-----

**ab e o Co** **e** **s** **ou** **Qua e** **0 3**

**Overview** **PAGE**

Corporate Information 3

Key Quarterly Financial Data 5

**Consolidated Statements of Operations**

Earnings Release 7

2024 Outlook 10

Consolidated Quarterly Statements of Operations 12

Funds From Operations and Core Funds From Operations 13

Adjusted Funds From Operations 14

**Balance Sheet Information**

Consolidated Balance Sheets 15

Components of Net Asset Value 16

Debt Maturities 17

Debt Analysis and Covenant Compliance 18

**Internal Growth**

Same-Capital Operating Trend Summary 19

Summary of Leasing Activity -  Signed 20

Summary of Leasing Activity -  Renewed 21

Lease Expirations -  By Size 22

Top 20 Customers by Annualized Rent 23

Occupancy Analysis 24

**External Growth**

Development Lifecycle -  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 December 31, 2023, the
company’s 309 data centers, including 67 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 39.7 million square feet, excluding approximately 8.5 million square feet of space under active development and 4.1 million square feet
of space held for future development, located throughout North America, Europe, South America, Asia, Australia, and Africa. For additional information,
please visit the company’s website at digitalrealty.com.


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


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


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

**Analyst Coverage**


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

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


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

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


**Green Street**
**Advisors** **HSBC** **Jefferies** **J.P. Morgan** **MoffettNathanson**


**Edward Jones**


**Evercore ISI**


Kyle Sanders Irvin Liu David Guarino Phani Kanumuri Jonathan Petersen Richard Choe Nick Del Deo

(314) 515-0198 (415) 800-0183 (949) 640-8780 +52 (551) 782-7350 (212) 284 1705 (212) 662 6708 (212) 519-0025


**RBC Capital**
**Markets** **Scotiabank** **Stifel** **TD Cowen**


**Morgan Stanley** **Morningstar** **Raymond James**


Simon Flannery Matthew Dolgin Frank Louthan Jonathan Atkin Maher Yaghi Erik Rasmussen Michael Elias

(212) 761-6432 (312) 696-6783 (404) 442-5867 (415) 633-8589 (437) 995-5548 (212) 271-3461 (646) 562-1358

**Truist Securities** **UBS** **Wells Fargo** **Wolfe Research**

Anthony Hau John Hodulik Eric Luebchow Andrew Rosivach

(212) 303-4176 (212) 713-4226 (312) 630-2386 (646) 582-9250

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

**Upcoming Conference Schedule**

March 4 – 6, 2024 Citi’s 2024 Global Property CEO Conference Hollywood, FL

March 11 – 13, 2024 32[nd ]Annual Deutsche Bank’s Media Internet Telecom Conference Palm Beach, FL

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


-----

**Co po a e** **o** **a o (Co** **ued)** **ou** **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 (Stable Outlook)

Preferred Stock: BB+

**_Moody’s_**

Issuer Rating: Baa2 (Stable Outlook)

Preferred Stock: Baa3

**_Fitch_**

Issuer Default Rating: BBB (Stable Outlook)

Preferred Stock: BB+

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

**Common Stock Price Performance**

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

**Three Months Ended**

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


$139.35


$133.39


$114.43


$122.43


$114.86


High price


|Low price|$113.94|$112.38|$86.33|$90.72|$85.76|
|---|---|---|---|---|---|


Closing price, end of quarter $134.58 $121.02 $113.87 $98.31 $100.27

|Average daily trading volume (1)|1,932|2,301|3,113|2,232|2,168|
|---|---|---|---|---|---|



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

|Closing annual dividend yield, end of quarter|3.6%|4.0%|4.3%|5.0%|4.9%|
|---|---|---|---|---|---|



Shares and units outstanding, end of quarter (1) (3) 318,057 309,325 305,723 297,761 297,437

|Closing market value of shares and units outstanding (4)|$42,804,053|$37,434,562|$34,812,727|$29,272,861|$29,823,997|
|---|---|---|---|---|---|



(1) Shares or shares and units in thousands.

(2) On an annualized basis.

(3) As of December 31, 2023, the total number of shares and units includes 311,608 shares of common stock, 4,343 common units held by third parties and 2,106
common units and vested and unvested long-term incentive units held by directors, officers and others and excludes all shares of common stock potentially issuable
upon conversion of our series J, series K and series L cumulative redeemable preferred stock upon certain change of control transactions.

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

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


-----

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

Common shares outstanding 311,608 302,846 299,240 291,299 291,148

Common partnership units outstanding 6,449 6,479 6,483 6,462 6,289

|Total Shares and Units|318,057|309,325|305,723|297,761|297,437|
|---|---|---|---|---|---|



**Enterprise Value**

Market value of common equity (1) $42,804,053  $37,434,562  $34,812,727  $29,272,861  $29,823,997

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

Total debt at balance sheet carrying value 17,425,908   16,869,776   17,729,452   17,875,511   16,596,803

|Total Enterprise Value|$60,984,961|$55,059,338|$53,297,179|$47,903,372|$47,175,800|
|---|---|---|---|---|---|



Total debt / total enterprise value 28.6% 30.6% 33.3% 37.3% 35.2%

Debt-plus-preferred-to-total-enterprise-value 29.8% 32.0% 34.7% 38.9% 36.8%

**Selected Balance Sheet Data**

Investments in real estate (before depreciation) $34,355,662  $33,267,766  $33,958,096  $33,805,740  $33,035,069

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



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

**Selected Operating Data**

Total operating revenues $1,369,633  $1,402,437  $1,366,267  $1,338,724  $1,233,108

|Total operating expenses|1,235,598|1,344,206|1,211,407|1,161,388|1,112,127|
|---|---|---|---|---|---|



Net income 19,884 745,941 115,647 68,839 763

|Net income / (loss) available to common stockholders|18,122|723,440|108,003|58,547|(6,093)|
|---|---|---|---|---|---|



**Financial Ratios**

EBITDA (2) $572,958  $1,272,048 $667,866 $603,419 $493,244

|Adjusted EBITDA (3)|699,509|685,943|696,604|667,804|638,969|
|---|---|---|---|---|---|



Net Debt-to-Adjusted EBITDA (4) 6.2x 6.3x 6.8x 7.1x 6.9x

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



Fixed charges (5) 156,851 150,079 149,181 139,172 121,644

|Interest coverage ratio (6)|4.0x|4.3x|4.5x|4.7x|5.3x|
|---|---|---|---|---|---|



Fixed charge coverage ratio (7) 3.8x 4.1x 4.2x 4.4x 4.9x

**Profitability Measures**

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

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



Funds from operations (FFO) / diluted share and unit (8) $1.53 $1.55 $1.52 $1.60 $1.45

|Core funds from operations (Core FFO) / diluted share and unit (8)|$1.63|$1.62|$1.68|$1.66|$1.65|
|---|---|---|---|---|---|



Adjusted funds from operations (AFFO) / diluted share and unit (9) $1.30 $1.40 $1.59 $1.56 $1.29

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



Diluted FFO payout ratio (8) (10) 79.8% 78.6% 80.3% 76.0% 83.9%

|Diluted Core FFO payout ratio (8) (11)|75.0%|75.2%|72.6%|73.5%|73.9%|
|---|---|---|---|---|---|



Diluted AFFO payout ratio (9) (12) 93.6% 87.3% 76.7% 78.2% 94.8%

**Portfolio Statistics**

Buildings (13) 323 326 330 328 329

|Data Centers (13)|309|312|316|314|316|
|---|---|---|---|---|---|



Cross-connects (13)(14) 220,000 218,000 216,000 214,000 211,000

|Net rentable square feet, excluding development space (13)|39,688|39,542|39,310|38,804|38,156|
|---|---|---|---|---|---|



Occupancy at end of quarter (15) 81.7% 82.8% 82.9% 83.5% 84.7%

|Occupied square footage (13)|32,407|32,727|32,603|32,394|32,327|
|---|---|---|---|---|---|



Space under active development (16) 8,470 9,205 8,841 9,243 9,245

|Space held for development (17)|4,130|3,937|3,941|3,742|3,351|
|---|---|---|---|---|---|



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

|Same-capital occupancy at end of quarter (15) (19)|82.7%|82.7%|82.9%|82.8%|83.3%|
|---|---|---|---|---|---|


-----

(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 (i) unconsolidated joint venture real estate related depreciation & amortization, (ii) unconsolidated joint venture interest and
tax expense, (iii) severance, equity acceleration and legal expenses, (iv) transaction and integration expenses, (v) gain (loss) on sale / deconsolidation, (vi) provision
for impairment, (vii) other non-core adjustments, net, (viii) non-controlling interests, (ix) preferred stock dividends, and (x) issuance costs associated with redeemed
preferred stock. For a discussion of Adjusted EBITDA, see page 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 unconsolidated
joint venture debt at carrying value, less cash and cash equivalents (including our share of unconsolidated joint venture cash), divided by the product of Adjusted
EBITDA (including our share of unconsolidated joint venture EBITDA), multiplied by four.

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

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

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

(8) For definitions and discussion of FFO and Core FFO, see page 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 Fourth Quarter 2023 Results**

**Austin, TX — February 15, 2024 — Digital Realty (NYSE: DLR), the largest global provider of cloud- and carrier-neutral data center, colocation, and**
interconnection solutions, announced today financial results for the fourth quarter of 2023. All per share results are presented on a fully diluted basis.

**Highlights**

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

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

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

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

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

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

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

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

**Financial Results**

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

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

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

The company reported Funds From Operations (FFO) of $484 million in the fourth quarter of 2023, or $1.53 per share, compared to $1.55 per share in
the previous quarter and $1.45 per share in the same quarter last year.

Excluding certain items that do not represent core expenses or revenue streams, Digital Realty delivered Core FFO per share of $1.63 in the fourth
quarter of 2023, compared to $1.62 per share in the previous quarter and $1.65 per share in the same quarter last year. Digital Realty delivered
Constant-Currency Core FFO per share of $1.62 for the fourth quarter of 2023 and $6.57 per share for the twelve-month period ended December 31,
2023.

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

**Leasing Activity**

In the fourth quarter, Digital Realty signed total bookings that are expected to generate $110 million of annualized GAAP rental revenue, including a $39
million contribution from the 0–1 megawatt category and a $13 million contribution from interconnection.

The weighted-average lag between new leases signed during the fourth quarter of 2023 and the contractual commencement date was 16 months.

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


-----

New leases signed during the fourth quarter of 2023 are summarized by region and product as follows:

**Annualized GAAP**

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

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

0-1 MW $13,068 57 $228 4.5 $241

> 1 MW 7,520 66 115 3.9 160

Other [(1)] 300 5 62 — —

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

**EMEA [(2)]**

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

> 1 MW 44,669 306 146 25.7 145

Other [(1)] 49 2 28 — —

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

**Asia Pacific [(2)]**

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

> 1 MW 4,453 28 158 3.0 124

Other [(1)] 128 4 30 — —

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

**All Regions [(2)]**

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

> 1 MW 56,642 400 142 32.6 145

Other [(1)] 477 11 44 — —

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

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

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

Note: Totals may not foot due to rounding differences.

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

(2) Based on quarterly average exchange rates during the three months ended December 31, 2023.

**Investment Activity**

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

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

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


-----

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

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

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

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

**Balance Sheet**

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

During the quarter, Digital Realty sold 8.7 million shares of its common stock at a weighted average price of $133.21 per share through its ATM
program, for net proceeds of approximately $1.1 billion. Subsequent to year end, the company sold 0.6 million shares of its common stock at a
weighted average price of $133.43 per share for net proceeds of approximately $84 million.

Subsequent to year end, the company retired $240 million of the $740 million U.S. dollar term loan.


-----

**2024 Outlook**

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

**As of**


**Top-Line and Cost Structure**

Total revenue

Net non-cash rent adjustments (1)

Adjusted EBITDA

G&A

**Internal Growth**

Rental rates on renewal leases

Cash basis

GAAP basis

Year-end portfolio occupancy

"Same-Capital" cash NOI growth (2)

Foreign Exchange Rates

U.S. Dollar / Pound Sterling

U.S. Dollar / Euro

**External Growth**

Dispositions / Joint Venture Capital

Dollar volume

Cap rate

Development

CapEx (Net of Partner Contributions) (3)

Average stabilized yields

Enhancements and other non-recurring CapEx (4)

Recurring CapEx + capitalized leasing costs (5)

**Balance Sheet**

Long-term debt issuance

Dollar amount

Pricing

Timing

**Net income per diluted share**

Real estate depreciation and (gain) / loss on sale

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

Non-core expenses and revenue streams

**Core Funds From Operations / share**

Foreign currency translation adjustments

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


**February 15, 2024**

$5.550 - $5.650 billion

($35 - $40 million)

$2.800 - $2.900 billion

$450 - $460 million

4.0% - 6.0%

6.0% - 8.0%

+100 - 200 bps

2.0% - 3.0%

$1.25 - $1.30

$1.05 - $1.10

$1,000 - $1,500 million

6.0% - 8.0%

$2,000 - $2,500 million

10.0%+

$15 - $20 million

$260 - $275 million

$0 - $1,000 million

5.0% - 5.5%

Mid-Year

**$1.80 - $1.95**

$4.40 - $4.40

**$6.20 - $6.35**

$0.40 - $0.40

**$6.60 - $6.75**

$0.00 - $0.00

**$6.60 - $6.75**


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

(2) The “Same-Capital” pool includes properties owned as of December 31, 2022 with less than 5% of total rentable square feet under development. It excludes
properties that were undergoing, or were expected to undergo, development activities in 2023-2024, properties classified as held for sale, and properties sold or
contributed to joint ventures for all periods presented.

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

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

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

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


-----

**Non-GAAP Financial Measures**

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

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

**Investor Conference Call**

Prior to Digital Realty’s investor conference call at 5:00 p.m. ET / 4:00 p.m. CT on February 15, 2024, a presentation will be posted to the Investors
[section of the company’s website at https://investor.digitalrealty.com. The presentation is designed to accompany the discussion of the company’s](https://investor.digitalrealty.com/overview/investor-relations-overview/default.aspx)
fourth quarter 2023 financial results and operating performance. The conference call will feature President & Chief Executive Officer Andy Power and
Chief Financial Officer Matt Mercier.

To participate in the live call, investors are invited to dial +1 (888) 317-6003 (for domestic callers) or +1 (412) 317-6061 (for international callers) and
reference the conference ID# 0216634 at least five minutes prior to start time. A live webcast of the call will be available via the Investors section of
[Digital Realty’s website at https://investor.digitalrealty.com.](https://investor.digitalrealty.com/overview/investor-relations-overview/default.aspx)

Telephone and webcast replays will be available after the call until March 15, 2024. The telephone replay can be accessed by dialing +1 (877) 344-7529
(for domestic callers) or +1 (412) 317-0088 (for international callers) and providing the conference ID# 4147003. The webcast replay can be accessed on
Digital Realty’s website.

**About Digital Realty**

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

**Contact Information**

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

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


-----

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

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

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

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

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

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

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

Other 144 — 932 887 168 1,963 4,645

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


-----

|Three Months Ended Reconciliation of Net Income to Funds From Operations (FFO) 31-Dec-23 30-Sep-23 30-Jun-23 31-Mar-23 31-Dec-22 Net Income / (Loss) Available to Common Stockholders $18,122 $723,440 $108,003 $58,547 ($6,093) Adjustments: Non-controlling interest in operating partnership 410 16,300 2,500 1,500 (586) Real estate related depreciation & amortization (1) 410,167 410,836 424,044 412,192 422,951 Reconciling items related to non-controlling interests (15,377) (14,569) (14,144) (13,388) (13,856) Unconsolidated JV real estate related depreciation & amortization 64,833 43,215 35,386 33,719 33,927 (Gain) / loss on real estate transactions 103 (810,688) (89,946) (7,825) 572 Provision for impairment 5,363 113,000 — — 3,000|Twelve Months Ended|
|---|---|
||31-Dec-23 31-Dec-22|
||$908,112 $337,147 20,710 7,914 1,657,239 1,547,865 (57,477) (22,110) 177,153 123,099 (908,356) (177,332) 118,363 3,000|
|Funds From Operations $483,621 $481,535 $465,844 $484,745 $439,915 Weighted-average shares and units outstanding - basic 311,960 308,024 301,593 297,180 295,199 Weighted-average shares and units outstanding - diluted (2)(3) 321,173 317,539 313,021 309,026 307,546 Funds From Operations per share - basic $1.55 $1.56 $1.54 $1.63 $1.49 Funds From Operations per share - diluted (2)(3) $1.53 $1.55 $1.52 $1.60 $1.45|$1,915,745 $1,819,583 304,651 292,123 315,113 303,708 $6.29 $6.23 $6.20 $6.03|


|Three Months Ended Reconciliation of FFO to Core FFO 31-Dec-23 30-Sep-23 30-Jun-23 31-Mar-23 31-Dec-22 Funds From Operations $483,621 $481,535 $465,844 $484,745 $439,915 Other non-core revenue adjustments (146) (27) 27,454 (887) (3,786) Transaction and integration expenses 40,226 14,465 17,764 12,267 17,350 Loss from early extinguishment of debt — — — — — Severance, equity acceleration and legal expenses (4) 7,565 2,682 3,652 4,155 15,980 (Gain) / Loss on FX revaluation (24,804) 451 (7,868) (6,778) 14,564 Other non-core expense adjustments 1,956 1,295 655 — 3,615|Col2|Col3|Col4|Col5|Col6|Twelve Months Ended|Col8|Col9|
|---|---|---|---|---|---|---|---|---|
|||||||31-Dec-23 31-Dec-22|||
|||||||$1,915,745 $1,819,583 26,393 8,768 84,722 68,766 — 51,135 18,054 23,498 (39,000) (24,694) 3,905 12,388|||
|Core Funds From Operations $508,417 $500,402 $507,501 $493,500 $487,638 Weighted-average shares and units outstanding - diluted (2)(3) 312,356 308,539 301,806 297,382 295,519||||||$2,009,820 $1,959,444 305,138 292,528|||
|Core Funds From Operations per share - diluted (2)|$1.63|$1.62|$1.68|$1.66|$1.65||$6.59|$6.70|


|(1) Real Estate Related Depreciation & Amortization Three Months Ended 31-Dec-23 30-Sep-23 30-Jun-23 31-Mar-23 31-Dec-22 Depreciation & amortization per income statement $420,475 $420,613 $432,573 $421,198 $430,130 Non-real estate depreciation (10,308) (9,777) (8,529) (9,006) (7,179)|Col2|Col3|Col4|Col5|Col6|Twelve Months Ended|Col8|Col9|
|---|---|---|---|---|---|---|---|---|
|||||||31-Dec-23 31-Dec-22|||
|||||||$1,694,859 $1,577,933 (37,619) (30,068)|||
|Real Estate Related Depreciation & Amortization|$410,167|$410,836|$424,044|$412,192|$422,951||$1,657,239|$1,547,865|


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

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



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

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


-----

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


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

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

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



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

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

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


-----

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

**Assets**

Investments in real estate:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

**Liabilities and Equity**

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

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

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

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

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

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

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

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

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

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

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

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

**Equity**

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

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

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

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

Common Stock: $0.01 par value per share, 392,000 shares authorized [(5)] 3,088 3,002 2,967 2,888 2,887

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

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

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

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

**Noncontrolling Interests**

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

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

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

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

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



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

(2) Series J Cumulative Redeemable Preferred Stock, 5.250%, $200,000 liquidation preference ($25.00 per share), 8,000 shares issued and outstanding as of December 31, 2023 and December
31, 2022.

(3) Series K Cumulative Redeemable Preferred Stock, 5.850%, $210,000 liquidation preference ($25.00 per share), 8,400 shares issued and outstanding as of December 31, 2023 and December
31, 2022.

(4) Series L Cumulative Redeemable Preferred Stock, 5.200%, $345,000 liquidation preference ($25.00 per share), 13,800 shares issued and outstanding as of December 31, 2023 and December
31, 2022.

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


-----

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

Network-Dense $1,102,914

Campus 1,386,483

Other [(4)] 223,870

**Total Cash NOI, Annualized** **$2,713,267**

_less: Partners' share of consolidated JVs_ _(94,562)_

Acquisitions / dispositions / expirations (60,839)

FY 2024 backlog cash NOI and 4Q23 carry-over (stabilized) [(5)] 207,045

**Total Consolidated Cash NOI, Annualized** **$2,764,911**

**Digital Realty's Pro Rata Share of Unconsolidated Joint Venture Cash NOI [(3)(6)]** **$241,396**

**Other Income**

**Development and Management Fees (net), Annualized** **$57,322**

**Other Assets**

Pre-stabilized inventory, at cost [(7)] $363,915

Land held for development 118,190

Development CIP [(8)] 4,635,215

_less: Investment associated with FY23 Backlog NOI_ _(2,028,595)_

Cash and cash equivalents 1,625,495

Accounts and other receivables, net 1,278,110

Other assets 420,382

_less: Partners' share of consolidated JV assets_ _(71,674)_

**Total Other Assets** **$6,341,038**

**Liabilities**

Global unsecured revolving credit facilities $1,825,228

Unsecured term loans 1,567,925

Unsecured senior notes 13,507,426

Secured and other debt 633,319

Accounts payable and other accrued liabilities 2,168,983

Deferred tax liabilities, net 1,151,096

Accrued dividends and distributions 387,988

Security deposits and prepaid rents 401,867

Obligations associated with assets held for sale 39,001

Backlog NOI cost to complete [(9)] 434,837

Preferred stock 755,000

Digital Realty's share of unconsolidated JV debt 1,534,744

_less: Partners' share of consolidated JV liabilities_ (399,048)

**Total Liabilities** **$24,008,367**

(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 4Q23 Cash
NOI of $2.7 billion. NOI is allocated based on management’s estimates derived using contractual ABR and stabilized margins.

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

(5) Estimated cash NOI related to signed leases that are expected to commence through December 31, 2024. 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.


-----

**As of December 31, 2023**



**[Interest ]**

**Rate**


**Interest Including**

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

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

Global unsecured revolving credit facility 4.529%  4.529% — — —  $1,733,058 — —  $1,733,058

Yen revolving credit facility 0.560%  0.560% — — — 92,170 — — 92,170

Deferred financing costs, net — — — — — — — — (12,941)

|Total Global Unsecured Revolving Credit Facilities 4.328% 4.328%|—|—|—|$1,825,228|—|—|$1,812,287|
|---|---|---|---|---|---|---|---|



**Unsecured Term Loans**

Euro term loan facility 4.815%  4.022% —  $413,962 —  $413,963 — — $827,925

USD term loan facility 6.407%  5.578% — —  $740,000 — — — 740,000

Deferred financing costs, net — — — — — — — — (7,620)

|Total Unsecured Term Loans 5.567% 4.756%|—|$413,962|$740,000|$413,963|—|—|$1,560,305|
|---|---|---|---|---|---|---|---|



**Senior Notes**

€600 million 2.625% Notes due 2024 2.625%  2.625%   $662,340 — — — — — $662,340

£250 million 2.750% Notes due 2024 2.750%  2.750%   318,275 — — — — — 318,275

£400 million 4.250% Notes due 2025 4.250%  4.250% —  $509,240 — — — — 509,240

€650 million 0.625% Notes due 2025 0.625%  0.625% — 717,535 — — — — 717,535

€1.08 billion 2.500% Notes due 2026 2.500%  2.500% — —  $1,186,693 — — — 1,186,693

₣275 million 0.200% Notes due 2026 0.200%  0.200% — — 326,826 — — — 326,826

₣150 million 1.700% Notes due 2027 1.700%  1.700% — — —  $178,269 — — 178,269

$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% — — — —  $551,950 — 551,950

$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% — — — — —  $320,884 320,884

$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% — — — — — 445,585 445,585

€750 million 1.500% Notes due 2030 1.500%  1.500% — — — — — 827,925 827,925

£550 million 3.750% Notes due 2030 3.750%  3.750% — — — — — 700,205 700,205

€500 million 1.250% Notes due 2031 1.250%  1.250% — — — — — 551,950 551,950

€1.00 billion 0.625% Notes due 2031 0.625%  0.625% — — — — —  1,103,900 1,103,900

€750 million 1.000% Notes due 2032 1.000%  1.000% — — — — — 827,925 827,925

€750 million 1.375% Notes due 2032 1.375%  1.375% — — — — — 827,925 827,925

Unamortized discounts — — — — — — — — (33,325)

Deferred financing costs — — — — — — — — (51,759)

|Total Senior Notes 2.434% 2.240%|$980,615|$1,226,775|$1,513,519|$1,178,269|$2,101,950|$6,506,299|$13,422,342|
|---|---|---|---|---|---|---|---|



**Secured Debt**

ICN10 Facilities 5.980%  3.614% — — — — — $13,091 $13,091

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

Teraco Loans 10.665%  9.360% $321 $584 $39,890 79,183  $293,775 — 413,753

Deferred financing costs — — — — — — — — (2,346)

|Total Secured Debt 8.784% 7.768%|$321|$584|$39,890|$214,183|$293,775|$13,091|$559,498|
|---|---|---|---|---|---|---|---|



**Other Debt**

Icolo loans 11.650% 11.650% — — $5,547 $4,328 — — $9,875

|Total Other Debt 11.650% 11.650%|—|—|$5,547|$4,328|—|—|$9,875|
|---|---|---|---|---|---|---|---|



**Mandatorily Redeemable Preferred Shares (Teraco)**

Mandatorily Redeemable Preferred Shares (Teraco) 10.105%  10.105% — — $65,354 — — — $65,354

Unamortized discounts — — — — — — — — (3,754)

|Total Redeemable Preferred Shares 10.105% 10.105%|—|—|$65,354|—|—|—|$61,600|
|---|---|---|---|---|---|---|---|



Total unhedged variable rate debt — — — —  $305,354  $2,239,191 $30,170 $5,005  $2,579,720

Total fixed rate / hedged variable rate debt — — $980,936  $1,641,321  2,058,956  1,396,780  2,365,555  6,514,385  14,957,932

|Total Debt 3.148% 2.894%|$980,936|$1,641,321|$2,364,310|$3,635,971|$2,395,725|$6,519,390|$17,537,653|
|---|---|---|---|---|---|---|---|



**Weighted Average Interest Rate** **2.668%** **2.610%** **3.493%** **3.737%** **4.115%** **1.863%** **2.894%**

**Summary**

**Weighted Average Term to Initial Maturity** **4.1 Years**

**Weighted Average Maturity (assuming exercise of extension options)** **4.3 Years**

**Global Unsecured Revolving Credit Facilities Detail As of December 31, 2023**

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

**Global Unsecured Revolving Credit Facilities** **$3,930,986** **$2,007,238** **$1,830,914**

(1) Assumes all extensions will be exercised.

(2) Subject to cross-currency swaps.

(3) Net of letters of credit issued of $92.8 million.


-----

**As of December 31, 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%_ 45% 37% _Less than 60%[ (5)]_ 39%

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

Total unencumbered assets / unsecured debt _Greater than 150%_ 227% 251% N/A N/A

Consolidated EBITDA / interest expense [(7)] _Greater than 1.50x_ 4.5x 4.5x N/A N/A

Fixed charge coverage N/A N/A _Greater than 1.50x_ 4.4x

Unsecured debt / total unencumbered asset value [(8)] N/A N/A _Less than 60%_ 41%

Unencumbered assets debt service coverage ratio [(8)] N/A N/A _Greater than 1.50x_ 5.2x

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

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

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

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

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

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

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

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


-----

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

**Less:**

|Three Months Ended|Twelve Months Ended|
|---|---|
|31-Dec-23 31-Dec-22 % Change 30-Sep-23 % Change|31-Dec-23 31-Dec-22 % Change|
|$650,450 $607,181 7.1% $648,137 0.4% 250,387 188,607 32.8% 267,258 (6.3%) 36,497 30,807 18.5% 44,788 (18.5%) 87,952 80,042 9.9% 87,563 0.4% $1,025,285 $906,637 13.1% $1,047,746 (2.1%) $281,194 $213,169 31.9% $312,322 (10.0%) 171,282 159,831 7.2% 157,269 8.9% 29,370 28,741 2.2% 46,124 (36.3%) 3,477 3,642 (4.5%) 3,795 (8.4%) $485,323 $405,383 19.7% $519,509 (6.6%) $539,962 $501,255 7.7% $528,237 2.2% $1,019 $10,585 (90.4%) ($5,188) (119.6%) 855 1,207 (29.2%) 1,043 (18.0%) $538,088 $489,462 9.9% $532,381 1.1% 82.7% 83.3% (0.6%) 82.7% 0.1%|$2,568,225 $2,369,161 8.4% 1,023,387 743,015 37.7% 135,956 125,395 8.4% 345,225 322,000 7.2% $4,072,793 $3,559,571 14.4% $1,146,241 $825,570 38.8% 646,670 599,761 7.8% 131,945 121,871 8.3% 14,731 13,999 5.2% $1,939,586 $1,561,202 24.2% $2,133,206 $1,998,369 6.7% ($17,037) ($3,420) 398.2% 4,206 5,090 (17.4%) $2,146,037 $1,996,699 7.5% 82.7% 83.3% (0.6%)|



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

**Leasing Activity - New [(1) (2)]** **4Q23** **LTM** **4Q23** **LTM** **4Q23** **LTM** **4Q23** **LTM**

**Annualized GAAP Rent (in thousands)** **$39,482** **$151,730** **$56,642** **$249,815** **$477** **$5,486** **$96,601** **$407,031**

Kilowatt leased 13,679 48,122 32,611 150,176 — — 46,289 198,298

NRSF (in thousands) 171 616 400 1,614 11 90 582 2,320

**Weighted Average Lease Term (years)** **5.4** **4.3** **13.2** **13.0** **5.1** **6.0** **10.8** **10.4**

Initial stabilized cash rent per Kilowatt $241 $242 $128 $122 — — $162 $151

GAAP rent per Kilowatt $241 $263 $145 $139 — — $173 $169

Leasing cost per Kilowatt $20 $26 — $8 — — $6 $12

**Net Effective Economics by Kilowatt [(5)]**

Base rent by Kilowatt $244 $265 $148 $141 — — $176 $171

Rental concessions by Kilowatt $4 $2 $3 $2 — — $3 $2

Estimated operating expense by Kilowatt $70 $76 $41 $35 — — $49 $45

**Net rent per Kilowatt** **$171** **$187** **$104** **$103** **—** **—** **$124** **$124**

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

Leasing commissions by Kilowatt $6 $10 — — — — $2 $2

**Net effective rent per Kilowatt** **$165** **$176** **$104** **$103** **—** **—** **$122** **$121**

Initial stabilized cash rent per NRSF $232 $227 $126 $136 $42 $58 $155 $158

GAAP rent per NRSF $231 $246 $142 $155 $44 $61 $166 $175

Leasing cost per NRSF $19 $25 — $9 $3 $137 $6 $18

**Net Effective Economics by NRSF [(5)]**

Base rent by NRSF $235 $248 $144 $157 $44 $64 $169 $178

Rental concessions by NRSF $4 $2 $3 $2 — $3 $3 $2

Estimated operating expense by NRSF $67 $69 $40 $44 $8 $9 $47 $49

**Net rent per NRSF** **$164** **$177** **$102** **$111** **$36** **$52** **$119** **$126**

Tenant improvements by NRSF — — — $1 — $13 — $1

Leasing commissions by NRSF $5 $9 — — $1 $2 $2 $3

**Net effective rent per NRSF** **$158** **$168** **$102** **$110** **$35** **$37** **$117** **$122**

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

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

(3) >1 MW Base Rent for the LTM includes the net uplift related to an eight-megawatt lease replacement which resulted in an increased rate for the same capacity. GAAP Base Rent for the LTM per Square Foot and per Kilowatt metrics reflect the incremental additional Base Rent with no incremental capacity added.

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

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

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


-----

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

**Leasing Activity - Renewals [(1) (2) (3)]** **4Q23** **LTM** **4Q23** **LTM** **4Q23** **LTM** **4Q23** **LTM**

Leases renewed (Kilowatt) 33,123 143,694 40,230 103,015 — — 73,352 246,709

Leases renewed (NRSF in thousands) 469 2,017 506 1,299 65 459 1,040 3,775

Leasing cost per Kilowatt $3 $1 $3 $3 — — $3 $2

Leasing cost per NRSF $2 $1 $3 $2 $4 $6 $3 $2

**Weighted Term (years)** **1.6** **1.6** **3.7** **4.5** **5.3** **5.1** **2.8** **3.0**

**Cash Rent**

Expiring cash rent per Kilowatt $311 $285 $139 $144 — — $217 $226

Renewed cash rent per Kilowatt $329 $299 $157 $158 — — $235 $240

**% Change Cash Rent Per Kilowatt** **5.9%** **4.9%** **12.8%** **9.2%** **—** **—** **8.3%** **6.0%**

Expiring cash rent per NRSF $264 $244 $132 $137 $45 $32 $186 $181

Renewed cash rent per NRSF $279 $256 $149 $150 $47 $46 $202 $194

**% Change Cash Rent Per NRSF** **5.9%** **4.9%** **12.8%** **9.2%** **4.4%** **43.4%** **8.2%** **6.8%**

**GAAP Rent**

Expiring GAAP rent per Kilowatt $310 $283 $130 $132 — — $211 $220

Renewed GAAP rent per Kilowatt $327 $299 $156 $160 — — $234 $241

**% Change GAAP Rent Per Kilowatt** **5.6%** **5.7%** **20.0%** **21.0%** **—** **—** **10.5%** **9.5%**

Expiring GAAP rent per NRSF $262 $242 $124 $126 $42 $31 $182 $176

Renewed GAAP rent per NRSF $277 $256 $149 $152 $50 $48 $201 $195

**% Change GAAP Rent Per NRSF** **5.6%** **5.7%** **20.0%** **21.0%** **18.6%** **55.5%** **10.6%** **10.5%**

**Retention ratio [(5)]** **74.8%** **82.8%** **93.6%** **74.9%** **91.5%** **47.1%** **83.9%** **73.3%**

**Churn [(6)]** **1.8%** **6.3%** **0.3%** **3.2%** **0.2%** **6.7%** **1.0%** **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, 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 2,854 — — — — — — — —

|Month to Month (3) 195|$49,254 1.4%|$253 $254|$49,540|10,498|$391|$393|
|---|---|---|---|---|---|---|



2024 2,435 729,797 21.3% 300 300 730,713 173,152 351 352

|2025 741|180,146 5.3%|243 250|185,467|51,752|290|299|
|---|---|---|---|---|---|---|



2026 527 130,670 3.8% 248 260 136,826 39,385 276 290

|2027 471|82,856 2.4%|176 184|86,710|33,939|203|213|
|---|---|---|---|---|---|---|



2028 307 45,846 1.3% 149 165 50,792 19,024 201 222

|2029 114|13,270 0.4%|116 133|15,194|7,339|151|173|
|---|---|---|---|---|---|---|



2030 67 22,478 0.7% 337 348 23,242 5,654 331 343

|2031 57|10,448 0.3%|183 208|11,901|3,014|289|329|
|---|---|---|---|---|---|---|



2032 51 5,133 0.1% 100 113 5,773 1,707 251 282

|2033 32|9,098 0.3%|289 362|11,414|2,809|270|339|
|---|---|---|---|---|---|---|



Thereafter 11 1,718 0.1% 150 150 1,718 471 304 304

|Total / Wtd. Avg. 7,861|$1,280,715 37.4%|$256 $261|$1,309,290|348,742|$306|$313|
|---|---|---|---|---|---|---|



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

Available 1,881 — — — — — — — —

|Month to Month (3) 242|$33,969 1.0%|$140 $140 $33,969|19,873|$142|$142|
|---|---|---|---|---|---|



2024 1,208 189,463 5.5% 157 158 190,529 113,209 139 140

|2025 1,855|273,158 8.0%|147 151 279,549|164,345|139|142|
|---|---|---|---|---|---|



2026 1,814 258,110 7.5% 142 150 271,959 165,449 130 137

|2027 1,557|224,297 6.6%|144 154 239,312|150,420|124|133|
|---|---|---|---|---|---|



2028 949 123,373 3.6% 130 140 133,271 91,833 112 121

|2029 1,046|136,556 4.0%|130 144 150,589|126,310|90|99|
|---|---|---|---|---|---|



2030 1,114 153,620 4.5% 138 150 166,811 121,149 106 115

|2031 1,157|139,248 4.1%|120 133 154,116|112,390|103|114|
|---|---|---|---|---|---|



2032 787 97,718 2.9% 124 144 113,549 84,100 97 113

|2033 436|66,453 1.9%|152 179 77,931|44,690|124|145|
|---|---|---|---|---|---|



Thereafter 1,565 178,840 5.2% 114 134 209,136 146,352 102 119

|Total / Wtd. Avg. 15,611|$1,874,806 54.8%|$137 $147 $2,020,719|1,340,120|$117|$126|
|---|---|---|---|---|---|



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

Available 1,689 — — — — — — — —

|Month to Month (3) 82|$2,965 0.1%|$36 $36 $2,967|—|—|—|
|---|---|---|---|---|---|



2024 548 20,816 0.6% 38 38 20,862 — — —

|2025 668|29,696 0.9%|44 46 30,498|—|—|—|
|---|---|---|---|---|---|



2026 734 26,060 0.8% 36 38 27,615 — — —

|2027 370|16,139 0.5%|44 47 17,524|—|—|—|
|---|---|---|---|---|---|



2028 509 18,572 0.5% 36 40 20,445 — — —

|2029 666|30,941 0.9%|46 53 34,997|—|—|—|
|---|---|---|---|---|---|



2030 774 48,161 1.4% 62 73 56,243 — — —

|2031 67|1,998 0.1%|30 39 2,614|—|—|—|
|---|---|---|---|---|---|



2032 107 6,327 0.2% 59 68 7,230 — — —

|2033 147|5,315 0.2%|36 44 6,420|—|—|—|
|---|---|---|---|---|---|



Thereafter 2,837 60,182 1.8% 21 27 77,534 — — —

|Total / Wtd. Avg. 9,198|$267,172 7.8%|$36 $41 $304,948|—|—|—|
|---|---|---|---|---|---|



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

Available 6,424 — — — — — — — —

|Month to Month (3) 519|$86,188 2.5%|$166 $167 $86,476|—|—|—|
|---|---|---|---|---|---|



2024 4,191 940,076 27.5% 224 225 942,104 — — —

|2025 3,264|483,000 14.1%|148 152 495,513|—|—|—|
|---|---|---|---|---|---|



2026 3,074 414,840 12.1% 135 142 436,400 — — —

|2027 2,398|323,292 9.4%|135 143 343,545|—|—|—|
|---|---|---|---|---|---|



2028 1,765 187,792 5.5% 106 116 204,508 — — —

|2029 1,827|180,767 5.3%|99 110 200,780|—|—|—|
|---|---|---|---|---|---|



2030 1,954 224,259 6.6% 115 126 246,295 — — —

|2031 1,282|151,694 4.4%|118 132 168,630|—|—|—|
|---|---|---|---|---|---|



2032 945 109,178 3.2% 116 134 126,552 — — —

|2033 614|80,866 2.4%|132 156 95,764|—|—|—|
|---|---|---|---|---|---|



Thereafter 4,413 240,740 7.0% 55 65 288,388 — — —

|Total / Wtd. Avg. 32,670|$3,422,692 100.0%|$130 $138 $3,634,956|—|—|—|
|---|---|---|---|---|---|



(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 December 31, 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 71 $418,935 10.9% 8.2

2 Social Content Platform 25 212,198 5.5% 4.7

3 Oracle Corporation 38 164,487 4.3% 6.4

4 Global Cloud Provider 60 156,892 4.1% 5.0

5 IBM 34 129,569 3.4% 2.3

6 Equinix 16 93,346 2.4% 5.9

7 LinkedIn Corporation 7 81,438 2.1% 1.2

8 Fortune 25 Investment Grade-Rated Company 29 76,737 2.0% 2.8

9 Fortune 25 Tech Company 53 69,304 1.8% 3.6

10 Social Media Platform 8 62,117 1.6% 7.3

11 Fortune 500 SaaS Provider 13 61,889 1.6% 2.9

12 Meta Platforms, Inc. 48 60,873 1.6% 3.8

13 Lumen Technologies, Inc. 123 49,804 1.3% 9.2

14 Cyxtera[ (2)] 11 49,361 1.3% 7.0

15 AT&T 75 42,096 1.1% 2.8

16 Comcast Corporation 41 40,436 1.1% 4.1

17 JPMorgan Chase & Co. 16 39,629 1.0% 3.5

18 Rackspace 24 38,061 1.0% 9.5

19 Verizon 89 34,103 0.9% 11.1

20 Zayo 115 33,781 0.9% 2.2

**Total / Weighted Average** **$1,915,056** **49.9%** **5.9**

(1) Annualized recurring revenue represents the monthly contractual base rent (defined as cash base rent before abatements) and interconnection revenue under existing leases as of
December 31, 2023, multiplied by 12.

(2) Following the completion of the previously announced transactions in January 2024, Cyxtera ceased to be a top 20 customer.

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)** **31-Dec-23** **30-Sep-23** **IT Load (6)** **Count**

**North America**

Northern Virginia 5,043 1,545 265 $499,907 88.8% 91.4% 438.5 19

Chicago 2,672 — 113 258,245 91.2% 91.0% 99.3 8

Dallas 3,065 327 77 202,426 83.6% 83.2% 111.2 21

New York 1,722 158 107 199,602 71.4% 71.8% 54.0 12

Silicon Valley 1,524 — 131 169,825 90.5% 91.9% 94.6 14

Portland 863 291 — 106,343 99.9% 98.1% 90.5 3

Phoenix 796 — — 72,149 71.0% 70.6% 42.5 2

San Francisco 844 — — 62,191 64.3% 64.8% 31.5 4

Atlanta 557 20 314 59,625 96.5% 95.6% 9.1 4

Toronto 509 218 — 49,909 87.0% 92.8% 47.8 2

Seattle 399 — — 42,425 77.8% 78.7% 19.5 1

Los Angeles 591 31 — 42,059 85.4% 81.3% 16.2 2

Boston 437 — 51 18,158 42.1% 42.0% 19.0 3

Houston 393 — 14 15,632 63.9% 58.7% 13.0 6

Miami 226 — — 9,271 85.5% 85.2% 1.3 2

Austin 86 — — 7,585 56.3% 56.1% 4.3 1

Charlotte 95 — — 5,646 90.7% 90.5% 1.5 3

**North America Total/Weighted Average** **19,821** **2,590** **1,071** **$1,821,000** **83.8%** **84.3%** **1,093.8** **107**

**EMEA**

Frankfurt 2,134 1,590 — $261,738 87.1% 86.8% 139.2 29

London 1,383 — 77 214,049 56.5% 60.4% 95.8 15

Amsterdam 1,259 222 92 176,173 83.2% 82.6% 116.3 12

Johannesburg 1,103 1,105 — 110,189 71.1% 76.0% 57.2 5

Paris 1,042 656 — 109,891 71.9% 73.4% 85.5 13

Marseille 520 — 38 68,401 76.8% 77.7% 45.4 4

Dublin 553 — — 60,156 76.0% 83.9% 39.3 9

Zurich 430 166 — 59,115 79.5% 77.9% 29.0 3

Vienna 356 133 — 51,964 84.0% 82.7% 25.6 3

Madrid 304 105 — 43,524 76.3% 71.4% 16.8 4

Cape Town 326 402 — 36,058 74.6% 92.1% 21.1 2

Brussels 258 80 — 35,643 66.8% 72.7% 14.7 3

Stockholm 190 108 — 22,263 70.0% 70.2% 16.8 6

Copenhagen 226 — 99 21,352 66.6% 63.9% 12.9 3

Dusseldorf 142 71 — 19,766 58.7% 58.4% 11.0 3

Athens 55 159 — 9,901 92.8% 86.2% 2.2 4

Durban 45 — — 5,845 84.4% 80.6% 1.1 1

Mombasa 35 — 23 3,633 17.3% 18.4% 3.5 2

Zagreb 22 — 13 2,822 85.7% 82.9% 0.9 1

Nairobi 16 75 — 2,672 61.9% 77.8% 0.5 1

Maputo 3 — — 487 41.6% 51.4% 0.2 1

**EMEA Total/Weighted Average** **10,402** **4,872** **342** **$1,315,645** **75.2%** **77.0%** **734.9** **124**

**Asia Pacific**

Singapore 883 7 — $206,819 93.8% 95.8% 84.3 3

Sydney 361 — 88 32,746 92.2% 91.9% 22.8 4

Melbourne 147 — — 14,908 62.3% 62.3% 9.6 2

Seoul 162 — — 1,794 7.6% 5.1% 12.0 1

Hong Kong 99 66 120 494 2.2% 2.2% 7.5 1

**Asia Pacific Total/Weighted Average** **1,652** **73** **207** **$256,761** **76.7%** **77.4%** **136.1** **11**

**Non-Data Center Properties** 329 — 264 — — — — —

**Consolidated Portfolio Total/Weighted Average** **32,203** **7,535** **1,884** **$3,393,406** **79.8%** **80.8%** **1,964.8** **242**

**Held For Sale [(7)]** 684 — 23 $27,532 94.2% 94.3% 1.7 4

**Unconsolidated Joint Ventures**

Northern Virginia 2,418 364 — $214,171 97.9% 97.9% 193.7 12

Chicago 790 — — 75,913 91.3% 92.0% 63.4 2

Silicon Valley 142 — — 18,229 100.0% 100.0% 10.9 2

Hong Kong 186 — — 15,031 59.1% 66.2% 11.0 1

Toronto 104 — — 12,977 55.8% 56.3% 6.8 1

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

Lagos 4 — — 646 100.0% 100.0% 0.2 1

Abuja 1 — — 69 73.0% 73.0% 0.1 1

**Managed Unconsolidated Portfolio Total/Weighted Average** **3,843** **364** **—** **$342,362** **93.7%** **94.3%** **285.9** **22**

**Managed Portfolio Total/Weighted Average** **36,047** **7,899** **1,884** **$3,735,768** **81.3%** **82.2%** **2,250.8** **264**

**Digital Realty Share Total/Weighted Average [(8)]** **32,670** **7,077** **1,884** **$3,422,692** **80.3%** **82.6%** **2,006.6** **—**

**Non-Managed Unconsolidated Joint Ventures**

Sao Paulo 1,366 124 1,198 $175,038 91.8% 91.1% 115.6 25

Tokyo 1,272 267 — 80,689 76.2% 75.9% 57.4 4

Osaka 522 62 196 68,658 81.4% 91.3% 45.9 4

Queretaro 105 — 583 17,191 100.0% 100.0% 8.0 3

Santiago 119 118 71 13,952 90.1% 90.1% 10.2 3

Rio De Janeiro 112 — — 11,399 100.0% 100.0% 8.0 2

Fortaleza 94 — — 8,818 87.0% 87.0% 6.2 1

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

Bogota — — 197 — — — — 2

**Non-Managed Portfolio Total/Weighted Average** **3,641** **571** **2,246** **$383,514** **85.3%** **86.1%** **260.3** **45**

**Portfolio Total/Weighted Average** **39,688** **8,470** **4,130** **$4,119,282** **81.7%** **82.6%** **2,511.0** **309**

(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 December 31, 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) Held for Sale represents the assets being sold in the announced Cyxtera transaction which closed in January 2024.

(8) 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**

**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 (5) 5 1,170  $198,888  $220,824 $419,713 6 448  59,200 $164,339  $359,672 $524,011 5.4% 4Q24 6 1,617 $363,227  $580,496 $943,723

Dallas 2 164 67,107 37,731 104,838 2 164 16,000 160,447 144,393 304,839 100.0% 3Q24 2 327 227,554 182,124 409,677

Portland — — — — — 1 282  32,000 212,613 157,904 370,518 100.0% 2Q24 1 282 212,613 157,904 370,518

New York — — — — — 3 158 10,800 96,927 87,283 184,211 66.7% 2Q24 3 158 96,927 87,283 184,211

Toronto — — — — — 1 218 8,000 40,658 53,527 94,185 100.0% 3Q24 1 218 40,658 53,527 94,185

Other — — — — — 2 31 3,200 24,385 45,560 69,945 — 4Q24 2 31 24,385 45,560 69,945

**North America** **7** **1,333  $265,995  $258,555** **$524,550** **15** **1,300  129,200  $699,369  $848,339** **$1,547,708** **51.4%** **10.2%** **15** **2,634** **$965,364  $1,106,894** **$2,072,259**

Frankfurt 4 927 $249,492 $73,997 $323,488 3 663 61,360  $651,678  $475,358 $1,127,035 59.0% 1Q25 7 1,590 $901,170  $549,354 $1,450,524

Paris 1 62 35,228 4,899 40,127 3 593 58,400 475,366 357,469 832,835 46.2% 4Q24 3 656 510,594 362,368 872,962

Amsterdam 1 111 38,817 55,355 94,172 1 111 13,500 50,949 183,706 234,655 — 1Q26 1 222 89,766 239,061 328,827

Zurich — — — — — 1 166 13,468 155,460 127,215 282,675 52.1% 1Q25 1 166 155,460 127,215 282,675

Athens — — — — — 2 159 13,600 81,827 83,864 165,691 36.7% 3Q24 2 159 81,827 83,864 165,691

Other 8 1,114  145,281  143,243 288,524 7 965 68,840 214,415 336,346 550,762 68.2% 1Q24-3Q25 9 2,079 359,696 479,589 839,285

**EMEA** **14** **2,214  $468,817  $277,494** **$746,311** **17** **2,657  229,168  $1,629,695  $1,563,958** **$3,193,653** **53.3%** **10.3%** **23** **4,872  $2,098,512  $1,841,452** **$3,939,964**

Other — — — — — 2 73 7,000 $22,028 $57,881 $79,910 100.0% 2Q24 2 73 $22,028 $57,881 $79,910

**Asia Pacific** **—** **—** **—** **—** **—** **2** **73** **7,000** **$22,028** **$57,881** **$79,910** **100.0%** **9.5%** **2** **73** **$22,028** **$57,881** **$79,910**

|Total 21 3,548|$734,812|$536,049 $1,270,861 34 4,030 365,368|$2,351,092|$2,470,178|$4,821,271 53.5% 10.3% 40 7,578|$3,085,905|$3,006,227|$6,092,132|
|---|---|---|---|---|---|---|---|---|



(1) Represents costs incurred through December 31, 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.

(5) Includes Digital Realty’s 20% interest in two development projects, located in Northern Virginia, contributed to a joint venture with Realty Income on November 10, 2023.

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) (7) Investment (8)** **Investment** **Square Foot**

**Development Lifecycle**

**Land - Held for Development (1)** **N/A** **15.1** **$118,197** **—** **$118,197**

**Development Construction in Progress**

Land - Current Development (1) N/A   728.0 $1,194,646 —  $1,194,646

Space Held for Development (1) 1,907 N/A 325,638 — 325,638 $171

Base Building Construction (2) 3,548 N/A 734,812 $536,049  1,270,861 358

Data Center Construction 4,030 N/A 2,351,092 2,470,178  4,821,271 1,196

Equipment Pool & Other Inventory (3) N/A N/A 203,821 — 203,821

Campus, Tenant Improvements & Other (4) N/A N/A 211,187 130,260 341,447

|Total Development Construction in Progress 9,485|728.0 $5,021,197 $3,136,487|$8,157,684|
|---|---|---|



Enhancement & Other $21,055 $10,039 $31,094

Recurring 16,889 42,084 58,973

|Total Construction in Progress|743.2 $5,177,338 $3,188,610|$8,365,948|
|---|---|---|



(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 December 31, 2023, which benefit space recently converted to our operating portfolio and is composed primarily of shared infrastructure
projects and first-generation tenant improvements. Includes $3.1 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 December 31, 2023. Includes costs incurred on consolidated entities and $57.5 million classified as Investments in Unconsolidated Joint Ventures in our
Consolidated Balance Sheet representing Digital Realty’s 20% interest in two development projects contributed to a joint venture with Realty Income on November 10, 2023.

(7) Includes $328.5 million classified as Assets Held for Sale in our Consolidated Balance Sheet related to two development projects that were contributed to a joint venture with Blackstone on
January 11, 2024.

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

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 31-Dec-23 30-Sep-23 30-Jun-23 31-Mar-23 31-Dec-22 Non-Recurring Capital Expenditures (1) Development (2) $845,315 $953,267 $523,406 $644,910 $730,341 Enhancements and Other Non-Recurring 10,113 1,317 1,479 2,796 2,023 Total Non-Recurring Capital Expenditures $855,428 $954,584 $524,885 $647,706 $732,364 Recurring Capital Expenditures (3) $142,808 $90,251 $53,498 $40,465 $109,999|Twelve Months Ended|
|---|---|
||31-Dec-23 31-Dec-22|
||$2,966,898 $2,210,790 15,705 12,291 $2,982,603 $2,223,081 $327,022 $266,466|
|Total Direct Capital Expenditures $998,236 $1,044,835 $578,383 $688,171 $842,363 Indirect Capital Expenditures Capitalized Interest $33,032 $29,130 $27,883 $26,771 $24,581 Capitalized Overhead 27,867 23,837 23,717 23,735 22,632|$3,309,625 $2,489,547 $116,816 $70,767 99,156 86,145|
|Total Indirect Capital Expenditures $60,899 $52,967 $51,600 $50,506 $47,213|$215,972 $156,912|
|Total Improvements to and Advances for $1,059,136 $1,097,802 $629,983 $738,677 $889,576 Investment in Real Estate Consolidated Portfolio Net Rentable Square Feet (4) 32,670 32,603 33,858 33,511 32,905|$3,525,597 $2,646,459 32,670 32,905|


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

(2) Amount reflects the total capital expenditures on development projects during the quarter. The total includes 100% of spending on two data center projects prior to
their contribution to a joint venture with Realty Income in November 2023. Development capex excludes any spending that took place subsequent to the
contribution to the JV, as the projects were unconsolidated.

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

(4) 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 $25,731

Boston — — — — 1 51 23,623

Chicago 1 1.4 — $28,905 6 377 44,814

Dallas 2 60.4 — 48,785 3 77 10,150

Houston — — — — 1 14 2,726

New York 1 21.5 — 48,527 4 130 17,050

Northern Virginia 4 462.5 — 506,569 7 265 2,128

Silicon Valley 1 13.0 — 79,154 1 131 14,499

**North America** **9** **558.8** **—** **$711,941** **24** **1,357** **$140,720**

Amsterdam 1 3.6 — $10,574 2 92 $34,884

Athens 1 2.7 — 9,712 — — —

Barcelona 1 2.4 — 19,937 — — —

Copenhagen — — — — 1 99 47,506

Crete 1 1.2 — 6,211 — — —

Dublin 2 5.0 — 18,040 — — —

Frankfurt 2 26.6 — 272,387 — — —

Johannesburg 1 3.6 — 4,693 — — —

London 1 6.7 $16,353 — 2 77 29,936

Madrid 1 1.8 19,530 — — — —

Marseille 1 2.7 — 3,797 1 38 —

Maputo 1 1.2 — 2,835 — — —

Mombasa 1 1.0 660 — 1 23 1,540

Nairobi 1 2.2 1,173 — — — —

Paris 2 47.8 — 60,217 — — —

Rome 1 55.1 — 27,000 — — —

Zagreb 1 6.5 — 3,353 1 13 1,257

Zurich 1 2.6 — 35,111 — — —

**EMEA** **20** **172.8** **$37,716** **$473,867** **8** **342** **$115,123**

Hong Kong — — — — 1 120 $25,697

Melbourne 1 4.1 $4,106 — — — —

Osaka 1 2.5 — $8,839 — — —

Seoul 1 4.9 76,375 — — — —

Sydney — — — — 1 88 44,097

**Asia Pacific** **3** **11.5** **$80,481** **$8,839** **2** **207** **$69,794**

|Consolidated Portfolio (3) 32 743.2 $118,197|$1,194,646 34 1,907 $325,638|
|---|---|



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

(2) Represents costs incurred through December 31, 2023. Includes the cost of acquisition as well as cost of improvements since acquisition to prepare for future
building construction.

(3) Consolidated portfolio does not include managed and non-managed unconsolidated joint ventures.

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)**

ATH5 Land Athens, Greece 10/16/2023 $6,419 NA — — — —

**Total** **—** **—** **—** **$6,419** **—** **—** **—** **—** **—**

**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)**

— — — — — — — — — —

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

**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)**

Realty Income JV [(5)] Northern Virginia 11/13/2023 $249,717 6.9% — — — —

**Total** **—** **—** **$249,717** **6.9%** **—** **—** **—** **—**

(1) Represents the purchase price before contractual purchase price adjustments, transaction expenses, taxes, and potential currency fluctuations. All prices converted to USD based on FX rate
as of 12/31/23.

(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) Realty Income invested approximately $200 million to acquire an 80% equity interest while Digital Realty maintains a 20% interest in the joint venture for the development of two build-tosuit hyperscale data centers in Northern Virginia.


-----

**Summary Balance Sheet -** **As of December 31, 2023**

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

Gross cost of operating real estate $5,108,668 $1,752,397 $31,839 $1,422,798 $8,315,702

Accumulated depreciation & amortization (669,746) (220,393) — (74,774) (964,914)

**Net Book Value of Operating Real Estate** **$4,438,923** **$1,532,003** **$31,839** **$1,348,024** **$7,350,789**

Cash 243,999 361,294 314 14,464 620,070

Other assets 1,944,599 203,818 48,372 179,844 2,376,633

**Total Assets** **$6,627,520** **$2,097,115** **$80,525** **$1,542,331** **$10,347,492**

Debt 2,605,826 698,427 — 556,692 3,860,946

Other liabilities 499,300 182,544 83,819 34,778 800,442

Equity / (deficit) 3,522,394 1,216,144 (3,294) 950,861 5,686,104

**Total Liabilities and Equity** **$6,627,520** **$2,097,115** **$80,525** **$1,542,331** **$10,347,492**

**Digital Realty's Pro Rata Share of Unconsolidated JV Debt** **$948,807** **$349,214** **—** **$236,724** **$1,534,744**

**Three Months Ended December 31, 2023**
**Summary Statement of Operations -**

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

Total revenues $191,673 $61,562 $446 $35,932 $289,613

Operating expenses (87,253) (30,594) (165) (10,816) (128,828)

**Net Operating Income (NOI)** **$104,420** **$30,968** **$280** **$25,116** **$160,786**

Straight-line rent (1,993) 300 — 552 (1,140)

Above and below market rent 1,783 — — (6,441) (4,658)

**Cash Net Operating Income (NOI)** **$104,211** **$31,268** **$280** **$19,227** **$154,987**

Interest expense ($79,450) ($1,116) ($1,850) ($7,036) ($89,452)

Depreciation & amortization (105,714) (15,721) — (51,803) (173,238)

Other income / (expense) (14,985) (1,549) (896) 1,517 (15,913)

FX remeasurement on USD debt 40,206 — — (6,499) 33,707

**Total Non-Operating Expenses** **($159,943)** **($18,386)** **($2,746)** **($63,821)** **($244,896)**

**Net Income / (Loss)** **($55,523)** **$12,582** **($2,466)** **($38,704)** **($84,110)**

**Digital Realty's Pro Rata Share of Unconsolidated JV NOI** **$35,933** **$15,484** **$168** **$10,680** **$62,266**

**Digital Realty's Pro Rata Share of Unconsolidated JV Cash NOI** **$36,371** **$15,634** **$168** **$8,176** **$60,349**

Digital Realty's Earnings (loss) income from unconsolidated joint ventures ($18,162) $6,291 ($1,321) ($16,762) ($29,955)

**Digital Realty's Pro Rata Share of Core FFO [(5)]** **$4,211** **$15,767** **($1,321)** **$8,708** **$27,365**

**Digital Realty's Fee Income from Joint Ventures** **$6,395** **$569** **—** **$4,008** **$10,971**

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

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

(3) Includes Medallion and Mivne.

(4) Includes Digital Core REIT.

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

Note: Digital Realty’s ownership percentages in the joint ventures vary.


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

**Three Months Ended**

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

**Three Months Ended**

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

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

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

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

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

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

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

**Coverage**

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

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

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

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

**Leverage**

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


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**Definitions**

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

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

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

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


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**Net Operating Income (NOI) and Cash NOI:**
Net operating income, or NOI, represents rental revenue, tenant reimbursement revenue and interconnection revenue less utilities expense, rental property operating
expenses, property taxes and insurance expenses (as reflected in the statement of operations). NOI is commonly used by stockholders, company management and industry
analysts as a measurement of operating performance of the company’s rental portfolio. Cash NOI is NOI less straight-line rents and above- and below-market rent
amortization. Cash NOI is commonly used by stockholders, company management and industry analysts as a measure of property operating performance on a cash basis.
Same-Capital Cash NOI represents buildings owned as of December 31, 2021 of the prior year with less than 5% of total rentable square feet under development and
excludes buildings that were undergoing, or were expected to undergo, development activities in 2022-2023, buildings classified as held for sale, and buildings sold or
contributed to joint ventures for all periods presented (prior period numbers adjusted to reflect current same-capital pool). However, because NOI and cash NOI exclude
depreciation and amortization and capture neither the changes in the value of our data centers that result from use or market conditions, nor the level of capital
expenditures and capitalized leasing commissions necessary to maintain the operating performance of our data centers, all of which have real economic effect and could
materially impact our results from operations, the utility of NOI and cash NOI as measures of our performance is limited. Other REITs may calculate NOI and cash NOI
differently than we do and, accordingly, our NOI and cash NOI may not be comparable to other REITs’ NOI and cash NOI. NOI and cash NOI should be considered only as
supplements to net income computed in accordance with GAAP as measures of our performance.

**Additional Definitions**

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

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

Fixed charge coverage ratio is Adjusted EBITDA divided by the sum of GAAP interest expense, capitalized interest and preferred stock dividends. For the quarter ended December 31,
2023, GAAP interest expense was $114 million, capitalized interest was $33 million and preferred stock dividends was $10 million.

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



1) As reconciled to net income above.

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


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This document contains forward-looking statements within the meaning of the federal securities laws, which are based on current expectations, forecasts and assumptions that involve risks and
uncertainties that could cause actual outcomes and results to differ materially. Such forward-looking statements include statements relating to: our economic outlook, our expected investment
and expansion activity, anticipated continued demand for our products and service, our liquidity, our joint ventures, supply and demand for data center and colocation space, our acquisition and
disposition activity, pricing and net effective leasing economics, market dynamics and data center fundamentals, our strategic priorities, our product offerings, available inventory, rent from leases
that have been signed but have not yet commenced and other contracted rent to be received in future periods, rental rates on future leases, lag between signing and commencement, cap rates
and yields, investment activity, the company’s FFO, Core FFO, constant currency Core FFO, adjusted FFO, and net income, 2024 outlook and underlying assumptions, information related to trends,
our strategy and plans, leasing expectations, weighted average lease terms, the exercise of lease extensions, lease expirations, debt maturities, annualized rent at expiration of leases, the effect
new leases and increases in rental rates will have on our rental revenue, our credit ratings, construction and development activity and plans, projected construction costs, estimated yields on
investment, expected occupancy, expected square footage and IT load capacity upon completion of development projects, backlog NOI, NAV components, and other forward-looking financial
data. Such statements are based on management’s beliefs and assumptions made based on information currently available to management. Such statements are subject to risks, uncertainties and
assumptions and are not guarantees of future performance and may be affected by known and unknown risks, trends, uncertainties, and factors that are beyond our control. Should one or more
of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated, or projected. Some of the risks
and uncertainties that may cause our actual results, performance, or achievements to differ materially from those expressed or implied by forward-looking statements include, among others, the
following:

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

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

-  increased competition or available supply of data center space;

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

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

-  our ability to attract and retain customers;

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

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

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

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

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

-  information security and data privacy breaches;

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

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

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

-  difficulties in identifying properties to acquire and completing acquisitions;

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

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

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

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

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

-  our inability to manage our growth effectively;

-  losses in excess of our insurance coverage;

-  our inability to attract and retain talent;

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

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

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

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

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

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

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

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

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

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


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