DLR Digital Realty Trust 8-K 2026-10-29 slides

Executing on Our Three Core Pillars of Growth

Positioned for Long-Term Sustainable Growth

Note: Metrics presented at Digital Realty’s share, unless otherwise stated.

1. Represents future development capacity including land and shell.

Offering a Global Data Center Platform

Capacity in Major Metros to Meet Growing Customer Demand

Global Capacity

• ~3 GW — In-Place IT Capacity
• ~10 GW — Future Development IT Capacity
• ~13 GW — Total Data Center IT Capacity

Note: As of September 30, 2026.

Development Capacity

For Growing Digital Transformation, Cloud and AI Workloads

• 10 GW — Future Development Capacity
• ~1.5 GW — Under Construction

Buildable Capacity legend

• Black marker: >100MWs of Buildable Capacity
• Hatched marker: >25MWs and <100 MWs of Buildable Capacity
• Gray marker: <=25MWs of Buildable Capacity

CAPACITY BLOCKS

The slide also shows a world map with capacity markers; no site-level values are printed.

Note: As of September 30, 2026. Totals reflect Consolidated and Unconsolidated facilities at 100% Share. Totals may not add due to rounding. Buildable IT Capacity is the sum of the following: Land, Shell, and Data Center under Construction.

Strategic Private Capital

Scaling Capital Sources to Bolster and Diversify Our Hyperscale Funding Strategy

Capital sources and timeline

Timeline periods: 2023, 2024, 2025, 2026, 2027+

Note: As of September 30, 2026.

Extending Double-Digit Growth

Long-Term Core FFO Growth

EXECUTING on Core Pillars of Growth

1. COLO + CONNECTIVITY
2. HYPERSCALE
3. STRATEGIC PRIVATE CAPITAL

Long-Term Core FFO Growth

Growth drivers:

• OUTPERFORMING — 0-1MW + Interconnection
• IMPROVING — Pricing and MTM
• SCALING — Funding Model
• CONTINUING — Same Store Growth
• ADDING — Colo + Hyperscale Capacity
• GROWING — Strategic Private Capital Platform

Note: All projections based on management’s current estimates and expectations. Actual Core FFO (excluding net promote) growth is dependent on a number of external factors and may vary materially from the projections presented here.

1. Based on Core FFO (excluding net promote) per Share guidance at the midpoint, as of October 29, 2026. Core FFO (excluding net promote) is a non-GAAP financial measure. For a definition of Core FFO (excluding net promote) and reconciliation to its nearest GAAP equivalent, see the Appendix.

Enabling the Meeting Place

Another Record Quarter of 0-1MW + IX Bookings

3Q26 Results

• 155 new logos added
• $152M bookings from 0-1MW + Interconnection
• 24% of total 3Q bookings from 0-1 MW + Interconnection

Chart — 0-1MW + Interconnection bookings
Series: 0-1MW; Interconnection. Segment values are not printed.

Axis labels: $80, $160, $240, $320, $400

Callouts:

• Double Digital Initiative: 0-1MW+ IX to Reach $400M Annually
• On Track to Surpass Initiative

Note: Metrics presented at Digital Realty’s share.

Strong Demand Environment

• $855M Total Bookings at 100% Share
• Record Bookings across Each Category

Historical Bookings
Annualized GAAP Base Rent
$ in millions

Y-axis labels: $100, $500, $900, $1,300, $1,700, $2,100

3Q26 Bookings at DLR Share

Note: Totals may not add up due to rounding.

1. Other includes Powered Base Building® shell capacity as well as storage and office space within fully improved data center facilities.

Record Backlog

Multi-Year Visibility

• Backlog = ~40% of in-place Data Center Rent at DLR Share
• Record Total Backlog of $2.5B at 100% Share

BACKLOG ROLL-FORWARD
$ in millions

COMMENCEMENT TIMING (2)
$ in millions

Legend: Consolidated Digital Realty Backlog; Unconsolidated Entities Backlog, at DLR Share

Note: Totals may not add up due to rounding. Dollar amounts shown represent GAAP annualized base rent from leases signed.

1. Historical backlog adjusted for asset sales and purchases, joint venture and fund contributions and other non-material reconciling items.
2. Amounts shown represent GAAP annualized base rent from leases signed, but not yet commenced, based on estimated future commencement date at time of signing. Actual commencement dates may vary.

Robust Pricing Environment — Attractive Renewal Spreads

3Q26 RENEWAL SPREADS

Signed renewals representing $261 million of annualized rental revenue

• Reflects Value Realized and Tight Market Conditions
• Raised Full-Year Renewal Spread Guidance by 100 bps

Note: Totals may not add up due to rounding. Rental rate change represents the beginning rental rate on agreements renewed, relative to the ending rental rate at expiration, weighted by net rentable square feet. Signed renewals amounts represent cash annualized rental revenue.

1) Other includes Powered Base Building® shell capacity as well as storage and office space within fully improved data center facilities.

Revenue Exposure by Currency

Currency Tailwinds

• Local Operations Funded in Local Currencies Act as a Natural Hedge
• Minimal FX Impact in 3Q

Exposure by Revenue (1)

Core FFO (excluding net promote) / Share Exposure (2)

U.S. Dollar Index

Note: Totals may not add up due to rounding.

1. As of September 30, 2026. Includes Digital Realty’s share of revenue from unconsolidated entities.
2. Core FFO (excluding net promote) is a non-GAAP financial measure. For a definition of Core FFO (excluding net promote) and reconciliation to its nearest GAAP equivalent, see the Appendix.

Strengthening the Balance Sheet While Funding Growth

Credit ratings

• BBB+ / Baa1
• S&P Global Ratings
• Moody’s Ratings — green up triangle

Pro forma leverage: 4.9x(1)

Capital available to support future development: $20B

Net Debt to Adjusted EBITDA(1)

Note:

1. Net Debt to Adjusted EBITDA is calculated as total debt at balance sheet carrying value (see Appendix), plus capital lease obligations, plus our share of Joint Venture debt at carrying value, less cash and cash equivalents (including Joint Venture share of cash), divided by the product of Adjusted EBITDA (including our share of Joint Venture EBITDA), multiplied by four. Adjusted EBITDA is a non-GAAP financial measure. For a definition and reconciliation of Adjusted EBITDA to its nearest GAAP equivalent and the calculation of the ratio, see the Appendix.
2. Pro forma for the stabilization of the three 100%-leased Northern Virginia developments acquired in June 2026.

Matching the Duration of Assets and Liabilities

Modest Near-Term Maturities, Well-Laddered Debt Schedule

Debt Maturity Schedule as of September 30, 2026 (1)(2)

(U.S. $ in billions)

Debt maturity schedule legend: Unsecured Senior Notes - EUR; Unsecured Senior Notes - USD; Secured Mortgage Debt; Pro Rata Share of JV Debt; Unsecured Senior Notes - GBP; Euro Term Loan; Unsecured Senior Notes - CHF; Other Unsecured Debt; Unsecured Green Senior Notes - CHF; Unsecured Green Senior Notes - EUR; Unsecured Convertible Notes; Unsecured Credit Facilities; Pro Forma Payoffs.

Debt profile

Debt profile labels: Secured; Floating; Euro; USD; GBP; Other.

Weighted average maturity (1)(2): 4.6 years
Weighted average coupon (1): 3.4%

Note: As of September 30, 2026.

1. Includes Digital Realty’s pro rata share of unconsolidated entities’ loans and debt securities. Pro forma for the October issuance of the triple tranche 1.68%, 2.006% and 2.42% ₣510 million ($613 million) notes due 2029, 2032 and 2036, respectively, and 5.125% €1 billion ($1.12 billion) notes due 2036; assuming proceeds therefrom are used to pay down the unsecured credit facilities.
2. Assumes exercise of extension options.
3. Includes impact of cross-currency swaps.

2026 Financial Guidance Update

Improving Core Growth

Note: Dollars in millions except Core FFO per Share. The Company does not provide a reconciliation for non-GAAP estimates on a forward-looking basis, as 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.

1. Adjusted EBITDA, Same-Capital Cash NOI Growth, Core FFO per Share (excluding net promote), and Constant-Currency Core FFO (excluding net promote) per Share are non-GAAP financial measures. For definitions and reconciliations of these measures to their nearest GAAP equivalents, see the Appendix.
2. Year-end portfolio occupancy guidance based on IT load (kW).
3. Presented on a constant currency basis.

Consistent Execution on Strategic Vision

Delivering Strong Results, Seeding Future Growth

3Q26 Key Takeaways

1. Raised Guidance on Strong Operating Performance
   Exceeded Expectations Across Revenue, Adj. EBTIDA and Core FFO,(1) Driving a Higher 2026 Outlook

2. Record Bookings Performance and Strong Renewal Spreads
   Record Bookings in Both Categories and Robust Renewal Spreads at 11.8%

3. Record Backlog Provides Visibility to Multi-Year Double-Digit Growth
   Backlog Reached $2.5B(2)

4. Strategic Private Capital Expands Financing Options
   Secured Cornerstone Investors for Stabilized Hyperscale DC Perpetual Capital Strategy

Note:

1. Core FFO Per Share is a non-GAAP financial measures. For a definition and reconciliation of this measure to its nearest GAAP equivalent, see the Appendix.
2. Backlog presented at 100% share.

Appendix — Management Statements on Non-GAAP Measures

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

Funds From Operations (FFO): We calculate funds from operations, or FFO, in accordance with the standards established by the National Association of Real Estate Investment Trusts (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) and Core FFO (excluding net promote): We present core funds from operations, or Core FFO, and Core FFO (excluding net promote) as supplemental operating measures because, in excluding certain items that do not reflect core revenue or expense streams, they provide a performance measure that, when compared year over year, capture 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. We calculate Core FFO (excluding net promote) by adding to Core FFO the net impact of (i) promote income and (ii) promote expense (collectively “net promote”). Because certain of these adjustments have a real economic impact on our financial condition and results from operations, the utility of Core FFO and Core FFO (excluding net promote) as a measure of our performance is limited. Other REITs may calculate Core FFO and Core FFO (excluding net promote) differently than we do and accordingly, our Core FFO and Core FFO (excluding net promote) may not be comparable to other REITs’ Core FFO and Core FFO (excluding net promote). Core FFO and Core FFO (excluding net promote) 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, (x) gain on / issuance costs associated with redeemed preferred stock and (xi) net promote. In addition, we believe EBITDA and Adjusted EBITDA are frequently used by securities analysts, investors, and other interested parties in the evaluation of REITs. Because EBITDA and Adjusted EBITDA are calculated before recurring cash charges including interest expense and income taxes, exclude capitalized costs, such as leasing commissions, and are not adjusted for capital expenditures or other recurring cash requirements of our business, their utility as a measure of our performance is limited. Other REITs may calculate EBITDA and Adjusted EBITDA differently than we do and, accordingly, our EBITDA and Adjusted EBITDA may not be comparable to other REITs’ EBITDA and Adjusted EBITDA. Accordingly, EBITDA and Adjusted EBITDA should be considered only as supplements to net income computed in accordance with GAAP as a measure of our financial performance.

Net Operating Income (NOI) and Cash NOI: Net operating income, or NOI, represents rental revenue, tenant reimbursement revenue and interconnection revenue less utilities expense, rental property operating expenses, property taxes and insurance expenses (as reflected in the statement of operations). NOI is commonly used by stockholders, company management and industry analysts as a measurement of operating performance of the company’s rental portfolio. Cash NOI is NOI less straight-line rents and above- and below-market rent amortization. Cash NOI is commonly used by stockholders, company management and industry analysts as a measure of property operating performance on a cash basis. 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.

Appendix — Forward-Looking Statements

This information in this presentation contains forward-looking statements within the meaning of the federal securities laws, which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. Such forward-looking statements include statements relating to: our economic outlook; our expected investment and expansion activity; our joint ventures; the expected benefits and timing of PlatformDIGITAL®; the Data Gravity Index ; Data Gravity Index DGx ; public cloud services spending; the potential impact of artificial intelligence and data regulations; our sustainability initiatives; the expected effect of foreign currency translation adjustments on our financials; anticipated continued demand for our products and services; our liquidity; demand drivers and economic growth outlook; business drivers; our expected development plans and completions, including timing, total square footage, IT capacity and raised floor space upon completion; expected availability for leasing efforts and colocation initiatives; organizational initiatives; our product offerings; our connected data communities; joint venture opportunities; occupancy and total investment; our expected investment in our properties; our estimated time to stabilization and targeted returns at stabilization of our properties; our expected future acquisitions; acquisitions strategy; available inventory and development strategy; the signing and commencement of leases, and related rental revenue; lag between signing and commencement of leases; our backlog; future rents; our expected same store portfolio growth; our expected growth and stabilization of development completions and acquisitions; lease rollovers and expected rental rate changes; our re-leasing spreads; our expected yields on investments; our expectations with respect to capital investments at lease expiration on existing data center or colocation space; debt maturities; lease maturities; our other expected future financial and other results including guidance, and the assumptions underlying such results; our customers’ capital investments; our plans and intentions; future data center utilization, utilization rates, growth rates, trends, supply and demand; data center expansion plans; estimated kW/MW requirements; capital expenditures; the effect new leases and increases in rental rates will have on our rental revenues and results of operations; estimates of the value of our development portfolio; our ability to meet our liquidity needs, including the ability to raise additional capital; access to power; market forecasts; projected financial information and covenant metrics; Core FFO run rate and NOI growth; other forward looking financial data; leasing expectations; our exposure to tenants in certain industries; our expectations and underlying assumptions regarding our sensitivity to fluctuations in foreign exchange rates; and the sufficiency of our capital to fund future requirements. You can identify forward-looking statements by the use of forward-looking terminology such as “believes,” “expects,” “may,” “will,” “should,” “seeks,” “approximately,” “intends,” “plans,” “pro forma,” “estimates” or “anticipates” or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and discussions which do not relate solely to historical matters. Such statements are based on management’s beliefs and assumptions made based on information currently available to management. Such statements are subject to risks, uncertainties and assumptions and are not guarantees of future performance and may be affected by known and unknown risks, trends, uncertainties and factors that are beyond our control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. Some of the risks and uncertainties that may cause our actual results, performance or achievements to differ materially from those expressed or implied by forward-looking statements include, among others, the following: reduced demand for data centers or decreases in information technology spending; 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; and 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; 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. We discussed a number of additional material risks in our annual report on Form 10-K for the year ended December 31, 2025, and other filings with the Securities and Exchange Commission. Those risks continue to be relevant to our performance and financial condition. Moreover, we operate in a very competitive and rapidly changing environment. New risk factors emerge from time to time and it is not possible for management to predict all such risk factors, nor can it assess the impact of all such risk factors on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. We expressly disclaim any responsibility to update forward-looking statements, whether as a result of new information, future events or otherwise.

Digital Realty, Digital Realty Trust, the Digital Realty logo, Interxion, Turn-Key Flex, Powered Base Building, PlatformDIGITAL, Data Gravity Index, Data Gravity Index DGx, ServiceFabric, AnyScale Colo, and Pervasive Data Center Architecture (PDx),among others, 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.

Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent

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

Three Months Ended

(1) Real estate related depreciation and amortization was computed as follows:

Three Months Ended

Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent

Digital Realty Trust, Inc. and Subsidiaries
Reconciliation of Funds From Operations (FFO) to Core Funds From Operations (CFFO)
(in thousands, except per share and unit data)
(unaudited)

Three Months Ended

Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent

Digital Realty Trust, Inc. and Subsidiaries
Reconciliation of Net Income Available to Common Stockholders to Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) and Adjusted EBITDA
(in thousands) (unaudited)

Three Months Ended

Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent

Digital Realty Trust, Inc. and Subsidiaries
Reconciliation of Same Capital Cash Net Operating Income
(in thousands)
(unaudited)

Three Months Ended

Three Months Ended

Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent

Net Debt/LQA Adjusted EBITDA

(iii) Adjusted EBITDA

Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent

Total Debt/Total Enterprise Value — QE 9/30/26

(i) Market Value of Common Equity

(ii) Liquidation value of preferred equity ($25.00 per share)

Debt Service Ratio — LQA Adjusted EBITDA/GAAP interest expense plus capitalized interest and less bridge facility fees

Fixed Charged Ratio — LQA Adjusted EBITDA/total fixed charges; QE 9/30/26

Net Debt/LQA Adjusted EBITDA — QE 9/30/26

(iii) Adjusted EBITDA

Unsecured Debt/Total Debt — QE 9/30/26

Net Debt Plus Preferred/LQA Adjusted EBITDA — QE 9/30/26

Note: For quarter ended September 30, 2026