1Q23 FINANCIAL

RESULTS
April 27, 2023
Global. Connected. Sustainable.

The meeting place for companies,

technologies and data
A Global Platform Supporting Our
Customers’ Data Center
Requirements

5,000 214,000+ 50+ 310+

Customers Cross connects Metros Data Centers

Coverage Capacity
Deploy where you need Host what you need,
how you need

Connectivity Control
Connect how you need Implement and operate
to whom you need the way you need

Note: As of March 31, 2023. Includes Investments in unconsolidated entities.

1Q23 Financial Results 2

Connected Data Communities
Strong 0-1 MW + IX Bookings

122
new logos

$48 million
total 1Q bookings from
0-1 MW + record Interconnection

57%
of total 1Q bookings from
0-1 MW + Interconnection

~41% Auto
Manufacturer
Asset Manager

of new signed leases contained

inflation-linked increases

1Q23 Financial Results 3

Northern Virginia Update

510+
(1)
DLR’s in-place IT capacity in the
world’s largest data center market (2)
MWs

94% in Northern Virginia, consistent with

prior quarter
Occupancy

516k DLR’s active development pipeline

Square Feet

Note: As of March 31, 2023. 1Q23 Financial Results 4

1. Represents Digital Realty’s white space IT load within its consolidated Northern Virginia portfolio.
2. Source: Cushman & Wakefield’s 2022 Global Data Center Market Comparison report.
Sustainability Focus and Performance
Delivering Sustainable Growth for All Stakeholders
Environmental Social Governance
Removed previous ownership
Leader in the Light Newsweek’s America’s Most
Responsible Companies of 2023 2023 requirements for shareholders to
NAREIT Leader in the Light for amend bylaws
sixth consecutive year
Top 100 ranking on JUST Capital Appointed Mary Hogan Preusse as
Chairman of the Board, which
America’s Most JUST Companies 2022
Top 10 aligns with Digital Realty’s
In the U.S. EPA Green Power commitment to strong governance
Partnership 12 philanthropic organizations
supported as part of ‘Giving Formalized oversight of ESG by
Tuesday’ campaign the Nominating & Corporate
2021
116 MW Governance Committee;
Signatory to the UN Global
New renewables announced in Compact
Germany Demonstrated senior leadership
and employee commitment to
Diversity, Equity & Inclusion; Enhanced Board diversity with the
established five employee 2020 addition of three new Directors
Top Rated resource groups; signed CEO
ESG Companies for 2023 Action Pledge for Diversity 2019 Established proxy access for
and Inclusion
2018 shareholders

1Q23 Financial Results 5

1Q23
Financial
Results

1Q23 Financial Results 6

 HISTORICAL BOOKINGS
Digital
ANNUALIZED GAAP BASE RENT
$ in millions

Transformation
Driving Steady
$150

Demand
Global Full-Product $100

Spectrum Provides
Broadest Solutions
$50

• Record Interconnection
Bookings in 1Q
$0
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
• Strong 0-1 MW
Bookings 1Q23 BOOKINGS

0-1 MW INTERCONNECTION >1 MW OTHER(1) TOTAL BOOKINGS

$33.8 mm $14.1 mm $34.8 mm $0.6 mm $83.3 mm

Note: Totals may not add up due to rounding. Digital Realty revised its reporting categories in 2Q 2020. For prior periods, "0-1 MW" includes Colocation, ">1 MW" includes Turn-Key Flex, "Other" includes Power
Base Building and Non-Technical. “Interconnection” is unchanged.
1. Other includes Powered Base Building® shell capacity as well as storage and office space within fully improved data center facilities..

1Q23 Financial Results 7

Robust Backlog BACKLOG ROLL-FORWARD (1) COMMENCEMENT TIMING (2)
Strong 1Q $ in millions $ in millions

Commencements $69M $112M

$59M
$477M $106M
$434M $434M $434M

$132M $47M
• Robust Backlog of
$434 Million
$146M
$420M $374M $369M
• $112 Million of $201M

Commencements
$176M
• $201 Million to
Commence in the
Remainder of 2023 4Q22 Backlog Signed Commenced 1Q23 Backlog 2023 2024 2025+ 1Q23 Backlog

Digital Realty Backlog Unconsolidated Joint Venture Backlog

Note: Totals may not add up due to rounding.
1. Amounts shown represent GAAP annualized base rent from leases signed.
2. Amounts shown represent GAAP annualized base rent from leases signed, but not yet commenced, based on estimated future commencement date at time of signing. Actual commencement
dates may vary.

1Q23 Financial Results 8

Improving Pricing
1Q23 RE-LEASING SPREADS
Environment
Strong Re-Leasing Spreads 0-1 MW > 1 MW OTHER (1) TOTAL
RENTAL RATE CHANGE RENTAL RATE CHANGE RENTAL RATE CHANGE RENTAL RATE CHANGE

4.6% 4.4% 2.8% 4.5%

CASH CASH CASH CASH
• 4.5% Cash Re-Leasing 5.1% 11.8% 5.9% 6.4%
Spreads with Balanced GAAP GAAP GAAP GAAP
Contributions

• Continued Strength Signed renewal leases Signed renewal leases Signed renewal Signed renewal
Within 0-1 MW representing representing leases representing leases representing

Segment $118 million $30 million $2 million $150 million

of annualized CASH of annualized CASH of annualized CASH of annualized CASH
rental revenue rental revenue rental revenue rental revenue

Note: Totals may not add up due to rounding. Rental rate change represents the beginning rental rate on leases renewed, relative to the ending rental rate at expiration, weighted by net rentable
square feet.
1. Other includes Powered Base Building® shell capacity as well as storage and office space within fully improved data center facilities.

1Q23 Financial Results 9

Constant-
Y/Y Growth Rate, as Reported Y/Y Growth Rate, Constant Currency

Currency Analysis 21.9%

Improving Fundamentals
18.8%

• Further Acceleration in
Same-Capital Revenue 8.6%

Growth in 1Q 6.6%
5.2%

• 5.2% CC Same-Capital 3.4%

Cash NOI Growth

Revenue Growth Same-Capital Same-Capital Cash NOI

Data Center Revenue Growth
Growth (1)

Note: Same-Capital Cash NOI and Constant Currency Same-Capital Cash NOI are non-GAAP financial measure. For a definition of these measures and reconciliations to their nearest GAAP
equivalents, see the Appendix.
1. Data Center Revenue is total revenue less tenant reimbursements.
1Q23 Financial Results 10
Same-Capital Cash Net Operating Income(1) Performance
Year-Over-Year % Change

6% 1Q23 Actual:
3.4%
3%

0%

-3%

-6%

-9% (2)
FY17 FY18 FY19 FY20 FY21 FY22 1Q23

1. Same –Capital Net Operating Income is a non-GAAP financial measure. For a reconciliation of Stabilized Cash Net Operating Income to the nearest GAAP equivalent, see the Appendix.
2. FY2023 represents Same-Capital Cash Net Operating Income guidance from February 16, 2023 at the midpoint of 3.5%.

1Q23 Financial Results 11

 EXPOSURE BY REVENUE (1)
51% 25% 6% 5% 3% 2% 2% 1% 1% <1% <1% <1% <1% <1% <1% <1% <1% <1%

USD EURO GBP SGD ZAR BRL JPY CHF AUD CAD SEK DKK HKD HRK KES KRW NGN MZN

Revenue Exposure
by Currency <1%
6%
< 1%
< 1%

Currency Headwinds 25%

1% < 1%

Abating 51%
<1%
2%

<1%

<1%

< 1% 5%

• Y/Y Headwind, but Modest 2%

< 1%

Sequential Tailwind 3%
1%

CORE FFO/SHARE EXPOSURE (2) 1Q22 U.S. DOLLAR INDEX 1Q23

115

110
1.74%
1.03% 105
0.13%
2023E 100
$6.70 / Sh
SOFR GBP
+/- 100 +/- 10% 95
EUR bps
+/- 10% 90

85
Note: Totals may not add up due to rounding. Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 April-23
1. As of March 31, 2023. Includes Digital Realty’s share of revenue from unconsolidated joint ventures.
2. Core FFO is a non-GAAP financial measure. For a definition of Core FFO and reconciliation to its nearest GAAP equivalent, see the Appendix. 1Q23 Financial Results 12
€
Matching the Duration of Assets and Liabilities
Modest Near-Term Maturities, Well-Laddered Debt Schedule
DEBT PROFILE
DEBT MATURITY SCHEDULE AS OF March 31, 2023 (1)(2)

(U.S. $ in billions)
$4.4 Unsecured
97% Secured
Unsecured

5.0 YEARS 13
$3.0
2.8 %
Weighted Avg. Weighted Avg.
Maturity (1)(2) Coupon (1)(3)
$2.5 €

$ Fixed
$1.7 81%
$1.7 $1.6 $1.6 $1.6 Fixed Floating
€ ₣
$1.0
€
€ R
€ Euro
$0.1 ¥$ USD
₣ ¥ 82% (3)
Non-USD GBP
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 +
Pro Rata Share of JV Debt Secured Mortgage Debt Unsecured Senior Notes - USD Other
Unsecured Senior Notes - GBP Unsecured Senior Notes - EUR Unsecured Senior Notes - CHF
Other Unsecured Debt Unsecured Green Senior Notes - CHF Unsecured Green Senior Notes - EUR
Euro Term Loan Unsecured Credit Facilities USD Term Loan

Note: As of March 31, 2023.

1. Includes Digital Realty’s pro rata share of unconsolidated joint venture loans and debt securities.
2. Assumes exercise of extension options.
3. Includes impact of cross-currency swaps.

1Q23 Financial Results 13

Q&A
Global.
Connected.
Sustainable.

1Q23 Financial Results 14

Successful 1Q23 Initiatives

1. Strengthening Customer Value Proposition

Record Interconnection and Strong 0-1MW bookings

2. Operating Results Inflect Upward

Improving Same-Capital Growth, Positive Re-Leasing
Spreads, and Strong New Logos

3. Diversifying and Bolstering Capital Sources

Funding Plan on Track

1Q23 Financial Results 15

Appendix

1Q23 Financial Results 16

Appendix
Management Statements on Non-GAAP Measures
The information included in this presentation contains certain non-GAAP financial measures that management believes are helpful in understanding our business, as further described below. Our definition and calculation of non-GAAP financial measures may differ from those of other REITs, and,
therefore, may not be comparable. The non-GAAP financial measures should not be considered alternatives to net income or any other GAAP measurement of performance and should not be considered an alternative to cash flows from operating, investing or financing activities as a measure of liquidity.

Funds From Operations (FFO):

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

Core Funds from Operations (Core FFO):

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

EBITDA and Adjusted EBITDA:

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

Net Operating Income (NOI) and Cash NOI:

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

Same–Capital Cash NOI:

Same-Capital Cash NOI represents buildings owned as of December 31, of the prior year with less than 5% of total rentable square feet under development. Excludes buildings that were undergoing, or were expected to undergo, development activities in 2022-2023, 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.

Constant-Currency Same-Capital Cash NOI:

We Calculate Constant-Currency Same-Capital Cash NOI by adjusting the Same-Capital Cash NOI for foreign currency translations.

1Q23 Financial Results 17

Appendix
Forward-Looking Statements
This information in this presentation 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; our joint ventures; the expected benefits and timing of PlatformDIGITAL®; the Data Gravity Index™; Data
Gravity Index DGx™; public cloud services spending; our sustainability initiatives; the expected effect of foreign currency translation adjustments on our financials; anticipated continued demand for our products and services; our liquidity; demand drivers and economic
growth outlook; business drivers; our expected development plans and completions, including timing, total square footage, IT capacity and raised floor space upon completion; expected availability for leasing efforts and colocation initiatives; organizational initiatives; our
product offerings; our connected data communities; joint venture opportunities; occupancy and total investment; our expected investment in our properties; our estimated time to stabilization and targeted returns at stabilization of our properties; our expected future
acquisitions; acquisitions strategy; available inventory and development strategy; the signing and commencement of leases, and related rental revenue; lag between signing and commencement of leases; our 2023 backlog; future rents; our expected same store
portfolio growth; our expected growth and stabilization of development completions and acquisitions; lease rollovers and expected rental rate changes; our re-leasing spreads; our expected yields on investments; our expectations with respect to capital investments at
lease expiration on existing data center or colocation space; debt maturities; lease maturities; our other expected future financial and other results, and the assumptions underlying such results; our customers’ capital investments; our plans and intentions; future data
center utilization, utilization rates, growth rates, trends, supply and demand; datacenter expansion plans; estimated kW/MW requirements; capital expenditures; the effect new leases and increases in rental rates will have on our rental revenues and results of
operations; estimates of the value of our development portfolio; our ability to meet our liquidity needs, including the ability to raise additional capital; market forecasts; projected financial information and covenant metrics; Core FFO run rate and NOI growth; other
forward looking financial data; leasing expectations; our exposure to tenants in certain industries; our expectations and underlying assumptions regarding our sensitivity to fluctuations in foreign exchange rates; and the sufficiency of our capital to fund future
requirements. You can identify forward-looking statements by the use of forward-looking terminology such as “believes,” “expects,” “may,” “will,” “should,” “seeks,” “approximately,” “intends,” “plans,” “pro forma,” “estimates” or “anticipates” or the negative of these words
and phrases or similar words or phrases which are predictions of or indicate future events or trends and discussions which do not relate solely to historical matters. Such statements are based on management’s beliefs and assumptions made based on information
currently available to management. Such statements are subject to risks, uncertainties and assumptions and are not guarantees of future performance and may be affected by known and unknown risks, trends, uncertainties and factors that are beyond our control.
Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. Some of the risks and uncertainties that may cause our actual results,
performance or achievements to differ materially from those expressed or implied by forward-looking statements include, among others, the following: reduced demand for data centers or decreases in information technology spending; increased competition or available
supply of data center space; decreased rental rates, increased operating costs or increased vacancy rates; the impact on our or our customers’, suppliers’ or business partners’ operations during a pandemic, such as COVID-19; changes in political conditions,
geopolitical turmoil, political instability, civil disturbances, restrictive governmental actions or nationalization in the countries in which we operate; the suitability of our data centers and data center infrastructure, delays or disruptions in connectivity or availability of power,
or failures or breaches of our physical and information security infrastructure or services; our dependence upon significant customers, bankruptcy or insolvency of a major customer or a significant number of smaller customers, or defaults on or non-renewal of leases by
customers 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, including impacts of inflation; global supply chain or procurement disruptions, or increased supply chain costs; 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 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; 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; and changes in local, state, federal and international laws and regulations, including related to taxation, real estate and zoning laws.

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

1Q23 Financial Results 18

 Digital Realty Trust, Inc. and Subsidiaries

Reconciliation of
Reconciliation of Net Income Available to Common Stockholders to Funds From Operations (FFO)
(in thousands, except per share and unit data)
(unaudited)

Non-GAAP Items
Three Months Ended
March 31, 2023 March 31, 2022

To Their Closest GAAP Net income available to common stockholders

Adjustments:
$ 58,547 $ 63,101

Equivalent
Noncontrolling interests in operating partnership 1,500 1,600
Real estate related depreciation and amortization (1) 412,192 374,162
Depreciation related to non-controlling interests (13,388) -
Real estate related depreciation and amortization related to investment in
unconsolidated joint ventures 33,719 29,320
(Gain) on real estate transactions (7,825) (2,770)

FFO available to common stockholders and unitholders $ 484,745 $ 465,412

Basic FFO per share and unit $ 1.63 $ 1.60

Diluted FFO per share and unit $ 1.60 $ 1.60

Weighted average common stock and units outstanding

Basic 297,180 290,163
Diluted 309,026 290,662

(1) Real estate related depreciation and amortization was computed as follows:
Depreciation and amortization per income statement 421,198 382,132
Non-real estate depreciation (9,006) (7,970)
$ 412,192 $ 374,162

Three Months Ended

March 31, 2023 March 31, 2022

FFO available to common stockholders and unitholders -- basic and diluted $ 484,745 $ 465,412

Weighted average common stock and units outstanding 297,180 290,163

Add: Effect of dilutive securities 202 499
Weighted average common stock and units outstanding -- diluted 297,832 290,662

Three Months Ended

March 31, 2023 March 31, 2022

Total operating revenues $ 1,338,724 $ 1,127,323

less:
Proforma disposition adjustment 35 (2,828)
plus:
Constant currency adjustment 9,413 -

Total operating revenues (as adjusted) $ 1,348,172 $ 1,124,495

19
Reconciliation of
Non-GAAP Items
To Their Closest GAAP
Digital Realty Trust, Inc. and Subsidiaries
Reconciliation of Funds From Operations (FFO) to Core Funds From Operations (CFFO)
(in thousands, except per share and unit data)
Equivalent (unaudited)

Three Months Ended

March 31, 2023 March 31, 2022
FFO available to common stockholders and unitholders -- diluted $ 484,745 $ 465,412

Other non-core revenue adjustments (887) 13,916

Transaction and integration expenses 12,267 11,968
Loss from early extinguishment of debt - 51,135
(Gain) / Loss on FX revaluation (6,778) (67,676)
Severance accrual and equity acceleration 4,155 2,077
Other non-core expense adjustments - 7,657

CFFO available to common stockholders and unitholders -- diluted $ 493,500 $ 484,490

CFFO impact of holding '22 Exchange Rates Constant 9,413 -

Constant Currency CFFO available to common stockholders and unitholders -- diluted $ 502,913 $ 484,490
Diluted CFFO per share and unit $ 1.66 $ 1.67

Diluted Constant Currency CFFO per share and unit $ 1.69 $ 1.67

1Q23 Financial Results 20

Reconciliation of
Non-GAAP Items Digital Realty Trust, Inc. and Subsidiaries
Reconciliation of Net Income Available to Common Stockholders to Earnings Before Interest,

To Their Closest GAAP

Taxes, Depreciation and Amortization (EBITDA) and Adjusted EBITDA
(in thousands)

Equivalent
(unaudited)

Three Months Ended

March 31, 2023 March 31, 2022
Net income available to common stockholders $ 58,547 $ 63,101

Interest 102,220 66,725

Loss from early extinguishment of debt - 51,135
Income tax expense (benefit) 21,454 13,244
Depreciation and amortization 421,198 382,132
EBITDA 603,419 576,337

Unconsolidated JV real estate related depreciation & amortization 33,719 29,320

Unconsolidated JV interest expense and tax expense 18,556 21,111
Severance accrual and equity acceleration 4,155 2,077
Transaction and integration expenses 12,267 11,968
(Gain) / loss on sale of investments - (2,770)
Other non-core adjustments, net (14,604) (48,858)
Noncontrolling interests 111 3,629
Preferred stock dividends, including undeclared dividends 10,181 10,181
(Gain) on redemption of preferred stock - -
Adjusted EBITDA $ 667,804 $ 602,994

1Q23 Financial Results 21

Reconciliation of Digital Realty Trust, Inc. and Subsidiaries
Reconciliation of Same Capital Cash Net Operating Income

Non-GAAP Items
(in thousands)
(unaudited)

To Their Closest GAAP Three Months Ended

March 31, 2023 March 31, 2022

Equivalent Rental revenues $ 684,585 $ 639,728

Tenant reimbursements - Utilities 262,406 190,406
Tenant reimbursements - Other 31,471 42,707
Interconnection and other 83,850 81,007
Total Revenue 1,062,312 953,847

Utilities 281,877 205,404

Rental property operating 169,589 155,715
Property taxes 30,257 37,089
Insurance 4,038 3,556
Total Expenses 485,761 401,764

Net Operating Income $ 576,551 $ 552,083

Less:
Stabilized straight-line rent $ 998 $ (3,449)
Above and below market rent 1,704 694
Same Capital Cash Net Operating Income $ 573,848 $ 554,838

Same Capital Cash NOI impact of holding '22 Exchange Rates Constant 10,014 -

Constant Currency Same Capital Cash Net Operating Income $ 583,862 $ 554,838

1Q23 Financial Results 22

Reconciliation of
Non-GAAP Items
To Their Closest GAAP
Twelve Months Ended Twelve Months Ended Twelve Months Ended
December 31, 2022 December 31, 2021 December 31, 2021 December 31, 2020 December 31, 2020 December 31, 2019

Equivalent Operating income $589,969 $694,010 $694,010 $557,530 $557,530 $594,216

Fee income (24,506) (13,442) (13,442) (15,215) (15,215) (11,654)
Other income (4,645) (19,401) (19,401) (1,849) (1,849) (1,231)
Depreciation and amortization 1,577,933 1,486,631 1,486,631 1,366,380 1,366,380 1,163,774
General and administrative 398,669 393,311 393,311 344,929 344,929 207,696
Severance, equity acceleration, and legal
23,498 7,343 7,343 6,440 6,440 3,400
expenses
Transaction expenses 68,766 47,426 47,426 106,661 106,661 27,925
Impairment in investments in real estate 3,000 18,291 18,291 6,482 6,482 5,351
Other expenses 12,438 2,550 2,550 1,074 1,074 14,118

Net Operating Income $2,645,122 $2,616,719 $2,616,719 $2,372,432 $2,372,432 $2,003,595

Straight-line rental revenue (70,394) (64,108) (64,108) (48,770) (48,770) (48,595)

Straight-line rental expense 2,857 27,050 27,050 16,223 16,223 1,075
Above- and below-market rent amortization (696) 6,069 6,069 12,686 12,686 17,097

Cash Net Operating Income $2,576,887 $2,585,731 $2,585,731 $2,352,571 $2,352,571 $1,973,173

Same Capital Cash Net Operating Income 1,964,711 2,085,024 1,381,815 1,445,712 1,544,921 1,574,854
Non Same Capital Cash Net Operating Income 612,176 500,707 1,203,916 906,859 807,650 398,319

1Q23 Financial Results 23

Reconciliation of
Non-GAAP Items
To Their Closest GAAP Twelve Months Ended
December 31, 2019 December 31, 2018
Twelve Months Ended
December 31, 2018 December 31, 2017
Twelve Months Ended
December 31, 2017 December 31, 2016

Equivalent Operating income $594,216 $549,787 $549,787 $451,295 $451,295 $497,286

Fee income (11,654) (7,841) (7,841) (6,372) (6,372) (6,285)
Other income (1,231) (1,924) (1,924) (1,031) (1,031) (33,197)
Depreciation and amortization 1,163,774 1,186,896 1,186,896 842,464 842,464 699,324
General and administrative 207,696 160,363 160,363 156,711 156,711 146,526
Severance, equity acceleration, and legal
3,400 3,304 3,304 4,730 4,730 6,207
expenses
Transaction expenses 27,925 45,327 45,327 76,048 76,048 20,491
Impairment in investments in real estate 5,351 — — 28,992 28,992 —
Other expenses 14,118 2,818 2,818 3,077 3,077 213

Net Operating Income $2,003,595 $1,938,730 $1,938,730 $1,555,914 $1,555,914 $1,330,565

Straight-line rental revenue (50,273) (40,423) (40,423) (16,564) (16,564) (24,254)

Straight-line rental expense 1,075 9,878 9,878 12,075 12,075 22,341
Above- and below-market rent amortization 17,097 26,533 26,533 1,840 1,840 (8,313)

Cash Net Operating Income $1,971,495 $1,934,718 $1,934,718 $1,553,266 $1,553,266 $1,320,339

Same Capital Cash Net Operating Income 1,540,650 1,604,864 1,076,981 1,073,225 923,556 895,059
Non Same Capital Cash Net Operating Income 430,845 329,854 857,737 480,041 629,710 425,280

1Q23 Financial Results 24

Thank you