**Digital Realty Reports First Quarter 2023 Results**

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

**Highlights**

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

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

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

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

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

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

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

**Financial Results**

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

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

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

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

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

**Leasing Activity**

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

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

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

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


-----

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

**Annualized GAAP**

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

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

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

> 1 MW 27,464 189 145 19.7 116

Other [(1)] 581 19 30 — —

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

**EMEA [(2)]**

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

> 1 MW 7,357 59 125 5.5 111

Other [(1)] 17 1 33 — —

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

**Asia Pacific [(2)]**

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

> 1 MW — — — — —

Other [(1)] 21 — 44 — —

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

**All Regions [(2)]**

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

> 1 MW 34,821 248 140 25.2 115

Other [(1)] 619 20 30 — —

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

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

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

Note: Totals may not foot due to rounding differences.

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

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

**Investment Activity**

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

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

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


-----

**Balance Sheet**

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

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


-----

**2023 Outlook**

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


**As of**

**February 16, 2023**

$5.700 - $5.800 billion

($55 - $60 million)

$2.675 - $2.725 billion

$425 - $435 million

Greater than 3.0%

Greater than 3.0%

85.0% - 86.0%

3.0% - 4.0%

$1.20 - $1.25

$1.00 - $1.05

$1.5 - $2.5 billion

0.0% - 10.0%

$2.3 - $2.5 billion

9.0% - 15.0%

$15 - $20 million

$230 - $240 million

$1.0 - $1.5 billion

4.5% - 5.5%

First Half 2023

**$1.15 - $1.25**

$5.25 - $5.25

**$6.40 - $6.50**

$0.25 - $0.25

**$6.65 - $6.75**

$0.00 - $0.00

**$6.65 - $6.75**


**As of**

**April 27, 2023**

$5.500 - $5.600 billion

($55 - $60 million)

$2.675 - $2.725 billion

$425 - $435 million

Greater than 3.0%

Greater than 3.0%

85.0% - 86.0%

3.0% - 4.0%

$1.20 - $1.25

$1.05 - $1.10

$1.5 - $2.5 billion

0.0% - 10.0%

$2.3 - $2.5 billion

9.0% - 15.0%

$15 - $20 million

$230 - $240 million

$1.0 - $1.5 billion

5.5% - 6.0%

First Half 2023

**$1.15 - $1.25**

$5.25 - $5.25

**$6.40 - $6.50**

$0.25 - $0.25

**$6.65 - $6.75**

$0.00 - $0.00

**$6.65 - $6.75**


**Top-Line and Cost Structure**

Total revenue

Net non-cash rent adjustments (1)

Adjusted EBITDA

G&A

**Internal Growth**

Rental rates on renewal leases

Cash basis

GAAP basis

Year-end portfolio occupancy

"Same-capital" cash NOI growth (2)

Foreign Exchange Rates

U.S. Dollar / Pound Sterling

U.S. Dollar / Euro

**External Growth**

Dispositions / Joint Venture Capital

Dollar volume

Cap rate

Development

CapEx (3)

Average stabilized yields

Enhancements and other non-recurring CapEx (4)

Recurring CapEx + capitalized leasing costs (5)

**Balance Sheet**

Long-term debt issuance

Dollar amount

Pricing

Timing

**Net income per diluted share**

Real estate depreciation and (gain) / loss on sale

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

Non-core expenses and revenue streams

**Core Funds From Operations / share**

Foreign currency translation adjustments

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


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

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

(3) Includes land acquisitions.

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

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

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


-----

**Non-GAAP Financial Measures**

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

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

**Investor Conference Call**

Prior to Digital Realty’s investor conference call at 5:00 p.m. ET / 4:00 p.m. CT on April 27, 2023, a presentation will be posted to the Investors section of
[the company’s website at https://investor.digitalrealty.com/. The presentation is designed to accompany the discussion of the company’s first quarter](https://investor.digitalrealty.com/overview/investor-relations-overview/default.aspx)
2023 financial results and operating performance. The conference call will feature President & Chief Executive Officer Andy Power and Chief Financial
Officer Matt Mercier.

To participate in the live call, investors are invited to dial +1 (888) 317-6003 (for domestic callers) or +1 (412) 317-6061 (for international callers) and
reference the conference ID# 4681490 at least five minutes prior to start time. A live webcast of the call will be available via the Investors section of
[Digital Realty’s website at https://investor.digitalrealty.com/.](https://investor.digitalrealty.com/overview/investor-relations-overview/default.aspx)

Telephone and webcast replays will be available after the call until May 27, 2023. The telephone replay can be accessed by dialing +1 (877) 344-7529
(for domestic callers) or +1 (412) 317-0088 (for international callers) and providing the conference ID# 9334829. The webcast replay can be accessed on
Digital Realty’s website.

**About Digital Realty**

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

**Contact Information**

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

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


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**Consolidated Quarterly Statements of Operations**

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

**Three Months Ended**

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

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

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

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

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

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

Other 887 168 1,749 2,713 15

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

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

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

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

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

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

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

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

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

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

Other expenses — 3,615 1,096 70 7,657

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


-----

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

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

**Three Months Ended**

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

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

Adjustments:

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

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

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

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

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

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

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



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

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

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

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

**Three Months Ended**

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

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

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

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

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

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

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

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

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



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

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



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

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

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

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

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



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

**Three Months Ended**

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

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

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

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

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


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**Adjusted Funds From Operations (AFFO)**

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

**Three Months Ended**

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

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

Adjustments:

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

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

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

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

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

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

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

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

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

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

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



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

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

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

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

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

**Three Months Ended**

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

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

Add: Effect of dilutive securities 202 320 294 416 499

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



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

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

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


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**Consolidated Balance Sheets**

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

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

**Assets**

Investments in real estate:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

**Liabilities and Equity**

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

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

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

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

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

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

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

Accrued dividends and distributions — 363,716 — — —

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

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

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

**Equity**

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

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

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

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

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

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

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

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

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

**Noncontrolling Interests**

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

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

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

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

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

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

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

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

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

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

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

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

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


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

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

**Three Months Ended**

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

**Three Months Ended**

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

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

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

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

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

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

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

**Coverage**

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

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

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

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

**Leverage**

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


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**Definitions**

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

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

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

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


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

**Additional Definitions**

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

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

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

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

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

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

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

Other income (887) (168) (15)

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

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

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

Transaction expenses 12,267 17,350 11,968

Other expenses — 3,615 7,657

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

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

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

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

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

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

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

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

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

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

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

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

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

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

1) As reconciled to net income above.

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


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

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

-  increased competition or available supply of data center space;

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

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

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

-  our ability to attract and retain customers;

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

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

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

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

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

-  information security and data privacy breaches;

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

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

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

-  difficulties in identifying properties to acquire and completing acquisitions;

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

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

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

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

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

-  our inability to manage our growth effectively;

-  losses in excess of our insurance coverage;

-  our inability to attract and retain talent;

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

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

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

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

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

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

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

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

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


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