1,742 266 $602,846 92.4% 93.8% 518.6 26

Chicago 3,428 35 113 325,651 92.4% 91.9% 162.7 10

New York 2,067 159 130 213,118 74.9% 78.0% 55.8 13

Dallas 3,065 327 77 197,915 83.0% 82.8% 111.2 21

Silicon Valley 1,590 — 131 170,908 92.1% 94.6% 94.6 15

Portland 798 352 — 95,103 98.5% 97.5% 82.5 3

Phoenix 796 — — 71,697 71.1% 70.7% 42.5 2

San Francisco 843 — — 63,592 65.2% 65.9% 31.5 4

Atlanta 557 — 314 56,799 93.3% 96.7% 9.1 4

Toronto 430 297 — 41,618 89.7% 88.1% 39.8 2

Los Angeles 614 11 — 40,788 78.4% 80.8% 16.2 2

Seattle 399 — — 39,934 78.7% 78.6% 19.5 1

Boston 437 — 51 18,355 43.8% 44.7% 19.0 3

Houston 393 — 14 15,360 55.6% 55.7% 13.0 6

Miami 226 — — 8,787 85.7% 85.4% 1.3 2

Austin 86 — — 8,085 58.6% 58.6% 4.3 1

Charlotte 95 — — 5,455 90.8% 90.4% 1.5 3

**North America Total/Weighted Average** **21,808** **2,924** **1,096** **$1,976,009** **85.3%** **86.0%** **1,223.1** **118**

**EMEA**

Frankfurt 2,092 1,632 — $256,466 86.3% 84.7% 134.2 29

London 1,433 64 96 230,003 63.3% 64.9% 103.9 16

Amsterdam 1,270 — 92 169,759 80.6% 80.3% 116.8 13

Paris 940 758 — 96,735 72.8% 68.9% 76.1 13

Johannesburg 913 1,260 — 96,075 83.7% 81.6% 52.3 5

Marseille 519 — 38 64,211 71.7% 82.6% 45.4 4

Dublin 474 78 — 57,558 82.6% 81.2% 32.5 9

Zurich 433 165 — 53,535 67.0% 80.4% 29.0 3

Vienna 355 133 — 51,137 82.2% 80.9% 25.6 3

Madrid 238 171 — 42,805 87.7% 87.4% 16.8 4

Brussels 178 159 — 29,012 69.5% 78.9% 7.9 3

Cape Town 260 468 — 26,840 87.8% 87.4% 16.4 2

Stockholm 192 108 — 21,923 69.3% 70.3% 16.8 6

Copenhagen 225 99 — 20,591 64.0% 77.4% 12.9 3

Dusseldorf 116 98 — 19,448 72.5% 60.8% 11.0 3

Athens 55 159 — 8,213 86.8% 86.7% 2.2 4

Durban 45 — — 5,113 76.9% 75.3% 1.1 1

Zagreb 22 13 — 2,695 83.2% 82.5% 0.9 1

Nairobi 16 — — 2,442 76.5% 73.1% 0.5 1

Mombasa 46 — 12 1,844 16.0% 15.1% 2.8 2

Maputo 7 — — — — — 1.0 1

**EMEA Total/Weighted Average** **9,829** **5,365** **238** **$1,256,403** **77.1%** **77.6%** **706.0** **126**

**Asia Pacific**

Singapore 883 7 — $203,555 95.4% 93.4% 78.5 3

Sydney 362 — 88 32,680 91.6% 90.1% 22.1 4

Melbourne 147 — — 14,771 62.3% 62.3% 9.6 2

Seoul 162 — — 1,057 5.0% 4.3% 12.0 1

Hong Kong 99 186 — 230 0.6% 0.6% 7.5 1

**Asia Pacific Total/Weighted Average** **1,653** **192** **88** **$252,293** **77.1%** **75.6%** **129.7** **11**

**Non-Data Center Properties** 380 — 212 $343 13.5% 13.5% — —

**Consolidated Portfolio Total/Weighted Average** **33,670** **8,481** **1,634** **$3,485,047** **81.7%** **82.3%** **2,058.8** **255**

**Unconsolidated Joint Ventures**

Northern Virginia 1,350 — — $98,231 100.0% 100.0% 89.7 7

Silicon Valley 414 — — 25,715 100.0% 100.0% 10.9 4

Hong Kong 186 — — 15,589 66.0% 87.4% 11.0 1

Toronto 104 — — 13,118 67.4% 69.5% 6.8 1

Los Angeles 197 — — 5,325 100.0% 100.0% — 2

Lagos 4 — — 781 100.0% 100.0% 0.2 1

Abuja 1 — — 96 73.0% 73.0% 0.1 1

**Managed Unconsolidated Portfolio Total/Weighted Average** **2,257** **—** **—** **$158,853** **95.7%** **97.5%** **118.5** **17**

**Managed Portfolio Total/Weighted Average** **35,927** **8,481** **1,634** **$3,643,901** **82.5%** **83.2%** **2,177.3** **272**

**Digital Realty Share Total/Weighted Average [(7)]** **33,858** **7,553** **1,634** **$3,477,318** **81.9%** **82.6%** **2,059.4** **—**

**Non-Managed Unconsolidated Joint Ventures**

Sao Paulo 1,230 174 1,325 $164,739 97.6% 99.0% 104.6 25

Tokyo 1,272 27 — 72,917 71.2% 69.0% 58.8 3

Osaka 433 150 196 64,162 90.6% 88.5% 38.9 4

Queretaro 108 9 391 17,117 100.0% 100.0% 8.0 3

Santiago 96 — 198 13,916 100.0% 100.0% 10.2 3

Rio De Janeiro 99 — — 11,136 100.0% 100.0% 8.0 2

Fortaleza 94 — — 9,859 100.0% 100.0% 6.2 1

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

Bogota — — 197 — — — — 2

**Non-Managed Portfolio Total/Weighted Average** **3,383** **360** **2,307** **$361,616** **87.1%** **86.1%** **243.6** **44**

**Portfolio Total/Weighted Average** **39,310** **8,841** **3,941** **$4,005,517** **82.9%** **83.5%** **2,420.9** **316**

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

(2) Space under active development includes current Base Building and Data Center projects in progress (see page 25).

(3) Space held for development includes space held for future Data Center development and excludes space under active development (see page 28).

(4) Annualized base rent represents the monthly contractual base rent (defined as cash base rent before abatements) under existing leases as of June 30, 2023, multiplied by 12.

(5) Occupancy excludes space under active development and space held for development. For some of our buildings, we calculate occupancy based on factors in addition to contractually leased square feet, including available
power, required support space and common areas.

(6) White Space IT Load represents UPS-backed utility power dedicated to Digital Realty’s operated data center space.

(7) Represents consolidated portfolio plus our managed portfolio of unconsolidated joint ventures based on our ownership percentage.


-----

**Base Building Construction** **Data Center Construction** **Total Active Development**

**A** **B** **A + B** **A** **B** **A + B** **A** **B** **A + B**

**A**

**B**

**A + B**

**A**

**B**

**Average** **Pre-tax**

**Total** **Current** **Future** **Total** **Total** **Current** **Future** **Total** **Expected** **Est.** **Total** **Current** **Future** **Total**

**# of** **Square Investment** **Funding** **Expected** **# of** **Square** **Investment** **Funding** **Expected** **%** **Completion** **Stabilized** **# of** **Square** **Investment** **Funding** **Expected**

**Metropolitan Area** **Locations** **Feet** **(1)** **Req. (2) Investment (3) Locations** **Feet** **kW** **(1)** **Req. (2) Investment (3)** **Leased** **Period** **Cash Yield (4) Locations** **Feet** **(1)** **Req. (2) Investment (3)**

Northern Virginia 4 1,079  $188,888  $194,439 $383,326 6 663  72,000 $249,877  $508,867 $758,744 44.4% 1Q24 6 1,742 $438,765  $703,306 $1,142,070

Dallas 2 164 31,400 71,728 103,128 2 164 16,000 49,052 285,461 334,513 100.0% 2Q24 2 327 80,452 357,189 437,641

Toronto — — — — — 1 297  16,000 67,460 122,539 189,999 100.0% 1Q24 1 297 67,460 122,539 189,999

New York — — — — — 3 159 10,800 73,030 112,727 185,757 66.7% 1Q24 3 159 73,030 112,727 185,757

Portland 1 282 91,134 3,775 94,909 1 70 8,000 61,901 21,436 83,337 100.0% 3Q23 1 352 153,036 25,211 178,246

Other — — — — — 2 45 5,200 46,369 36,821 83,190 38.5% 3Q23-4Q24 2 45 46,369 36,821 83,190

**North America** **7** **1,525  $311,422  $269,942** **$581,364** **15** **1,399  128,000  $547,689  $1,087,850** **$1,635,540** **63.4%** **9.0%** **15** **2,924** **$859,112  $1,357,792** **$2,216,904**

Frankfurt 5 1,054 $241,891 $139,943 $381,834 3 578 51,360  $370,325  $492,088 $862,413 80.3% 4Q24 7 1,632 $612,216  $632,031 $1,244,247

Paris 1 62 28,771 10,607 39,378 5 695 67,800 376,954 550,794 927,749 22.4% 3Q24 5 758 405,725 561,401 967,126

Zurich — — — — — 1 165 13,468 128,904 130,776 259,680 52.1% 4Q24 1 165 128,904 130,776 259,680

Brussels — — — — — 1 159 13,600 107,541 66,938 174,479 58.8% 4Q23 1 159 107,541 66,938 174,479

Athens — — — — — 2 159 13,600 64,626 99,114 163,740 36.7% 1Q24 2 159 64,626 99,114 163,740

Other 8 1,250  154,830  159,445 314,274 10 1,242 83,839 282,694 412,894 695,589 57.0% 3Q23-2Q24 12 2,492 437,524 572,339 1,009,863

**EMEA** **14** **2,366  $425,492  $309,994** **$735,486** **22** **2,999  243,667  $1,331,044  $1,752,605** **$3,083,649** **51.0%** **11.2%** **28** **5,365  $1,756,536  $2,062,599** **$3,819,135**

Other 1 186  $40,724 $823 $41,547 1 7 1,000 — $8,904 $8,904 — 4Q23 2 192 $40,724 $9,727 $50,451

**Asia Pacific** **1** **186  $40,724** **$823** **$41,547** **1** **7** **1,000** **—** **$8,904** **$8,904** **—** **17.3%** **2** **192** **$40,724** **$9,727** **$50,451**

|Total 22 4,076|$777,638|$580,759 $1,358,397 38 4,405 372,667|$1,878,734|$2,849,359|$4,728,093 55.1% 10.5% 45 8,481|$2,656,372|$3,430,118|$6,086,490|
|---|---|---|---|---|---|---|---|---|



(1) Represents costs incurred through June 30, 2023.

(2) Represents estimated cost to complete specific scope of work pursuant to contract, budget, or approved capital plan.

(3) For Base Building Construction, represents the pro rata share of the acquisition and infrastructure costs related to the specific Base Building project. For Data Center Construction, represents the pro rata share of the acquisition and infrastructure costs, or Base Building Construction costs,
applicable to the specific Data Center project, plus the total direct investment in the specific Data Center project.

(4) Estimated yields are based on total expected investment amounts and anticipated net operating income from leases signed or other assumptions based on market conditions.

Note: Square footage is based on current estimates and project plans and may change upon completion of the project or due to remeasurement.


-----

**Total Cost/**

**Net Rentable** **Current** **Future** **Total** **Net Rentable**

**Construction Projects in Progress** **Square Feet (5)** **Acreage Investment (6) Investment (7)** **Investment** **Square Foot**

**Development Lifecycle**

**Land - Held for Development (1)** **N/A** **86.2** **$193,936** **—** **$193,936**

**Development Construction in Progress**

Land - Current Development (1) N/A 707.7  $1,128,835 —  $1,128,835

Space Held for Development (1) 1,634 N/A 247,896 — 247,896 $152

Base Building Construction (2) 4,076 N/A 777,638 $580,759  1,358,397 333

Data Center Construction 4,405 N/A 1,878,734 2,849,359  4,728,093 1,073

Equipment Pool & Other Inventory (3) N/A N/A 116,833 — 116,833

Campus, Tenant Improvements & Other (4) N/A N/A 526,177 160,266 686,443

|Total Development Construction in Progress (8) 10,115|707.7|$4,676,113 $3,590,384|$8,266,497|
|---|---|---|---|



Enhancement & Other $19,196 $10,637 $29,833

Recurring 12,434 31,038 43,472

|Total Construction in Progress|793.9|$4,901,679 $3,632,059|$8,533,738|
|---|---|---|---|



(1) Land and Space Held for Development reflect cumulative cost spent to date pending future development. Excludes square footage and cost incurred on unconsolidated joint ventures.

(2) Base Building Construction consists of ongoing improvements to building infrastructure in preparation for future data center fit-out.

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

(4) Represents improvements in progress as of June 30, 2023, which benefit space recently converted to our operating portfolio and is composed primarily of shared infrastructure projects and
first-generation tenant improvements. Includes $302.6 million included in our Consolidated Balance Sheet related to fair value adjustments on Teraco portfolio projects that were partially
constructed as of August 1, 2022.

(5) We estimate the total net rentable square feet available for lease based on a number of factors in addition to contractually leased square feet, including available power, required support
space and common areas. Excludes square footage of properties held in unconsolidated joint ventures.

(6) Represents costs incurred through June 30, 2023. Excludes costs incurred by unconsolidated joint ventures.

(7) Represents estimated cost to complete specific scope of work pursuant to contract, budget, or approved capital plan.

(8) Includes $40.2 million current investment classified as Assets Held for Sale on our Consolidated Balance Sheet.

Note: We capitalize interest on active construction work. Base Building Construction, Data Center Construction, Equipment Pool, Campus Improvements, Enhancements and Recurring are
considered active construction work. Square footage is based on current estimates and project plans and may change upon completion of the project or due to remeasurement.


-----

|Three Months Ended 30-Jun-23 31-Mar-23 31-Dec-22 30-Sep-22 30-Jun-22 Non-Recurring Capital Expenditures (1) Development $523,406 $644,910 $730,341 $583,198 $466,304 Enhancements and Other Non-Recurring 1,479 2,796 2,023 1,571 3,310 Total Non-Recurring Capital Expenditures $524,885 $647,706 $732,364 $584,769 $469,614 Recurring Capital Expenditures (2) $53,498 $40,465 $109,999 $66,200 $43,497|Six Months Ended|
|---|---|
||30-Jun-23 30-Jun-22|
||$1,168,316 $897,251 4,275 8,697 $1,172,591 $905,948 $93,963 $90,267|
|Total Direct Capital Expenditures $578,383 $688,171 $842,363 $650,969 $513,111 Indirect Capital Expenditures Capitalized Interest $27,883 $26,771 $24,581 $17,304 $14,131 Capitalized Overhead 23,717 23,735 22,632 21,583 21,051|$1,266,554 $996,215 $54,654 $28,882 47,452 41,930|
|Total Indirect Capital Expenditures $51,600 $50,506 $47,213 $38,887 $35,182|$102,106 $70,812|
|Total Improvements to and Advances for $629,983 $738,677 $889,576 $689,856 $548,293 Investment in Real Estate Consolidated Portfolio Net Rentable Square Feet (3) 33,858 33,511 32,905 32,170 32,396|$1,368,660 $1,067,027 33,858 32,396|


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

(2) 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.

(3) For some of our buildings, we calculate square footage based on factors in addition to contractually leased square feet, including available power, required support
space and common areas.


-----

**Land Inventory [(1)]** **Space Held for Development**

**Land -** **Land -** **Total**

**# of** **Held for** **Current** **# of** **Square** **Current**

**Metropolitan Area** **Locations** **Acres Development Development Locations** **Feet Investment [(2)]**

Atlanta — — — — 1 314 $25,720

Boston — — — — 1 51 23,623

Chicago 1 1.4 — $27,995 6 326 43,530

Dallas 2 60.4 — 45,608 3 77 10,126

Houston — — — — 1 14 2,726

New York 1 21.5 — 46,248 4 130 17,050

Northern Virginia 4 493.5 — 486,604 7 266 2,128

Silicon Valley 1 13.0 — 76,788 1 131 14,499

**North America** **9** **589.8** **—** **$683,243** **24** **1,308** **$139,402**

Amsterdam 2 8.0 — $65,357 2 92 $34,473

Barcelona 1 2.4 — 18,716 — — —

Crete 1 1.2 — 2,378 — — —

Dublin 2 5.0 — 17,335 — — —

Frankfurt 2 26.6 — 227,884 — — —

Johannesburg 1 3.6 — 4,532 — — —

London 1 6.7 $16,317 — 3 96 29,870

Madrid 1 1.8 19,300 — — — —

Marseille — — — — 1 38 —

Maputo 1 1.2 — 2,993 — — —

Mombasa 1 1.0 717 — 1 12 1,674

Nairobi 2 4.4 1,275 2,637 — — —

Paris 2 47.8 — 39,353 — — —

Rome 1 55.1 — 24,720 — — —

Zagreb 1 6.5 8,491 — — — —

Zurich 1 2.6 — 31,279 — — —

**EMEA** **20** **174.1** **$46,099** **$437,186** **7** **238** **$66,017**

Melbourne 1 4.1 $4,017 — — — —

Osaka 1 2.5 — $8,406 — — —

Seoul 1 4.9 74,816 — — — —

Sydney 1 18.5 69,005 — 1 88 $42,477

**Asia Pacific** **4** **30.0** **$147,837** **$8,406** **1** **88** **$42,477**

|Consolidated Portfolio 33 793.9 $193,936|$1,128,835 32 1,634 $247,896|
|---|---|



(1) Represents locations acquired to support ground-up development.

(2) Represents costs incurred through June 30, 2023. Includes the cost of acquisition as well as cost of improvements since acquisition to prepare for future building
construction.

Note: Square footage is based on current estimates and project plans and may change upon completion of the project or due to remeasurement.


-----

**Closed Acquisitions:**

**Net**

**Rentable  Square Feet Square Feet** **% of Total Net**

**Acquisition** **Metropolitan** **Date** **Purchase** **Cap** **Square** **Under** **Held For** **Rentable Square**

**Property** **Type** **Area** **Acquired Price (1)** **Rate (2)** **Feet (3) Development Development Feet Occupied (4)**

AMS7 [(5)] Land and Building Shell Amsterdam 4/30/2023  $18,547 8.3% — — — —

Schiphol Land [(5)] Land Amsterdam 6/21/2023 27,821 — — — — —

Johannesburg [(6)] Land Johannesburg 5/12/2023 4,532 — — — — —

**Total** **—** **—** **—  $50,900** **8.3%** **—** **—** **—** **—**

**Closed Dispositions:**

**Net**

**Rentable Square Feet Square Feet** **% of Total Net**

**Disposition Metropolitan** **Date** **Sale** **Cap** **Square** **Under** **Held For** **Rentable Square**

**Property** **Type** **Area** **Disposed   Price (1)** **Rate (2)** **Feet (3) Development Development Feet Occupied (4)**

Non-Core Texas Data Center Building Texas 5/15/2023 $151,000 4.4% — — — —

**Total** **—** **—** **— $ 151,000** **4.4%** **—** **—** **—** **—**

**Closed Joint Venture Contributions:**

**Net**

**Rentable** **Square Feet** **Square Feet** **% of Total Net**

**Metropolitan** **Contribution** **Cap** **Square** **Under** **Held For** **Rentable Square**

**Property** **Area** **Date** **Price** **Rate (2)** **Feet (3)** **Development Development Feet Occupied (4)**

— — — — — — — — —

**Total** **—** **—** **—** **—** **—** **—** **—** **—**

(1) Represents the purchase price before contractual purchase price adjustments, transaction expenses, taxes, and potential currency fluctuations.

(2) We calculate the cash capitalization rate on acquisitions, dispositions, and joint venture contributions by dividing anticipated annual net operating income by the purchase/sale/contribution
price, including assumed debt and related pre-payment penalties. Net operating income represents rental revenue and tenant reimbursement revenue from in-place leases, less rental
property operating and maintenance expenses, property taxes and insurance expenses, and is not a financial measure calculated in accordance with GAAP. We caution you not to place
undue reliance on our cash capitalization rates because they are based solely on data made available to us in the diligence process in connection with the relevant acquisitions and are
calculated on a non-GAAP basis. Our calculation of the cash capitalization rate on acquisitions may change, based on our experience operating the data centers subsequent to closing of the
acquisitions. In addition, the actual cash capitalization rates may differ from our expectations based on numerous other factors, including the results of our final purchase price allocation,
difficulties collecting anticipated rental revenues, tenant bankruptcies, property tax reassessments and unanticipated expenses at the data centers that we cannot pass on to tenants.

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

(4) Occupancy excludes space under active development and space held for development.

(5) Represents USD to EUR exchange rate as of 6/30/23 of 0.92x.

(6) Represents USD to ZAR exchange rate as of 6/30/23 of 18.85x.


-----

**Summary Balance Sheet -** **As of June 30, 2023**

**at the JV's 100% Share** **Ascenty** **Mitsubishi  Digital Core REIT  Lumen [(1)]  Mapletree  Other [(2)]** **Total**

Undepreciated book value of operating real estate $1,619,647   $1,299,594 $1,371,772   $184,447   $785,134   $506,900   $5,767,494

Accumulated depreciation & amortization (351,432) (122,035) (56,432) (64,000) (154,559) (24,137) (772,596)

**Net Book Value of Operating Real Estate** **$1,268,215** **$1,177,559** **$1,315,339** **$120,447** **$630,575** **$482,764** **$4,994,898**

Cash 40,036 293,259 16,869 19,768 33,335 21,177 424,444

Other assets 1,355,450 164,109 231,315 7,936 164,908 92,023 2,015,741

**Total Assets** **$2,663,701** **$1,634,926** **$1,563,524** **$148,150** **$828,819** **$595,964** **$7,435,084**

Debt 1,074,094 640,332 501,722 — — 96,818 2,312,966

Other liabilities 278,308 142,000 40,427 10,192 22,921 98,404 592,252

Equity / (deficit) 1,311,299 852,594 1,021,375  137,958 805,897 400,741 4,529,866

**Total Liabilities and Equity** **$2,663,701** **$1,634,926** **$1,563,524** **$148,150** **$828,819** **$595,964** **$7,435,084**

_Digital Realty's ownership percentage_ _49% [(3)]_ _50%_ _42% [(4)]_ _50%_ _20%_ _Various_

**Digital Realty's Pro Rata Share of Unconsolidated JV Debt** **$547,788** **$320,166** **$210,517** **—** **—** **$40,272** **$1,118,743**

**Three Months Ended June 30, 2023**
**Summary Statement of Operations -**

**at the JV's 100% Share** **Ascenty** **Mitsubishi  Digital Core REIT  Lumen [(1)]  Mapletree  Other [(2)]** **Total**

Total revenues $75,129   $61,176 $22,208 $4,930   $30,591 $7,955   $201,989

Operating expenses (32,702) (34,898) (8,915) (2,269) (13,023) (3,970) (95,777)

**Net Operating Income (NOI)** **$42,427** **$26,278** **$13,293** **$2,661** **$17,568** **$3,985** **$106,212**

Straight-line rent — (1,327) (17) 216 (251) (15) (1,393)

Above and below market rent — — (920) — 178 — (742)

**Cash Net Operating Income (NOI)** **$42,427** **$24,952** **$12,356** **$2,877** **$17,495** **$3,970** **$104,077**

Interest expense ($22,219) ($1,173) ($6,908) — — ($3,050) ($33,350)

Depreciation & amortization (33,831) (12,900) (16,460) (2,092) (16,936) (1,021) (83,241)

Other income / (expense) (11,180) (2,669) (3,106) (139) (1,279) (646) (19,019)

FX remeasurement on USD debt 35,682 — (1,002) — — — 34,680

**Total Non-Operating Expenses** **($31,548)** **($16,742)** **($27,476)** **($2,230)** **($18,215)** **($4,717)** **($100,929)**

**Net Income / (Loss)** **$10,879** **$9,536** **($14,184)** **$431** **($647)** **($733)** **$5,282**

_Digital Realty's ownership percentage_ _49% [(3)]_ _50%_ _42% [(4)]_ _50%_ _20%_ _Various_

**Digital Realty's Pro Rata Share of Unconsolidated JV NOI** **$21,638** **$13,139** **$5,577** **$1,330** **$3,514** **$1,380** **$46,578**

**Digital Realty's Pro Rata Share of Unconsolidated JV Cash**
**$21,638** **$12,476** **$5,184** **$1,439** **$3,499** **$1,377** **$45,612**
**NOI**

Digital Realty's Earnings (loss) income from unconsolidated
$5,529 $4,768 ($4,672) $215 ($129) ($651) $5,059
joint ventures

**Digital Realty's Pro Rata Share of Core FFO [(5)]** **$4,704** **$11,296** **$3,805** **$1,261** **$3,258** **($393)** **$23,931**

**Digital Realty's Fee Income from Joint Ventures** **—** **$109** **$3,058** **$195** **$782** **$392** **$4,536**

(1) Formerly known as 33 Chun Choi Street.

(2) Includes Medallion, Clise, Colovore, Menlo, Walsh, and BAM Digital Realty joint ventures.

(3) Equity in income pick-up comprised of 49% owned by Digital Realty and 2% owned by management, with a corresponding offset for the 2% in minority interest.

(4) As of June 30, 2023, Digital Realty owns approximately 36% of Digital Core REIT and separately owns a 10% retained interest in the underlying North American
operating properties, and a 75% retained interest in the underlying German operating property.

(5) For a definition of Core FFO, see page 32.


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**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.


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**Unaudited** **Second Quarter 2023**

**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.


-----

**Unaudited** **Second Quarter 2023**

**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.


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**Second Quarter 2023**

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

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

-  increased competition or available supply of data center space;

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

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

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

-  our ability to attract and retain customers;

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

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

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

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

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

-  information security and data privacy breaches;

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

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

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

-  difficulties in identifying properties to acquire and completing acquisitions;

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

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

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

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

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

-  our inability to manage our growth effectively;

-  losses in excess of our insurance coverage;

-  our inability to attract and retain talent;

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

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

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

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

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

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

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

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

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