-----

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

**Overview** **PAGE**

Corporate Information 3

Key Quarterly Financial Data 5

**Consolidated Statements of Operations**

Earnings Release 7

2023 Outlook 10

Consolidated Quarterly Statements of Operations 12

Funds From Operations and Core Funds From Operations 13

Adjusted Funds From Operations 14

**Balance Sheet Information**

Consolidated Balance Sheets 15

Components of Net Asset Value 16

Debt Maturities 17

Debt Analysis and Covenant Compliance 18

**Internal Growth**

Same-Capital Operating Trend Summary 19

Summary of Leasing Activity -  Signed 20

Summary of Leasing Activity -  Renewed 21

Lease Expirations -  By Size 22

Top 20 Customers by Annualized Rent 23

Occupancy Analysis 24

**External Growth**

Development Lifecycle -  Committed Active Development 25

Construction Projects in Progress 26

Historical Capital Expenditures and Investments in Real Estate 27

Development Lifecycle - Held for Development 28

Acquisitions / Dispositions / Joint Ventures 29

Unconsolidated Joint Ventures 30

**Additional Information**

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

Management Statements on Non-GAAP Measures 32

Forward-Looking Statements 34


-----

**Corporate Profile**
Digital Realty Trust, Inc. (“Digital Realty” or the “company”) owns, acquires, develops and operates data centers through its operating partnership
subsidiary, Digital Realty Trust, L.P. (the “operating partnership”). The company is focused on providing data center, colocation and interconnection
solutions for domestic and international customers across a variety of industry verticals ranging from cloud and information technology services,
communications and social networking to financial services, manufacturing, energy, healthcare, and consumer products. As of March 31, 2023, the
company’s 314 data centers, including 59 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 38.8 million square feet, excluding approximately 9.2 million square feet of space under active development and 3.7 million square feet
of space held for future development, located throughout North America, Europe, South America, Asia, Australia and Africa. For additional information,
please visit the company’s website at https://www.digitalrealty.com/.

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

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

**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** **TD Cowen**

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

(212) 425-7500 (646) 855-1320 (212) 526-9428 (212) 885-4103 (646) 725-3716 (212) 816-1116 (646) 562-1358


**Green Street**
**Advisors**


**Credit Suisse**


**Deutsche Bank**


**Edward Jones**


**Evercore ISI**


**J.P. Morgan** **Jefferies**


Sami Badri Matthew Niknam Kyle Sanders Irvin Liu David Guarino Richard Choe Jonathan Petersen

(212) 538-1727 (212) 250-4711 (314) 515-0198 (415) 800-0183 (949) 640-8780 (212) 662-6708 (212) 284-1705


**RBC Capital**
**Markets** **Stifel** **Truist Securities**


**MoffettNathanson**


**Morgan Stanley** **Morningstar**


**Raymond James**


Nick Del Deo Simon Flannery Matthew Dolgin Frank Louthan Jonathan Atkin Erik Rasmussen Anthony Hau

(212) 519-0025 (212) 761-6432 (312) 696-6783 (404) 442-5867 (415) 633-8589 (212) 271-3461 (212) 303-4176

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

John Hodulik Eric Luebchow Andrew Rosivach

(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
www.digitalrealty.com.


-----

**Co po a e** **o** **a o (Co** **ued)** **s 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-Mar-23** **31-Dec-22** **30-Sep-22** **30-Jun-22** **31-Mar-22**


$122.43


$114.86


$138.09


$153.50


$177.15


High price


|Low price|$90.72|$85.76|$96.08|$124.00|$130.10|
|---|---|---|---|---|---|


Closing price, end of quarter $98.31 $100.27 $99.18 $129.83 $141.80

|Average daily trading volume|2,232,417|2,168,114|1,608,999|1,580,520|1,661,700|
|---|---|---|---|---|---|



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

|Closing annual dividend yield, end of quarter|5.0%|4.9%|4.9%|3.8%|3.4%|
|---|---|---|---|---|---|



Shares and units outstanding, end of quarter (2) 297,760,767  297,436,891  293,803,727  291,033,400  290,956,547

|Closing market value of shares and units outstanding (3)|$29,272,861|$29,823,997|$29,139,454|$37,784,866|$41,257,638|
|---|---|---|---|---|---|



(1) On an annualized basis.

(2) As of March 31, 2023, the total number of shares and units includes 291,298,610 shares of common stock, 4,375,444 common units held by third parties and
2,086,713 common units and vested and unvested long-term incentive units held by directors, officers and others and excludes all shares of common stock
potentially issuable upon conversion of our series J, series K and series L cumulative redeemable preferred stock upon certain change of control transactions.

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

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


-----

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

Common shares outstanding 291,298,610   291,148,222   287,509,059   284,733,922   284,666,082

Common partnership units outstanding 6,462,157 6,288,669 6,294,668 6,299,478 6,290,465

|Total Shares and Units|297,760,767|297,436,891|293,803,727|291,033,400|290,956,547|
|---|---|---|---|---|---|



**Enterprise Value**

Market value of common equity (1) $29,272,861  $29,823,997  $29,139,454  $37,784,866  $41,257,638

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

Total debt at balance sheet carrying value 17,875,511   16,596,803   15,758,509   14,294,307   14,388,215

|Total Enterprise Value|$47,903,372|$47,175,800|$45,652,963|$52,834,174|$56,400,853|
|---|---|---|---|---|---|



Total debt / total enterprise value 37.3% 35.2% 34.5% 27.1% 25.5%

Debt-plus-preferred-to-total-enterprise-value 38.9% 36.8% 36.2% 28.5% 26.8%

**Selected Balance Sheet Data**

Investments in real estate (before depreciation) $33,805,740  $33,035,069  $31,046,413  $29,408,055  $29,444,273

|Total Assets|41,953,068|41,484,998|39,215,217|35,956,057|36,680,546|
|---|---|---|---|---|---|



Total Liabilities 22,799,620   21,862,853   20,230,276   18,284,791   18,429,107

**Selected Operating Data**

Total operating revenues $1,338,724  $1,233,108  $1,192,082  $1,139,321  $1,127,323

|Total operating expenses|1,161,388|1,112,127|1,034,701|968,950|986,087|
|---|---|---|---|---|---|



Net income 68,839 763 238,791 63,862 76,911

|Net income / (loss) available to common stockholders|58,547|(6,093)|226,894|53,245|63,101|
|---|---|---|---|---|---|



**Financial Ratios**

EBITDA (2) $603,419 $493,244 $711,676 $515,642 $576,337

|Adjusted EBITDA (3)|667,804|638,969|619,786|610,994|602,994|
|---|---|---|---|---|---|



Net Debt to Adjusted EBITDA (4) 7.1x 6.9x 6.7x 6.2x 6.3x

|Interest expense|102,220|86,882|76,502|69,023|66,725|
|---|---|---|---|---|---|



Fixed charges (5) 139,172 121,644 103,987 93,335 91,657

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



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

**Profitability Measures**

Net income / (loss) per common share - basic $0.20 ($0.02) $0.79 $0.19 $0.22

|Net income / (loss) per common share - diluted|$0.19|($0.02)|$0.75|$0.19|$0.22|
|---|---|---|---|---|---|



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

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



Adjusted funds from operations (AFFO) / diluted share and unit (9) $1.56 $1.29 $1.50 $1.63 $1.59

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



Diluted FFO payout ratio (8) (10) 76.0% 83.9% 79.0% 78.7% 76.3%

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



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

**Portfolio Statistics**

Buildings (13) 328 329 316 309 303

|Data Centers (13)|314|316|304|297|291|
|---|---|---|---|---|---|



Cross-connects (13)(14) 214,000 211,000 188,000 185,000 181,500

|Net rentable square feet, excluding development space (13)|38,804|38,156|36,699|36,803|35,787|
|---|---|---|---|---|---|



Occupancy at end of quarter (15) 83.5% 84.7% 84.7% 83.9% 83.3%

|Occupied square footage (13)|32,394|32,327|31,077|30,866|29,801|
|---|---|---|---|---|---|



Space under active development (16) 9,243 9,245 8,878 8,289 8,087

|Space held for development (17)|3,742|3,351|2,896|2,661|2,646|
|---|---|---|---|---|---|



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

|Same-capital occupancy at end of quarter (15) (19)|83.7%|84.2%|83.5%|83.0%|82.7%|
|---|---|---|---|---|---|


-----

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

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

(3) Adjusted EBITDA is EBITDA excluding unconsolidated joint venture real estate related depreciation & amortization, unconsolidated joint venture interest and tax
expense, severance, equity acceleration, and legal expenses, transaction and integration expenses, gain on sale / deconsolidation, impairment of investments in real
estate, other non-core adjustments, net, non-controlling interests, preferred stock dividends, including undeclared dividends, and issuance costs associated with
redeemed preferred stock. For a discussion of Adjusted EBITDA, see page 32. For a reconciliation of net income available to common stockholders to Adjusted
EBITDA, see page 31.

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

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

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

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

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

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

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

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

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

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

(14) Represents approximate amounts.

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

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

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

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

buildings held-for-sale.

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

(19) Represents buildings owned as of December 31, 2021 with less than 5% of total rentable square feet under development. Excludes buildings that were undergoing,

or were expected to undergo, development activities in 2022-2023, buildings classified as held-for-sale, and buildings sold or contributed to joint ventures for all
periods presented. Prior period results have been adjusted to reflect current same-capital pool.


-----

**Digital Realty Reports First Quarter 2023 Results**

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

**Highlights**

-  Reported net income available to common stockholders of $0.19 per share in 1Q23, compared to $0.22 in 1Q22

-  Reported FFO per share of $1.60 in 1Q23, compared to $1.60 in 1Q22

-  Reported Core FFO per share of $1.66 and Constant-Currency Core FFO per share of $1.69 in 1Q23, compared to $1.67 in 1Q22

-  Reported “Same-Capital” cash NOI growth of 3.4% in 1Q23

-  Reported rental rate increases on renewal leases of 4.5% on a cash basis in 1Q23

-  Signed total bookings during 1Q23 that are expected to generate $83 million of annualized GAAP rental revenue, including a $34 million
contribution from the 0-1 megawatt category and a record $14 million contribution from interconnection

-  Maintained 2023 Core FFO per share outlook of $6.65 - $6.75

**Financial Results**

Digital Realty reported revenues for the first quarter of 2023 of $1.3 billion, a 9% increase from the previous quarter and a 19% increase from the same
quarter last year.

The company delivered first quarter of 2023 net income of $69 million, and net income / (loss) available to common stockholders of $59 million, or
$0.19 per diluted share, compared to ($0.02) per diluted share in the previous quarter and $0.22 per diluted share in the same quarter last year.

Digital Realty generated first quarter of 2023 Adjusted EBITDA of $668 million, a 5% increase from the previous quarter and an 11% increase over the
same quarter last year.

The company reported first quarter of 2023 funds from operations (FFO) of $485 million, or $1.60 per share, compared to $1.45 per share in the
previous quarter and $1.60 per share in the same quarter last year.

Excluding certain items that do not represent core expenses or revenue streams, Digital Realty delivered first quarter of 2023 Core FFO per share of
$1.66, compared to $1.65 per share in the previous quarter and $1.67 per share in the same quarter last year. Digital Realty delivered ConstantCurrency Core FFO per share of $1.69 for the first quarter of 2023.

**Leasing Activity**

In the first quarter, Digital Realty signed total bookings that are expected to generate $83 million of annualized GAAP rental revenue, including a $34
million contribution from the 0-1 megawatt category and a record $14 million contribution from interconnection.

“Our first quarter results demonstrate the inflection we have been anticipating in our operating business, driven by a combination of steady, broadbased demand across our segments and markets, as well as reduced data center availability,” said Digital Realty President & Chief Executive Officer
Andy Power. “Improving fundamentals, along with continued focus and execution PlatformDIGITAL® customer value proposition, put Digital Realty
firmly on the path toward sustainable, organic core growth.”

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

In addition to new leases signed, Digital Realty also signed renewal leases representing $155 million of annualized GAAP rental revenue during the
quarter. Rental rates on renewal leases signed during the first quarter of 2023 rolled up 4.5% on a cash basis and up 6.4% on a GAAP basis.


-----

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

**Annualized GAAP**

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

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

0-1 MW $12,265 60 $204 3.6 $281

> 1 MW 27,464 189 145 19.7 116

Other [(1)] 581 19 30 — —

**Total** **$40,310** **269** **$150** **23.3** **$142**

**EMEA [(2)]**

0-1 MW $20,273 73 $278 5.5 $308

> 1 MW 7,357 59 125 5.5 111

Other [(1)] 17 1 33 — —

**Total** **$27,647** **132** **$209** **11.0** **$209**

**Asia Pacific [(2)]**

0-1 MW $1,252 8 $156 0.5 $225

> 1 MW — — — — —

Other [(1)] 21 — 44 — —

**Total** **$1,273** **8** **$149** **0.5** **$225**

**All Regions [(2)]**

0-1 MW $33,790 141 $239 9.6 $294

> 1 MW 34,821 248 140 25.2 115

Other [(1)] 619 20 30 — —

**Total** **$69,230** **410** **$169** **34.8** **$164**

**Interconnection** **$14,063** **N/A** **N/A** **N/A** **N/A**

**Grand Total** **$83,293** **410** **$169** **34.8** **$164**

Note: Totals may not foot due to rounding differences.

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

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

**Investment Activity**

During the first quarter, a venture jointly owned by Digital Realty and a third party disposed of a stabilized data center in Ashburn, Virginia.

During the first quarter, MC Digital Realty, acquired a three-acre land parcel, which could support up to 24MW of IT load in Osaka, Japan, for ¥950
million or $7 million.

Also during the first quarter, Teraco acquired a freehold interest of the Cape Town 1 site, a land and building shell, which they had previously leased.


-----

**Balance Sheet**

Digital Realty had approximately $17.9 billion of total debt outstanding as of March 31, 2023, comprised of $17.3 billion of unsecured debt and
approximately $0.6 billion of secured debt and other. At the end of the first quarter of 2023, net debt-to-Adjusted EBITDA was 7.1x, debt-pluspreferred-to-total enterprise value was 38.9% and fixed charge coverage was 4.4x.

During the first quarter of 2023, Digital Realty completed a $740 million two-year U.S. dollar term loan with an initial maturity date of March 31, 2025
and a one-year extension option.


-----

**2023 Outlook**

Digital Realty maintained its 2023 Core FFO per share and constant-currency Core FFO per share outlook of $6.65 - $6.75. The assumptions underlying
the outlook are summarized in the following table.


**As of**

**February 16, 2023**

$5.700 - $5.800 billion

($55 - $60 million)

$2.675 - $2.725 billion

$425 - $435 million

Greater than 3.0%

Greater than 3.0%

85.0% - 86.0%

3.0% - 4.0%

$1.20 - $1.25

$1.00 - $1.05

$1.5 - $2.5 billion

0.0% - 10.0%

$2.3 - $2.5 billion

9.0% - 15.0%

$15 - $20 million

$230 - $240 million

$1.0 - $1.5 billion

4.5% - 5.5%

First Half 2023

**$1.15 - $1.25**

$5.25 - $5.25

**$6.40 - $6.50**

$0.25 - $0.25

**$6.65 - $6.75**

$0.00 - $0.00

**$6.65 - $6.75**


**As of**

**April 27, 2023**

$5.500 - $5.600 billion

($55 - $60 million)

$2.675 - $2.725 billion

$425 - $435 million

Greater than 3.0%

Greater than 3.0%

85.0% - 86.0%

3.0% - 4.0%

$1.20 - $1.25

$1.05 - $1.10

$1.5 - $2.5 billion

0.0% - 10.0%

$2.3 - $2.5 billion

9.0% - 15.0%

$15 - $20 million

$230 - $240 million

$1.0 - $1.5 billion

5.5% - 6.0%

First Half 2023

**$1.15 - $1.25**

$5.25 - $5.25

**$6.40 - $6.50**

$0.25 - $0.25

**$6.65 - $6.75**

$0.00 - $0.00

**$6.65 - $6.75**


**Top-Line and Cost Structure**

Total revenue

Net non-cash rent adjustments (1)

Adjusted EBITDA

G&A

**Internal Growth**

Rental rates on renewal leases

Cash basis

GAAP basis

Year-end portfolio occupancy

"Same-capital" cash NOI growth (2)

Foreign Exchange Rates

U.S. Dollar / Pound Sterling

U.S. Dollar / Euro

**External Growth**

Dispositions / Joint Venture Capital

Dollar volume

Cap rate

Development

CapEx (3)

Average stabilized yields

Enhancements and other non-recurring CapEx (4)

Recurring CapEx + capitalized leasing costs (5)

**Balance Sheet**

Long-term debt issuance

Dollar amount

Pricing

Timing

**Net income per diluted share**

Real estate depreciation and (gain) / loss on sale

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

Non-core expenses and revenue streams

**Core Funds From Operations / share**

Foreign currency translation adjustments

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


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

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

(3) Includes land acquisitions.

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

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

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


-----

**Non-GAAP Financial Measures**

This document contains non-GAAP financial measures, including FFO, Core FFO, Adjusted FFO, Net Operating Income (NOI), “Same-Capital” Cash NOI
and Adjusted EBITDA. A reconciliation from U.S. GAAP net income available to common stockholders to FFO, a reconciliation from FFO to Core FFO, and
definitions of FFO and Core FFO 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. Forwardlooking 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 April 27, 2023, a presentation will be posted to the Investors section of
[the company’s website at https://investor.digitalrealty.com/. The presentation is designed to accompany the discussion of the company’s first quarter](https://investor.digitalrealty.com/overview/investor-relations-overview/default.aspx)
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# 4681490 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 May 27, 2023. The telephone replay can be accessed by dialing +1 (877) 344-7529
(for domestic callers) or +1 (412) 317-0088 (for international callers) and providing the conference ID# 9334829. The webcast replay can be accessed on
Digital Realty’s website.

**About Digital Realty**

Digital Realty brings companies and data together by delivering the full spectrum of data center, colocation and interconnection solutions.
PlatformDIGITAL®, the company’s global data center platform, provides customers with a secure data “meeting place” and a proven Pervasive Datacenter
Architecture (PDx®) solution methodology for powering innovation and efficiently managing Data Gravity challenges. Digital Realty gives its customers
access to the connected communities that matter to them with a global data center footprint of 300+ facilities in 50+ metros across 28 countries on six
[continents. To learn more about Digital Realty, please visit digitalrealty.com or follow us on LinkedIn and Twitter.](https://www.digitalrealty.com/)

**Contact Information**

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

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


-----

**Three Months Ended**

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

Rental revenues $870,975 $834,374 $787,839 $767,313 $751,962

Tenant reimbursements - Utilities 317,148 247,725 251,420 218,198 224,547

Tenant reimbursements - Other 40,150 46,045 49,419 52,688 51,511

Interconnection & other 101,695 97,286 95,486 93,338 93,530

Fee income 7,868 7,508 6,169 5,072 5,757

Other 887 168 1,749 2,713 15

**Total Operating Revenues** **$1,338,724** **$1,233,108** **$1,192,082** **$1,139,321** **$1,127,323**

Utilities $346,364 $268,561 $271,844 $223,426 $241,239

Rental property operating 224,861 222,430 205,886 198,076 194,354

Property taxes 40,424 42,032 39,860 47,213 46,526

Insurance 4,355 4,578 4,002 3,836 3,698

Depreciation & amortization 421,198 430,130 388,704 376,967 382,132

General & administration 107,766 104,452 95,792 101,991 96,435

Severance, equity acceleration, and legal expenses 4,155 15,980 1,655 3,786 2,077

Transaction and integration expenses 12,267 17,350 25,862 13,586 11,968

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

Other expenses — 3,615 1,096 70 7,657

**Total Operating Expenses** **$1,161,388** **$1,112,127** **$1,034,701** **$968,950** **$986,087**

**Operating Income** **$177,335** **$120,981** **$157,381** **$170,371** **$141,236**

Equity in earnings / (loss) of unconsolidated joint ventures 14,897 (28,112) (12,254) (34,088) 60,958

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

Interest and other income / (expense), net 280 (22,894) 15,752 13,008 3,051

Interest (expense) (102,220) (86,882) (76,502) (69,023) (66,725)

Income tax benefit / (expense) (21,454) 17,676 (19,576) (16,406) (13,244)

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

**Net Income** **$68,839** **$763** **$238,791** **$63,862** **$76,911**

Net income / (loss) attributable to noncontrolling interests (111) 3,326 (1,716) (436) (3,629)

**Net Income Attributable to Digital Realty Trust, Inc.** **$68,728** **$4,089** **$237,075** **$63,426** **$73,282**

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

**Net Income / (Loss) Available to Common Stockholders** **$58,547** **($6,093)** **$226,894** **$53,245** **$63,101**

Weighted-average shares outstanding - basic 291,218,549 289,364,739 286,693,071 284,694,064 284,525,992

Weighted-average shares outstanding - diluted 303,064,832 301,712,082 296,414,726 285,109,903 285,025,099

Weighted-average fully diluted shares and units 309,026,076 307,546,353 302,257,518 290,944,163 290,662,421

Net income / (loss) per share - basic $0.20 ($0.02) $0.79 $0.19 $0.22

Net income / (loss) per share - diluted $0.19 ($0.02) $0.75 $0.19 $0.22


-----

**Three Months Ended**

**Reconciliation of Net Income to Funds From Operations (FFO)** **31-Mar-23** **31-Dec-22** **30-Sep-22** **30-Jun-22** **31-Mar-22**

**Net Income / (Loss) Available to Common Stockholders** **$58,547** **($6,093)** **$226,894** **$53,245** **$63,101**

Adjustments:

Non-controlling interest in operating partnership 1,500 (586) 5,400 1,500 1,600

Real estate related depreciation & amortization (1) 412,192 422,951 381,425 369,327 374,162

Depreciation related to non-controlling interests (13,388) (13,856) (8,254) -  - 

Unconsolidated JV real estate related depreciation & amortization 33,719 33,927 30,831 29,022 29,320

(Gain) / loss on real estate transactions (7,825) 572 (173,990) (1,144) (2,770)

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

**Funds From Operations - diluted** **$484,745** **$439,915** **$462,306** **$451,949** **$465,412**

Weighted-average shares and units outstanding - basic 297,180 295,199 292,536 290,528 290,163

Weighted-average shares and units outstanding - diluted (2)(3) 309,026 307,546 302,258 290,944 290,662

**Funds From Operations per share - basic** **$1.63** **$1.49** **$1.58** **$1.56** **$1.60**

**Funds From Operations per share - diluted (2)(3)** **$1.60** **$1.45** **$1.55** **$1.55** **$1.60**

**Three Months Ended**

**Reconciliation of FFO to Core FFO** **31-Mar-23** **31-Dec-22** **30-Sep-22** **30-Jun-22** **31-Mar-22**

**Funds From Operations - diluted** **$484,745** **$439,915** **$462,306** **$451,949** **$465,412**

Other non-core revenue adjustments (887) (3,786) (1,818) 456 13,916

Transaction and integration expenses 12,267 17,350 25,862 13,586 11,968

Loss from early extinguishment of debt -  -  -  -  51,135

Severance, equity acceleration, and legal expenses (4) 4,155 15,980 1,655 3,786 2,077

(Gain) / Loss on FX revaluation (6,778) 14,564 (1,120) 29,539 (67,676)

Other non-core expense adjustments -  3,615 1,046 70 7,657

**Core Funds From Operations - diluted** **$493,500** **$487,638** **$487,931** **$499,386** **$484,490**

Weighted-average shares and units outstanding - diluted (2)(3) 297,382 295,519 292,830 290,944 290,662

**Core Funds From Operations per share - diluted (2)** **$1.66** **$1.65** **$1.67** **$1.72** **$1.67**

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

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

Depreciation & amortization per income statement $421,198 $430,130 $388,704 $376,967 $382,132

Non-real estate depreciation (9,006) (7,179) (7,279) (7,640) (7,970)

**Real Estate Related Depreciation & Amortization** **$412,192** **$422,951** **$381,425** **$369,327** **$374,162**

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

**Three Months Ended**

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

Teraco noncontrolling share of FFO $11,069 $7,213 $4,706 -  - 

**Teraco related minority interest** **$11,069** **$7,213** **$4,706** **-** **-**

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

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


-----

**Three Months Ended**

**Reconciliation of Core FFO to AFFO** **31-Mar-23** **31-Dec-22** **30-Sep-22** **30-Jun-22** **31-Mar-22**

**Core FFO available to common stockholders and unitholders** **$493,500** **$487,638** **$487,931** **$499,386** **$484,490**

Adjustments:

Non-real estate depreciation 9,006 7,179 7,279 7,640 7,970

Amortization of deferred financing costs 4,072 3,753 3,270 3,330 3,634

Amortization of debt discount/premium 1,301 1,276 1,146 1,193 1,214

Non-cash stock-based compensation expense 13,056 16,042 15,948 15,799 14,453

Straight-line rental revenue (16,194) (29,392) (18,123) (17,278) (18,810)

Straight-line rental expense (515) (208) 2,679 (2,237) 4,168

Above- and below-market rent amortization (1,226) (762) (465) 196 335

Deferred tax (benefit) / expense (9,795) (4,885) (5,233) (769) (1,604)

Leasing compensation & internal lease commissions 11,067 9,578 9,866 9,411 13,261

Recurring capital expenditures (1) (40,465) (109,999) (66,200) (43,497) (46,770)

**AFFO available to common stockholders and unitholders (2)** **$463,807** **$380,220** **$438,097** **$473,173** **$462,341**

Weighted-average shares and units outstanding - basic 297,180 295,199 292,536 290,528 290,163

Weighted-average shares and units outstanding - diluted (3) 297,382 295,519 292,830 290,944 290,662

**AFFO per share - diluted (3)** **$1.56** **$1.29** **$1.50** **$1.63** **$1.59**

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

**Diluted AFFO Payout Ratio** **78.2%** **94.8%** **81.5%** **75.0%** **76.7%**

**Three Months Ended**

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

**Weighted Average Common Stock and Units Outstanding** **297,180** **295,199** **292,536** **290,528** **290,163**

Add: Effect of dilutive securities 202 320 294 416 499

**Weighted Avg. Common Stock and Units Outstanding - diluted** **297,382** **295,519** **292,830** **290,944** **290,662**

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

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

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


-----

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

**Assets**

Investments in real estate:

Real estate $27,052,022 $26,136,057 $24,876,600 $24,065,933 $23,769,712

Construction in progress 4,563,578 4,789,134 4,222,142 3,362,114 3,523,484

Land held for future development 194,564 118,452 34,713 37,460 107,003

**Investments in real estate** **$31,810,164** **$31,043,643** **$29,133,455** **$27,465,507** **$27,400,199**

Accumulated depreciation and amortization (7,600,559) (7,268,981) (6,826,918) (6,665,118) (6,467,233)

**Net Investments in Properties** **$24,209,605** **$23,774,662** **$22,306,537** **$20,800,389** **$20,932,966**

Investment in unconsolidated joint ventures 1,995,576 1,991,426 1,912,958 1,942,549 2,044,074

**Net Investments in Real Estate** **$26,205,180** **$25,766,088** **$24,219,495** **$22,742,937** **$22,977,040**

Cash and cash equivalents $131,406 $141,773 $176,969 $99,226 $157,964

Accounts and other receivables (1) 1,070,066 969,292 861,117 797,208 774,579

Deferred rent 627,700 601,590 556,198 554,016 545,666

Customer relationship value, deferred leasing costs &
3,015,291 3,092,627 3,035,861 2,521,390 2,640,795
other intangibles, net

Goodwill 9,199,636 9,208,497 8,728,105 7,545,107 7,802,440

Operating lease right-of-use assets 1,317,293 1,351,329 1,253,393 1,310,970 1,361,942

Other assets 386,495 353,802 384,079 385,202 420,119

**Total Assets** **$41,953,068** **$41,484,998** **$39,215,217** **$35,956,057** **$36,680,546**

**Liabilities and Equity**

Global unsecured revolving credit facilities $2,514,202 $2,150,451 $2,255,139 $1,440,040 $943,325

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

Unsecured senior notes, net of discount 13,258,079 13,120,033 12,281,410 12,695,568 13,284,650

Secured debt and other, net of premiums 560,955 528,870 491,984 158,699 160,240

Operating lease liabilities 1,443,994 1,471,044 1,363,712 1,418,540 1,472,510

Accounts payable and other accrued liabilities 1,923,819 1,868,884 1,621,406 1,619,222 1,572,359

Deferred tax liabilities, net 1,164,276 1,192,752 1,145,097 611,582 649,112

Accrued dividends and distributions — 363,716 — — —

Security deposits and prepaid rent 392,021 369,654 341,552 341,140 346,911

**Total Liabilities** **$22,799,620** **$21,862,853** **$20,230,276** **$18,284,791** **$18,429,107**

Redeemable non-controlling interests - operating
1,448,772 1,514,680 1,429,920 41,047 42,734
partnership

**Equity**

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

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

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

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

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

Additional paid-in capital 22,126,379 22,142,868 21,528,384 21,091,364 21,069,391

Dividends in excess of earnings (4,995,982) (4,698,313) (4,336,201) (4,211,685) (3,916,854)

Accumulated other comprehensive (loss), net (652,486) (595,798) (862,804) (475,561) (188,844)

**Total Stockholders' Equity** **$17,212,490** **$17,583,334** **$17,063,920** **$17,138,632** **$17,698,207**

**Noncontrolling Interests**

Noncontrolling interest in operating partnership $444,843 $419,317 $421,484 $432,213 $444,029

Noncontrolling interest in consolidated joint
47,342 104,814 69,617 59,374 66,470
ventures

**Total Noncontrolling Interests** **$492,185** **$524,131** **$491,101** **$491,587** **$510,499**

**Total Equity** **$17,704,675** **$18,107,465** **$17,555,021** **$17,630,219** **$18,208,706**

**Total Liabilities and Equity** **$41,953,068** **$41,484,998** **$39,215,217** **$35,956,057** **$36,680,546**

(1) Net of allowance for doubtful accounts of $36,240 and $33,048 as of March 31, 2023 and December 31, 2022, respectively.

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

outstanding as of March 31, 2023 and December 31, 2022, respectively.

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

outstanding as of March 31, 2023 and December 31, 2022, respectively.

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

outstanding as of March 31, 2023 and December 31, 2022, respectively.

(5) Common Stock: 291,298,610 and 291,148,222 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively.


-----

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

Network-Dense $1,074,355

Campus 1,565,544

Other [(4)] 143,707

**Total Cash NOI, Annualized** **$2,783,606**

_less: Partners' share of consolidated JVs_ _(52,472)_

Acquisitions / dispositions / expirations (66,623)

FY 2023 backlog cash NOI and 1Q23 carry-over (stabilized) [(5)] 140,581

**Total Consolidated Cash NOI, Annualized** **$2,805,092**

**Digital Realty's Pro Rata Share of Unconsolidated Joint Venture Cash NOI [(3)(6)]** **$185,372**

**Other Income**

**Development and Management Fees (net), Annualized** **$31,474**

**Other Assets**

Pre-stabilized inventory, at cost [(7)] $262,129

Land held for development 194,564

Development CIP [(8)] 4,563,578

_less: Investment associated with FY23 Backlog NOI_ _(641,402)_

Cash and cash equivalents 131,406

Accounts and other receivables, net 1,070,066

Other assets 386,495

_less: Partners' share of consolidated JV assets_ _(212,422)_

**Total Other Assets** **$5,754,414**

**Liabilities**

Global unsecured revolving credit facilities $2,531,056

Unsecured term loans 1,552,925

Unsecured senior notes 13,357,299

Secured debt and other 563,856

Accounts payable and other accrued liabilities 1,923,819

Deferred tax liabilities, net 1,164,276

Security deposits and prepaid rents 392,021

Backlog NOI cost to complete [(9)] 324,717

Preferred stock 755,000

Digital Realty's share of unconsolidated JV debt 1,123,360

_less: Partners' share of consolidated JV liabilities_ (386,047)

**Total Liabilities** **$23,302,282**

**Diluted Shares and Units Outstanding** **297,963**

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

(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 1Q23 Cash
NOI of $2.8 billion. NOI is allocated based on management’s estimates derived using contractual ABR and stabilized margins.

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

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

(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 buildings.

(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 buildings.


-----

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

**As of March 31, 2023**

**[Interest ]**

**Rate**

**Interest Including**

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


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

Global unsecured revolving credit facility 4.118%  4.118% — — — —  $2,473,851 —  $2,473,851

Yen revolving credit facility 0.570%  0.570% — — — — 57,205 — 57,205

Deferred financing costs, net — — — — — — — — (16,854)

|Total Global Unsecured Revolving Credit Facilities 4.037% 4.037% —|—|—|—|$2,531,056|—|$2,514,202|
|---|---|---|---|---|---|---|



**Unsecured Term Loans**

Euro term loan facility 3.090%  3.397% — —  $406,463 —  $406,462 — $812,925

USD term loan facility 5.784%  5.578% — — —  $740,000 — — 740,000

Deferred financing costs, net — — — — — — — — (10,650)

|Total Unsecured Term Loans 4.374% 4.437% —|—|$406,463|$740,000|$406,462|—|$1,542,275|
|---|---|---|---|---|---|---|



**Senior Notes**

₣100 million 0.600% Notes due 2023 0.600%  0.600%  $109,235 — — — — — $109,235

€600 million 2.625% Notes due 2024 2.625%  2.625% —  $650,340 — — — — 650,340

£250 million 2.750% Notes due 2024 2.750%  2.750% —  308,425 — — — — 308,425

£400 million 4.250% Notes due 2025 4.250%  4.250% — —  $493,480 — — — 493,480

€650 million 0.625% Notes due 2025 0.625%  0.625% — — 704,535 — — — 704,535

€1.08 billion 2.500% Notes due 2026 2.500%  2.500% — — —  $1,165,193 — — 1,165,193

₣275 million 0.200% Notes due 2026 0.200%  0.200% — — — 300,397 — — 300,397

₣150 million 1.700% Notes due 2027 1.700%  1.700% — — — —  $163,853 — 163,853

$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% — — — — —  $541,950 541,950

$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% — — — — — 294,936 294,936

$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% — — — — — 431,795 431,795

€750 million 1.500% Notes due 2030 1.500%  1.500% — — — — — 812,925 812,925

£550 million 3.750% Notes due 2030 3.750%  3.750% — — — — — 678,535 678,535

€500 million 1.250% Notes due 2031 1.250%  1.250% — — — — — 541,950 541,950

€1.00 billion 0.625% Notes due 2031 0.625%  0.625% — — — — —  1,083,900 1,083,900

€750 million 1.000% Notes due 2032 1.000%  1.000% — — — — — 812,925 812,925

€750 million 1.375% Notes due 2032 1.375%  1.375% — — — — — 812,925 812,925

Unamortized discounts — — — — — — — — (36,409)

Deferred financing costs — — — — — — — — (62,810)

|Total Senior Notes 2.432% 2.236% $109,235|$958,765|$1,198,015|$1,465,590|$1,163,853|$8,461,841|$13,258,079|
|---|---|---|---|---|---|---|



**Secured Debt**

ICN10 Facilities 6.280%  3.729% — — — — — $12,984 $12,984

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

Teraco Loans 10.229%  8.958% $239 $331 $602 $32,944 65,272 245,105 344,493

Deferred financing costs — — — — — — — — (2,901)

|Total Secured Debt 8.223% 7.266% $239|$331|$602|$32,944|$200,272|$258,089|$489,576|
|---|---|---|---|---|---|---|



**Other Debt**

Icolo loans 11.650% 11.650% — — — $4,442 $3,380 — $7,822

|Total Other Debt 11.650% 11.650% —|—|—|$4,442|3,380|—|$7,822|
|---|---|---|---|---|---|---|



**Mandatorily Redeemable Preferred Shares (Teraco)**

Mandatorily Redeemable Preferred Shares (Teraco) 9.675%  9.675% — $4,495 — $62,935 — — $67,430

Unamortized discounts — — — — — — — — (3,873)

|Total Redeemable Preferred Shares 9.675% 9.675% —|$4,495|—|$62,935|—|—|$63,557|
|---|---|---|---|---|---|---|



Total unhedged variable rate debt — — $239 $4,826  $407,065 $95,879  $3,002,790 $64,346  $3,575,145

Total fixed rate / hedged variable rate debt — — 109,235  958,765  1,198,015  2,210,032  1,302,233  8,655,584  14,433,865

|Total Debt 3.015% 2.849% $109,474|$963,591|$1,605,080|$2,305,911|$4,305,023|$8,719,930|$18,009,010|
|---|---|---|---|---|---|---|



**Weighted Average Interest Rate** **0.618%** **2.700%** **2.445%** **1.704%** **3.585%** **2.433%** **2.849%**

**Summary**

**Weighted Average Term to Initial Maturity** **4.8 Years**

**Weighted Average Maturity (assuming exercise of extension options)** **5.0 Years**

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

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

**Global Unsecured Revolving Credit Facilities** **$3,936,194** **$1,304,438** **$2,531,056**

(1) Assumes all extensions will be exercised.

(2) Subject to cross-currency swaps.

(3) Net of letters of credit issued of $100.7 million.


-----

**Unaudited** **First Quarter 2023**

**As of March 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%_ 44% 39% _Less than 60%[ (5)]_ 42%

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

Total unencumbered assets / unsecured debt _Greater than 150%_ 187% 208% N/A N/A

Consolidated EBITDA / interest expense [(7)] _Greater than 1.50x_ 5.3x 5.3x N/A N/A

Fixed charge coverage N/A N/A _Greater than 1.50x_ 5.6x

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

Unencumbered assets debt service coverage ratio [(8)] N/A N/A _Greater than 1.50x_ 6.9x

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

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

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

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

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

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

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

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


-----

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

**Three Months Ended**

**31-Mar-23** **31-Mar-22** **% Change** **31-Dec-22** **% Change**

Rental revenues $684,585 $639,728 7.0% $659,933 3.7%

Tenant reimbursements - Utilities 262,406 190,406 37.8% 200,471 30.9%

Tenant reimbursements - Other 31,471 42,707 (26.3%) 38,339 (17.9%)

Interconnection & other 83,850 81,007 3.5% 80,257 4.5%

**Total Revenue** **$1,062,312** **$953,847** **11.4%** **$979,000** **8.5%**

Utilities $281,877 $205,404 37.2% $222,775 26.5%

Rental property operating 169,589 155,715 8.9% 173,381 (2.2%)

Property taxes 30,257 37,089 (18.4%) 33,410 (9.4%)

Insurance 4,038 3,556 13.5% 4,379 (7.8%)

**Total Expenses** **$485,761** **$401,764** **20.9%** **$433,945** **11.9%**

**Net Operating Income [(2)]** **$576,551** **$552,083** **4.4%** **$545,054** **5.8%**

**Less:**

Stabilized straight-line rent $998 ($3,449) (128.9%) $13,952 (92.8%)

Above- and below-market rent 1,704 694 145.5% 1,733 (1.6%)

**Cash Net Operating Income [(3)]** **$573,848** **$554,838** **3.4%** **$529,370** **8.4%**

**Stabilized Portfolio occupancy at period end**
(4) **83.7%** **82.7%** **1.0%** **84.2%** **(0.5%)**

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

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

**Annualized GAAP Rent (in thousands)** **$33,790** **$128,838** **$34,821** **$290,075** **$619** **$18,730** **$69,230** **$437,644**

Kilowatt leased 9,594 40,873 25,185 217,894 — — 34,779 258,767

NRSF (in thousands) 141 459 248 2,315 20 382 410 3,155

**Weighted Average Lease Term (years)** **3.6** **3.5** **13.7** **9.5** **5.2** **8.4** **9.8** **8.5**

Initial stabilized cash rent per Kilowatt $292 $262 $104 $107 — — $156 $131

GAAP rent per Kilowatt $294 $263 $115 $111 — — $164 $135

Leasing cost per Kilowatt $18 $23 $43 $35 — — $36 $33

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

Base rent by Kilowatt $295 $265 $116 $113 — — $165 $137

Rental concessions by Kilowatt $1 $2 $1 $2 — — $1 $2

Estimated operating expense by Kilowatt $87 $84 $30 $25 — — $45 $35

**Net rent per Kilowatt** **$207** **$179** **$86** **$86** **—** **—** **$119** **$100**

Tenant improvements by Kilowatt — — $4 $1 — — $3 $1

Leasing commissions by Kilowatt $14 $12 — $1 — — $4 $2

**Net effective rent per Kilowatt** **$193** **$167** **$81** **$84** **—** **—** **$112** **$97**

Initial stabilized cash rent per NRSF $238 $280 $127 $121 $26 $45 $160 $135

GAAP rent per NRSF $239 $281 $140 $125 $30 $49 $169 $139

Leasing cost per NRSF $15 $25 $52 $39 $8 $14 $37 $34

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

Base rent by NRSF $241 $283 $141 $128 $31 $49 $170 $141

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

Estimated operating expense by NRSF $59 $83 $36 $29 $9 $8 $43 $35

**Net rent per NRSF** **$180** **$198** **$104** **$96** **$21** **$41** **$126** **$104**

Tenant improvements by NRSF — — $5 $1 — — $3 $1

Leasing commissions by NRSF $12 $13 — $1 $17 $3 $5 $3

**Net effective rent per NRSF** **$168** **$185** **$99** **$94** **$4** **$38** **$118** **$101**

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

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

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

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

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)]** **1Q23** **LTM** **1Q23** **LTM** **1Q23** **LTM** **1Q23** **LTM**

Leases renewed (Kilowatt) 39,629 131,620 15,058 105,957 — — 54,687 237,577

Leases renewed (NRSF in thousands) 552 1,778 199 1,247 79 344 829 3,369

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

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

**Weighted Term (years)** **1.4** **1.7** **2.8** **4.5** **4.2** **5.6** **2.0** **3.1**

**Cash Rent**

Expiring cash rent per Kilowatt $247 $296 $168 $147 — — $229 $235

Renewed cash rent per Kilowatt $258 $307 $175 $143 — — $239 $239

**% Change Cash Rent Per Kilowatt** **4.6%** **3.6%** **4.4%** **(2.9%)** **—** **—** **4.5%** **2.0%**

Expiring cash rent per NRSF $213 $263 $153 $150 $30 $43 $181 $199

Renewed cash rent per NRSF $223 $273 $160 $145 $31 $47 $189 $203

**% Change Cash Rent Per NRSF** **4.6%** **3.6%** **4.4%** **(2.9%)** **2.8%** **10.3%** **4.5%** **2.0%**

**GAAP Rent**

Expiring GAAP rent per Kilowatt $245 $294 $149 $139 — — $222 $229

Renewed GAAP rent per Kilowatt $258 $307 $167 $139 — — $236 $237

**% Change GAAP Rent Per Kilowatt** **5.1%** **4.4%** **11.8%** **0.5%** **—** **—** **6.0%** **3.6%**

Expiring GAAP rent per NRSF $211 $261 $136 $141 $30 $40 $176 $194

Renewed GAAP rent per NRSF $222 $272 $152 $142 $31 $47 $187 $201

**% Change GAAP Rent Per NRSF** **5.1%** **4.4%** **11.8%** **0.5%** **5.9%** **18.7%** **6.4%** **3.6%**

**Retention ratio [(5)]** **83.8%** **86.2%** **71.4%** **69.6%** **14.9%** **34.9%** **56.7%** **69.6%**

**Churn [(6)]** **1.4%** **4.5%** **0.3%** **4.7%** **4.8%** **5.5%** **1.1%** **4.7%**

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

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

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

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

(5) Based on square feet.

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

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


-----

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

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

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

**0 - 1 MW**

Available 2,261 — — — — — — — —

|Month to Month (3) 186|$47,894 1.4%|$258 $260|$48,317|12,129|$329|$332|
|---|---|---|---|---|---|---|



2023 1,690 522,532 15.3% 309 310 524,125 119,605 364 365

|2024 1,290|305,863 8.9%|237 239|308,890|90,703|281|284|
|---|---|---|---|---|---|---|



2025 659 142,710 4.2% 216 222 146,675 43,773 272 279

|2026 369|74,345 2.2%|201 208|76,970|26,781|231|240|
|---|---|---|---|---|---|---|



2027 385 64,253 1.9% 167 177 67,954 27,556 194 206

|2028 176|19,867 0.6%|113 124|21,778|9,470|175|192|
|---|---|---|---|---|---|---|



2029 69 8,835 0.3% 128 140 9,675 4,605 160 175

|2030 50|12,570 0.4%|254 260|12,871|3,907|268|275|
|---|---|---|---|---|---|---|



2031 54 9,454 0.3% 176 188 10,108 2,681 294 314

|2032 51|5,309 0.2%|103 108|5,564|1,650|268|281|
|---|---|---|---|---|---|---|



Thereafter 197 2,226 0.1% 11 11 2,236 546 340 341

|Total / Wtd. Avg. 7,437|$1,215,858 35.5%|$235 $239|$1,235,164|343,406|$295|$300|
|---|---|---|---|---|---|---|



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

Available 1,772 — — — — — — — —

|Month to Month (3) 408|$58,106 1.7%|$142 $142 $58,106|32,290|$150|$150|
|---|---|---|---|---|---|



2023 989 129,003 3.8% 130 131 129,086 83,182 129 129

|2024 1,404|215,898 6.3%|154 157 220,344|129,808|139|141|
|---|---|---|---|---|---|



2025 1,917 282,007 8.2% 147 152 291,870 173,830 135 140

|2026 1,920|265,214 7.8%|138 147 282,444|177,170|125|133|
|---|---|---|---|---|---|



2027 1,793 238,863 7.0% 133 145 260,010 172,062 116 126

|2028 855|104,094 3.0%|122 132 112,950|83,671|104|112|
|---|---|---|---|---|---|



2029 974 120,421 3.5% 124 138 134,557 121,404 83 92

|2030 937|130,092 3.8%|139 149 139,956|94,468|115|123|
|---|---|---|---|---|---|



2031 1,066 122,842 3.6% 115 130 138,096 103,862 99 111

|2032 755|91,832 2.7%|122 142 107,253|82,550|93|108|
|---|---|---|---|---|---|



Thereafter 1,589 180,728 5.3% 114 133 210,871 156,917 96 112

|Total / Wtd. Avg. 16,378|$1,939,099 56.7%|$133 $143 $2,085,542|1,411,213|$115|$123|
|---|---|---|---|---|---|



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

Available 1,805 — — — — — — — —

|Month to Month (3) 63|$2,097 0.1%|$33 $33 $2,097|—|—|—|
|---|---|---|---|---|---|



2023 582 14,192 0.4% 24 24 14,182 — — —

|2024 422|19,416 0.6%|46 47 19,815|—|—|—|
|---|---|---|---|---|---|



2025 861 37,867 1.1% 44 45 39,177 — — —

|2026 825|26,283 0.8%|32 35 29,201|—|—|—|
|---|---|---|---|---|---|



2027 323 14,397 0.4% 45 49 15,830 — — —

|2028 271|13,226 0.4%|49 55 14,789|—|—|—|
|---|---|---|---|---|---|



2029 598 26,601 0.8% 44 52 31,190 — — —

|2030 600|24,633 0.7%|41 49 29,365|—|—|—|
|---|---|---|---|---|---|



2031 62 2,081 0.1% 34 41 2,522 — — —

|2032 108|6,107 0.2%|56 65 7,090|—|—|—|
|---|---|---|---|---|---|



Thereafter 3,176 79,336 2.3% 25 32 102,922 — — —

|Total / Wtd. Avg. 9,696|$266,236 7.8%|$34 $39 $308,181|—|—|—|
|---|---|---|---|---|---|



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

Available 5,838 — — — — — — — —

|Month to Month (3) 657|$108,097 3.2%|$165 $165 $108,520|—|—|—|
|---|---|---|---|---|---|



2023 3,261 665,728 19.5% 204 205 667,393 — — —

|2024 3,117|541,177 15.8%|174 176 549,049|—|—|—|
|---|---|---|---|---|---|



2025 3,438 462,583 13.5% 135 139 477,721 — — —

|2026 3,115|365,842 10.7%|117 125 388,615|—|—|—|
|---|---|---|---|---|---|



2027 2,501 317,513 9.3% 127 137 343,795 — — —

|2028 1,302|137,188 4.0%|105 115 149,517|—|—|—|
|---|---|---|---|---|---|



2029 1,640 155,856 4.6% 95 107 175,423 — — —

|2030 1,586|167,294 4.9%|105 115 182,192|—|—|—|
|---|---|---|---|---|---|



2031 1,182 134,377 3.9% 114 128 150,726 — — —

|2032 915|103,248 3.0%|113 131 119,906|—|—|—|
|---|---|---|---|---|---|



Thereafter 4,961 262,290 7.7% 53 64 316,029 — — —

|Total / Wtd. Avg. 33,511|$3,421,193 100.0%|$124 $131 $3,628,887|—|—|—|
|---|---|---|---|---|---|



(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 March 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 64 $380,161 10.0% 8.4

2 Social Content Platform 21 151,725 4.0% 4.9

3 Global Cloud Provider 57 146,406 3.8% 5.6

4 IBM 40 138,622 3.6% 2.7

5 Oracle Corporation 35 129,858 3.4% 4.6

6 Fortune 25 Investment Grade-Rated Company 28 110,879 2.9% 3.7

7 Equinix 17 88,002 2.3% 6.7

8 LinkedIn Corporation 8 85,410 2.2% 1.8

9 Fortune 500 SaaS Provider 15 82,810 2.2% 3.3

10 Meta Platforms, Inc. 45 71,425 1.9% 4.0

11 Fortune 25 Tech Company 49 66,166 1.7% 3.9

12 Cyxtera 15 63,107 1.7% 9.1

13 Social Media Platform 8 61,722 1.6% 8.1

14 Rackspace 25 53,582 1.4% 9.6

15 Lumen Technologies, Inc. 129 52,194 1.4% 9.9

16 JPMorgan Chase & Co. 17 43,533 1.1% 1.6

17 Verizon 100 42,866 1.1% 3.2

18 Comcast Corporation 39 40,659 1.1% 4.8

19 AT&T 76 40,023 1.0% 2.7

20 Zayo 118 36,544 1.0% 1.5

**Total / Weighted Average** **$1,885,694** **49.4%** **6.0**

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

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


-----

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

**Metropolitan Area** **Square Feet (1)** **Development (2)  Development (3)** **Rent (4)** **31-Mar-23** **31-Dec-22** **IT Load (6)** **Count**

**North America**

Northern Virginia 5,976 1,383 311 $607,840 93.8% 93.8% 510.6 25

Chicago 3,428 35 113 320,255 91.9% 91.7% 162.7 10

New York 2,054 159 144 218,074 78.0% 80.6% 55.8 13

Dallas 3,334 327 77 204,362 82.8% 83.0% 111.2 22

Silicon Valley 1,590 — 131 176,557 94.6% 95.2% 94.6 15

Portland 666 485 — 74,639 97.5% 97.4% 66.5 3

Phoenix 796 — — 70,239 70.7% 70.0% 42.5 2

San Francisco 843 — — 64,209 65.9% 65.5% 31.5 4

Atlanta 526 31 314 53,884 96.7% 96.4% 7.1 4

Los Angeles 611 11 — 40,677 80.8% 80.1% 16.2 2

Seattle 399 — — 39,090 78.6% 79.0% 19.5 1

Toronto 367 360 — 33,056 88.1% 84.5% 33.8 2

Boston 437 — 51 18,331 44.7% 45.9% 19.0 3

Houston 393 — 14 14,746 55.7% 61.6% 13.0 6

Miami 226 — — 8,484 85.4% 84.2% 1.3 2

Austin 86 — — 7,220 58.6% 58.6% 4.3 1

Charlotte 95 — — 5,377 90.4% 90.0% 1.5 3

**North America Total/Weighted Average** **21,826** **2,791** **1,155** **$1,957,042** **86.0%** **86.1%** **1,191.1** **118**

**EMEA**

Frankfurt 2,092 1,648 — $253,081 84.7% 87.9% 134.2 29

London 1,432 64 96 223,731 64.9% 65.8% 103.9 16

Amsterdam 1,271 — 92 165,796 80.3% 79.5% 116.8 13

Johannesburg 833 1,340 — 95,700 81.6% 71.7% 48.7 5

Paris 923 774 — 94,037 68.9% 81.2% 74.6 13

Marseille 436 83 38 61,641 82.6% 81.6% 38.6 4

Dublin 475 78 — 56,396 81.2% 80.8% 32.5 9

Vienna 355 133 — 50,331 80.9% 81.3% 25.6 3

Zurich 285 314 — 44,398 80.4% 81.0% 17.0 3

Madrid 238 171 — 41,976 87.4% 86.4% 16.8 4

Brussels 163 175 — 30,179 78.9% 76.4% 6.7 3

Cape Town 260 468 — 26,730 87.4% 78.8% 16.4 2

Stockholm 190 108 — 22,472 70.3% 71.0% 16.8 6

Copenhagen 176 149 — 19,607 77.4% 77.6% 8.1 3

Dusseldorf 116 98 — 19,171 60.8% 61.6% 11.0 3

Athens 55 159 — 8,051 86.7% 87.1% 2.2 4

Durban 45 — — 5,124 75.3% 73.1% 1.1 1

Zagreb 22 8 — 2,973 82.5% 80.8% 0.9 1

Nairobi 16 — — 2,203 73.1% 72.7% 0.5 1

Mombasa 46 — 12 1,563 15.1% 12.2% 2.8 2

Maputo 7 — — — — — 1.0 1

**EMEA Total/Weighted Average** **9,435** **5,770** **239** **$1,225,159** **77.6%** **78.1%** **676.1** **126**

**Asia Pacific**

Singapore 883 7 — $198,257 93.4% 94.0% 78.5 3

Sydney 362 — 88 30,460 90.1% 90.1% 22.1 4

Melbourne 147 — — 14,579 62.3% 62.3% 9.6 2

Seoul 162 — — 1,038 4.3% 4.3% 12.0 1

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

**Asia Pacific Total/Weighted Average** **1,653** **192** **88** **$244,563** **75.6%** **75.9%** **129.7** **11**

**Non-Data Center Properties** 380 — 212 $343 13.5% 100.0% — —

**Consolidated Portfolio Total/Weighted Average** **33,293** **8,754** **1,693** **$3,427,106** **82.3%** **83.5%** **1,996.9** **255**

**Managed Unconsolidated Joint Ventures**

Northern Virginia 1,350 — — $97,147 100.0% 100.0% 89.7 7

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

Hong Kong 186 — — $20,933 87.4% 87.4% 11.0 1

Toronto 104 — — $10,774 69.5% 87.1% 6.8 1

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

Lagos 4 — — $893 100.0% 100.0% 0.2 1

Abuja 1 — — $118 73.0% 73.0% 0.1 1

**Managed Unconsolidated Portfolio Total/Weighted Average** **2,257** **—** **—** **$160,906** **97.5%** **98.4%** **118.5** **17**

**Managed Portfolio Total/Weighted Average** **35,550** **8,754** **1,693** **$3,588,012** **83.2%** **84.5%** **2,115.5** **272**

**Digital Realty Share Total/Weighted Average [(7)]** **33,511** **8,053** **1,693** **$3,421,193** **82.6%** **84.0%** **1,998.9** **—**

**Non-Managed Unconsolidated Joint Ventures**

Sao Paulo 1,125 279 1,067 $160,876 99.0% 98.9% 97.2 23

Tokyo 1,272 27 — $72,649 69.0% 71.8% 58.8 3

Osaka 409 174 196 $62,563 88.5% 88.5% 38.9 4

Queretaro 108 9 391 $16,111 100.0% 100.0% 8.0 3

Santiago 96 — 198 $12,743 100.0% 77.9% 10.2 3

Rio De Janeiro 99 — — $11,164 100.0% 100.0% 8.0 2

Fortaleza 94 — — $9,798 100.0% 100.0% 6.2 1

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

Bogota — — 197 — — — — 2

**Non-Managed Portfolio Total/Weighted Average** **3,254** **490** **2,049** **$353,674** **86.1%** **87.1%** **236.2** **42**

**Portfolio Total/Weighted Average** **38,804** **9,243** **3,742** **$3,941,687** **83.5%** **84.7%** **2,351.7** **314**

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


-----

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

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

**A**

**B**

**A + B**

**A**

**B**

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

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

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

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

Northern Virginia 4 867 $134,820  $113,523 $248,343 4 516 56,000 $189,346  $421,782 $611,128 71.4% 4Q23 5 1,383 $324,166  $535,305 $859,471

Dallas 2 164 13,345 85,913 99,258 2 164 16,000 23,023 312,545 335,568 100.0% 2Q24 2 327 36,368 398,458 434,826

Portland 1 277 88,882 4,877 93,759 1 208 24,000 169,146 78,518 247,664 100.0% 3Q23 1 485 258,028 83,395 341,423

Toronto — — — — — 1 360 22,000 106,543 123,581 230,124 100.0% 4Q23 1 360 106,543 123,581 230,124

New York — — — — — 3 159 10,800 52,308 124,316 176,624 66.7% 1Q24 3 159 52,308 124,316 176,624

Other — — — — — 3 77 7,200 71,239 43,182 114,421 42.5% 2Q23-4Q24 3 77 71,239 43,182 114,421

**North America** **7** **1,308  $237,047  $204,313** **$441,360** **14** **1,484  136,000  $611,604  $1,103,925** **$1,715,529** **82.5%** **8.4%** **15** **2,791** **$848,652  $1,308,237** **$2,156,889**

Frankfurt 5 1,054 $203,937 $159,041 $362,978 3 595 51,360  $276,374  $486,838 $763,211 80.3% 3Q24 7 1,648 $480,311  $645,878 $1,126,189

Paris 1 62 21,079 18,046 39,125 5 712 69,300 294,842 642,805 937,647 24.1% 2Q24 5 774 315,921 660,851 976,772

Zurich — — — — — 1 314 25,468 290,788 139,899 430,687 74.7% 4Q23 1 314 290,788 139,899 430,687

Brussels — — — — — 2 175 15,050 119,225 83,070 202,294 53.2% 3Q23 2 175 119,225 83,070 202,294

Athens — — — — — 2 159 13,600 55,929 106,760 162,689 36.7% 3Q23 2 159 55,929 106,760 162,689

Other 8 1,348  148,429  158,282 306,711 12 1,352 95,339 417,713 411,749 829,462 24.1% 2Q23-4Q24 13 2,700 566,142 570,031 1,136,173

**EMEA** **14** **2,464  $373,446  $335,369** **$708,814** **25** **3,306  270,117  $1,454,869  $1,871,120** **$3,325,989** **41.8%** **11.0%** **30** **5,770  $1,828,315  $2,206,488** **$4,034,803**

Other 1 186 $36,381 $833 $37,215 1 7 1,000 — 7,967 7,967 — 4Q23 2 192 $36,381 $8,800 $45,181

**Asia Pacific** **1** **186** **$36,381** **$833** **$37,215** **1** **7** **1,000** **—** **$7,967** **$7,967** **—** **17.3%** **2** **192** **$36,381** **$8,800** **$45,181**

|Total 22 3,957|$646,874|$540,514 $1,187,389 40 4,797 407,117|$2,066,474|$2,983,011|$5,049,485 55.3% 10.1% 47 8,754|$2,713,348|$3,523,526|$6,236,874|
|---|---|---|---|---|---|---|---|---|



(1) Represents costs incurred through March 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.

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


-----

**Total Cost/**

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

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

**Development Lifecycle**

**Land - Held for Development (1)** **N/A** **86.2** **$194,564** **—** **$194,564**

**Development Construction in Progress**

Land - Current Development (1) N/A 748.5  $1,082,078 —  $1,082,078

Space Held for Development (1) 1,693 N/A 245,526 — 245,526 $145

Base Building Construction (2) 3,957 N/A 646,874 $540,514  1,187,389 300

Data Center Construction 4,797 N/A 2,066,474 2,983,011  5,049,485 1,053

Equipment Pool & Other Inventory (3) N/A N/A 43,672 — 43,672

Campus, Tenant Improvements & Other (4) N/A N/A 478,954 176,168 655,122

|Total Development Construction in Progress 10,447|748.5|$4,563,578 $3,699,693|$8,263,272|
|---|---|---|---|



Enhancement & Other $17,713 $13,361 $31,074

Recurring 16,669 24,960 41,629

|Total Construction in Progress|834.7|$4,792,524 $3,738,014|$8,530,539|
|---|---|---|---|



(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 March 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 $320.5 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 March 31, 2023. Excludes costs incurred by unconsolidated joint ventures.

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

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

**Non-Recurring Capital Expenditures (1)**

Development $644,910 $730,341 $583,198 $466,304 $430,947

Enhancements and Other Non-Recurring 2,796 2,023 1,571 3,310 5,387

**Total Non-Recurring Capital Expenditures** **$647,706** **$732,364** **$584,769** **$469,614** **$436,334**

**Recurring Capital Expenditures (2)** $40,465 $109,999 $66,200 $43,497 $46,770

**Total Direct Capital Expenditures** **$688,171** **$842,363** **$650,969** **$513,111** **$483,104**

**Indirect Capital Expenditures**

Capitalized Interest $26,771 $24,581 $17,304 $14,131 $14,751

Capitalized Overhead 23,735 22,632 21,583 21,051 20,879

**Total Indirect Capital Expenditures** **$50,506** **$47,213** **$38,887** **$35,182** **$35,630**

**Total Improvements to and** **Advances for Investment in Real**
**$738,677** **$889,576** **$689,856** **$548,293** **$518,734**
**Estate**

**Consolidated Portfolio** **Net Rentable Square Feet (3)** **33,511** **32,905** **32,170** **32,396** **31,551**

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

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

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


-----

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

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

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

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

Atlanta — — — — 1 314 $25,720

Boston — — — — 1 51 23,623

Chicago 1 1.4 — $27,508 6 326 41,795

Dallas 2 60.4 — 44,014 3 77 10,126

Houston — — — — 1 14 2,726

New York 1 21.5 — 45,432 5 144 17,050

Northern Virginia 5 541.5 — 510,041 7 311 2,128

Silicon Valley 1 13.0 — 75,616 1 131 14,499

**North America** **10** **637.8** **—** **$702,611** **25** **1,367** **$137,666**

Amsterdam 1 4.4 — $48,256 2 92 $34,252

Barcelona 1 2.4 — 15,663 — — —

Crete 1 1.2 — 2,168 — — —

Dublin 2 5.0 — 16,933 — — —

Frankfurt 2 26.6 — 203,715 — — —

London 1 6.7 $15,847 — 3 96 29,009

Madrid 1 1.8 19,042 — — — —

Marseille — — — — 1 38 —

Maputo 1 1.2 — 2,884 — — —

Mombasa 1 1.0 900 — 1 12 1,992

Nairobi 2 4.4 1,517 1,517 — — —

Paris 2 47.8 — 27,367 — — —

Rome 1 55.1 — 23,880 — — —

Zagreb 1 6.5 8,491 — — — —

Zurich 1 2.6 — 29,642 — — —

**EMEA** **18** **166.9** **$45,796** **$372,024** **7** **239** **$65,254**

Melbourne 1 4.1 $4,029 — — — —

Osaka 1 2.5 — $7,443 — — —

Seoul 1 4.9 75,520 — — — —

Sydney 1 18.5 69,219 — 1 88 $42,606

**Asia Pacific** **4** **30.0** **$148,768** **$7,443** **1** **88** **$42,606**

|Consolidated Portfolio 32 834.7 $194,564|$1,082,078 33 1,693 $245,526|
|---|---|



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

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

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


-----

**Closed Acquisitions:**

**Net**

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

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

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

MC Digital Realty Land Parcel [(5)] Land Osaka, Japan 3/13/2023 $7,138 — — — — —

Cape Town 1 / Great Westerford [(6)] Land & Building Shell Cape Town, South Africa 3/7/2023 Undisclosed — — — — —

**Total** **—** **—** **—** **$7,138** **—** **—** **—** **—** **—**

**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)**

43915 Devin Shafron Dr (Bldg A) Building Northern Virginia 3/3/2023 Undisclosed — — — — —

**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)**

— — — — — — — — —

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

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

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

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

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

(5) Represents USD to JPY exchange rate as of 3/31/23 of 132.86. Digital Realty's share of the purchase price is $3.6 million.

(6) Teraco acquired a freehold interest of the Cape Town 1 site, a land and building shell, which they had previously leased.


-----

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

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

Undepreciated book value of operating real estate $1,483,071   $1,370,802 $1,365,892   $184,121   $783,594   $465,509   $5,652,988

Accumulated depreciation & amortization (317,601) (119,366) (47,231) (61,845) (143,698) (23,248) (712,989)

**Net Book Value of Operating Real Estate** **$1,165,471** **$1,251,436** **$1,318,661** **$122,276** **$639,895** **$442,261** **$4,939,999**

Cash 74,505 311,738 18,898 17,758 34,354 25,646 482,899

Other assets 1,295,692 171,133 238,009 8,470 170,582 114,492 1,998,379

**Total Assets** **$2,535,668** **$1,734,306** **$1,575,568** **$148,504** **$844,832** **$582,399** **$7,421,277**

Debt 1,034,128 695,495 502,866 — — 91,003 2,323,492

Other liabilities 254,142 152,879 46,598 9,801 22,930 101,089 587,438

Equity / (deficit) 1,247,398 885,932 1,026,104  138,703 821,902 390,307 4,510,347

**Total Liabilities and Equity** **$2,535,668** **$1,734,306** **$1,575,568** **$148,504** **$844,832** **$582,399** **$7,421,277**

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

**Digital Realty's Pro Rata Share of Unconsolidated JV Debt** **$527,405** **$347,747** **$210,943** **—** **—** **$37,264** **$1,123,360**

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

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

Total revenues $69,708   $60,370 $28,578 $6,269   $31,416   $10,262   $206,602

Operating expenses (27,600) (33,757) (9,320) (2,132) (14,406) (7,108) (94,323)

**Net Operating Income (NOI)** **$42,108** **$26,613** **$19,258** **$4,137** **$17,010** **$3,154** **$112,279**

Straight-line rent — (4,145) (1,967) 196 (352) (164) (6,432)

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

**Cash Net Operating Income (NOI)** **$42,108** **$22,468** **$16,371** **$4,333** **$16,836** **$2,990** **$105,105**

Interest expense ($19,980) ($733) ($5,409) (0) — ($2,639) ($28,761)

Depreciation & amortization (31,282) (12,570) (16,165) (2,094) (16,939) (1,213) (80,265)

Other income / (expense) (4,014) (3,509) (1,263) (130) (1,265) 76,522 66,341

FX remeasurement on USD debt 21,510 — (1,877) — — — 19,633

**Total Non-Operating Expenses** **($33,766)** **($16,812)** **($24,714)** **($2,225)** **($18,204)** **$72,670** **($23,051)**

**Net Income / (Loss)** **$8,342** **$9,801** **($5,456)** **$1,912** **($1,194)** **$75,824** **$89,228**

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

**Digital Realty's Pro Rata Share of Unconsolidated JV NOI** **$21,475** **$13,306** **$8,078** **$2,068** **$3,402** **$1,251** **$49,581**

**Digital Realty's Pro Rata Share of Unconsolidated JV Cash**
**$21,475** **$11,234** **$6,867** **$2,166** **$3,367** **$1,233** **$46,343**
**NOI**

Digital Realty's Earnings (loss) income from unconsolidated
$4,239 $4,901 ($1,784) $956 ($239) $6,826 $14,897
joint ventures

**Digital Realty's Pro Rata Share of Core FFO [(5)]** **$9,264** **$11,220** **$5,668** **$2,004** **$3,149** **($778)** **$30,525**

**Digital Realty's Fee Income from Joint Ventures** **—** **$10** **$2,784** **$163** **$782** **$177** **$3,915**

(1) Formerly known as 33 Chun Choi Street.

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

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

(4) As of March 31, 2023, Digital Realty owns approximately 35% of Digital Core REIT and separately owns a 10% retained interest in the underlying North American
operating properties, and a 75% retained interest in the underlying German operating property.

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


-----

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

**Three Months Ended**

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

**Net Income / (Loss) Available to Common Stockholders** **$58,547** **($6,093)** **$226,894** **$53,245** **$63,101**

Interest 102,220 86,882 76,502 69,023 66,725

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

Income tax expense (benefit) 21,454 (17,676) 19,576 16,406 13,244

Depreciation & amortization 421,198 430,130 388,704 376,967 382,132

**EBITDA** **$603,419** **$493,244** **$711,676** **$515,642** **$576,337**

Unconsolidated JV real estate related depreciation & amortization 33,719 33,927 30,831 29,023 29,319

Unconsolidated JV interest expense and tax expense 18,556 53,481 11,948 6,708 21,111

Severance, equity acceleration, and legal expenses 4,155 15,980 1,655 3,786 2,077

Transaction and integration expenses 12,267 17,350 25,862 13,586 11,968

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

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

Other non-core adjustments, net (14,604) 15,127 (94) 31,633 (48,858)

Non-controlling interests 111 (3,326) 1,716 436 3,629

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

(Gain on) / Issuance costs associated with redeemed preferred stock — — — — —

**Adjusted EBITDA** **$667,804** **$638,969** **$619,786** **$610,994** **$602,994**

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

**Three Months Ended**

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

Total GAAP interest expense $102,220 $86,882 $76,502 $69,023 $66,725

Capitalized interest 26,771 24,581 17,304 14,131 14,751

Change in accrued interest and other non-cash amounts 38,137 (67,909) 31,860 (43,952) 52,324

**Cash Interest Expense [(2)]** **$167,128** **$43,554** **$125,666** **$39,202** **$133,800**

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

**Total Fixed Charges [(3)]** **$139,172** **$121,645** **$103,987** **$93,335** **$91,657**

**Coverage**

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

Cash interest coverage ratio [(5)] 3.7x 11.9x 4.6x 12.6x 4.0x

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

Cash fixed charge coverage ratio [(7)] 3.5x 10.0x 4.3x 10.4x 3.7x

**Leverage**

Debt to total enterprise value [(8)(9)] 37.3% 35.2% 34.5% 27.1% 25.5%

Debt plus preferred stock to total enterprise value [(9)(10)] 38.9% 36.8% 36.2% 28.5% 26.8%

Pre-tax income to interest expense [(11)] 1.7x 1.0x 4.1x 1.9x 2.2x

Net Debt to Adjusted EBITDA [(12)] 7.1x 6.9x 6.7x 6.2x 6.3x

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

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

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

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

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

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

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

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

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

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

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

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


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**Unaudited** **First Quarter 2023**

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

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

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

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


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**Unaudited** **First Quarter 2023**

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

**Additional Definitions**

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

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

Fixed charge coverage ratio is Adjusted EBITDA divided by the sum of GAAP interest expense, capitalized interest, scheduled debt principal payments
and preferred dividends. For the quarter ended March 31, 2023, GAAP interest expense was $102 million, capitalized interest was $27 million and
scheduled debt principal payments and preferred dividends was $10 million.

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

**(in thousands)** **31-Mar-23** **31-Dec-22** **31-Mar-22**

**Operating income** **$177,335** **$120,981** **$141,236**

Fee income (7,868) (7,508) (5,757)

Other income (887) (168) (15)

Depreciation and amortization 421,198 430,130 382,132

General and administrative 107,766 104,452 96,435

Severance, equity acceleration, and legal expenses 4,155 15,980 2,077

Transaction expenses 12,267 17,350 11,968

Other expenses — 3,615 7,657

**Net Operating Income** **$713,965** **$687,831** **$635,734**

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

**Net Operating Income** **$713,965** **$687,831** **$635,734**

Straight-line rental revenue (16,327) (32,226) (6,530)

Straight-line rental expense (510) (680) 3,646

Above- and below-market rent amortization (1,226) (762) 335

**Cash Net Operating Income** **$695,902** **$654,164** **$633,185**

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

**(in thousands)** **31-Mar-23** **31-Mar-22**

**Core FFO [(1)]** **$493,500** **$484,490**

Core FFO impact of holding '22 Exchange Rates Constant [(2)] 9,413 —

**Constant Currency Core FFO** **$502,913** **$484,490**

Weighted-average shares and units outstanding - diluted 297,382 290,662

**Constant Currency CFFO Per Share** **$1.69** **$1.67**

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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**First Quarter 2023**

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

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

-  increased competition or available supply of data center space;

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

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

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

-  our ability to attract and retain customers;

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

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

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

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

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

-  information security and data privacy breaches;

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

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

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

-  difficulties in identifying properties to acquire and completing acquisitions;

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

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

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

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

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

-  our inability to manage our growth effectively;

-  losses in excess of our insurance coverage;

-  our inability to attract and retain talent;

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

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

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

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

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

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

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

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

The risks included here are not exhaustive, and additional factors could adversely affect our business and financial performance. Several additional material risks are discussed in our annual report
on Form 10-K for the year ended December 31, 2022 and other filings with the U.S. Securities and Exchange Commission. Those risks continue to be relevant to our performance and financial
condition. Moreover, we operate in a very 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, and PlatformDIGITAL®, Data Gravity Index and Data Gravity Index DGx are registered
trademarks and service marks of Digital Realty Trust, Inc. in the United States and/or other countries. All other names, trademarks and service marks are the property of their respective owners.


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