EX-99.1 2 dlr-20260423xex99d1.htm EX-99.1 Table of Contents Exhibit 99.1 Table of Contents Financial Supplement Table of Contents First Quarter 2026 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 Internal Growth Same-Capital Operating Trend Summary 18 Summary of Leasing Activity - Signed and Renewed 19 Lease Expirations - By Si z e 20 Top 20 Customers by Annualized Rent 21 Occupancy Analysis 22 External Growth Development Lifecycle 23 Historical Capital Expenditures and Investments in Real Estate 24 Acquisitions / Dispositions / Joint Ventures 25 Unconsolidated Entities 26 Additional Information Reconciliation of Earnings Before Interest, Taxes, Depreciation & Amortization and Financial Ratios 27 Management Statements on Non-GAAP Measures 28 Forward-Looking Statements 30 Table of Contents Financial Supplement Corporate Information First Quarter 2026 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 March 31, 2026, the company s 309 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 3.0 gigawatts of IT capacity, as well as approximately 6.3 gigawatts of buildable IT capacity under active development and 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 601 W 2nd St., 32 nd Floor Austin, TX (737) 281-0101 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 Barclays Bernstein Markets Exane BofA Securities Cantor Citigroup Brendan Lynch Madison Rezaei Ari Klein Nate Crossett Michael Funk Brett Knoblauch Michael Rollins Citizens JMP Deutsche Bank Evercore ISI Goldman Sachs Green Street Advisors Guggenheim HSBC Greg Miller Benjamin Soff Irvin Liu Michael Ng David Guarino Joseph Osha Phani Kanumuri Jefferies J.P. Morgan KeyBanc Mizuho Group MoffettNathanson Morgan Stanley Oppenheimer Jonathan Petersen Richard Choe Brandon Nispel Vikram Malhotra Nick Del Deo Cameron McVeigh Timothy Horan Raymond James RBC Capital Markets Scotiabank Stifel TD Cowen Truist Securities UBS Frank Louthan Jonathan Atkin Maher Yaghi Erik Rasmussen Michael Elias Matthew Niknam John Hodulik Wells Fargo Wolfe Research Eric Luebchow Andrew Rosivach 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 May 19, 2026 JP Morgan s 2026 Global Technology, Media and Communications Conference Boston, MA May 20, 2026 Kempen European Real Estate Seminar Amsterdam, NL June 2 - 3, 2026 Nareit REITweek: 2026 Conference New York City, NY 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) First Quarter 2026 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-Mar-26 31-Dec-25 30-Sep-25 30-Jun-25 31-Mar-25 High price $184.79 $182.48 $182.00 $178.85 $187.74 Low price $151.50 $146.23 $159.22 $129.95 $139.27 Closing price, end of quarter $180.21 $154.71 $172.88 $174.33 $143.29 Average daily trading volume (1) 2,060 1,826 1,520 2,034 2,529 Indicated dividend per common share (2) $4.88 $4.88 $4.88 $4.88 $4.88 Closing annual dividend yield, end of quarter 2.7% 3.2% 2.8% 2.8% 3.4% Shares and units outstanding, end of quarter (1) (3) 355,217 349,746 349,244 346,644 343,092 Closing market value of shares and units outstanding (4) $64,013,656 $54,109,204 $60,377,303 $60,430,449 $49,161,653 (1) Shares or shares and units in thousands. (2) On an annualized basis. (3) As of March 31, 2026, the total number of shares and units includes 348,924 shares of common stock, 3,845 common units held by third parties and 2,448 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) in Thousands First Quarter 2026 Shares and Units at End of Quarter 31-Mar-26 31-Dec-25 30-Sep-25 30-Jun-25 31-Mar-25 Common shares outstanding 348,924 343,557 343,041 340,372 336,743 Common partnership units outstanding 6,293 6,189 6,203 6,272 6,349 Total Shares and Units 355,217 349,746 349,244 346,644 343,092 Enterprise Value Market value of common equity (1) $64,013,656 $54,109,204 $60,377,303 $60,430,449 $49,161,653 Liquidation value of preferred equity 755,000 755,000 755,000 755,000 755,000 Total debt at balance sheet carrying value 17,996,633 18,402,135 18,225,434 18,452,148 17,016,279 Total Enterprise Value $82,765,289 $73,266,339 $79,357,737 $79,637,597 $66,932,932 Total debt / total enterprise value 21.7% 25.1% 23.0% 23.2% 25.4% Debt-plus-preferred-to-total-enterprise-value 22.7% 26.1% 23.9% 24.1% 26.6% Selected Balance Sheet Data Investments in real estate (before depreciation) $40,751,409 $39,855,116 $39,374,646 $38,613,260 $35,693,166 Total Assets 48,859,973 49,410,468 48,728,634 48,714,995 45,080,562 Total Liabilities 23,462,959 24,564,494 23,739,412 23,853,149 21,902,406 Selected Operating Data Total operating revenues $1,635,173 $1,634,671 $1,577,234 $1,493,150 $1,407,637 Total operating expenses 1,368,240 1,522,047 1,438,813 1,281,453 1,211,887 Net income 174,804 96,111 63,713 1,046,946 106,395 Net income / (loss) available to common stockholders 169,093 88,466 57,631 1,021,975 99,793 Financial Ratios EBITDA (2) $805,115 $688,758 $679,912 $1,605,408 $658,400 Adjusted EBITDA (3) 920,307 856,836 867,807 823,319 791,156 Net Debt-to-Adjusted EBITDA (4) 4.7x 4.9x 4.9x 5.1x 5.1x Interest expense 116,384 116,516 113,584 109,383 98,464 Fixed charges (5) 162,202 161,479 156,687 148,957 138,739 Interest coverage ratio (6) 5.2x 4.8x 4.9x 5.0x 5.3x Fixed charge coverage ratio (7) 4.9x 4.5x 4.6x 4.7x 4.9x Profitability Measures Net income / (loss) per common share - basic $0.49 $0.26 $0.17 $3.03 $0.30 Net income / (loss) per common share - diluted $0.46 $0.24 $0.15 $2.94 $0.27 Funds from operations (FFO) / diluted share and unit (8) $1.99 $1.89 $1.65 $1.75 $1.67 Core funds from operations (Core FFO) / diluted share and unit (8) $2.04 $1.86 $1.89 $1.87 $1.77 Adjusted funds from operations (AFFO) / diluted share and unit (9) $1.92 $1.34 $1.76 $1.68 $1.78 Dividends per share and common unit $1.22 $1.22 $1.22 $1.22 $1.22 Diluted FFO payout ratio (8) (10) 61.2% 64.5% 73.8% 69.6% 73.2% Diluted Core FFO payout ratio (8) (10) 59.9% 65.6% 64.7% 65.2% 68.8% Diluted AFFO payout ratio (9) (10) 63.6% 90.9% 69.2% 72.8% 68.6% Portfolio Statistics Data Centers (11) 309 310 311 310 308 Cross-connects (11) (12) 234,000 232,500 231,000 229,000 228,000 Occupied MWs (11) 2,725 2,663 2,602 2,565 2,457 IT Load Capacity MWs (11) 3,024 2,963 2,879 2,858 2,753 Occupancy at end of quarter (13) 90.1% 89.9% 90.4% 89.7% 89.2% Same-capital occupancy at end of quarter (13) (14) 91.6% 91.6% 91.9% 91.5% 91.2% Weighted average remaining lease term (years) (15) 4.3 3.9 4.2 4.2 4.1 5 Table of Contents Key Quarterly Financial Data Financial Supplement Unaudited, Dollars (except per share data) in Thousands First Quarter 2026 (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 28 . For a reconciliation of net income available to common stockholders to EBITDA, see page 27 . (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 28 . For a reconciliation of net income available to common stockholders to Adjusted EBITDA, see page 27 . (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 28 . 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 28 . For a reconciliation of Core FFO to AFFO, see page 14 . (10) Diluted payout ratios for FFO, Core FFO and AFFO are calculated as dividends declared per common share and unit divided by the corresponding diluted FFO, diluted Core FFO and diluted AFFO per share and unit, respectively. (11) Includes data centers held as investments in unconsolidated entities. Excludes data centers held for sale and contribution. (12) Represents approximate amounts. (13) Occupancy and same-capital occupancy exclude capacity under active development and capacity 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 data centers, we calculate occupancy based on factors including available power, required support capacity and common area. Excludes data centers held for sale and contribution. (14) Represents data centers owned as of December 31, 2024, with less than 5% of total rentable square feet under development. Excludes data centers that were undergoing, or were expected to undergo, development activities in 2025-2026, data centers classified as held for sale and contribution, and data centers sold or contributed to joint ventures for all periods presented. Prior period results have been adjusted to reflect current same-capital pool. (15) Weighted average remaining lease term excludes renewal options and is weighted by annualized recurring revenue. 6 Table of Contents Digital Realty Trust Financial Supplement Earnings Release First Quarter 2026 Digital Realty Reports First Quarter 2026 Results Austin, TX April 23, 2026 Digital Realty (NYSE: DLR), the world s largest cloud- and carrier-neutral data center platform, announced today financial results for the first quarter of 2026. All per share results are presented on a fully diluted basis. Highlights Reported net income available to common stockholders of $0.46 per share in 1Q26, compared to $0.27 in 1Q25 Reported FFO per share of $1.99 in 1Q26, compared to $1.67 in 1Q25 Reported Core FFO per share of $2.04 in 1Q26, compared to $1.77 in 1Q25; reported Constant-Currency Core FFO per share of $1.96 in 1Q26 Signed total bookings during 1Q26 that are expected to generate $707 million of annualized GAAP base rent at 100% share ; at Digital Realty s share, total bookings were $423 million, including a $98 million contribution from the 0 - 1 megawatt plus interconnection category Reported a total backlog of $1.8 billion of annualized GAAP base rent at 100% share at the end of 1Q26; at Digital Realty s share, the total backlog was $1.0 billion Reported rental rate increases on renewal leases of 5.0% on a cash basis in 1Q26 Raised 2026 Core FFO per share outlook to $8.00 - $8.10 and 2026 Constant-Currency Core FFO per share outlook to $7.95 - $8.05 Financial Results Digital Realty reported total revenues of $1.6 billion in the first quarter of 2026, in line with the previous quarter and a 16% increase from the same quarter last year. The company delivered net income of $175 million in the first quarter of 2026, as well as net income available to common stockholders of $169 million and $0.46 per share, compared to $0.24 per share in the previous quarter and $0.27 per share in the same quarter last year. Digital Realty generated Adjusted EBITDA of $920 million in the first quarter of 2026, a 7% increase from the previous quarter and a 16% increase over the same quarter last year. The company reported Funds From Operations (FFO) of $700 million in the first quarter of 2026, or $1.99 per share, compared to $1.89 per share in the previous quarter and $1.67 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 $2.04 in the first quarter of 2026, compared to $1.86 per share in the previous quarter and $1.77 per share in the same quarter last year. Digital Realty delivered Constant-Currency Core FFO per share of $1.96 in the first quarter of 2026. "Digital Realty saw a further acceleration in data center demand and our growth trajectory in the first quarter, with record 0 1 megawatt plus interconnection leasing and the largest hyperscale lease in company history, which contributed to double-digit growth in Core FFO per share, said Digital Realty President and Chief Executive Officer Andy Power. We are swiftly advancing hyperscale AI-oriented capacity in the U.S., growing our connectivity-rich portfolio across key global markets, and broadening our capital base to prudently extend Digital Realty s runway for growth." Leasing Activity In the first quarter, Digital Realty signed total bookings that are expected to generate $707 million of annualized GAAP rental revenue, at 100% share; at Digital Realty s share, total bookings were $423 million, including a $79 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 first quarter of 2026 and the contractual commencement date was nineteen months. The backlog of signed-but-not-commenced leases at quarter-end was $1.8 billion of annualized GAAP base rent at 100% share, and $1.0 billion at Digital Realty s share. In addition, Digital Realty also signed renewal leases representing $193 million of annualized cash rental revenue during the quarter. Rental rates on renewal leases signed during the first quarter of 2026 increased 5.0% on a cash basis and 6.3% on a GAAP basis. 7 Table of Contents Digital Realty Trust Financial Supplement Earnings Release First Quarter 2026 New leases signed during the first quarter of 2026, at Digital Realty s share, are summarized by region and product as follows: Annualized GAAP Base Rent GAAP Base Rent Americas (in thousands) Megawatts per Kilowatt 0-1 MW $40,444 13.2 $256 > 1 MW 280,082 134.5 174 Other (1) 385 Total $320,912 147.7 $181 EMEA (2) 0-1 MW $29,282 8.6 $284 > 1 MW 8,007 3.2 209 Other (1) 132 Total $37,422 11.8 $264 Asia Pacific (2) 0-1 MW $9,228 4.9 $158 > 1 MW 36,392 11.7 260 Other (1) 210 Total $45,829 16.5 $230 All Regions (2) 0-1 MW $78,954 26.6 $247 > 1 MW 324,482 149.3 181 Other (1) 728 Total $404,163 176.0 $191 Interconnection $18,611 N/A N/A Grand Total at DLR Share $422,774 176.0 $191 Grand Total at 100% Share $706,883 312.8 $183 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 March 31, 2026. Investment Activity During the first quarter of 2026, Digital Realty acquired the following: An 873-acre parcel in the greater Atlanta metro area for $95 million. This parcel is proximate to Digital Realty s existing Atlanta campus and is expected to support over one gigawatt of IT capacity. A 30-acre parcel of land in the Portland metro area for $50 million that is expected to support 160 megawatts of IT capacity. This parcel is near another assemblage of land announced last quarter that is expected to support up to 85 megawatts of IT capacity. As previously announced, during the quarter, Digital Realty acquired the following: Telepoint, a leading data center and interconnection provider based in Sofia, Bulgaria, for 66.5 million or $76.6 million, adding the market s leading connectivity hub to PlatformDIGITAL. Two land parcels totaling more than 90 acres near Milan, Italy for 56.5 million or $65.1 million. These parcels are located close to the terrestrial and subsea routes that connect northern Italy to other locations throughout the Mediterranean region. Also previously disclosed, during the first quarter of 2026 Digital Realty entered into an agreement, to acquire TelcoHub 1, an operational 1.5-megawatt data center that is one of Malaysia s leading connectivity hubs, and an adjacent land parcel that can support the development of up to 14 megawatts of IT capacity. These transactions are expected to close in the first half of 2026, subject to customary closing conditions. Subsequent to quarter end, Digital Realty acquired a 15-megawatt data center development in Cyberjaya, Malaysia, located near TelcoHub 1, for approximately $117 million. This facility is unleased, with initial IT capacity expected to deliver in the second half of 2026 to support a connected campus. During the first quarter, Digital Realty sold a non-core data center in the Boston metro area for gross proceeds of approximately $6.4 million. Subsequent to quarter end, Digital Realty also closed on the sale of a non-core asset in the Atlanta metro area for $24 million. 8 Table of Contents Digital Realty Trust Financial Supplement Earnings Release First Quarter 2026 Balance Sheet Digital Realty had approximately $18.0 billion of total debt outstanding as of March 31, 2026, comprised of $17.2 billion of unsecured debt and approximately $0.8 billion of secured debt and other debt. At the end of the first quarter of 2026, net debt-to-Adjusted EBITDA was 4.7x, debt-plus-preferred-to-total enterprise value was 22.7% and fixed charge coverage was 4.9x. Since December 31, 2025, the company sold 7.3 million shares of common stock under its At-The-Market (ATM) equity issuance program at a weighted average price of $179.30 per share, for net proceeds of approximately $1.3 billion. 9 Table of Contents Digital Realty Trust Financial Supplement Earnings Release First Quarter 2026 2026 Outlook Digital Realty raised its 2026 Core FFO per share outlook to $8.00 - $8.10 and its 2026 Constant-Currency Core FFO per share outlook to $7.95 - $8.05. The assumptions underlying the outlook are summarized in the following table. As of As of Top-Line and Cost Structure February 5, 2026 April 23, 2026 Total revenue $6.600 - $6.700 billion $6.650 - $6.750 billion Net non-cash rent adjustments (1) ($90 - $95 million) ($90 - $95 million) Adjusted EBITDA $3.600 - $3.700 billion $3.650 - $3.750 billion G&A $610 - $620 million $615 - $625 million Internal Growth Rental rates on renewal leases Cash basis 6.0% - 8.0% 6.5% - 8.5% GAAP basis 8.5% - 10.5% 9.5% - 11.5% Year-end portfolio occupancy (2) +50 - 100 bps +50 - 100 bps "Same-Capital" cash NOI growth (3) 4.0% - 5.0% 4.0% - 5.0% Foreign Exchange Rates U.S. Dollar / Pound Sterling $1.30 - $1.35 $1.32 - $1.37 U.S. Dollar / Euro $1.13 - $1.18 $1.15 - $1.20 External Growth Dispositions / Joint Venture Capital Dollar volume $500 - $1,000 million $500 - $1,000 million Cap rate 0.0% - 10.0% 0.0% - 10.0% Development CapEx (Net of Partner Contributions) (4) $3,250 - $3,750 million $3,500 - $4,000 million Average stabilized yields 10.0%+ 10.0%+ Enhancements and other non-recurring CapEx (5) $30 - $35 million $30 - $35 million Recurring CapEx + capitalized leasing costs (6) $400 - $425 million $400 - $425 million Balance Sheet Long-term debt issuance Dollar amount $1,000 - $1,500 million $1,500 - $2,000 million Pricing 4.0% - 4.5% 4.0% - 4.5% Timing Mid-Year Mid-Year Net income per diluted share $2.55 - $2.65 $2.65 - $2.75 Real estate depreciation and (gain) / loss on sale $4.90 - $4.90 $4.95 - $4.95 Funds From Operations / share (NAREIT-Defined) $7.45 - $7.55 $7.60 - $7.70 Non-core expenses and revenue streams $0.45 - $0.45 $0.40 - $0.40 Core Funds From Operations / share $7.90 - $8.00 $8.00 - $8.10 Foreign currency translation adjustments $0.00 - $0.00 ($0.05) - ($0.05) Constant-Currency Core Funds From Operations / share $7.90 - $8.00 $7.95 - $8.05 (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 First Quarter 2026 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 April 23, 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 first quarter 2026 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 for one year 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, from cloud and digital transformation to emerging technologies like artificial intelligence (AI), and efficiently managing Data Gravity challenges. Digital Realty gives its customers access to the connected data communities that matter to them with a global data center footprint of 300+ facilities in 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 (737) 281-0101 11 Table of Contents Consolidated Quarterly Statements of Operations Financial Supplement Unaudited and in Thousands, Except Per Share Data First Quarter 2026 Three Months Ended 31-Mar-26 31-Dec-25 30-Sep-25 30-Jun-25 31-Mar-25 Rental revenues $1,103,946 $1,074,703 $1,045,708 $1,003,550 $960,526 Tenant reimbursements - Utilities 333,909 356,084 332,681 294,503 271,189 Tenant reimbursements - Other 38,093 34,406 37,302 37,355 42,177 Interconnection and other 124,278 123,414 120,399 121,952 112,969 Fee income 34,899 45,692 36,398 34,427 20,643 Other 47 372 4,746 1,363 133 Total Operating Revenues $1,635,173 $1,634,671 $1,577,234 $1,493,150 $1,407,637 Utilities $372,385 $398,185 $375,627 $339,288 $313,385 Rental property operating 266,115 295,948 278,292 267,724 238,600 Property taxes 54,964 50,791 51,823 49,570 48,856 Insurance 4,799 4,711 4,508 4,946 4,483 Depreciation and amortization 499,511 493,458 497,002 461,167 443,009 General and administration 151,923 159,283 139,911 133,755 121,112 Severance, equity acceleration and legal expenses 2,835 4,937 1,794 2,262 2,428 Transaction and integration expenses 15,685 36,083 86,559 22,546 39,902 Provision for impairment 78,553 Other expenses 23 98 3,297 195 112 Total Operating Expenses $1,368,240 $1,522,047 $1,438,813 $1,281,453 $1,211,887 Operating income before gain (loss) on disposition of properties, net $266,933 $112,624 $138,420 $211,698 $195,750 Gain (loss) on disposition of properties, net 873 42,865 19,780 931,830 1,111 Operating Income $267,806 $155,489 $158,200 $1,143,527 $196,860 Equity in earnings (loss) of unconsolidated entities (1,833) 4,659 (16,944) (12,062) (7,640) Interest and other income (expense), net 45,342 42,797 47,735 37,747 32,773 Interest (expense) (116,384) (116,516) (113,584) (109,383) (98,464) Income tax benefit (expense) (16,008) 9,673 (11,695) (12,883) (17,135) Gain (loss) on debt extinguishment and modifications (4,119) 9 Net Income $174,804 $96,111 $63,713 $1,046,946 $106,395 Net (income) loss attributable to noncontrolling interests 4,470 2,536 4,099 (14,790) 3,579 Net Income Attributable to Digital Realty Trust, Inc. $179,274 $98,647 $67,812 $1,032,156 $109,974 Preferred stock dividends (10,181) (10,181) (10,181) (10,181) (10,181) Net Income (Loss) Available to Common Stockholders $169,093 $88,466 $57,631 $1,021,975 $99,793 Weighted-average shares outstanding - basic 345,013 343,493 341,370 337,589 336,683 Weighted-average shares outstanding - diluted 353,255 351,570 349,234 345,734 344,721 Weighted-average fully diluted shares and units 359,300 357,430 355,165 351,691 350,632 Net income / (loss) per share - basic $0.49 $0.26 $0.17 $3.03 $0.30 Net income / (loss) per share - diluted $0.46 $0.24 $0.15 $2.94 $0.27 12 Table of Contents Funds From Operations and Core Funds From Operations Financial Supplement Unaudited and in Thousands, Except Per Share Data First Quarter 2026 Three Months Ended Reconciliation of Net Income to Funds From Operations (FFO) 31-Mar-26 31-Dec-25 30-Sep-25 30-Jun-25 31-Mar-25 Net Income (Loss) Available to Common Stockholders $169,093 $88,466 $57,631 $1,021,975 $99,793 Adjustments: Noncontrolling interest in operating partnership 4,000 2,000 2,000 21,000 3,000 Real estate related depreciation and amortization (1) 490,965 484,260 487,182 451,050 432,652 Reconciling items related to noncontrolling interests (23,726) (22,753) (22,888) (21,038) (19,480) Unconsolidated entities real estate related depreciation and amortization 60,291 70,260 65,922 59,172 55,861 (Gain) loss on real estate transactions (226) (42,865) (19,780) (931,830) (1,111) Provision for impairment 78,553 Funds From Operations $700,397 $657,921 $570,067 $600,329 $570,715 Weighted-average shares and units outstanding - basic 351,059 349,354 347,301 343,546 342,594 Weighted-average shares and units outstanding - diluted (2) (3) 359,300 357,430 355,165 351,691 350,632 Funds From Operations per share - basic $2.00 $1.88 $1.64 $1.75 $1.67 Funds From Operations per share - diluted (2) (3) $1.99 $1.89 $1.65 $1.75 $1.67 Three Months Ended Reconciliation of FFO to Core FFO 31-Mar-26 31-Dec-25 30-Sep-25 30-Jun-25 31-Mar-25 Funds From Operations $700,397 $657,921 $570,067 $600,329 $570,715 Other non-core revenue adjustments (4) (29) (10,633) (4,746) 4,228 (1,925) Transaction and integration expenses 15,685 36,083 86,559 22,546 39,902 Gain (loss) on debt extinguishment and modifications 4,119 (9) Severance, equity acceleration and legal expenses (5) 2,835 4,937 1,794 2,262 2,428 (Gain) loss on FX and derivatives revaluation (4,398) (16,295) 252 8,827 (2,064) Other non-core expense adjustments (6) (2,538) (21,794) 2,075 5,092 (702) Core Funds From Operations $716,071 $650,210 $656,001 $643,284 $608,354 Weighted-average shares and units outstanding - diluted (2) (3) 351,293 349,740 347,700 343,909 343,050 Core Funds From Operations per share - diluted (2) $2.04 $1.86 $1.89 $1.87 $1.77 (1) Three Months Ended Real Estate Related Depreciation & Amortization 31-Mar-26 31-Dec-25 30-Sep-25 30-Jun-25 31-Mar-25 Depreciation and amortization per income statement $499,511 $493,458 $497,002 $461,167 $443,009 Non-real estate depreciation (8,546) (9,198) (9,820) (10,117) (10,356) Real Estate Related Depreciation & Amortization $490,965 $484,260 $487,182 $451,050 $432,652 (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 31-Mar-26 31-Dec-25 30-Sep-25 30-Jun-25 31-Mar-25 Teraco noncontrolling share of FFO $15,410 $18,240 $17,018 $15,850 $13,286 Teraco related minority interest $15,410 $18,240 $17,018 $15,850 $13,286 (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 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 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 First Quarter 2026 Three Months Ended Reconciliation of Core FFO to AFFO 31-Mar-26 31-Dec-25 30-Sep-25 30-Jun-25 31-Mar-25 Core Funds From Operations $716,071 $650,210 $656,001 $643,284 $608,354 Adjustments: Non-real estate depreciation 8,546 9,198 9,820 10,117 10,356 Amortization of deferred financing costs 6,443 6,781 6,565 6,451 6,548 Amortization of debt discount/premium 1,581 1,341 1,293 1,251 1,125 Non-cash stock-based compensation expense 20,908 17,327 18,174 18,026 16,700 Straight-line rental revenue (21,741) (34,351) (33,351) (23,698) (9,692) Straight-line rental expense (1,410) (97) (271) (475) (160) Above- and below-market rent amortization (1,007) (972) (864) (752) (706) Deferred tax (benefit) / expense (10,919) (26,184) 18,187 (30,714) (517) Leasing compensation and internal lease commissions 15,476 14,644 15,013 14,721 13,405 Recurring capital expenditures (1) (59,665) (168,539) (77,998) (62,083) (35,305) Adjusted Funds From Operations (2) $674,283 $469,358 $612,569 $576,127 $610,108 Weighted-average shares and units outstanding - basic 351,059 349,354 347,301 343,546 342,594 Weighted-average shares and units outstanding - diluted (3) 351,293 349,740 347,700 343,909 343,050 AFFO per share - diluted (3) $1.92 $1.34 $1.76 $1.68 $1.78 Dividends per share and common unit $1.22 $1.22 $1.22 $1.22 $1.22 Diluted AFFO Payout Ratio 63.6% 90.9% 69.2% 72.8% 68.6% Three Months Ended Share Count Detail 31-Mar-26 31-Dec-25 30-Sep-25 30-Jun-25 31-Mar-25 Weighted Average Common Stock and Units Outstanding 351,059 349,354 347,301 343,546 342,594 Add: Effect of dilutive securities 234 386 399 362 456 Weighted Avg. Common Stock and Units Outstanding - diluted 351,293 349,740 347,700 343,909 343,050 (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 (loss) 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 First Quarter 2026 31-Mar-26 31-Dec-25 30-Sep-25 30-Jun-25 31-Mar-25 Assets Investments in real estate: Real estate $31,633,899 $31,359,298 $30,194,891 $29,836,218 $27,947,964 Construction in progress 5,381,071 4,976,785 5,422,338 5,080,701 4,973,266 Land held for future development 199,681 91,130 66,668 73,665 69,089 Investments in Real Estate $37,214,651 $36,427,213 $35,683,897 $34,990,583 $32,990,319 Accumulated depreciation and amortization (10,355,181) (9,993,596) (9,665,380) (9,341,719) (8,856,535) Net Investments in Properties $26,859,470 $26,433,617 $26,018,517 $25,648,865 $24,133,784 Investment in unconsolidated entities 3,536,757 3,427,903 3,690,749 3,622,677 2,702,847 Net Investments in Real Estate $30,396,227 $29,861,520 $29,709,266 $29,271,542 $26,836,631 Operating lease right-of-use assets, net $1,105,080 $1,135,645 $1,167,398 $1,180,657 $1,165,924 Cash and cash equivalents 2,426,631 3,451,647 3,299,703 3,554,126 2,321,885 Accounts and other receivables, net (1) 1,430,242 1,358,895 1,496,105 1,586,146 1,373,521 Deferred rent, net 765,198 750,907 710,624 681,375 641,290 Goodwill 9,591,250 9,711,953 9,647,754 9,636,513 9,174,165 Customer relationship value, deferred leasing costs and other intangibles, net 2,053,368 2,134,698 2,080,898 2,171,318 2,124,989 Assets held for sale and contribution 441,064 349,826 116,624 139,993 953,236 Other assets 650,913 655,377 500,262 493,325 488,921 Total Assets $48,859,973 $49,410,468 $48,728,634 $48,714,995 $45,080,562 Liabilities and Equity Global unsecured revolving credit facilities, net $707,961 $899,090 $1,152,042 $567,699 $1,096,931 Unsecured term loans, net 432,450 439,536 438,933 440,788 404,335 Unsecured senior notes, net of discount 16,013,977 16,194,441 15,808,565 16,641,367 14,744,063 Secured and other debt, net of discount 842,245 869,068 825,894 802,294 770,950 Operating lease liabilities 1,218,509 1,253,217 1,285,067 1,298,085 1,281,572 Accounts payable and other accrued liabilities 2,419,888 2,600,979 2,377,726 2,310,882 1,927,611 Deferred tax liabilities 1,093,955 1,124,724 1,151,374 1,137,305 1,109,294 Accrued dividends and distributions 428,337 Security deposits and prepaid rents 733,974 754,920 699,528 653,640 559,768 Obligations associated with assets held for sale and contribution 182 283 1,089 7,882 Total Liabilities $23,462,959 $24,564,494 $23,739,412 $23,853,149 $21,902,406 Redeemable noncontrolling interests 1,594,718 1,498,975 1,535,972 1,505,889 1,459,322 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) 3,459 3,406 3,400 3,374 3,338 Additional paid-in capital 30,093,165 29,350,487 29,182,332 28,720,826 28,091,661 Dividends in excess of earnings (6,946,676) (6,690,722) (6,358,501) (5,997,607) (6,604,217) Accumulated other comprehensive loss, net (512,885) (469,198) (533,891) (543,756) (926,874) Total Stockholders Equity $23,368,753 $22,925,663 $23,025,030 $22,914,527 $21,295,598 Noncontrolling Interests Noncontrolling interest in operating partnership $426,853 $415,456 $420,280 $431,000 $415,956 Noncontrolling interest in consolidated entities 6,690 5,880 7,940 10,430 7,280 Total Noncontrolling Interests $433,543 $421,336 $428,220 $441,430 $423,236 Total Equity $23,802,296 $23,346,999 $23,453,250 $23,355,957 $21,718,834 Total Liabilities and Equity $48,859,973 $49,410,468 $48,728,634 $48,714,995 $45,080,562 (1) Net of allowance for doubtful accounts of $79,224 and $62,803 as of March 31, 2026 and March 31, 2025, 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 March 31, 2026 and March 31, 2025. (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 March 31, 2026 and March 31, 2025. (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 March 31, 2026 and March 31, 2025. (5) Common Stock: 348,924 and 336,743 shares issued and outstanding as of March 31, 2026 and March 31, 2025, respectively . 15 Table of Contents Components of Net Asset Value (NAV) (1) Financial Supplement Unaudited and in Thousands First Quarter 2026 44 Consolidated Properties Cash Net Operating Income (NOI) (2) , Annualized (3) Network-Dense $1,424,735 Campus 2,007,227 Other (4) 78,916 Total Cash NOI, Annualized $3,510,878 less: Partners share of consolidated JVs (99,128) Acquisitions / dispositions / expirations (78,914) FY 2026 backlog cash NOI and 1Q26 carry-over (stabilized) (5) 279,366 Total Consolidated Cash NOI, Annualized $3,612,202 Digital Realty s Pro Rata Share of Unconsolidated Entities Cash NOI (3) (6) $344,992 Other Income Development and Management Fees (net), Annualized $139,597 Other Assets Pre-stabilized inventory, at cost (7) $532,950 Land held for development 199,681 Development CIP 5,381,071 less: Investment associated with FY26 Backlog NOI (9) (934,157) Cash and cash equivalents 2,426,631 Accounts and other receivables, net 1,430,242 Other assets 650,913 less: Partners share of consolidated entities assets (145,000) Total Other Assets $9,542,331 Liabilities Global unsecured revolving credit facilities $725,905 Unsecured term loans 433,238 Unsecured senior notes 16,133,307 Secured and other debt 845,117 Accounts payable and other accrued liabilities 2,419,888 Deferred tax liabilities 1,093,955 Security deposits and prepaid rents 733,974 Backlog NOI cost to complete (8) 878,985 Preferred stock 755,000 Digital Realty s share of unconsolidated entities debt 2,038,470 less: Partners share of consolidated entities liabilities (487,793) Total Liabilities $25,570,046 (1) Backlog and associated financial line items include activity related to properties held in unconsolidated entities . (2) For definitions and discussion of NOI and cash NOI and a reconciliation of operating income before gain on sale of disposition of properties, net to NOI and cash NOI, see page 29 . (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 1Q26 Cash NOI of $3.5 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 properties held in unconsolidated entities . (6) For a reconciliation of Digital Realty s pro rata share of unconsolidated entities operating income to cash NOI, see page 26 . (7) Excludes Digital Realty s share of cost at properties held in unconsolidated entities . (8) Includes Digital Realty s share of construction in progress and expected cost to complete at properties held in unconsolidated entities . 16 Table of Contents Debt Maturitie s Financial Supplement Unaudited and Dollars in thousands First Quarter 2026 66 As of March 31, 2026 Interest Rate Interest Including Rate Swaps 2026 2027 2028 2029 2030 Thereafter Total Global Unsecured Revolving Credit Facilities (1) Global unsecured revolving credit facility 1.384% 1.384% $569,665 $569,665 Yen revolving credit facility 1.410% 1.410% 156,240 156,240 Deferred financing costs, net (17,944) Total Global Unsecured Revolving Credit Facilities 1.390% 1.390% $725,905 $707,961 Unsecured Term Loans (1) Euro term loan facility 2.797% 2.797% $433,238 $433,238 Deferred financing costs, net (788) Total Unsecured Term Loans 2.797% 2.797% $433,238 $432,450 Senior Notes 275 million 0.200% Notes due 2026 0.200% 0.200% $344,014 $344,014 150 million 1.700% Notes due 2027 1.700% 1.700% $187,644 187,644 $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% $577,650 577,650 $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% $337,759 337,759 $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% 462,945 462,945 $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% $866,475 866,475 550 million 3.750% Notes due 2030 3.750% 3.750% 727,485 727,485 500 million 1.250% Notes due 2031 1.250% 1.250% $577,650 577,650 1.00 billion 0.625% Notes due 2031 0.625% 0.625% 1,155,300 1,155,300 750 million 1.000% Notes due 2032 1.000% 1.000% 866,475 866,475 750 million 1.375% Notes due 2032 1.375% 1.375% 866,475 866,475 600 million 3.750% Notes due 2033 3.750% 3.750% 693,180 693,180 850 million 3.875% Notes due 2033 3.875% 3.875% 982,005 982,005 850 million 3.875% Notes due 2034 3.875% 3.875% 982,005 982,005 850 million 3.875% Notes due 2035 3.875% 3.875% 982,005 982,005 800 million 4.250% Notes due 2037 4.250% 4.250% 924,240 924,240 Unamortized discounts, net (43,850) Deferred financing costs, net (75,480) Total Senior Notes 2.802% 2.597% $344,014 $1,187,644 $2,127,650 $2,850,704 $1,593,960 $8,029,335 $16,013,977 Secured Debt ICN10 Facilities 5.020% 3.247% $10,984 $10,984 Westin 3.290% 3.290% $135,000 135,000 Teraco Loans 8.978% 10.049% $54,822 109,645 $393,496 $19,479 68,210 $33,248 678,900 Telepoint 3.918% 3.918% 957 467 1,424 Deferred financing costs, net (2,873) Total Secured Debt 7.987% 8.844% $54,822 $244,645 $394,453 $19,946 $79,194 $33,248 $823,436 Other Debt Icolo loans 12.735% 12.735% $5,028 $1,218 $5,959 $6,604 $18,809 Total Other Debt 12.735% 12.735% $5,028 $1,218 $5,959 $6,604 $18,809 Total unhedged variable rate debt $2,243 $437,724 $16,587 $1,771 $736,302 $10,579 $1,205,206 Total fixed rate / hedged variable rate debt 396,593 1,432,831 2,506,734 2,874,838 1,662,757 8,058,608 16,932,362 Total Debt 2.992% 2.848% $398,836 $1,870,554 $2,523,321 $2,876,609 $2,399,059 $8,069,187 $18,137,568 Weighted Average Interest Rate 1.554% 3.008% 4.404% 2.322% 2.400% 2.710% 2.848% Summary Weighted Average Term to Initial Maturity 4.7 Years Weighted Average Maturity (assuming exercise of extension options) 4.8 Years Global Unsecured Revolving Credit Facilities Detail As of March 31, 2026 Maximum Available Existing Capacity (3) Currently Drawn Global Unsecured Revolving Credit Facilities $4,461,026 $3,642,890 $725,905 (1) Assumes all extensions will be exercised. (2) Subject to cross-currency swaps. (3) Net of letters of credit issued of $92.2 million. 17 Table of Contents Same-Capital Operating Trend Summary Financial Supplement Unaudited and in Thousands First Quarter 2026 Stabilized ( Same-Capital ) Portfolio (1) Three Months Ended 31-Mar-26 31-Mar-25 % Change 31-Dec-25 % Change Rental revenues $849,758 $782,759 8.6% $831,238 2.2% Tenant reimbursements - Utilities 268,277 230,584 16.3% 286,656 (6.4%) Tenant reimbursements - Other 30,553 31,987 (4.5%) 27,923 9.4% Interconnection and other 99,250 89,200 11.3% 97,154 2.2% Total Revenue $1,247,838 $1,134,530 10.0% $1,242,971 0.4% Utilities $297,775 $263,053 13.2% $314,251 (5.2%) Rental property operating 207,957 186,069 11.8% 230,979 (10.0%) Property taxes 42,551 38,363 10.9% 39,746 7.1% Insurance 5,474 4,919 11.3% 5,230 4.7% Total Expenses $553,757 $492,404 12.5% $590,206 (6.2%) Net Operating Income (2) $694,081 $642,126 8.1% $652,765 6.3% Less: Stabilized straight-line rent $1,566 $51 2966.6% $5,750 (72.8%) Above- and below-market rent 637 565 12.7% 636 0.2% Cash Net Operating Income (2) $691,878 $641,510 7.9% $646,379 7.0% Constant Currency Cash Net Operating Income (3) $657,658 $641,510 2.5% Stabilized Portfolio Occupancy at period end (4) 91.6% 91.2% 0.4% 91.6% (0.0%) (1) Represents data centers owned as of December 31, 2024 with less than 5% of total rentable square feet under development. Excludes data centers that were undergoing, or were expected to undergo, development activities in 2025-2026, data centers classified as held for sale and contribution, and data centers sold or contributed to joint ventures for all periods presented. Prior period numbers adjusted to reflect current same-capital pool. (2) For definitions and discussion of NOI and cash NOI and a reconciliation of operating income before gain (loss) on disposition of properties, net to NOI and cash NOI, see page 29 . (3) Adjustment calculated by holding currency translation rates for 2026 constant with average currency translation rates that were applicable to the same periods in 2025. (4) Occupancy excludes capacity under active development and capacity held for development. 18 Table of Contents Summary of Leasing Activity Financial Supplement Leases Signed and Renewed in the Quarter End March 31, 2026 First Quarter 2026 0-1 MW (Based on kW) > 1 MW (Based on kW) Data Center Total Other (Based on NRSF) (3) Leasing Activity - New (1) (2) 1Q26 LTM 1Q26 LTM 1Q26 LTM 1Q26 LTM Annualized GAAP Rent at 100% Share (in thousands) $86,669 $316,035 $598,795 $1,081,941 $685,465 $1,397,975 $944 $4,063 At Digital Realty Share Annualized GAAP Rent (in thousands) $78,954 $293,468 $324,482 $523,654 $403,435 $817,123 $728 $2,995 Kilowatt Leased / NRSF (in thousands) 26,628 89,331 149,344 240,099 175,972 329,430 13 51 Weighted Average Lease Term (years) 4.2 4.5 13.0 11.4 11.3 9.0 4.2 6.0 Initial Stabilized cash rent per Kilowatt / NRSF $245 $271 $153 $158 $167 $188 $51 $56 GAAP Rent per Kilowatt / NRSF $247 $274 $181 $182 $191 $207 $54 $59 Leasing cost per Kilowatt / NRSF $17 $30 $0 $1 $3 $9 $1 $3 0-1 MW (Based on kW) > 1 MW (Based on kW) Data Center Total Other (Based on NRSF) Leasing Activity - Renewals (1) (2) 1Q26 LTM 1Q26 LTM 1Q26 LTM 1Q26 LTM At Digital Realty Share Leases renewed Kilowatt / NRSF (in thousands) 44,579 152,298 14,374 96,202 58,953 248,499 132 330 Leasing cost per Kilowatt / NRSF $1 $1 $0 $3 $1 $2 $1 $1 Weighted Average Lease Term (years) 1.4 1.5 3.3 4.9 1.8 2.7 5.0 4.7 Cash Rent Expiring cash rent per Kilowatt / NRSF $282 $315 $174 $163 $255 $256 $25 $50 Renewed cash rent per Kilowatt / NRSF $294 $328 $187 $182 $268 $272 $29 $64 Cash Rent % Change kW / NRSF 4.3% 4.2% 7.4% 11.7% 4.8% 6.1% 16.6% 26.6% GAAP Rent Expiring cash rent per Kilowatt / NRSF $280 $314 $170 $149 $253 $250 $24 $47 Renewed cash rent per Kilowatt / NRSF $294 $329 $188 $186 $268 $273 $30 $66 GAAP Rent % Change kW / NRSF 5.1% 4.9% 10.3% 24.6% 5.9% 9.4% 26.1% 42.9% Churn (4) 2.6% 8.8% 0.5% 3.0% 1.4% 5.5% 2.9% 4.4% Note: Data center totals may not foot due to rounding differences. (1) Excludes short-term, roof, storage, and garage leases. (2) Includes leases for new and re-leased capacity. (3) Other includes Powered Base Building shell capacity as well as storage and office space within fully improved data center facilities. (4) 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 annualized GAAP rent. 19 Table of Contents Lease Expirations - By Size Financial Supplement Dollar in Thousands (except per kW data) First Quarter 2026 % of Rent Per kW Annualized Annualized Annualized Rent kW of Expiring Rent per kW Per Month at Year Rent (1) Rent at Expiration Leases Per Month Expiration 0-1 MW Month to Month (2) $80,134 1.8% $78,225 15,030 $444 $434 2026 604,249 13.3% 606,297 132,242 381 382 2027 394,031 8.6% 398,105 107,601 305 308 2028 172,478 3.8% 181,027 49,614 290 304 2029 109,413 2.4% 115,863 34,465 265 280 2030 86,339 1.9% 95,593 28,197 255 283 2031 48,186 1.1% 54,302 15,553 258 291 2032 32,211 0.7% 36,876 8,807 305 349 2033 12,686 0.3% 16,364 4,420 239 309 2034 2,459 0.1% 2,468 815 251 252 2035 7,844 0.2% 11,154 3,379 193 275 Thereafter 3,668 0.1% 3,860 2,287 134 141 Total / Wtd. Avg. $1,553,699 34.1% $1,600,135 402,410 $322 $331 > 1 MW Annualized Month to Month (2) $16,029 0.4% $16,053 9,407 $142 $142 2026 224,060 4.9% 226,045 133,367 140 141 2027 311,742 6.8% 315,183 179,937 144 146 2028 260,942 5.7% 271,659 168,284 129 135 2029 321,445 7.0% 342,433 224,950 119 127 2030 293,746 6.4% 311,377 191,974 128 135 2031 215,788 4.7% 242,930 140,714 128 144 2032 195,674 4.3% 217,616 122,799 133 148 2033 109,231 2.4% 120,994 64,003 142 158 2034 162,942 3.6% 185,043 124,016 109 124 2035 82,406 1.8% 85,516 51,814 133 138 Thereafter 584,330 12.8% 815,706 339,766 143 200 Total / Wtd. Avg. $2,778,336 60.9% $3,150,556 1,751,031 $132 $150 Data Center Total Annualized Month to Month (2) $96,164 2.1% $94,278 24,437 $328 $322 2026 828,309 18.2% 832,342 265,609 260 261 2027 705,773 15.5% 713,288 287,538 205 207 2028 433,421 9.5% 452,686 217,898 166 173 2029 430,858 9.4% 458,297 259,414 138 147 2030 380,085 8.3% 406,970 220,172 144 154 2031 263,974 5.8% 297,232 156,267 141 159 2032 227,885 5.0% 254,493 131,606 144 161 2033 121,917 2.7% 137,359 68,423 148 167 2034 165,401 3.6% 187,511 124,831 110 125 2035 90,250 2.0% 96,670 55,193 136 146 Thereafter 587,998 12.9% 819,566 342,053 143 200 Total / Wtd. Avg. $4,332,035 95.0% $4,750,692 2,153,441 $168 $184 Other (3) Annualized Total $227,544 5.0% $251,276 Grand Total Annualized Total $4,559,579 100.0% $5,001,968 (1) Annualized rent represents the monthly contractual base rent (defined as cash base rent before abatements) under existing leases as of March 31, 2026, multiplied by 12. (2) Includes leases, licenses, and similar agreements that upon expiration have been automatically renewed on a month-to-month basis. (3) Other includes unimproved data center shell capacity as well as storage and office space within fully improved data center facilities. Note: Represents consolidated portfolio in addition to our managed and non-managed portfolio of unconsolidated entities based on our ownership percentage. 20 Table of Contents Top 20 Customers by Annualized Rent Financial Supplement Dollars in Thousands First Quarter 2026 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 $548,012 11.4% 8.6 2 Oracle Corporation 40 473,257 9.8% 10.8 3 Social Content Platform 32 251,328 5.2% 2.5 4 Global Cloud Provider 66 218,704 4.5% 2.5 5 IBM 33 105,425 2.2% 2.6 6 Equinix 14 97,234 2.0% 3.1 7 Fortune 25 Tech Company 58 89,584 1.9% 7.1 8 LinkedIn Corporation 8 77,071 1.6% 1.8 9 Meta Platforms, Inc. 50 74,297 1.5% 2.5 10 Fortune 25 Investment Grade-Rated Company 30 67,939 1.4% 1.5 11 Specialized Cloud Provider 5 65,111 1.4% 3.5 12 Social Media Platform 2 64,026 1.3% 5.2 13 Lumen Technologies, Inc. 110 58,644 1.2% 2.8 14 AT&T 69 47,785 1.0% 1.4 15 Comcast Corporation 38 47,369 1.0% 2.1 16 Zayo 110 46,153 1.0% 0.9 17 Global Commerce Platform 15 44,975 0.9% 5.4 18 JPMorgan Chase & Co. 20 44,153 0.9% 1.6 19 Quantitative Research and Investment Firm 3 41,680 0.9% 5.4 20 Morgan Stanley 13 40,353 0.8% 3.7 Total / Weighted Average $2,503,100 51.9% 6.0 (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 March 31, 2026, 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. 21 Occupancy Analysis Financial Supplement Dollars in Thousands First Quarter 2026 100% Share Digital Realty Share White Space Annualized Occupancy (3) White Space Annualized Occupancy (3) Data Center Metropolitan Area IT Load (1) Rent (2) 31-Mar-26 31-Dec-25 IT Load (1) Rent (2) 31-Mar-26 31-Dec-25 Count Americas Northern Virginia 817 $1,231,636 98.6% 98.4% 589 $910,005 98.7% 98.8% 32 Chicago 177 392,108 95.9% 94.3% 103 291,416 94.2% 91.4% 10 Dallas 123 234,726 93.2% 94.3% 102 202,734 91.8% 93.0% 20 New York 67 211,577 84.9% 84.6% 61 195,074 83.5% 83.2% 10 Silicon Valley 97 182,935 78.8% 78.8% 94 161,721 78.0% 78.0% 15 Other Markets 498 890,134 92.7% 92.9% 403 732,669 92.1% 92.2% 69 Americas Total 1,779 $3,143,117 94.7% 94.5% 1,351 $2,493,619 93.8% 93.6% 156 EMEA Frankfurt 179 $335,427 93.5% 90.3% 149 $293,353 93.6% 91.1% 29 London 96 240,066 72.0% 71.8% 96 240,066 72.0% 71.8% 13 Amsterdam 126 218,934 87.0% 85.1% 126 218,934 87.0% 85.1% 13 Paris 143 218,256 83.3% 83.6% 127 196,561 83.9% 84.2% 13 Johannesburg 97 189,911 79.9% 79.7% 59 115,846 79.9% 79.7% 5 Other Markets 296 595,648 81.2% 83.7% 282 566,645 81.8% 84.1% 56 EMEA Total 937 $1,798,242 83.6% 83.5% 839 $1,631,405 83.7% 83.8% 129 Asia Pacific Singapore 72 $243,642 93.3% 92.9% 72 $243,642 93.3% 92.9% 3 Tokyo 89 120,705 90.3% 90.1% 44 60,353 90.3% 90.1% 5 Osaka 65 82,188 89.2% 88.9% 32 41,094 89.2% 88.9% 4 Sydney 23 29,636 74.8% 74.7% 23 29,636 74.8% 74.7% 4 Hong Kong 24 29,955 59.7% 60.1% 19 26,403 71.4% 71.7% 2 Other Markets 35 36,055 54.3% 52.3% 27 33,427 64.1% 62.8% 6 Asia Pacific Total 308 $542,182 83.1% 82.6% 218 $434,555 84.6% 84.2% 24 Held For Sale 100.0% 100.0% Portfolio Total/Weighted Average 3,024 $5,483,541 90.1% 89.9% 2,408 $4,559,579 89.4% 89.3% 309 (1) White Space IT Load represents UPS-backed utility power in megawatts dedicated to Digital Realty s operated data center capacity. (2) Annualized base rent represents the monthly contractual base rent (defined as cash base rent before abatements) under existing leases as of March 31, 2026, multiplied by 12. (3) Occupancy excludes capacity under active development and capacity held for development. s 22 Table of Contents Development Lifecycle (1) Financial Supplement Dollars in Thousands First Quarter 2026 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 840 90 $2,227,044 $1,778,926 318 82% 1Q27 $1,372,353 $2,464,076 $3,836,429 $495,948 $790,030 $1,285,978 Charlotte 210 402,251 332,500 200 100% 2Q28 160,436 2,917,323 3,077,759 89,844 1,633,701 1,723,545 Atlanta 1,080 182,848 182,848 192 1Q29 268,997 2,962,579 3,231,576 127,773 1,407,225 1,534,998 Other 1,330 110 1,334,134 953,494 212 84% 1Q27 732,131 2,122,665 2,854,796 631,819 1,428,905 2,060,724 Americas 3,460 200 $4,146,278 $3,247,768 922 69% $2,533,917 $10,466,644 $13,000,561 $1,345,385 $5,259,861 $6,605,246 11.5% Frankfurt 90 60 $1,026,393 $805,781 31 16% 1Q27 $473,797 $216,454 $690,251 $473,797 $216,454 $690,251 Amsterdam 40 45,875 45,875 26 47% 2Q26 290,353 76,041 366,394 290,353 76,041 366,394 Paris 230 50 508,174 445,507 22 45% 3Q27 191,608 171,687 363,295 94,341 156,318 250,659 Other 590 120 967,591 896,520 96 8% 1Q27 666,193 655,119 1,321,312 588,409 557,950 1,146,359 EMEA 950 230 $2,548,033 $2,193,683 174 20% $1,621,951 $1,119,302 $2,741,253 $1,446,900 $1,006,763 $2,453,664 11.0% Tokyo 30 $30,899 $15,450 34 63% 4Q26 $196,649 $163,858 $360,506 $98,324 $81,929 $180,253 Seoul 50 324,791 324,791 10 4Q27 22,567 104,076 126,643 22,567 104,076 126,643 Sydney 10 46,137 46,137 7 100% 2Q26 34,421 44,494 78,915 34,421 44,494 78,915 Other 200 50 271,592 127,055 22 41% 4Q26 70,398 98,160 168,558 32,430 42,209 74,639 APAC 230 110 $673,419 $513,433 73 52% $324,035 $410,587 $734,622 $187,742 $272,708 $460,450 11.1% Total 4,640 540 $7,367,730 $5,954,884 1,169 61% $4,479,903 $11,996,533 $16,476,436 $2,980,028 $6,539,332 $9,519,360 11.4% (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 capacity held or actively under construction in preparation for future data center fit-out. (3) Represents cost incurred through March 31, 2026, 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. Includes $3,864 million of current investment. (5) Includes only Digital Realty s share in development joint ventures projects. Includes $3,249 million of current investment. (6) Represents cost incurred through March 31, 2026. (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, shell and infrastructure costs, 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. 23 Table of Contents Historical Capital Expenditures and Investments in Real Estate Financial Supplement Dollars in Thousands First Quarter 2026 Three Months Ended 31-Mar-26 31-Dec-25 30-Sep-25 30-Jun-25 31-Mar-25 Non-Recurring Capital Expenditures (1) Development (2) $729,959 $756,758 $532,590 $565,168 $686,622 Enhancements and Other Non-Recurring 5,760 4,385 8,114 10,234 5,588 Total Non-Recurring Capital Expenditures $735,719 $761,143 $540,704 $575,402 $692,210 Recurring Capital Expenditures (3) $59,665 $168,539 $77,998 $62,083 $35,305 Total Direct Capital Expenditures $795,384 $929,682 $618,702 $637,485 $727,515 Indirect Capital Expenditures Capitalized Interest $35,637 $34,783 $32,923 $29,393 $30,095 Capitalized Overhead 39,017 37,696 35,767 37,445 29,693 Total Indirect Capital Expenditures $74,654 $72,479 $68,690 $66,838 $59,788 Total Improvements to and Advances for Investment in Real Estate $870,038 $1,002,161 $687,392 $704,323 $787,303 (1) Non-recurring capital expenditures are primarily for development of land and capacity, 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 and fund prior to their contribution . (3) Recurring capital expenditures represent non-incremental data center 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 data center, costs which are incurred to bring a building up to Digital Realty s operating standards, or internal leasing commissions. 24 Table of Contents Acquisitions / Dispositions/ Joint Ventures Financial Supplement Dollars in Thousands First Quarter 2026 Closed Acquisitions: Acquisition Metropolitan Date Purchase Cap Property Type Area Acquired Price (1) Rate (2) Hillsboro Land Portland, OR 1/14/2026 $8,500 NA Cartersville Land Atlanta, GA 1/29/2026 95,000 NA Telepoint M&A Sofia, Bulgaria 2/27/2026 76,581 NA Abbiategrasso Land Milan, Italy 3/3/2026 65,065 NA Hillsboro Land Portland, OR 3/11/2026 50,000 NA Total $295,146 Closed Dispositions: Disposition Metropolitan Date Sale Cap Property Type Area Disposed Price (1) Rate (2) Needham Building Boston, MA 3/17/2026 $6,400 NA Total $6,400 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 March 31, 2026. (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. 25 Table of Contents Unconsolidated Entities Financial Supplement Dollars in Thousands First Quarter 2026 Summary Balance Sheet - As of March 31, 2026 at the JV s 100% Share Americas (1) APAC (2) EMEA (3) Global (4) Total Gross cost of operating real estate $10,306,318 $2,350,203 $1,116,552 $1,709,363 $15,482,436 Accumulated depreciation and amortization (1,394,643) (383,449) (28,713) (191,401) (1,998,207) Net Book Value of Operating Real Estate $8,911,676 $1,966,754 $1,087,839 $1,517,962 $13,484,229 Cash 544,507 604,214 90,888 41,607 1,281,216 Other assets 1,974,886 217,559 166,382 512,198 2,871,025 Total Assets $11,431,068 $2,788,527 $1,345,109 $2,071,767 $17,636,470 Debt 4,027,514 1,037,594 459,239 708,911 6,233,258 Other liabilities 1,177,428 197,848 300,135 501,999 2,177,410 Equity / (deficit) 6,226,126 1,553,085 585,734 860,857 9,225,802 Total Liabilities and Equity $11,431,068 $2,788,527 $1,345,109 $2,071,767 $17,636,470 Digital Realty s Pro Rata Share of Unconsolidated entities Debt $1,215,480 $502,703 $91,848 $228,439 $2,038,470 Summary Statement of Operations - Three Months Ended March 31, 2026 at the JV s 100% Share Americas (1) APAC (2) EMEA (3) Global (4) Total Total revenues $303,358 $87,257 $18,042 $47,188 $455,845 Operating expenses (107,719) (40,780) (7,703) (22,100) (178,302) Net Operating Income (NOI) $195,639 $46,477 $10,339 $25,088 $277,543 Straight-line rent (17,088) (1,961) (1,851) (711) (21,611) Above and below market rent (2,898) (945) (3,074) (6,917) Cash Net Operating Income (NOI) $175,653 $44,516 $7,543 $21,303 $249,015 Interest expense ($60,388) ($3,435) ($9,050) ($8,961) ($81,834) Depreciation and amortization (135,089) (22,840) (7,295) (23,315) (188,539) Other income / (expense) (16,125) (4,411) (6,179) 15,266 (11,449) FX remeasurement on USD debt 3,503 1,815 (7,635) (2,317) Total Other Expenses, net ($208,098) ($30,686) ($20,709) ($24,645) ($284,137) Net Income / (Loss) ($12,459) $15,791 ($10,370) $443 ($6,595) Digital Realty s Pro Rata Share of Unconsolidated entities NOI $58,300 $23,208 $2,484 $11,907 $95,899 Digital Realty s Pro Rata Share of Unconsolidated entities Cash NOI $52,178 $22,225 $1,924 $9,921 $86,248 Digital Realty s Earnings (loss) from unconsolidated entities ($6,696) $7,528 ($2,633) ($32) ($1,833) Digital Realty s Pro Rata Share of Core FFO (5) $28,334 $9,853 ($2,194) $8,631 $44,624 Digital Realty s Fee Income from Unconsolidated entities $27,379 $1,067 $817 $3,954 $33,217 (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 28 . Note: Digital Realty s ownership percentages in the unconsolidated entities vary. 26 Table of Contents Reconciliation of Earnings Before Interest, Taxes, Depreciation & Amortization and Financial Ratios Financial Supplement Unaudited and Dollars in Thousands First Quarter 2026 Three Months Ended Reconciliation of Earnings Before Interest, Taxes, Depreciation & Amortization (EBITDA) (1) 31-Mar-26 31-Dec-25 30-Sep-25 30-Jun-25 31-Mar-25 Net Income (Loss) Available to Common Stockholders $169,093 $88,466 $57,631 $1,021,975 $99,793 Interest expense 116,384 116,516 113,584 109,383 98,464 (Gain) loss on debt extinguishment and modifications 4,119 (9) Income tax expense (benefit) 16,008 (9,673) 11,695 12,883 17,135 Depreciation and amortization 499,511 493,458 497,002 461,167 443,009 EBITDA $805,115 $688,758 $679,912 $1,605,408 $658,400 Unconsolidated JV real estate related depreciation and amortization 60,291 70,260 65,922 59,172 55,861 Unconsolidated JV interest expense and tax expense 35,814 38,498 44,795 31,243 33,390 Severance, equity acceleration and legal expenses 2,835 4,937 1,794 2,262 2,428 Transaction and integration expenses 15,685 36,083 86,559 22,546 39,902 (Gain) loss on disposition of properties, net (873) (42,865) (19,780) (931,830) (1,111) Provision for impairment 78,553 Other non-core adjustments, net (2) (4,270) (25,033) 2,523 9,545 (4,316) Noncontrolling interests (4,470) (2,536) (4,099) 14,790 (3,579) Preferred stock dividends 10,181 10,181 10,181 10,181 10,181 Adjusted EBITDA $920,307 $856,836 $867,807 $823,319 $791,156 (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 impact of foreign tax rate changes, non-recurring legal and insurance expenses, gain (loss) on sale on disposition of properties held in unconsolidated JV and lease termination fees. Three Months Ended Financial Ratios 31-Mar-26 31-Dec-25 30-Sep-25 30-Jun-25 31-Mar-25 Total GAAP interest expense $116,384 $116,516 $113,584 $109,383 $98,464 Capitalized interest expense 35,637 34,783 32,923 29,393 30,095 Change in accrued interest and other non-cash amounts 30,268 (52,014) 41,265 (92,065) 45,416 Cash Interest Expense (3) $182,289 $99,285 $187,772 $46,711 $173,975 Preferred stock dividends 10,181 10,181 10,181 10,181 10,181 Total Fixed Charges (4) $162,202 $161,479 $156,687 $148,957 $138,739 Coverage Interest coverage ratio (5) 5.2x 4.8x 4.9x 5.0x 5.3x Cash interest coverage ratio (6) 4.4x 6.8x 3.9x 11.2x 4.1x Fixed charge coverage ratio (7) 4.9x 4.5x 4.6x 4.7x 4.9x Cash fixed charge coverage ratio (8) 4.2x 6.3x 3.8x 9.9x 3.9x Leverage Debt to total enterprise value (9)(10) 21.7% 25.1% 23.0% 23.2% 25.4% Debt-plus-preferred-stock-to-total-enterprise-value (10)(11) 22.7% 26.1% 23.9% 24.1% 26.6% Pre-tax income to interest expense (12) 2.5x 1.8x 1.6x 10.6x 2.1x Net Debt-to-Adjusted EBITDA (13) 4.7x 4.9x 4.9x 5.1x 5.1x (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, scheduled debt principal payments 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. 27 Table of Contents Management Statements on Non-GAAP Measures Financial Supplement Unaudited First Quarter 2026 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) available to common stockholders (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) gain (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 expense, gain (loss) on debt extinguishment and modifications, income tax expense (benefit), 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. 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. 28 Table of Contents Management Statements on Non-GAAP Measures Financial Supplement Unaudited First Quarter 2026 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 data centers owned as of December 31, 2024 with less than 5% of total rentable square feet under development and excludes data centers that were undergoing, or were expected to undergo, development activities in 2025-2026, data centers classified as held for sale and contribution, and data centers 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 March 31, 2026, GAAP interest expense was $116 million, capitalized interest was $36 million and preferred stock dividends were $10 million. Reconciliation of Net Operating Income (NOI) Three Months Ended (in thousands) 31-Mar-26 31-Dec-25 31-Mar-25 Operating income before gain (loss) on disposition of properties, net $266,933 $112,624 $195,750 Fee income (34,899) (45,692) (20,643) Other income (47) (372) (133) Depreciation and amortization 499,511 493,458 443,009 General and administrative 151,923 159,283 121,112 Severance, equity acceleration and legal expenses 2,835 4,937 2,428 Transaction and integration expenses 15,685 36,083 39,902 Provision for impairment 78,553 Other expenses 23 98 112 Net Operating Income $901,964 $838,972 $781,537 Cash Net Operating Income (Cash NOI) Net Operating Income $901,964 $838,972 $781,537 Straight-line rental revenue (21,813) (34,359) (9,693) Straight-line rental expense (1,423) (140) 24 Above- and below-market rent amortization (1,007) (972) (706) Cash Net Operating Income $877,721 $803,501 $771,162 Constant Currency Core FFO Reconciliation Three Months Ended (in thousands, except per share data) 31-Mar-26 31-Mar-25 Core FFO (1) $716,071 $608,354 Core FFO impact of holding 25 Exchange Rates Constant (2) (26,418) Constant Currency Core FFO $689,653 $608,354 Weighted-average shares and units outstanding - diluted 351,293 343,050 Constant Currency Core FFO Per Share $1.96 $1.77 1) As reconciled to net income above. 2) Adjustment calculated by holding currency translation rates for 2026 constant with average currency translation rates that were applicable to the same periods in 2025 . 29 Table of Contents Forward-Looking Statements Financial Supplement First Quarter 2026 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 capacity, 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 capacity; 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 capacity, 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 capacity that we lease or sublease from third parties; information security, cyberattacks, security breaches 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, 2025, 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. 30