-----

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

**Overview** **PAGE**

Corporate Information 3

Key Quarterly Financial Data 5

**Consolidated Statements of Operations**

Earnings Release 7

2024 Outlook 10

Consolidated Quarterly Statements of Operations 12

Funds From Operations and Core Funds From Operations 13

Adjusted Funds From Operations 14

**Balance Sheet Information**

Consolidated Balance Sheets 15

Components of Net Asset Value 16

Debt Maturities 17

Debt Analysis and Covenant Compliance 18

**Internal Growth**

Same-Capital Operating Trend Summary 19

Summary of Leasing Activity -  Signed 20

Summary of Leasing Activity -  Renewed 21

Lease Expirations -  By Size 22

Top 20 Customers by Annualized Rent 23

Occupancy Analysis 24

**External Growth**

Development Lifecycle 25

Construction Projects in Progress 26

Historical Capital Expenditures and Investments in Real Estate 27

Acquisitions / Dispositions / Joint Ventures 28

Unconsolidated Joint Ventures 29

**Additional Information**

Reconciliation of Earnings Before Interest, Taxes, Depreciation & Amortization and Financial Ratios 30

Management Statements on Non-GAAP Measures 31

Forward-Looking Statements 33


-----

**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, 2024, the
company’s 309 data centers, including 72 data centers held as investments in unconsolidated joint ventures, contain applications and operations critical
to the day-to-day operations of technology industry and corporate enterprise data center customers. Digital Realty’s portfolio is comprised of
approximately 39.8 million square feet, excluding approximately 8.2 million square feet of space under active development and 4.1 million square feet
of space held for future development, located throughout North America, Europe, South America, Asia, Australia, and Africa. For additional information,
please visit the company’s website at digitalrealty.com.


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


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


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

**Analyst Coverage**


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

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


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

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


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


**Edward Jones**


**Evercore ISI**


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

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


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


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


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

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

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

Anthony Hau John Hodulik Eric Luebchow Andrew Rosivach

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

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

**Upcoming Conference Schedule**

June 4 – 6, 2024 NAREIT REITweek 2024 New York City, NY

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


-----

**Co po a e** **o** **a o (Co** **ued)** **s Qua e** **0**

**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-24** **31-Dec-23** **30-Sep-23** **30-Jun-23** **31-Mar-23**


$154.18


$139.35


$133.39


$114.43


$122.43


High price


|Low price|$130.00|$113.94|$112.38|$86.33|$90.72|
|---|---|---|---|---|---|


Closing price, end of quarter $144.04 $134.58 $121.02 $113.87 $98.31

|Average daily trading volume (1)|2,108|1,932|2,301|3,113|2,232|
|---|---|---|---|---|---|



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

|Closing annual dividend yield, end of quarter|3.4%|3.6%|4.0%|4.3%|5.0%|
|---|---|---|---|---|---|



Shares and units outstanding, end of quarter [(1) (3)] 319,009 318,057 309,325 305,723 297,761

|Closing market value of shares and units outstanding (4)|$45,950,001|$42,804,053|$37,434,562|$34,812,727|$29,272,861|
|---|---|---|---|---|---|



(1) Shares or shares and units in thousands.

(2) On an annualized basis.

(3) As of March 31, 2024, the total number of shares and units includes 312,421 shares of common stock, 4,343 common units held by third parties and 2,245 common
units and vested and unvested long-term incentive units held by directors, officers and others and excludes all shares of common stock potentially issuable upon
conversion of our series J, series K and series L cumulative redeemable preferred stock upon certain change of control transactions.

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

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


-----

**Shares and Units at End of Quarter** **31-Mar-24   31-Dec-23   30-Sep-23   30-Jun-23   31-Mar-23**

Common shares outstanding 312,421 311,608 302,846 299,240 291,299

Common partnership units outstanding 6,588 6,449 6,479 6,483 6,462

|Total Shares and Units|319,009|318,057|309,325|305,723|297,761|
|---|---|---|---|---|---|



**Enterprise Value**

Market value of common equity [(1)] $45,950,001  $42,804,053  $37,434,562  $34,812,727  $29,272,861

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

Total debt at balance sheet carrying value 17,020,340   17,425,908   16,869,776   17,729,452   17,875,511

|Total Enterprise Value|$63,725,341|$60,984,961|$55,059,338|$53,297,179|$47,903,372|
|---|---|---|---|---|---|



Total debt / total enterprise value 26.7% 28.6% 30.6% 33.3% 37.3%

Debt-plus-preferred-to-total-enterprise-value 27.9% 29.8% 32.0% 34.7% 38.9%

**Selected Balance Sheet Data**

Investments in real estate (before depreciation) $34,099,698  $34,355,662  $33,267,766  $33,958,096  $33,805,740

|Total Assets|42,633,089|44,113,257|41,932,515|42,388,735|41,953,068|
|---|---|---|---|---|---|



Total Liabilities 21,792,866   23,116,936   21,895,634   22,916,155   22,799,620

**Selected Operating Data**

Total operating revenues $1,331,143  $1,369,633  $1,402,437  $1,366,267  $1,338,724

|Total operating expenses|1,181,776|1,235,598|1,344,206|1,211,407|1,161,388|
|---|---|---|---|---|---|



Net income 287,837 19,884 745,941 115,647 68,839

|Net income / (loss) available to common stockholders|271,327|18,122|723,440|108,003|58,547|
|---|---|---|---|---|---|



**Financial Ratios**

EBITDA [(2)] $835,446 $572,958  $1,272,048 $667,866 $603,419

|Adjusted EBITDA (3)|710,556|699,509|685,943|696,604|667,804|
|---|---|---|---|---|---|



Net Debt-to-Adjusted EBITDA [(4)] 6.1x 6.2x 6.3x 6.8x 7.1x

|Interest expense|109,535|113,638|110,767|111,116|102,220|
|---|---|---|---|---|---|



Fixed charges [(5)] 148,239 156,851 150,079 149,181 139,172

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



Fixed charge coverage ratio [(7)] 4.0x 3.8x 4.1x 4.2x 4.4x

**Profitability Measures**

Net income / (loss) per common share - basic $0.87 $0.06 $2.40 $0.37 $0.20

|Net income / (loss) per common share - diluted|$0.82|$0.08|$2.33|$0.37|$0.20|
|---|---|---|---|---|---|



Funds from operations (FFO) / diluted share and unit [(8)] $1.41 $1.53 $1.55 $1.52 $1.60

|Core funds from operations (Core FFO) / diluted share and unit (8)|$1.67|$1.63|$1.62|$1.68|$1.66|
|---|---|---|---|---|---|



Adjusted funds from operations (AFFO) / diluted share and unit [(9)] $1.68 $1.30 $1.40 $1.59 $1.56

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



Diluted FFO payout ratio [(8) (10)] 86.5% 79.8% 78.6% 80.3% 76.0%

|Diluted Core FFO payout ratio (8) (11)|73.2%|75.0%|75.2%|72.6%|73.5%|
|---|---|---|---|---|---|



Diluted AFFO payout ratio [(9) (12)] 72.8% 93.6% 87.3% 76.7% 78.2%

**Portfolio Statistics**

Buildings [(13)] 323 323 326 330 328

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



Cross-connects[ (13) (14)] 221,500 220,000 218,000 216,000 214,000

|Net rentable square feet, excluding development space (13)|39,839|39,688|39,542|39,310|38,804|
|---|---|---|---|---|---|



Occupancy at end of quarter [(15)] 82.1% 81.7% 82.8% 82.9% 83.5%

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



Space under active development [(16)] 8,238 8,470 9,205 8,841 9,243

|Space held for development (17)|4,141|4,130|3,937|3,941|3,742|
|---|---|---|---|---|---|



Weighted average remaining lease term (years) [(18)] 4.5 4.6 4.8 4.9 4.8

|Same-capital occupancy at end of quarter (15) (19)|82.6%|82.9%|82.8%|83.1%|83.0%|
|---|---|---|---|---|---|


-----

(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 31. For a reconciliation of net income available to common stockholders to EBITDA, see page 30.

(3) Adjusted EBITDA is EBITDA excluding (i) unconsolidated joint venture real estate related depreciation & amortization, (ii) unconsolidated joint venture interest and
tax expense, (iii) severance, equity acceleration and legal expenses, (iv) transaction and integration expenses, (v) gain (loss) on sale / deconsolidation, (vi) provision
for impairment, (vii) other non-core adjustments, net, (viii) non-controlling interests, (ix) preferred stock dividends, and (x) issuance costs associated with redeemed
preferred stock. For a discussion of Adjusted EBITDA, see page 31. For a reconciliation of net income available to common stockholders to Adjusted EBITDA, see page
30.

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

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

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

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

(8) For definitions and discussion of FFO and Core FFO, see page 31. 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 31. 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. Excludes buildings held-for-sale.

(17) Space held for development includes space held for future Data Center development and excludes space under active development. 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, 2022, with less than 5% of total rentable square feet under development. Excludes buildings that were undergoing,

or were expected to undergo, development activities in 2023-2024, 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 2024 Results**

**Austin, TX — May 2, 2024 — Digital Realty (NYSE: DLR), the largest global provider of cloud- and carrier-neutral data center, colocation, and**
interconnection solutions, announced today financial results for the first quarter of 2024. All per share results are presented on a fully diluted basis.

**Highlights**

-  Reported net income available to common stockholders of $0.82 per share in 1Q24, compared to $0.20 in 1Q23

-  Reported FFO per share of $1.41 in 1Q24, compared to $1.60 in 1Q23

-  Reported Core FFO per share of $1.67 in 1Q24, compared to $1.66 in 1Q23

-  Reported “Same-Capital” cash NOI growth of 4.7% in 1Q24

-  Reported rental rate increases on renewal leases of 11.8% on a cash basis in 1Q24

-  Signed total bookings during 1Q24 that are expected to generate $252 million of annualized GAAP rental revenue, including a $40 million
contribution from the 0–1 megawatt category and $13 million contribution from interconnection

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

**Financial Results**

Digital Realty reported revenues of $1.3 billion in the first quarter of 2024, a 3% decrease from the previous quarter and an 1% decrease from the same
quarter last year.

The company delivered net income of $288 million in the first quarter of 2024, and net income available to common stockholders of $271 million, or
$0.82 per diluted share, compared to $0.08 per diluted share in the previous quarter and $0.20 per diluted share in the same quarter last year.

Digital Realty generated Adjusted EBITDA of $711 million in the first quarter of 2024, a 2% increase from the previous quarter and 6% increase over the
same quarter last year.

The company reported Funds From Operations (FFO) of $451 million in the first quarter of 2024, or $1.41 per share, compared to $1.53 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 Core FFO per share of $1.67 in the first quarter
of 2024, compared to $1.63 per share in the previous quarter and $1.66 per share in the same quarter last year. Digital Realty delivered ConstantCurrency Core FFO per share of $1.67 for the first quarter of 2024.

“Digital Realty saw accelerating demand in the first quarter, executing on a number of multifaceted AI-oriented opportunities, while continuing to
support hybrid multi-cloud requirements. Strong demand supported a new leasing record, driven by large footprint deals,” said Digital Realty President
& Chief Executive Officer Andy Power. “In support of this demand, we sourced over $1 billion of fresh capital through asset sales and joint ventures,
further reducing our reported leverage while positioning the company to meet our customers' growing needs.”

**Leasing Activity**

In the first quarter, Digital Realty signed total bookings that are expected to generate $252 million of annualized GAAP rental revenue, including a $40
million contribution from the 0–1 megawatt category and a $13 million contribution from interconnection.

The weighted-average lag between new leases signed during the first quarter of 2024 and the contractual commencement date was 7 months.

In addition to new leases signed, Digital Realty also signed renewal leases representing $248 million of annualized cash rental revenue during the
quarter. Rental rates on renewal leases signed during the first quarter of 2024 increased 11.8% on a cash basis and 13.0% on a GAAP basis.


-----

New leases signed during the first quarter of 2024 are summarized by region and product as follows:

**Annualized GAAP**

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

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

0-1 MW $19,050 67 $283 6.5 $243

> 1 MW 175,200 636 275 84.0 174

Other [(1)] 495 10 51 — —

**Total** **$194,746** **713** **$273** **90.5** **$179**

**EMEA [(2)]**

0-1 MW $14,754 60 $246 5.5 $224

> 1 MW 23,020 112 206 13.7 140

Other [(1)] 72 1 117 — —

**Total** **$37,846** **173** **$219** **19.2** **$164**

**Asia Pacific [(2)]**

0-1 MW $6,192 18 $343 1.5 $333

> 1 MW — — — — —

Other [(1)] 159 3 56 — —

**Total** **$6,351** **21** **$304** **1.5** **$333**

**All Regions [(2)]**

0-1 MW $39,996 145 $275 13.6 $246

> 1 MW 198,220 748 265 97.7 169

Other [(1)] 726 13 55 — —

**Total** **$238,942** **907** **$264** **111.2** **$178**

**Interconnection** **$13,240** **N/A** **N/A** **N/A** **N/A**

**Grand Total** **$252,182** **907** **$264** **111.2** **$178**

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, 2024.

**Investment Activity**

As previously disclosed, in the first quarter, Digital Realty successfully resolved its relationship with Cyxtera, with the closing of a series of transactions
with Brookfield Infrastructure Partners L.P., Cyxtera Technologies and Digital Core REIT. Digital Realty received $277 million for its interest in four data
centers and redeployed $55 million to buy out Cyxtera’s leases in Digital Realty’s Frankfurt and Singapore data centers. Digital Realty also exercised its
option to purchase a data center outside of London, UK, which is expected to close in the second quarter.

Also previously disclosed, in January, Digital Realty and Blackstone Inc. established the first phase of their $7 billion hyperscale data center development
joint venture, which includes campuses in Paris and Northern Virginia. The second phase is scheduled to close later this year, upon obtaining the
required approvals.

As announced in early March, Digital Realty and Mitsubishi Corporation established a joint venture to support the development of two build-to-suit data
centers in the Dallas metro area. The two data centers commenced construction in the fourth quarter of 2022 and can deliver up to 48 megawatts of IT
load. Mitsubishi initially invested approximately $200 million to acquire a 65% equity interest in the venture, while Digital Realty maintains a 35%
interest. Each partner will fund its pro rata share of the remaining development costs for the two facilities, which are slated for initial completion and
commencement in late 2024.

Additionally, as previously disclosed, during the quarter, Digital Realty closed on the purchase of approximately 19 acres of land in Paris, France for
approximately €70 million or $76 million. The parcel of land, which was previously leased to Digital Realty, is currently under development to support up
to 77 megawatts of IT load.

During the quarter, Digital Realty closed on the sale of 19 acres of vacant land in Sydney, Australia for approximately AU$96 million or $63 million.

Digital Realty also received approximately $92 million of proceeds during the first quarter, pursuant to an agreement to grant land easements for the
use of substations on its Digital Dulles campus.


-----

During the first quarter, MC Digital Realty closed on the acquisition of five acres of land in Osaka, Japan which could support the development of up to
18 megawatts of IT load, for approximately JPY1 billion or $7 million.

Subsequent to quarter end, Digital Realty and GI Partners expanded their existing joint venture in Chicago, with the sale to GI Partners of a 75% interest
in a stabilized hyperscale data center that is situated on the same campus as two stabilized hyperscale data centers that were previously contributed to
a joint venture with GI Partners in July 2023. Digital Realty received approximately $388 million of gross proceeds and will maintain a 25% interest in the
joint venture. Based on annualized in‐place cash NOI as of March 31, 2024, adjusted for a customary vacancy allowance, the transaction values the
facility at a 6.5% cap rate. As previously disclosed, in January, GI Partners executed its option to increase its stake from 65% to 80% in the two original
stabilized hyperscale data centers within the Chicago joint venture.

Subsequent to quarter end, Digital Realty closed on the sale to Digital Core REIT (SGX: DCRU) of an additional 24.9% interest in a data center facility
located in Frankfurt, Germany for €117 million, or approximately $129 million. The transaction valued the Frankfurt facility at €470 million, or
approximately $517 million (at 100% share). Digital Core REIT has an option to acquire up to an 89.9% total ownership interest in the facility.

**Balance Sheet**

Digital Realty had approximately $17.0 billion of total debt outstanding as of March 31, 2024, comprised of $16.4 billion of unsecured debt and
approximately $0.6 billion of secured debt and other. At the end of the first quarter of 2024, net debt-to-Adjusted EBITDA was 6.1x, debt-pluspreferred-to-total enterprise value was 27.9% and fixed charge coverage was 4.0x. Pro forma for the completion of the second phase of the Blackstone
development joint ventures announced in December 2023, as well as the expansion of the joint venture with GI Partners and the sale of an interest in
an asset to Digital Core REIT subsequent to quarter end, net debt-to-Adjusted EBITDA was 5.8x.

As previously disclosed, in January, Digital Realty sold 0.6 million shares of its common stock at a weighted average price of $133.43 per share for net
proceeds of approximately $84 million.

Subsequent to quarter end, the company repaid €600 million ($647 million) aggregate principal amount of its 2.625% notes.


-----

**2024 Outlook**

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


**As of**

**February 15, 2024**

$5.550 - $5.650 billion

($35 - $40 million)

$2.800 - $2.900 billion

$450 - $460 million

4.0% - 6.0%

6.0% - 8.0%

+100 - 200 bps

2.0% - 3.0%

$1.25 - $1.30

$1.05 - $1.10

$1,000 - $1,500 million

6.0% - 8.0%

$2,000 - $2,500 million

10.0%+

$15 - $20 million

$260 - $275 million

$0 - $1,000 million

5.0% - 5.5%

Mid-Year

**$1.80 - $1.95**

$4.40 - $4.40

**$6.20 - $6.35**

$0.40 - $0.40

**$6.60 - $6.75**

$0.00 - $0.00

**$6.60 - $6.75**


**As of**

**May 2, 2024**

$5.550 - $5.650 billion

($35 - $40 million)

$2.800 - $2.900 billion

$450 - $460 million

5.0% - 7.0%

7.0% - 9.0%

+100 - 200 bps

2.5% - 3.5%

$1.25 - $1.30

$1.05 - $1.10

$1,000 - $1,500 million

6.0% - 8.0%

$2,000 - $2,500 million

10.0%+

$15 - $20 million

$260 - $275 million

$0 - $1,000 million

5.0% - 5.5%

Mid-Year

**$1.80 - $1.95**

$4.40 - $4.40

**$6.20 - $6.35**

$0.40 - $0.40

**$6.60 - $6.75**

$0.00 - $0.00

**$6.60 - $6.75**


**Top-Line and Cost Structure**

Total revenue

Net non-cash rent adjustments [(1)]

Adjusted EBITDA

G&A

**Internal Growth**

Rental rates on renewal leases

Cash basis

GAAP basis

Year-end portfolio occupancy

"Same-Capital" cash NOI growth [(2)]

Foreign Exchange Rates

U.S. Dollar / Pound Sterling

U.S. Dollar / Euro

**External Growth**

Dispositions / Joint Venture Capital

Dollar volume

Cap rate

Development

CapEx (Net of Partner Contributions) [(3)]

Average stabilized yields

Enhancements and other non-recurring CapEx [(4)]

Recurring CapEx + capitalized leasing costs [(5)]

**Balance Sheet**

Long-term debt issuance

Dollar amount

Pricing

Timing

**Net income per diluted share**

Real estate depreciation and (gain) / loss on sale

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

Non-core expenses and revenue streams

**Core Funds From Operations / share**

Foreign currency translation adjustments

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


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

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

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

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

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

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


-----

**Non-GAAP Financial Measures**

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

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

**Investor Conference Call**

Prior to Digital Realty’s investor conference call at 5:00 p.m. ET / 4:00 p.m. CT on May 2, 2024, a presentation will be posted to the Investors section of
[the company’s website at https://investor.digitalrealty.com. The presentation is designed to accompany the discussion of the company’s first quarter](https://investor.digitalrealty.com/overview/investor-relations-overview/default.aspx)
2024 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# 1322262 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 June 2, 2024. The telephone replay can be accessed by dialing +1 (877) 344-7529 (for
domestic callers) or +1 (412) 317-0088 (for international callers) and providing the conference ID# 7673278. The webcast replay can be accessed on
Digital Realty’s website.

**About Digital Realty**

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

**Contact Information**

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

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


-----

**Three Months Ended**

**31-Mar-24** **31-Dec-23** **30-Sep-23** **30-Jun-23** **31-Mar-23**

Rental revenues $894,409 $885,694 $886,960 $869,298 $870,975

Tenant reimbursements - Utilities 276,357 316,634 335,477 330,416 317,148

Tenant reimbursements - Other 38,434 46,418 64,876 46,192 40,150

Interconnection & other 108,071 106,413 107,305 104,521 101,695

Fee income 13,010 14,330 7,819 14,908 7,868

Other 862 144 — 932 887

**Total Operating Revenues** **$1,331,143** **$1,369,633** **$1,402,437** **$1,366,267** **$1,338,724**

Utilities $324,571 $366,083 $384,455 $374,934 $346,364

Rental property operating 224,369 237,118 223,089 224,762 224,861

Property taxes 41,156 40,161 72,279 46,718 40,424

Insurance 2,694 3,794 4,289 4,385 4,355

Depreciation & amortization 431,102 420,475 420,613 432,573 421,198

General & administration 114,419 109,235 108,039 105,964 107,766

Severance, equity acceleration and legal expenses 791 7,565 2,682 3,652 4,155

Transaction and integration expenses 31,839 40,226 14,465 17,764 12,267

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

Other expenses 10,836 5,580 1,295 655 —

**Total Operating Expenses** **$1,181,776** **$1,235,598** **$1,344,206** **$1,211,407** **$1,161,388**

**Operating Income** **$149,367** **$134,035** **$58,231** **$154,860** **$177,335**

Equity in earnings / (loss) of unconsolidated joint ventures (16,008) (29,955) (19,793) 5,059 14,897

Gain / (loss) on sale of investments 277,787 (103) 810,688 89,946 —

Interest and other income / (expense), net 9,709 50,269 24,812 (6,930) 280

Interest (expense) (109,535) (113,638) (110,767) (111,116) (102,220)

Income tax benefit / (expense) (22,413) (20,724) (17,228) (16,173) (21,454)

Loss from early extinguishment of debt (1,070) — — — —

**Net Income** **$287,837** **$19,884** **$745,941** **$115,647** **$68,839**

Net income / (loss) attributable to noncontrolling interests (6,329) 8,419 (12,320) 2,538 (111)

**Net Income Attributable to Digital Realty Trust, Inc.** **$281,508** **$28,304** **$733,621** **$118,185** **$68,728**

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

**Net Income / (Loss) Available to Common Stockholders** **$271,327** **$18,122** **$723,440** **$108,003** **$58,547**

Weighted-average shares outstanding - basic 312,292 305,781 301,827 295,390 291,219

Weighted-average shares outstanding - diluted 320,798 314,995 311,341 306,819 303,065

Weighted-average fully diluted shares and units 326,975 321,173 317,539 313,021 309,026

Net income / (loss) per share - basic $0.87 $0.06 $2.40 $0.37 $0.20

Net income / (loss) per share - diluted $0.82 $0.08 $2.34 $0.35 $0.20


-----

**Three Months Ended**

**Reconciliation of Net Income to Funds From Operations (FFO)** **31-Mar-24** **31-Dec-23** **30-Sep-23** **30-Jun-23** **31-Mar-23**

**Net Income / (Loss) Available to Common Stockholders** **$271,327** **$18,122** **$723,440** **$108,003** **$58,547**

Adjustments:

Non-controlling interest in operating partnership 6,200 410 16,300 2,500 1,500

Real estate related depreciation & amortization [(1)] 420,591 410,167 410,836 424,044 412,192

Reconciling items related to non-controlling interests (8,017) (15,377) (14,569) (14,144) (13,388)

Unconsolidated JV real estate related depreciation & amortization 47,877 64,833 43,215 35,386 33,719

(Gain) / loss on real estate transactions (286,704) 103 (810,688) (89,946) (7,825)

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

**Funds From Operations** **$451,273** **$483,621** **$481,535** **$465,844** **$484,745**

Weighted-average shares and units outstanding - basic 318,469 311,960 308,024 301,593 297,180

Weighted-average shares and units outstanding - diluted [(2) (3)] 326,975 321,173 317,539 313,021 309,026

**Funds From Operations per share - basic** **$1.42** **$1.55** **$1.56** **$1.54** **$1.63**

**Funds From Operations per share - diluted[ (2) (3)]** **$1.41** **$1.53** **$1.55** **$1.52** **$1.60**

**Three Months Ended**

**Reconciliation of FFO to Core FFO** **31-Mar-24** **31-Dec-23** **30-Sep-23** **30-Jun-23** **31-Mar-23**

**Funds From Operations** **$451,273** **$483,621** **$481,535** **$465,844** **$484,745**

Other non-core revenue adjustments 3,525 (146) (27) 27,454 (887)

Transaction and integration expenses 31,839 40,226 14,465 17,764 12,267

Loss from early extinguishment of debt 1,070 — — — —

Severance, equity acceleration and legal expenses [(4)] 791 7,565 2,682 3,652 4,155

(Gain) / Loss on FX revaluation 33,602 (24,804) 451 (7,868) (6,778)

Other non-core expense adjustments 10,052 1,956 1,295 655 —

**Core Funds From Operations** **$532,153** **$508,417** **$500,402** **$507,501** **$493,500**

Weighted-average shares and units outstanding - diluted[ (2) (3)] 319,138 312,356 308,539 301,806 297,382

**Core Funds From Operations per share - diluted [(2)]** **$1.67** **$1.63** **$1.62** **$1.68** **$1.66**

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

**31-Mar-24** **31-Dec-23** **30-Sep-23** **30-Jun-23** **31-Mar-23**

Depreciation & amortization per income statement $431,102 $420,475 $420,613 $432,573 $421,198

Non-real estate depreciation (10,511) (10,308) (9,777) (8,529) (9,006)

**Real Estate Related Depreciation & Amortization** **$420,591** **$410,167** **$410,836** **$424,044** **$412,192**

(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-24** **31-Dec-23** **30-Sep-23** **30-Jun-23** **31-Mar-23**

Teraco noncontrolling share of FFO $9,768 $7,135 $11,537 $9,645 $11,069

**Teraco related minority interest** **$9,768** **$7,135** **$11,537** **$9,645** **$11,069**

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

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


-----

**Three Months Ended**

**Reconciliation of Core FFO to AFFO** **31-Mar-24** **31-Dec-23** **30-Sep-23** **30-Jun-23** **31-Mar-23**

**Core FFO available to common stockholders and unitholders** **$532,153** **$508,417** **$500,402** **$507,501** **$493,500**

Adjustments:

Non-real estate depreciation 10,511 10,308 9,777 8,529 9,006

Amortization of deferred financing costs 5,576 5,744 5,776 5,984 4,072

Amortization of debt discount/premium 1,832 973 1,360 1,339 1,301

Non-cash stock-based compensation expense 12,592 9,226 14,062 13,893 13,056

Straight-line rental revenue 9,976 (21,992) (14,080) (16,151) (16,194)

Straight-line rental expense 1,111 (4,999) 1,427 520 (515)

Above- and below-market rent amortization (854) (856) (1,127) (1,195) (1,226)

Deferred tax (benefit) / expense (3,437) 33,448 (8,539) 1,339 (9,795)

Leasing compensation & internal lease commissions 13,291 9,848 12,515 11,611 11,067

Recurring capital expenditures [(1)] (47,676) (142,808) (90,251) (53,498) (40,465)

**AFFO available to common stockholders and unitholders [(2)]** **$535,073** **$407,306** **$431,322** **$479,873** **$463,807**

Weighted-average shares and units outstanding - basic 318,469 311,960 308,024 301,593 297,180

Weighted-average shares and units outstanding - diluted [(3)] 319,138 312,356 308,539 301,806 297,382

**AFFO per share - diluted [(3)]** **$1.68** **$1.30** **$1.40** **$1.59** **$1.56**

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

**Diluted AFFO Payout Ratio** **72.8%** **93.6%** **87.3%** **76.7%** **78.2%**

**Three Months Ended**

**Share Count Detail** **31-Mar-24** **31-Dec-23** **30-Sep-23** **30-Jun-23** **31-Mar-23**

**Weighted Average Common Stock and Units Outstanding** **318,469** **311,960** **308,024** **301,593** **297,180**

Add: Effect of dilutive securities 669 396 515 213 202

**Weighted Avg. Common Stock and Units Outstanding - diluted** **319,138** **312,356** **308,539** **301,806** **297,382**

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

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

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


-----

**31-Mar-24** **31-Dec-23** **30-Sep-23** **30-Jun-23** **31-Mar-23**

**Assets**

Investments in real estate:

Real estate $27,122,796 $27,306,369 $25,887,031 $27,087,769 $27,052,022

Construction in progress 4,496,840 4,635,215 5,020,464 4,635,939 4,563,578

Land held for future development 114,240 118,190 179,959 193,936 194,564

**Investments in Real Estate** **$31,733,877** **$32,059,773** **$31,087,453** **$31,917,644** **$31,810,164**

Accumulated depreciation and amortization (7,976,093) (7,823,685) (7,489,193) (7,739,462) (7,600,559)

**Net Investments in Properties** **$23,757,784** **$24,236,089** **$23,598,260** **$24,178,182** **$24,209,605**

Investment in unconsolidated joint ventures 2,365,821 2,295,889 2,180,313 2,040,452 1,995,576

**Net Investments in Real Estate** **$26,123,605** **$26,531,977** **$25,778,573** **$26,218,634** **$26,205,180**

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

Cash and cash equivalents 1,193,784 1,625,495 1,062,050 124,519 131,406

Accounts and other receivables, net [(1)] 1,217,276 1,278,110 1,325,725 1,158,383 1,070,066

Deferred rent, net 611,670 624,427 586,418 613,796 627,700

Goodwill 9,105,026 9,239,871 8,998,074 9,148,603 9,199,636

Customer relationship value, deferred leasing costs & other intangibles, net 2,359,380 2,500,237 2,506,198 2,825,596 3,015,291

Assets held for sale 287,064 478,503 — 593,892 —

Other assets 501,875 420,382 401,068 414,078 386,495

**Total Assets** **$42,633,089** **$44,113,257** **$41,932,515** **$42,388,735** **$41,953,068**

**Liabilities and Equity**

Global unsecured revolving credit facilities, net $1,901,126 $1,812,287 $1,698,780 $2,242,258 $2,514,202

Unsecured term loans, net 1,303,263 1,560,305 1,524,663 1,548,780 1,542,275

Unsecured senior notes, net of discount 13,190,202 13,422,342 13,072,102 13,383,819 13,258,079

Secured and other debt, net of discount 625,750 630,973 574,231 554,594 560,955

Operating lease liabilities 1,357,751 1,542,094 1,404,510 1,420,239 1,443,994

Accounts payable and other accrued liabilities 1,870,344 2,168,983 2,147,103 2,214,820 1,923,819

Deferred tax liabilities, net 1,121,224 1,151,096 1,088,724 1,128,961 1,164,276

Accrued dividends and distributions — 387,988 — — —

Security deposits and prepaid rents 413,225 401,867 385,521 417,693 392,021

Obligations associated with assets held for sale 9,981 39,001 — 4,990 —

**Total Liabilities** **$21,792,866** **$23,116,936** **$21,895,634** **$22,916,155** **$22,799,620**

Redeemable non-controlling interests 1,350,736 1,394,814 1,360,308 1,367,422 1,448,772

**Equity**

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

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

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

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

Common Stock: $0.01 par value per share, 392,000 shares authorized [(5)] 3,097 3,088 3,002 2,967 2,888

Additional paid-in capital 24,508,683 24,396,797 23,239,088 22,882,200 22,126,379

Dividends in excess of earnings (5,373,529) (5,262,648) (4,900,757) (5,253,915) (4,995,982)

Accumulated other comprehensive (loss), net (850,091) (751,393) (882,996) (741,484) (652,486)

**Total Stockholders' Equity** **$19,019,850** **$19,117,535** **$18,190,026** **$17,621,456** **$17,212,490**

**Noncontrolling Interests**

Noncontrolling interest in operating partnership $438,422 $438,081 $441,366 $436,099 $444,843

Noncontrolling interest in consolidated joint ventures 31,215 45,892 45,182 47,603 47,342

**Total Noncontrolling Interests** **$469,637** **$483,972** **$486,547** **$483,702** **$492,185**

**Total Equity** **$19,489,487** **$19,601,507** **$18,676,573** **$18,105,158** **$17,704,675**

|Total Liabilities and Equity|$42,633,089|$44,113,257|$41,932,515|$42,388,735|$41,953,068|
|---|---|---|---|---|---|



(1) Net of allowance for doubtful accounts of $43,873 and $36,240 as of March 31, 2024 and March 31, 2023, respectively.

(2) Series J Cumulative Redeemable Preferred Stock, 5.250%, $200,000 liquidation preference ($25.00 per share), 8,000 shares issued and outstanding as of March 31, 2024 and March 31, 2023.

(3) Series K Cumulative Redeemable Preferred Stock, 5.850%, $210,000 liquidation preference ($25.00 per share), 8,400 shares issued and outstanding as of March 31, 2024 and March 31,
2023.

(4) Series L Cumulative Redeemable Preferred Stock, 5.200%, $345,000 liquidation preference ($25.00 per share), 13,800 shares issued and outstanding as of March 31, 2024 and March 31,
2023.

(5) Common Stock: 312,421 and 291,299 shares issued and outstanding as of March 31, 2024 and March 31, 2023, respectively.


-----

44

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

Network-Dense $1,124,737

Campus 1,590,934

Other [(4)] 174,226

**Total Cash NOI, Annualized** **$2,889,897**

_less: Partners' share of consolidated JVs_ _(62,120)_

Acquisitions / dispositions / expirations (72,292)

FY 2024 backlog cash NOI and 1Q24 carry-over (stabilized) [(5)] 190,849

**Total Consolidated Cash NOI, Annualized** **$2,946,334**

**Digital Realty's Pro Rata Share of Unconsolidated Joint Venture Cash NOI [(3) (6)]** **$223,132**

**Other Income**

**Development and Management Fees (net), Annualized** **$52,042**

**Other Assets**

Pre-stabilized inventory, at cost [(7)] $88,245

Land held for development 114,240

Development CIP [(8)] 4,496,840

_less: Investment associated with FY24 Backlog NOI [(9)]_ _(651,274)_

Cash and cash equivalents 1,193,784

Accounts and other receivables, net 1,217,276

Other assets 501,875

_less: Partners' share of consolidated JV assets_ _(84,559)_

**Total Other Assets** **$6,876,427**

**Liabilities**

Global unsecured revolving credit facilities $1,912,492

Unsecured term loans 1,309,250

Unsecured senior notes 13,271,592

Secured and other debt 631,469

Accounts payable and other accrued liabilities 1,870,344

Deferred tax liabilities, net 1,121,224

Security deposits and prepaid rents 413,225

Obligations associated with assets held for sale 9,981

Backlog NOI cost to complete [(9)] 333,573

Preferred stock 755,000

Digital Realty's share of unconsolidated JV debt 1,382,102

_less: Partners' share of consolidated JV liabilities_ (387,367)

**Total Liabilities** **$22,622,886**

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

(2) For definitions and discussion of NOI and cash NOI and a reconciliation of operating income to NOI and cash NOI, see page 32.

(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 1Q24 Cash
NOI of $2.9 billion. NOI is allocated based on management’s estimates derived using contractual ABR and stabilized margins.

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

(5) Estimated cash NOI related to signed leases that are expected to commence through December 31, 2024. Includes Digital Realty’s share of signed leases at
unconsolidated joint venture properties.

(6) For a reconciliation of Digital Realty’s pro rata share of unconsolidated joint venture operating income to cash NOI, see page 29.

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

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

(9) Includes Digital Realty’s share of construction in progress and expected cost to complete at unconsolidated joint venture properties.


-----

**As of March 31, 2024**



**[Interest ]**

**Rate**


**Interest Including**

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

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

Global unsecured revolving credit facility 4.488%  4.488% — — —  $1,825,412 — —  $1,825,412

Yen revolving credit facility 0.615%  0.615% — — — 87,080 — — 87,080

Deferred financing costs, net — — — — — — — — (11,366)

|Total Global Unsecured Revolving Credit Facilities 4.311% 4.311%|—|—|—|$1,912,492|—|—|$1,901,126|
|---|---|---|---|---|---|---|---|



**Unsecured Term Loans**

Euro term loan facility 4.780%  4.005% —  $404,625 —  $404,625 — — $809,250

USD term loan facility 6.368%  5.180% — —  $500,000 — — — 500,000

Deferred financing costs, net — — — — — — — — (5,987)

|Total Unsecured Term Loans 5.386% 4.453%|—|$404,625|$500,000|$404,625|—|—|$1,303,263|
|---|---|---|---|---|---|---|---|



**Senior Notes**

€600 million 2.625% Notes due 2024 [(2)] 2.625%  2.625%   $647,400 — — — — — $647,400

£250 million 2.750% Notes due 2024 2.750%  2.750%   315,575 — — — — — 315,575

£400 million 4.250% Notes due 2025 4.250%  4.250% —  $504,920 — — — — 504,920

€650 million 0.625% Notes due 2025 0.625%  0.625% — 701,350 — — — — 701,350

€1.08 billion 2.500% Notes due 2026 2.500%  2.500% — —  $1,159,925 — — — 1,159,925

₣275 million 0.200% Notes due 2026 0.200%  0.200% — — 304,915 — — — 304,915

₣150 million 1.700% Notes due 2027 1.700%  1.700% — — —  $166,317 — — 166,317

$1.00 billion 3.700% Notes due 2027 [(3)] 3.700%  2.485% — — —  1,000,000 — — 1,000,000

€500 million 1.125% Notes due 2028 1.125%  1.125% — — — —  $539,500 — 539,500

$900 million 5.550% Notes due 2028 [(3)] 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% — — — — —  $299,371 299,371

$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% — — — — — 441,805 441,805

€750 million 1.500% Notes due 2030 1.500%  1.500% — — — — — 809,250 809,250

£550 million 3.750% Notes due 2030 3.750%  3.750% — — — — — 694,265 694,265

€500 million 1.250% Notes due 2031 1.250%  1.250% — — — — — 539,500 539,500

€1.00 billion 0.625% Notes due 2031 0.625%  0.625% — — — — —  1,079,000 1,079,000

€750 million 1.000% Notes due 2032 1.000%  1.000% — — — — — 809,250 809,250

€750 million 1.375% Notes due 2032 1.375%  1.375% — — — — — 809,250 809,250

Unamortized discounts — — — — — — — — (30,928)

Deferred financing costs — — — — — — — — (50,463)

|Total Senior Notes 2.452% 2.255%|$962,975|$1,206,270|$1,464,840|$1,166,317|$2,089,500|$6,381,691|$13,190,202|
|---|---|---|---|---|---|---|---|



**Secured Debt**

ICN10 Facilities 5.980%  3.614% — — — — — $12,543 $12,543

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

Teraco Loans 10.665%  9.438% $234 $568 $39,322 78,064  $289,592 — 407,780

Deferred financing costs — — — — — — — — (2,068)

|Total Secured Debt 8.766% 7.812%|$234|$568|$39,322|$213,064|$289,592|$12,543|$553,255|
|---|---|---|---|---|---|---|---|



**Other Debt**

Icolo loans 11.650% 11.650% — — $5,298 $4,035 $924 $2,332 $12,589

|Total Other Debt 11.650% 11.650%|—|—|$5,298|$4,035|924|2,332|$12,589|
|---|---|---|---|---|---|---|---|



**Mandatorily Redeemable Preferred Shares (Teraco)**

Mandatorily Redeemable Preferred Shares (Teraco) 10.105%  10.105% — — $63,557 — — — $63,557

Unamortized discounts — — — — — — — — (3,651)

|Total Redeemable Preferred Shares 10.105% 10.105%|—|—|$63,557|—|—|—|$59,906|
|---|---|---|---|---|---|---|---|



Total unhedged variable rate debt — — $47 $114 $66,803  $2,323,492 $24,841 $4,795  $2,420,091

Total fixed rate / hedged variable rate debt — — 963,162  1,611,349  2,006,214  1,377,041  2,355,175  6,391,771  14,704,712

|Total Debt 3.123% 2.868%|$963,209|$1,611,463|$2,073,017|$3,700,533|$2,380,016|$6,396,566|$17,124,803|
|---|---|---|---|---|---|---|---|



**Weighted Average Interest Rate** **2.668%** **2.613%** **3.196%** **3.746%** **4.134%** **1.880%** **2.868%**

**Summary**

**Weighted Average Term to Initial Maturity** **3.9 Years**

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

**Global Unsecured Revolving Credit Facilities Detail As of March 31, 2024**

**Maximum Available** **Existing Capacity [(4)]** **Currently Drawn**

**Global Unsecured Revolving Credit Facilities** **$3,885,870** **$1,885,762** **$1,910,936**

(1) Assumes all extensions will be exercised.

(2) Repaid in full on April 15, 2024.

(3) Subject to cross-currency swaps.

(4) Net of letters of credit issued of $89.2 million.


-----

**As of March 31, 2024**

**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% 37% _Less than 60%[ (5)]_ 38%

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

Total unencumbered assets / unsecured debt _Greater than 150%_ 245% 271% N/A N/A

Consolidated EBITDA / interest expense [(7)] _Greater than 1.50x_ 4.6x 4.6x N/A N/A

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

Unsecured debt / total unencumbered asset value [(8)] N/A N/A _Less than 60%_ 39%

Unencumbered assets debt service coverage ratio [(8)] N/A N/A _Greater than 1.50x_ 5.3x

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

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

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

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

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

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

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

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


-----

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

**Three Months Ended**

**31-Mar-24** **31-Mar-23** **% Change** **31-Dec-23** **% Change**

Rental revenues $710,342 $684,779 3.7% $709,266 0.2%

Tenant reimbursements - Utilities 228,345 271,154 (15.8%) 272,007 (16.1%)

Tenant reimbursements - Other 28,312 23,418 20.9% 34,936 (19.0%)

Interconnection & other 91,469 86,386 5.9% 90,901 0.6%

**Total Revenue** **$1,058,467** **$1,065,737** **(0.7%)** **$1,107,110** **(4.4%)**

Utilities $265,035 $295,375 (10.3%) $314,101 (15.6%)

Rental property operating 167,068 167,052 0.0% 181,528 (8.0%)

Property taxes 31,564 23,799 32.6% 28,736 9.8%

Insurance 3,939 4,019 (2.0%) 3,595 9.6%

**Total Expenses** **$467,606** **$490,245** **(4.6%)** **$527,960** **(11.4%)**

**Net Operating Income [(2)]** **$590,861** **$575,492** **2.7%** **$579,150** **2.0%**

**Less:**

Stabilized straight-line rent ($9,951) $1,543 (744.9%) $17,204 (157.8%)

Above- and below-market rent 829 1,149 (27.9%) 828 0.1%

**Cash Net Operating Income [(3)]** **$599,983** **$572,800** **4.7%** **$561,118** **6.9%**

**Stabilized Portfolio occupancy at period end [(4)]** **82.6%** **83.0%** **(0.4%)** **82.9%** **(0.4%)**

(1) Represents buildings owned as of December 31, 2022 with less than 5% of total rentable square feet under development. Excludes buildings that were undergoing, or were expected to
undergo, development activities in 2023-2024, 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 32.

(3) For a definition and discussion of cash net operating income and a reconciliation of operating income to cash NOI, see page 32.

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


-----

**0-1 MW** **> 1 MW [(3)]** **Other [(4)]** **Total**

**Leasing Activity - New [(1) (2)]** **1Q24** **LTM** **1Q24** **LTM** **1Q24** **LTM** **1Q24** **LTM**

**Annualized GAAP Rent (in thousands)** **$39,996** **$158,070** **$198,220** **$413,346** **$726** **$5,593** **$238,942** **$577,009**

Kilowatt leased 13,565 52,254 97,660 222,651 — — 111,225 274,905

NRSF (in thousands) 145 609 748 2,149 13 83 907 2,841

**Weighted Average Lease Term (years)** **4.1** **4.1** **10.5** **13.0** **6.7** **6.0** **9.5** **10.4**

Initial stabilized cash rent per Kilowatt $240 $240 $142 $133 — — $154 $153

GAAP rent per Kilowatt $246 $252 $169 $155 — — $178 $173

Leasing cost per Kilowatt $17 $25 — $1 — — $3 $5

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

Base rent by Kilowatt $251 $255 $169 $156 — — $179 $175

Rental concessions by Kilowatt $5 $3 — $1 — — $1 $2

Estimated operating expense by Kilowatt $78 $75 $42 $39 — — $46 $45

**Net rent per Kilowatt** **$168** **$178** **$127** **$116** **—** **—** **$132** **$128**

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

Leasing commissions by Kilowatt $8 $8 — — — — $1 $2

**Net effective rent per Kilowatt** **$160** **$169** **$126** **$115** **—** **—** **$130** **$126**

Initial stabilized cash rent per NRSF $269 $247 $222 $165 $53 $65 $227 $180

GAAP rent per NRSF $275 $259 $265 $192 $55 $68 $264 $203

Leasing cost per NRSF $19 $26 $1 $1 $2 $147 $4 $11

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

Base rent by NRSF $281 $263 $253 $194 $56 $71 $255 $205

Rental concessions by NRSF $6 $3 — $2 $1 $4 $1 $2

Estimated operating expense by NRSF $59 $68 $68 $56 $8 $9 $66 $57

**Net rent per NRSF** **$216** **$191** **$185** **$136** **$47** **$59** **$188** **$146**

Tenant improvements by NRSF — — — — — $14 — $1

Leasing commissions by NRSF $8 $8 — — — $1 $1 $2

**Net effective rent per NRSF** **$207** **$183** **$185** **$136** **$47** **$44** **$187** **$143**

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

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

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

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

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

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


-----

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

**Leasing Activity - Renewals [(1) (2) (3)]** **1Q24** **LTM** **1Q24** **LTM** **1Q24** **LTM** **1Q24** **LTM**

Leases renewed (Kilowatt) 37,976 141,706 60,812 148,768 — — 98,787 290,474

Leases renewed (NRSF in thousands) 551 2,006 739 1,840 182 562 1,472 4,408

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

Leasing cost per NRSF $1 $1 $2 $2 — $6 $1 $2

**Weighted Term (years)** **1.4** **1.6** **5.9** **4.5** **5.9** **5.1** **4.2** **3.0**

**Cash Rent**

Expiring cash rent per Kilowatt $293 $296 $112 $129 — — $181 $210

Renewed cash rent per Kilowatt $304 $310 $133 $146 — — $198 $226

**% Change Cash Rent Per Kilowatt** **3.8%** **4.7%** **18.5%** **13.1%** **—** **—** **9.4%** **7.3%**

Expiring cash rent per NRSF $242 $251 $111 $125 $39 $35 $151 $171

Renewed cash rent per NRSF $251 $263 $131 $141 $72 $56 $169 $186

**% Change Cash Rent Per NRSF** **3.8%** **4.7%** **18.5%** **13.1%** **84.7%** **63.5%** **11.8%** **8.8%**

**GAAP Rent**

Expiring GAAP rent per Kilowatt $292 $295 $108 $120 — — $179 $206

Renewed GAAP rent per Kilowatt $305 $311 $131 $147 — — $198 $227

**% Change GAAP Rent Per Kilowatt** **4.3%** **5.5%** **21.6%** **22.3%** **—** **—** **10.7%** **10.5%**

Expiring GAAP rent per NRSF $242 $250 $106 $117 $36 $33 $148 $167

Renewed GAAP rent per NRSF $252 $264 $129 $143 $67 $56 $168 $187

**% Change GAAP Rent Per NRSF** **4.3%** **5.5%** **21.6%** **22.3%** **88.1%** **73.3%** **13.0%** **12.1%**

**Retention ratio [(5)]** **88.8%** **83.9%** **76.4%** **77.0%** **80.0%** **83.1%** **81.1%** **80.8%**

**Churn [(6)]** **1.5%** **6.0%** **2.0%** **4.5%** **0.5%** **2.8%** **1.7%** **5.1%**

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

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

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

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

(5) Based on square feet.

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

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


-----

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

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

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

**0-1 MW**

Available 2,773 — — — — — — — —

|Month to Month (3) 197|$48,017 1.4%|$243 $243|$47,837|10,266|$390|$388|
|---|---|---|---|---|---|---|



2024 1,802 536,030 15.5% 297 296 533,801 128,582 347 346

|2025 1,226|315,829 9.1%|258 261|319,584|86,905|303|306|
|---|---|---|---|---|---|---|



2026 557 139,734 4.0% 251 261 145,486 42,431 274 286

|2027 523|98,630 2.9%|189 201|105,347|38,629|213|227|
|---|---|---|---|---|---|---|



2028 322 51,912 1.5% 161 176 56,910 20,789 208 228

|2029 176|24,178 0.7%|138 171|30,117|11,894|169|211|
|---|---|---|---|---|---|---|



2030 70 23,256 0.7% 333 341 23,782 5,986 324 331

|2031 79|12,087 0.3%|153 242|19,133|4,827|209|330|
|---|---|---|---|---|---|---|



2032 62 5,564 0.2% 90 100 6,201 1,982 234 261

|2033 32|9,145 0.3%|290 361|11,372|2,809|271|337|
|---|---|---|---|---|---|---|



Thereafter 10 1,852 0.1% 176 174 1,829 478 323 319

|Total / Wtd. Avg. 7,830|$1,266,234 36.6%|$250 $257|$1,301,399|355,577|$297|$305|
|---|---|---|---|---|---|---|



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

Available 1,722 — — — — — — — —

|Month to Month (3) 222|$30,424 0.9%|$137 $137 $30,424|16,935|$150|$150|
|---|---|---|---|---|---|



2024 837 134,709 3.9% 161 162 135,248 76,419 147 147

|2025 1,815|270,488 7.8%|149 152 275,232|160,749|140|143|
|---|---|---|---|---|---|



2026 1,705 248,046 7.2% 145 153 260,113 158,731 130 137

|2027 1,466|212,695 6.2%|145 156 228,028|141,240|125|135|
|---|---|---|---|---|---|



2028 1,040 133,006 3.8% 128 139 144,540 100,083 111 120

|2029 1,116|144,969 4.2%|130 141 157,089|130,405|93|100|
|---|---|---|---|---|---|



2030 1,064 164,016 4.7% 154 152 161,835 109,519 125 123

|2031 1,035|163,476 4.7%|158 154 159,852|103,189|132|129|
|---|---|---|---|---|---|



2032 920 137,017 4.0% 149 149 137,041 97,150 118 118

|2033 478|71,744 2.1%|150 182 86,882|48,440|123|149|
|---|---|---|---|---|---|



Thereafter 2,003 209,068 6.0% 104 120 240,979 189,298 92 106

|Total / Wtd. Avg. 15,422|$1,919,657 55.5%|$140 $147 $2,017,264|1,332,158|$120|$126|
|---|---|---|---|---|---|



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

Available 1,767 — — — — — — — —

|Month to Month (3) 91|$3,367 0.1%|$37 $37 $3,367|—|—|—|
|---|---|---|---|---|---|



2024 506 22,309 0.6% 44 44 22,233 — — —

|2025 536|25,135 0.7%|47 48 25,576|—|—|—|
|---|---|---|---|---|---|



2026 722 25,336 0.7% 35 37 26,635 — — —

|2027 318|9,910 0.3%|31 33 10,593|—|—|—|
|---|---|---|---|---|---|



2028 442 12,934 0.4% 29 32 14,079 — — —

|2029 757|43,931 1.3%|58 66 49,606|—|—|—|
|---|---|---|---|---|---|



2030 921 54,835 1.6% 60 75 69,480 — — —

|2031 60|2,295 0.1%|39 45 2,707|—|—|—|
|---|---|---|---|---|---|



2032 108 6,268 0.2% 58 66 7,148 — — —

|2033 142|5,208 0.2%|37 44 6,245|—|—|—|
|---|---|---|---|---|---|



Thereafter 2,882 60,431 1.7% 21 27 77,221 — — —

|Total / Wtd. Avg. 9,251|$271,958 7.9%|$36 $42 $314,890|—|—|—|
|---|---|---|---|---|---|



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

Available 6,262 — — — — — — — —

|Month to Month (3) 587|$81,808 2.4%|$139 $139 $81,628|—|—|—|
|---|---|---|---|---|---|



2024 3,145 693,048 20.0% 220 220 691,282 — — —

|2025 3,577|611,451 17.7%|171 173 620,392|—|—|—|
|---|---|---|---|---|---|



2026 2,983 413,116 11.9% 138 145 432,233 — — —

|2027 2,307|321,235 9.3%|139 149 343,968|—|—|—|
|---|---|---|---|---|---|



2028 1,804 197,852 5.7% 110 119 215,529 — — —

|2029 2,049|213,078 6.2%|104 116 236,812|—|—|—|
|---|---|---|---|---|---|



2030 2,055 242,107 7.0% 118 124 255,097 — — —

|2031 1,174|177,858 5.1%|152 155 181,692|—|—|—|
|---|---|---|---|---|---|



2032 1,090 148,848 4.3% 137 138 150,390 — — —

|2033 651|86,097 2.5%|132 161 104,499|—|—|—|
|---|---|---|---|---|---|



Thereafter 4,896 271,351 7.8% 55 65 320,029 — — —

|Total / Wtd. Avg. 32,579|$3,457,849 100.0%|$131 $138 $3,633,553|—|—|—|
|---|---|---|---|---|---|



(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, 2024, multiplied by 12.

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

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

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


-----

**Weighted**

**Average**

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

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

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

1 Fortune 50 Software Company 71 $441,626 11.6% 7.6

2 Social Content Platform 25 217,400 5.7% 4.4

3 Oracle Corporation 38 169,947 4.5% 7.1

4 Global Cloud Provider 61 158,267 4.1% 4.8

5 IBM 37 129,322 3.4% 2.0

6 Equinix 15 92,767 2.4% 5.7

7 LinkedIn Corporation 7 81,524 2.1% 1.0

8 Fortune 25 Investment Grade-Rated Company 29 77,104 2.0% 2.6

9 Fortune 25 Tech Company 53 64,718 1.7% 3.5

10 Social Media Platform 8 62,557 1.6% 7.1

11 Meta Platforms, Inc. 48 61,820 1.6% 3.6

12 Fortune 500 SaaS Provider 12 56,076 1.5% 2.9

13 Lumen Technologies, Inc. 123 47,636 1.2% 9.4

14 AT&T 75 43,665 1.1% 3.0

15 Comcast Corporation 43 41,927 1.1% 4.0

16 JPMorgan Chase & Co. 16 40,031 1.0% 3.3

17 Rackspace 24 38,367 1.0% 9.2

18 Centersquare [(2)] 9 35,059 0.9% 7.6

19 Verizon 89 34,255 0.9% 10.9

20 Zayo 115 33,681 0.9% 2.0

**Total / Weighted Average** **$1,927,749** **50.3%** **5.6**

(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, 2024, multiplied by 12.

(2) In April 2024, Cyxtera announced a combination with Evoque and the combined company is named Centersquare.

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-24** **31-Dec-23** **IT Load [(6)]** **Count**

**North America**

Northern Virginia 5,050 1,100 263 $506,360 91.2% 88.8% 438.5 18

Chicago 2,344 — 113 225,325 90.0% 90.0% 81.0 7

Dallas 3,065 — 77 204,410 83.0% 83.6% 111.2 19

New York 1,786 94 107 202,997 70.5% 71.4% 65.5 12

Portland 942 221 — 179,026 98.9% 99.9% 99.6 3

Silicon Valley 1,524 — 131 168,912 90.1% 90.5% 94.6 14

Phoenix 796 — — 70,614 75.1% 71.0% 42.5 2

San Francisco 844 — — 63,323 64.2% 64.3% 31.5 4

Atlanta 557 20 314 60,651 96.5% 96.5% 9.1 4

Toronto 509 218 — 55,015 95.1% 87.0% 47.8 2

Los Angeles 591 31 — 43,133 85.5% 85.4% 16.2 2

Seattle 397 — — 42,383 77.8% 77.8% 5.9 1

Boston 437 — 51 17,246 41.7% 42.1% 19.0 3

Houston 393 — 14 16,801 69.6% 63.9% 12.0 6

Miami 226 — — 9,491 86.1% 85.5% 1.3 2

Austin 86 — — 7,590 56.3% 56.3% 4.3 1

Charlotte 95 — — 5,699 91.1% 90.7% 1.5 3

**North America Total/Weighted Average** **19,642** **1,684** **1,069** **$1,878,975** **84.4%** **83.5%** **1,081.5** **103**

**EMEA**

Frankfurt 2,185 1,539 — $246,727 84.4% 87.1% 144.3 29

London 1,365 — 77 197,444 54.8% 57.2% 94.4 14

Amsterdam 1,332 222 92 178,343 84.2% 83.2% 116.3 13

Paris 918 344 — 121,201 83.5% 71.9% 85.5 12

Johannesburg 1,103 1,104 — 110,206 78.7% 71.1% 57.2 5

Marseille 520 — 38 69,360 78.1% 76.8% 45.4 4

Dublin 553 — — 59,653 76.0% 76.0% 39.3 9

Zurich 444 152 — 57,681 77.5% 79.5% 29.0 3

Vienna 356 133 — 52,392 81.9% 84.0% 25.6 3

Madrid 304 105 — 42,509 70.9% 76.3% 16.8 4

Brussels 290 47 — 37,718 72.9% 66.8% 17.3 3

Cape Town 326 402 — 36,830 75.4% 74.6% 21.1 2

Stockholm 190 108 — 24,129 70.4% 70.0% 16.8 6

Copenhagen 226 — 99 21,285 66.3% 66.6% 12.9 3

Dusseldorf 142 — 71 18,820 55.1% 58.7% 7.7 3

Athens 55 159 — 9,343 79.1% 92.8% 2.2 4

Durban 45 — — 5,968 86.9% 84.4% 1.1 1

Mombasa 37 — 21 4,081 38.1% 17.3% 3.5 2

Zagreb 22 — 13 2,809 85.7% 85.7% 0.9 1

Nairobi 16 75 — 2,674 61.9% 61.9% 0.5 1

Maputo 3 — — 487 41.6% 41.6% 0.2 1

Crete — 11 — — — — — —

**EMEA Total/Weighted Average** **10,431** **4,403** **411** **$1,299,662** **76.4%** **75.3%** **737.8** **123**

**Asia Pacific**

Singapore 873 17 — $203,323 95.2% 93.8% 84.3 3

Sydney 361 — 88 31,663 90.8% 92.2% 22.8 4

Melbourne 147 — — 15,012 62.3% 62.3% 9.6 2

Seoul 162 — — 1,966 7.6% 7.6% 12.0 1

Hong Kong 99 66 120 503 2.2% 2.2% 7.5 1

**Asia Pacific Total/Weighted Average** **1,642** **83** **207** **$252,468** **77.0%** **76.7%** **136.1** **11**

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

**Consolidated Portfolio Total/Weighted Average** **32,043** **6,170** **1,951** **$3,431,105** **80.6%** **79.6%** **1,955.4** **237**

**Held For Sale [(7)]** 328 — — $34,830 99.5% 99.5% 26.8 1

**Unconsolidated Joint Ventures**

Northern Virginia 2,418 805 — $221,253 98.8% 97.9% 193.7 12

Chicago 790 — — 77,274 91.8% 91.3% 67.4 2

Silicon Valley 142 — — 18,498 100.0% 100.0% 10.9 2

Toronto 104 — — 12,742 55.7% 55.7% 6.8 1

Hong Kong 186 — — 11,394 48.2% 48.2% 11.0 1

Paris 90 180 — 7,270 61.5% — 10.0 1

Los Angeles 197 — — 5,446 100.0% 100.0% — 2

Lagos 4 — — 514 100.0% 100.0% 0.2 1

Abuja 1 — — 42 73.0% 73.0% 0.1 1

Chennai 52 — — — — — 7.2 1

Dallas — 327 — — — — — 2

**Managed Unconsolidated Portfolio Total/Weighted Average** **3,985** **1,313** **—** **$354,434** **91.9%** **93.7%** **307.1** **26**

**Managed Portfolio Total/Weighted Average** **36,029** **7,482** **1,951** **$3,785,539** **81.8%** **81.2%** **2,262.6** **263**

**Digital Realty Share Total/Weighted Average [(8)]** **32,579** **6,170** **1,951** **$3,457,849** **80.8%** **80.3%** **2,020.8** **—**

**Non-Managed Unconsolidated Joint Ventures**

Sao Paulo 1,393 97 1,198 $183,568 91.9% 91.8% 117.6 25

Tokyo 1,352 484 — 80,324 75.6% 76.2% 64.9 5

Osaka 583 56 140 74,347 83.3% 81.4% 58.9 4

Queretaro 105 — 583 16,891 100.0% 100.0% 8.0 3

Santiago 119 118 71 16,363 90.1% 90.1% 10.2 3

Rio De Janeiro 112 — — 11,630 100.0% 100.0% 8.0 2

Fortaleza 94 — — 9,543 87.0% 87.0% 6.2 1

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

Bogota — — 197 — — — — 2

**Non-Managed Portfolio Total/Weighted Average** **3,810** **756** **2,190** **$400,435** **85.2%** **85.3%** **282.8** **46**

**Portfolio Total/Weighted Average** **39,839** **8,238** **4,141** **$4,185,973** **82.1%** **81.5%** **2,545.3** **309**

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

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

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

(4) Annualized base rent represents the monthly contractual base rent (defined as cash base rent before abatements) under existing leases as of March 31, 2024, multiplied by 12.

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

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


(7) Held for Sale represents the assets being sold in the CH2 transaction which closed in April 2024


-----

**Future Development Capacity** **Data Center Construction**

**IT Capacity (100% Share) [(2)]** **Total Investment [(3)]** **Project Summary [(4)]** **100% Share [(4)]** **DLR Share [(5)]**

**Under** **Average** **Current** **Future** **Total** **Current** **Future** **Total**

**100% Share** **DLR Share** **Construction** **Expected** **Investment** **Investment** **Investment** **Investment** **Investment** **Investment** **Yields**

**Region** **Land (MW)** **Shell (MW)** **(4)** **(5)** **(MW)** **% Leased** **Completion** **(6)** **(7)** **(8)** **(6)** **(7)** **(8)** **(9)**

Northern Virginia 1,100 170 $1,025,225 $761,322 104 69% 4Q24 $469,663 $623,677 $1,093,340 $270,954 $461,993 $732,946

Dallas 230 30 198,135 130,146 16 100% 3Q24 224,638 79,962 304,600 78,623 27,987 106,610

Portland — — — — 24 100% 3Q24 194,129 81,691 275,820 194,129 81,691 275,820

Other 360 100 748,561 644,635 34 91% 3Q24-1Q25 215,709 190,940 406,649 171,541 155,118 326,659

**Americas** **1,690** **300** **$1,971,922** **$1,536,104** **178** **80%** **$1,104,139** **$976,270** **$2,080,409** **$715,247** **$726,788** **$1,442,035** **12.3%**

Frankfurt 120 60 $728,342 $728,342 56 55% 2Q25 $599,493 $399,246 $998,739 $599,493 $399,246 $998,739

Paris 220 10 114,871 41,025 48 44% 4Q24 453,985 301,098 755,083 375,560 285,263 660,823

Zurich 10 — 32,866 32,866 13 82% 3Q25 151,406 110,688 262,094 151,406 110,688 262,094

Other 360 160 671,131 633,710 104 48% 2Q24-1Q26 383,890 700,481 1,084,372 328,871 597,151 926,022

**EMEA** **710** **230** **$1,547,209** **$1,435,943** **222** **51%** **$1,588,774** **$1,511,514** **$3,100,288** **$1,455,330** **$1,392,349** **$2,847,679** **9.7%**

Tokyo 30 20 $134,008 $67,004 24 63% 1Q25 $93,135 $160,153 $253,288 $46,567 $80,077 $126,644

Hong Kong — — 25,807 25,807 6 100% 3Q25 22,293 48,505 70,798 22,293 48,505 70,798

Osaka 40 10 51,523 25,762 6 100% 2Q25 18,630 34,106 52,736 9,315 17,053 26,368

Other 200 20 190,427 144,842 1 100% 2Q24 1,195 7,728 8,924 1,195 7,728 8,924

**APAC** **270** **50** **$401,765** **$263,414** **37** **76%** **$135,253** **$250,493** **$385,746** **$79,371** **$153,363** **$232,734** **10.4%**

|Total 2,670 580|$3,920,896|$3,235,461 437 65%|$2,828,166 $2,738,277 $5,566,443|$2,249,948 $2,272,500 $4,522,448 10.6%|
|---|---|---|---|---|



(1) Includes development projects in consolidated and unconsolidated joint ventures.

(2) Represents the expected megawatt capacity to be developed based on our current plans and estimates; actual megawatt capacity developed may differ. Includes land and space held or actively under construction in preparation for future data center
fit-out.

(3) Represents cost incurred through March 31, 2024, plus remaining cost to complete on approved phases in preparation for future data center fit-out, including pro-rata share of acquisition, shell, and infrastructure costs.

(4) Includes Digital Realty's and partners' shares in development joint venture projects.

(5) Includes only Digital Realty's share in development joint venture projects.

(6) Represents cost incurred through March 31, 2024.

(7) Represents estimated cost to complete scope of work pursuant to approved development budget.

(8) Represents total cost to develop a data center, including pro-rata share of acquisition, infrastructure, and shell space, plus the direct investment in the data center fit-out.

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


-----

**100% Share [(2)]** **DLR Share [(3)]**

**Current** **Future** **Total** **Current** **Future** **Total**

**Construction Projects in Progress** **Investment [(4)]** **Investment [(5)]** **Investment** **Investment [(4) (6)] Investment [(5)]** **Investment**

Future Development Capacity [(7)] $2,966,878 $954,017 $3,920,896 $2,527,178 $708,283 $3,235,461

Data Center Construction 2,828,166 2,738,277 5,566,443 2,249,948 2,272,500 4,522,448

Equipment Pool & Other Inventory [(8)] 184,706 — 184,706 184,706 — 184,706

Campus, Tenant Improvements & Other[ (9)] 232,389 107,835 340,224 232,389 107,835 340,224

|Total Land Held and Development CIP|$6,212,140|$3,800,129|$10,012,269|$5,194,222|$3,088,617|$8,282,839|
|---|---|---|---|---|---|---|



Enhancement & Other $24,064 $6,363 $30,427 $24,064 $6,363 $30,427

Recurring 26,549 36,587 63,136 26,549 36,587 63,136

|Total Land Held and Construction in Progress|$6,262,753|$3,843,079|$10,105,832|$5,244,835|$3,131,567|$8,376,403|
|---|---|---|---|---|---|---|



(1) Includes development projects in consolidated and unconsolidated joint ventures.

(2) Includes Digital Realty's and partners' shares in development joint venture projects.

(3) Includes only Digital Realty's share in development joint venture projects.

(4) Represents cost incurred through March 31, 2024.

(5) Represents estimated cost to complete scope of work pursuant to approved development budget.

(6) Excludes $67.8 million representing our partners' shares in consolidated joint ventures included in Construction in Progress or Land Held for Future Development in our Consolidated Balance
Sheet; includes $651.0 million representing Digital Realty's share in development projects classified as Investments in Unconsolidated Joint Ventures in our Consolidated Balance Sheet.

(7) Includes land and space held or actively under construction in preparation for future data center fit-out.

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

(9) Represents improvements in progress as of March 31, 2024, which benefit space recently converted to our operating portfolio and is composed primarily of shared infrastructure projects
and first-generation tenant improvements. Includes $3.0 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.


-----

**Three Months Ended**

**31-Mar-24** **31-Dec-23** **30-Sep-23** **30-Jun-23** **31-Mar-23**

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

Development [(2)] $549,522 $845,315 $953,267 $523,406 $644,910

Enhancements and Other Non-Recurring 7,738 10,113 1,317 1,479 2,796

**Total Non-Recurring Capital Expenditures** **$557,260** **$855,428** **$954,584** **$524,885** **$647,706**

**Recurring Capital Expenditures [(3)]** $47,676 $142,808 $90,251 $53,498 $40,465

**Total Direct Capital Expenditures** **$604,936** **$998,236** **$1,044,835** **$578,383** **$688,171**

**Indirect Capital Expenditures**

Capitalized Interest $28,522 $33,032 $29,130 $27,883 $26,771

Capitalized Overhead 25,857 27,867 23,837 23,717 23,735

**Total Indirect Capital Expenditures** **$54,379** **$60,899** **$52,967** **$51,600** **$50,506**

**Total Improvements to and** **Advances for Investment in Real**
**$659,315** **$1,059,135** **$1,097,802** **$629,983** **$738,677**
**Estate**

**Consolidated Portfolio** **Net Rentable Square Feet[ (4)]** **32,579** **32,670** **32,603** **33,858** **33,511**

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

(2) Amount reflects the total capital expenditures on consolidated development projects during the quarter. The total includes 100% of spending on projects contributed
to joint ventures during the quarter, prior to their contribution.

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

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


-----

**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)]**

PAR8-11 Land Paris, France 1/11/2024 $75,675 NA — — — —

Cyxtera- Various Leasehold Frankfurt, Singapore 1/12/2024 55,000 NA — — — —

KIX10 Annex (MC Digital Realty) Land Osaka, Japan 2/5/2024 6,608 NA — — — —

**Total** **$137,283** **—** **—** **—** **—** **—**

**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)]**

Cyxtera- Various Buildings Santa Clara, New Jersey 1/12/2024 $277,399 6.1% — — — —

SYD15 Land Sydney, Australia 3/28/2024 62,837 NA — — — —

**Total** **$340,236** **—** **—** **—** **—** **—**

**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)]**

Blackstone JV - Phase I [(5)] NoVa, Paris 1/11/2024 $367,746 NA — — — —

GI Partners JV - CH1 and CH3[ (6]) Chicago, IL 1/12/2024 900,000 6.5% — — — —

Mitsubishi JV [(7)] Dallas, TX 3/4/2024 307,896 NA — — — —

**Total** **$1,575,642** **—** **—** **—** **—** **—**

(1) Represents the purchase price or sale price, as applicable before contractual price adjustments, transaction expenses, taxes, and potential currency fluctuations. All prices converted to USD
based on FX rate as of March 31,2024.

(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) Blackstone acquired an 80% interest, while Digital Realty maintains a 20% interest and will manage the development and day-to-day operations of the JV. Contribution price is shown at
100%.

(6) GI Partners acquired an additional 15% equity interest in two stabilized hyperscale data center buildings in the Chicago metro area, increasing their stake from 65% to 80%, for
approximately $68 million. Contribution price is shown at 100%.

(7) Mitsubishi invested approximately $200 million to acquire a 65% interest while Digital Realty maintains a 35% interest in the joint venture for the development of two build-to-suit
hyperscale data centers in the Dallas metro area. Each partner will fund its pro rata share of the remaining development costs of the projects. Contribution price is shown at 100%.


-----

**Summary Balance Sheet -** **As of March 31, 2024**

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

Gross cost of operating real estate $5,684,399 $1,728,633 $320,288 $1,293,417 $9,026,737

Accumulated depreciation & amortization (742,961) (225,285) — (77,253) (1,045,499)

**Net Book Value of Operating Real Estate** **$4,941,438** **$1,503,348** **$320,288** **$1,216,164** **$7,981,239**

Cash 361,349 286,539 76,859 119,316 844,063

Other assets 1,839,898 178,238 47,462 179,398 2,244,996

**Total Assets** **$7,142,684** **$1,968,125** **$444,609** **$1,514,878** **$11,070,298**

Debt 2,604,657 654,680 — 444,853 3,704,190

Other liabilities 586,997 157,491 395,554 34,291 1,174,333

Equity / (deficit) 3,951,032 1,155,954 49,055 1,035,735 6,191,775

**Total Liabilities and Equity** **$7,142,686** **$1,968,125** **$444,609** **$1,514,878** **$11,070,298**

**Digital Realty's Pro Rata Share of Unconsolidated JV Debt** **$886,171** **$327,340** **—** **$168,591** **$1,382,102**

**Three Months Ended March 31, 2024**
**Summary Statement of Operations -**

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

Total revenues $188,283 $63,557 $556 $24,247 $276,643

Operating expenses (83,577) (30,384) (725) (8,798) (123,485)

**Net Operating Income (NOI)** **$104,706** **$33,173** **($169)** **$15,449** **$153,159**

Straight-line rent (1,913) (1,182) — 279 (2,816)

Above and below market rent 1,573 — — (775) 798

**Cash Net Operating Income (NOI)** **$104,366** **$31,991** **($169)** **$14,953** **$151,140**

Interest expense ($59,240) ($1,091) ($1,615) ($6,899) ($68,845)

Depreciation & amortization (97,617) (15,612) — (15,180) (128,409)

Other income / (expense) (2,593) (4,118) 105 31,910 25,303

FX remeasurement on USD debt (31,784) — — 4,110 (27,674)

**Total Non-Operating Expenses** **($191,234)** **($20,821)** **($1,510)** **$13,940** **($199,624)**

**Net Income / (Loss)** **($86,528)** **$12,352** **($1,678)** **$29,389** **($46,466)**

**Digital Realty's Pro Rata Share of Unconsolidated JV NOI** **$34,172** **$16,587** **$17** **$5,855** **$56,630**

**Digital Realty's Pro Rata Share of Unconsolidated JV Cash NOI** **$34,104** **$15,996** **$17** **$5,667** **$55,783**

Digital Realty's Earnings (loss) income from unconsolidated joint ventures ($33,511) $6,176 ($1,278) $12,606 ($16,008)

**Digital Realty's Pro Rata Share of Core FFO [(5)]** **$17,580** **$14,337** **($1,280)** **$8,648** **$39,285**

**Digital Realty's Fee Income from Joint Ventures** **$5,096** **$178** **—** **$3,388** **$8,661**

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

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

(3) Includes Blackstone Paris, Medallion, and Mivne.

(4) Includes Digital Core REIT.

(5) For a definition of Core FFO, see page 31.

Note: Digital Realty’s ownership percentages in the Joint Ventures vary.


-----

**Unaudited and Dollars in Thousands** **First Quarter 2024**

**Three Months Ended**

**Reconciliation of Earnings Before Interest, Taxes, Depreciation & Amortization**
**(EBITDA) [(1)]** **31-Mar-24** **[31-Dec-23 ]** **[30-Sep-23 ]** **[30-Jun-23 ]** **[31-Mar-23 ]**

**Net Income / (Loss) Available to Common Stockholders** **$271,327** **$18,122** **$723,440** **$108,003** **$58,547**

Interest 109,535 113,638 110,767 111,116 102,220

Loss from early extinguishment of debt 1,070 — — — —

Income tax expense (benefit) 22,413 20,724 17,228 16,173 21,454

Depreciation & amortization 431,102 420,475 420,613 432,573 421,198

**EBITDA** **$835,446** **$572,958** **$1,272,048** **$667,866** **$603,420**

Unconsolidated JV real estate related depreciation & amortization 47,877 64,833 43,214 35,386 33,719

Unconsolidated JV interest expense and tax expense 34,271 42,140 27,000 32,105 18,556

Severance, equity acceleration and legal expenses 791 7,565 2,682 3,652 4,155

Transaction and integration expenses 31,839 40,226 14,465 17,764 12,267

(Gain) / loss on sale of investments (277,787) 103 (810,688) (89,946) —

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

Other non-core adjustments, net 21,608 (35,439) 1,719 22,132 (14,604)

Non-controlling interests 6,329 (8,419) 12,320 (2,538) 111

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

**Adjusted EBITDA** **$710,556** **$699,509** **$685,943** **$696,604** **$667,804**

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

**Three Months Ended**

**Financial Ratios** **31-Mar-24** **31-Dec-23** **30-Sep-23** **30-Jun-23** **31-Mar-23**

Total GAAP interest expense $109,535 $113,638 $110,767 $111,116 $102,220

Capitalized interest 28,522 33,032 29,130 27,883 26,771

Change in accrued interest and other non-cash amounts 55,421 (66,013) 44,183 (60,612) 38,137

**Cash Interest Expense [(2)]** **$193,479** **$80,657** **$184,081** **$78,387** **$167,128**

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

**Total Fixed Charges [(3)]** **$148,239** **$156,851** **$150,079** **$149,181** **$139,172**

**Coverage**

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

Cash interest coverage ratio [(5)] 3.2x 6.4x 3.4x 7.4x 3.7x

Fixed charge coverage ratio [(6)] 4.0x 3.8x 4.1x 4.2x 4.4x

Cash fixed charge coverage ratio [(7)] 3.1x 5.8x 3.2x 6.6x 3.5x

**Leverage**

Debt to total enterprise value [(8)(9)] 26.7% 28.6% 30.6% 33.3% 37.3%

Debt-plus-preferred-stock-to-total-enterprise-value [(9)(10)] 27.9% 29.8% 32.0% 34.7% 38.9%

Pre-tax income to interest expense [(11)] 3.6x 1.2x 7.7x 2.0x 1.7x

Net Debt-to-Adjusted EBITDA [(12)] 6.1x 6.2x 6.3x 6.8x 7.1x

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

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

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

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

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

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

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

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

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

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

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

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


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**Definitions**

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

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

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

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


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**Net Operating Income (NOI) and Cash NOI:**
Net operating income, or NOI, represents rental revenue, tenant reimbursement revenue and interconnection revenue less utilities expense, rental property operating
expenses, property taxes and insurance expenses (as reflected in the statement of operations). NOI is commonly used by stockholders, company management and industry
analysts as a measurement of operating performance of the company’s rental portfolio. Cash NOI is NOI less straight-line rents and above- and below-market rent
amortization. Cash NOI is commonly used by stockholders, company management and industry analysts as a measure of property operating performance on a cash basis.
Same-Capital Cash NOI represents buildings owned as of December 31, 2022 of the prior year with less than 5% of total rentable square feet under development and
excludes buildings that were undergoing, or were expected to undergo, development activities in 2023-2024, buildings classified as held for sale, and buildings sold or
contributed to joint ventures for all periods presented (prior period numbers adjusted to reflect current same-capital pool). However, because NOI and cash NOI exclude
depreciation and amortization and capture neither the changes in the value of our data centers that result from use or market conditions, nor the level of capital
expenditures and capitalized leasing commissions necessary to maintain the operating performance of our data centers, all of which have real economic effect and could
materially impact our results from operations, the utility of NOI and cash NOI as measures of our performance is limited. Other REITs may calculate NOI and cash NOI
differently than we do and, accordingly, our NOI and cash NOI may not be comparable to other REITs’ NOI and cash NOI. NOI and cash NOI should be considered only as
supplements to net income computed in accordance with GAAP as measures of our performance.

**Additional Definitions**

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

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

Fixed charge coverage ratio is Adjusted EBITDA divided by the sum of GAAP interest expense, capitalized interest and preferred stock dividends. For the quarter ended
March 31, 2024, GAAP interest expense was $110 million, capitalized interest was $29 million and preferred stock dividends was $10 million.

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

**(in thousands)** **31-Mar-24** **31-Dec-23** **31-Mar-23**

**Operating income** **$149,367** **$134,035** **$177,335**

Fee income (13,010) (14,330) (7,868)

Other income (862) (144) (887)

Depreciation and amortization 431,102 420,475 421,198

General and administrative 114,419 109,235 107,766

Severance, equity acceleration and legal expenses 791 7,565 4,155

Transaction expenses 31,839 40,226 12,267

Provision for impairment — 5,363 —

Other expenses 10,836 5,580 —

**Net Operating Income** **$724,482** **$708,003** **$713,965**

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

**Net Operating Income** **$724,482** **$708,003** **$713,965**

Straight-line rental revenue (2,522) (22,085) (16,327)

Straight-line rental expense 1,369 (4,745) (510)

Above- and below-market rent amortization (854) (856) (1,226)

**Cash Net Operating Income** **$722,474** **$680,317** **$695,902**

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

**(in thousands, except per share data)** **31-Mar-24** **31-Mar-23**

**Core FFO [(1)]** **$532,153** **$493,500**

Core FFO impact of holding '23 Exchange Rates Constant [(2)] 1,119 —

**Constant Currency Core FFO** **$533,272** **$493,500**

Weighted-average shares and units outstanding - diluted 319,138 297,382

**Constant Currency CFFO Per Share** **$1.67** **$1.66**

1) As reconciled to net income above.

2) Adjustment calculated by holding currency translation rates for 2024 constant with average currency translation rates that were applicable to the same periods in 2023.


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

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

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

-  increased competition or available supply of data center space;

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

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

-  our ability to attract and retain customers;

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

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

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

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

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

-  information security and data privacy breaches;

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

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

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

-  difficulties in identifying properties to acquire and completing acquisitions;

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

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

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

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

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

-  our inability to manage our growth effectively;

-  losses in excess of our insurance coverage;

-  our inability to attract and retain talent;

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

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

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

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

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

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

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

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

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

The risks included here are not exhaustive, and additional factors could adversely affect our business and financial performance. Several additional material risks are discussed in our annual report
on Form 10-K for the year ended December 31, 2023, and other filings with the U.S. Securities and Exchange Commission. Those risks continue to be relevant to our performance and financial
condition. Moreover, we operate in a competitive and rapidly changing environment. New risk factors emerge from time to time and it is not possible for management to predict all such risk
factors, nor can it assess the impact of all such risk factors on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those
contained in any forward-looking statements. We expressly disclaim any responsibility to update forward-looking statements, whether as a result of new information, future events or otherwise.
Digital Realty, Digital Realty Trust, the Digital Realty logo, Interxion, Turn-Key Flex, Powered Base Building, ServiceFabric, AnyScale Colo, Pervasive Data Center Architecture, PlatformDIGITAL, PDx,
Data Gravity Index and Data Gravity Index DGx are registered trademarks and service marks of Digital Realty Trust, Inc. in the United States and/or other countries. All other names, trademarks
and service marks are the property of their respective owners.


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