Digital Realty Reports Fourth Quarter 2024 Results

, /PRNewswire/ -- 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 2024. All per share results are presented on a fully diluted basis. Highlights Reported net income available to common stockholders of $0.51 per share in 4Q24, compared to $0.03 in 4Q23 Reported FFO per share of $1.61 in 4Q24, compared to $1.53 in 4Q23 Reported Core FFO per share of $1.73 in 4Q24, compared to $1.63 in 4Q23 Reported rental rate increases on renewal leases of 4.7% on a cash basis in 4Q24 Signed total bookings during 4Q24 that are expected to generate $100 million of annualized GAAP rental revenue, including a record $76 million contribution from the 0–1 megawatt plus interconnection category Reported backlog of $797 million of annualized GAAP base rent at the end of 4Q24 Introduced 2025 Constant-Currency Core FFO per share outlook of $7.05 - $7.15 Financial Results Digital Realty reported revenues of $1.4 billion in the fourth quarter of 2024, a slight increase from the previous quarter and a 5% increase from the same quarter last year. The company delivered net income of $186 million in the fourth quarter of 2024, and net income available to common stockholders of $179 million, or $0.51 per share, compared to $0.09 per share in the previous quarter and $0.03 per share in the same quarter last year. Digital Realty generated Adjusted EBITDA of $751 million in the fourth quarter of 2024, a 1% decrease from the previous quarter and a 7% increase over the same quarter last year. The company reported Funds From Operations (FFO) of $545 million in the fourth quarter of 2024, or $1.61 per share, compared to $1.55 per share in the previous quarter and $1.53 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 $1.73 in the fourth quarter of 2024, compared to $1.67 per share in the previous quarter and $1.63 per share in the same quarter last year. Digital Realty delivered Constant-Currency Core FFO per share of $1.73 for the fourth quarter of 2024 and $6.72 per share for the twelve-month period ended December 31, 2024. "2024 was a remarkable year for Digital Realty, with record leasing driving impressive growth in our revenue backlog, and providing compelling visibility into our accelerating earnings growth," said Digital Realty President & Chief Executive Officer Andy Power. "In the fourth quarter, we achieved multiple milestones across our growing 0-1 megawatt plus interconnection segment, eclipsing last quarter's bookings record and adding a record 166 new customers to the platform, demonstrating the continued success of our global, full spectrum data center strategy." Leasing Activity In the fourth quarter, Digital Realty signed total bookings that are expected to generate $100 million of annualized GAAP rental revenue, including a $62 million contribution from the 0–1 megawatt category and a $15 million contribution from interconnection. The weighted-average lag between new leases signed during the fourth quarter of 2024 and the contractual commencement date was six months. The backlog of signed-but-not-commenced leases at quarter-end was $797 million of annualized GAAP base rent at Digital Realty's share. In addition to new leases signed, Digital Realty also signed renewal leases representing $250 million of annualized cash rental revenue during the quarter. Rental rates on renewal leases signed during the fourth quarter of 2024 increased 4.7% on a cash basis and 9.1% on a GAAP basis. 1 New leases signed during the fourth quarter of 2024 are summarized by region and product as follows: Annualized GAAP Base Rent Square Feet GAAP Base Rent GAAP Base Rent Americas (in thousands) (in thousands) per Square Foot Megawatts per Kilowatt 0-1 MW $29,612 90 $329 8.9 $277 > 1 MW 3,978 20 197 2.2 154 Other (1) 409 7 58 — — Total $33,999 117 $290 11.1 $253 EMEA (2) 0-1 MW $25,997 100 $259 9.4 $232 > 1 MW 9,121 63 146 5.6 136 Other (1) 91 1 97 — — Total $35,209 164 $215 15.0 $196 Asia Pacific (2) 0-1 MW $6,139 19 $322 1.5 $352 > 1 MW 9,474 48 196 5.8 136 Other (1) 100 1 70 — — Total $15,713 69 $229 7.3 $179 All Regions (2) 0-1 MW $61,748 209 $295 19.7 $261 > 1 MW 22,573 131 172 13.6 139 Other (1) 599 9 64 — — Total $84,920 350 $243 33.3 $211 Interconnection $14,587 N/A N/A N/A N/A Grand Total $99,507 350 $243 33.3 $211 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, 2024. Investment Activity As previously disclosed, during the quarter, Digital Realty closed on the acquisition of a 6.7-acre parcel in Richardson, Texas, adjacent to its existing campus, for approximately $15 million, which can support the development of up to 100 megawatts of incremental IT capacity. During the quarter, Digital Realty also closed on the following acquisitions: 156 acres of land in Charlotte, North Carolina for $160 million, which can support up to 400 megawatts of IT capacity Three acres of land in Madrid, Spain for approximately €25 million or $26 million, which can support up to 24 megawatts of IT capacity During the quarter, Digital Realty closed on the following dispositions: A facility in San Jose, California for approximately $10 million A facility in Trumbull, Connecticut for approximately $10 million A facility in Redhill, United Kingdom for approximately £64 million or $80 million Also, during the quarter, Digital Realty closed on the sale to Digital Core REIT (SGX: DCRU) of an additional 15.1% interest in a data center located in Frankfurt, Germany for approximately €71 million or $74 million. The transaction valued the Frankfurt facility at €470 million or $508 million (at 100% share). Including two prior investments, Digital Core REIT now owns a 65% interest in this Frankfurt data center. Further during the quarter, Digital Realty and Blackstone Inc. closed on the second phase of their $7 billion hyperscale data center development joint venture. The second phase includes portions of data center campuses in Frankfurt and Northern Virginia, which will support the growth of existing hyperscale data center capacity in the regions. 2 Balance Sheet Digital Realty had approximately $16.7 billion of total debt outstanding as of December 31, 2024, comprised of $16.0 billion of unsecured debt and approximately $0.7 billion of secured debt and other. At the end of the fourth quarter of 2024, net debt-to-Adjusted EBITDA was 4.8x, debt-plus-preferred-to-total enterprise value was 22.3% and fixed charge coverage was 4.2x. Digital Realty completed the following financing transactions during the fourth quarter: In November, the company issued $1.15 billion of 1.875% exchangeable notes due 2029, for net proceeds of approximately $1.13 billion; In November, the company repaid a $500 million term loan; and The company also sold 5.0 million shares of common stock under its At-The-Market (ATM) equity issuance program at a weighted average price of $185.63 per share, for net proceeds of approximately $923 million. Subsequent to quarter end, the company issued €850 million of 3.875% notes due 2035, for net proceeds of approximately €841 million ($867 million). In January, the company also repaid £400 million ($501 million) of 4.25% senior notes. 3 2025 Outlook Digital Realty introduced its 2025 Constant-Currency Core FFO per share outlook of $7.05 - $7.15. The assumptions underlying the outlook are summarized in the following table. As of Top-Line and Cost Structure February 13, 2025 Total revenue $5.800 - $5.900 billion Net non-cash rent adjustments (1) ($45 - $50 million) Adjusted EBITDA $3.100 - $3.200 billion G&A $500 - $510 million Internal Growth Rental rates on renewal leases Cash basis 4.0% - 6.0% GAAP basis 6.0% - 8.0% Year-end portfolio occupancy +100 - 200 bps "Same-Capital" cash NOI growth (2) 3.5% - 4.5% Foreign Exchange Rates U.S. Dollar / Pound Sterling $1.20 - $1.25 U.S. Dollar / Euro $1.00 - $1.05 External Growth Dispositions / Joint Venture Capital Dollar volume $500 - $1,000 million Cap rate 0.0% - 10.0% Development CapEx (Net of Partner Contributions) (3) $3,000 - $3,500 million Average stabilized yields 10.0%+ Enhancements and other non-recurring CapEx (4) $30 - $35 million Recurring CapEx + capitalized leasing costs (5) $320 - $335 million Balance Sheet Long-term debt issuance Dollar amount $900 - $1,500 million Pricing 5.0% - 5.5% Net income per diluted share $2.10 - $2.20 Real estate depreciation and (gain) / loss on sale $4.50 - $4.50 Funds From Operations / share (NAREIT-Defined) $6.60 - $6.70 Non-core expenses and revenue streams $0.40 - $0.40 Core Funds From Operations / share $7.00 - $7.10 Foreign currency translation adjustments $0.05 - $0.05 Constant-Currency Core Funds From Operations / share $7.05 - $7.15 (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) The "Same-Capital" pool includes properties owned as of December 31, 2023 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 2024-2025, properties classified as held for sale, and properties sold or contributed to joint ventures for all periods presented. The 2025 "Same-Capital" cash NOI growth outlook is presented on a constant currency basis. (3) Excludes land acquisitions and includes Digital Realty's share of JV contributions. Figure is net of JV partner contributions. (4) Other non-recurring CapEx represents costs incurred to enhance the capacity or marketability of operating properties, such as network fiber initiatives and software development costs. (5) Recurring CapEx represents non-incremental improvements required to maintain current revenues, including second-generation tenant improvements and leasing commissions. Note: The company does not provide a reconciliation for non-GAAP estimates on a forward-looking basis, where it is unable to provide a meaningful or accurate calculation or estimation of reconciling items, and the information is not available without unreasonable effort. Please see Non-GAAP Financial Measures in this document for further discussion. 4 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, 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 13, 2025, 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 2024 financial results and operating performance. The conference call will feature President & Chief Executive Officer Andy Power and Chief Financial Officer Matt Mercier. To participate in the live call, investors are invited to dial +1 (888) 317-6003 (for domestic callers) or +1 (412) 317-6061 (for international callers) and reference the conference ID# 5600611 at least five minutes prior to start time. A live webcast of the call will be available via the Investors section of Digital Realty's website at https://investor.digitalrealty.com. Telephone and webcast replays will be available after the call until March 13, 2025. The telephone replay can be accessed by dialing +1 (877) 344-7529 (for domestic callers) or +1 (412) 317-0088 (for international callers) and providing the conference ID# 3368293. The webcast replay can be accessed on Digital Realty's website. About Digital Realty Digital Realty brings companies and data together by delivering the full spectrum of data center, colocation, and interconnection solutions. PlatformDIGITAL®, the company's global data center platform, provides customers with a secure data meeting place and a proven Pervasive Datacenter Architecture (PDx®) solution methodology for powering innovation and efficiently managing Data Gravity challenges. Digital Realty gives its customers access to the connected data communities that matter to them with a global data center footprint of 300+ facilities in 50+ metros across 25+ countries on six continents. To learn more about Digital Realty, please visit digitalrealty.com or follow us on LinkedIn and X. Contact Information Matt MercierChief Financial OfficerDigital Realty(415) 874-2803 Jordan Sadler / Jim HusebyInvestor Relations Digital Realty(415) 275-5344 5 Consolidated Quarterly Statements of Operations Fourth Quarter 2024 Unaudited and in Thousands, Except Per Share Data Three Months Ended Twelve Months Ended 31-Dec-24 30-Sep-24 30-Jun-24 31-Mar-24 31-Dec-23 31-Dec-24 31-Dec-23 Rental revenues $958,892 $956,351 $912,994 $894,409 $885,694 $3,722,646 $3,512,926 Tenant reimbursements - Utilities 302,664 305,097 274,505 276,357 316,634 1,158,623 1,299,676 Tenant reimbursements - Other 38,591 39,624 41,964 38,434 46,418 158,612 197,636 Interconnection & other 112,360 112,655 109,505 108,071 106,413 442,591 419,934 Fee income 23,316 12,907 15,656 13,010 14,330 64,888 44,926 Other 40 4,581 2,125 862 144 7,608 1,963 Total Operating Revenues $1,435,862 $1,431,214 $1,356,749 $1,331,143 $1,369,633 $5,554,968 $5,477,061 Utilities $337,534 $356,063 $315,248 $324,571 $366,083 $1,333,416 $1,471,836 Rental property operating 273,104 249,796 237,653 224,369 237,118 984,921 909,830 Property taxes 46,044 45,633 49,620 41,156 40,161 182,453 199,581 Insurance 6,007 4,869 4,755 2,694 3,794 18,325 16,823 Depreciation & amortization 455,355 459,997 425,343 431,102 420,475 1,771,797 1,694,859 General & administration 124,470 115,120 119,511 114,419 109,235 473,521 431,004 Severance, equity acceleration and legal expenses 2,346 2,481 884 791 7,565 6,502 18,054 Transaction and integration expenses 11,797 24,194 26,072 31,839 40,226 93,902 84,722 Provision for impairment 22,881 — 168,303 — 5,363 191,184 118,363 Other expenses 12,002 4,774 (529) 10,836 5,580 27,083 7,529 Total Operating Expenses $1,291,540 $1,262,928 $1,346,860 $1,181,776 $1,235,598 $5,083,104 $4,952,600 Operating Income $144,322 $168,286 $9,889 $149,367 $134,035 $471,864 $524,461 Equity in earnings / (loss) of unconsolidated joint ventures (36,201) (26,486) (41,443) (16,008) (29,955) (120,138) (29,791) Gain / (loss) on sale of investments 144,885 (556) 173,709 277,787 (103) 595,825 900,531 Interest and other income / (expense), net 44,517 37,756 62,261 9,709 50,269 154,243 68,431 Interest (expense) (104,742) (123,803) (114,756) (109,535) (113,638) (452,836) (437,741) Income tax benefit / (expense) (4,928) (12,427) (14,992) (22,413) (20,724) (54,760) (75,579) Loss on debt extinguishment and modifications (2,165) (2,636) — (1,070) — (5,871) — Net Income $185,688 $40,134 $74,668 $287,837 $19,884 $588,327 $950,311 Net (income) / loss attributable to noncontrolling interests 3,881 11,059 5,552 (6,329) 8,419 14,163 (1,474) Net Income Attributable to Digital Realty Trust, Inc. $189,569 $51,193 $80,220 $281,508 $28,304 $602,490 $948,838 Preferred stock dividends (10,181) (10,181) (10,181) (10,181) (10,181) (40,725) (40,725) Net Income / (Loss) Available to Common Stockholders $179,388 $41,012 $70,039 $271,327 $18,122 $561,766 $908,113 Weighted-average shares outstanding - basic 333,376 327,977 319,537 312,292 305,781 323,336 298,603 Weighted-average shares outstanding - diluted 340,690 336,249 327,946 320,798 314,995 331,547 309,065 Weighted-average fully diluted shares and units 346,756 342,374 334,186 326,975 321,173 337,697 315,113 Net income / (loss) per share - basic $0.54 $0.13 $0.22 $0.87 $0.06 $1.74 $3.04 Net income / (loss) per share - diluted $0.51 $0.09 $0.20 $0.82 $0.03 $1.61 $2.88 6 Funds From Operations and Core Funds From Operations Fourth Quarter 2024 Unaudited and in Thousands, Except Per Share Data Three Months Ended Twelve Months Ended Reconciliation of Net Income to Funds From Operations (FFO) 31-Dec-24 30-Sep-24 30-Jun-24 31-Mar-24 31-Dec-23 31-Dec-24 31-Dec-23 Net Income / (Loss) Available to Common Stockholders $179,388 $41,012 $70,039 $271,327 $18,122 $561,766 $908,113 Adjustments: Non-controlling interest in operating partnership 4,000 1,000 1,500 6,200 410 12,700 20,710 Real estate related depreciation & amortization (1) 445,462 449,086 414,920 420,591 410,167 1,730,059 1,657,239 Reconciling items related to non-controlling interests (19,531) (19,746) (17,317) (8,017) (15,377) (64,612) (57,477) Unconsolidated JV real estate related depreciation & amortization 49,463 48,474 47,117 47,877 64,833 192,931 177,153 (Gain) / loss on real estate transactions (137,047) 556 (173,709) (286,704) 103 (596,904) (908,356) Provision for impairment 22,881 — 168,303 — 5,363 191,185 118,363 Funds From Operations $544,616 $520,382 $510,852 $451,273 $483,621 $2,027,122 $1,915,745 Weighted-average shares and units outstanding - basic 339,442 334,103 325,777 318,469 311,960 329,485 304,651 Weighted-average shares and units outstanding - diluted (2) (3) 346,756 342,374 334,186 326,975 321,173 337,697 315,113 Funds From Operations per share - basic $1.60 $1.56 $1.57 $1.42 $1.55 $6.15 $6.29 Funds From Operations per share - diluted (2) (3) $1.61 $1.55 $1.57 $1.41 $1.53 $6.14 $6.20 Three Months Ended Twelve Months Ended Reconciliation of FFO to Core FFO 31-Dec-24 30-Sep-24 30-Jun-24 31-Mar-24 31-Dec-23 31-Dec-24 31-Dec-23 Funds From Operations $544,616 $520,382 $510,852 $451,273 $483,621 $2,027,122 $1,915,745 Other non-core revenue adjustments (4) 4,537 (4,583) (33,818) 3,525 (146) (30,339) 26,393 Transaction and integration expenses 11,797 24,194 26,072 31,839 40,226 93,902 84,722 Loss on debt extinguishment and modifications 2,165 2,636 — 1,070 — 5,871 — Severance, equity acceleration and legal expenses (5) 2,346 2,481 884 791 7,565 6,502 18,054 (Gain) / Loss on FX and derivatives revaluation 7,127 1,513 32,222 33,602 (24,804) 74,464 (39,000) Other non-core expense adjustments (6) 14,229 11,120 2,271 10,052 1,956 37,671 3,905 Core Funds From Operations $586,816 $557,744 $538,482 $532,153 $508,417 $2,215,194 $2,009,820 Weighted-average shares and units outstanding - diluted (2) (3) 339,982 334,476 326,181 319,138 312,356 329,899 305,138 Core Funds From Operations per share - diluted (2) $1.73 $1.67 $1.65 $1.67 $1.63 $6.71 $6.59 (1) Real Estate Related Depreciation & Amortization Three Months Ended Twelve Months Ended 31-Dec-24 30-Sep-24 30-Jun-24 31-Mar-24 31-Dec-23 31-Dec-24 31-Dec-23 Depreciation & amortization per income statement $455,355 $459,997 $425,343 $431,102 $420,475 $1,771,798 $1,694,859 Non-real estate depreciation (9,894) (10,911) (10,424) (10,511) (10,308) (41,739) (37,619) Real Estate Related Depreciation & Amortization $445,462 $449,086 $414,920 $420,591 $410,167 $1,730,059 $1,657,239 (2) Certain of Teraco's minority indirect shareholders have the right to put their shares in an upstream parent company of Teraco to Digital Realty in exchange for cash or the equivalent value of shares of Digital Realty common stock, or a combination thereof. US GAAP requires Digital Realty to assume the put right is settled in shares for purposes of calculating diluted EPS. This same approach was utilized to calculate FFO/share. The potential future dilutive impact associated with this put right will be excluded from Core FFO and AFFO until settlement occurs – causing diluted share count to be higher for FFO than for Core FFO and AFFO. When calculating diluted FFO, Teraco related minority interest is added back to the FFO numerator as the denominator assumes all shares have been put back to Digital Realty. Three Months Ended Twelve Months Ended 31-Dec-24 30-Sep-24 30-Jun-24 31-Mar-24 31-Dec-23 31-Dec-24 31-Dec-23 Teraco noncontrolling share of FFO $14,905 $9,828 $12,453 $9,768 $7,135 $46,954 $39,386 Teraco related minority interest $14,905 $9,828 $12,453 $9,768 $7,135 $46,954 $39,386 (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, joint venture 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 and adjustments to reflect our proportionate share of transaction costs associated with noncontrolling interests. 7 Adjusted Funds From Operations (AFFO) Fourth Quarter 2024 Unaudited and in Thousands, Except Per Share Data Three Months Ended Twelve Months Ended Reconciliation of Core FFO to AFFO 31-Dec-24 30-Sep-24 30-Jun-24 31-Mar-24 31-Dec-23 31-Dec-24 31-Dec-23 Core FFO available to common stockholders and unitholders $586,816 $557,744 $538,482 $532,153 $508,417 $2,215,194 $2,009,820 Adjustments: Non-real estate depreciation 9,894 10,911 10,424 10,511 10,308 41,739 37,619 Amortization of deferred financing costs 5,697 4,853 5,072 5,576 5,744 21,198 21,575 Amortization of debt discount/premium 1,324 1,329 1,321 1,832 973 5,805 4,973 Non-cash stock-based compensation expense 13,386 15,026 14,464 12,592 9,226 55,468 50,238 Straight-line rental revenue (18,242) (17,581) 334 9,976 (21,992) (25,513) (68,417) Straight-line rental expense (136) 1,690 782 1,111 (4,999) 3,447 (3,567) Above- and below-market rent amortization (269) (742) (1,691) (854) (856) (3,555) (4,404) Deferred tax (benefit) / expense (15,048) (9,366) (9,982) (3,437) 33,448 (37,834) 16,452 Leasing compensation & internal lease commissions 10,505 10,918 10,519 13,291 9,848 45,233 45,040 Recurring capital expenditures (1) (130,245) (67,308) (60,483) (47,676) (142,808) (305,712) (327,022) AFFO available to common stockholders and unitholders (2) $463,682 $507,474 $509,241 $535,073 $407,306 $2,015,471 $1,782,308 Weighted-average shares and units outstanding - basic 339,442 334,103 325,777 318,469 311,960 329,485 304,651 Weighted-average shares and units outstanding - diluted (3) 339,982 334,476 326,181 319,138 312,356 329,899 305,138 AFFO per share - diluted (3) $1.36 $1.52 $1.56 $1.68 $1.30 $6.11 $5.84 Dividends per share and common unit $1.22 $1.22 $1.22 $1.22 $1.22 $4.88 $4.88 Diluted AFFO Payout Ratio 89.5 % 80.4 % 78.1 % 72.8 % 93.6 % 79.9 % 83.5 % Three Months Ended Twelve Months Ended Share Count Detail 31-Dec-24 30-Sep-24 30-Jun-24 31-Mar-24 31-Dec-23 31-Dec-24 31-Dec-23 Weighted Average Common Stock and Units Outstanding 339,442 334,103 325,777 318,469 311,960 329,485 304,651 Add: Effect of dilutive securities 540 373 404 669 396 413 487 Weighted Avg. Common Stock and Units Outstanding - diluted 339,982 334,476 326,181 319,138 312,356 329,899 305,138 (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. 8 Consolidated Balance Sheets Fourth Quarter 2024 Unaudited and in Thousands, Except Per Share Data 31-Dec-24 30-Sep-24 30-Jun-24 31-Mar-24 31-Dec-23 Assets Investments in real estate: Real estate $27,558,993 $28,808,770 $27,470,635 $27,122,796 $27,306,369 Construction in progress 5,164,334 5,175,054 4,676,012 4,496,840 4,635,215 Land held for future development 38,785 23,392 93,938 114,240 118,190 Investments in Real Estate $32,762,112 $34,007,216 $32,240,584 $31,733,877 $32,059,773 Accumulated depreciation and amortization (8,641,331) (8,777,002) (8,303,070) (7,976,093) (7,823,685) Net Investments in Properties $24,120,781 $25,230,214 $23,937,514 $23,757,784 $24,236,089 Investment in unconsolidated joint ventures 2,639,800 2,456,448 2,332,698 2,365,821 2,295,889 Net Investments in Real Estate $26,760,582 $27,686,662 $26,270,212 $26,123,605 $26,531,977 Operating lease right-of-use assets, net $1,178,853 $1,228,507 $1,211,003 $1,233,410 $1,414,256 Cash and cash equivalents 3,870,891 2,175,605 2,282,062 1,193,784 1,625,495 Accounts and other receivables, net (1) 1,257,464 1,274,460 1,222,403 1,217,276 1,278,110 Deferred rent, net 642,456 641,778 613,749 611,670 624,427 Goodwill 8,929,431 9,395,233 9,128,811 9,105,026 9,239,871 Customer relationship value, deferred leasing costs & other intangibles, net 2,178,054 2,367,467 2,315,143 2,359,380 2,500,237 Assets held for sale — — — 287,064 478,503 Other assets 465,885 525,679 563,500 501,875 420,382 Total Assets $45,283,616 $45,295,392 $43,606,883 $42,633,089 $44,113,257 Liabilities and Equity Global unsecured revolving credit facilities, net $1,611,308 $1,786,921 $1,848,167 $1,901,126 $1,812,287 Unsecured term loans, net 386,903 913,733 1,297,893 1,303,263 1,560,305 Unsecured senior notes, net of discount 13,962,852 13,528,061 12,507,551 13,190,202 13,422,342 Secured and other debt, net of discount 753,314 757,831 686,135 625,750 630,973 Operating lease liabilities 1,294,219 1,343,903 1,336,839 1,357,751 1,542,094 Accounts payable and other accrued liabilities 2,056,215 2,140,764 1,973,798 1,870,344 2,168,983 Deferred tax liabilities, net 1,084,562 1,223,771 1,132,090 1,121,224 1,151,096 Accrued dividends and distributions 418,661 — — — 387,988 Security deposits and prepaid rents 539,802 423,797 416,705 413,225 401,867 Obligations associated with assets held for sale — — — 9,981 39,001 Total Liabilities $22,107,836 $22,118,781 $21,199,178 $21,792,866 $23,116,936 Redeemable non-controlling interests 1,433,185 1,465,636 1,399,889 1,350,736 1,394,814 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) 3,337 3,285 3,231 3,097 3,088 Additional paid-in capital 28,079,738 27,229,143 26,388,393 24,508,683 24,396,797 Dividends in excess of earnings (6,292,085) (6,060,642) (5,701,096) (5,373,529) (5,262,648) Accumulated other comprehensive (loss), net (1,182,283) (657,364) (884,715) (850,091) (751,393) Total Stockholders' Equity $21,340,397 $21,246,112 $20,537,503 $19,019,850 $19,117,535 Noncontrolling Interests Noncontrolling interest in operating partnership $396,099 $427,930 $434,253 $438,422 $438,081 Noncontrolling interest in consolidated joint ventures 6,099 36,933 36,060 31,215 45,892 Total Noncontrolling Interests $402,198 $464,863 $470,313 $469,637 $483,972 Total Equity $21,742,595 $21,710,975 $21,007,816 $19,489,487 $19,601,507 Total Liabilities and Equity $45,283,616 $45,295,392 $43,606,883 $42,633,089 $44,113,257 (1) Net of allowance for doubtful accounts of $59,224 and $41,204 as of December 31, 2024 and December 31, 2023, respectively. (2) Series J Cumulative Redeemable Preferred Stock, 5.250%, $200,000 liquidation preference ($25.00 per share), 8,000 shares issued and outstanding as of December 31, 2024 and December 31, 2023. (3) Series K Cumulative Redeemable Preferred Stock, 5.850%, $210,000 liquidation preference ($25.00 per share), 8,400 shares issued and outstanding as of December 31, 2024 and December 31, 2023. (4) Series L Cumulative Redeemable Preferred Stock, 5.200%, $345,000 liquidation preference ($25.00 per share), 13,800 shares issued and outstanding as of December 31, 2024 and December 31, 2023. (5) Common Stock: 336,637 and 311,608 shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively. 9 Reconciliation of Earnings Before Interest, Taxes, Depreciation & Amortization and Financial Ratios Fourth Quarter 2024 Unaudited and Dollars in Thousands Three Months Ended Reconciliation of Earnings Before Interest, Taxes, Depreciation & Amortization (EBITDA) (1) 31-Dec-24 30-Sep-24 30-Jun-24 31-Mar-24 31-Dec-23 Net Income / (Loss) Available to Common Stockholders $179,388 $41,012 $70,039 $271,327 $18,122 Interest 104,742 123,803 114,756 109,535 113,638 Loss on debt extinguishment and modifications 2,165 2,636 — 1,070 — Income tax expense (benefit) 4,928 12,427 14,992 22,413 20,724 Depreciation & amortization 455,355 459,997 425,343 431,102 420,475 EBITDA $746,578 $639,875 $625,130 $835,446 $572,958 Unconsolidated JV real estate related depreciation & amortization 49,463 48,474 47,117 47,877 64,833 Unconsolidated JV interest expense and tax expense 32,255 34,951 27,704 34,271 42,140 Severance, equity acceleration and legal expenses 2,346 2,481 884 791 7,565 Transaction and integration expenses 11,797 24,194 26,072 31,839 40,226 (Gain) / loss on sale of investments (144,885) 556 (173,709) (277,787) 103 Provision for impairment 22,881 — 168,303 — 5,363 Other non-core adjustments, net (2) 24,539 8,642 743 21,608 (35,439) Non-controlling interests (3,881) (11,059) (5,552) 6,329 (8,419) Preferred stock dividends 10,181 10,181 10,181 10,181 10,181 Adjusted EBITDA $751,276 $758,296 $726,874 $710,556 $699,509 (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, 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-24 30-Sep-24 30-Jun-24 31-Mar-24 31-Dec-23 Total GAAP interest expense $104,742 $123,803 $114,756 $109,535 $113,638 Capitalized interest 34,442 28,312 27,592 28,522 33,032 Change in accrued interest and other non-cash amounts (58,137) 43,720 (55,605) 55,421 (66,013) Cash Interest Expense (3) $81,046 $195,835 $86,743 $193,479 $80,657 Preferred stock dividends 10,181 10,181 10,181 10,181 10,181 Total Fixed Charges (4) $149,364 $162,296 $152,529 $148,239 $156,851 Coverage Interest coverage ratio (5) 4.5x 4.3x 4.3x 4.3x 4.2x Cash interest coverage ratio (6) 6.9x 3.4x 6.4x 6.3x 3.2x Fixed charge coverage ratio (7) 4.2x 4.1x 4.1x 4.0x 4.0x Cash fixed charge coverage ratio (8) 6.3x 3.3x 5.9x 3.1x 5.9x Leverage Debt to total enterprise value (9)(10) 21.4 % 23.5 % 24.2 % 24.2 % 26.7 % Debt-plus-preferred-stock-to-total-enterprise-value (10)(11) 22.3 % 24.5 % 25.3 % 25.3 % 27.9 % Pre-tax income to interest expense (12) 2.8x 1.3x 1.7x 3.5x 1.2x Net Debt-to-Adjusted EBITDA (13) 4.8x 5.4x 5.3x 5.7x 6.0x (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 divided by GAAP interest expense plus capitalized interest (including our pro rata share of unconsolidated joint venture interest expense). (6) Adjusted EBITDA divided by cash interest expense (including our pro rata share of unconsolidated joint venture interest expense). (7) Adjusted EBITDA divided by fixed charges (including our pro rata share of unconsolidated joint venture fixed charges). (8) Adjusted EBITDA divided by the sum of cash interest expense and preferred stock dividends (including our pro rata share of unconsolidated joint venture cash fixed charges). (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 capital lease obligations, plus Digital Realty's pro rata share of unconsolidated joint venture debt, less cash and cash equivalents (including Digital Realty's pro rata share of unconsolidated joint venture cash) divided by the product of Adjusted EBITDA (including Digital Realty's pro rata share of unconsolidated joint venture EBITDA), multiplied by four. 10 Definitions Funds From Operations (FFO): We calculate funds from operations, or FFO, in accordance with the standards established by the National Association of Real Estate Investment Trusts (Nareit) in the Nareit Funds From Operations White Paper - 2018 Restatement. FFO is a non-GAAP financial measure and represents net income (loss) (computed in accordance with GAAP), excluding gain (loss) from the disposition of real estate assets, provision for impairment, real estate related depreciation and amortization (excluding amortization of deferred financing costs), our share of unconsolidated JV real estate related depreciation & amortization, net income attributable to non-controlling interests in operating partnership and reconciling items related to non-controlling interests. Management uses FFO as a supplemental performance measure because, in excluding real estate related depreciation and amortization and gains and losses from property dispositions and after adjustments for unconsolidated partnerships and joint ventures, it provides a performance measure that, when compared year over year, captures trends in occupancy rates, rental rates and operating costs. We also believe that, as a widely recognized measure of the performance of REITs, FFO will be used by investors as a basis to compare our operating performance with that of other REITs. However, because FFO excludes depreciation and amortization and captures neither the changes in the value of our data centers that result from use or market conditions, nor the level of capital expenditures and capitalized leasing commissions necessary to maintain the operating performance of our data centers, all of which have real economic effect and could materially impact our financial condition and results from operations, the utility of FFO as a measure of our performance is limited. Other REITs may not calculate FFO in accordance with the Nareit definition and, accordingly, our FFO may not be comparable to other REITs' FFO. FFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance. Core Funds from Operations (Core FFO) : We present core funds from operations, or Core FFO, as a supplemental operating measure because, in excluding certain items that do not reflect core revenue or expense streams, it provides a performance measure that, when compared year over year, captures trends in our core business operating performance. We calculate Core FFO by adding to or subtracting from FFO (i) other non-core revenue adjustments, (ii) transaction and integration expenses, (iii) loss 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 joint venture real estate related depreciation & amortization, (ii) unconsolidated joint venture interest expense and tax, (iii) severance, equity acceleration and legal expenses, (iv) transaction and integration expenses, (v) gain (loss) on sale / deconsolidation, (vi) provision for impairment, (vii) other non-core adjustments, net, (viii) non-controlling interests, (ix) preferred stock dividends, and (x) issuance costs associated with redeemed preferred stock. Adjusted EBITDA is EBITDA excluding (i) unconsolidated joint venture real estate related depreciation & amortization, (ii) unconsolidated joint venture interest expense and tax, (iii) severance, equity acceleration and legal expenses, (iv) transaction and integration expenses, (v) gain (loss) on sale / deconsolidation, (vi) provision for impairment, (vii) other non-core adjustments, net, (viii) non-controlling interests, (ix) preferred stock dividends, and (x) gain on / issuance costs associated with redeemed preferred stock. In addition, we believe EBITDA and Adjusted EBITDA are frequently used by securities analysts, investors, and other interested parties in the evaluation of REITs. Because EBITDA and Adjusted EBITDA are calculated before recurring cash charges including interest expense and income taxes, exclude capitalized costs, such as leasing commissions, and are not adjusted for capital expenditures or other recurring cash requirements of our business, their utility as a measure of our performance is limited. Other REITs may calculate EBITDA and Adjusted EBITDA differently than we do and, accordingly, our EBITDA and Adjusted EBITDA may not be comparable to other REITs' EBITDA and Adjusted EBITDA. Accordingly, EBITDA and Adjusted EBITDA should be considered only as supplements to net income computed in accordance with GAAP as a measure of our financial performance. 11 Net Operating Income (NOI) and Cash NOI : Net operating income, or NOI, represents rental revenue, tenant reimbursement revenue and interconnection revenue less utilities expense, rental property operating expenses, property taxes and insurance expenses (as reflected in the statement of operations). NOI is commonly used by stockholders, company management and industry analysts as a measurement of operating performance of the company's rental portfolio. Cash NOI is NOI less straight-line rents and above- and below-market rent amortization. Cash NOI is commonly used by stockholders, company management and industry analysts as a measure of property operating performance on a cash basis. Same-Capital Cash NOI represents buildings owned as of December 31, 2022 of the prior year with less than 5% of total rentable square feet under development and excludes buildings that were undergoing, or were expected to undergo, development activities in 2023-2024, buildings classified as held for sale, and buildings sold or contributed to joint ventures for all periods presented (prior period numbers adjusted to reflect current same-capital pool). However, because NOI and cash NOI exclude depreciation and amortization and capture neither the changes in the value of our data centers that result from use or market conditions, nor the level of capital expenditures and capitalized leasing commissions necessary to maintain the operating performance of our data centers, all of which have real economic effect and could materially impact our results from operations, the utility of NOI and cash NOI as measures of our performance is limited. Other REITs may calculate NOI and cash NOI differently than we do and, accordingly, our NOI and cash NOI may not be comparable to other REITs' NOI and cash NOI. NOI and cash NOI should be considered only as supplements to net income computed in accordance with GAAP as measures of our performance. Additional Definitions Net debt-to-Adjusted EBITDA ratio is calculated as total debt at balance sheet carrying value, plus capital lease obligations, plus Digital Realty's pro rata share of unconsolidated joint venture debt, less cash and cash equivalents (including Digital Realty's pro rata share of unconsolidated joint venture cash) divided by the product of Adjusted EBITDA (including Digital Realty's pro rata share of unconsolidated joint venture EBITDA), multiplied by four. Debt-plus-preferred-to-total enterprise value is total debt plus preferred stock divided by total debt plus the liquidation value of preferred stock and the market value of outstanding Digital Realty Trust, Inc. common stock and Digital Realty Trust, L.P. units, assuming the redemption of Digital Realty Trust, L.P. units for shares of Digital Realty Trust, Inc. common stock. Fixed charge coverage ratio is Adjusted EBITDA divided by the sum of GAAP interest expense, capitalized interest and preferred stock dividends. For the quarter ended December 31, 2024, GAAP interest expense was $105 million, capitalized interest was $34 million and preferred stock dividends was $10 million. Reconciliation of Net Operating Income (NOI) Three Months Ended Twelve Months Ended (in thousands) 31-Dec-24 30-Sep-24 31-Dec-23 31-Dec-24 31-Dec-23 Operating income $144,322 $168,286 $134,035 $471,864 $524,461 Fee income (23,316) (12,907) (14,330) (64,888) (44,926) Other income (40) (4,581) (144) (7,608) (1,963) Depreciation and amortization 455,355 459,997 420,475 1,771,797 1,694,859 General and administrative 124,470 115,120 109,235 473,521 431,004 Severance, equity acceleration and legal expenses 2,346 2,481 7,565 6,502 18,054 Transaction expenses 11,797 24,194 40,226 93,902 84,722 Provision for impairment 22,881 — 5,363 191,184 118,363 Other expenses 12,002 4,774 5,580 27,083 7,529 Net Operating Income $749,818 $757,365 $708,003 $2,963,357 $2,832,102 Cash Net Operating Income (Cash NOI) Net Operating Income $749,818 $757,365 $708,003 $2,963,357 $2,832,102 Straight-line rental revenue (22,577) (18,423) (22,085) (46,395) (40,480) Straight-line rental expense 51 1,683 (4,745) 4,061 (2,901) Above- and below-market rent amortization (269) (742) (856) (3,555) (4,404) Cash Net Operating Income $727,022 $739,883 $680,317 $2,917,467 $2,784,317 Constant Currency CFFO Reconciliation Three Months Ended Twelve Months Ended (in thousands, except per share data) 31-Dec-24 31-Dec-23 31-Dec-24 31-Dec-23 Core FFO (1) $586,816 $508,417 $2,215,194 $2,009,820 Core FFO impact of holding '23 Exchange Rates Constant (2) (318) — 1,732 — Constant Currency Core FFO $586,498 $508,417 $2,216,926 $2,009,820 Weighted-average shares and units outstanding - diluted 339,982 312,356 329,899 305,138 Constant Currency CFFO Per Share $1.73 $1.63 $6.72 $6.59 1) As reconciled to net income above. 2) Adjustment calculated by holding currency translation rates for 2024 constant with average currency translation rates that were applicable to the same periods in 2023. 12 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, 2025 outlook and underlying assumptions, information related to trends, our strategy and plans, leasing expectations, weighted average lease terms, the exercise of lease extensions, lease expirations, debt maturities, annualized rent at expiration of leases, the effect new leases and increases in rental rates will have on our rental revenue, our credit ratings, construction and development activity and plans, projected construction costs, estimated yields on investment, expected occupancy, expected square footage and IT load capacity upon completion of development projects, backlog NOI, NAV components, and other forward-looking financial data. Such statements are based on management's beliefs and assumptions made based on information currently available to management. Such statements are subject to risks, uncertainties and assumptions and are not guarantees of future performance and may be affected by known and unknown risks, trends, uncertainties, and factors that are beyond our control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated, or projected. Some of the risks and uncertainties that may cause our actual results, performance, or achievements to differ materially from those expressed or implied by forward-looking statements include, among others, the following: reduced demand for data centers or decreases in information technology spending; decreased rental rates, increased operating costs or increased vacancy rates; increased competition or available supply of data center space; the suitability of our data centers and data center infrastructure, delays or disruptions in connectivity or availability of power, or failures or breaches of our physical and information security infrastructure or services; breaches of our obligations or restrictions under our contracts with our customers; our inability to successfully develop and lease new properties and development space, and delays or unexpected costs in development of properties; the impact of current global and local economic, credit and market conditions; global supply chain or procurement disruptions, or increased supply chain costs; 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; the impact on our customers' and our suppliers' operations during an epidemic, pandemic, or other global events; 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; changes in political conditions, geopolitical turmoil, political instability, civil disturbances, restrictive governmental actions or nationalization in the countries in which we operate; our inability to retain data center space that we lease or sublease from third parties; information security and data privacy breaches; difficulties managing an international business and acquiring or operating properties in foreign jurisdictions and unfamiliar metropolitan areas; our failure to realize the intended benefits from, or disruptions to our plans and operations or unknown or contingent liabilities related to, our recent and future acquisitions; our failure to successfully integrate and operate acquired or developed properties or businesses; difficulties in identifying properties to acquire and completing acquisitions; risks related to joint venture investments, including as a result of our lack of control of such investments; risks associated with using debt to fund our business activities, including re-financing and interest rate risks, our failure to repay debt when due, adverse changes in our credit ratings or our breach of covenants or other terms contained in our loan facilities and agreements; our failure to obtain necessary debt and equity financing, and our dependence on external sources of capital; financial market fluctuations and changes in foreign currency exchange rates; adverse economic or real estate developments in our industry or the industry sectors that we sell to, including risks relating to decreasing real estate valuations and impairment charges and goodwill and other intangible asset impairment charges; our inability to manage our growth effectively; losses in excess of our insurance coverage; our inability to attract and retain talent; environmental liabilities, risks related to natural disasters and our inability to achieve our sustainability goals; the expected operating performance of anticipated near-term acquisitions and descriptions relating to these expectations; our inability to comply with rules and regulations applicable to our company; Digital Realty Trust, Inc.'s failure to maintain its status as a REIT for federal income tax purposes; Digital Realty Trust, L.P.'s failure to qualify as a partnership for federal income tax purposes; restrictions on our ability to engage in certain business activities; changes in local, state, federal and international laws, and regulations, including related to taxation, real estate, and zoning laws, and increases in real property tax rates; and the impact of any financial, accounting, legal or regulatory issues or litigation that may affect us. The risks included here are not exhaustive, and additional factors could adversely affect our business and financial performance. Several additional material risks are discussed in our annual report on Form 10‑K for the year ended December 31, 2023, and other filings with the U.S. Securities and Exchange Commission. Those risks continue to be relevant to our performance and financial condition. Moreover, we operate in a competitive and rapidly changing environment. New risk factors emerge from time to time and it is not possible for management to predict all such risk factors, nor can it assess the impact of all such risk factors on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. We expressly disclaim any responsibility to update forward-looking statements, whether as a result of new information, future events or otherwise. Digital Realty, Digital Realty Trust, the Digital Realty logo, Interxion, Turn-Key Flex, Powered Base Building, ServiceFabric, AnyScale Colo, Pervasive Data Center Architecture, PlatformDIGITAL, PDx, Data Gravity Index and Data Gravity Index DGx are registered trademarks and service marks of Digital Realty Trust, Inc. in the United States and/or other countries. All other names, trademarks and service marks are the property of their respective owners. 13 SOURCE Digital Realty Trust WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In

Digital Realty Reports Fourth Quarter 2024 Results

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