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		Financial Supplement
Table of Contents			Fourth Quarter 2025

Overview	PAGE

Corporate Information	3

Key Quarterly Financial Data	5

Consolidated Statements of Operations

Earnings Release	7

2026 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 Entities	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

Table of Contents

		Financial Supplement
Corporate Information			Fourth Quarter 2025

Corporate Profile

Digital Realty Trust, Inc. (“Digital Realty” or the “company”) owns, acquires, develops, and operates data centers through its operating partnership subsidiary, Digital Realty Trust, L.P. (the “operating partnership”). The company is focused on providing data center, colocation, and interconnection solutions for domestic and international customers across a variety of industry verticals ranging from cloud and information technology services, communications and social networking to financial services, manufacturing, energy, healthcare, and consumer products. As of December 31, 2025, the company’s 310 data centers, including 89 data centers held as investments in unconsolidated entities, 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 43.2 million square feet, excluding approximately 9.7 million square feet of space under active development and 4.7 million square feet of space held for future development, located throughout North America, Europe, South America, Asia, Australia, and Africa. For additional information, please visit the company’s website at digitalrealty.com.

Corporate Headquarters

Austin, TX
Website: 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.

Analyst Coverage

BMO

BMO Capital

BNP Paribas

BofA Securities

Barclays

Markets

Exane

Citigroup

Citizens JMP

Deutsche Bank

Michael Funk

Brendan Lynch

Ari Klein

Nate Crossett

Michael Rollins

Greg Miller

Benjamin Soff

(646) 855-5664

(212) 526-9428

(212) 885-4103

(646) 725-3716

(212) 816-1116

(212) 699-2917

(212) 250-3716

Evercore ISI

Goldman Sachs

Green Street Advisors

Guggenheim

HSBC

Jefferies

J.P. Morgan

Irvin Liu

Michael Ng

David Guarino

Joseph Osha

Phani Kanumuri

Jonathan Petersen

Richard Choe

(415) 800-0183

(212) 902-8618

(949) 640-8780

(415) 852-6468

(240) 709-8135

(212) 284-1705

(212) 662-6708

KeyBanc

Mizuho Group

MoffettNathanson

Morgan Stanley

Oppenheimer

Raymond James

RBC Capital Markets

Brandon Nispel

Vikram Malhotra

Nick Del Deo

Cameron McVeigh

Timothy Horan

Frank Louthan

Jonathan Atkin

(503) 821-3871

(212) 282-3827

(212) 519-0025

(212) 761-4209

(212) 667-8137

(404) 442-5867

(415) 633-8589

Scotiabank

Stifel

TD Cowen

Truist Securities

UBS

Wells Fargo

Wolfe Research

Maher Yaghi

Erik Rasmussen

Michael Elias

Anthony Hau

John Hodulik

Eric Luebchow

Andrew Rosivach

(437) 995-5548

(212) 271-3461

(646) 562-1358

(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


February 25, 2026	Wolfe Fifth Annual Real Estate Conference	Virtual
March 2 - 3, 2026	Citi's 2026 Global Property CEO Conference	Hollywood, FL
March 2, 2026	Morgan Stanley Technology, Media & Telecom Conference	San Francisco, CA
March 3, 2026	Raymond James & Associates’ 47th Annual Institutional Investors Conference	Orlando, FL
March 9, 2026	Deutsche Bank's 34th Annual Media, Internet & Telecom Conference	Palm Beach, FL

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

Table of Contents

		Financial Supplement
Corporate Information (Continued)			Fourth Quarter 2025

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:	BBB-

Moody’s
Issuer Rating:	Baa2	(Positive Outlook)
Preferred Stock:	Baa3

Fitch
Issuer Default Rating:	BBB	(Stable Outlook)
Preferred Stock:	BB+

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

Common Stock Price Performance

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


	Three Months Ended
	31-Dec-25		30-Sep-25		30-Jun-25		31-Mar-25		31-Dec-24
High price		$182.48		$182.00		$178.85		$187.74		$198.00
Low price		$146.23		$159.22		$129.95		$139.27		$155.16
Closing price, end of quarter		$154.71		$172.88		$174.33		$143.29		$177.33
Average daily trading volume ⁽¹⁾		1,826		1,520		2,034		2,529		1,911
Indicated dividend per common share ⁽²⁾		$4.88		$4.88		$4.88		$4.88		$4.88
Closing annual dividend yield, end of quarter		3.2%		2.8%		2.8%		3.4%		2.8%
Shares and units outstanding, end of quarter ^{(1) (3)}		349,746		349,244		346,644		343,092		342,772
Closing market value of shares and units outstanding ⁽⁴⁾		$54,109,204		$60,377,303		$60,430,449		$49,161,653		$60,783,759

(1)	Shares or shares and units in thousands.

(2)	On an annualized basis.

(3)

As of December 31, 2025, the total number of shares and units includes 343,557 shares of common stock, 4,045 common units held by third parties and 2,144 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.

Table of Contents

Key Quarterly Financial Data		Financial Supplement
Unaudited, Dollars (except per share data) and Square Feet in Thousands			Fourth Quarter 2025


Shares and Units at End of Quarter		31-Dec-25			30-Sep-25			30-Jun-25			31-Mar-25			31-Dec-24
Common shares outstanding			343,557			343,041			340,372			336,743			336,637
Common partnership units outstanding			6,189			6,203			6,272			6,349			6,135
Total Shares and Units			349,746			349,244			346,644			343,092			342,772

Enterprise Value
Market value of common equity ⁽¹⁾			$54,109,204			$60,377,303			$60,430,449			$49,161,653			$60,783,759
Liquidation value of preferred equity			755,000			755,000			755,000			755,000			755,000
Total debt at balance sheet carrying value			18,402,135			18,225,434			18,452,148			17,016,279			16,714,377
Total Enterprise Value			$73,266,339			$79,357,737			$79,637,597			$66,932,932			$78,253,136
Total debt / total enterprise value			25.1%			23.0%			23.2%			25.4%			21.4%
Debt-plus-preferred-to-total-enterprise-value			26.1%			23.9%			24.1%			26.6%			22.3%

Selected Balance Sheet Data
Investments in real estate (before depreciation)			$39,855,116			$39,374,646			$38,613,260			$35,693,166			$35,401,912
Total Assets			49,410,468			48,728,634			48,714,995			45,080,562			45,283,616
Total Liabilities			24,564,494			23,739,412			23,853,149			21,902,406			22,107,836

Selected Operating Data
Total operating revenues			$1,634,671			$1,577,234			$1,493,150			$1,407,637			$1,435,862
Total operating expenses			1,522,047			1,438,813			1,281,453			1,211,887			1,291,540
Net income			96,111			63,713			1,046,946			106,395			185,688
Net income / (loss) available to common stockholders			88,466			57,631			1,021,975			99,793			179,388

Financial Ratios
EBITDA ⁽²⁾			$688,758			$679,912			$1,605,408			$658,400			$746,578
Adjusted EBITDA⁽³⁾			856,836			867,807			823,319			791,156			751,276
Net Debt-to-Adjusted EBITDA ⁽⁴⁾			4.9x			4.9x			5.1x			5.1x			4.8x
Interest expense			116,516			113,584			109,383			98,464			104,742
Fixed charges ⁽⁵⁾			161,479			156,687			148,957			138,739			149,364
Interest coverage ratio ⁽⁶⁾			4.8x			4.9x			5.0x			5.3x			4.5x
Fixed charge coverage ratio ⁽⁷⁾			4.5x			4.6x			4.7x			4.9x			4.2x

Profitability Measures
Net income / (loss) per common share - basic			$0.26			$0.17			$3.03			$0.30			$0.54
Net income / (loss) per common share - diluted			$0.24			$0.15			$2.94			$0.27			$0.51
Funds from operations (FFO) / diluted share and unit ⁽⁸⁾			$1.89			$1.65			$1.75			$1.67			$1.61
Core funds from operations (Core FFO) / diluted share and unit ⁽⁸⁾			$1.86			$1.89			$1.87			$1.77			$1.73
Adjusted funds from operations (AFFO) / diluted share and unit ⁽⁹⁾			$1.34			$1.76			$1.68			$1.78			$1.36
Dividends per share and common unit			$1.22			$1.22			$1.22			$1.22			$1.22
Diluted FFO payout ratio ^(8) (10)			64.5%			73.8%			69.6%			73.2%			75.6%
Diluted Core FFO payout ratio ^(8) (11)			65.6%			64.7%			65.2%			68.8%			70.7%
Diluted AFFO payout ratio ^(9) (12)			90.9%			69.2%			72.8%			68.6%			89.5%

Portfolio Statistics
Buildings ⁽¹³⁾			329			330			330			328			328
Data Centers ⁽¹³⁾			310			311			310			308			308
Cross-connects^{(13) (14)}			232,500			231,000			229,000			228,000			227,000
Net rentable square feet, excluding development space ⁽¹³⁾			43,208			42,706			42,529			41,778			41,326
Occupancy at end of quarter ⁽¹⁵⁾			84.7%			84.8%			84.8%			84.0%			84.1%
Occupied square footage ⁽¹³⁾			36,582			36,197			36,073			35,100			34,741
Space under active development ⁽¹⁶⁾			9,679			10,230			9,848			9,463			8,904
Space held for development ⁽¹⁷⁾			4,696			4,758			4,616			5,062			4,686
Weighted average remaining lease term (years) ⁽¹⁸⁾			5.0			5.0			5.1			4.9			4.8
Same-capital occupancy at end of quarter ^{(15) (19)}			83.7%			83.7%			83.7%			83.4%			83.5%

Table of Contents

Key Quarterly Financial Data		Financial Supplement
Unaudited, Dollars (except per share data) and Square Feet in Thousands			Fourth Quarter 2025

(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 on debt extinguishment and modifications, 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 entities real estate related depreciation & amortization, (ii) unconsolidated entities 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) noncontrolling interests, (ix) preferred stock dividends, and (x) gain on / 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 finance lease obligations, plus our share of unconsolidated entities debt at carrying value, less cash and cash equivalents (including our share of unconsolidated entities cash), divided by the product of Adjusted EBITDA (including our pro rata share of unconsolidated entities 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 (including our pro rata share of unconsolidated entities EBITDA), divided by GAAP interest expense plus capitalized interest (including our share of unconsolidated entities interest expense).

(7)	Fixed charge coverage ratio is Adjusted EBITDA (including our pro rata share of unconsolidated entities EBITDA), divided by fixed charges (including our share of unconsolidated entities 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 and contribution.

(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 entities and non-managed unconsolidated entities. 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 and contribution.

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

(17)	Space held for development includes space held for future Data Center development and excludes space under active development. Excludes buildings held for sale and contribution.

(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, 2023, with less than 5% of total rentable square feet under development. Excludes buildings that were undergoing, or were expected to undergo, development activities in 2024-2025, buildings classified as held for sale and contribution, and buildings sold or contributed to joint ventures for all periods presented. Prior period results have been adjusted to reflect current same-capital pool.

Table of Contents

Digital Realty Trust		Financial Supplement
Earnings Release			Fourth Quarter 2025

Digital Realty Reports Fourth Quarter 2025 Results

Austin, TX — February 5, 2026 — Digital Realty (NYSE: DLR), the largest global provider of cloud- and carrier-neutral data center, colocation and interconnection solutions, announced today financial results for the fourth quarter of 2025. All per share results are presented on a fully diluted basis.

Highlights

◾

Reported net income available to common stockholders of $0.24 per share in 4Q25, compared to $0.51 in 4Q24

◾

Reported FFO per share of $1.89 in 4Q25, compared to $1.61 in 4Q24

◾

Reported Core FFO per share of $1.86 in 4Q25, compared to $1.73 in 4Q24; reported Constant-Currency Core FFO per share of $1.81 in 4Q25

◾

Reported rental rate increases on renewal leases of 6.1% on a cash basis in 4Q25

◾

Signed total bookings during 4Q25 that are expected to generate $400 million of annualized GAAP rental revenue at 100% share; at Digital Realty’s share, total bookings were $175 million, including a $96 million contribution from the 0-1 megawatt plus interconnection category

◾

Reported a backlog of $817 million of annualized GAAP base rent, at Digital Realty’s share, at the end of 2025

◾

Introduced 2026 Core FFO per share outlook of $7.90 - $8.00 on a reported and Constant-Currency basis

Financial Results

Digital Realty reported revenues of $1.6 billion in the fourth quarter of 2025, a 4% increase from the previous quarter and a 14% increase from the same quarter last year.

The company delivered net income of $96 million in the fourth quarter of 2025, as well as net income available to common stockholders of $88 million and $0.24 per share, compared to $0.15 per share in the previous quarter and $0.51 per share in the same quarter last year.

Digital Realty generated Adjusted EBITDA of $857 million in the fourth quarter of 2025, a 1% decrease from the previous quarter and a 14% increase over the same quarter last year.

The company reported Funds From Operations (FFO) of $658 million in the fourth quarter of 2025, or $1.89 per share, compared to $1.65 per share in the previous quarter and $1.61 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 $1.86 in the fourth quarter of 2025, compared to $1.89 per share in the previous quarter and $1.73 per share in the same quarter last year. Digital Realty delivered Constant-Currency Core FFO per share of $1.81 in the fourth quarter of 2025 and $7.29 per share for the twelve-month period ended December 31, 2025.

“Digital Realty delivered strong financial results in 2025, with robust top‑line growth, record leasing across our 0‑1 megawatt plus interconnection offering, and a substantial backlog that provides clear revenue visibility into 2026 and beyond,” said Digital Realty President and CEO Andy Power. “The evolution of our private capital strategy is enabling us to efficiently scale development while maintaining a flexible balance sheet positioned for growth. At the same time, we’re expanding the PlatformDIGITAL footprint to meet rising global demand. Together, these initiatives strengthen our ability to support our customers’ cloud and AI roadmaps while driving long term value for shareholders.”

Leasing Activity

In the fourth quarter, Digital Realty signed total bookings that are expected to generate $400 million of annualized GAAP rental revenue, at 100% share; at Digital Realty’s share, total bookings were $175 million, including a $77 million contribution from the 0-1 megawatt category and a $19 million contribution from interconnection.

The weighted-average lag between new leases signed during the fourth quarter of 2025 and the contractual commencement date was eight months. The backlog of signed-but-not-commenced leases at quarter-end was $817 million of annualized GAAP base rent, at Digital Realty’s share.

In addition, Digital Realty also signed renewal leases representing $269 million of annualized cash rental revenue during the quarter. Rental rates on renewal leases signed during the fourth quarter of 2025 increased 6.1% on a cash basis and 12.0% on a GAAP basis.

Table of Contents

Digital Realty Trust		Financial Supplement
Earnings Release			Fourth Quarter 2025

New leases signed during the fourth quarter of 2025 at Digital Realty’s share 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		$39,317	112		$351	12.2		$269
> 1 MW		64,759	207		313	29.0		186
Other ⁽¹⁾		385	7		53	—		—
Total		$104,461	326		$320	41.2		$211

EMEA ⁽²⁾
0-1 MW		$30,107	89		$337	8.4		$300
> 1 MW		5,585	21		266	2.3		199
Other ⁽¹⁾		291	1		289	—		—
Total		$35,982	111		$323	10.7		$278

Asia Pacific ⁽²⁾
0-1 MW		$7,693	17		$443	2.2		$286
> 1 MW		7,643	42		181	4.5		142
Other ⁽¹⁾		46	1		45	—		—
Total		$15,382	61		$254	6.7		$190

All Regions ⁽²⁾
0-1 MW		$77,118	219		$352	22.8		$282
> 1 MW		77,987	270		289	35.9		181
Other ⁽¹⁾		722	9		78	—		—
Total		$155,826	498		$313	58.6		$220

Interconnection		$18,890	N/A		N/A	N/A		N/A

Grand Total at DLR Share		$174,716	498		$313	58.6		$220

Grand Total at 100% Share		$400,330	1,291		$294	159.1		$198

Note: Totals may not foot due to rounding differences.

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

(2)	Based on quarterly average exchange rates during the three months ended December 31, 2025.

Investment Activity

During the fourth quarter, Digital Realty sold a non-core data center in the Dallas metro area for gross proceeds of approximately $33 million, as previously disclosed.

Digital Realty acquired the following:

●

Two parcels of land totaling approximately 20 acres in the Portland metro area, one acquired in the fourth quarter and the other in January, that are expected to support up to 85 megawatts of IT capacity for approximately $23.6 million; and

●

A building and land in Lisbon, Portugal which can support up to 2.4 megawatts of IT capacity for approximately €7.1 million or $8.3 million, marking Digital Realty's entry into the Portugal market.

Further, Digital Realty Mivne established a new joint venture with MedOne Ltd., the leading data center operator in Israel. The joint venture acquired approximately 2.5 acres of land in Petah Tikvah, the primary connectivity hub in Israel, with the intention of developing an 18-megawatt campus for ILS90 million, or $29 million at 100% share. Digital Realty’s share of the land was $7.1 million.

Additionally, Digital Realty contributed an incremental 40% interest in five operating data centers to its Digital Realty DC Partners NA Fund, increasing the Fund's stake to 80% at year end. Digital Realty received approximately $427 million of additional proceeds as a result of the contribution.

Subsequent to quarter end, Digital Realty announced an agreement to acquire the TelcoHub 1 data center located in Cyberjaya, Malaysia, one of Greater Kuala Lumpur’s most established data center hubs. TelcoHub 1 is an operational 1.5 megawatt data center that is one of Malaysia's leading connectivity hubs. In conjunction with this transaction, Digital Realty also agreed to acquire adjacent land that can support up to 14 megawatts of IT capacity, providing clear capacity for future expansion. The transactions are expected to close in the first half of 2026, subject to customary closing conditions.

Table of Contents

Digital Realty Trust		Financial Supplement
Earnings Release			Fourth Quarter 2025

Balance Sheet

Digital Realty had approximately $18.4 billion of total debt outstanding as of December 31, 2025, comprised of $17.5 billion of unsecured debt and approximately $0.9 billion of secured debt and other debt. At the end of the fourth quarter of 2025, net debt-to-Adjusted EBITDA was 4.9x, debt-plus-preferred-to-total enterprise value was 26.1% and fixed charge coverage was 4.5x.

In October, the company sold 0.4 million shares of common stock under its At-The-Market (ATM) equity issuance program at a weighted average price of $175.68 per share, for net proceeds of approximately $77 million.

In November, Digital Realty issued €600 million of 3.750% notes due 2033 and €800 million of 4.250% notes due 2037, for aggregate net proceeds of approximately €1.4 billion ($1.6 billion).

In December, Digital Realty repaid early €1.075 billion ($1.3 billion) in aggregate principal amount of its 2.500% senior notes due 2026.

Table of Contents

Digital Realty Trust		Financial Supplement
Earnings Release			Fourth Quarter 2025

2026 Outlook

Digital Realty introduced its 2026 Core FFO per share outlook on a reported and Constant-Currency basis of $7.90 - $8.00. The assumptions underlying the outlook are summarized in the following table.


		As of
Top-Line and Cost Structure		February 5, 2026
Total revenue		$6.600 - $6.700 billion
Net non-cash rent adjustments ⁽¹⁾		($90 - $95 million)
Adjusted EBITDA		$3.600 - $3.700 billion
G&A		$610 - $620 million

Internal Growth
Rental rates on renewal leases
Cash basis		6.0% - 8.0%
GAAP basis		8.5% - 10.5%
Year-end portfolio occupancy ⁽²⁾		+50 - 100 bps
"Same-Capital" cash NOI growth ⁽³⁾		4.0% - 5.0%

Foreign Exchange Rates
U.S. Dollar / Pound Sterling		$1.30 - $1.35
U.S. Dollar / Euro		$1.13 - $1.18

External Growth
Dispositions / Joint Venture Capital
Dollar volume		$500 - $1,000 million
Cap rate		0.0% - 10.0%
Development
CapEx (Net of Partner Contributions) ⁽⁴⁾		$3,250 - $3,750 million
Average stabilized yields		10.0%+
Enhancements and other non-recurring CapEx ⁽⁵⁾		$30 - $35 million
Recurring CapEx + capitalized leasing costs ⁽⁶⁾		$400 - $425 million

Balance Sheet
Long-term debt issuance
Dollar amount		$1,000 - $1,500 million
Pricing		4.0% - 4.5%
Timing		Mid-Year

Net income per diluted share		$2.55 - $2.65
Real estate depreciation and (gain) / loss on sale		$4.90 - $4.90
Funds From Operations / share (NAREIT-Defined)		$7.45 - $7.55
Non-core expenses and revenue streams		$0.45 - $0.45
Core Funds From Operations / share		$7.90 - $8.00
Foreign currency translation adjustments		$0.00 - $0.00
Constant-Currency Core Funds From Operations / share		$7.90 - $8.00

(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 below-market leases (i.e., ASC 805 adjustments).

(2)	Year-end portfolio occupancy guidance based on IT load (kW).

(3)

The “Same-Capital” pool includes properties owned as of December 31, 2024 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 2025-2026, properties classified as held for sale and contribution, and properties sold or contributed to joint ventures for all periods presented. The 2026 “Same-Capital” cash NOI growth outlook is presented on a constant currency basis.

(4)	Excludes land acquisitions and includes Digital Realty’s share of joint venture and fund contributions. Figure is net of joint venture and fund partners’ share of contributions.

(5)	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.

(6)	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.

Table of Contents

Digital Realty Trust		Financial Supplement
Earnings Release			Fourth Quarter 2025

Non-GAAP Financial Measures

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

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

Investor Conference Call

Prior to Digital Realty’s investor conference call at 5:00 p.m. ET / 4:00 p.m. CT on February 5, 2026, 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 fourth quarter 2025 financial results and operating performance. The conference call will feature President & Chief Executive Officer Andy Power and Chief Financial Officer Matt Mercier.

A live webcast of the call will be available on the Investors section of Digital Realty’s website at https://investor.digitalrealty.com. The webcast will be archived until February 5, 2027 and the replay will be available shortly after the conclusion of the live event.

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 55+ metros across 30+ countries on six continents. To learn more about Digital Realty, please visit digitalrealty.com or follow us on LinkedIn and X.

Contact Information

Matt Mercier

Chief Financial Officer

Digital Realty

Jordan Sadler / Jim Huseby

Investor Relations

Digital Realty

(214) 231-1350

Table of Contents

Consolidated Quarterly Statements of Operations		Financial Supplement
Unaudited and in Thousands, Except Per Share Data			Fourth Quarter 2025


	Three Months Ended					Twelve Months Ended
	31-Dec-25	30-Sep-25	30-Jun-25	31-Mar-25	31-Dec-24		31-Dec-25	31-Dec-24
Rental revenues	$1,074,703	$1,045,708	$1,003,550	$960,526	$958,892		$4,084,487	$3,722,646
Tenant reimbursements - Utilities	356,084	332,681	294,503	271,189	302,664		1,254,457	1,158,623
Tenant reimbursements - Other	34,406	37,302	37,355	42,177	38,591		151,240	158,612
Interconnection and other	123,414	120,399	121,952	112,969	112,360		478,734	442,591
Fee income	45,692	36,398	34,427	20,643	23,316		137,160	64,888
Other	372	4,746	1,363	133	40		6,614	7,608
Total Operating Revenues	$1,634,671	$1,577,234	$1,493,150	$1,407,637	$1,435,862		$6,112,692	$5,554,968

Utilities	$398,185	$375,627	$339,288	$313,385	$337,534		$1,426,485	$1,333,416
Rental property operating	295,948	278,292	267,724	238,600	273,104		1,080,564	984,921
Property taxes	50,791	51,823	49,570	48,856	46,044		201,040	182,453
Insurance	4,711	4,508	4,946	4,483	6,007		18,648	18,325
Depreciation and amortization	493,458	497,002	461,167	443,009	455,355		1,894,636	1,771,797
General and administration	159,283	139,911	133,755	121,112	124,470		554,061	473,521
Severance, equity acceleration and legal expenses	4,937	1,794	2,262	2,428	2,346		11,421	6,502
Transaction and integration expenses	36,083	86,559	22,546	39,902	11,797		185,090	93,902
Provision for impairment	78,553	—	—	—	22,881		78,553	191,184
Other expenses	98	3,297	195	112	12,002		3,702	27,083
Total Operating Expenses	$1,522,047	$1,438,813	$1,281,453	$1,211,887	$1,291,540		$5,454,200	$5,083,104

Operating Income	$112,624	$138,421	$211,697	$195,750	$144,322		$658,492	$471,864

Equity in earnings / (loss) of unconsolidated entities	4,659	(16,944)	(12,062)	(7,640)	(36,201)		(31,987)	(120,138)
Gain / (loss) on sale of investments	42,865	19,780	931,830	1,111	144,885		995,586	595,825
Interest and other income / (expense), net	42,797	47,735	37,747	32,773	44,517		161,052	154,243
Interest (expense)	(116,516)	(113,584)	(109,383)	(98,464)	(104,742)		(437,947)	(452,836)
Income tax benefit / (expense)	9,673	(11,695)	(12,883)	(17,135)	(4,928)		(32,040)	(54,760)
Gain (loss) on debt extinguishment and modifications	9	—	—	—	(2,165)		9	(5,871)
Net Income	$96,111	$63,713	$1,046,946	$106,395	$185,688		$1,313,165	$588,327

Net (income) / loss attributable to noncontrolling interests	2,536	4,099	(14,790)	3,579	3,881		(4,576)	14,163
Net Income Attributable to Digital Realty Trust, Inc.	$98,647	$67,812	$1,032,156	$109,974	$189,569		$1,308,589	$602,490

Preferred stock dividends	(10,181)	(10,181)	(10,181)	(10,181)	(10,181)		(40,724)	(40,725)
Net Income / (Loss) Available to Common Stockholders	$88,466	$57,631	$1,021,975	$99,793	$179,388		$1,267,865	$561,766

Weighted-average shares outstanding - basic	343,493	341,370	337,589	336,683	333,376		339,807	323,336
Weighted-average shares outstanding - diluted	351,570	349,234	345,734	344,721	340,690		347,810	331,547
Weighted-average fully diluted shares and units	357,430	355,165	351,691	350,632	346,756		353,720	337,697

Net income / (loss) per share - basic	$0.26	$0.17	$3.03	$0.30	$0.54		$3.73	$1.74
Net income / (loss) per share - diluted	$0.24	$0.15	$2.94	$0.27	$0.51		$3.58	$1.61

Table of Contents

Funds From Operations and Core Funds From Operations		Financial Supplement
Unaudited and in Thousands, Except Per Share Data			Fourth Quarter 2025


	Three Months Ended						Twelve Months Ended
Reconciliation of Net Income to Funds From Operations (FFO)		31-Dec-25	30-Sep-25	30-Jun-25	31-Mar-25	31-Dec-24		31-Dec-25	31-Dec-24

Net Income / (Loss) Available to Common Stockholders		$88,466	$57,631	$1,021,975	$99,793	$179,388		$1,267,865	$561,766
Adjustments:
Noncontrolling interest in operating partnership		2,000	2,000	21,000	3,000	4,000		28,000	12,700
Real estate related depreciation and amortization ⁽¹⁾		484,260	487,182	451,050	432,652	445,462		1,855,144	1,730,059
Reconciling items related to noncontrolling interests		(22,753)	(22,888)	(21,038)	(19,480)	(19,531)		(86,159)	(64,612)
Unconsolidated entities real estate related depreciation and amortization		70,260	65,922	59,172	55,861	49,463		251,215	192,931
(Gain) / loss on real estate transactions		(42,865)	(19,780)	(931,830)	(1,111)	(137,047)		(995,586)	(596,904)
Provision for impairment		78,553	—	—	—	22,881		78,553	191,185
Funds From Operations		$657,921	$570,067	$600,329	$570,715	$544,616		$2,399,032	$2,027,122

Weighted-average shares and units outstanding - basic		349,354	347,301	343,546	342,594	339,442		345,717	329,485
Weighted-average shares and units outstanding - diluted ^{(2) (3)}		357,430	355,165	351,691	350,632	346,756		353,720	337,697

Funds From Operations per share - basic		$1.88	$1.64	$1.75	$1.67	$1.60		$6.94	$6.15

Funds From Operations per share - diluted^{(2) (3)}		$1.89	$1.65	$1.75	$1.67	$1.61		$6.96	$6.14


	Three Months Ended						Twelve Months Ended
Reconciliation of FFO to Core FFO		31-Dec-25	30-Sep-25	30-Jun-25	31-Mar-25	31-Dec-24		31-Dec-25	31-Dec-24

Funds From Operations		$657,921	$570,067	$600,329	$570,715	$544,616		$2,399,032	$2,027,122
Other non-core revenue adjustments ⁽⁴⁾		(10,633)	(4,746)	4,228	(1,925)	4,537		(13,076)	(30,339)
Transaction and integration expenses		36,083	86,559	22,546	39,902	11,797		185,090	93,902
Gain (loss) on debt extinguishment and modifications		(9)	—	—	—	2,165		(9)	5,871
Severance, equity acceleration and legal expenses ⁽⁵⁾		4,937	1,794	2,262	2,428	2,346		11,421	6,502
(Gain) / Loss on FX and derivatives revaluation		(16,295)	252	8,827	(2,064)	7,127		(9,280)	74,464
Other non-core expense adjustments ⁽⁶⁾		(21,794)	2,075	5,092	(702)	14,229		(15,329)	37,671
Core Funds From Operations		$650,210	$656,001	$643,284	$608,354	$586,816		$2,557,849	$2,215,194

Weighted-average shares and units outstanding - diluted^{(2) (3)}		349,740	347,700	343,909	343,050	339,982		346,086	329,899

Core Funds From Operations per share - diluted ⁽²⁾		$1.86	$1.89	$1.87	$1.77	$1.73		$7.39	$6.71


(1)	Three Months Ended						Twelve Months Ended
Real Estate Related Depreciation & Amortization		31-Dec-25	30-Sep-25	30-Jun-25	31-Mar-25	31-Dec-24		31-Dec-25	31-Dec-24

Depreciation and amortization per income statement		$493,458	$497,002	$461,167	$443,009	$455,355		$1,894,636	$1,771,798
Non-real estate depreciation		(9,198)	(9,820)	(10,117)	(10,356)	(9,894)		(39,492)	(41,739)
Real Estate Related Depreciation & Amortization		$484,260	$487,182	$451,050	$432,652	$445,462		$1,855,144	$1,730,059

(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. U.S. 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 noncontrolling interest is added back to the FFO numerator as the denominator assumes all shares have been put back to Digital Realty.

Three Months Ended

Twelve Months Ended

31-Dec-25

30-Sep-25

30-Jun-25

31-Mar-25

31-Dec-24

31-Dec-25

31-Dec-24

Teraco noncontrolling share of FFO

$18,240

$17,018

$15,850

$13,286

$14,905

$64,394

$46,954

Teraco related minority interest

$18,240

$17,018

$15,850

$13,286

$14,905

$64,394

$46,954

(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)	Includes deferred rent adjustments related to a customer bankruptcy, development fees included in gains, lease termination fees and gain on sale of equity investment included in other income.

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

(6)	Includes write-offs associated with bankrupt or terminated customers, non-recurring legal and insurance expenses, impact of foreign tax rate changes and adjustments to reflect our proportionate share of transaction costs associated with noncontrolling interests.

Table of Contents

Adjusted Funds From Operations (AFFO)		Financial Supplement
Unaudited and in Thousands, Except Per Share Data			Fourth Quarter 2025


	Three Months Ended						Twelve Months Ended
Reconciliation of Core FFO to AFFO		31-Dec-25	30-Sep-25	30-Jun-25	31-Mar-25	31-Dec-24		31-Dec-25	31-Dec-24

Core FFO available to common stockholders and unitholders		$650,210	$656,001	$643,284	$608,354	$586,816		$2,557,849	$2,215,194
Adjustments:
Non-real estate depreciation		9,198	9,820	10,117	10,356	9,894		39,492	41,739
Amortization of deferred financing costs		6,781	6,565	6,451	6,548	5,697		26,345	21,198
Amortization of debt discount/premium		1,341	1,293	1,251	1,125	1,324		5,010	5,805
Non-cash stock-based compensation expense		17,327	18,174	18,026	16,700	13,386		70,227	55,468
Straight-line rental revenue		(34,351)	(33,351)	(23,698)	(9,692)	(18,242)		(101,092)	(25,513)
Straight-line rental expense		(97)	(271)	(475)	(160)	(136)		(1,003)	3,447
Above- and below-market rent amortization		(972)	(864)	(752)	(706)	(269)		(3,294)	(3,555)
Deferred tax (benefit) / expense		(26,184)	18,187	(30,714)	(517)	(15,048)		(39,228)	(37,834)
Leasing compensation and internal lease commissions		14,644	15,013	14,721	13,405	10,505		57,783	45,233
Recurring capital expenditures ⁽¹⁾		(168,539)	(77,998)	(62,083)	(35,305)	(130,245)		(343,925)	(305,712)

AFFO available to common stockholders and unitholders ⁽²⁾		$469,358	$612,569	$576,127	$610,108	$463,682		$2,268,164	$2,015,471

Weighted-average shares and units outstanding - basic		349,354	347,301	343,546	342,594	339,442		345,717	329,485
Weighted-average shares and units outstanding - diluted ⁽³⁾		349,740	347,700	343,909	343,050	339,982		346,086	329,899

AFFO per share - diluted ⁽³⁾		$1.34	$1.76	$1.68	$1.78	$1.36		$6.55	$6.11

Dividends per share and common unit		$1.22	$1.22	$1.22	$1.22	$1.22		$4.88	$4.88

Diluted AFFO Payout Ratio		90.9%	69.2%	72.8%	68.6%	89.5%		74.5%	79.9%

Three Months Ended

Twelve Months Ended

Share Count Detail

31-Dec-25

30-Sep-25

30-Jun-25

31-Mar-25

31-Dec-24

31-Dec-25

31-Dec-24

Weighted Average Common Stock and Units Outstanding

349,354

347,301

343,546

342,594

339,442

345,717

329,485

Add: Effect of dilutive securities

386

399

362

456

540

369

413

Weighted Avg. Common Stock and Units Outstanding - diluted

349,740

347,700

343,909

343,050

339,982

346,086

329,899

(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.

Table of Contents

Consolidated Balance Sheets		Financial Supplement
Unaudited and in Thousands, Except Per Share Data			Fourth Quarter 2025


	31-Dec-25		30-Sep-25		30-Jun-25		31-Mar-25		31-Dec-24
Assets
Investments in real estate:
Real estate		$31,359,298		$30,194,891		$29,836,218		$27,947,964		$27,558,993
Construction in progress		4,976,785		5,422,338		5,080,701		4,973,266		5,164,334
Land held for future development		91,130		66,668		73,665		69,089		38,785
Investments in Real Estate		$36,427,213		$35,683,897		$34,990,583		$32,990,319		$32,762,112
Accumulated depreciation and amortization		(9,993,596)		(9,665,380)		(9,341,719)		(8,856,535)		(8,641,331)
Net Investments in Properties		$26,433,617		$26,018,517		$25,648,865		$24,133,784		$24,120,781
Investment in unconsolidated entities		3,427,903		3,690,749		3,622,677		2,702,847		2,639,800
Net Investments in Real Estate		$29,861,520		$29,709,266		$29,271,542		$26,836,631		$26,760,582

Operating lease right-of-use assets, net		$1,135,645		$1,167,398		$1,180,657		$1,165,924		$1,178,853
Cash and cash equivalents		3,451,647		3,299,703		3,554,126		2,321,885		3,870,891
Accounts and other receivables, net ⁽¹⁾		1,358,895		1,496,105		1,586,146		1,373,521		1,257,464
Deferred rent, net		750,907		710,624		681,375		641,290		642,456
Goodwill		9,711,953		9,647,754		9,636,513		9,174,165		8,929,431
Customer relationship value, deferred leasing costs and other intangibles, net		2,134,698		2,080,898		2,171,318		2,124,989		2,178,054
Assets held for sale and contribution		349,826		116,624		139,993		953,236		—
Other assets		655,377		500,262		493,325		488,921		465,885
Total Assets		$49,410,468		$48,728,634		$48,714,995		$45,080,562		$45,283,616

Liabilities and Equity
Global unsecured revolving credit facilities, net		$899,090		$1,152,042		$567,699		$1,096,931		$1,611,308
Unsecured term loans, net		439,536		438,933		440,788		404,335		386,903
Unsecured senior notes, net of discount		16,194,441		15,808,565		16,641,367		14,744,063		13,962,852
Secured and other debt, net of discount		869,068		825,894		802,294		770,950		753,314
Operating lease liabilities		1,253,217		1,285,067		1,298,085		1,281,572		1,294,219
Accounts payable and other accrued liabilities		2,600,979		2,377,726		2,310,882		1,927,611		2,056,215
Deferred tax liabilities		1,124,724		1,151,374		1,137,305		1,109,294		1,084,562
Accrued dividends and distributions		428,337		—		—		—		418,661
Security deposits and prepaid rents		754,920		699,528		653,640		559,768		539,802
Obligations associated with assets held for sale and contribution		182		283		1,089		7,882		—
Total Liabilities		$24,564,494		$23,739,412		$23,853,149		$21,902,406		$22,107,836

Redeemable noncontrolling interests		1,498,975		1,535,972		1,505,889		1,459,322		1,433,185

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, 502,000 shares authorized ⁽⁵⁾		3,406		3,400		3,374		3,338		3,337
Additional paid-in capital		29,350,487		29,182,332		28,720,826		28,091,661		28,079,738
Dividends in excess of earnings		(6,690,722)		(6,358,501)		(5,997,607)		(6,604,217)		(6,292,085)
Accumulated other comprehensive (loss), net		(469,198)		(533,891)		(543,756)		(926,874)		(1,182,283)
Total Stockholders' Equity		$22,925,663		$23,025,030		$22,914,527		$21,295,598		$21,340,397

Noncontrolling Interests
Noncontrolling interest in operating partnership		$415,456		$420,280		$431,000		$415,956		$396,099
Noncontrolling interest in consolidated entities		5,880		7,940		10,430		7,280		6,099

Total Noncontrolling Interests		$421,336		$428,220		$441,430		$423,236		$402,198

Total Equity		$23,346,999		$23,453,250		$23,355,957		$21,718,834		$21,742,595

Total Liabilities and Equity		$49,410,468		$48,728,634		$48,714,995		$45,080,562		$45,283,616

(1)	Net of allowance for doubtful accounts of $86,351 and $59,224 as of December 31, 2025 and December 31, 2024, respectively.

(2)	Series J Cumulative Redeemable Preferred Stock, 5.250%, $200,000 liquidation preference ($25.00 per share), 8,000 shares issued and outstanding as of December 31, 2025 and December 31, 2024.

(3)	Series K Cumulative Redeemable Preferred Stock, 5.850%, $210,000 liquidation preference ($25.00 per share), 8,400 shares issued and outstanding as of December 31, 2025 and December 31, 2024.

(4)	Series L Cumulative Redeemable Preferred Stock, 5.200%, $345,000 liquidation preference ($25.00 per share), 13,800 shares issued and outstanding as of December 31, 2025 and December 31, 2024.

(5)	Common Stock: 343,557 and 336,637 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively.

Table of Contents

Components of Net Asset Value (NAV) ⁽¹⁾		Financial Supplement
Unaudited and in Thousands			Fourth Quarter 2025


Consolidated Properties Cash Net Operating Income (NOI)⁽²⁾, Annualized ⁽³⁾
Network-Dense			$1,178,813
Campus			1,957,833
Other ⁽⁴⁾			77,358
Total Cash NOI, Annualized			$3,214,004
less: Partners' share of consolidated JVs			(84,721)
Acquisitions / dispositions / expirations			(142,880)
FY 2026 backlog cash NOI and 4Q25 carry-over (stabilized) ⁽⁵⁾			359,005
Total Consolidated Cash NOI, Annualized			$3,345,408

Digital Realty's Pro Rata Share of Unconsolidated Entities Cash NOI ^{(3) (6)}			$361,940

Other Income
Development and Management Fees (net), Annualized			$182,769

Other Assets
Pre-stabilized inventory, at cost ⁽⁷⁾			$480,686
Land held for development			91,130
Development CIP ⁽⁸⁾			4,976,785
less: Investment associated with FY26 Backlog NOI ⁽⁹⁾			(1,018,532)
Cash and cash equivalents			3,451,647
Accounts and other receivables, net			1,358,895
Other assets			655,377
less: Partners' share of consolidated entities assets			(160,412)
Total Other Assets			$9,835,576

Liabilities
Global unsecured revolving credit facilities			$918,539
Unsecured term loans			440,475
Unsecured senior notes			16,321,227
Secured and other debt			876,528
Accounts payable and other accrued liabilities			2,600,979
Deferred tax liabilities			1,124,724
Accrued dividends and distributions			428,337
Security deposits and prepaid rents			754,920
Obligations associated with assets held for sale and contribution			182
Backlog NOI cost to complete ⁽⁹⁾			1,027,953
Preferred stock			755,000
Digital Realty's share of unconsolidated entities debt			1,897,624
less: Partners' share of consolidated entities liabilities			(522,145)
Total Liabilities			$26,624,343

(1)	Backlog and associated financial line items include activity related to unconsolidated entities 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 4Q25 Cash NOI of $3.2 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, 2026. Includes Digital Realty’s share of signed leases at unconsolidated entities properties.

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

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

Table of Contents

Debt Maturities		Financial Supplement
Unaudited and Dollars in thousands			Fourth Quarter 2025


	As of December 31, 2025
		Interest Rate
	Interest	Including
	Rate	Swaps	2026	2027	2028	2029	2030	Thereafter	Total
Global Unsecured Revolving Credit Facilities ⁽¹⁾
Global unsecured revolving credit facility	2.829%	2.829%	—	—	—	—	$797,938	—	$797,938
Yen revolving credit facility	1.275%	1.275%	—	—	—	—	120,601	—	120,601
Deferred financing costs, net	—	—	—	—	—	—	—	—	(19,449)
Total Global Unsecured Revolving Credit Facilities	2.625%	2.625%	—	—	—	—	$918,539	—	$899,090

Unsecured Term Loans⁽¹⁾
Euro term loan facility	2.734%	2.734%	—	$440,475	—	—	—	—	$440,475
Deferred financing costs, net	—	—	—	—	—	—	—	—	(939)
Total Unsecured Term Loans	2.734%	2.734%	—	$440,475	—	—	—	—	$439,536

Senior Notes
₣275 million 0.200% Notes due 2026	0.200%	0.200%	$346,918	—	—	—	—	—	$346,918
₣150 million 1.700% Notes due 2027	1.700%	1.700%	—	$189,228	—	—	—	—	189,228
$1.00 billion 3.700% Notes due 2027 ⁽²⁾	3.700%	2.485%	—	1,000,000	—	—	—	—	1,000,000
€500 million 1.125% Notes due 2028	1.125%	1.125%	—	—	$587,300	—	—	—	587,300
$900 million 5.550% Notes due 2028 ⁽²⁾	5.550%	3.996%	—	—	900,000	—	—	—	900,000
$650 million 4.450% Notes due 2028	4.450%	4.450%	—	—	650,000	—	—	—	650,000
₣270 million 0.550% Notes due 2029	0.550%	0.550%	—	—	—	$340,611	—	—	340,611
$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%	—	—	—	471,625	—	—	471,625
$1.15 billion 1.875% Exchangeable Notes due 2029 ⁽²⁾	1.875%	1.263%	—	—	—	1,150,000	—	—	1,150,000
€750 million 1.500% Notes due 2030	1.500%	1.500%	—	—	—	—	$880,950	—	880,950
£550 million 3.750% Notes due 2030	3.750%	3.750%	—	—	—	—	741,125	—	741,125
€500 million 1.250% Notes due 2031	1.250%	1.250%	—	—	—	—	—	$587,300	587,300
€1.00 billion 0.625% Notes due 2031	0.625%	0.625%	—	—	—	—	—	1,174,600	1,174,600
€750 million 1.000% Notes due 2032	1.000%	1.000%	—	—	—	—	—	880,950	880,950
€750 million 1.375% Notes due 2032	1.375%	1.375%	—	—	—	—	—	880,950	880,950
€600 million 3.750% Notes due 2033	3.750%	3.750%	—	—	—	—	—	704,760	704,760
€850 million 3.875% Notes due 2033	3.875%	3.875%	—	—	—	—	—	998,410	998,410
€850 million 3.875% Notes due 2034	3.875%	3.875%	—	—	—	—	—	998,410	998,410
€850 million 3.875% Notes due 2035	3.875%	3.875%	—	—	—	—	—	998,410	998,410
€800 million 4.250% Notes due 2037	4.250%	4.250%	—	—	—	—	—	939,680	939,680
Unamortized discounts, net	—	—	—	—	—	—	—	—	(46,316)
Deferred financing costs, net	—	—	—	—	—	—	—	—	(80,470)
Total Senior Notes	2.799%	2.596%	$346,918	$1,189,228	$2,137,300	$2,862,236	$1,622,075	$8,163,470	$16,194,441

Secured Debt
ICN10 Facilities	4.720%	3.133%	—	—	—	—	$11,698	—	$11,698
Westin	3.290%	3.290%	—	$135,000	—	—	—	—	135,000
Teraco Loans	8.999%	10.148%	$56,514	112,127	$420,744	$15,096	52,835	—	657,315
Deferred financing costs, net	—	—	—	—	—	—	—	—	(3,298)
Total Secured Debt	7.978%	8.894%	$56,514	$247,127	$420,744	$15,096	$64,533	—	$800,715

Other Debt
Icolo loans	12.732%	12.732%	$6,431	$4,899	$1,180	$5,660	—	—	$18,170
Total Other Debt	12.732%	12.732%	$6,431	$4,899	$1,180	$5,660	—	—	$18,170

Mandatorily Redeemable Preferred Shares (Teraco)
Mandatorily Redeemable Preferred Shares (Teraco)	9.675%	9.675%	$54,345	—	—	—	—	—	$54,345
Unamortized discounts, net	—	—	—	—	—	—	—	—	(4,162)
Total Redeemable Preferred Shares	9.675%	9.675%	$54,345	—	—	—	—	—	$50,183

Total unhedged variable rate debt	—	—	$56,086	$443,786	$16,446	$1,811	$929,353	—	$1,447,482
Total fixed rate / hedged variable rate debt	—	—	408,122	1,437,943	2,542,778	2,881,181	1,675,794	$8,163,470	17,109,288
Total Debt	3.043%	2.904%	$464,208	$1,881,729	$2,559,224	$2,882,992	$2,605,147	$8,163,470	$18,556,770

Weighted Average Interest Rate			2.694%	3.005%	4.468%	2.311%	2.719%	2.671%	2.904%

Summary

Weighted Average Term to Initial Maturity									5.0 Years

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

Global Unsecured Revolving Credit Facilities Detail As of December 31, 2025

Maximum Available

Existing Capacity ⁽³⁾

Currently Drawn

Global Unsecured Revolving Credit Facilities

$4,456,769

$3,444,047

$918,539

(1)	Assumes all extensions will be exercised.

(2)	Subject to cross-currency swaps.

(3)	Net of letters of credit issued of $94.2 million.

Table of Contents

Debt Analysis and Covenant Compliance		Financial Supplement
Unaudited			Fourth Quarter 2025


	As of December 31, 2025

				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%	41%	35%	Less than 60%⁽⁵⁾	30%
Secured debt / total assets ⁽⁶⁾	Less than 40%	5%	1%	Less than 40% ⁽⁷⁾	3%
Total unencumbered assets / unsecured debt	Greater than 150%	256%	281%	N/A	N/A
Consolidated EBITDA / interest expense ⁽⁸⁾	Greater than 1.50x	4.4x	4.4x	N/A	N/A
Fixed charge coverage		N/A	N/A	Greater than 1.50x	4.8x
Unencumbered assets debt service coverage ratio ⁽⁹⁾		N/A	N/A	Greater than 1.50x	5.4

(1)

For definitions of the terms used in the table above and related footnotes, please refer to the indentures which govern the notes, the Third Amended and Restated Global Senior Credit Agreement dated as of September 24, 2024 and the Second Amended and Restated Yen facility Credit Agreement dated as of September 24, 2024, 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, 1.875% notes due 2029, 1.250% notes due 2031, 0.625% notes due 2031, 1.00% notes due 2032, 1.375% notes due 2032, 3.750% notes due 2033, 3.875% notes due 2033, 3.875% notes due 2034, 3.875% notes due 2035 and 4.250% notes due 2037.

(3)

Ratios for the 0.20% notes due 2026, 1.70% notes due 2027, 5.550% notes due 2028, 0.55% notes due 2029, 1.875% notes due 2029, 1.250% notes due 2031, 0.625% notes due 2031, 1.00% notes due 2032, 1.375% notes due 2032, 3.750% notes due 2033, 3.875% notes due 2033, 3.875% notes due 2034, 3.875% notes due 2035 and 4.250% notes due 2037.

(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 Third Amended and Restated Global Senior Credit Agreement dated as of September 24, 2024 and the Second Amended and Restated Yen facility Credit Agreement dated as of September 24, 2024, 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 any 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)	The company has the right to maintain a Secured Debt Leverage Ratio of greater than 40.0% but less than or equal to 45.0% for up to four consecutive fiscal quarters during the term of the facility following any acquisition of one or more Assets.

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

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

Table of Contents

Same-Capital Operating Trend Summary		Financial Supplement
Unaudited and in Thousands			Fourth Quarter 2025

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


	Three Months Ended										Twelve Months Ended
	31-Dec-25		31-Dec-24		% Change		30-Sep-25		% Change		31-Dec-25		31-Dec-24		% Change
Rental revenues		$740,566		$690,569		7.2%		$736,542		0.5%		$2,880,090		$2,714,688		6.1%
Tenant reimbursements - Utilities		252,644		226,821		11.4%		244,458		3.3%		932,787		885,545		5.3%
Tenant reimbursements - Other		23,463		24,904		(5.8%)		26,224		(10.5%)		102,330		104,385		(2.0%)
Interconnection and other		91,087		81,660		11.5%		91,121		(0.0%)		357,643		323,547		10.5%
Total Revenue		$1,107,760		$1,023,954		8.2%		$1,098,345		0.9%		$4,272,850		$4,028,165		6.1%

Utilities		$266,615		$245,191		8.7%		$274,782		(3.0%)		$1,031,119		$1,001,884		2.9%
Rental property operating		213,275		199,186		7.1%		198,727		7.3%		772,706		712,225		8.5%
Property taxes		37,078		31,456		17.9%		40,905		(9.4%)		148,590		141,129		5.3%
Insurance		4,804		4,158		15.5%		4,841		(0.8%)		18,963		15,542		22.0%
Total Expenses		$521,772		$479,991		8.7%		$519,255		0.5%		$1,971,378		$1,870,780		5.4%

Net Operating Income ⁽²⁾		$585,988		$543,963		7.7%		$579,090		1.2%		$2,301,472		$2,157,385		6.7%
Less:
Stabilized straight-line rent		$4,384		$8,874		(50.6%)		$6,017		(27.1%)		$13,398		$11,009		21.7%
Above- and below-market rent		636		91		595.3%		580		9.5%		2,318		1,795		29.1%
Cash Net Operating Income ⁽³⁾		$580,968		$534,998		8.6%		$572,493		1.5%		$2,285,756		$2,144,581		6.6%

Constant Currency Cash Net Operating Income ⁽⁴⁾		$559,059		$534,998		4.5%						$2,240,979		$2,144,581		4.5%

Stabilized Portfolio Occupancy at period end ⁽⁵⁾		83.7%		83.5%		(0.2%)		83.7%		(0.1%)		83.7%		83.5%		(0.2%)

(1)

Represents buildings owned as of December 31, 2023 with less than 5% of total rentable square feet under development. Excludes buildings that were undergoing, or were expected to undergo, development activities in 2024-2025, buildings classified as held for sale and contribution, 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)	Adjustment calculated by holding currency translation rates for 2025 constant with average currency translation rates that were applicable to the same periods in 2024.

(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.

Table of Contents

Summary of Leasing Activity		Financial Supplement
Leases Signed in the Quarter End December 31, 2025			Fourth Quarter 2025


	0-1 MW				> 1 MW				Other ⁽³⁾				Total
Leasing Activity - New ^{(1) (2)}	4Q25		LTM		4Q25		LTM		4Q25		LTM		4Q25		LTM

Annualized GAAP Rent (in thousands)		$77,118		$268,637		$77,987		$371,302		$722		$3,672		$155,826		$643,611

Kilowatt leased		22,788		78,204		35,852		152,556		—		—		58,640		230,760
NRSF (in thousands)		219		845		270		1,188		9		61		498		2,093

Weighted Average Lease Term (years)		4.2		4.5		8.9		10.0		8.6		8.3		6.1		7.5

Initial stabilized cash rent per Kilowatt		$278		$283		$154		$172		—		—		$202		$210
GAAP rent per Kilowatt		$282		$286		$181		$203		—		—		$220		$231
Leasing cost per Kilowatt		$46		$32		$1		$2		—		—		$19		$12

Net Effective Economics by Kilowatt ⁽⁴⁾

Base rent by Kilowatt		$284		$290		$184		$205		—		—		$223		$234
Rental concessions by Kilowatt		$2		$3		$3		$2		—		—		$3		$3
Estimated operating expense by Kilowatt		$81		$82		$46		$51		—		—		$59		$62

Net rent per Kilowatt		$201		$205		$135		$152		—		—		$161		$170

Tenant improvements by Kilowatt		$4		$3		—		—		—		—		$1		$1
Leasing commissions by Kilowatt		$12		$9		—		$0		—		—		$5		$3

Net effective rent per Kilowatt		$185		$192		$135		$151		—		—		$155		$165

Initial stabilized cash rent per NRSF		$348		$314		$246		$266		$73		$54		$287		$279
GAAP rent per NRSF		$352		$318		$289		$313		$78		$60		$313		$307
Leasing cost per NRSF		$57		$36		$2		$3		$5		$3		$27		$16

Net Effective Economics by NRSF ⁽⁴⁾

Base rent by NRSF		$355		$322		$293		$316		$78		$60		$317		$311
Rental concessions by NRSF		$3		$4		$4		$4		—		—		$4		$4
Estimated operating expense by NRSF		$101		$91		$73		$79		$8		$8		$84		$82

Net rent per NRSF		$252		$227		$216		$233		$70		$52		$229		$225

Tenant improvements by NRSF		$5		$4		—		—		—		$0		$2		$2
Leasing commissions by NRSF		$15		$10		$0		—		$3		$1		$7		$4

Net effective rent per NRSF		$232		$213		$215		$233		$66		$50		$220		$219

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

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

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

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

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

Table of Contents

Summary of Leasing Activity		Financial Supplement
Leases Renewed in the Quarter Ended December 31, 2025			Fourth Quarter 2025


	0-1 MW				> 1 MW				Other ⁽⁴⁾				Total
Leasing Activity - Renewals ^{(1) (2) (3)}	4Q25		LTM		4Q25		LTM		4Q25		LTM		4Q25		LTM

Leases renewed (Kilowatt)		39,022		144,934		38,925		84,328		—		—		77,947		229,261
Leases renewed (NRSF in thousands)		618		2,039		493		1,008		64		471		1,176		3,517
Leasing cost per Kilowatt		$1		$1		$7		$4		—		—		$4		$2
Leasing cost per NRSF		$1		$1		$7		$4		$1		$2		$1		$2

Weighted Term (years)		1.8		1.4		6.0		5.1		3.8		4.2		3.7		2.9

Cash Rent

Expiring cash rent per Kilowatt		$359		$315		$174		$161		—		—		$266		$258
Renewed cash rent per Kilowatt		$374		$328		$188		$181		—		—		$281		$274

% Change Cash Rent Per Kilowatt		4.3%		4.1%		8.1%		12.3%		—		—		5.5%		6.0%

Expiring cash rent per NRSF		$272		$269		$165		$162		$73		$53		$216		$209
Renewed cash rent per NRSF		$283		$280		$178		$182		$98		$67		$229		$223

% Change Cash Rent Per NRSF		4.3%		4.1%		8.1%		12.3%		33.8%		26.8%		6.1%		6.7%

GAAP Rent

Expiring GAAP rent per Kilowatt		$358		$314		$152		$146		—		—		$255		$252
Renewed GAAP rent per Kilowatt		$375		$329		$192		$185		—		—		$284		$276

% Change GAAP Rent Per Kilowatt		4.9%		4.6%		26.4%		27.0%		—		—		11.3%		9.4%

Expiring GAAP rent per NRSF		$271		$268		$143		$146		$67		$49		$206		$204
Renewed GAAP rent per NRSF		$284		$280		$181		$186		$102		$71		$231		$225

% Change GAAP Rent Per NRSF		4.9%		4.6%		26.4%		27.0%		52.0%		43.0%		12.0%		10.5%

Retention ratio ⁽⁵⁾		83.5%		80.4%		72.3%		66.2%		87.9%		76.8%		78.6%		75.3%

Churn ⁽⁶⁾		2.2%		8.5%		1.1%		3.2%		0.2%		3.4%		1.5%		5.4%

(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.

Table of Contents

Lease Expirations - By Size		Financial Supplement
Dollars and Square Feet in Thousands (except per square foot and per kW data)			Fourth Quarter 2025


							% 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		3,222			—		—			—			—			—			—			—			—
Month to Month ⁽³⁾		279			$81,067		1.9%			$291			$294			$81,838			16,168			$418			$422
2026		2,418			797,550		19.0%			330			330			797,485			177,793			374			374
2027		801			204,342		4.9%			255			262			209,837			61,779			276			283
2028		591			155,393		3.7%			263			281			165,805			44,411			292			311
2029		326			73,909		1.8%			227			249			81,204			24,053			256			281
2030		305			73,958		1.8%			242			262			79,847			21,607			285			308
2031		177			29,273		0.7%			166			192			33,897			8,174			298			346
2032		88			22,689		0.5%			257			292			25,776			7,155			264			300
2033		45			12,589		0.3%			279			342			15,449			3,443			305			374
2034		20			2,416		0.1%			122			123			2,426			814			247			248
2035		35			6,740		0.2%			195			215			7,447			2,491			225			249
Thereafter		182			2,086		0.0%			11			12			2,210			1,932			90			95

Total / Wtd. Avg.		8,488			$1,462,012		34.9%			$278			$285			$1,503,222			369,819			$329			$339


> 1 MW	Expiring Leases (1)	Annualized		Annualized	Annualized Rent Per		Annualized Rent Per		Annualized Rent Per		kW of Expiring		Annualized		Rent Per kW
Available	1,155		—	—		—		—		—		—		—		—
Month to Month ⁽³⁾	114		$15,596	0.4%		$137		$138		$15,699		9,047		$144		$145
2026	1,618		259,941	6.2%		161		162		261,760		147,952		146		147
2027	1,559		257,982	6.2%		166		170		265,375		150,153		143		147
2028	1,754		240,052	5.7%		137		144		253,424		157,629		127		134
2029	1,888		298,326	7.1%		158		169		319,579		215,624		115		124
2030	1,726		272,971	6.5%		158		171		295,501		176,754		129		139
2031	1,240		193,432	4.6%		156		179		222,039		127,304		127		145
2032	1,127		170,809	4.1%		152		172		193,305		108,806		131		148
2033	490		83,138	2.0%		170		194		94,781		51,409		135		154
2034	1,223		157,121	3.7%		128		148		180,612		120,516		109		125
2035	408		74,540	1.8%		183		201		81,974		47,982		129		142
Thereafter	2,637		482,069	11.5%		183		253		666,346		271,950		148		204

Total / Wtd. Avg.	16,938		$2,505,977	59.8%		$159		$181		$2,850,394		1,585,126		$132		$150


Other ⁽⁴⁾	Expiring Leases (1)	Annualized		Annualized	Annualized Rent Per		Annualized Rent Per		Annualized Rent Per		kW of Expiring		Annualized		Rent Per kW
Available	1,159		—	—		—		—		—		—		—		—
Month to Month ⁽³⁾	51		$1,943	0.0%		$38		$39		$1,960		—		—		—
2026	903		28,272	0.7%		31		31		28,410		—		—		—
2027	370		14,773	0.4%		40		41		15,217		—		—		—
2028	513		16,191	0.4%		32		33		16,961		—		—		—
2029	605		41,620	1.0%		69		75		45,214		—		—		—
2030	903		51,259	1.2%		57		63		57,314		—		—		—
2031	93		3,713	0.1%		40		45		4,211		—		—		—
2032	59		3,272	0.1%		55		62		3,692		—		—		—
2033	108		4,480	0.1%		41		48		5,128		—		—		—
2034	577		22,948	0.5%		40		48		27,576		—		—		—
2035	617		19,881	0.5%		32		39		24,319		—		—		—
Thereafter	1,474		17,563	0.4%		12		13		18,864		—		—		—

Total / Wtd. Avg.	7,433		$225,915	5.4%		$36		$40		$248,867		—		—		—


Total	Expiring Leases (1)	Annualized		Annualized	Annualized Rent Per		Annualized Rent Per		Annualized Rent Per		kW of Expiring		Annualized		Rent Per kW
Available	5,536		—	—		—		—		—		—		—		—
Month to Month ⁽³⁾	443		$98,605	2.4%		$222		$224		$99,496		—		—		—
2026	4,939		1,085,764	25.9%		220		220		1,087,655		—		—		—
2027	2,730		477,097	11.4%		175		180		490,429		—		—		—
2028	2,858		411,637	9.8%		144		153		436,190		—		—		—
2029	2,819		413,855	9.9%		147		158		445,997		—		—		—
2030	2,934		398,188	9.5%		136		147		432,662		—		—		—
2031	1,510		226,417	5.4%		150		172		260,147		—		—		—
2032	1,274		196,770	4.7%		154		175		222,773		—		—		—
2033	643		100,207	2.4%		156		180		115,358		—		—		—
2034	1,821		182,486	4.4%		100		116		210,614		—		—		—
2035	1,060		101,160	2.4%		95		107		113,741		—		—		—
Thereafter	4,292		501,718	12.0%		117		160		687,420		—		—		—

Total / Wtd. Avg.	32,858		$4,193,904	100.0%		$153		$168		$4,602,483		—		—		—

(1)

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

(2)	Annualized rent represents the monthly contractual base rent (defined as cash base rent before abatements) under existing leases as of December 31, 2025, 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 entities based on our ownership percentage.

Table of Contents

Top 20 Customers by Annualized Rent		Financial Supplement
Dollars in Thousands			Fourth Quarter 2025


									Weighted
									Average
				Annualized			% of Annualized		Remaining
		Number of		Recurring			Recurring		Lease Term in
	Customer	Locations		Revenue ⁽¹⁾			Revenue		Years
1	Fortune 50 Software Company	76			$547,189		11.7%		9.4
2	Oracle Corporation	42			424,130		9.0%		10.2
3	Social Content Platform	33			246,602		5.3%		2.9
4	Global Cloud Provider	64			212,744		4.5%		3.6
5	IBM	34			109,596		2.3%		2.6
6	Equinix	14			95,641		2.0%		4.6
7	LinkedIn Corporation	8			77,088		1.6%		2.5
8	Meta Platforms, Inc.	49			73,494		1.6%		2.8
9	Fortune 25 Investment Grade-Rated Company	29			67,366		1.4%		2.1
10	Social Media Platform	2			63,572		1.4%		5.4
11	Fortune 25 Tech Company	57			62,971		1.3%		4.1
12	Specialized Cloud Provider	4			61,554		1.3%		3.7
13	Lumen Technologies, Inc.	112			56,649		1.2%		8.2
14	AT&T	75			48,802		1.0%		2.4
15	Comcast Corporation	43			47,235		1.0%		2.5
16	JPMorgan Chase & Co.	21			44,326		0.9%		2.5
17	Quantitative Research and Investment Firm	2			41,524		0.9%		5.5
18	Morgan Stanley	13			39,944		0.9%		3.9
19	Rackspace	23			39,768		0.8%		9.1
20	Global Commerce Platform	13			39,500		0.8%		5.6
	Total / Weighted Average				$2,399,695		50.9%		6.1

(1)	Annualized recurring revenue represents the monthly contractual base rent (defined as cash base rent before abatements) and interconnection revenue under existing leases as of December 31, 2025, multiplied by 12.

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

Occupancy Analysis		Financial Supplement
Dollars and Square Feet in Thousands			Fourth Quarter 2025


	Net Rentable	Space Under Active	Space Held for	Annualized		Occupancy ⁽⁵⁾		White Space	Data Center
Metropolitan Area	Square Feet ⁽¹⁾	Development ⁽²⁾	Development ⁽³⁾	Rent ⁽⁴⁾		31-Dec-25	30-Sep-25	IT Load ⁽⁶⁾	Count
North America

Northern Virginia	5,200	309	283		$761,054	95.1%	95.0%	503.7	16
Chicago	2,230	565	68		251,774	93.9%	93.6%	82.4	7
New York	1,497	70	28		191,514	72.2%	72.3%	61.8	10
Dallas	2,660	408	246		189,680	82.6%	82.6%	92.3	16
Portland	1,147	—	—		159,403	99.9%	99.9%	122.5	3
Silicon Valley	1,175	13	37		154,319	81.7%	88.0%	91.2	11
Phoenix	783	19	—		73,279	75.6%	75.6%	44.6	2
Toronto	593	—	135		67,732	96.5%	96.5%	55.8	2
San Francisco	844	—	—		65,457	60.1%	58.9%	31.5	5
Seattle	412	—	—		64,352	67.5%	68.2%	5.9	1
Atlanta	154	68	314		51,444	76.7%	77.4%	11.3	3
Los Angeles	750	—	104		47,590	86.6%	83.5%	16.1	2
Houston	393	—	14		18,775	69.7%	69.7%	11.0	6
Boston	336	—	51		13,017	39.4%	40.9%	12.9	2
Austin	86	—	—		7,845	60.9%	60.8%	4.4	1
Miami	150	—	12		7,091	85.4%	85.5%	2.3	1
Charlotte	95	—	—		6,646	94.4%	94.3%	1.4	3
North America Total/Weighted Average	18,504	1,452	1,290		$2,130,972	85.5%	85.6%	1,151.0	91

EMEA

Frankfurt	2,102	1,071	—		$265,169	81.9%	83.8%	135.0	24
London	1,348	77	76		241,945	65.4%	65.7%	97.0	13
Amsterdam	1,425	202	19		216,485	81.4%	87.6%	127.2	13
Paris	1,262	622	—		191,592	84.4%	87.0%	122.6	12
Johannesburg	1,681	530	—		188,233	83.3%	83.2%	92.4	5
Zurich	596	—	—		88,512	78.2%	78.3%	44.9	3
Marseille	558	237	378		88,406	78.1%	76.5%	43.0	4
Dublin	555	—	—		70,548	76.1%	73.6%	39.1	9
Madrid	352	56	—		59,067	79.1%	79.3%	22.3	4
Vienna	356	133	—		56,300	82.2%	82.2%	27.2	3
Cape Town	326	402	—		50,581	89.3%	89.1%	21.1	2
Brussels	338	—	—		42,558	70.0%	70.8%	21.5	3
Copenhagen	226	—	99		27,235	72.7%	73.5%	12.8	3
Stockholm	245	—	—		23,873	46.4%	44.9%	15.1	6
Dusseldorf	181	55	—		21,861	50.8%	66.7%	8.4	3
Athens	148	61	—		20,382	82.8%	82.7%	9.0	4
Durban	59	—	—		8,156	69.6%	69.6%	2.1	1
Mombasa	37	—	21		4,957	47.3%	45.6%	1.9	2
Nairobi	16	75	—		3,981	66.7%	70.1%	0.9	1
Zagreb	34	—	—		3,159	66.8%	98.0%	1.6	1
Maputo	3	—	—		636	45.7%	45.7%	0.2	1
Crete	11	—	—		233	6.1%	4.6%	1.0	1
Rome	0	37	—		203	100.0%	100.0%	0.1	1
Lisbon	—	—	44		—	—	—	—	—
Barcelona	—	144	—		—	—	—	—	—
EMEA Total/Weighted Average	11,858	3,701	638		$1,674,070	77.9%	79.2%	846.1	119

Asia Pacific

Singapore	810	—	80		$239,622	89.9%	89.9%	72.2	3
Sydney	361	—	88		28,748	83.3%	83.3%	22.8	4
Hong Kong	180	—	104		22,644	88.2%	86.1%	13.5	1
Melbourne	147	—	—		18,929	90.3%	90.5%	9.6	2
Seoul	162	1,025	—		10,965	51.5%	35.6%	12.0	1
Asia Pacific Total/Weighted Average	1,660	1,025	272		$320,908	84.6%	82.7%	130.0	11


Consolidated Portfolio Total/Weighted Average	32,022	6,177	2,200		$4,125,949	82.6%	83.1%	2,127.2	221

Held For Sale ⁽⁷⁾	100	—	2		$6,762	71.5%	71.5%	4.4	1

Managed Unconsolidated entities

Northern Virginia	3,581	2,325	—		$376,530	97.4%	97.2%	276.5	15
Chicago	1,118	—	—		127,300	97.0%	97.0%	94.2	3
Frankfurt	551	—	—		58,867	86.3%	85.5%	46.1	5
Dallas	463	—	10		39,990	99.9%	99.9%	26.0	3
Silicon Valley	442	—	400		30,807	100.0%	100.0%	6.0	4
Paris	181	90	—		26,588	80.5%	80.5%	20.0	1
New York	144	—	—		20,224	100.0%	100.0%	7.2	1
Toronto	104	—	—		12,597	81.4%	81.4%	6.8	1
Los Angeles	196	—	—		10,850	81.9%	84.9%	4.5	2
Hong Kong	186	—	—		7,320	32.7%	32.9%	11.0	1
Lagos	8	26	—		3,504	61.9%	56.3%	1.7	3
Accra	24	—	—		84	1.1%	—	1.7	1
Managed Unconsolidated Portfolio Total/Weighted Average	7,000	2,441	409		$714,661	93.7%	93.5%	501.5	40

Managed Portfolio Total/Weighted Average	39,022	8,618	2,609		$4,840,611	84.6%	85.0%	2,628.7	261

Digital Realty Share Total/Weighted Average ⁽⁸⁾	32,858	6,001	2,541		$4,193,904	83.2%	83.6%	2,201.4	—

Non-Managed Unconsolidated entities

Sao Paulo	1,508	64	1,117		$203,391	98.8%	98.7%	127.0	25
Tokyo	1,261	336	—		123,724	77.7%	76.1%	86.1	5
Osaka	644	113	23		82,596	86.3%	85.1%	64.9	4
Santiago	214	47	47		27,742	95.4%	95.4%	16.2	3
Queretaro	105	—	583		13,959	100.0%	100.0%	8.0	3
Rio De Janeiro	112	—	—		11,620	100.0%	100.0%	8.0	2
Seattle	51	—	—		7,770	100.0%	100.0%	9.0	1
Jakarta	135	—	—		4,048	38.3%	30.1%	6.5	2
Fortaleza	94	—	—		2,101	15.9%	13.6%	6.2	1
Chennai	61	—	119		467	8.5%	8.5%	7.2	1
Mumbai	—	501	—		—	—	—	—	—
Bogota	—	—	197		—	—	—	—	2
Non-Managed Portfolio Total/Weighted Average	4,186	1,061	2,087		$477,419	85.3%	83.1%	339.0	49

Portfolio Total/Weighted Average	43,208	9,679	4,696		$5,318,029	84.7%	84.8%	2,967.7	310

(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 December 31, 2025, 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 targeted to be sold or contributed in 1Q26.

(8)	Represents consolidated portfolio plus our managed portfolio of unconsolidated entities based on our ownership percentage.

Table of Contents

Development Lifecycle ⁽¹⁾		Financial Supplement
Dollars in Thousands			Fourth Quarter 2025


	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	800	70		$2,038,688		$1,590,576	348	86%	4Q26		$1,396,096		$2,671,068		$4,067,164		$601,458		$767,916		$1,369,374
Chicago	70	—		66,590		66,590	66	73%	1Q27		228,724		689,847		918,571		228,724		689,847		918,571
Dallas	680	10		326,744		115,763	100	68%	4Q26		176,615		1,237,502		1,414,118		152,958		599,539		752,497
Other	1,050	130		2,289,356		2,190,435	9	59%	2Q26		82,256		75,424		157,680		47,577		51,936		99,513
Americas	2,600	210		$4,721,378		$3,963,363	523	81%			$1,883,692		$4,673,841		$6,557,533		$1,030,717		$2,109,237		$3,139,954	12.7%

Frankfurt	90	60		$1,035,476		$811,581	31	11%	1Q27		$421,477		$276,717		$698,194		$421,477		$276,717		$698,194
Amsterdam	40	—		40,882		40,882	26	47%	2Q26		259,742		109,527		369,268		259,742		109,527		369,268
Paris	230	50		503,508		442,613	22	45%	2Q27		137,909		229,812		367,721		42,223		211,004		253,227
Other	500	110		861,899		812,902	109	17%	1Q27		760,623		740,388		1,501,011		678,772		678,049		1,356,821
EMEA	860	220		$2,441,765		$2,107,979	188	23%			$1,579,751		$1,356,444		$2,936,195		$1,402,215		$1,275,297		$2,677,511	11.0%

Tokyo	30	—		$91,877		$45,939	28	41%	4Q26		$153,371		$176,246		$329,616		$76,685		$88,123		$164,808
Sydney	—	10		44,661		44,661	7	100%	2Q26		24,039		49,237		73,276		24,039		49,237		73,276
Osaka	40	—		25,660		12,830	12	50%	3Q26		50,711		60,987		111,697		25,355		30,493		55,849
Other	150	110		689,088		549,954	10	_	4Q26		16,011		75,533		91,544		5,332		25,152		30,484
APAC	220	120		$851,287		$653,384	58	43%			$244,131		$362,002		$606,133		$131,411		$193,006		$324,417	10.8%

Total	3,680	550		$8,014,429		$6,724,727	769	64%			$3,707,574		$6,392,287		$10,099,862		$2,564,343		$3,577,539		$6,141,883	11.9%

(1)	Includes development projects in consolidated and unconsolidated entities.

(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 December 31, 2025, 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 ventures projects.

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

(6)	Represents cost incurred through December 31, 2025.

(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)	Represents pre-tax estimated stabilized cash yields, which are based on total expected investment amounts and anticipated net operating income from leases signed or other assumptions based on market conditions.

Table of Contents

Construction Projects in Progress ⁽¹⁾		Financial Supplement
Dollars in Thousands			Fourth Quarter 2025


			100% Share ⁽²⁾						DLR Share ⁽³⁾
		Current		Future		Total			Current		Future		Total
Construction Projects in Progress		Investment ⁽⁴⁾ ⁽¹⁰⁾		Investment ⁽⁵⁾		Investment			Investment ^{(4) (6)} ⁽¹⁰⁾		Investment ⁽⁵⁾		Investment
Future Development Capacity ⁽⁷⁾			$3,862,671		$4,151,758		$8,014,429			$3,277,055		$3,447,672		$6,724,727
Data Center Construction			3,707,574		6,392,287		10,099,861			2,564,343		3,577,539		6,141,882
Equipment Pool & Other Inventory ⁽⁸⁾			279,942		—		279,942			279,942		—		279,942
Campus, Tenant Improvements & Other⁽⁹⁾			263,408		257,176		520,584			263,408		257,176		520,584
Total Land Held and Development CIP			$8,113,595		$10,801,221		$18,914,816			$6,384,748		$7,282,387		$13,667,135

Enhancement & Other			$7,844		$5,433		$13,277			$7,844		$5,433		$13,277
Recurring			43,494		41,378		84,872			43,494		41,378		84,872
Total Land Held and Construction in Progress			$8,164,933		$10,848,032		$19,012,965			$6,436,086		$7,329,198		$13,765,284

(1)	Includes development projects in consolidated and unconsolidated entities.

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

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

(4)	Represents cost incurred through December 31, 2025.

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

(6)

Excludes $113 million representing our partners' shares in consolidated entities included in Construction in Progress or Land Held for Future Development in our Consolidated Balance Sheet; includes $1,090 million representing Digital Realty's share in development projects classified as Investments in Unconsolidated entities 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 December 31, 2025, which benefit space recently converted to our operating portfolio and is composed primarily of shared infrastructure projects and first-generation tenant improvements. Includes $2.8 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.

(10)	Includes $336.4 million classified as assets held for sale and contribution in our Consolidated Balance Sheet related to development projects that are expected to be contributed to our Digital Realty DC Partners NA Fund.

Table of Contents

Historical Capital Expenditures and Investments in Real Estate		Financial Supplement
Dollars and Square Feet in Thousands			Fourth Quarter 2025


		Three Months Ended											Twelve Months Ended
		31-Dec-25		30-Sep-25	30-Jun-25			31-Mar-25			31-Dec-24		31-Dec-25			31-Dec-24

Non-Recurring Capital Expenditures⁽¹⁾

Development ⁽²⁾			$756,758	$532,590		$565,168			$686,622			$528,356		$2,541,138			$2,260,693

Enhancements and Other Non-Recurring			4,385	8,114		10,234			5,588			13,384		28,321			35,243

Total Non-Recurring Capital Expenditures			$761,143	$540,704		$575,402			$692,210			$541,740		$2,569,459			$2,295,936

Recurring Capital Expenditures ⁽³⁾			$168,539	$77,998		$62,083			$35,305			$130,245		$343,925			$305,712

Total Direct Capital Expenditures			$929,682	$618,702		$637,485			$727,515			$671,985		$2,913,384			$2,601,647

Indirect Capital Expenditures

Capitalized Interest			$34,783	$32,923		$29,393			$30,095			$34,442		$127,194			$118,868

Capitalized Overhead			37,696	35,767		37,445			29,693			28,983		140,601			111,226

Total Indirect Capital Expenditures			$72,479	$68,690		$66,838			$59,788			$63,425		$267,795			$230,094

Total Improvements to and Advances for Investment in Real Estate			$1,002,161	$687,392		$704,323			$787,303			$735,410		$3,181,179			$2,831,740

(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 prior to their contribution.

(3)

Table of Contents

Acquisitions / Dispositions/ Joint Ventures		Financial Supplement
Dollars and Square Feet in Thousands			Fourth Quarter 2025

Closed Acquisitions:




	Acquisition	Metropolitan	Date	Purchase	Cap
Property	Type	Area	Acquired	Price ⁽¹⁾	Rate ⁽²⁾
Petah Tikva	Land	Tel Aviv, Israel	11/5/2025	$7,065	NA
Hillsboro Campus	Land	Portland, OR	12/22/2025	23,600	NA
Carnaxide, Portugal	Land and Building	Lisbon, Portugal	12/30/2025	8,340	NA
Total				$39,005	—

Closed Dispositions:




	Disposition	Metropolitan	Date	Sale	Cap
Property	Type	Area	Disposed	Price ⁽¹⁾	Rate⁽²⁾
Alpha Road	Building	Dallas, TX	10/8/2025	$33,000	NA
Total				$33,000	—

Closed Joint Venture / Fund Contributions:




		Metropolitan				Contribution		Cap
Property		Area		Date		Price		Rate ⁽²⁾
		—		—		—		—
Total		—		—		—		—

(1)	Represents the purchase price or sale price, as applicable before contractual price adjustments, transaction expenses, taxes, and potential currency fluctuations. All prices were converted to USD based on FX rate as of December 31, 2025.

(2)

We calculate the cash capitalization rate on acquisitions, dispositions, and joint venture and fund 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.

Table of Contents

Unconsolidated Entities		Financial Supplement
Dollars in Thousands			Fourth Quarter 2025


Summary Balance Sheet -	As of December 31, 2025
at the JV's 100% Share		Americas ⁽¹⁾	APAC ⁽²⁾	EMEA ⁽³⁾	Global ⁽⁴⁾	Total

Gross cost of operating real estate		$9,750,350	$2,331,469	$962,858	$1,718,755	$14,763,432
Accumulated depreciation and amortization		(1,321,316)	(365,532)	(23,717)	(174,658)	(1,885,223)
Net Book Value of Operating Real Estate		$8,429,034	$1,965,937	$939,141	$1,544,097	$12,878,209
Cash		449,204	408,700	88,037	29,863	975,804
Other assets		1,904,561	240,401	242,158	500,330	2,887,450
Total Assets		$10,782,799	$2,615,038	$1,269,336	$2,074,290	$16,741,463

Debt		3,869,443	906,684	379,955	669,545	5,825,627
Other liabilities		1,017,228	220,761	323,583	512,728	2,074,300
Equity / (deficit)		5,896,128	1,487,593	565,798	892,017	8,841,536
Total Liabilities and Equity		$10,782,799	$2,615,038	$1,269,336	$2,074,290	$16,741,463

Digital Realty's Pro Rata Share of Unconsolidated entities Debt		$1,167,127	$438,752	$75,991	$215,754	$1,897,624


Summary Statement of Operations -	Three Months Ended December 31, 2025
at the JV's 100% Share		Americas ⁽¹⁾	APAC ⁽²⁾	EMEA ⁽³⁾	Global ⁽⁴⁾	Total

Total revenues		$291,321	$91,249	$17,341	$46,161	$446,072
Operating expenses		(121,920)	(41,237)	(5,998)	(22,419)	(191,574)
Net Operating Income (NOI)		$169,401	$50,012	$11,343	$23,742	$254,498

Straight-line rent		(8,471)	(1,505)	(2,961)	(552)	(13,489)
Above and below market rent		(2,881)	—	(939)	(3,069)	(6,889)
Cash Net Operating Income (NOI)		$158,049	$48,507	$7,443	$20,121	$234,120

Interest expense		($60,415)	($3,490)	($2,027)	($7,188)	($73,120)
Depreciation and amortization		(135,684)	(24,343)	(5,536)	(23,112)	(188,675)
Other income / (expense)		(4,972)	(5,698)	(1,668)	2,900	(9,438)
FX remeasurement on USD debt		10,584	—	5,788	(8,345)	8,027
Total Non-Operating Expenses		($190,487)	($33,531)	($3,443)	($35,745)	($263,206)

Net Income / (Loss)		($21,086)	$16,481	$7,900	($12,003)	($8,709)

Digital Realty's Pro Rata Share of Unconsolidated entities NOI		$59,463	$24,978	$2,465	$11,299	$98,205

Digital Realty's Pro Rata Share of Unconsolidated entities Cash NOI		$55,187	$24,227	$1,685	$9,386	$90,485

Digital Realty's Earnings (loss) income from unconsolidated entities		($13,012)	$7,851	$6,876	$2,944	$4,659

Digital Realty's Pro Rata Share of Core FFO ⁽⁵⁾		$22,728	$20,022	$1,220	$11,720	$55,690

Digital Realty's Fee Income from Unconsolidated entities		$28,508	$971	$1,908	$3,903	$35,290

(1)	Includes Ascenty, Blackstone NoVa, Clise, Digital Realty DC Partners NA Fund, GI Partners, Mapletree, Menlo, Mitsubishi, Realty Income, TPG Real Estate, and Walsh.

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

(3)	Includes Blackstone Frankfurt, 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 unconsolidated entities vary.

Table of Contents

Reconciliation of Earnings Before Interest, Taxes, Depreciation & Amortization and Financial Ratios		Financial Supplement
Unaudited and Dollars in Thousands			Fourth Quarter 2025


	Three Months Ended
Reconciliation of Earnings Before Interest, Taxes, Depreciation & Amortization (EBITDA) ⁽¹⁾		31-Dec-25	30-Sep-25	30-Jun-25	31-Mar-25	31-Dec-24

Net Income / (Loss) Available to Common Stockholders		$88,466	$57,631	$1,021,975	$99,793	$179,388
Interest		116,516	113,584	109,383	98,464	104,742
Gain (loss) on debt extinguishment and modifications		(9)	—	—	—	2,165
Income tax expense (benefit)		(9,673)	11,695	12,883	17,135	4,928
Depreciation and amortization		493,458	497,002	461,167	443,009	455,355
EBITDA		$688,758	$679,912	$1,605,408	$658,400	$746,578
Unconsolidated JV real estate related depreciation and amortization		70,260	65,922	59,172	55,861	49,463
Unconsolidated JV interest expense and tax expense		38,498	44,795	31,243	33,390	32,255
Severance, equity acceleration and legal expenses		4,937	1,794	2,262	2,428	2,346
Transaction and integration expenses		36,083	86,559	22,546	39,902	11,797
(Gain) / loss on sale of investments		(42,865)	(19,780)	(931,830)	(1,111)	(144,885)
Provision for impairment		78,553	—	—	—	22,881
Other non-core adjustments, net ⁽²⁾		(25,033)	2,523	9,545	(4,316)	24,539
Noncontrolling interests		(2,536)	(4,099)	14,790	(3,579)	(3,881)
Preferred stock dividends		10,181	10,181	10,181	10,181	10,181
Adjusted EBITDA		$856,836	$867,807	$823,319	$791,156	$751,276

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

(2)

Includes foreign exchange net unrealized gains/losses attributable to remeasurement, deferred rent adjustments related to a customer bankruptcy, impact of foreign tax rate changes, write offs associated with bankrupt or terminated customers, non-recurring legal and insurance expenses, gain on sale of land option and lease termination fees.

Three Months Ended

Financial Ratios

31-Dec-25

30-Sep-25

30-Jun-25

31-Mar-25

31-Dec-24

Total GAAP interest expense

$116,516

$113,584

$109,383

$98,464

$104,742

Capitalized interest

34,783

32,923

29,393

30,095

34,442

Change in accrued interest and other non-cash amounts

(52,014)

41,265

(92,065)

45,416

(58,137)

Cash Interest Expense ⁽³⁾

$99,285

$187,772

$46,711

$173,975

$81,046

Preferred stock dividends

10,181

Total Fixed Charges ⁽⁴⁾

$161,479

$156,687

$148,957

$138,739

$149,364

Coverage

Interest coverage ratio ⁽⁵⁾

4.8x

4.9x

5.0x

5.3x

4.5x

Cash interest coverage ratio ⁽⁶⁾

6.8x

3.9x

11.2x

4.1x

6.9x

Fixed charge coverage ratio ⁽⁷⁾

4.5x

4.6x

4.7x

4.9x

4.2x

Cash fixed charge coverage ratio ⁽⁸⁾

6.3x

3.8x

9.9x

3.9x

6.3x

Leverage

Debt to total enterprise value ^(9)(10)

25.1%

23.0%

23.2%

25.4%

21.4%

Debt-plus-preferred-stock-to-total-enterprise-value ^(10)(11)

26.1%

23.9%

24.1%

26.6%

22.3%

Pre-tax income to interest expense ⁽¹²⁾

1.8x

1.6x

10.6x

2.1x

2.8x

Net Debt-to-Adjusted EBITDA ⁽¹³⁾

4.9x

5.1x

4.8x

(3)	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.

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

(5)	Adjusted EBITDA (including our pro rata share of unconsolidated entities EBITDA), divided by GAAP interest expense plus capitalized interest (including our pro rata share of unconsolidated entities interest expense).

(6)	Adjusted EBITDA (including our pro rata share of unconsolidated entities EBITDA), divided by cash interest expense (including our pro rata share of unconsolidated entities interest expense).

(7)	Adjusted EBITDA (including our pro rata share of unconsolidated entities EBITDA), divided by fixed charges (including our pro rata share of unconsolidated entities fixed charges).

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

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

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

(11)	Same as (9), except numerator includes preferred stock.

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

(13)

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

Table of Contents

Management Statements on Non-GAAP Measures		Financial Supplement
Unaudited			Fourth Quarter 2025

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 noncontrolling interests in operating partnership and reconciling items related to noncontrolling 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 on debt extinguishment and modifications, (iv) gain on / issuance costs associated with redeemed preferred stock, (v) severance, equity acceleration and legal expenses, (vi) gain/loss on FX and derivatives 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 on debt extinguishment and modifications, 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 entities real estate related depreciation & amortization, (ii) unconsolidated entities interest expense 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) noncontrolling interests, (ix) preferred stock dividends, and (x) gain on / issuance costs associated with redeemed preferred stock. Adjusted EBITDA is EBITDA excluding (i) unconsolidated entities real estate related depreciation & amortization, (ii) unconsolidated entities 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) noncontrolling 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.

Table of Contents

Management Statements on Non-GAAP Measures		Financial Supplement
Unaudited			Fourth Quarter 2025

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, 2023 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 2024-2025, buildings classified as held for sale and contribution, 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

GAAP refers to United States generally accepted accounting principles.

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

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

Fixed charge coverage ratio is Adjusted EBITDA divided by the sum of GAAP interest expense, capitalized interest and preferred stock dividends. For the quarter ended December 31, 2025, GAAP interest expense was $117 million, capitalized interest was $35 million and preferred stock dividends were $10 million.


Reconciliation of Net Operating Income (NOI)		Three Months Ended								Twelve Months Ended
(in thousands)		31-Dec-25			30-Sep-25			31-Dec-24		31-Dec-25			31-Dec-24

Operating income			$112,624			$138,421			$144,322		$658,492			$471,864

Fee income			(45,692)			(36,398)			(23,316)		(137,160)			(64,888)
Other income			(372)			(4,746)			(40)		(6,614)			(7,608)
Depreciation and amortization			493,458			497,002			455,355		1,894,636			1,771,797
General and administrative			159,283			139,911			124,470		554,061			473,521
Severance, equity acceleration and legal expenses			4,937			1,794			2,346		11,421			6,502
Transaction and integration expenses			36,083			86,559			11,797		185,090			93,902
Provision for impairment			78,553			—			22,881		78,553			191,184
Other expenses			98			3,297			12,002		3,702			27,083

Net Operating Income			$838,972			$825,840			$749,818		$3,242,181			$2,963,357


Cash Net Operating Income (Cash NOI)

Net Operating Income			$838,972			$825,840			$749,818		$3,242,181			$2,963,357

Straight-line rental revenue			(34,359)			(33,196)			(22,577)		(101,264)			(46,395)
Straight-line rental expense			(140)			(297)			51		(882)			4,061
Above- and below-market rent amortization			(972)			(864)			(269)		(3,294)			(3,555)

Cash Net Operating Income			$803,501			$791,483			$727,022		$3,136,741			$2,917,467



Constant Currency Core FFO Reconciliation		Three Months Ended								Twelve Months Ended
(in thousands, except per share data)		31-Dec-25						31-Dec-24		31-Dec-25			31-Dec-24

Core FFO ⁽¹⁾			$650,210						$586,816		$2,557,849			$2,215,194
Core FFO impact of holding '24 Exchange Rates Constant ⁽²⁾			(16,372)						—		(33,721)			—

Constant Currency Core FFO			$633,838						$586,816		$2,524,128			$2,215,194
Weighted-average shares and units outstanding - diluted			349,740						339,982		346,086			329,899
Constant Currency Core FFO Per Share			$1.81						$1.73		$7.29			$6.71

1)	As reconciled to net income above.

2)	Adjustment calculated by holding currency translation rates for 2025 constant with average currency translation rates that were applicable to the same periods in 2024.

Table of Contents

Forward-Looking Statements		Financial Supplement
			Fourth Quarter 2025

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, 2026 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:

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

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

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increased competition or available supply of data center space;

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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;

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

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

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

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

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the impact from periods of heightened inflation on our costs, such as operating and general and administrative expenses, interest expense and real estate acquisition and construction costs;

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the impact on our customers’ and our suppliers’ operations during an epidemic, pandemic, or other global events;

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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;

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changes in political conditions, geopolitical turmoil, political instability, civil disturbances, restrictive governmental actions or nationalization in the countries in which we operate;

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

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information security and data privacy breaches;

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

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

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

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difficulties in identifying properties to acquire and completing acquisitions;

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

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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;

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

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financial market fluctuations and changes in foreign currency exchange rates;

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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;

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our inability to manage our growth effectively;

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losses in excess of our insurance coverage;

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our inability to attract and retain talent;

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

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

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

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

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

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restrictions on our ability to engage in certain business activities;

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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

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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, 2024, 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.