Digital Realty Reports Second Quarter 2025 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 second quarter of 2025. All per share results are presented on a fully diluted basis. Highlights Reported net income available to common stockholders of $2.94 per share in 2Q25, compared to $0.20 in 2Q24 Reported FFO per share of $1.75 in 2Q25, compared to $1.57 in 2Q24 Reported Core FFO per share of $1.87 in 2Q25, compared to $1.65 in 2Q24 Reported Constant-Currency Core FFO per share of $1.84 in 2Q25 Reported rental rate increases on renewal leases of 7.3% on a cash basis in 2Q25 Signed total bookings during 2Q25 that are expected to generate $177 million of annualized GAAP rental revenue at 100% share; at Digital Realty's share total bookings were $135 million, including a $90 million contribution from the 0–1 megawatt plus interconnection category Reported backlog of $826 million of annualized GAAP base rent at the end of 2Q25 Raised 2025 Core FFO per share outlook to $7.15 - $7.25 and 2025 Constant-Currency Core FFO per share outlook to $7.10 - $7.20 Financial Results Digital Realty reported revenues of $1.49 billion in the second quarter of 2025, a 6% increase from the previous quarter and a 10% increase from the same quarter last year. The company delivered net income of $1.05 billion in the second quarter of 2025, as well as net income available to common stockholders of $1.02 billion and $2.94 per share, compared to $0.27 per share in the previous quarter and $0.20 per share in the same quarter last year. Digital Realty generated Adjusted EBITDA of $823 million in the second quarter of 2025, a 4% increase from the previous quarter and a 13% increase over the same quarter last year. The company reported Funds From Operations (FFO) of $600 million in the second quarter of 2025, or $1.75 per share, compared to $1.67 per share in the previous quarter and $1.57 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 $1.87 in the second quarter of 2025, compared to $1.77 per share in the previous quarter and $1.65 per share in the same quarter last year. Digital Realty delivered Constant-Currency Core FFO per share of $1.84 in the second quarter of 2025 and $3.63 per share for the six-month period ended June 30, 2025. "Record bookings in our 0–1 megawatt plus interconnection product set underscore the strength of our full spectrum strategy and the breadth of the growing demand for digital infrastructure," said Digital Realty President and Chief Executive Officer Andy Power. "Our inaugural U.S. Hyperscale Data Center Fund is oversubscribed, providing us the capital necessary to serve our customers' growing requirements and to extend Digital Realty's runway for growth." Leasing Activity In the second quarter, Digital Realty signed total bookings that are expected to generate $135 million of annualized GAAP rental revenue at its share, including a $73 million contribution from the 0–1 megawatt category and a $17 million contribution from interconnection. The weighted-average lag between new leases signed during the second quarter of 2025 and the contractual commencement date was four months. The backlog of signed-but-not-commenced leases at quarter-end was $826 million of annualized GAAP base rent at Digital Realty's share. In addition to new leases signed, Digital Realty also signed renewal leases representing $177 million of annualized cash rental revenue during the quarter. Rental rates on renewal leases signed during the second quarter of 2025 increased 7.3% on a cash basis and 9.9% on a GAAP basis. 1 New leases signed during the second quarter of 2025 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 $30,750 128 $240 9.9 $259 > 1 MW 16,261 41 400 10.4 130 Other (1) 288 6 47 — — Total $47,299 175 $270 20.3 $193 EMEA (2) 0-1 MW $31,024 72 $429 8.5 $304 > 1 MW 15,609 54 290 6.6 197 Other (1) 115 1 138 — — Total $46,747 127 $368 15.1 $257 Asia Pacific (2) 0-1 MW $10,744 39 $274 3.3 $268 > 1 MW 13,168 58 228 6.3 174 Other (1) 16 2 9 — — Total $23,927 99 $243 9.6 $207 All Regions (2) 0-1 MW $72,517 240 $303 21.7 $278 > 1 MW 45,038 152 296 23.3 161 Other (1) 419 9 48 — — Total $117,974 401 $294 45.0 $218 Interconnection $17,346 N/A N/A N/A N/A Grand Total $135,320 401 $294 45.0 $218 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 June 30, 2025. Investment Activity During the second quarter, Digital Realty acquired land parcels in three metros. As previously disclosed, Digital Realty acquired approximately 100 acres of land in the Atlanta metro area that is expected to support over 200 megawatts of IT capacity for approximately $120 million. Separately, Digital Realty acquired a 167-acre land parcel in the Dallas metro area that is expected to support approximately 480 megawatts of IT capacity for approximately $11 million. Lastly, Digital Realty acquired several land parcels as part of an assemblage in the Chicago metro area supporting the continued expansion of its Franklin Park campus for approximately $6 million. Digital Realty also received additional equity commitments from a broad array of global Limited Partners for its U.S. Hyperscale Data Center Fund (the "Fund"), lifting total commitments to more than $3 billion to date. The Fund is now well ahead of its initial target for LP equity commitments and is on track for its final close. During the quarter, Digital Realty contributed interests in five operating data centers and two development sites to the Fund. Digital Realty received over $900 million of gross proceeds as a result of the contributions. Subsequent to quarter end, Digital Realty sold a five megawatt non-core data center in the Atlanta metro area for gross proceeds of $65 million. 2 Balance Sheet Digital Realty had approximately $18.5 billion of total debt outstanding as of June 30, 2025, comprised of $17.7 billion of unsecured debt and approximately $0.8 billion of secured debt and other debt. At the end of the second quarter of 2025, net debt-to-Adjusted EBITDA was 5.1x, debt-plus-preferred-to-total enterprise value was 24.1% and fixed charge coverage was 4.7x. In June, Digital Realty issued €850 million of 3.875% notes due 2034, for net proceeds of approximately €837 million ($975 million). Subsequent to quarter end, the company also repaid €650 million ($754 million) in aggregate principal amount of its 0.625% senior notes. Since March 31, 2025, the company also sold 4.15 million shares of common stock under its At-The-Market (ATM) equity issuance program at a weighted average price of $173.19 per share, for net proceeds of approximately $719 million. 3 2025 Outlook Digital Realty raised its 2025 Core FFO per share outlook to $7.15 - $7.25 and its 2025 Constant-Currency Core FFO per share outlook to $7.10 - $7.20. The assumptions underlying the outlook are summarized in the following table. As of As of As of Top-Line and Cost Structure February 13, 2025 April 24, 2025 July 24, 2025 Total revenue $5.800 - $5.900 billion $5.825 - $5.925 billion $5.925 - $6.025 billion Net non-cash rent adjustments (1) ($45 - $50 million) ($50 - $55 million) ($65 - $70 million) Adjusted EBITDA $3.100 - $3.200 billion $3.125 - $3.225 billion $3.200 - $3.300 billion G&A $500 - $510 million $505 - $515 million $520 - $530 million Internal Growth Rental rates on renewal leases Cash basis 4.0% - 6.0% 4.0% - 6.0% 5.0% - 6.0% GAAP basis 6.0% - 8.0% 6.0% - 8.0% 7.0% - 8.0% Year-end portfolio occupancy +100 - 200 bps +100 - 200 bps +100 - 200 bps "Same-Capital" cash NOI growth (2) 3.5% - 4.5% 3.5% - 4.5% 3.5% - 4.5% Foreign Exchange Rates U.S. Dollar / Pound Sterling $1.20 - $1.25 $1.25 - $1.35 $1.30 - $1.35 U.S. Dollar / Euro $1.00 - $1.05 $1.05 - $1.15 $1.10 - $1.15 External Growth Dispositions / Joint Venture Capital Dollar volume $500 - $1,000 million $500 - $1,000 million $700 - $1,000 million Cap rate 0.0% - 10.0% 0.0% - 10.0% 0.0% - 10.0% Development CapEx (Net of Partner Contributions) (3) $3,000 - $3,500 million $3,000 - $3,500 million $3,000 - $3,500 million Average stabilized yields 10.0%+ 10.0%+ 10.0%+ Enhancements and other non-recurring CapEx (4) $30 - $35 million $30 - $35 million $30 - $35 million Recurring CapEx + capitalized leasing costs (5) $320 - $335 million $320 - $335 million $320 - $335 million Balance Sheet Long-term debt issuance Dollar amount $900 - $1,500 million $900 - $1,500 million ~$2,000 million Pricing 5.0% - 5.5% 4.0% - 5.5% ~4.0% Timing Mid-Year Mid-Year Mid-Year Net income per diluted share $2.10 - $2.20 $2.15 - $2.25 $3.45 - $3.55 Real estate depreciation and (gain) / loss on sale $4.50 - $4.50 $4.50 - $4.50 $3.25 - $3.25 Funds From Operations / share (NAREIT-Defined) $6.60 - $6.70 $6.65 - $6.75 $6.70 - $6.80 Non-core expenses and revenue streams $0.40 - $0.40 $0.40 - $0.40 $0.45 - $0.45 Core Funds From Operations / share $7.00 - $7.10 $7.05 - $7.15 $7.15 - $7.25 Foreign currency translation adjustments $0.05 - $0.05 $0.00 - $0.00 ($0.05) - ( $0.05) Constant-Currency Core Funds From Operations / share $7.05 - $7.15 $7.05 - $7.15 $7.10 - $7.20 (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 contribution, 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 joint venture and fund contributions. Figure is net of joint venture and fund 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, 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 July 24, 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 second quarter 2025 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# 5545220 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 August 24, 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# 4783857. 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, from cloud and digital transformation to emerging technologies like artificial intelligence (AI), 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 Huseby Investor Relations Digital Realty (415) 275-5344 5 Consolidated Quarterly Statements of Operations Unaudited and in Thousands, Except Per Share Data Second Quarter 2025 Three Months Ended Six Months Ended 30-Jun-25 31-Mar-25 31-Dec-24 30-Sep-24 30-Jun-24 30-Jun-25 30-Jun-24 Rental revenues $1,003,550 $960,526 $958,892 $956,351 $912,994 $1,964,076 $1,807,402 Tenant reimbursements - Utilities 294,503 271,189 302,664 305,097 274,505 565,692 550,862 Tenant reimbursements - Other 37,355 42,177 38,591 39,624 41,964 79,532 80,398 Interconnection and other 121,952 112,969 112,360 112,655 109,505 234,921 217,576 Fee income 34,427 20,643 23,316 12,907 15,656 55,070 28,666 Other 1,363 133 40 4,581 2,125 1,496 2,987 Total Operating Revenues $1,493,150 $1,407,637 $1,435,862 $1,431,214 $1,356,749 $2,900,787 $2,687,892 Utilities $339,288 $313,385 $337,534 $356,063 $315,248 $652,673 $639,818 Rental property operating 267,724 238,600 273,104 249,796 237,653 506,324 462,021 Property taxes 49,570 48,856 46,044 45,633 49,620 98,426 90,776 Insurance 4,946 4,483 6,007 4,869 4,755 9,429 7,449 Depreciation and amortization 461,167 443,009 455,355 459,997 425,343 904,176 856,445 General and administration 133,755 121,112 124,470 115,120 119,511 254,867 233,931 Severance, equity acceleration and legal expenses 2,262 2,428 2,346 2,481 884 4,690 1,675 Transaction and integration expenses 22,546 39,902 11,797 24,194 26,072 62,448 57,911 Provision for impairment — — 22,881 — 168,303 — 168,303 Other expenses 195 112 12,002 4,774 (529) 307 10,306 Total Operating Expenses $1,281,453 $1,211,887 $1,291,540 $1,262,928 $1,346,860 $2,493,340 $2,528,636 Operating Income $211,697 $195,750 $144,322 $168,286 $9,889 $407,447 $159,256 Equity in earnings / (loss) of unconsolidated entities (12,062) (7,640) (36,201) (26,486) (41,443) (19,702) (57,451) Gain / (loss) on sale of investments 931,830 1,111 144,885 (556) 173,709 932,941 451,496 Interest and other income / (expense), net 37,747 32,773 44,517 37,756 62,261 70,520 71,970 Interest (expense) (109,383) (98,464) (104,742) (123,803) (114,756) (207,847) (224,291) Income tax benefit / (expense) (12,883) (17,135) (4,928) (12,427) (14,992) (30,018) (37,405) Loss on debt extinguishment and modifications — — (2,165) (2,636) — — (1,070) Net Income $1,046,946 $106,395 $185,688 $40,134 $74,668 $1,153,341 $362,505 Net (income) / loss attributable to noncontrolling interests (14,790) 3,579 3,881 11,059 5,552 (11,211) (777) Net Income Attributable to Digital Realty Trust, Inc. $1,032,156 $109,974 $189,569 $51,193 $80,220 $1,142,130 $361,728 Preferred stock dividends (10,181) (10,181) (10,181) (10,181) (10,181) (20,362) (20,362) Net Income / (Loss) Available to Common Stockholders $1,021,975 $99,793 $179,388 $41,012 $70,039 $1,121,768 $341,366 Weighted-average shares outstanding - basic 337,589 336,683 333,376 327,977 319,537 337,139 315,915 Weighted-average shares outstanding - diluted 345,734 344,721 340,690 336,249 327,946 345,305 324,451 Weighted-average fully diluted shares and units 351,691 350,632 346,756 342,374 334,186 351,239 330,687 Net income / (loss) per share - basic $3.03 $0.30 $0.54 $0.13 $0.22 $3.33 $1.08 Net income / (loss) per share - diluted $2.94 $0.27 $0.51 $0.09 $0.20 $3.21 $1.01 6 Funds From Operations and Core Funds From Operations Unaudited and in Thousands, Except Per Share Data Second Quarter 2025 Three Months Ended Six Months Ended Reconciliation of Net Income to Funds From Operations (FFO) 30-Jun-25 31-Mar-25 31-Dec-24 30-Sep-24 30-Jun-24 30-Jun-25 30-Jun-24 Net Income / (Loss) Available to Common Stockholders $1,021,975 $99,793 $179,388 $41,012 $70,039 $1,121,768 $341,366 Adjustments: Noncontrolling interest in operating partnership 21,000 3,000 4,000 1,000 1,500 24,000 7,700 Real estate related depreciation and amortization (1) 451,050 432,652 445,462 449,086 414,920 883,702 835,511 Reconciling items related to noncontrolling interests (21,038) (19,480) (19,531) (19,746) (17,317) (40,518) (25,335) Unconsolidated entities real estate related depreciation and amortization 59,172 55,861 49,463 48,474 47,117 115,033 94,993 (Gain) / loss on real estate transactions (931,830) (1,111) (137,047) 556 (173,709) (932,941) (460,413) Provision for impairment — — 22,881 — 168,303 — 168,303 Funds From Operations $600,329 $570,715 $544,616 $520,382 $510,852 $1,171,044 $962,125 Weighted-average shares and units outstanding - basic 343,546 342,594 339,442 334,103 325,777 343,073 322,151 Weighted-average shares and units outstanding - diluted (2) (3) 351,691 350,632 346,756 342,374 334,186 351,239 330,687 Funds From Operations per share - basic $1.75 $1.67 $1.60 $1.56 $1.57 $3.41 $2.99 Funds From Operations per share - diluted (2) (3) $1.75 $1.67 $1.61 $1.55 $1.57 $3.42 $2.98 Three Months Ended Six Months Ended Reconciliation of FFO to Core FFO 30-Jun-25 31-Mar-25 31-Dec-24 30-Sep-24 30-Jun-24 30-Jun-25 30-Jun-24 Funds From Operations $600,329 $570,715 $544,616 $520,382 $510,852 $1,171,044 $962,125 Other non-core revenue adjustments (4) 4,228 (1,925) 4,537 (4,583) (33,818) 2,303 (30,293) Transaction and integration expenses 22,546 39,902 11,797 24,194 26,072 62,448 57,911 Loss on debt extinguishment and modifications — — 2,165 2,636 — — 1,070 Severance, equity acceleration and legal expenses (5) 2,262 2,428 2,346 2,481 884 4,690 1,675 (Gain) / Loss on FX and derivatives revaluation 8,827 (2,064) 7,127 1,513 32,222 6,764 65,824 Other non-core expense adjustments (6) 5,092 (702) 14,229 11,120 2,271 4,390 12,323 Core Funds From Operations $643,284 $608,354 $586,816 $557,744 $538,482 $1,251,639 $1,070,634 Weighted-average shares and units outstanding - diluted (2) (3) 343,909 343,050 339,982 334,476 326,181 343,436 322,619 Core Funds From Operations per share - diluted (2) $1.87 $1.77 $1.73 $1.67 $1.65 $3.64 $3.32 (1) Three Months Ended Six Months Ended Real Estate Related Depreciation & Amortization 30-Jun-25 31-Mar-25 31-Dec-24 30-Sep-24 30-Jun-24 30-Jun-25 30-Jun-24 Depreciation and amortization per income statement $461,167 $443,009 $455,355 $459,997 $425,343 $904,175 $856,445 Non-real estate depreciation (10,117) (10,356) (9,894) (10,911) (10,424) (20,473) (20,935) Real Estate Related Depreciation & Amortization $451,050 $432,652 $445,462 $449,086 $414,920 $883,702 $835,511 (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 Six Months Ended 30-Jun-25 31-Mar-25 31-Dec-24 30-Sep-24 30-Jun-24 30-Jun-25 30-Jun-24 Teraco noncontrolling share of FFO $15,850 $13,286 $14,905 $9,828 $12,453 $29,136 $22,221 Teraco related minority interest $15,850 $13,286 $14,905 $9,828 $12,453 $29,136 $22,221 (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 and adjustments to reflect our proportionate share of transaction costs associated with noncontrolling interests. 7 Adjusted Funds From Operations (AFFO) Unaudited and in Thousands, Except Per Share Data Second Quarter 2025 Three Months Ended Six Months Ended Reconciliation of Core FFO to AFFO 30-Jun-25 31-Mar-25 31-Dec-24 30-Sep-24 30-Jun-24 30-Jun-25 30-Jun-24 Core FFO available to common stockholders and unitholders $643,284 $608,354 $586,816 $557,744 $538,482 $1,251,638 $1,070,634 Adjustments: Non-real estate depreciation 10,117 10,356 9,894 10,911 10,424 20,473 20,935 Amortization of deferred financing costs 6,451 6,548 5,697 4,853 5,072 12,999 10,648 Amortization of debt discount/premium 1,251 1,125 1,324 1,329 1,321 2,377 3,153 Non-cash stock-based compensation expense 18,026 16,700 13,386 15,026 14,464 34,726 27,056 Straight-line rental revenue (23,698) (9,692) (18,242) (17,581) 334 (33,390) 10,310 Straight-line rental expense (475) (160) (136) 1,690 782 (635) 1,893 Above- and below-market rent amortization (752) (706) (269) (742) (1,691) (1,458) (2,545) Deferred tax (benefit) / expense (30,714) (517) (15,048) (9,366) (9,982) (31,232) (13,420) Leasing compensation and internal lease commissions 14,721 13,405 10,505 10,918 10,519 28,126 23,809 Recurring capital expenditures (1) (62,083) (35,305) (130,245) (67,308) (60,483) (97,388) (108,159) AFFO available to common stockholders and unitholders (2) $576,127 $610,108 $463,682 $507,474 $509,241 $1,186,235 $1,044,314 Weighted-average shares and units outstanding - basic 343,546 342,594 339,442 334,103 325,777 343,073 322,151 Weighted-average shares and units outstanding - diluted (3) 343,909 343,050 339,982 334,476 326,181 343,436 322,619 AFFO per share - diluted (3) $1.68 $1.78 $1.36 $1.52 $1.56 $3.45 $3.24 Dividends per share and common unit $1.22 $1.22 $1.22 $1.22 $1.22 $2.44 $2.44 Diluted AFFO Payout Ratio 72.8 % 68.6 % 89.5 % 80.4 % 78.1 % 70.6 % 75.4 % Three Months Ended Six Months Ended Share Count Detail 30-Jun-25 31-Mar-25 31-Dec-24 30-Sep-24 30-Jun-24 30-Jun-25 30-Jun-24 Weighted Average Common Stock and Units Outstanding 343,546 342,594 339,442 334,103 325,777 343,073 322,151 Add: Effect of dilutive securities 362 456 540 373 404 363 467 Weighted Avg. Common Stock and Units Outstanding - diluted 343,909 343,050 339,982 334,476 326,181 343,436 322,618 (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 Unaudited and in Thousands, Except Per Share Data Second Quarter 2025 30-Jun-25 31-Mar-25 31-Dec-24 30-Sep-24 30-Jun-24 Assets Investments in real estate: Real estate $29,836,218 $27,947,964 $27,558,993 $28,808,770 $27,470,635 Construction in progress 5,080,701 4,973,266 5,164,334 5,175,054 4,676,012 Land held for future development 73,665 69,089 38,785 23,392 93,938 Investments in Real Estate $34,990,583 $32,990,319 $32,762,112 $34,007,216 $32,240,584 Accumulated depreciation and amortization (9,341,719) (8,856,535) (8,641,331) (8,777,002) (8,303,070) Net Investments in Properties $25,648,865 $24,133,784 $24,120,781 $25,230,214 $23,937,514 Investment in unconsolidated entities 3,622,677 2,702,847 2,639,800 2,456,448 2,332,698 Net Investments in Real Estate $29,271,542 $26,836,631 $26,760,582 $27,686,662 $26,270,212 Operating lease right-of-use assets, net $1,180,657 $1,165,924 $1,178,853 $1,228,507 $1,211,003 Cash and cash equivalents 3,554,126 2,321,885 3,870,891 2,175,605 2,282,062 Accounts and other receivables, net (1) 1,586,146 1,373,521 1,257,464 1,274,460 1,222,403 Deferred rent, net 681,375 641,290 642,456 641,778 613,749 Goodwill 9,636,513 9,174,165 8,929,431 9,395,233 9,128,811 Customer relationship value, deferred leasing costs and other intangibles, net 2,171,318 2,124,989 2,178,054 2,367,467 2,315,143 Assets held for sale and contribution 139,993 953,236 — — — Other assets 493,325 488,921 465,885 525,679 563,500 Total Assets $48,714,995 $45,080,562 $45,283,616 $45,295,392 $43,606,883 Liabilities and Equity Global unsecured revolving credit facilities, net $567,699 $1,096,931 $1,611,308 $1,786,921 $1,848,167 Unsecured term loans, net 440,788 404,335 386,903 913,733 1,297,893 Unsecured senior notes, net of discount 16,641,367 14,744,063 13,962,852 13,528,061 12,507,551 Secured and other debt, net of discount 802,294 770,950 753,314 757,831 686,135 Operating lease liabilities 1,298,085 1,281,572 1,294,219 1,343,903 1,336,839 Accounts payable and other accrued liabilities 2,310,882 1,927,611 2,056,215 2,140,764 1,973,798 Deferred tax liabilities 1,137,305 1,109,294 1,084,562 1,223,771 1,132,090 Accrued dividends and distributions — — 418,661 — — Security deposits and prepaid rents 653,640 559,768 539,802 423,797 416,705 Obligations associated with assets held for sale and contribution 1,089 7,882 — — — Total Liabilities $23,853,149 $21,902,406 $22,107,836 $22,118,781 $21,199,178 Redeemable noncontrolling interests 1,505,889 1,459,322 1,433,185 1,465,636 1,399,889 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) 3,374 3,338 3,337 3,285 3,231 Additional paid-in capital 28,720,826 28,091,661 28,079,738 27,229,143 26,388,393 Dividends in excess of earnings (5,997,607) (6,604,217) (6,292,085) (6,060,642) (5,701,096) Accumulated other comprehensive (loss), net (543,756) (926,874) (1,182,283) (657,364) (884,715) Total Stockholders' Equity $22,914,527 $21,295,598 $21,340,397 $21,246,112 $20,537,503 Noncontrolling Interests Noncontrolling interest in operating partnership $431,000 $415,956 $396,099 $427,930 $434,253 Noncontrolling interest in consolidated entities 10,430 7,280 6,099 36,933 36,060 Total Noncontrolling Interests $441,430 $423,236 $402,198 $464,863 $470,313 Total Equity $23,355,957 $21,718,834 $21,742,595 $21,710,975 $21,007,816 Total Liabilities and Equity $48,714,995 $45,080,562 $45,283,616 $45,295,392 $43,606,883 (1) Net of allowance for doubtful accounts of $80,832 and $50,609 as of June 30, 2025 and June 30, 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 June 30, 2025 and June 30, 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 June 30, 2025 and June 30, 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 June 30, 2025 and June 30, 2024. (5) Common Stock: 340,372 and 325,885 shares issued and outstanding as of June 30, 2025 and June 30, 2024, respectively. 9 Reconciliation of Earnings Before Interest, Taxes, Depreciation & Amortization and Financial Ratios Unaudited and Dollars in Thousands Second Quarter 2025 Three Months Ended Reconciliation of Earnings Before Interest, Taxes, Depreciation & Amortization (EBITDA) (1) 30-Jun-25 31-Mar-25 31-Dec-24 30-Sep-24 30-Jun-24 Net Income / (Loss) Available to Common Stockholders $1,021,975 $99,793 $179,388 $41,012 $70,039 Interest 109,383 98,464 104,742 123,803 114,756 Loss on debt extinguishment and modifications — — 2,165 2,636 — Income tax expense (benefit) 12,883 17,135 4,928 12,427 14,992 Depreciation and amortization 461,167 443,009 455,355 459,997 425,343 EBITDA $1,605,408 $658,400 $746,578 $639,875 $625,130 Unconsolidated JV real estate related depreciation and amortization 59,172 55,861 49,463 48,474 47,117 Unconsolidated JV interest expense and tax expense 31,243 33,390 32,255 34,951 27,704 Severance, equity acceleration and legal expenses 2,262 2,428 2,346 2,481 884 Transaction and integration expenses 22,546 39,902 11,797 24,194 26,072 (Gain) / loss on sale of investments (931,830) (1,111) (144,885) 556 (173,709) Provision for impairment — — 22,881 — 168,303 Other non-core adjustments, net (2) 9,545 (4,316) 24,539 8,642 743 Noncontrolling interests 14,790 (3,579) (3,881) (11,059) (5,552) Preferred stock dividends 10,181 10,181 10,181 10,181 10,181 Adjusted EBITDA $823,319 $791,156 $751,276 $758,296 $726,874 (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 30-Jun-25 31-Mar-25 31-Dec-24 30-Sep-24 30-Jun-24 Total GAAP interest expense $109,383 $98,464 $104,742 $123,803 $114,756 Capitalized interest 29,393 30,095 34,442 28,312 27,592 Change in accrued interest and other non-cash amounts (92,065) 45,416 (58,137) 43,720 (55,605) Cash Interest Expense (3) $46,711 $173,975 $81,046 $195,835 $86,743 Preferred stock dividends 10,181 10,181 10,181 10,181 10,181 Total Fixed Charges (4) $148,957 $138,739 $149,364 $162,296 $152,529 Coverage Interest coverage ratio (5) 5.0x 5.3x 4.5x 4.3x 4.3x Cash interest coverage ratio (6) 11.2x 4.1x 6.9x 3.4x 6.4x Fixed charge coverage ratio (7) 4.7x 4.9x 4.2x 4.1x 4.1x Cash fixed charge coverage ratio (8) 9.9x 3.9x 6.3x 3.3x 5.9x Leverage Debt to total enterprise value (9)(10) 23.2 % 25.4 % 21.4 % 23.5 % 24.2 % Debt-plus-preferred-stock-to-total-enterprise-value (10)(11) 24.1 % 26.6 % 22.3 % 24.5 % 25.3 % Pre-tax income to interest expense (12) 10.6x 2.1x 2.8x 1.3x 1.7x Net Debt-to-Adjusted EBITDA (13) 5.1x 5.1x 4.8x 5.4x 5.3x (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 entities interest expense). (6) Adjusted EBITDA divided by cash interest expense (including our pro rata share of unconsolidated entities interest expense). (7) Adjusted EBITDA divided by fixed charges (including our pro rata share of unconsolidated entities fixed charges). (8) Adjusted 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 capital 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. 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 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, (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. 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, 2023 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 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 capital 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 June 30, 2025, GAAP interest expense was $109 million, capitalized interest was $29 million and preferred stock dividends was $10 million. Reconciliation of Net Operating Income (NOI) Three Months Ended Six Months Ended (in thousands) 30-Jun-25 31-Mar-25 30-Jun-24 30-Jun-25 30-Jun-24 Operating income $211,697 $195,750 $9,889 $407,447 $159,256 Fee income (34,427) (20,643) (15,656) (55,070) (28,666) Other income (1,363) (133) (2,125) (1,496) (2,987) Depreciation and amortization 461,167 443,009 425,343 904,176 856,445 General and administrative 133,755 121,112 119,511 254,867 233,931 Severance, equity acceleration and legal expenses 2,262 2,428 884 4,690 1,675 Transaction and integration expenses 22,546 39,902 26,072 62,448 57,911 Provision for impairment — — 168,303 — 168,303 Other expenses 195 112 (529) 307 10,306 Net Operating Income $795,832 $781,536 $731,692 $1,577,369 $1,456,175 Cash Net Operating Income (Cash NOI) Net Operating Income $795,832 $781,536 $731,692 $1,577,369 $1,456,175 Straight-line rental revenue (24,015) (9,693) (2,873) (33,708) (5,395) Straight-line rental expense (469) 24 959 (445) 2,328 Above- and below-market rent amortization (752) (706) (1,691) (1,458) (2,545) Cash Net Operating Income $770,596 $771,162 $728,088 $1,541,758 $1,450,563 Constant Currency CFFO Reconciliation Three Months Ended Six Months Ended (in thousands, except per share data) 30-Jun-25 30-Jun-24 30-Jun-25 30-Jun-24 Core FFO (1) $643,284 $538,482 $1,251,639 $1,070,634 Core FFO impact of holding '24 Exchange Rates Constant (2) (11,688) — (5,989) — Constant Currency Core FFO $631,596 $538,482 $1,245,650 $1,070,634 Weighted-average shares and units outstanding - diluted 343,909 326,181 343,436 322,619 Constant Currency CFFO Per Share $1.84 $1.65 $3.63 $3.32 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. 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; increased tariffs, 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 U.S. federal income tax purposes; Digital Realty Trust, L.P.'s failure to qualify as a partnership for U.S. 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, 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. 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 Second Quarter 2025 Results

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