EX-99.1 2 dlr-20260205xex99d1.htm EX-99.1 Table of Contents Exhibit 99.1 Table of Contents Financial Supplement Table of Contents Fourth Quarter 2025 Overview PAGE Corporate Information 3 Key Quarterly Financial Data 5 Consolidated Statements of Operations Earnings Release 7 2026 Outlook 10 Consolidated Quarterly Statements of Operations 12 Funds From Operations and Core Funds From Operations 13 Adjusted Funds From Operations 14 Balance Sheet Information Consolidated Balance Sheets 15 Components of Net Asset Value 16 Debt Maturities 17 Debt Analysis and Covenant Compliance 18 Internal Growth Same-Capital Operating Trend Summary 19 Summary of Leasing Activity - Signed 20 Summary of Leasing Activity - R enewed 21 Lease Expirations - By Si z e 22 Top 20 Customers by Annualized Rent 23 Occupancy Analysis 24 External Growth Development Lifecycle 25 Construction Projects in Progress 26 Historical Capital Expenditures and Investments in Real Estate 27 Acquisitions / Dispositions / Joint Ventures 28 Unconsolidated Entities 29 Additional Information Reconciliation of Earnings Before Interest, Taxes, Depreciation & Amortization and Financial Ratios 30 Management Statements on Non-GAAP Measures 31 Forward-Looking Statements 33 Table of Contents Financial Supplement Corporate Information Fourth Quarter 2025 Corporate Profile Digital Realty Trust, Inc. ( Digital Realty or the company ) owns, acquires, develops, and operates data centers through its operating partnership subsidiary, Digital Realty Trust, L.P. (the operating partnership ). The company is focused on providing data center, colocation, and interconnection solutions for domestic and international customers across a variety of industry verticals ranging from cloud and information technology services, communications and social networking to financial services, manufacturing, energy, healthcare, and consumer products. As of December 31, 2025, the company s 310 data centers, including 89 data centers held as investments in unconsolidated entities, contain applications and operations critical to the day-to-day operations of technology industry and corporate enterprise data center customers. Digital Realty s portfolio is comprised of approximately 43.2 million square feet, excluding approximately 9.7 million square feet of space under active development and 4.7 million square feet of space held for future development, located throughout North America, Europe, South America, Asia, Australia, and Africa. For additional information, please visit the company s website at digitalrealty.com . Corporate Headquarters Austin, TX Website: digitalrealty.com Senior Management President & Chief Executive Officer: Andrew P. Power Chief Financial Officer: Matthew R. Mercier Chief Investment Officer: Gregory S. Wright Chief Technology Officer: Christopher L. Sharp Chief Revenue Officer: Colin M. McLean Investor Relations To request more information or to be added to our e-mail distribution list, please visit the Investor Relations section of our website at https://investor.digitalrealty.com . Analyst Coverage BMO BMO Capital BNP Paribas BofA Securities Barclays Markets Exane Citigroup Citizens JMP Deutsche Bank Michael Funk Brendan Lynch Ari Klein Nate Crossett Michael Rollins Greg Miller Benjamin Soff (646) 855-5664 (212) 526-9428 (212) 885-4103 (646) 725-3716 (212) 816-1116 (212) 699-2917 (212) 250-3716 Evercore ISI Goldman Sachs Green Street Advisors Guggenheim HSBC Jefferies J.P. Morgan Irvin Liu Michael Ng David Guarino Joseph Osha Phani Kanumuri Jonathan Petersen Richard Choe (415) 800-0183 (212) 902-8618 (949) 640-8780 (415) 852-6468 (240) 709-8135 (212) 284-1705 (212) 662-6708 KeyBanc Mizuho Group MoffettNathanson Morgan Stanley Oppenheimer Raymond James RBC Capital Markets Brandon Nispel Vikram Malhotra Nick Del Deo Cameron McVeigh Timothy Horan Frank Louthan Jonathan Atkin (503) 821-3871 (212) 282-3827 (212) 519-0025 (212) 761-4209 (212) 667-8137 (404) 442-5867 (415) 633-8589 Scotiabank Stifel TD Cowen Truist Securities UBS Wells Fargo Wolfe Research Maher Yaghi Erik Rasmussen Michael Elias Anthony Hau John Hodulik Eric Luebchow Andrew Rosivach (437) 995-5548 (212) 271-3461 (646) 562-1358 (212) 303-4176 (212) 713-4226 (312) 630-2386 (646) 582-9250 This Earnings Press Release and Supplemental Information package supplements the information provided in our quarterly and annual reports filed with the U.S. Securities and Exchange Commission. Additional information about Digital Realty and our business is also available on our website at digitalrealty.com . Upcoming Conference Schedule February 25, 2026 Wolfe Fifth Annual Real Estate Conference Virtual March 2 - 3, 2026 Citi s 2026 Global Property CEO Conference Hollywood, FL March 2, 2026 Morgan Stanley Technology, Media & Telecom Conference San Francisco, CA March 3, 2026 Raymond James & Associates 47th Annual Institutional Investors Conference Orlando, FL March 9, 2026 Deutsche Bank s 34th Annual Media, Internet & Telecom Conference Palm Beach, FL Webcasts for these events are available through the Digital Realty Investor Relations website when possible. Please check our website for additional information. 3 Table of Contents Financial Supplement Corporate Information (Continued) Fourth Quarter 2025 Stock Listing Information The stock of Digital Realty Trust, Inc. is traded primarily on the New York Stock Exchange under the following symbols: Common Stock: DLR Series J Preferred Stock: DLRPRJ Series K Preferred Stock: DLRPRK Series L Preferred Stock: DLRPRL Symbols may vary by stock quote provider. Credit Ratings Standard & Poor s Corporate Credit Rating: BBB+ (Stable Outlook) Preferred Stock: BBB- Moody s Issuer Rating: Baa2 (Positive Outlook) Preferred Stock: Baa3 Fitch Issuer Default Rating: BBB (Stable Outlook) Preferred Stock: BB+ These credit ratings may not reflect the potential impact of risks relating to the structure or trading of the company s securities and are provided solely for informational purposes. Credit ratings are not recommendations to buy, hold or sell any security, and may be revised or withdrawn at any time by the issuing rating agency at its sole discretion. The company does not undertake any obligation to maintain the ratings or to advise of any change in ratings. Each agency s rating should be evaluated independently of any other agency s rating. An explanation of the significance of the ratings may be obtained from each of the rating agencies. Common Stock Price Performance The following summarizes recent activity of Digital Realty s common stock (DLR): Three Months Ended 31-Dec-25 30-Sep-25 30-Jun-25 31-Mar-25 31-Dec-24 High price $182.48 $182.00 $178.85 $187.74 $198.00 Low price $146.23 $159.22 $129.95 $139.27 $155.16 Closing price, end of quarter $154.71 $172.88 $174.33 $143.29 $177.33 Average daily trading volume (1) 1,826 1,520 2,034 2,529 1,911 Indicated dividend per common share (2) $4.88 $4.88 $4.88 $4.88 $4.88 Closing annual dividend yield, end of quarter 3.2% 2.8% 2.8% 3.4% 2.8% Shares and units outstanding, end of quarter (1) (3) 349,746 349,244 346,644 343,092 342,772 Closing market value of shares and units outstanding (4) $54,109,204 $60,377,303 $60,430,449 $49,161,653 $60,783,759 (1) Shares or shares and units in thousands. (2) On an annualized basis. (3) As of December 31, 2025, the total number of shares and units includes 343,557 shares of common stock, 4,045 common units held by third parties and 2,144 common units and vested and unvested long-term incentive units held by directors, officers and others and excludes all shares of common stock potentially issuable upon conversion of our series J, series K and series L cumulative redeemable preferred stock upon certain change of control transactions. (4) Dollars in thousands as of the end of the quarter. This Earnings Press Release and Supplemental Information package supplements the information provided in our quarterly and annual reports filed with the U.S. Securities and Exchange Commission. Additional information about us and our data centers is also available on our website at digitalrealty.com . 4 Table of Contents Key Quarterly Financial Data Financial Supplement Unaudited, Dollars (except per share data) and Square Feet in Thousands Fourth Quarter 2025 Shares and Units at End of Quarter 31-Dec-25 30-Sep-25 30-Jun-25 31-Mar-25 31-Dec-24 Common shares outstanding 343,557 343,041 340,372 336,743 336,637 Common partnership units outstanding 6,189 6,203 6,272 6,349 6,135 Total Shares and Units 349,746 349,244 346,644 343,092 342,772 Enterprise Value Market value of common equity (1) $54,109,204 $60,377,303 $60,430,449 $49,161,653 $60,783,759 Liquidation value of preferred equity 755,000 755,000 755,000 755,000 755,000 Total debt at balance sheet carrying value 18,402,135 18,225,434 18,452,148 17,016,279 16,714,377 Total Enterprise Value $73,266,339 $79,357,737 $79,637,597 $66,932,932 $78,253,136 Total debt / total enterprise value 25.1% 23.0% 23.2% 25.4% 21.4% Debt-plus-preferred-to-total-enterprise-value 26.1% 23.9% 24.1% 26.6% 22.3% Selected Balance Sheet Data Investments in real estate (before depreciation) $39,855,116 $39,374,646 $38,613,260 $35,693,166 $35,401,912 Total Assets 49,410,468 48,728,634 48,714,995 45,080,562 45,283,616 Total Liabilities 24,564,494 23,739,412 23,853,149 21,902,406 22,107,836 Selected Operating Data Total operating revenues $1,634,671 $1,577,234 $1,493,150 $1,407,637 $1,435,862 Total operating expenses 1,522,047 1,438,813 1,281,453 1,211,887 1,291,540 Net income 96,111 63,713 1,046,946 106,395 185,688 Net income / (loss) available to common stockholders 88,466 57,631 1,021,975 99,793 179,388 Financial Ratios EBITDA (2) $688,758 $679,912 $1,605,408 $658,400 $746,578 Adjusted EBITDA (3) 856,836 867,807 823,319 791,156 751,276 Net Debt-to-Adjusted EBITDA (4) 4.9x 4.9x 5.1x 5.1x 4.8x Interest expense 116,516 113,584 109,383 98,464 104,742 Fixed charges (5) 161,479 156,687 148,957 138,739 149,364 Interest coverage ratio (6) 4.8x 4.9x 5.0x 5.3x 4.5x Fixed charge coverage ratio (7) 4.5x 4.6x 4.7x 4.9x 4.2x Profitability Measures Net income / (loss) per common share - basic $0.26 $0.17 $3.03 $0.30 $0.54 Net income / (loss) per common share - diluted $0.24 $0.15 $2.94 $0.27 $0.51 Funds from operations (FFO) / diluted share and unit (8) $1.89 $1.65 $1.75 $1.67 $1.61 Core funds from operations (Core FFO) / diluted share and unit (8) $1.86 $1.89 $1.87 $1.77 $1.73 Adjusted funds from operations (AFFO) / diluted share and unit (9) $1.34 $1.76 $1.68 $1.78 $1.36 Dividends per share and common unit $1.22 $1.22 $1.22 $1.22 $1.22 Diluted FFO payout ratio (8) (10) 64.5% 73.8% 69.6% 73.2% 75.6% Diluted Core FFO payout ratio (8) (11) 65.6% 64.7% 65.2% 68.8% 70.7% Diluted AFFO payout ratio (9) (12) 90.9% 69.2% 72.8% 68.6% 89.5% Portfolio Statistics Buildings (13) 329 330 330 328 328 Data Centers (13) 310 311 310 308 308 Cross-connects (13) (14) 232,500 231,000 229,000 228,000 227,000 Net rentable square feet, excluding development space (13) 43,208 42,706 42,529 41,778 41,326 Occupancy at end of quarter (15) 84.7% 84.8% 84.8% 84.0% 84.1% Occupied square footage (13) 36,582 36,197 36,073 35,100 34,741 Space under active development (16) 9,679 10,230 9,848 9,463 8,904 Space held for development (17) 4,696 4,758 4,616 5,062 4,686 Weighted average remaining lease term (years) (18) 5.0 5.0 5.1 4.9 4.8 Same-capital occupancy at end of quarter (15) (19) 83.7% 83.7% 83.7% 83.4% 83.5% 5 Table of Contents Key Quarterly Financial Data Financial Supplement Unaudited, Dollars (except per share data) and Square Feet in Thousands Fourth Quarter 2025 (1) The market value of common equity is based on the closing stock price at the end of the quarter and assumes 100% redemption of the limited partnership units in our operating partnership, including common units and vested and unvested long-term incentive units, for shares of our common stock on a one-for-one basis. Excludes shares of common stock potentially issuable upon conversion of our series J, series K and series L cumulative redeemable preferred stock upon certain change of control transactions, as applicable. (2) EBITDA is calculated as earnings before interest expense, loss on debt extinguishment and modifications, tax expense, and depreciation and amortization. For a discussion of EBITDA, see page 31 . For a reconciliation of net income available to common stockholders to EBITDA, see page 30 . (3) Adjusted EBITDA is EBITDA excluding (i) unconsolidated entities real estate related depreciation & amortization, (ii) unconsolidated entities interest and tax expense, (iii) severance, equity acceleration and legal expenses, (iv) transaction and integration expenses, (v) gain (loss) on sale / deconsolidation, (vi) provision for impairment, (vii) other non-core adjustments, net, (viii) noncontrolling interests, (ix) preferred stock dividends, and (x) gain on / issuance costs associated with redeemed preferred stock. For a discussion of Adjusted EBITDA, see page 31 . For a reconciliation of net income available to common stockholders to Adjusted EBITDA, see page 30 . (4) Net Debt to Adjusted EBITDA is calculated as total debt at balance sheet carrying value (see page 5 ), plus finance lease obligations, plus our share of unconsolidated entities debt at carrying value, less cash and cash equivalents (including our share of unconsolidated entities cash), divided by the product of Adjusted EBITDA (including our pro rata share of unconsolidated entities EBITDA), multiplied by four. (5) Fixed charges consist of GAAP interest expense, capitalized interest, scheduled debt principal payments and preferred stock dividends. (6) Interest coverage ratio is Adjusted EBITDA (including our pro rata share of unconsolidated entities EBITDA), divided by GAAP interest expense plus capitalized interest (including our share of unconsolidated entities interest expense). (7) Fixed charge coverage ratio is Adjusted EBITDA (including our pro rata share of unconsolidated entities EBITDA), divided by fixed charges (including our share of unconsolidated entities fixed charges). (8) For definitions and discussion of FFO and Core FFO, see page 31 . For reconciliations of net income available to common stockholders to FFO and Core FFO, see page 13 . (9) For a definition and discussion of AFFO, see page 31 . For a reconciliation of Core FFO to AFFO, see page 14 . (10) Diluted FFO payout ratio is dividends declared per common share and unit divided by diluted FFO per share and unit. (11) Diluted Core FFO payout ratio is dividends declared per common share and unit divided by diluted Core FFO per share and unit. (12) Diluted AFFO payout ratio is dividends declared per common share and unit divided by diluted AFFO per share and unit. (13) Includes buildings held as investments in unconsolidated entities. Excludes buildings held for sale and contribution. (14) Represents approximate amounts. (15) Occupancy and same-capital occupancy exclude space under active development and space held for development. Occupancy represents our consolidated portfolio in addition to our managed portfolio of unconsolidated entities and non-managed unconsolidated entities. For some of our buildings, we calculate occupancy based on factors in addition to contractually leased square feet, including available power, required support space and common area. Excludes buildings held for sale and contribution. (16) Space under active development includes current Base Building and Data Centers projects in progress. Excludes buildings held for sale and contribution. (17) Space held for development includes space held for future Data Center development and excludes space under active development. Excludes buildings held for sale and contribution. (18) Weighted average remaining lease term excludes renewal options and is weighted by net rentable square feet. (19) Represents buildings owned as of December 31, 2023, with less than 5% of total rentable square feet under development. Excludes buildings that were undergoing, or were expected to undergo, development activities in 2024-2025, buildings classified as held for sale and contribution, and buildings sold or contributed to joint ventures for all periods presented. Prior period results have been adjusted to reflect current same-capital pool. 6 Table of Contents Digital Realty Trust Financial Supplement Earnings Release Fourth Quarter 2025 Digital Realty Reports Fourth Quarter 2025 Results Austin, TX February 5, 2026 Digital Realty (NYSE: DLR), the largest global provider of cloud- and carrier-neutral data center, colocation and interconnection solutions, announced today financial results for the fourth quarter of 2025. All per share results are presented on a fully diluted basis. Highlights Reported net income available to common stockholders of $0.24 per share in 4Q25, compared to $0.51 in 4Q24 Reported FFO per share of $1.89 in 4Q25, compared to $1.61 in 4Q24 Reported Core FFO per share of $1.86 in 4Q25, compared to $1.73 in 4Q24; reported Constant-Currency Core FFO per share of $1.81 in 4Q25 Reported rental rate increases on renewal leases of 6.1% on a cash basis in 4Q25 Signed total bookings during 4Q25 that are expected to generate $400 million of annualized GAAP rental revenue at 100% share ; at Digital Realty s share, total bookings were $175 million, including a $96 million contribution from the 0 - 1 megawatt plus interconnection category Reported a backlog of $817 million of annualized GAAP base rent, at Digital Realty s share, at the end of 2025 Introduced 2026 Core FFO per share outlook of $7.90 - $8.00 on a reported and Constant-Currency basis Financial Results Digital Realty reported revenues of $1.6 billion in the fourth quarter of 2025, a 4% increase from the previous quarter and a 14% increase from the same quarter last year. The company delivered net income of $96 million in the fourth quarter of 2025, as well as net income available to common stockholders of $88 million and $0.24 per share, compared to $0.15 per share in the previous quarter and $0.51 per share in the same quarter last year. Digital Realty generated Adjusted EBITDA of $857 million in the fourth quarter of 2025, a 1% decrease from the previous quarter and a 14% increase over the same quarter last year. The company reported Funds From Operations (FFO) of $658 million in the fourth quarter of 2025, or $1.89 per share, compared to $1.65 per share in the previous quarter and $1.61 per share in the same quarter last year. Excluding certain items that do not represent core expenses or revenue streams, Digital Realty delivered Core FFO per share of $1.86 in the fourth quarter of 2025, compared to $1.89 per share in the previous quarter and $1.73 per share in the same quarter last year. Digital Realty delivered Constant-Currency Core FFO per share of $1.81 in the fourth quarter of 2025 and $7.29 per share for the twelve-month period ended December 31, 2025. Digital Realty delivered strong financial results in 2025, with robust top line growth, record leasing across our 0 1 megawatt plus interconnection offering, and a substantial backlog that provides clear revenue visibility into 2026 and beyond, said Digital Realty President and CEO Andy Power. The evolution of our private capital strategy is enabling us to efficiently scale development while maintaining a flexible balance sheet positioned for growth. At the same time, we re expanding the PlatformDIGITAL footprint to meet rising global demand. Together, these initiatives strengthen our ability to support our customers cloud and AI roadmaps while driving long term value for shareholders. Leasing Activity In the fourth quarter, Digital Realty signed total bookings that are expected to generate $400 million of annualized GAAP rental revenue, at 100% share; at Digital Realty s share, total bookings were $175 million, including a $77 million contribution from the 0-1 megawatt category and a $19 million contribution from interconnection. The weighted-average lag between new leases signed during the fourth quarter of 2025 and the contractual commencement date was eight months. The backlog of signed-but-not-commenced leases at quarter-end was $817 million of annualized GAAP base rent, at Digital Realty s share. In addition, Digital Realty also signed renewal leases representing $269 million of annualized cash rental revenue during the quarter. Rental rates on renewal leases signed during the fourth quarter of 2025 increased 6.1% on a cash basis and 12.0% on a GAAP basis. 7 Table of Contents Digital Realty Trust Financial Supplement Earnings Release Fourth Quarter 2025 New leases signed during the fourth quarter of 2025 at Digital Realty s share are summarized by region and product as follows: Annualized GAAP Base Rent Square Feet GAAP Base Rent GAAP Base Rent Americas (in thousands) (in thousands) per Square Foot Megawatts per Kilowatt 0-1 MW $39,317 112 $351 12.2 $269 > 1 MW 64,759 207 313 29.0 186 Other (1) 385 7 53 Total $104,461 326 $320 41.2 $211 EMEA (2) 0-1 MW $30,107 89 $337 8.4 $300 > 1 MW 5,585 21 266 2.3 199 Other (1) 291 1 289 Total $35,982 111 $323 10.7 $278 Asia Pacific (2) 0-1 MW $7,693 17 $443 2.2 $286 > 1 MW 7,643 42 181 4.5 142 Other (1) 46 1 45 Total $15,382 61 $254 6.7 $190 All Regions (2) 0-1 MW $77,118 219 $352 22.8 $282 > 1 MW 77,987 270 289 35.9 181 Other (1) 722 9 78 Total $155,826 498 $313 58.6 $220 Interconnection $18,890 N/A N/A N/A N/A Grand Total at DLR Share $174,716 498 $313 58.6 $220 Grand Total at 100% Share $400,330 1,291 $294 159.1 $198 Note: Totals may not foot due to rounding differences. (1) Other includes Powered Base Building shell capacity as well as storage and office space within fully improved data center facilities. (2) Based on quarterly average exchange rates during the three months ended December 31, 2025. Investment Activity During the fourth quarter, Digital Realty sold a non-core data center in the Dallas metro area for gross proceeds of approximately $33 million, as previously disclosed. Digital Realty acquired the following: Two parcels of land totaling approximately 20 acres in the Portland metro area, one acquired in the fourth quarter and the other in January, that are expected to support up to 85 megawatts of IT capacity for approximately $23.6 million; and A building and land in Lisbon, Portugal which can support up to 2.4 megawatts of IT capacity for approximately 7.1 million or $8.3 million, marking Digital Realty s entry into the Portugal market. Further, Digital Realty Mivne established a new joint venture with MedOne Ltd., the leading data center operator in Israel. The joint venture acquired approximately 2.5 acres of land in Petah Tikvah, the primary connectivity hub in Israel, with the intention of developing an 18-megawatt campus for ILS90 million, or $29 million at 100% share. Digital Realty s share of the land was $7.1 million. Additionally, Digital Realty contributed an incremental 40% interest in five operating data centers to its Digital Realty DC Partners NA Fund , increasing the Fund s stake to 80% at year end. Digital Realty received approximately $427 million of additional proceeds as a result of the contribution. Subsequent to quarter end, Digital Realty announced an agreement to acquire the TelcoHub 1 data center located in Cyberjaya, Malaysia, one of Greater Kuala Lumpur s most established data center hubs. TelcoHub 1 is an operational 1.5 megawatt data center that is one of Malaysia s leading connectivity hubs. In conjunction with this transaction, Digital Realty also agreed to acquire adjacent land that can support up to 14 megawatts of IT capacity, providing clear capacity for future expansion. The transactions are expected to close in the first half of 2026, subject to customary closing conditions. 8 Table of Contents Digital Realty Trust Financial Supplement Earnings Release Fourth Quarter 2025 Balance Sheet Digital Realty had approximately $18.4 billion of total debt outstanding as of December 31, 2025, comprised of $17.5 billion of unsecured debt and approximately $0.9 billion of secured debt and other debt. At the end of the fourth quarter of 2025, net debt-to-Adjusted EBITDA was 4.9x, debt-plus-preferred-to-total enterprise value was 26.1% and fixed charge coverage was 4.5x. In October, the company sold 0.4 million shares of common stock under its At-The-Market (ATM) equity issuance program at a weighted average price of $175.68 per share, for net proceeds of approximately $77 million. In November, Digital Realty issued 600 million of 3.750% notes due 2033 and 800 million of 4.250% notes due 2037, for aggregate net proceeds of approximately 1.4 billion ($1.6 billion). In December, Digital Realty repaid early 1.075 billion ($1.3 billion) in aggregate principal amount of its 2.500% senior notes due 2026. 9 Table of Contents Digital Realty Trust Financial Supplement Earnings Release Fourth Quarter 2025 2026 Outlook Digital Realty introduced its 2026 Core FFO per share outlook on a reported and Constant-Currency basis of $7.90 - $8.00. The assumptions underlying the outlook are summarized in the following table. As of Top-Line and Cost Structure February 5, 2026 Total revenue $6.600 - $6.700 billion Net non-cash rent adjustments (1) ($90 - $95 million) Adjusted EBITDA $3.600 - $3.700 billion G&A $610 - $620 million Internal Growth Rental rates on renewal leases Cash basis 6.0% - 8.0% GAAP basis 8.5% - 10.5% Year-end portfolio occupancy (2) +50 - 100 bps "Same-Capital" cash NOI growth (3) 4.0% - 5.0% Foreign Exchange Rates U.S. Dollar / Pound Sterling $1.30 - $1.35 U.S. Dollar / Euro $1.13 - $1.18 External Growth Dispositions / Joint Venture Capital Dollar volume $500 - $1,000 million Cap rate 0.0% - 10.0% Development CapEx (Net of Partner Contributions) (4) $3,250 - $3,750 million Average stabilized yields 10.0%+ Enhancements and other non-recurring CapEx (5) $30 - $35 million Recurring CapEx + capitalized leasing costs (6) $400 - $425 million Balance Sheet Long-term debt issuance Dollar amount $1,000 - $1,500 million Pricing 4.0% - 4.5% Timing Mid-Year Net income per diluted share $2.55 - $2.65 Real estate depreciation and (gain) / loss on sale $4.90 - $4.90 Funds From Operations / share (NAREIT-Defined) $7.45 - $7.55 Non-core expenses and revenue streams $0.45 - $0.45 Core Funds From Operations / share $7.90 - $8.00 Foreign currency translation adjustments $0.00 - $0.00 Constant-Currency Core Funds From Operations / share $7.90 - $8.00 (1) Net non-cash rent adjustments represent the sum of straight-line rental revenue and straight-line rental expense, as well as the amortization of above- and below-market leases (i.e., ASC 805 adjustments). (2) Year-end portfolio occupancy guidance based on IT load (kW). (3) The Same-Capital pool includes properties owned as of December 31, 2024 with less than 5% of total rentable square feet under development. It excludes properties that were undergoing, or were expected to undergo, development activities in 2025-2026, properties classified as held for sale and contribution, and properties sold or contributed to joint ventures for all periods presented. The 2026 Same-Capital cash NOI growth outlook is presented on a constant currency basis. (4) Excludes land acquisitions and includes Digital Realty s share of joint venture and fund contributions. Figure is net of joint venture and fund partners share of contributions. (5) Other non-recurring CapEx represents costs incurred to enhance the capacity or marketability of operating properties, such as network fiber initiatives and software development costs. (6) Recurring CapEx represents non-incremental improvements required to maintain current revenues, including second-generation tenant improvements and leasing commissions. Note: The company does not provide a reconciliation for non-GAAP estimates on a forward-looking basis, where it is unable to provide a meaningful or accurate calculation or estimation of reconciling items, and the information is not available without unreasonable effort. Please see Non-GAAP Financial Measures in this document for further discussion. 10 Table of Contents Digital Realty Trust Financial Supplement Earnings Release Fourth Quarter 2025 Non-GAAP Financial Measures This document contains non-GAAP financial measures, including FFO, Core FFO, Constant Currency Core FFO, Adjusted FFO, Net Operating Income (NOI), Same-Capital Cash NOI and Adjusted EBITDA. A reconciliation from U.S. GAAP net income available to common stockholders to FFO, a reconciliation from FFO to Core FFO, a reconciliation from Core FFO to Adjusted FFO, a reconciliation from NOI to Cash NOI, and definitions of FFO, Core FFO, Constant Currency Core FFO, Adjusted FFO, NOI and Same-Capital Cash NOI are included as an attachment to this document. A reconciliation from U.S. GAAP net income available to common stockholders to Adjusted EBITDA, a definition of Adjusted EBITDA and definitions of net debt-to-Adjusted EBITDA, debt-plus-preferred-to-total enterprise value, cash NOI, and fixed charge coverage ratio are included as an attachment to this document. The company does not provide a reconciliation for non-GAAP estimates on a forward-looking basis, where it is unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and/or amount of various items that would impact net income attributable to common stockholders per diluted share, which is the most directly comparable forward-looking GAAP financial measure. This includes, for example, external growth factors, such as dispositions, and balance sheet items such as debt issuances, that have not yet occurred, are out of the company s control and/or cannot be reasonably predicted. For the same reasons, the company is unable to address the probable significance of the unavailable information. Forward-looking non-GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures. Investor Conference Call Prior to Digital Realty s investor conference call at 5:00 p.m. ET / 4:00 p.m. CT on February 5, 2026, a presentation will be posted to the Investors section of the company s website at https://investor.digitalrealty.com . The presentation is designed to accompany the discussion of the company s fourth quarter 2025 financial results and operating performance. The conference call will feature President & Chief Executive Officer Andy Power and Chief Financial Officer Matt Mercier. A live webcast of the call will be available on the Investors section of Digital Realty s website at https://investor.digitalrealty.com . The webcast will be archived until February 5, 2027 and the replay will be available shortly after the conclusion of the live event. About Digital Realty Digital Realty brings companies and data together by delivering the full spectrum of data center, colocation and interconnection solutions. PlatformDIGITAL , the company s global data center platform, provides customers with a secure data meeting place and a proven Pervasive Datacenter Architecture (PDx ) solution methodology for powering innovation and efficiently managing Data Gravity challenges. Digital Realty gives its customers access to the connected data communities that matter to them with a global data center footprint of 300+ facilities in 55+ metros across 30+ countries on six continents. To learn more about Digital Realty, please visit digitalrealty.com or follow us on LinkedIn and X . Contact Information Matt Mercier Chief Financial Officer Digital Realty Jordan Sadler / Jim Huseby Investor Relations Digital Realty (214) 231-1350 11 Table of Contents Consolidated Quarterly Statements of Operations Financial Supplement Unaudited and in Thousands, Except Per Share Data Fourth Quarter 2025 Three Months Ended Twelve Months Ended 31-Dec-25 30-Sep-25 30-Jun-25 31-Mar-25 31-Dec-24 31-Dec-25 31-Dec-24 Rental revenues $1,074,703 $1,045,708 $1,003,550 $960,526 $958,892 $4,084,487 $3,722,646 Tenant reimbursements - Utilities 356,084 332,681 294,503 271,189 302,664 1,254,457 1,158,623 Tenant reimbursements - Other 34,406 37,302 37,355 42,177 38,591 151,240 158,612 Interconnection and other 123,414 120,399 121,952 112,969 112,360 478,734 442,591 Fee income 45,692 36,398 34,427 20,643 23,316 137,160 64,888 Other 372 4,746 1,363 133 40 6,614 7,608 Total Operating Revenues $1,634,671 $1,577,234 $1,493,150 $1,407,637 $1,435,862 $6,112,692 $5,554,968 Utilities $398,185 $375,627 $339,288 $313,385 $337,534 $1,426,485 $1,333,416 Rental property operating 295,948 278,292 267,724 238,600 273,104 1,080,564 984,921 Property taxes 50,791 51,823 49,570 48,856 46,044 201,040 182,453 Insurance 4,711 4,508 4,946 4,483 6,007 18,648 18,325 Depreciation and amortization 493,458 497,002 461,167 443,009 455,355 1,894,636 1,771,797 General and administration 159,283 139,911 133,755 121,112 124,470 554,061 473,521 Severance, equity acceleration and legal expenses 4,937 1,794 2,262 2,428 2,346 11,421 6,502 Transaction and integration expenses 36,083 86,559 22,546 39,902 11,797 185,090 93,902 Provision for impairment 78,553 22,881 78,553 191,184 Other expenses 98 3,297 195 112 12,002 3,702 27,083 Total Operating Expenses $1,522,047 $1,438,813 $1,281,453 $1,211,887 $1,291,540 $5,454,200 $5,083,104 Operating Income $112,624 $138,421 $211,697 $195,750 $144,322 $658,492 $471,864 Equity in earnings / (loss) of unconsolidated entities 4,659 (16,944) (12,062) (7,640) (36,201) (31,987) (120,138) Gain / (loss) on sale of investments 42,865 19,780 931,830 1,111 144,885 995,586 595,825 Interest and other income / (expense), net 42,797 47,735 37,747 32,773 44,517 161,052 154,243 Interest (expense) (116,516) (113,584) (109,383) (98,464) (104,742) (437,947) (452,836) Income tax benefit / (expense) 9,673 (11,695) (12,883) (17,135) (4,928) (32,040) (54,760) Gain (loss) on debt extinguishment and modifications 9 (2,165) 9 (5,871) Net Income $96,111 $63,713 $1,046,946 $106,395 $185,688 $1,313,165 $588,327 Net (income) / loss attributable to noncontrolling interests 2,536 4,099 (14,790) 3,579 3,881 (4,576) 14,163 Net Income Attributable to Digital Realty Trust, Inc. $98,647 $67,812 $1,032,156 $109,974 $189,569 $1,308,589 $602,490 Preferred stock dividends (10,181) (10,181) (10,181) (10,181) (10,181) (40,724) (40,725) Net Income / (Loss) Available to Common Stockholders $88,466 $57,631 $1,021,975 $99,793 $179,388 $1,267,865 $561,766 Weighted-average shares outstanding - basic 343,493 341,370 337,589 336,683 333,376 339,807 323,336 Weighted-average shares outstanding - diluted 351,570 349,234 345,734 344,721 340,690 347,810 331,547 Weighted-average fully diluted shares and units 357,430 355,165 351,691 350,632 346,756 353,720 337,697 Net income / (loss) per share - basic $0.26 $0.17 $3.03 $0.30 $0.54 $3.73 $1.74 Net income / (loss) per share - diluted $0.24 $0.15 $2.94 $0.27 $0.51 $3.58 $1.61 12 Table of Contents Funds From Operations and Core Funds From Operations Financial Supplement Unaudited and in Thousands, Except Per Share Data Fourth Quarter 2025 Three Months Ended Twelve Months Ended Reconciliation of Net Income to Funds From Operations (FFO) 31-Dec-25 30-Sep-25 30-Jun-25 31-Mar-25 31-Dec-24 31-Dec-25 31-Dec-24 Net Income / (Loss) Available to Common Stockholders $88,466 $57,631 $1,021,975 $99,793 $179,388 $1,267,865 $561,766 Adjustments: Noncontrolling interest in operating partnership 2,000 2,000 21,000 3,000 4,000 28,000 12,700 Real estate related depreciation and amortization (1) 484,260 487,182 451,050 432,652 445,462 1,855,144 1,730,059 Reconciling items related to noncontrolling interests (22,753) (22,888) (21,038) (19,480) (19,531) (86,159) (64,612) Unconsolidated entities real estate related depreciation and amortization 70,260 65,922 59,172 55,861 49,463 251,215 192,931 (Gain) / loss on real estate transactions (42,865) (19,780) (931,830) (1,111) (137,047) (995,586) (596,904) Provision for impairment 78,553 22,881 78,553 191,185 Funds From Operations $657,921 $570,067 $600,329 $570,715 $544,616 $2,399,032 $2,027,122 Weighted-average shares and units outstanding - basic 349,354 347,301 343,546 342,594 339,442 345,717 329,485 Weighted-average shares and units outstanding - diluted (2) (3) 357,430 355,165 351,691 350,632 346,756 353,720 337,697 Funds From Operations per share - basic $1.88 $1.64 $1.75 $1.67 $1.60 $6.94 $6.15 Funds From Operations per share - diluted (2) (3) $1.89 $1.65 $1.75 $1.67 $1.61 $6.96 $6.14 Three Months Ended Twelve Months Ended Reconciliation of FFO to Core FFO 31-Dec-25 30-Sep-25 30-Jun-25 31-Mar-25 31-Dec-24 31-Dec-25 31-Dec-24 Funds From Operations $657,921 $570,067 $600,329 $570,715 $544,616 $2,399,032 $2,027,122 Other non-core revenue adjustments (4) (10,633) (4,746) 4,228 (1,925) 4,537 (13,076) (30,339) Transaction and integration expenses 36,083 86,559 22,546 39,902 11,797 185,090 93,902 Gain (loss) on debt extinguishment and modifications (9) 2,165 (9) 5,871 Severance, equity acceleration and legal expenses (5) 4,937 1,794 2,262 2,428 2,346 11,421 6,502 (Gain) / Loss on FX and derivatives revaluation (16,295) 252 8,827 (2,064) 7,127 (9,280) 74,464 Other non-core expense adjustments (6) (21,794) 2,075 5,092 (702) 14,229 (15,329) 37,671 Core Funds From Operations $650,210 $656,001 $643,284 $608,354 $586,816 $2,557,849 $2,215,194 Weighted-average shares and units outstanding - diluted (2) (3) 349,740 347,700 343,909 343,050 339,982 346,086 329,899 Core Funds From Operations per share - diluted (2) $1.86 $1.89 $1.87 $1.77 $1.73 $7.39 $6.71 (1) Three Months Ended Twelve Months Ended Real Estate Related Depreciation & Amortization 31-Dec-25 30-Sep-25 30-Jun-25 31-Mar-25 31-Dec-24 31-Dec-25 31-Dec-24 Depreciation and amortization per income statement $493,458 $497,002 $461,167 $443,009 $455,355 $1,894,636 $1,771,798 Non-real estate depreciation (9,198) (9,820) (10,117) (10,356) (9,894) (39,492) (41,739) Real Estate Related Depreciation & Amortization $484,260 $487,182 $451,050 $432,652 $445,462 $1,855,144 $1,730,059 (2) Certain of Teraco s minority indirect shareholders have the right to put their shares in an upstream parent company of Teraco to Digital Realty in exchange for cash or the equivalent value of shares of Digital Realty common stock, or a combination thereof. U.S. GAAP requires Digital Realty to assume the put right is settled in shares for purposes of calculating diluted EPS. This same approach was utilized to calculate FFO/share. The potential future dilutive impact associated with this put right will be excluded from Core FFO and AFFO until settlement occurs causing diluted share count to be higher for FFO than for Core FFO and AFFO. When calculating diluted FFO, Teraco related noncontrolling interest is added back to the FFO numerator as the denominator assumes all shares have been put back to Digital Realty. Three Months Ended Twelve Months Ended 31-Dec-25 30-Sep-25 30-Jun-25 31-Mar-25 31-Dec-24 31-Dec-25 31-Dec-24 Teraco noncontrolling share of FFO $18,240 $17,018 $15,850 $13,286 $14,905 $64,394 $46,954 Teraco related minority interest $18,240 $17,018 $15,850 $13,286 $14,905 $64,394 $46,954 (3) For all periods presented, we have excluded the effect of dilutive series J, series K and series L preferred stock, as applicable, that may be converted into common stock upon the occurrence of specified change in control transactions as described in the articles supplementary governing the series J, series K and series L preferred stock, as applicable, which we consider highly improbable. See above for calculations of FFO and the share count detail section that follows the reconciliation of Core FFO to AFFO for calculations of weighted average common stock and units outstanding. For definitions and discussion of FFO and Core FFO, see the Definitions section. (4) Includes deferred rent adjustments related to a customer bankruptcy, development fees included in gains, lease termination fees and gain on sale of equity investment included in other income. (5) Relates to severance and other charges related to the departure of company executives and integration-related severance. (6) Includes write-offs associated with bankrupt or terminated customers, non-recurring legal and insurance expenses, impact of foreign tax rate changes and adjustments to reflect our proportionate share of transaction costs associated with noncontrolling interests. 13 Table of Contents Adjusted Funds From Operations (AFFO) Financial Supplement Unaudited and in Thousands, Except Per Share Data Fourth Quarter 2025 Three Months Ended Twelve Months Ended Reconciliation of Core FFO to AFFO 31-Dec-25 30-Sep-25 30-Jun-25 31-Mar-25 31-Dec-24 31-Dec-25 31-Dec-24 Core FFO available to common stockholders and unitholders $650,210 $656,001 $643,284 $608,354 $586,816 $2,557,849 $2,215,194 Adjustments: Non-real estate depreciation 9,198 9,820 10,117 10,356 9,894 39,492 41,739 Amortization of deferred financing costs 6,781 6,565 6,451 6,548 5,697 26,345 21,198 Amortization of debt discount/premium 1,341 1,293 1,251 1,125 1,324 5,010 5,805 Non-cash stock-based compensation expense 17,327 18,174 18,026 16,700 13,386 70,227 55,468 Straight-line rental revenue (34,351) (33,351) (23,698) (9,692) (18,242) (101,092) (25,513) Straight-line rental expense (97) (271) (475) (160) (136) (1,003) 3,447 Above- and below-market rent amortization (972) (864) (752) (706) (269) (3,294) (3,555) Deferred tax (benefit) / expense (26,184) 18,187 (30,714) (517) (15,048) (39,228) (37,834) Leasing compensation and internal lease commissions 14,644 15,013 14,721 13,405 10,505 57,783 45,233 Recurring capital expenditures (1) (168,539) (77,998) (62,083) (35,305) (130,245) (343,925) (305,712) AFFO available to common stockholders and unitholders (2) $469,358 $612,569 $576,127 $610,108 $463,682 $2,268,164 $2,015,471 Weighted-average shares and units outstanding - basic 349,354 347,301 343,546 342,594 339,442 345,717 329,485 Weighted-average shares and units outstanding - diluted (3) 349,740 347,700 343,909 343,050 339,982 346,086 329,899 AFFO per share - diluted (3) $1.34 $1.76 $1.68 $1.78 $1.36 $6.55 $6.11 Dividends per share and common unit $1.22 $1.22 $1.22 $1.22 $1.22 $4.88 $4.88 Diluted AFFO Payout Ratio 90.9% 69.2% 72.8% 68.6% 89.5% 74.5% 79.9% Three Months Ended Twelve Months Ended Share Count Detail 31-Dec-25 30-Sep-25 30-Jun-25 31-Mar-25 31-Dec-24 31-Dec-25 31-Dec-24 Weighted Average Common Stock and Units Outstanding 349,354 347,301 343,546 342,594 339,442 345,717 329,485 Add: Effect of dilutive securities 386 399 362 456 540 369 413 Weighted Avg. Common Stock and Units Outstanding - diluted 349,740 347,700 343,909 343,050 339,982 346,086 329,899 (1) Recurring capital expenditures represent non-incremental building improvements required to maintain current revenues, including second-generation tenant improvements and external leasing commissions. Recurring capital expenditures do not include acquisition costs contemplated when underwriting the purchase of a building, costs which are incurred to bring a building up to Digital Realty s operating standards, or internal leasing commissions. (2) For a definition and discussion of AFFO, see the Definitions section. For a reconciliation of net income available to common stockholders to FFO and Core FFO, see above. (3) For all periods presented, we have excluded the effect of dilutive series J, series K and series L preferred stock, as applicable, that may be converted into common stock upon the occurrence of specified change in control transactions as described in the articles supplementary governing the series J, series K and series L preferred stock, as applicable, which we consider highly improbable. See above for calculations of FFO and for calculations of weighted average common stock and units outstanding. 14 Table of Contents Consolidated Balance Sheets Financial Supplement Unaudited and in Thousands, Except Per Share Data Fourth Quarter 2025 31-Dec-25 30-Sep-25 30-Jun-25 31-Mar-25 31-Dec-24 Assets Investments in real estate: Real estate $31,359,298 $30,194,891 $29,836,218 $27,947,964 $27,558,993 Construction in progress 4,976,785 5,422,338 5,080,701 4,973,266 5,164,334 Land held for future development 91,130 66,668 73,665 69,089 38,785 Investments in Real Estate $36,427,213 $35,683,897 $34,990,583 $32,990,319 $32,762,112 Accumulated depreciation and amortization (9,993,596) (9,665,380) (9,341,719) (8,856,535) (8,641,331) Net Investments in Properties $26,433,617 $26,018,517 $25,648,865 $24,133,784 $24,120,781 Investment in unconsolidated entities 3,427,903 3,690,749 3,622,677 2,702,847 2,639,800 Net Investments in Real Estate $29,861,520 $29,709,266 $29,271,542 $26,836,631 $26,760,582 Operating lease right-of-use assets, net $1,135,645 $1,167,398 $1,180,657 $1,165,924 $1,178,853 Cash and cash equivalents 3,451,647 3,299,703 3,554,126 2,321,885 3,870,891 Accounts and other receivables, net (1) 1,358,895 1,496,105 1,586,146 1,373,521 1,257,464 Deferred rent, net 750,907 710,624 681,375 641,290 642,456 Goodwill 9,711,953 9,647,754 9,636,513 9,174,165 8,929,431 Customer relationship value, deferred leasing costs and other intangibles, net 2,134,698 2,080,898 2,171,318 2,124,989 2,178,054 Assets held for sale and contribution 349,826 116,624 139,993 953,236 Other assets 655,377 500,262 493,325 488,921 465,885 Total Assets $49,410,468 $48,728,634 $48,714,995 $45,080,562 $45,283,616 Liabilities and Equity Global unsecured revolving credit facilities, net $899,090 $1,152,042 $567,699 $1,096,931 $1,611,308 Unsecured term loans, net 439,536 438,933 440,788 404,335 386,903 Unsecured senior notes, net of discount 16,194,441 15,808,565 16,641,367 14,744,063 13,962,852 Secured and other debt, net of discount 869,068 825,894 802,294 770,950 753,314 Operating lease liabilities 1,253,217 1,285,067 1,298,085 1,281,572 1,294,219 Accounts payable and other accrued liabilities 2,600,979 2,377,726 2,310,882 1,927,611 2,056,215 Deferred tax liabilities 1,124,724 1,151,374 1,137,305 1,109,294 1,084,562 Accrued dividends and distributions 428,337 418,661 Security deposits and prepaid rents 754,920 699,528 653,640 559,768 539,802 Obligations associated with assets held for sale and contribution 182 283 1,089 7,882 Total Liabilities $24,564,494 $23,739,412 $23,853,149 $21,902,406 $22,107,836 Redeemable noncontrolling interests 1,498,975 1,535,972 1,505,889 1,459,322 1,433,185 Equity Preferred Stock: $0.01 par value per share, 110,000 shares authorized: Series J Cumulative Redeemable Preferred Stock (2) $193,540 $193,540 $193,540 $193,540 $193,540 Series K Cumulative Redeemable Preferred Stock (3) 203,264 203,264 203,264 203,264 203,264 Series L Cumulative Redeemable Preferred Stock (4) 334,886 334,886 334,886 334,886 334,886 Common Stock: $0.01 par value per share, 502,000 shares authorized (5) 3,406 3,400 3,374 3,338 3,337 Additional paid-in capital 29,350,487 29,182,332 28,720,826 28,091,661 28,079,738 Dividends in excess of earnings (6,690,722) (6,358,501) (5,997,607) (6,604,217) (6,292,085) Accumulated other comprehensive (loss), net (469,198) (533,891) (543,756) (926,874) (1,182,283) Total Stockholders Equity $22,925,663 $23,025,030 $22,914,527 $21,295,598 $21,340,397 Noncontrolling Interests Noncontrolling interest in operating partnership $415,456 $420,280 $431,000 $415,956 $396,099 Noncontrolling interest in consolidated entities 5,880 7,940 10,430 7,280 6,099 Total Noncontrolling Interests $421,336 $428,220 $441,430 $423,236 $402,198 Total Equity $23,346,999 $23,453,250 $23,355,957 $21,718,834 $21,742,595 Total Liabilities and Equity $49,410,468 $48,728,634 $48,714,995 $45,080,562 $45,283,616 (1) Net of allowance for doubtful accounts of $86,351 and $59,224 as of December 31, 2025 and December 31, 2024, respectively. (2) Series J Cumulative Redeemable Preferred Stock, 5.250%, $200,000 liquidation preference ($25.00 per share), 8,000 shares issued and outstanding as of December 31, 2025 and December 31, 2024. (3) Series K Cumulative Redeemable Preferred Stock, 5.850%, $210,000 liquidation preference ($25.00 per share), 8,400 shares issued and outstanding as of December 31, 2025 and December 31, 2024. (4) Series L Cumulative Redeemable Preferred Stock, 5.200%, $345,000 liquidation preference ($25.00 per share), 13,800 shares issued and outstanding as of December 31, 2025 and December 31, 2024. (5) Common Stock: 343,557 and 336,637 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively. 15 Table of Contents Components of Net Asset Value (NAV) (1) Financial Supplement Unaudited and in Thousands Fourth Quarter 2025 44 Consolidated Properties Cash Net Operating Income (NOI) (2) , Annualized (3) Network-Dense $1,178,813 Campus 1,957,833 Other (4) 77,358 Total Cash NOI, Annualized $3,214,004 less: Partners share of consolidated JVs (84,721) Acquisitions / dispositions / expirations (142,880) FY 2026 backlog cash NOI and 4Q25 carry-over (stabilized) (5) 359,005 Total Consolidated Cash NOI, Annualized $3,345,408 Digital Realty s Pro Rata Share of Unconsolidated Entities Cash NOI (3) (6) $361,940 Other Income Development and Management Fees (net), Annualized $182,769 Other Assets Pre-stabilized inventory, at cost (7) $480,686 Land held for development 91,130 Development CIP (8) 4,976,785 less: Investment associated with FY26 Backlog NOI (9) (1,018,532) Cash and cash equivalents 3,451,647 Accounts and other receivables, net 1,358,895 Other assets 655,377 less: Partners share of consolidated entities assets (160,412) Total Other Assets $9,835,576 Liabilities Global unsecured revolving credit facilities $918,539 Unsecured term loans 440,475 Unsecured senior notes 16,321,227 Secured and other debt 876,528 Accounts payable and other accrued liabilities 2,600,979 Deferred tax liabilities 1,124,724 Accrued dividends and distributions 428,337 Security deposits and prepaid rents 754,920 Obligations associated with assets held for sale and contribution 182 Backlog NOI cost to complete (9) 1,027,953 Preferred stock 755,000 Digital Realty s share of unconsolidated entities debt 1,897,624 less: Partners share of consolidated entities liabilities (522,145) Total Liabilities $26,624,343 (1) Backlog and associated financial line items include activity related to unconsolidated entities properties. (2) For definitions and discussion of NOI and cash NOI and a reconciliation of operating income to NOI and cash NOI, see page 32 . (3) Annualized cash NOI is calculated by multiplying results for the most recent quarter by four. Annualized results may not be indicative of any four-quarter period and do not take into account scheduled lease expirations, among other things. Annualized data is presented for illustrative purposes only. Reflects annualized 4Q25 Cash NOI of $3.2 billion. NOI is allocated based on management s estimates derived using contractual ABR and stabilized margins. (4) Other includes Powered Base Building shell capacity as well as storage and office space within fully improved data center facilities. (5) Estimated cash NOI related to signed leases that are expected to commence through December 31, 2026. Includes Digital Realty s share of signed leases at unconsolidated entities properties. (6) For a reconciliation of Digital Realty s pro rata share of unconsolidated entities operating income to cash NOI, see page 29 . (7) Excludes Digital Realty s share of cost at unconsolidated entities properties. (8) See page 26 for further details on the breakdown of the construction in progress balance. (9) Includes Digital Realty s share of construction in progress and expected cost to complete at unconsolidated entities properties. 16 Table of Contents Debt Maturities Financial Supplement Unaudited and Dollars in thousands Fourth Quarter 2025 As of December 31, 2025 Interest Rate Interest Including Rate Swaps 2026 2027 2028 2029 2030 Thereafter Total Global Unsecured Revolving Credit Facilities (1) Global unsecured revolving credit facility 2.829% 2.829% $797,938 $797,938 Yen revolving credit facility 1.275% 1.275% 120,601 120,601 Deferred financing costs, net (19,449) Total Global Unsecured Revolving Credit Facilities 2.625% 2.625% $918,539 $899,090 Unsecured Term Loans (1) Euro term loan facility 2.734% 2.734% $440,475 $440,475 Deferred financing costs, net (939) Total Unsecured Term Loans 2.734% 2.734% $440,475 $439,536 Senior Notes 275 million 0.200% Notes due 2026 0.200% 0.200% $346,918 $346,918 150 million 1.700% Notes due 2027 1.700% 1.700% $189,228 189,228 $1.00 billion 3.700% Notes due 2027 (2) 3.700% 2.485% 1,000,000 1,000,000 500 million 1.125% Notes due 2028 1.125% 1.125% $587,300 587,300 $900 million 5.550% Notes due 2028 (2) 5.550% 3.996% 900,000 900,000 $650 million 4.450% Notes due 2028 4.450% 4.450% 650,000 650,000 270 million 0.550% Notes due 2029 0.550% 0.550% $340,611 340,611 $900 million 3.600% Notes due 2029 3.600% 3.600% 900,000 900,000 350 million 3.300% Notes due 2029 3.300% 3.300% 471,625 471,625 $1.15 billion 1.875% Exchangeable Notes due 2029 (2) 1.875% 1.263% 1,150,000 1,150,000 750 million 1.500% Notes due 2030 1.500% 1.500% $880,950 880,950 550 million 3.750% Notes due 2030 3.750% 3.750% 741,125 741,125 500 million 1.250% Notes due 2031 1.250% 1.250% $587,300 587,300 1.00 billion 0.625% Notes due 2031 0.625% 0.625% 1,174,600 1,174,600 750 million 1.000% Notes due 2032 1.000% 1.000% 880,950 880,950 750 million 1.375% Notes due 2032 1.375% 1.375% 880,950 880,950 600 million 3.750% Notes due 2033 3.750% 3.750% 704,760 704,760 850 million 3.875% Notes due 2033 3.875% 3.875% 998,410 998,410 850 million 3.875% Notes due 2034 3.875% 3.875% 998,410 998,410 850 million 3.875% Notes due 2035 3.875% 3.875% 998,410 998,410 800 million 4.250% Notes due 2037 4.250% 4.250% 939,680 939,680 Unamortized discounts, net (46,316) Deferred financing costs, net (80,470) Total Senior Notes 2.799% 2.596% $346,918 $1,189,228 $2,137,300 $2,862,236 $1,622,075 $8,163,470 $16,194,441 Secured Debt ICN10 Facilities 4.720% 3.133% $11,698 $11,698 Westin 3.290% 3.290% $135,000 135,000 Teraco Loans 8.999% 10.148% $56,514 112,127 $420,744 $15,096 52,835 657,315 Deferred financing costs, net (3,298) Total Secured Debt 7.978% 8.894% $56,514 $247,127 $420,744 $15,096 $64,533 $800,715 Other Debt Icolo loans 12.732% 12.732% $6,431 $4,899 $1,180 $5,660 $18,170 Total Other Debt 12.732% 12.732% $6,431 $4,899 $1,180 $5,660 $18,170 Mandatorily Redeemable Preferred Shares (Teraco) Mandatorily Redeemable Preferred Shares (Teraco) 9.675% 9.675% $54,345 $54,345 Unamortized discounts, net (4,162) Total Redeemable Preferred Shares 9.675% 9.675% $54,345 $50,183 Total unhedged variable rate debt $56,086 $443,786 $16,446 $1,811 $929,353 $1,447,482 Total fixed rate / hedged variable rate debt 408,122 1,437,943 2,542,778 2,881,181 1,675,794 $8,163,470 17,109,288 Total Debt 3.043% 2.904% $464,208 $1,881,729 $2,559,224 $2,882,992 $2,605,147 $8,163,470 $18,556,770 Weighted Average Interest Rate 2.694% 3.005% 4.468% 2.311% 2.719% 2.671% 2.904% Summary Weighted Average Term to Initial Maturity 5.0 Years Weighted Average Maturity (assuming exercise of extension options) 5.0 Years Global Unsecured Revolving Credit Facilities Detail As of December 31, 2025 Maximum Available Existing Capacity (3) Currently Drawn Global Unsecured Revolving Credit Facilities $4,456,769 $3,444,047 $918,539 (1) Assumes all extensions will be exercised. (2) Subject to cross-currency swaps. (3) Net of letters of credit issued of $94.2 million. 17 Table of Contents Debt Analysis and Covenant Compliance Financial Supplement Unaudited Fourth Quarter 2025 As of December 31, 2025 Global Unsecured Unsecured Senior Notes Credit Facilities Debt Covenant Ratios (1) Required Actual (2) Actual (3) Required Actual Total outstanding debt / total assets (4) Less than 60% 41% 35% Less than 60% (5) 30% Secured debt / total assets (6) Less than 40% 5% 1% Less than 40% (7) 3% Total unencumbered assets / unsecured debt Greater than 150% 256% 281% N/A N/A Consolidated EBITDA / interest expense (8) Greater than 1.50x 4.4x 4.4x N/A N/A Fixed charge coverage N/A N/A Greater than 1.50x 4.8x Unencumbered assets debt service coverage ratio (9) N/A N/A Greater than 1.50x 5.4 (1) For definitions of the terms used in the table above and related footnotes, please refer to the indentures which govern the notes, the Third Amended and Restated Global Senior Credit Agreement dated as of September 24, 2024 and the Second Amended and Restated Yen facility Credit Agreement dated as of September 24, 2024, each as amended and which are filed as exhibits to our reports filed with the U.S. Securities and Exchange Commission. (2) Ratios for the Unsecured Senior Notes listed on page 17 except for the 0.20% notes due 2026, 1.70% notes due 2027, 5.550% notes due 2028, 0.55% notes due 2029, 1.875% notes due 2029, 1.250% notes due 2031, 0.625% notes due 2031, 1.00% notes due 2032, 1.375% notes due 2032, 3.750% notes due 2033, 3.875% notes due 2033, 3.875% notes due 2034, 3.875% notes due 2035 and 4.250% notes due 2037. (3) Ratios for the 0.20% notes due 2026, 1.70% notes due 2027, 5.550% notes due 2028, 0.55% notes due 2029, 1.875% notes due 2029, 1.250% notes due 2031, 0.625% notes due 2031, 1.00% notes due 2032, 1.375% notes due 2032, 3.750% notes due 2033, 3.875% notes due 2033, 3.875% notes due 2034, 3.875% notes due 2035 and 4.250% notes due 2037. (4) This ratio is referred to as the Leverage Ratio, defined as Consolidated Debt / Total Asset Value, under the global unsecured revolving credit facility and the Yen facility. For the calculation of Total Assets, please refer to the indentures which govern the notes, the Third Amended and Restated Global Senior Credit Agreement dated as of September 24, 2024 and the Second Amended and Restated Yen facility Credit Agreement dated as of September 24, 2024, each as amended and which are filed as exhibits to our reports filed with the U.S. Securities and Exchange Commission. (5) The company has the right to maintain a Leverage Ratio of greater than 60.0% but less than or equal to 65.0% for up to four consecutive fiscal quarters during the term of the facility following any acquisition of one or more Assets. (6) This ratio is referred to as the Secured Debt Leverage Ratio, defined as Secured Debt / Total Asset Value, under the global unsecured revolving credit facility and the Yen facility. (7) The company has the right to maintain a Secured Debt Leverage Ratio of greater than 40.0% but less than or equal to 45.0% for up to four consecutive fiscal quarters during the term of the facility following any acquisition of one or more Assets. (8) Calculated as current quarter annualized consolidated EBITDA to current quarter annualized Interest Expense (including capitalized interest and debt discounts). (9) Assets must satisfy certain conditions to qualify for inclusion as an Unencumbered Asset under the global unsecured revolving credit facility and the Yen facility . 18 Table of Contents Same-Capital Operating Trend Summary Financial Supplement Unaudited and in Thousands Fourth Quarter 2025 Stabilized ( Same-Capital ) Portfolio (1) Three Months Ended Twelve Months Ended 31-Dec-25 31-Dec-24 % Change 30-Sep-25 % Change 31-Dec-25 31-Dec-24 % Change Rental revenues $740,566 $690,569 7.2% $736,542 0.5% $2,880,090 $2,714,688 6.1% Tenant reimbursements - Utilities 252,644 226,821 11.4% 244,458 3.3% 932,787 885,545 5.3% Tenant reimbursements - Other 23,463 24,904 (5.8%) 26,224 (10.5%) 102,330 104,385 (2.0%) Interconnection and other 91,087 81,660 11.5% 91,121 (0.0%) 357,643 323,547 10.5% Total Revenue $1,107,760 $1,023,954 8.2% $1,098,345 0.9% $4,272,850 $4,028,165 6.1% Utilities $266,615 $245,191 8.7% $274,782 (3.0%) $1,031,119 $1,001,884 2.9% Rental property operating 213,275 199,186 7.1% 198,727 7.3% 772,706 712,225 8.5% Property taxes 37,078 31,456 17.9% 40,905 (9.4%) 148,590 141,129 5.3% Insurance 4,804 4,158 15.5% 4,841 (0.8%) 18,963 15,542 22.0% Total Expenses $521,772 $479,991 8.7% $519,255 0.5% $1,971,378 $1,870,780 5.4% Net Operating Income (2) $585,988 $543,963 7.7% $579,090 1.2% $2,301,472 $2,157,385 6.7% Less: Stabilized straight-line rent $4,384 $8,874 (50.6%) $6,017 (27.1%) $13,398 $11,009 21.7% Above- and below-market rent 636 91 595.3% 580 9.5% 2,318 1,795 29.1% Cash Net Operating Income (3) $580,968 $534,998 8.6% $572,493 1.5% $2,285,756 $2,144,581 6.6% Constant Currency Cash Net Operating Income (4) $559,059 $534,998 4.5% $2,240,979 $2,144,581 4.5% Stabilized Portfolio Occupancy at period end (5) 83.7% 83.5% (0.2%) 83.7% (0.1%) 83.7% 83.5% (0.2%) (1) Represents buildings owned as of December 31, 2023 with less than 5% of total rentable square feet under development. Excludes buildings that were undergoing, or were expected to undergo, development activities in 2024-2025, buildings classified as held for sale and contribution, and buildings sold or contributed to joint ventures for all periods presented. Prior period numbers adjusted to reflect current same-capital pool. (2) For a definition and discussion of net operating income and a reconciliation of operating income to NOI, see page 32 . (3) For a definition and discussion of cash net operating income and a reconciliation of operating income to cash NOI, see page 32 . (4) Adjustment calculated by holding currency translation rates for 2025 constant with average currency translation rates that were applicable to the same periods in 2024. (5) Occupancy excludes space under active development and space held for development. For some of our buildings, we calculate occupancy based on factors in addition to contractually leased square feet, including available power, required support space and common areas. 19 Table of Contents Summary of Leasing Activity Financial Supplement Leases Signed in the Quarter End December 31, 2025 Fourth Quarter 2025 0-1 MW > 1 MW Other (3) Total Leasing Activity - New (1) (2) 4Q25 LTM 4Q25 LTM 4Q25 LTM 4Q25 LTM Annualized GAAP Rent (in thousands) $77,118 $268,637 $77,987 $371,302 $722 $3,672 $155,826 $643,611 Kilowatt leased 22,788 78,204 35,852 152,556 58,640 230,760 NRSF (in thousands) 219 845 270 1,188 9 61 498 2,093 Weighted Average Lease Term (years) 4.2 4.5 8.9 10.0 8.6 8.3 6.1 7.5 Initial stabilized cash rent per Kilowatt $278 $283 $154 $172 $202 $210 GAAP rent per Kilowatt $282 $286 $181 $203 $220 $231 Leasing cost per Kilowatt $46 $32 $1 $2 $19 $12 Net Effective Economics by Kilowatt (4) Base rent by Kilowatt $284 $290 $184 $205 $223 $234 Rental concessions by Kilowatt $2 $3 $3 $2 $3 $3 Estimated operating expense by Kilowatt $81 $82 $46 $51 $59 $62 Net rent per Kilowatt $201 $205 $135 $152 $161 $170 Tenant improvements by Kilowatt $4 $3 $1 $1 Leasing commissions by Kilowatt $12 $9 $0 $5 $3 Net effective rent per Kilowatt $185 $192 $135 $151 $155 $165 Initial stabilized cash rent per NRSF $348 $314 $246 $266 $73 $54 $287 $279 GAAP rent per NRSF $352 $318 $289 $313 $78 $60 $313 $307 Leasing cost per NRSF $57 $36 $2 $3 $5 $3 $27 $16 Net Effective Economics by NRSF (4) Base rent by NRSF $355 $322 $293 $316 $78 $60 $317 $311 Rental concessions by NRSF $3 $4 $4 $4 $4 $4 Estimated operating expense by NRSF $101 $91 $73 $79 $8 $8 $84 $82 Net rent per NRSF $252 $227 $216 $233 $70 $52 $229 $225 Tenant improvements by NRSF $5 $4 $0 $2 $2 Leasing commissions by NRSF $15 $10 $0 $3 $1 $7 $4 Net effective rent per NRSF $232 $213 $215 $233 $66 $50 $220 $219 (1) Excludes short-term, roof, storage, and garage leases. (2) Includes leases for new and re-leased space. (3) Other includes Powered Base Building shell capacity as well as storage and office space within fully improved data center facilities. (4) All dollar amounts are per square foot averaged over lease term. Per Kilowatt amounts are presented in monthly values. Per NRSF amounts are presented in yearly values. Note: LTM is last twelve months, including current quarter. Weighted average lease term excludes renewal options and is weighted by net rentable square feet. 20 Table of Contents Summary of Leasing Activity Financial Supplement Leases Renewed in the Quarter Ended December 31, 2025 Fourth Quarter 2025 0-1 MW > 1 MW Other (4) Total Leasing Activity - Renewals (1) (2) (3) 4Q25 LTM 4Q25 LTM 4Q25 LTM 4Q25 LTM Leases renewed (Kilowatt) 39,022 144,934 38,925 84,328 77,947 229,261 Leases renewed (NRSF in thousands) 618 2,039 493 1,008 64 471 1,176 3,517 Leasing cost per Kilowatt $1 $1 $7 $4 $4 $2 Leasing cost per NRSF $1 $1 $7 $4 $1 $2 $1 $2 Weighted Term (years) 1.8 1.4 6.0 5.1 3.8 4.2 3.7 2.9 Cash Rent Expiring cash rent per Kilowatt $359 $315 $174 $161 $266 $258 Renewed cash rent per Kilowatt $374 $328 $188 $181 $281 $274 % Change Cash Rent Per Kilowatt 4.3% 4.1% 8.1% 12.3% 5.5% 6.0% Expiring cash rent per NRSF $272 $269 $165 $162 $73 $53 $216 $209 Renewed cash rent per NRSF $283 $280 $178 $182 $98 $67 $229 $223 % Change Cash Rent Per NRSF 4.3% 4.1% 8.1% 12.3% 33.8% 26.8% 6.1% 6.7% GAAP Rent Expiring GAAP rent per Kilowatt $358 $314 $152 $146 $255 $252 Renewed GAAP rent per Kilowatt $375 $329 $192 $185 $284 $276 % Change GAAP Rent Per Kilowatt 4.9% 4.6% 26.4% 27.0% 11.3% 9.4% Expiring GAAP rent per NRSF $271 $268 $143 $146 $67 $49 $206 $204 Renewed GAAP rent per NRSF $284 $280 $181 $186 $102 $71 $231 $225 % Change GAAP Rent Per NRSF 4.9% 4.6% 26.4% 27.0% 52.0% 43.0% 12.0% 10.5% Retention ratio (5) 83.5% 80.4% 72.3% 66.2% 87.9% 76.8% 78.6% 75.3% Churn (6) 2.2% 8.5% 1.1% 3.2% 0.2% 3.4% 1.5% 5.4% (1) Excludes short-term, roof, storage, and garage leases. (2) Rental rates represent annual estimated cash rent per kilowatt and net rentable square feet, adjusted for straight-line rents in accordance with GAAP. (3) Per Kilowatt amounts are presented in monthly values. Per NRSF amounts are presented in yearly values. (4) Other includes Powered Base Building shell capacity as well as storage and office space within fully improved data center facilities. (5) Based on square feet. (6) Churn is defined as recurring revenue lost during the period due to leases terminated or not renewed, divided by recurring revenue at the beginning of the period. Note: LTM is last twelve months, including current quarter. Weighted average lease term excludes renewal options and is weighted by net rentable square feet. 21 Table of Contents Lease Expirations - By Size Financial Supplement Dollars and Square Feet in Thousands (except per square foot and per kW data) Fourth Quarter 2025 % of Annualized Rent Per Annualized Rent Per Rent Per kW Square Footage of Annualized Annualized Occupied Occupied Square Annualized Rent kW of Expiring Rent per kW Per Month at Year Expiring Leases (1) Rent (2) Rent Square Foot Foot at Expiration at Expiration Leases Per Month Expiration 0-1 MW Available 3,222 Month to Month (3) 279 $81,067 1.9% $291 $294 $81,838 16,168 $418 $422 2026 2,418 797,550 19.0% 330 330 797,485 177,793 374 374 2027 801 204,342 4.9% 255 262 209,837 61,779 276 283 2028 591 155,393 3.7% 263 281 165,805 44,411 292 311 2029 326 73,909 1.8% 227 249 81,204 24,053 256 281 2030 305 73,958 1.8% 242 262 79,847 21,607 285 308 2031 177 29,273 0.7% 166 192 33,897 8,174 298 346 2032 88 22,689 0.5% 257 292 25,776 7,155 264 300 2033 45 12,589 0.3% 279 342 15,449 3,443 305 374 2034 20 2,416 0.1% 122 123 2,426 814 247 248 2035 35 6,740 0.2% 195 215 7,447 2,491 225 249 Thereafter 182 2,086 0.0% 11 12 2,210 1,932 90 95 Total / Wtd. Avg. 8,488 $1,462,012 34.9% $278 $285 $1,503,222 369,819 $329 $339 > 1 MW Expiring Leases (1) Annualized Annualized Annualized Rent Per Annualized Rent Per Annualized Rent Per kW of Expiring Annualized Rent Per kW Available 1,155 Month to Month (3) 114 $15,596 0.4% $137 $138 $15,699 9,047 $144 $145 2026 1,618 259,941 6.2% 161 162 261,760 147,952 146 147 2027 1,559 257,982 6.2% 166 170 265,375 150,153 143 147 2028 1,754 240,052 5.7% 137 144 253,424 157,629 127 134 2029 1,888 298,326 7.1% 158 169 319,579 215,624 115 124 2030 1,726 272,971 6.5% 158 171 295,501 176,754 129 139 2031 1,240 193,432 4.6% 156 179 222,039 127,304 127 145 2032 1,127 170,809 4.1% 152 172 193,305 108,806 131 148 2033 490 83,138 2.0% 170 194 94,781 51,409 135 154 2034 1,223 157,121 3.7% 128 148 180,612 120,516 109 125 2035 408 74,540 1.8% 183 201 81,974 47,982 129 142 Thereafter 2,637 482,069 11.5% 183 253 666,346 271,950 148 204 Total / Wtd. Avg. 16,938 $2,505,977 59.8% $159 $181 $2,850,394 1,585,126 $132 $150 Other (4) Expiring Leases (1) Annualized Annualized Annualized Rent Per Annualized Rent Per Annualized Rent Per kW of Expiring Annualized Rent Per kW Available 1,159 Month to Month (3) 51 $1,943 0.0% $38 $39 $1,960 2026 903 28,272 0.7% 31 31 28,410 2027 370 14,773 0.4% 40 41 15,217 2028 513 16,191 0.4% 32 33 16,961 2029 605 41,620 1.0% 69 75 45,214 2030 903 51,259 1.2% 57 63 57,314 2031 93 3,713 0.1% 40 45 4,211 2032 59 3,272 0.1% 55 62 3,692 2033 108 4,480 0.1% 41 48 5,128 2034 577 22,948 0.5% 40 48 27,576 2035 617 19,881 0.5% 32 39 24,319 Thereafter 1,474 17,563 0.4% 12 13 18,864 Total / Wtd. Avg. 7,433 $225,915 5.4% $36 $40 $248,867 Total Expiring Leases (1) Annualized Annualized Annualized Rent Per Annualized Rent Per Annualized Rent Per kW of Expiring Annualized Rent Per kW Available 5,536 Month to Month (3) 443 $98,605 2.4% $222 $224 $99,496 2026 4,939 1,085,764 25.9% 220 220 1,087,655 2027 2,730 477,097 11.4% 175 180 490,429 2028 2,858 411,637 9.8% 144 153 436,190 2029 2,819 413,855 9.9% 147 158 445,997 2030 2,934 398,188 9.5% 136 147 432,662 2031 1,510 226,417 5.4% 150 172 260,147 2032 1,274 196,770 4.7% 154 175 222,773 2033 643 100,207 2.4% 156 180 115,358 2034 1,821 182,486 4.4% 100 116 210,614 2035 1,060 101,160 2.4% 95 107 113,741 Thereafter 4,292 501,718 12.0% 117 160 687,420 Total / Wtd. Avg. 32,858 $4,193,904 100.0% $153 $168 $4,602,483 (1) For some buildings, we calculate square footage based on factors in addition to contractually leased square feet, including available power, required support space and common areas. We estimate the total net rentable square feet available for lease based on a number of factors in addition to contractually leased square feet, including available power, required support space and common areas. (2) Annualized rent represents the monthly contractual base rent (defined as cash base rent before abatements) under existing leases as of December 31, 2025, multiplied by 12. (3) Includes leases, licenses, and similar agreements that upon expiration have been automatically renewed on a month-to-month basis. (4) Other includes unimproved building shell capacity as well as storage and office space within fully improved data center facilities. Note: Represents consolidated portfolio in addition to our managed portfolio of unconsolidated entities based on our ownership percentage. 22 Table of Contents Top 20 Customers by Annualized Rent Financial Supplement Dollars in Thousands Fourth Quarter 2025 s Weighted Average Annualized % of Annualized Remaining Number of Recurring Recurring Lease Term in Customer Locations Revenue (1) Revenue Years 1 Fortune 50 Software Company 76 $547,189 11.7% 9.4 2 Oracle Corporation 42 424,130 9.0% 10.2 3 Social Content Platform 33 246,602 5.3% 2.9 4 Global Cloud Provider 64 212,744 4.5% 3.6 5 IBM 34 109,596 2.3% 2.6 6 Equinix 14 95,641 2.0% 4.6 7 LinkedIn Corporation 8 77,088 1.6% 2.5 8 Meta Platforms, Inc. 49 73,494 1.6% 2.8 9 Fortune 25 Investment Grade-Rated Company 29 67,366 1.4% 2.1 10 Social Media Platform 2 63,572 1.4% 5.4 11 Fortune 25 Tech Company 57 62,971 1.3% 4.1 12 Specialized Cloud Provider 4 61,554 1.3% 3.7 13 Lumen Technologies, Inc. 112 56,649 1.2% 8.2 14 AT&T 75 48,802 1.0% 2.4 15 Comcast Corporation 43 47,235 1.0% 2.5 16 JPMorgan Chase & Co. 21 44,326 0.9% 2.5 17 Quantitative Research and Investment Firm 2 41,524 0.9% 5.5 18 Morgan Stanley 13 39,944 0.9% 3.9 19 Rackspace 23 39,768 0.8% 9.1 20 Global Commerce Platform 13 39,500 0.8% 5.6 Total / Weighted Average $2,399,695 50.9% 6.1 (1) Annualized recurring revenue represents the monthly contractual base rent (defined as cash base rent before abatements) and interconnection revenue under existing leases as of December 31, 2025, multiplied by 12. Note: Represents consolidated portfolio in addition to our managed portfolio of unconsolidated entities based on ownership percentage. Our direct customers may be the entities named in the table above or their subsidiaries or affiliates. 23 Occupancy Analysis Financial Supplement Dollars and Square Feet in Thousands Fourth Quarter 2025 Net Rentable Space Under Active Space Held for Annualized Occupancy (5) White Space Data Center Metropolitan Area Square Feet (1) Development (2) Development (3) Rent (4) 31-Dec-25 30-Sep-25 IT Load (6) Count North America Northern Virginia 5,200 309 283 $761,054 95.1% 95.0% 503.7 16 Chicago 2,230 565 68 251,774 93.9% 93.6% 82.4 7 New York 1,497 70 28 191,514 72.2% 72.3% 61.8 10 Dallas 2,660 408 246 189,680 82.6% 82.6% 92.3 16 Portland 1,147 159,403 99.9% 99.9% 122.5 3 Silicon Valley 1,175 13 37 154,319 81.7% 88.0% 91.2 11 Phoenix 783 19 73,279 75.6% 75.6% 44.6 2 Toronto 593 135 67,732 96.5% 96.5% 55.8 2 San Francisco 844 65,457 60.1% 58.9% 31.5 5 Seattle 412 64,352 67.5% 68.2% 5.9 1 Atlanta 154 68 314 51,444 76.7% 77.4% 11.3 3 Los Angeles 750 104 47,590 86.6% 83.5% 16.1 2 Houston 393 14 18,775 69.7% 69.7% 11.0 6 Boston 336 51 13,017 39.4% 40.9% 12.9 2 Austin 86 7,845 60.9% 60.8% 4.4 1 Miami 150 12 7,091 85.4% 85.5% 2.3 1 Charlotte 95 6,646 94.4% 94.3% 1.4 3 North America Total/Weighted Average 18,504 1,452 1,290 $2,130,972 85.5% 85.6% 1,151.0 91 EMEA Frankfurt 2,102 1,071 $265,169 81.9% 83.8% 135.0 24 London 1,348 77 76 241,945 65.4% 65.7% 97.0 13 Amsterdam 1,425 202 19 216,485 81.4% 87.6% 127.2 13 Paris 1,262 622 191,592 84.4% 87.0% 122.6 12 Johannesburg 1,681 530 188,233 83.3% 83.2% 92.4 5 Zurich 596 88,512 78.2% 78.3% 44.9 3 Marseille 558 237 378 88,406 78.1% 76.5% 43.0 4 Dublin 555 70,548 76.1% 73.6% 39.1 9 Madrid 352 56 59,067 79.1% 79.3% 22.3 4 Vienna 356 133 56,300 82.2% 82.2% 27.2 3 Cape Town 326 402 50,581 89.3% 89.1% 21.1 2 Brussels 338 42,558 70.0% 70.8% 21.5 3 Copenhagen 226 99 27,235 72.7% 73.5% 12.8 3 Stockholm 245 23,873 46.4% 44.9% 15.1 6 Dusseldorf 181 55 21,861 50.8% 66.7% 8.4 3 Athens 148 61 20,382 82.8% 82.7% 9.0 4 Durban 59 8,156 69.6% 69.6% 2.1 1 Mombasa 37 21 4,957 47.3% 45.6% 1.9 2 Nairobi 16 75 3,981 66.7% 70.1% 0.9 1 Zagreb 34 3,159 66.8% 98.0% 1.6 1 Maputo 3 636 45.7% 45.7% 0.2 1 Crete 11 233 6.1% 4.6% 1.0 1 Rome 0 37 203 100.0% 100.0% 0.1 1 Lisbon 44 Barcelona 144 EMEA Total/Weighted Average 11,858 3,701 638 $1,674,070 77.9% 79.2% 846.1 119 Asia Pacific Singapore 810 80 $239,622 89.9% 89.9% 72.2 3 Sydney 361 88 28,748 83.3% 83.3% 22.8 4 Hong Kong 180 104 22,644 88.2% 86.1% 13.5 1 Melbourne 147 18,929 90.3% 90.5% 9.6 2 Seoul 162 1,025 10,965 51.5% 35.6% 12.0 1 Asia Pacific Total/Weighted Average 1,660 1,025 272 $320,908 84.6% 82.7% 130.0 11 Consolidated Portfolio Total/Weighted Average 32,022 6,177 2,200 $4,125,949 82.6% 83.1% 2,127.2 221 Held For Sale (7) 100 2 $6,762 71.5% 71.5% 4.4 1 Managed Unconsolidated entities Northern Virginia 3,581 2,325 $376,530 97.4% 97.2% 276.5 15 Chicago 1,118 127,300 97.0% 97.0% 94.2 3 Frankfurt 551 58,867 86.3% 85.5% 46.1 5 Dallas 463 10 39,990 99.9% 99.9% 26.0 3 Silicon Valley 442 400 30,807 100.0% 100.0% 6.0 4 Paris 181 90 26,588 80.5% 80.5% 20.0 1 New York 144 20,224 100.0% 100.0% 7.2 1 Toronto 104 12,597 81.4% 81.4% 6.8 1 Los Angeles 196 10,850 81.9% 84.9% 4.5 2 Hong Kong 186 7,320 32.7% 32.9% 11.0 1 Lagos 8 26 3,504 61.9% 56.3% 1.7 3 Accra 24 84 1.1% 1.7 1 Managed Unconsolidated Portfolio Total/Weighted Average 7,000 2,441 409 $714,661 93.7% 93.5% 501.5 40 Managed Portfolio Total/Weighted Average 39,022 8,618 2,609 $4,840,611 84.6% 85.0% 2,628.7 261 Digital Realty Share Total/Weighted Average (8) 32,858 6,001 2,541 $4,193,904 83.2% 83.6% 2,201.4 Non-Managed Unconsolidated entities Sao Paulo 1,508 64 1,117 $203,391 98.8% 98.7% 127.0 25 Tokyo 1,261 336 123,724 77.7% 76.1% 86.1 5 Osaka 644 113 23 82,596 86.3% 85.1% 64.9 4 Santiago 214 47 47 27,742 95.4% 95.4% 16.2 3 Queretaro 105 583 13,959 100.0% 100.0% 8.0 3 Rio De Janeiro 112 11,620 100.0% 100.0% 8.0 2 Seattle 51 7,770 100.0% 100.0% 9.0 1 Jakarta 135 4,048 38.3% 30.1% 6.5 2 Fortaleza 94 2,101 15.9% 13.6% 6.2 1 Chennai 61 119 467 8.5% 8.5% 7.2 1 Mumbai 501 Bogota 197 2 Non-Managed Portfolio Total/Weighted Average 4,186 1,061 2,087 $477,419 85.3% 83.1% 339.0 49 Portfolio Total/Weighted Average 43,208 9,679 4,696 $5,318,029 84.7% 84.8% 2,967.7 310 (1) We estimate the total net rentable square feet available for lease based on a number of factors in addition to contractually leased square feet, including available power, required support space and common areas. (2) Space under active development includes current Base Building and Data Center projects in progress. (3) Space held for development includes space held for future Data Center development and excludes space under active development. (4) Annualized base rent represents the monthly contractual base rent (defined as cash base rent before abatements) under existing leases as of December 31, 2025, multiplied by 12. (5) Occupancy excludes space under active development and space held for development. For some of our buildings, we calculate occupancy based on factors in addition to contractually leased square feet, including available power, required support space and common areas. (6) White Space IT Load represents UPS-backed utility power dedicated to Digital Realty s operated data center space. (7) Held for Sale represents the assets targeted to be sold or contributed in 1Q26. (8) Represents consolidated portfolio plus our managed portfolio of unconsolidated entities based on our ownership percentage. 24 Table of Contents Development Lifecycle (1) Financial Supplement Dollars in Thousands Fourth Quarter 2025 Future Development Capacity Data Center Construction IT Capacity (100% Share) (2) Total Investment (3) Project Summary (4) 100% Share (4) DLR Share (5) Under Average Current Future Total Current Future Total 100% Share DLR Share Construction Expected Investment Investment Investment Investment Investment Investment Yields Region Land (MW) Shell (MW) (4) (5) (MW) % Leased Completion (6) (7) (8) (6) (7) (8) (9) Northern Virginia 800 70 $2,038,688 $1,590,576 348 86% 4Q26 $1,396,096 $2,671,068 $4,067,164 $601,458 $767,916 $1,369,374 Chicago 70 66,590 66,590 66 73% 1Q27 228,724 689,847 918,571 228,724 689,847 918,571 Dallas 680 10 326,744 115,763 100 68% 4Q26 176,615 1,237,502 1,414,118 152,958 599,539 752,497 Other 1,050 130 2,289,356 2,190,435 9 59% 2Q26 82,256 75,424 157,680 47,577 51,936 99,513 Americas 2,600 210 $4,721,378 $3,963,363 523 81% $1,883,692 $4,673,841 $6,557,533 $1,030,717 $2,109,237 $3,139,954 12.7% Frankfurt 90 60 $1,035,476 $811,581 31 11% 1Q27 $421,477 $276,717 $698,194 $421,477 $276,717 $698,194 Amsterdam 40 40,882 40,882 26 47% 2Q26 259,742 109,527 369,268 259,742 109,527 369,268 Paris 230 50 503,508 442,613 22 45% 2Q27 137,909 229,812 367,721 42,223 211,004 253,227 Other 500 110 861,899 812,902 109 17% 1Q27 760,623 740,388 1,501,011 678,772 678,049 1,356,821 EMEA 860 220 $2,441,765 $2,107,979 188 23% $1,579,751 $1,356,444 $2,936,195 $1,402,215 $1,275,297 $2,677,511 11.0% Tokyo 30 $91,877 $45,939 28 41% 4Q26 $153,371 $176,246 $329,616 $76,685 $88,123 $164,808 Sydney 10 44,661 44,661 7 100% 2Q26 24,039 49,237 73,276 24,039 49,237 73,276 Osaka 40 25,660 12,830 12 50% 3Q26 50,711 60,987 111,697 25,355 30,493 55,849 Other 150 110 689,088 549,954 10 _ 4Q26 16,011 75,533 91,544 5,332 25,152 30,484 APAC 220 120 $851,287 $653,384 58 43% $244,131 $362,002 $606,133 $131,411 $193,006 $324,417 10.8% Total 3,680 550 $8,014,429 $6,724,727 769 64% $3,707,574 $6,392,287 $10,099,862 $2,564,343 $3,577,539 $6,141,883 11.9% (1) Includes development projects in consolidated and unconsolidated entities. (2) Represents the expected megawatt capacity to be developed based on our current plans and estimates; actual megawatt capacity developed may differ. Includes land and space held or actively under construction in preparation for future data center fit-out. (3) Represents cost incurred through December 31, 2025, plus remaining cost to complete on approved phases in preparation for future data center fit-out, including pro-rata share of acquisition, shell, and infrastructure costs. (4) Includes Digital Realty s and partners shares in development joint ventures projects. (5) Includes only Digital Realty s share in development joint ventures projects. (6) Represents cost incurred through December 31, 2025. (7) Represents estimated cost to complete scope of work pursuant to approved development budget. (8) Represents total cost to develop a data center, including pro-rata share of acquisition, infrastructure, and shell space, plus the direct investment in the data center fit-out. (9) Represents pre-tax estimated stabilized cash yields, which are based on total expected investment amounts and anticipated net operating income from leases signed or other assumptions based on market conditions. 25 Table of Contents Construction Projects in Progress (1) Financial Supplement Dollars in Thousands Fourth Quarter 2025 100% Share (2) DLR Share (3) Current Future Total Current Future Total Construction Projects in Progress Investment (4) (10) Investment (5) Investment Investment (4) (6) (10) Investment (5) Investment Future Development Capacity (7) $3,862,671 $4,151,758 $8,014,429 $3,277,055 $3,447,672 $6,724,727 Data Center Construction 3,707,574 6,392,287 10,099,861 2,564,343 3,577,539 6,141,882 Equipment Pool & Other Inventory (8) 279,942 279,942 279,942 279,942 Campus, Tenant Improvements & Other (9) 263,408 257,176 520,584 263,408 257,176 520,584 Total Land Held and Development CIP $8,113,595 $10,801,221 $18,914,816 $6,384,748 $7,282,387 $13,667,135 Enhancement & Other $7,844 $5,433 $13,277 $7,844 $5,433 $13,277 Recurring 43,494 41,378 84,872 43,494 41,378 84,872 Total Land Held and Construction in Progress $8,164,933 $10,848,032 $19,012,965 $6,436,086 $7,329,198 $13,765,284 (1) Includes development projects in consolidated and unconsolidated entities. (2) Includes Digital Realty s and partners shares in development joint ventures projects. (3) Includes only Digital Realty s share in development joint ventures projects. (4) Represents cost incurred through December 31, 2025. (5) Represents estimated cost to complete scope of work pursuant to approved development budget. (6) Excludes $113 million representing our partners shares in consolidated entities included in Construction in Progress or Land Held for Future Development in our Consolidated Balance Sheet; includes $1,090 million representing Digital Realty s share in development projects classified as Investments in Unconsolidated entities in our Consolidated Balance Sheet. (7) Includes land and space held or actively under construction in preparation for future data center fit-out. (8) Represents long-lead equipment and materials required for timely deployment and delivery of data center fit-out. (9) Represents improvements in progress as of December 31, 2025, which benefit space recently converted to our operating portfolio and is composed primarily of shared infrastructure projects and first-generation tenant improvements. Includes $2.8 million included in our Consolidated Balance Sheet related to fair value adjustments on Teraco portfolio projects that were partially constructed as of August 1, 2022. (10) Includes $336.4 million classified as assets held for sale and contribution in our Consolidated Balance Sheet related to development projects that are expected to be contributed to our Digital Realty DC Partners NA Fund. 26 Table of Contents Historical Capital Expenditures and Investments in Real Estate Financial Supplement Dollars and Square Feet in Thousands Fourth Quarter 2025 Three Months Ended Twelve Months Ended 31-Dec-25 30-Sep-25 30-Jun-25 31-Mar-25 31-Dec-24 31-Dec-25 31-Dec-24 Non-Recurring Capital Expenditures (1) Development (2) $756,758 $532,590 $565,168 $686,622 $528,356 $2,541,138 $2,260,693 Enhancements and Other Non-Recurring 4,385 8,114 10,234 5,588 13,384 28,321 35,243 Total Non-Recurring Capital Expenditures $761,143 $540,704 $575,402 $692,210 $541,740 $2,569,459 $2,295,936 Recurring Capital Expenditures (3) $168,539 $77,998 $62,083 $35,305 $130,245 $343,925 $305,712 Total Direct Capital Expenditures $929,682 $618,702 $637,485 $727,515 $671,985 $2,913,384 $2,601,647 Indirect Capital Expenditures Capitalized Interest $34,783 $32,923 $29,393 $30,095 $34,442 $127,194 $118,868 Capitalized Overhead 37,696 35,767 37,445 29,693 28,983 140,601 111,226 Total Indirect Capital Expenditures $72,479 $68,690 $66,838 $59,788 $63,425 $267,795 $230,094 Total Improvements to and Advances for Investment in Real Estate $1,002,161 $687,392 $704,323 $787,303 $735,410 $3,181,179 $2,831,740 (1) Non-recurring capital expenditures are primarily for development of space and land, excluding acquisition costs. (2) Amount reflects the total capital expenditures on consolidated development projects during the quarter. The total includes 100% of spending on projects contributed to joint ventures prior to their contribution . (3) 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. 27 Table of Contents Acquisitions / Dispositions/ Joint Ventures Financial Supplement Dollars and Square Feet in Thousands Fourth Quarter 2025 Closed Acquisitions: Acquisition Metropolitan Date Purchase Cap Property Type Area Acquired Price (1) Rate (2) Petah Tikva Land Tel Aviv, Israel 11/5/2025 $7,065 NA Hillsboro Campus Land Portland, OR 12/22/2025 23,600 NA Carnaxide, Portugal Land and Building Lisbon, Portugal 12/30/2025 8,340 NA Total $39,005 Closed Dispositions: Disposition Metropolitan Date Sale Cap Property Type Area Disposed Price (1) Rate (2) Alpha Road Building Dallas, TX 10/8/2025 $33,000 NA Total $33,000 Closed Joint Venture / Fund Contributions: Metropolitan Contribution Cap Property Area Date Price Rate (2) Total (1) Represents the purchase price or sale price, as applicable before contractual price adjustments, transaction expenses, taxes, and potential currency fluctuations. All prices were converted to USD based on FX rate as of December 31, 2025. (2) We calculate the cash capitalization rate on acquisitions, dispositions, and joint venture and fund contributions by dividing anticipated annual net operating income by the purchase/sale/contribution price, including assumed debt and related pre-payment penalties. Net operating income represents rental revenue and tenant reimbursement revenue from in-place leases, less rental property operating and maintenance expenses, property taxes and insurance expenses, and is not a financial measure calculated in accordance with GAAP. We caution you not to place undue reliance on our cash capitalization rates because they are based solely on data made available to us in the diligence process in connection with the relevant acquisitions and are calculated on a non-GAAP basis. Our calculation of the cash capitalization rate on acquisitions may change, based on our experience operating the data centers subsequent to closing of the acquisitions. In addition, the actual cash capitalization rates may differ from our expectations based on numerous other factors, including the results of our final purchase price allocation, difficulties collecting anticipated rental revenues, tenant bankruptcies, property tax reassessments and unanticipated expenses at the data centers that we cannot pass on to tenants. 28 Table of Contents Unconsolidated Entities Financial Supplement Dollars in Thousands Fourth Quarter 2025 Summary Balance Sheet - As of December 31, 2025 at the JV s 100% Share Americas (1) APAC (2) EMEA (3) Global (4) Total Gross cost of operating real estate $9,750,350 $2,331,469 $962,858 $1,718,755 $14,763,432 Accumulated depreciation and amortization (1,321,316) (365,532) (23,717) (174,658) (1,885,223) Net Book Value of Operating Real Estate $8,429,034 $1,965,937 $939,141 $1,544,097 $12,878,209 Cash 449,204 408,700 88,037 29,863 975,804 Other assets 1,904,561 240,401 242,158 500,330 2,887,450 Total Assets $10,782,799 $2,615,038 $1,269,336 $2,074,290 $16,741,463 Debt 3,869,443 906,684 379,955 669,545 5,825,627 Other liabilities 1,017,228 220,761 323,583 512,728 2,074,300 Equity / (deficit) 5,896,128 1,487,593 565,798 892,017 8,841,536 Total Liabilities and Equity $10,782,799 $2,615,038 $1,269,336 $2,074,290 $16,741,463 Digital Realty s Pro Rata Share of Unconsolidated entities Debt $1,167,127 $438,752 $75,991 $215,754 $1,897,624 Summary Statement of Operations - Three Months Ended December 31, 2025 at the JV s 100% Share Americas (1) APAC (2) EMEA (3) Global (4) Total Total revenues $291,321 $91,249 $17,341 $46,161 $446,072 Operating expenses (121,920) (41,237) (5,998) (22,419) (191,574) Net Operating Income (NOI) $169,401 $50,012 $11,343 $23,742 $254,498 Straight-line rent (8,471) (1,505) (2,961) (552) (13,489) Above and below market rent (2,881) (939) (3,069) (6,889) Cash Net Operating Income (NOI) $158,049 $48,507 $7,443 $20,121 $234,120 Interest expense ($60,415) ($3,490) ($2,027) ($7,188) ($73,120) Depreciation and amortization (135,684) (24,343) (5,536) (23,112) (188,675) Other income / (expense) (4,972) (5,698) (1,668) 2,900 (9,438) FX remeasurement on USD debt 10,584 5,788 (8,345) 8,027 Total Non-Operating Expenses ($190,487) ($33,531) ($3,443) ($35,745) ($263,206) Net Income / (Loss) ($21,086) $16,481 $7,900 ($12,003) ($8,709) Digital Realty s Pro Rata Share of Unconsolidated entities NOI $59,463 $24,978 $2,465 $11,299 $98,205 Digital Realty s Pro Rata Share of Unconsolidated entities Cash NOI $55,187 $24,227 $1,685 $9,386 $90,485 Digital Realty s Earnings (loss) income from unconsolidated entities ($13,012) $7,851 $6,876 $2,944 $4,659 Digital Realty s Pro Rata Share of Core FFO (5) $22,728 $20,022 $1,220 $11,720 $55,690 Digital Realty s Fee Income from Unconsolidated entities $28,508 $971 $1,908 $3,903 $35,290 (1) Includes Ascenty, Blackstone NoVa, Clise, Digital Realty DC Partners NA Fund, GI Partners, Mapletree, Menlo, Mitsubishi, Realty Income, TPG Real Estate, and Walsh. (2) Includes Digital Realty Bersama, Digital Connexion, Lumen, and MC Digital Realty. (3) Includes Blackstone Frankfurt, Blackstone Paris, Medallion, and Mivne. (4) Includes Digital Core REIT. (5) For a definition of Core FFO , see page 31 . Note: Digital Realty s ownership percentages in the unconsolidated entities vary. 29 Table of Contents Reconciliation of Earnings Before Interest, Taxes, Depreciation & Amortization and Financial Ratios Financial Supplement Unaudited and Dollars in Thousands Fourth Quarter 2025 Three Months Ended Reconciliation of Earnings Before Interest, Taxes, Depreciation & Amortization (EBITDA) (1) 31-Dec-25 30-Sep-25 30-Jun-25 31-Mar-25 31-Dec-24 Net Income / (Loss) Available to Common Stockholders $88,466 $57,631 $1,021,975 $99,793 $179,388 Interest 116,516 113,584 109,383 98,464 104,742 Gain (loss) on debt extinguishment and modifications (9) 2,165 Income tax expense (benefit) (9,673) 11,695 12,883 17,135 4,928 Depreciation and amortization 493,458 497,002 461,167 443,009 455,355 EBITDA $688,758 $679,912 $1,605,408 $658,400 $746,578 Unconsolidated JV real estate related depreciation and amortization 70,260 65,922 59,172 55,861 49,463 Unconsolidated JV interest expense and tax expense 38,498 44,795 31,243 33,390 32,255 Severance, equity acceleration and legal expenses 4,937 1,794 2,262 2,428 2,346 Transaction and integration expenses 36,083 86,559 22,546 39,902 11,797 (Gain) / loss on sale of investments (42,865) (19,780) (931,830) (1,111) (144,885) Provision for impairment 78,553 22,881 Other non-core adjustments, net (2) (25,033) 2,523 9,545 (4,316) 24,539 Noncontrolling interests (2,536) (4,099) 14,790 (3,579) (3,881) Preferred stock dividends 10,181 10,181 10,181 10,181 10,181 Adjusted EBITDA $856,836 $867,807 $823,319 $791,156 $751,276 (1) For definitions and discussion of EBITDA and Adjusted EBITDA, see the Definitions section. (2) Includes foreign exchange net unrealized gains/losses attributable to remeasurement, deferred rent adjustments related to a customer bankruptcy, impact of foreign tax rate changes, write offs associated with bankrupt or terminated customers, non-recurring legal and insurance expenses, gain on sale of land option and lease termination fees. Three Months Ended Financial Ratios 31-Dec-25 30-Sep-25 30-Jun-25 31-Mar-25 31-Dec-24 Total GAAP interest expense $116,516 $113,584 $109,383 $98,464 $104,742 Capitalized interest 34,783 32,923 29,393 30,095 34,442 Change in accrued interest and other non-cash amounts (52,014) 41,265 (92,065) 45,416 (58,137) Cash Interest Expense (3) $99,285 $187,772 $46,711 $173,975 $81,046 Preferred stock dividends 10,181 10,181 10,181 10,181 10,181 Total Fixed Charges (4) $161,479 $156,687 $148,957 $138,739 $149,364 Coverage Interest coverage ratio (5) 4.8x 4.9x 5.0x 5.3x 4.5x Cash interest coverage ratio (6) 6.8x 3.9x 11.2x 4.1x 6.9x Fixed charge coverage ratio (7) 4.5x 4.6x 4.7x 4.9x 4.2x Cash fixed charge coverage ratio (8) 6.3x 3.8x 9.9x 3.9x 6.3x Leverage Debt to total enterprise value (9)(10) 25.1% 23.0% 23.2% 25.4% 21.4% Debt-plus-preferred-stock-to-total-enterprise-value (10)(11) 26.1% 23.9% 24.1% 26.6% 22.3% Pre-tax income to interest expense (12) 1.8x 1.6x 10.6x 2.1x 2.8x Net Debt-to-Adjusted EBITDA (13) 4.9x 4.9x 5.1x 5.1x 4.8x (3) Cash interest expense is interest expense less amortization of debt discount and deferred financing fees and includes interest that we capitalized. We consider cash interest expense to be a useful measure of interest as it excludes non-cash-based interest expense. (4) Fixed charges consist of GAAP interest expense, capitalized interest, and preferred stock dividends. (5) Adjusted EBITDA (including our pro rata share of unconsolidated entities EBITDA), divided by GAAP interest expense plus capitalized interest (including our pro rata share of unconsolidated entities interest expense). (6) Adjusted EBITDA (including our pro rata share of unconsolidated entities EBITDA), divided by cash interest expense (including our pro rata share of unconsolidated entities interest expense). (7) Adjusted EBITDA (including our pro rata share of unconsolidated entities EBITDA), divided by fixed charges (including our pro rata share of unconsolidated entities fixed charges). (8) Adjusted EBITDA (including our pro rata share of unconsolidated entities EBITDA), divided by the sum of cash interest expense and preferred stock dividends (including our pro rata share of unconsolidated entities cash fixed charges). (9) Total debt divided by market value of common equity plus debt plus preferred stock. (10) Total enterprise value defined as market value of common equity plus debt plus preferred stock. (11) Same as (9), except numerator includes preferred stock. (12) Calculated as net income plus interest expense divided by GAAP interest expense. (13) Calculated as total debt at balance sheet carrying value, plus finance lease obligations, plus Digital Realty s pro rata share of unconsolidated entities debt, less cash and cash equivalents (including Digital Realty s pro rata share of unconsolidated entities cash) divided by the product of Adjusted EBITDA (including Digital Realty s pro rata share of unconsolidated entities EBITDA), multiplied by four. 30 Table of Contents Management Statements on Non-GAAP Measures Financial Supplement Unaudited Fourth Quarter 2025 Definition s Funds From Operations (FFO): We calculate funds from operations, or FFO, in accordance with the standards established by the National Association of Real Estate Investment Trusts (Nareit) in the Nareit Funds From Operations White Paper - 2018 Restatement. FFO is a non-GAAP financial measure and represents net income (loss) (computed in accordance with GAAP), excluding gain (loss) from the disposition of real estate assets, provision for impairment, real estate related depreciation and amortization (excluding amortization of deferred financing costs), our share of unconsolidated JV real estate related depreciation & amortization, net income attributable to noncontrolling interests in operating partnership and reconciling items related to noncontrolling interests. Management uses FFO as a supplemental performance measure because, in excluding real estate related depreciation and amortization and gains and losses from property dispositions and after adjustments for unconsolidated partnerships and joint ventures, it provides a performance measure that, when compared year over year, captures trends in occupancy rates, rental rates and operating costs. We also believe that, as a widely recognized measure of the performance of REITs, FFO will be used by investors as a basis to compare our operating performance with that of other REITs. However, because FFO excludes depreciation and amortization and captures neither the changes in the value of our data centers that result from use or market conditions, nor the level of capital expenditures and capitalized leasing commissions necessary to maintain the operating performance of our data centers, all of which have real economic effect and could materially impact our financial condition and results from operations, the utility of FFO as a measure of our performance is limited. Other REITs may not calculate FFO in accordance with the Nareit definition and, accordingly, our FFO may not be comparable to other REITs FFO. FFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance. Core Funds from Operations (Core FFO) : We present core funds from operations, or Core FFO, as a supplemental operating measure because, in excluding certain items that do not reflect core revenue or expense streams, it provides a performance measure that, when compared year over year, captures trends in our core business operating performance. We calculate Core FFO by adding to or subtracting from FFO (i) other non-core revenue adjustments, (ii) transaction and integration expenses, (iii) loss on debt extinguishment and modifications, (iv) gain on / issuance costs associated with redeemed preferred stock, (v) severance, equity acceleration and legal expenses, (vi) gain/loss on FX and derivatives revaluation, and (vii) other non-core expense adjustments. Because certain of these adjustments have a real economic impact on our financial condition and results from operations, the utility of Core FFO as a measure of our performance is limited. Other REITs may calculate Core FFO differently than we do and accordingly, our Core FFO may not be comparable to other REITs Core FFO. Core FFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance. Adjusted Funds from Operations (AFFO) : We present adjusted funds from operations, or AFFO, as a supplemental operating measure because, when compared year over year, it assesses our ability to fund dividend and distribution requirements from our operating activities. We also believe that, as a widely recognized measure of the operations of REITs, AFFO will be used by investors as a basis to assess our ability to fund dividend payments in comparison to other REITs, including on a per share and unit basis. We calculate AFFO by adding to or subtracting from Core FFO (i) non-real estate depreciation, (ii) amortization of deferred financing costs, (iii) amortization of debt discount/premium, (iv) non-cash stock-based compensation expense, (v) straight-line rental revenue, (vi) straight-line rental expense, (vii) above- and below-market rent amortization, (viii) deferred tax expense / (benefit), (ix) leasing compensation and internal lease commissions, and (x) recurring capital expenditures. Other REITs may calculate AFFO differently than we do and, accordingly, our AFFO may not be comparable to other REITs AFFO. AFFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance. EBITDA and Adjusted EBITDA : We believe that earnings before interest, loss on debt extinguishment and modifications, income taxes, and depreciation and amortization, or EBITDA, and Adjusted EBITDA (as defined below), are useful supplemental performance measures because they allow investors to view our performance without the impact of non-cash depreciation and amortization or the cost of debt and, with respect to Adjusted EBITDA, (i) unconsolidated entities real estate related depreciation & amortization, (ii) unconsolidated entities interest expense and tax expense, (iii) severance, equity acceleration and legal expenses, (iv) transaction and integration expenses, (v) gain (loss) on sale / deconsolidation, (vi) provision for impairment, (vii) other non-core adjustments, net, (viii) noncontrolling interests, (ix) preferred stock dividends, and (x) gain on / issuance costs associated with redeemed preferred stock. Adjusted EBITDA is EBITDA excluding (i) unconsolidated entities real estate related depreciation & amortization, (ii) unconsolidated entities interest expense and tax, (iii) severance, equity acceleration and legal expenses, (iv) transaction and integration expenses, (v) gain (loss) on sale / deconsolidation, (vi) provision for impairment, (vii) other non-core adjustments, net, (viii) noncontrolling interests, (ix) preferred stock dividends, and (x) gain on / issuance costs associated with redeemed preferred stock. In addition, we believe EBITDA and Adjusted EBITDA are frequently used by securities analysts, investors, and other interested parties in the evaluation of REITs. Because EBITDA and Adjusted EBITDA are calculated before recurring cash charges including interest expense and income taxes, exclude capitalized costs, such as leasing commissions, and are not adjusted for capital expenditures or other recurring cash requirements of our business, their utility as a measure of our performance is limited. Other REITs may calculate EBITDA and Adjusted EBITDA differently than we do and, accordingly, our EBITDA and Adjusted EBITDA may not be comparable to other REITs EBITDA and Adjusted EBITDA. Accordingly, EBITDA and Adjusted EBITDA should be considered only as supplements to net income computed in accordance with GAAP as a measure of our financial performance. 31 Table of Contents Management Statements on Non-GAAP Measures Financial Supplement Unaudited Fourth Quarter 2025 Net Operating Income (NOI) and Cash NOI : Net operating income, or NOI, represents rental revenue, tenant reimbursement revenue and interconnection revenue less utilities expense, rental property operating expenses, property taxes and insurance expenses (as reflected in the statement of operations). NOI is commonly used by stockholders, company management and industry analysts as a measurement of operating performance of the company s rental portfolio. Cash NOI is NOI less straight-line rents and above- and below-market rent amortization. Cash NOI is commonly used by stockholders, company management and industry analysts as a measure of property operating performance on a cash basis. Same-Capital Cash NOI represents buildings owned as of December 31, 2023 with less than 5% of total rentable square feet under development and excludes buildings that were undergoing, or were expected to undergo, development activities in 2024-2025, buildings classified as held for sale and contribution, and buildings sold or contributed to joint ventures for all periods presented (prior period numbers adjusted to reflect current same-capital pool). However, because NOI and cash NOI exclude depreciation and amortization and capture neither the changes in the value of our data centers that result from use or market conditions, nor the level of capital expenditures and capitalized leasing commissions necessary to maintain the operating performance of our data centers, all of which have real economic effect and could materially impact our results from operations, the utility of NOI and cash NOI as measures of our performance is limited. Other REITs may calculate NOI and cash NOI differently than we do and, accordingly, our NOI and cash NOI may not be comparable to other REITs NOI and cash NOI. NOI and cash NOI should be considered only as supplements to net income computed in accordance with GAAP as measures of our performance. Additional Definitions GAAP refers to United States generally accepted accounting principles. Net debt-to-Adjusted EBITDA ratio is calculated as total debt at balance sheet carrying value, plus finance lease obligations, plus Digital Realty s pro rata share of unconsolidated entities debt, less cash and cash equivalents (including Digital Realty s pro rata share of unconsolidated entities cash) divided by the product of Adjusted EBITDA (including Digital Realty s pro rata share of unconsolidated entities EBITDA), multiplied by four. Debt-plus-preferred-to-total enterprise value is total debt plus preferred stock divided by total debt plus the liquidation value of preferred stock and the market value of outstanding Digital Realty Trust, Inc. common stock and Digital Realty Trust, L.P. units, assuming the redemption of Digital Realty Trust, L.P. units for shares of Digital Realty Trust, Inc. common stock. Fixed charge coverage ratio is Adjusted EBITDA divided by the sum of GAAP interest expense, capitalized interest and preferred stock dividends. For the quarter ended December 31, 2025, GAAP interest expense was $117 million, capitalized interest was $35 million and preferred stock dividends were $10 million. Reconciliation of Net Operating Income (NOI) Three Months Ended Twelve Months Ended (in thousands) 31-Dec-25 30-Sep-25 31-Dec-24 31-Dec-25 31-Dec-24 Operating income $112,624 $138,421 $144,322 $658,492 $471,864 Fee income (45,692) (36,398) (23,316) (137,160) (64,888) Other income (372) (4,746) (40) (6,614) (7,608) Depreciation and amortization 493,458 497,002 455,355 1,894,636 1,771,797 General and administrative 159,283 139,911 124,470 554,061 473,521 Severance, equity acceleration and legal expenses 4,937 1,794 2,346 11,421 6,502 Transaction and integration expenses 36,083 86,559 11,797 185,090 93,902 Provision for impairment 78,553 22,881 78,553 191,184 Other expenses 98 3,297 12,002 3,702 27,083 Net Operating Income $838,972 $825,840 $749,818 $3,242,181 $2,963,357 Cash Net Operating Income (Cash NOI) Net Operating Income $838,972 $825,840 $749,818 $3,242,181 $2,963,357 Straight-line rental revenue (34,359) (33,196) (22,577) (101,264) (46,395) Straight-line rental expense (140) (297) 51 (882) 4,061 Above- and below-market rent amortization (972) (864) (269) (3,294) (3,555) Cash Net Operating Income $803,501 $791,483 $727,022 $3,136,741 $2,917,467 Constant Currency Core FFO Reconciliation Three Months Ended Twelve Months Ended (in thousands, except per share data) 31-Dec-25 31-Dec-24 31-Dec-25 31-Dec-24 Core FFO (1) $650,210 $586,816 $2,557,849 $2,215,194 Core FFO impact of holding 24 Exchange Rates Constant (2) (16,372) (33,721) Constant Currency Core FFO $633,838 $586,816 $2,524,128 $2,215,194 Weighted-average shares and units outstanding - diluted 349,740 339,982 346,086 329,899 Constant Currency Core FFO Per Share $1.81 $1.73 $7.29 $6.71 1) As reconciled to net income above. 2) Adjustment calculated by holding currency translation rates for 2025 constant with average currency translation rates that were applicable to the same periods in 2024 . 32 Table of Contents Forward-Looking Statements Financial Supplement Fourth Quarter 2025 This document contains forward-looking statements within the meaning of the federal securities laws, which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. Such forward-looking statements include statements relating to: our economic outlook, our expected investment and expansion activity, anticipated continued demand for our products and service, our liquidity, our joint ventures, supply and demand for data center and colocation space, our acquisition and disposition activity, pricing and net effective leasing economics, market dynamics and data center fundamentals, our strategic priorities, our product offerings, available inventory, rent from leases that have been signed but have not yet commenced and other contracted rent to be received in future periods, rental rates on future leases, lag between signing and commencement, cap rates and yields, investment activity, the company s FFO, Core FFO, constant currency Core FFO, adjusted FFO, and net income, 2026 outlook and underlying assumptions, information related to trends, our strategy and plans, leasing expectations, weighted average lease terms, the exercise of lease extensions, lease expirations, debt maturities, annualized rent at expiration of leases, the effect new leases and increases in rental rates will have on our rental revenue, our credit ratings, construction and development activity and plans, projected construction costs, estimated yields on investment, expected occupancy, expected square footage and IT load capacity upon completion of development projects, backlog NOI, NAV components, and other forward-looking financial data. Such statements are based on management s beliefs and assumptions made based on information currently available to management. Such statements are subject to risks, uncertainties and assumptions and are not guarantees of future performance and may be affected by known and unknown risks, trends, uncertainties, and factors that are beyond our control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated, or projected. Some of the risks and uncertainties that may cause our actual results, performance, or achievements to differ materially from those expressed or implied by forward-looking statements include, among others, the following: 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. 33