Exhibit

EX-99.1 2 a3q19financialsupplemental.htm EXHIBIT 99.1 Exhibit



		Financial Supplement
Table of Contents		Third Quarter 2019



Overview					PAGE

Corporate Information					3

Ownership Structure					5

Key Quarterly Financial Data					6

Consolidated Statements of Operations

Earnings Release					8

2019 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

Consolidated Debt Analysis and Global Unsecured Revolving Credit Facility					17

Debt Maturities					18

Debt Analysis & Covenant Compliance					19

Internal Growth

Same-Capital Operating Trend Summary					20

Summary of Leasing Activity - Signed					21

Summary of Leasing Activity - Commenced					22

Lease Expirations and Lease Distribution					23

Lease Expirations - By Product Type					24

Top 20 Customers by Annualized Rent					25

Portfolio Summary					26

Portfolio Overview by Product Type					27

Product Overview by Metropolitan Area					28

Occupancy Analysis					29

External Growth

Development Lifecycle - Committed Active Development					30

Development Lifecycle - In Service					31

Construction Projects in Progress					32

Historical Capital Expenditures and Investments in Real Estate					33

Development Lifecycle - Held for Development					34

Acquisitions / Dispositions / Joint Ventures					35

Unconsolidated Joint Ventures					36

Additional Information

Reconciliation of Earnings Before Interest, Taxes, Depreciation & Amortization and Financial Ratios					37

Management Statements on Non-GAAP Measures					38

Forward-Looking Statements					40



		Financial Supplement
Corporate Information		Third Quarter 2019

Corporate Profile

Digital Realty owns, acquires, develops and operates data centers. 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 September 30, 2019, the company's 223 data centers, including 41 data centers held as investments in unconsolidated joint ventures, 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 30.2 million square feet, excluding approximately 3.6 million square feet of space under active development and 2.3 million square feet of space held for future development, located throughout North America, Europe, Latin America, Asia and Australia. For additional information, please visit the company's website at www.digitalrealty.com.

Corporate Headquarters

Four Embarcadero Center, Suite 3200

San Francisco, California 94111

Telephone: (415) 738-6500

Website: www.digitalrealty.com

Senior Management

Chief Executive Officer: A. William Stein

Chief Financial Officer: Andrew P. Power

Chief Investment Officer: Gregory S. Wright

Chief Technology Officer: Christopher L. Sharp

Executive Vice President, Global Sales & Marketing: Corey J. Dyer

Executive Vice President, Operations: Erich J. Sanchack

Investor Relations

To request more information or to be added to our e-mail distribution list, please visit our website: www.digitalrealty.com

(Please proceed to the Investor Relations section)

Analyst Coverage




		Bank of America
Argus Research	BMO Capital Markets	Merrill Lynch	Barclays Capital	Berenberg
Jacob Kilstein	Ari Klein	Michael Funk	Ross Smotrich	Nate Crossett
(646) 747-5447	(212) 885-4103	(646) 855-5664	(212) 526-2306	(646) 949-9030


Citigroup	Cowen & Company	Credit Suisse	Green Street Advisors	Guggenheim Securities
Michael Rollins	Colby Synesael	Sami Badri	Lukas Hartwich	Robert Gutman
(212) 816-1116	(646) 562-1355	(212) 538-1727	(949) 640-8780	(212) 518-9148


J.P. Morgan	Jefferies	KeyBanc Capital	MoffettNathanson	Morgan Stanley
Richard Choe	Jonathan Petersen	Jordan Sadler	Nick Del Deo	Simon Flannery
(212) 662-6708	(212) 284-1705	(917) 368-2280	(212) 519-0025	(212) 761-6432


Morningstar	New Street Research	RBC Capital Markets	Raymond James	Robert W. Baird
Matthew Dolgin	Spencer Kurn	Jonathan Atkin	Frank Louthan	David Rodgers
(312) 696-6783	(212) 921-2067	(415) 633-8589	(404) 442-5867	(216) 737-7341


Stifel	SunTrust	UBS	Wells Fargo	William Blair
Erik Rasmussen	Gregory Miller	John Hodulik	Jennifer Fritzsche	James Breen
(212) 271-3461	(212) 303-4169	(212) 713-4226	(312) 920-3548	(617) 235-7513

This Earnings Press Release and Supplemental Information package supplements the information provided in our quarterly and annual reports filed with the Securities and Exchange Commission. Additional information about us and our data centers is also available on our website at www.digitalrealty.com.



		Financial Supplement
Corporate Information (Continued)		Third Quarter 2019

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 C Preferred Stock:		DLRPRC
Series G Preferred Stock:		DLRPRG
Series I Preferred Stock:		DLRPRI
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 & Poors
Corporate Credit Rating:	BBB	(Stable Outlook)
Preferred Stock:	BB+

Moody's
Issuer Rating:	Baa2	(Stable 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
	30-Sep-19			30-Jun-19			31-Mar-19			31-Dec-18			30-Sep-18
High price		$130.10			$125.19			$120.93			$117.87			$125.10
Low price		$110.84			$111.90			$100.05			$100.57			$110.80
Closing price, end of quarter		$129.81			$117.79			$119.00			$106.55			$112.48
Average daily trading volume	1,155,865			1,099,390			1,472,260			1,543,927			1,192,244
Indicated dividend per common share(1)		$4.32			$4.32			$4.32			$4.04			$4.04
Closing annual dividend yield, end of quarter	3.3		%	3.7		%	3.6		%	3.8		%	3.6		%
Shares and units outstanding, end of quarter(2)	217,727,225			217,694,587			217,687,598			217,006,540			214,607,642
Closing market value of shares and units outstanding (3)		$28,263,171			$25,642,246			$25,904,824			$23,122,047			$24,139,068


(1)	On an annualized basis.

(2)

As of September 30, 2019, the total number of shares and units includes 208,583,244 shares of common stock, 7,101,268 common units held by third parties and 2,042,713 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 C, series G, series I, series J, and series K cumulative redeemable preferred stock upon certain change of control transactions. Also excludes 9,775,000 shares of common stock that may be issued upon full physical settlement of the September 2018 forward sales agreements.


(3)	Dollars in thousands as of the end of the quarter.



Ownership Structure		Financial Supplement
As of September 30, 2019		Third Quarter 2019



Partner	# of Units (2)	% Ownership
Digital Realty Trust, Inc.	208,583,244	95.8	%
Third-Party Unitholders	7,101,268	3.3	%
Directors, Officers and Others (3)	2,042,713	0.9	%
Total	217,727,225	100.0	%


(1)	Includes properties owned by joint ventures.

(2)

The total number of units includes 208,583,244 general partnership common units, 7,101,268 common units held by third parties and 2,042,713 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 C, series G, series I, series J, and series K cumulative redeemable preferred stock upon certain change of control transactions. Also excludes 9,775,000 shares of common stock that may be issued upon full physical settlement of the September 2018 forward sales agreements.


(3)	Reflects limited partnership interests held by our directors, officers and others in the form of common units, and vested and unvested long-term incentive units.



Key Quarterly Financial Data		Financial Supplement
Unaudited and Dollars in Thousands, Except Per Share Data		Third Quarter 2019



Shares and Units at End of Quarter	30-Sep-19		30-Jun-19		31-Mar-19		31-Dec-18		30-Sep-18
Common shares outstanding	208,583,244		208,324,538		208,214,139		206,425,656		206,267,055
Common units outstanding	9,143,981		9,370,049		9,473,459		10,580,884		8,340,587
Total Shares and Partnership Units	217,727,225		217,694,587		217,687,598		217,006,540		214,607,642

Enterprise Value
Market value of common equity (1)	$28,263,171		$25,642,246		$25,904,824		$23,122,047		$24,139,068
Liquidation value of preferred equity	1,111,250		1,111,250		1,476,250		1,266,250		1,266,250
Total debt at balance sheet carrying value	10,924,035		10,842,578		10,279,656		11,101,479		9,179,871
Total Enterprise Value	$40,298,456		$37,596,074		$37,660,730		$35,489,776		$34,585,189
Total debt / total enterprise value	27.1	%	28.8	%	27.3	%	31.3	%	26.5	%

Selected Balance Sheet Data
Investments in real estate (before depreciation)	$19,240,336		$20,141,190		$19,666,056		$19,014,993		$17,981,293
Total Assets	23,172,765		23,430,091		23,342,067		23,766,695		21,462,110
Total Liabilities	12,942,820		12,939,027		12,341,890		12,892,653		10,681,095

Selected Operating Data
Total operating revenues	$806,466		$800,797		$814,515		$778,267		$768,924
Total operating expenses	641,699		651,825		672,972		655,420		629,859
Interest expense	84,574		86,051		101,552		84,883		80,851
Net income	67,574		61,324		120,997		52,597		90,264
Net income available to common stockholders	49,827		31,738		95,869		31,230		67,268

Financial Ratios
EBITDA (2)	$431,311		$433,890		$526,059		$411,200		$444,508
Adjusted EBITDA (3)	473,344		468,498		483,063		464,165		457,242
Net Debt to Adjusted EBITDA (4)	6.1x		6.1x		5.5x		6.2x		5.2x
GAAP interest expense	84,574		86,051		101,552		84,883		80,851
Fixed charges (5)	111,343		112,373		133,545		114,827		111,055
Interest coverage ratio (6)	5.0x		4.9x		4.3x		4.9x		5.0x
Fixed charge coverage ratio (7)	4.3x		4.2x		3.6x		4.0x		4.1x

Profitability Measures
Net income per common share - basic	$0.24		$0.15		$0.46		$0.15		$0.33
Net income per common share - diluted	$0.24		$0.15		$0.46		$0.15		$0.33
Funds from operations (FFO) / diluted share and unit (8)	$1.59		$1.53		$1.92		$1.54		$1.57
Core funds from operations (Core FFO) / diluted share and unit (8)	$1.67		$1.64		$1.73		$1.68		$1.63
Adjusted funds from operations (AFFO) / diluted share and unit (9)	$1.48		$1.50		$1.53		$1.44		$1.54
Dividends per share and common unit	$1.08		$1.08		$1.08		$1.01		$1.01
Diluted FFO payout ratio (8) (10)	67.7	%	70.7	%	56.4	%	65.6	%	64.2	%
Diluted Core FFO payout ratio (8) (11)	64.7	%	65.9	%	62.4	%	60.1	%	62.0	%
Diluted AFFO payout ratio (9) (12)	72.9	%	71.8	%	70.5	%	70.1	%	65.4	%

Portfolio Statistics
Data Centers (13)	211		220		215		214		198
Cross-connects (14)	80,400		79,700		79,000		78,000		77,000
Net rentable square feet, excluding development space (13)	28,802,763		29,871,498		29,551,498		29,134,633		27,918,778
Occupancy at end of quarter (15)	87.4	%	87.8	%	88.6	%	89.0	%	89.5	%
Occupied square footage	25,168,859		26,231,209		26,181,004		25,935,668		25,001,127
Space under active development (16)	3,592,750		3,296,821		3,227,275		3,350,848		3,634,830
Space held for development (17)	2,267,926		2,005,804		2,095,868		2,056,799		1,816,366
Weighted average remaining lease term (years) (18)	5.3		5.3		5.3		4.6		4.5
Same-capital occupancy at end of quarter (15) (19)	87.5	%	88.4	%	89.4	%	89.8	%	90.9	%



Key Quarterly Financial Data		Financial Supplement
Unaudited and Dollars in Thousands, Except Per Share Data		Third Quarter 2019

(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. Excludes shares of common stock potentially issuable upon conversion of our series C, series G, series H, series I, series J, and series K cumulative redeemable preferred stock upon certain change of control transactions, as applicable.


(2)	EBITDA is calculated as earnings before interest expense, loss from early extinguishment of debt, tax expense, and depreciation and amortization. For a discussion of EBITDA, see page 38. For a reconciliation of net income available to common stockholders to EBITDA, see page 37.

(3)

Adjusted EBITDA is EBITDA excluding unconsolidated joint venture real estate related depreciation & amortization, severance, equity acceleration, and legal expenses, transaction and integration expenses, gain on sale / deconsolidation, impairment of investments in real estate, other non-core adjustments, net, non-controlling interests, preferred stock dividends, including undeclared dividends, and issuance costs associated with redeemed preferred stock. For a discussion of Adjusted EBITDA, see page 38. For a reconciliation of net income available to common stockholders to Adjusted EBITDA, see page 37.


(4)	Net Debt to Adjusted EBITDA is calculated as total debt at balance sheet carrying value (see page 6), plus capital lease obligations, plus our share of joint venture debt, less cash and cash equivalents, divided by the product of Adjusted EBITDA (inclusive of our share of joint venture EBITDA), multiplied by four.


(5)	Fixed charges consist of GAAP interest expense, capitalized interest, scheduled debt principal payments and preferred dividends.


(6)	Interest coverage ratio is Adjusted EBITDA divided by GAAP interest expense plus capitalized interest.


(7)	Fixed charge coverage ratio is Adjusted EBITDA divided by fixed charges.


(8)	For definitions and discussion of FFO and core FFO, see page 38. 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 38. For a reconciliation of core FFO to AFFO, see page 14.


(10)	Diluted FFO payout ratio is dividends declared per common share and unit divided by diluted FFO per share and unit.


(11)	Diluted core FFO payout ratio is dividends declared per common share and unit divided by diluted core FFO per share and unit.


(12)	Diluted AFFO payout ratio is dividends declared per common share and unit divided by diluted AFFO per share and unit.


(13)	Includes buildings held as investments in unconsolidated joint ventures. Excludes buildings held-for-sale.


(14)	Represents approximate amounts.

(15)

Occupancy and same-capital occupancy exclude space under active development and space held for development. Occupancy represents our consolidated portfolio in addition to our managed portfolio of unconsolidated joint ventures and non-managed unconsolidated joint ventures. For some of our buildings, we calculate occupancy based on factors in addition to contractually leased square feet, including available power, required support space and common area. Excludes buildings held-for-sale.


(16)	Space under active development includes current Base Building and Data Centers projects in progress (see page 30). Excludes buildings held-for-sale.


(17)	Space held for development includes space held for future Data Center development, and excludes space under active development (see page 34). Excludes buildings held-for-sale.


(18)	Weighted average remaining lease term excludes renewal options and is weighted by net rentable square feet.

(19)

Represents buildings owned as of December 31, 2017 with less than 5% of total rentable square feet under development. Excludes buildings that were undergoing, or were expected to undergo, development activities in 2018-2019, buildings classified as held-for-sale, and buildings sold or contributed to joint ventures for all periods presented. Prior period results have been adjusted to reflect current same-capital pool.



Digital Realty Trust
Earnings Release		Third Quarter 2019

DIGITAL REALTY REPORTS THIRD QUARTER 2019 RESULTS

San Francisco, CA — October 29, 2019 — Digital Realty (NYSE: DLR), a leading global provider of data center, colocation and interconnection solutions, announced today financial results for the third quarter of 2019. All per-share results are presented on a fully-diluted share and unit basis.

Highlights


•	Reported net income available to common stockholders of $0.24 per share in 3Q19, compared to $0.33 in 3Q18


•	Reported FFO per share of $1.59 in 3Q19, compared to $1.57 in 3Q18


•	Reported core FFO per share of $1.67 in 3Q19, compared to $1.63 in 3Q18


•	Signed total bookings during 3Q19 expected to generate $69 million of annualized GAAP rental revenue, including an $8 million contribution from interconnection


•	Revised 2019 core FFO per share outlook from $6.60 - $6.70 to $6.55 - $6.65, reflecting the expected closing of the $1.0 billion joint venture with Mapletree in early November

Financial Results

Digital Realty reported revenues for the third quarter of 2019 of $806 million, a 1% increase from the previous quarter and a 5% increase from the same quarter last year.

The company delivered third quarter of 2019 net income of $68 million, and net income available to common stockholders of $50 million, or $0.24 per diluted share, compared to $0.15 per diluted share in the previous quarter and $0.33 per diluted share in the same quarter last year.

Digital Realty generated third quarter of 2019 adjusted EBITDA of $473 million, a 1% increase from the previous quarter and a 4% increase over the same quarter last year (reflecting the January 1, 2019 adoption of FASB Accounting Standard Codification Topic 842, Leases).

The company reported third quarter of 2019 funds from operations of $349 million, or $1.59 per share, compared to $1.53 per share in the previous quarter and $1.57 per share in the same quarter last year.

Excluding certain items that do not represent core expenses or revenue streams, Digital Realty delivered third quarter of 2019 core FFO per share of $1.67, a 2% increase from $1.64 per share in the previous quarter, and a 2% increase from $1.63 per share in the same quarter last year.

Leasing Activity

“In the third quarter, we signed total bookings expected to generate $69 million of annualized GAAP rental revenue, including an $8 million contribution from interconnection,” said Chief Executive Officer A. William Stein. “We continued to execute well, with record new logos and the third-best bookings in the company’s history, close on the heels of our second-highest in the prior quarter. We also made progress on key strategic priorities, extending our global footprint, expanding our sustainability initiatives and optimizing the portfolio while advancing our private capital program and further strengthening our balance sheet. Looking ahead, we are confident that our global, multi-product platform will continue to deliver sustainable growth for all stakeholders.”

The weighted-average lag between leases signed during the third quarter of 2019 and the contractual commencement date was five months.

In addition to new leases signed, Digital Realty also signed renewal leases representing $152 million of annualized GAAP rental revenue during the quarter. Rental rates on renewal leases signed during the third quarter of 2019 rolled up 7.2% on a cash basis and up 10.1% on a GAAP basis.



Digital Realty Trust
Earnings Release		Third Quarter 2019

New leases signed during the third quarter of 2019 are summarized by region and product type as follows:



	Annualized GAAP
	Base Rent			GAAP Base Rent			GAAP Base Rent
The Americas	(in thousands)		Square Feet	per Square Foot		Megawatts	per Kilowatt
Turn-Key Flex		$40,097	356,759		$112	34.8		$96
Powered Base Building	72		—	—		—	—
Colocation	5,987		17,260	347		1.8	276
Non-Technical	154		7,346	21		—	—
Total		$46,310	381,365		$121	36.6		$105

Europe (1)
Turn-Key Flex		$5,094	40,811		$125	3.5		$123
Colocation	1,236		4,460	277		0.3	333
Non-Technical	120		2,815	42		—	—
Total		$6,450	48,086		$134	3.8		$140

Asia Pacific (1)
Turn-Key Flex		$7,536	36,225		$208	3.9		$161
Colocation	210		235	893		—	426
Non-Technical	101		1,766	57		—	—
Total		$7,847	38,226		$205	3.9		$164

Interconnection		$8,009	N/A	N/A		N/A	N/A

Grand Total		$68,616	467,677		$130	44.3		$113

Note: Totals may not foot due to rounding differences.


(1)	Based on quarterly average exchange rates during the three months ended September 30, 2019.

Investment Activity

During the third quarter of 2019, Digital Realty closed on the acquisition of a 22,000 square foot land parcel located in Seoul, South Korea for approximately $15 million. The site is located within the Sangam Digital Media City in northwest Seoul, a newly developed urban planning zone focused on technology and media companies, designed to promote South Korea's digital economy. Upon completion, the new facility is expected to support up to 12 megawatts of critical IT capacity. Construction is expected to commence within the coming months and to be complete in 2021.

During the third quarter of 2019, Digital Realty entered into definitive agreements with affiliates of Mapletree Investments Pte Ltd and Mapletree Industrial Trust for the sale of ten Powered Base Buildings® and the establishment of a joint venture on three existing data centers. The Powered Base Buildings® will be sold for a total purchase price of approximately $557 million, representing a 6.6% cap rate on expected 2020 net operating income of $37 million. Separately, an entity jointly owned by Mapletree Investments and Mapletree Industrial Trust will purchase an 80% interest, and Digital Realty will retain a 20% interest, in a joint venture on three fully stabilized hyper-scale facilities located in Ashburn, Virginia. Mapletree Investments and Mapletree Industrial Trust will acquire its 80% stake for approximately $811 million, valuing these three assets at approximately $1.0 billion. These three facilities are fully leased and are expected to generate 2020 cash net operating income of approximately $61 million, representing a 6.0% cap rate. Digital Realty will continue to operate and manage these facilities, and the transaction will be completely seamless from a customer perspective. The transactions are expected to close in late 2019 or early 2020 and are subject to customary closing conditions.

Balance Sheet

Digital Realty had approximately $10.9 billion of total debt outstanding as of September 30, 2019, comprised of $10.8 billion of unsecured debt and approximately $0.1 billion of secured debt. At the end of the third quarter of 2019, net debt-to-adjusted EBITDA was 6.1x, debt-plus-preferred-to-total enterprise value was 29.9% and fixed charge coverage was 4.3x. Pro forma for settlement of the $1.1 billion forward equity offering and $1.4 billion of proceeds from the Mapletree transaction, net debt-to-adjusted EBITDA was 5.0x and fixed charge coverage was 4.4x.

Subsequent to the end of the quarter, Digital Realty closed an offering of 13,800,000 shares of 5.20% Series L Cumulative Redeemable Preferred Stock (including 1,800,000 shares from the exercise of the underwriters' over-allotment option) at a price of $25.00 per share, generating gross proceeds of approximately $345 million.

Subsequent to quarter-end, Digital Realty also closed a €500 million (approximately $550 million) Euro-denominated offering of 8.5-year senior unsecured notes due 2028 at 1.125%.



Digital Realty Trust
Earnings Release		Third Quarter 2019

2019 Outlook

Digital Realty revised its 2019 core FFO per share outlook from $6.60 - $6.70 to $6.55 - $6.65. The assumptions underlying this guidance are summarized in the following table.



	As of	As of	As of	As of	As of
Top-Line and Cost Structure	January 8, 2019	February 5, 2019	April 25, 2019	July 30, 2019	October 29, 2019
Total revenue	$3.2 - $3.3 billion	$3.2 - $3.3 billion	$3.2 - $3.3 billion	$3.2 - $3.3 billion	$3.2 billion
Net non-cash rent adjustments (1)	($5 - $15 million)	($5 - $15 million)	($5 - $15 million)	($5 - $15 million)	($25 - $30 million)
Adjusted EBITDA margin	57.0% - 59.0%	57.0% - 59.0%	57.0% - 59.0%	57.0% - 59.0%	58.0% - 59.0%
G&A margin	6.0% - 7.0%	6.0% - 7.0%	6.0% - 7.0%	6.0% - 7.0%	6.0% - 7.0%

Internal Growth
Rental rates on renewal leases
Cash basis	Down high-single-digits	Down high-single-digits	Down high-single-digits	Down mid-single-digits	Slightly negative
GAAP basis	Slightly positive	Slightly positive	Slightly positive	Slightly positive	Up mid-single-digits
Year-end portfolio occupancy	+/- 50 bps	+/- 50 bps	+/- 50 bps	+/- 50 bps	- 150 bps
"Same-capital" cash NOI growth (2)	+/- 2.0%	+/- 2.0%	-2.0% to -4.0%	-2.0% to -4.0%	-2.0% to -4.0%

Foreign Exchange Rates
U.S. Dollar / Pound Sterling	$1.20 - $1.30	$1.20 - $1.30	$1.20 - $1.30	$1.20 - $1.30	$1.20 - $1.30
U.S. Dollar / Euro	$1.10 - $1.20	$1.10 - $1.20	$1.10 - $1.20	$1.10 - $1.20	$1.10 - $1.20

External Growth
Dispositions
Dollar volume	N/A	N/A	N/A	N/A	$811 million
Cap rate	N/A	N/A	N/A	N/A	6.0%
Development
CapEx	$1.2 - $1.4 billion	$1.2 - $1.4 billion	$1.2 - $1.4 billion	$1.2 - $1.4 billion	$1.2 - $1.4 billion
Average stabilized yields	9.0% - 12.0%	9.0% - 12.0%	9.0% - 12.0%	9.0% - 12.0%	9.0% - 12.0%
Enhancements and other non-recurring CapEx (3)	$30 - $40 million	$30 - $40 million	$30 - $40 million	$30 - $40 million	$5 - $10 million
Recurring CapEx + capitalized leasing costs (4)	$145 - $155 million	$145 - $155 million	$145 - $155 million	$160 - $170 million	$160 - $170 million

Balance Sheet
Long-term debt issuance
Dollar amount	$0.5 - $1.0 billion	$1.0 - $1.5 billion	$1.5 - $2.0 billion	$2.3 billion	$2.9 billion
Pricing	3.50% - 5.00%	2.50% - 5.00%	2.75% - 3.75%	3.03%	2.67%
Timing	Early-to-mid 2019	Early-to-mid 2019	Early-to-mid 2019	Early-to-mid 2019	Early-to-mid 2019
Preferred equity issuance
Dollar amount	N/A	N/A	N/A	N/A	$555 million
Pricing	N/A	N/A	N/A	N/A	5.45%
Timing	N/A	N/A	N/A	N/A	Mid-2019


Net income per diluted share	$1.40 - $1.45	$1.40 - $1.45	$1.65 - $1.70	$1.50 - $1.55	$2.40 - $2.45
Real estate depreciation and (gain) / loss on sale	$5.15 - $5.15	$5.15 - $5.15	$5.00 - $5.10	$5.10 - $5.10	$4.15 - $4.15
Funds From Operations / share (NAREIT-Defined)	$6.55 - $6.60	$6.55 - $6.60	$6.65 - $6.80	$6.60 - $6.65	$6.55 - $6.60
Non-core expenses and revenue streams	$0.05 - $0.10	$0.05 - $0.10	($0.05 - $0.10)	$0.00 - $0.05	$0.00 - $0.05
Core Funds From Operations / share	$6.60 - $6.70	$6.60 - $6.70	$6.60 - $6.70	$6.60 - $6.70	$6.55 - $6.65
Foreign currency translation adjustments	$0.05 - $0.15	$0.05 - $0.15	$0.05 - $0.15	$0.05 - $0.15	$0.05 - $0.15
Constant-Currency Core FFO / share	$6.65 - $6.85	$6.65 - $6.85	$6.65 - $6.85	$6.65 - $6.85	$6.60 - $6.80


(1)	Net non-cash rent adjustments represent the sum of straight-line rental revenue and straight-line rent expense, as well as the amortization of above- and below-market leases (i.e., FAS 141 adjustments).


(2)	The "same-capital" pool includes properties owned as of December 31, 2017 with less than 5% of total rentable square feet under development. It also excludes properties that were undergoing, or were expected to undergo, development activities in 2018-2019, properties classified as held for sale, and properties sold or contributed to joint ventures for all periods presented.


(3)	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.


(4)	Recurring CapEx represents non-incremental improvements required to maintain current revenues, including second-generation tenant improvements and leasing commissions.



Digital Realty Trust
Earnings Release		Third Quarter 2019

Non-GAAP Financial Measures

This press release contains non-GAAP financial measures, including FFO, core FFO, and Adjusted EBITDA. A reconciliation from U.S. GAAP net income available to common stockholders to FFO, a reconciliation from FFO to core FFO, and definitions of FFO, and core FFO 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.

Investor Conference Call

Prior to Digital Realty’s investor conference call at 5:30 p.m. EDT / 2:30 p.m. PDT on October 29, 2019, a presentation will be posted to the Investors section of the company’s website at http://investor.digitalrealty.com. The presentation is designed to accompany the discussion of the company's third quarter 2019 financial results and operating performance. The conference call will feature Chief Executive Officer A. William Stein and Chief Financial Officer Andrew P. Power.

To participate in the live call, investors are invited to dial (888) 317-6003 (for domestic callers) or (412) 317-6061 (for international callers) and reference the conference ID# 3707672 at least five minutes prior to start time. A live webcast of the call will be available via the Investors section of Digital Realty’s website at http://investor.digitalrealty.com.

Telephone and webcast replays will be available after the call until November 29, 2019. The telephone replay can be accessed by dialing (877) 344-7529 (for domestic callers) or (412) 317-0088 (for international callers) and providing the conference ID# 10135281. The webcast replay can be accessed on Digital Realty’s website.

About Digital Realty

Digital Realty supports the data center, colocation and interconnection strategies of more than 2,000 firms across its secure, network-rich portfolio of data centers located throughout North America, Europe, Latin America, Asia and Australia. Digital Realty's clients include domestic and international companies of all sizes, ranging from cloud and information technology services, communications and social networking to financial services, manufacturing, energy, healthcare, and consumer products.

Contact Information

Andrew P. Power

Chief Financial Officer

Digital Realty

(415) 738-6500

John J. Stewart

Investor Relations

Digital Realty

(415) 738-6500



Consolidated Quarterly Statements of Operations		Financial Supplement
Unaudited and in Thousands, Except Share and Per Share Data		Third Quarter 2019



	Three Months Ended															Nine Months Ended
	30-Sep-19			30-Jun-19			31-Mar-19			31-Dec-18			30-Sep-18			30-Sep-19			30-Sep-18
Rental revenues		$564,975			$565,925			$585,425			$555,816			$541,073			$1,716,325			$1,606,554
Tenant reimbursements - Utilities	114,719			106,409			102,569			102,641			105,822			323,697			304,482
Tenant reimbursements - Other	57,466			62,820			55,868			53,090			57,282			176,154			164,424
Interconnection & other	65,312			64,232			68,168			63,803			62,760			197,712			185,903
Fee income	3,994			925			1,921			2,896			1,469			6,840			4,945
Other	—			486			564			21			518			1,050			1,903
Total Operating Revenues	$806,466			$800,797			$814,515			$778,267			$768,924			$2,421,778			$2,268,211

Utilities		$132,565			$123,398			$124,334			$122,108			$127,239			$380,297			$354,939
Rental property operating	126,866			128,634			130,620			133,024			118,732			386,120			346,994
Property taxes	38,255			41,482			37,315			32,098			34,871			117,052			97,418
Insurance	3,103			3,441			2,991			2,412			2,653			9,535			8,990
Depreciation & amortization	286,718			290,562			311,486			299,362			293,957			888,766			887,534
General & administration	49,862			52,318			51,976			38,801			40,997			154,156			121,563
Severance, equity acceleration, and legal expenses	123			665			1,483			602			645			2,271			2,701
Transaction and integration expenses	4,115			4,210			2,494			25,917			9,626			10,819			19,410
Impairment of investments in real estate	—			—			5,351			—			—			5,351			—
Other expenses	92			7,115			4,922			1,096			1,139			12,129			1,722
Total Operating Expenses	$641,699			$651,825			$672,972			$655,420			$629,859			$1,966,496			$1,841,271

Operating Income	$164,767			$148,972			$141,543			$122,847			$139,065			$455,282			$426,940

Equity in earnings of unconsolidated joint ventures		($19,269	)		$6,962			$9,217			$9,245			$8,886			($3,090	)		$23,734
Gain on sale / deconsolidation	—			—			67,497			7			26,577			67,497			80,042
Interest and other income	16,842			16,980			21,444			1,106			(981		)	55,266			2,375
Interest (expense)	(84,574		)	(86,051		)	(101,552		)	(84,883		)	(80,851		)	(272,177		)	(236,646		)
Tax benefit (expense)	(4,826		)	(4,634		)	(4,266		)	5,843			(2,432		)	(13,726		)	(7,927		)
Loss from early extinguishment of debt	(5,366		)	(20,905		)	(12,886		)	(1,568		)	—			(39,157		)	—
Net Income	$67,574			$61,324			$120,997			$52,597			$90,264			$249,895			$288,518

Net (income) loss attributable to noncontrolling interests	(1,077		)	(1,156		)	(4,185		)	(1,038		)	(2,667		)	(6,418		)	(8,831		)
Net Income Attributable to Digital Realty Trust, Inc.	$66,497			$60,168			$116,812			$51,559			$87,597			$243,477			$279,687

Preferred stock dividends, including undeclared dividends	(16,670		)	(16,670		)	(20,943		)	(20,329		)	(20,329		)	(54,283		)	(60,987		)
Issuance costs associated with redeemed preferred stock	—			(11,760		)	—			—			—			(11,760		)	—

Net Income Available to Common Stockholders	$49,827			$31,738			$95,869			$31,230			$67,268			$177,434			$218,700

Weighted-average shares outstanding - basic	208,421,470			208,284,407			207,809,383			206,345,138			206,118,472			208,173,995			205,931,031
Weighted-average shares outstanding - diluted	209,801,771			209,435,572			208,526,249			207,113,100			206,766,256			209,199,535			206,555,627
Weighted-average fully diluted shares and units	218,755,597			218,497,318			217,756,161			215,417,085			214,937,168			218,280,351			214,824,010

Net income per share - basic	$0.24			$0.15			$0.46			$0.15			$0.33			$0.85			$1.06
Net income per share - diluted	$0.24			$0.15			$0.46			$0.15			$0.33			$0.85			$1.06



Funds From Operations and Core Funds From Operations		Financial Supplement
Unaudited and in Thousands, Except Per Share Data		Third Quarter 2019



Reconciliation of Net Income to Funds From Operations (FFO)	Three Months Ended												Nine Months Ended
	30-Sep-19		30-Jun-19		31-Mar-19		31-Dec-18			30-Sep-18			30-Sep-19		30-Sep-18

Net Income Available to Common Stockholders		$49,827		$31,738		$95,869		$31,230			$67,268			$177,434		$218,700
Adjustments:
Non-controlling interests in operating partnership	2,300		1,400		4,300		1,300			2,700			8,000		8,880
Real estate related depreciation & amortization (1)	283,090		286,915		307,864		295,724			290,757			877,869		878,193
Unconsolidated JV real estate related depreciation & amortization	13,612		13,623		3,851		3,615			3,775			31,086		10,973
(Gain) on real estate transactions	—		—		—		(7		)	(26,577		)	—		(80,042		)
Impairment of investments in real estate	—		—		5,351		—			—			5,351		—
Funds From Operations		$348,829		$333,676		$417,235		$331,862			$337,923			$1,099,740		$1,036,704

Funds From Operations - diluted		$348,829		$333,676		$417,235		$331,862			$337,923			$1,099,740		$1,036,704

Weighted-average shares and units outstanding - basic	217,375		217,346		217,039		214,649			214,289			217,255		214,199
Weighted-average shares and units outstanding - diluted (2)	218,756		218,497		217,756		215,417			214,937			218,280		214,824

Funds From Operations per share - basic	$1.60		$1.54		$1.92		$1.55			$1.58			$5.06		$4.84

Funds From Operations per share - diluted (2)	$1.59		$1.53		$1.92		$1.54			$1.57			$5.04		$4.83




	Three Months Ended															Nine Months Ended
Reconciliation of FFO to Core FFO	30-Sep-19			30-Jun-19			31-Mar-19			31-Dec-18			30-Sep-18			30-Sep-19			30-Sep-18

Funds From Operations - diluted		$348,829			$333,676			$417,235			$331,862			$337,923			$1,099,740			$1,036,704
Adjustments:
Termination fees and other non-core revenues (3)	(16,792		)	(16,826		)	(14,445		)	(21		)	(518		)	(48,063		)	(5,039)
Transaction and integration expenses	4,115			4,210			2,494			25,917			9,626			10,819			19,410
Loss from early extinguishment of debt	5,366			20,905			12,886			1,568			—			39,157			—
Issuance costs associated with redeemed preferred stock	—			11,760			—			—			—			11,760			—
Severance, equity acceleration, and legal expenses (4)	123			665			1,483			602			645			2,271			2,701
(Gain) / Loss on FX revaluation	23,136			(4,251		)	9,604			—			—			28,489			—
(Gain) on contribution to unconsolidated joint venture, net of related tax	—			—			(58,497		)	—			—			(58,497		)	—
Other non-core expense adjustments	92			7,115			4,922			1,471			2,269			12,129			2,852
Core Funds From Operations - diluted		$364,869			$357,254			$375,682			$361,399			$349,945			$1,097,805			$1,056,628

Weighted-average shares and units outstanding - diluted (2)	218,756			218,497			217,756			215,417			214,937			218,280			214,824

Core Funds From Operations per share - diluted (2)	$1.67			$1.64			$1.73			$1.68			$1.63			$5.03			$4.92



(1) Real Estate Related Depreciation & Amortization:	Three Months Ended															Nine Months Ended
	30-Sep-19			30-Jun-19			31-Mar-19			31-Dec-18			30-Sep-18			30-Sep-19			30-Sep-18

Depreciation & amortization per income statement		$286,718			$290,562			$311,486			$299,362			$293,957			$888,766			$887,534
Non-real estate depreciation	(3,628		)	(3,647		)	(3,622		)	(3,638		)	(3,200		)	(10,897		)	(9,341		)

Real Estate Related Depreciation & Amortization		$283,090			$286,915			$307,864			$295,724			$290,757			$877,869			$878,193

(2)

For all periods presented, we have excluded the effect of dilutive series C, series G, series H, series I, series J, and series K 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 C, series G, series H, series I, series J, and series K preferred stock, as applicable, which we consider highly improbable. See above for calculations of diluted FFO available to common stockholders and unitholders and the share count detail section of the reconciliation of core FFO to AFFO for calculations of weighted average common stock and units outstanding.


(3)	Includes lease termination fees and certain other adjustments that are not core to our business.


(4)	Relates to severance and other charges related to the departure of company executives and integration-related severance.



Adjusted Funds From Operations (AFFO)		Financial Supplement
Unaudited and in Thousands, Except Per Share Data		Third Quarter 2019



	Three Months Ended															Nine Months Ended
Reconciliation of Core FFO to AFFO	30-Sep-19			30-Jun-19			31-Mar-19			31-Dec-18			30-Sep-18			30-Sep-19			30-Sep-18

Core FFO available to common stockholders and unitholders		$364,869			$357,254			$375,682			$361,399			$349,945			$1,097,805			$1,056,628
Adjustments:
Non-real estate depreciation	3,628			3,647			3,622			3,638			3,200			10,897			9,341
Amortization of deferred financing costs	2,900			2,905			4,493			3,128			3,066			10,298			9,079
Amortization of debt discount/premium	466			515			760			971			902			1,741			2,659
Non-cash stock-based compensation expense	8,906			9,468			7,592			5,609			5,823			25,966			19,741
Straight-line rental revenue	(12,764		)	(13,033		)	(15,979		)	(11,157		)	(10,511		)	(41,776		)	(29,266		)
Straight-line rental expense	(209		)	318			1,235			2,052			2,482			1,342			7,698
Above- and below-market rent amortization	2,824			3,954			6,210			6,521			6,552			12,988			20,012
Deferred tax expense	(1,418		)	(979		)	(15,397		)	(8,835		)	(1,783		)	(17,794		)	(3,135		)
Leasing compensation & internal lease commissions (1)	3,254			4,025			3,581			(5,160		)	(5,153		)	10,860			(15,847		)
Recurring capital expenditures (2)	(48,408		)	(39,515		)	(38,059		)	(47,951		)	(22,500		)	(125,982		)	(84,275		)

AFFO available to common stockholders and unitholders (3)		$324,048			$328,559			$333,740			$310,215			$332,023			$986,345			$992,635

Weighted-average shares and units outstanding - basic	217,375			217,346			217,039			214,649			214,289			217,255			214,199
Weighted-average shares and units outstanding - diluted (4)	218,756			218,497			217,756			215,417			214,937			218,280			214,824

AFFO per share - diluted (4)		$1.48			$1.50			$1.53			$1.44			$1.54			$4.52			$4.62

Dividends per share and common unit		$1.08			$1.08			$1.08			$1.01			$1.01			$3.24			$3.03

Diluted AFFO Payout Ratio	72.9		%	71.8		%	70.5		%	70.1		%	65.4		%	71.7		%	65.6		%




	Three Months Ended					Nine Months Ended
Share Count Detail	30-Sep-19	30-Jun-19	31-Mar-19	31-Dec-18	30-Sep-18	30-Sep-19	30-Sep-18

Weighted Average Common Stock and Units Outstanding	217,375	217,346	217,039	214,649	214,289	217,255	214,199
Add: Effect of dilutive securities	1,381	1,151	717	768	648	1,025	625

Weighted Avg. Common Stock and Units Outstanding - diluted	218,756	218,497	217,756	215,417	214,937	218,280	214,824


(1)	The company adopted ASC 842 in the first quarter of 2019.

(2)

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.


(3)	For a definition and discussion of AFFO, see the definitions section. For a reconciliation of net income available to common stockholders to FFO and core FFO, see above.

(4)

For all periods presented, we have excluded the effect of dilutive series C, series G, series H, series I, series J, and series K 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 C, series G, series H, series I, series J, and series K preferred stock, as applicable, which we consider highly improbable. See above for calculations of diluted FFO available to common stockholders and unitholders and for calculations of weighted average common stock and units outstanding.



Consolidated Balance Sheets		Financial Supplement
Unaudited and in Thousands, Except Share and Per Share Data		Third Quarter 2019



	30-Sep-19			30-Jun-19			31-Mar-19			31-Dec-18			30-Sep-18
Assets
Investments in real estate:
Real estate		$16,407,080			$17,324,416			$16,988,322			$17,055,017			$16,062,402
Construction in progress	1,647,130			1,685,056			1,584,327			1,621,927			1,464,010
Land held for future development	150,265			152,368			163,081			162,941			284,962
Investments in real estate		$18,204,475			$19,161,840			$18,735,730			$18,839,885			$17,811,374
Accumulated depreciation and amortization	(4,298,629		)	(4,312,357		)	(4,124,002		)	(3,935,267		)	(3,755,596		)
Net Investments in Properties		$13,905,846			$14,849,483			$14,611,728			$14,904,618			$14,055,778
Investment in unconsolidated joint ventures	1,035,861			979,350			930,326			175,108			169,919
Net Investments in Real Estate		$14,941,707			$15,828,833			$15,542,054			$15,079,726			$14,225,697

Cash and cash equivalents		$7,190			$33,536			$123,879			$126,700			$46,242
Accounts and other receivables (1)	304,712			320,938			328,009			299,621			308,709
Deferred rent	471,516			491,486			479,640			463,248			454,412
Acquired in-place lease value, deferred leasing costs and other real estate intangibles, net	2,245,017			2,499,564			2,580,624			3,144,395			2,734,158
Acquired above-market leases, net	84,315			94,474			106,044			119,759			135,127
Goodwill	3,338,168			3,353,538			3,358,463			4,348,007			3,373,342
Assets associated with real estate held for sale	967,527			—			—			—			—
Operating lease right-of-use assets (2)	634,085			648,952			660,586			—			—
Other assets	178,528			158,770			162,768			185,239			184,423
Total Assets		$23,172,765			$23,430,091			$23,342,067			$23,766,695			$21,462,110

Liabilities and Equity
Global unsecured revolving credit facilities		$1,833,512			$1,417,675			$842,975			$1,647,735			$590,289
Unsecured term loans	796,232			807,922			807,726			1,178,904			1,352,969
Unsecured senior notes, net of discount	8,189,138			8,511,656			8,523,462			7,589,126			7,130,541
Secured debt, net of premiums	105,153			105,325			105,493			685,714			106,072
Operating lease liabilities (2)	699,381			714,256			725,470			—			—
Accounts payable and other accrued liabilities	938,740			984,812			922,571			1,164,509			1,059,355
Accrued dividends and distributions	—			—			—			217,241			—
Acquired below-market leases	153,422			183,832			192,667			200,113			208,202
Security deposits and prepaid rent	203,708			213,549			221,526			209,311			233,667
Liabilities associated with assets held for sale	23,534			—			—			—			—
Total Liabilities		$12,942,820			$12,939,027			$12,341,890			$12,892,653			$10,681,095

Redeemable non-controlling interests - operating partnership	19,090			17,344			17,678			15,832			17,553

Equity
Preferred Stock: $0.01 par value per share, 110,000,000 shares authorized:
Series C Cumulative Redeemable Perpetual Preferred Stock (3)		$219,250			$219,250			$219,250			$219,250			$219,250
Series G Cumulative Redeemable Preferred Stock (4)	241,468			241,468			241,468			241,468			241,468
Series H Cumulative Redeemable Preferred Stock (5)	—			—			353,290			353,290			353,290
Series I Cumulative Redeemable Preferred Stock (6)	242,012			242,012			242,012			242,012			242,012
Series J Cumulative Redeemable Preferred Stock (7)	193,540			193,540			193,540			193,540			193,540
Series K Cumulative Redeemable Preferred Stock (8)	203,264			203,264			203,423			—			—
Common Stock: $0.01 par value per share, 315,000,000 shares authorized (9)	2,069			2,067			2,066			2,051			2,049
Additional paid-in capital	11,540,980			11,511,519			11,492,766			11,355,751			11,333,035
Dividends in excess of earnings	(3,136,668		)	(2,961,307		)	(2,767,708		)	(2,633,071		)	(2,455,189		)
Accumulated other comprehensive (loss), net	(68,625		)	(89,588		)	(91,699		)	(115,647		)	(103,201		)
Total Stockholders' Equity		$9,437,290			$9,562,225			$10,088,408			$9,858,644			$10,026,254

Noncontrolling Interests
Noncontrolling interest in operating partnership		$732,314			$756,050			$772,931			$906,510			$671,269
Noncontrolling interest in consolidated joint ventures	41,251			155,445			121,160			93,056			65,939

Total Noncontrolling Interests		$773,565			$911,495			$894,091			$999,566			$737,208

Total Equity		$10,210,855			$10,473,720			$10,982,499			$10,858,210			$10,763,462

Total Liabilities and Equity		$23,172,765			$23,430,091			$23,342,067			$23,766,695			$21,462,110


(1)	Net of allowance for doubtful accounts of $13,239 and $11,554, as of September 30, 2019 and December 31, 2018, respectively.


(2)	Adoption of the new lease accounting standard required that we adjust the consolidated balance sheet to include the recognition of additional right-of-use assets and lease liabilities for operating leases. See our quarterly report on Form 10-Q filed on May 10, 2019 for additional information.


(3)	Series C Cumulative Redeemable Perpetual Preferred Stock, 6.625%, $201,250 and $201,250 liquidation preference, respectively ($25.00 per share), 8,050,000 and 8,050,000 shares issued and outstanding as of September 30, 2019 and December 31, 2018, respectively.


(4)	Series G Cumulative Redeemable Preferred Stock, 5.875%, $250,000 and $250,000 liquidation preference, respectively ($25.00 per share), 10,000,000 and 10,000,000 shares issued and outstanding as of September 30, 2019 and December 31, 2018, respectively.


(5)	Series H Cumulative Redeemable Preferred Stock, 7.375%, $0 and $365,000 liquidation preference, respectively ($25.00 per share), 0 and 14,600,000 shares issued and outstanding as of September 30, 2019 and December 31, 2018, respectively. Redeemed on April 1, 2019.


(6)	Series I Cumulative Redeemable Preferred Stock, 6.350%, $250,000 and $250,000 liquidation preference, respectively ($25.00 per share), 10,000,000 and 10,000,000 shares issued and outstanding as of September 30, 2019 and December 31, 2018, respectively.


(7)	Series J Cumulative Redeemable Preferred Stock, 5.250%, $200,000 and $200,000 liquidation preference, respectively ($25.00 per share), 8,000,000 and 8,000,000 shares issued and outstanding as of September 30, 2019 and December 31, 2018, respectively.


(8)	Series K Cumulative Redeemable Preferred Stock, 5.850%, $210,000 and $0 liquidation preference, respectively ($25.00 per share), 8,400,000 and 0 shares issued and outstanding as of September 30, 2019 and December 31, 2018, respectively.


(9)	Common Stock: 208,583,244 and 206,425,656 shares issued and outstanding as of September 30, 2019 and December 31, 2018, respectively.



Components of Net Asset Value (NAV) (1)		Financial Supplement
Unaudited and in Thousands		Third Quarter 2019



Consolidated Data Centers Cash Net Operating Income (NOI) (2), Annualized (3)
Internet Gateway (4)		$353,118
Turn-Key Flex® (4)	1,197,007
Powered Base Building® (4)	207,304
Colo & Non-tech (4)	118,157
Internet Gateway Leaseholds (4)	90,618
Total Cash NOI, Annualized		$1,966,204
less: Partners' share of consolidated JVs	39
Acquisitions / dispositions / expirations	(9,505		)
3Q19 carry-over & remaining FY19 backlog cash NOI (stabilized) (5)	29,322
Total Consolidated Cash NOI, Annualized		$1,986,060

Digital Realty's Pro Rata Share of Unconsolidated JV Cash NOI (3)(6)
Turn-Key Flex®		$101,133
Powered Base Building®	9,328
Total Unconsolidated Cash NOI, Annualized		$110,461

Other Income
Development and Management Fees (net), Annualized		$15,976

Other Assets
Pre-stabilized inventory, at cost (7)		$439,208
Land held for development	150,265
Development CIP (8)	1,647,130
less: Investment associated with FY19 Backlog NOI	(89,853		)
Cash and cash equivalents	7,190
Accounts and other receivables, net	304,712
Other assets	178,528
less: Partners' share of consolidated JV assets	(26		)
Total Other Assets		$2,637,154

Liabilities
Global unsecured revolving credit facilities		$1,846,026
Unsecured term loans	799,533
Unsecured senior notes	8,249,048
Secured debt, excluding premiums	105,299
Accounts payable and other accrued liabilities (9)	938,740
Security deposits and prepaid rents	203,708
Liabilities associated with assets held for sale	23,534
Backlog NOI cost to complete (10)	30,226
Preferred stock, at liquidation value	1,111,250
Digital Realty's share of unconsolidated JV debt	590,846
Total Liabilities		$13,898,210

Diluted Shares and Units Outstanding	219,108


(1)	Includes Digital Realty's share of backlog leasing at unconsolidated joint venture buildings. Excludes MCDR and Ascenty joint venture.


(2)	For definitions and discussion of NOI and cash NOI and a reconciliation of operating income to NOI and cash NOI, see page 39.


(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.


(4)	Reflects annualized 3Q19 Cash NOI of $1,966.2 million. NOI is allocated based on management’s best estimates derived using contractual ABR and stabilized margins.


(5)	Estimated cash NOI related to signed leasing expected to commence through December 31, 2019. Includes Digital Realty's share of signed leases at unconsolidated joint venture buildings. Excludes MCDR and Ascenty joint venture.


(6)	For a reconciliation of Digital Realty's pro rata share of unconsolidated joint venture operating income to cash NOI, see page 36.


(7)	Includes Digital Realty's share of cost at unconsolidated joint venture buildings. Excludes MCDR and Ascenty joint venture.


(8)	See page 32 for further details on the breakdown of the construction in progress balance.


(9)	Includes net deferred tax liability of approximately $140.6 million.


(10)	Includes Digital Realty's share of expected cost to complete at unconsolidated joint venture buildings. Excludes MCDR and Ascenty joint venture.



Consolidated Debt Analysis and Global Unsecured Revolving Credit Facility		Financial Supplement
Unaudited and in Thousands		Third Quarter 2019



	As of September 30, 2019
	Maturity Date	Principal Balance			% of Total Debt		Interest Rate		Interest Rate Including Swaps
Global Unsecured Revolving Credit Facilities ⁽¹⁾
Global unsecured revolving credit facility - Unhedged	January 24, 2024		$1,345,641				2.223	%
Global unsecured revolving credit facility - Hedged	January 24, 2024	306,905					2.949	%	2.255	%
Yen revolving credit facility	January 24, 2024	193,480					0.500	%
Deferred financing costs, net		(12,514		)
Total Global Unsecured Revolving Credit Facilities			$1,833,512		17	%	2.163	%	2.047	%

Unsecured Term Loan ⁽¹⁾
Hedged variable rate portion of seven-year term loan	January 15, 2023		$300,000				3.028	%	2.435	%
Unhedged variable rate portion of five-year term loan	January 24, 2024	425,136					2.455	%
Hedged variable rate portion of five-year term loan	January 24, 2024	74,397					2.950	%	1.778	%
Deferred financing costs, net		(3,301		)
Total Unsecured Term Loan			$796,232		7	%	2.716	%	2.385	%

Senior Notes
3.950% notes due 2022	July 1, 2022		$500,000				3.950	%
3.625% notes due 2022	October 1, 2022	300,000					3.625	%
2.750% notes due 2023	February 1, 2023	350,000					2.750	%
4.750% notes due 2023	October 13, 2023	368,670					4.750	%
2.625% notes due 2024	April 15, 2024	653,940					2.625	%
2.750% notes due 2024	July 19, 2024	307,225					2.750	%
4.250% notes due 2025	January 17, 2025	491,560					4.250	%
4.750% notes due 2025	October 1, 2025	450,000					4.750	%
2.500% notes due 2026	January 16, 2026	1,171,643					2.500	%
3.700% notes due 2027	August 15, 2027	1,000,000					3.700	%
4.450% notes due 2028	July 15, 2028	650,000					4.450	%
3.600% notes due 2029	July 1, 2029	900,000					3.600	%
3.300% notes due 2029	July 19, 2029	430,115					3.300	%
3.750% notes due 2030	October 17, 2030	675,895					3.750	%
Unamortized discounts		(11,184		)
Deferred financing costs, net		(48,726		)
Total Senior Notes			$8,189,138		75	%	3.549	%

Total Unsecured Senior Notes			$8,189,138		75	%	3.549	%

Secured Debt
731 East Trade Street	July 1, 2020		$1,299				8.220	%
Secured note due 2023	March 1, 2023	104,000					3.028	%	2.611	%
Unamortized net premiums		78
Deferred financing costs, net		(224		)
Total Secured Debt			$105,153		1	%	3.092	%	2.680	%

Total Indebtedness			$10,924,035		100	%	3.252	%	3.204	%

Debt Summary
Total unhedged variable rate debt			$1,964,257		18	%
Total fixed rate / hedged variable rate debt		9,035,649			82	%
Total Consolidated Debt			$10,999,906		100	%	3.252	%	3.204% ⁽²⁾




Global Unsecured Revolving Credit Facilities Detail as of September 30, 2019
	Maximum Available		Existing Capacity⁽³⁾		Currently Drawn

Global Unsecured Revolving Credit Facilities		$2,645,041		$754,754		$1,846,026


(1)	Maturity date assumes that all extensions will be exercised.


(2)	Debt instruments shown at coupon rates.


(3)	Net of letters of credit issued of $44.3 million.



Debt Maturities		Financial Supplement
Unaudited and in Thousands		Third Quarter 2019



	As of September 30, 2019
	Interest Rate	2019			2020			2021	2022			2023			Thereafter			Total
Global Unsecured Revolving Credit Facilities ⁽¹⁾
Global unsecured revolving credit facility - Unhedged	2.223%	—			—			—	—			—				$1,345,641			$1,345,641
Global unsecured revolving credit facility - Hedged	2.255% ⁽²⁾	—			—			—	—			—			306,905			306,905
Yen revolving credit facility	0.500%	—			—			—	—			—			193,480			193,480
Total Global Unsecured Revolving Credit Facilities	2.047% ⁽²⁾	—			—			—	—			—				$1,846,026			$1,846,026

Unsecured Term Loan ⁽¹⁾
Hedged variable rate portion of seven-year term loan	2.435% ⁽²⁾	—			—			—	—				$300,000		—				$300,000
Unhedged variable rate portion of five-year term loan	2.455%	—			—			—	—			—				$425,136		425,136
Hedged variable rate portion of five-year term loan	1.778% ⁽²⁾	—			—			—	—			—			74,397			74,397
Total Unsecured Term Loan	2.385% ⁽²⁾	—			—			—	—				$300,000			$499,533			$799,533

Senior Notes
3.950% notes due 2022	3.950%	—			—			—		$500,000		—			—				$500,000
3.625% notes due 2022	3.625%	—			—			—	300,000			—			—			300,000
2.750% notes due 2023	2.750%	—			—			—	—				$350,000		—			350,000
4.750% notes due 2023	4.750%	—			—			—	—			368,670			—			368,670
2.625% notes due 2024	2.625%	—			—			—	—			—				$653,940		653,940
2.750% notes due 2024	2.750%	—			—			—	—			—			307,225			307,225
4.250% notes due 2025	4.250%	—			—			—	—			—			491,560			491,560
4.750% notes due 2025	4.750%	—			—			—	—			—			450,000			450,000
2.500% notes due 2026	2.500%	—			—			—	—			—			1,171,643			1,171,643
3.700% notes due 2027	3.700%	—			—			—	—			—			1,000,000			1,000,000
4.450% notes due 2028	4.450%	—			—			—	—			—			650,000			650,000
3.600% notes due 2029	3.600%	—			—			—	—			—			900,000			900,000
3.300% notes due 2029	3.300%	—			—			—	—			—			430,115			430,115
3.750% notes due 2030	3.750%	—			—			—	—			—			675,895			675,895
Total Senior Notes	3.549%	—			—			—		$800,000			$718,670			$6,730,378			$8,249,048

Secured Debt
Secured note due 2023	2.611% ⁽²⁾	—			—			—	—				$104,000		—				$104,000
731 East Trade Street	8.220%		$166			$1,133		—	—			—			—			1,299
Total Secured Debt	2.680% ⁽²⁾		$166			$1,133		—	—				$104,000		—				$105,299

Total unhedged variable rate debt		—			—			—	—			—				$1,964,257			$1,964,257
Total fixed rate / hedged variable rate debt			$166			$1,133		—		$800,000			$1,122,670		7,111,680			9,035,649

Total Debt	3.204%		$166			$1,133		—		$800,000			$1,122,670			$9,075,937			$10,999,906

Weighted Average Interest Rate		8.220		%	8.220		%	—	3.828		%	3.310		%	3.136		%	3.204		%

Summary

Weighted Average Term to Initial Maturity																		6.0 Years

Weighted Average Maturity (assuming exercise of extension options)																		6.1 Years


(1)	Assumes all extensions will be exercised.


(2)	Interest rate including swaps.

Note: Totals exclude net premiums/(discounts) and deferred financing costs.



Debt Analysis & Covenant Compliance		Financial Supplement
Unaudited		Third Quarter 2019



	As of September 30, 2019
	Unsecured Senior Notes ⁽¹⁾		Global Unsecured Revolving Credit Facilities
Debt Covenant Ratios ⁽²⁾	Required	Actual	Required	Actual
Total outstanding debt / total assets ⁽³⁾	Less than 60%	45%	Less than 60% ⁽⁴⁾	40%
Secured debt / total assets ⁽⁵⁾	Less than 40%	< 1%	Less than 40%	2%
Total unencumbered assets / unsecured debt	Greater than 150%	225%	N/A	N/A
Consolidated EBITDA / interest expense ⁽⁶⁾	Greater than 1.5x	4.1x	N/A	N/A
Fixed charge coverage		N/A	Greater than 1.5x	3.9x
Unsecured debt / total unencumbered asset value ⁽⁷⁾		N/A	Less than 60%	40%
Unencumbered assets debt service coverage ratio		N/A	Greater than 1.5x	5.4x


(1)	The Unsecured Senior Notes are listed on page 17.

(2)

For definitions of the terms used in the table above and related footnotes, please refer to the indentures which govern the notes, the Amended and Restated Global Senior Credit Agreement dated as of October 24, 2018, the Amended and Restated Term Loan Agreement dated as of October 24, 2018 and the Yen facility Credit Agreement dated as of October 24, 2018, each as amended and which are filed as exhibits to our reports filed with the Securities and Exchange Commission.

(3)

This ratio is referred to as the Leverage Ratio, defined as Consolidated Debt / Total Asset Value, under the Global Unsecured Revolving Credit Facility, the term loan facility and the Yen facility. For the calculation of Total Assets, please refer to the indentures which govern the notes, the Amended and Restated Global Senior Credit Agreement dated as of October 24, 2018, the Amended and Restated Term Loan Agreement dated as of October 24, 2018 and the Yen facility Credit Agreement dated as of October 24, 2018, each as amended and which are filed as exhibits to our reports filed with the Securities and Exchange Commission.


(4)	The company has the right to maintain a Leverage Ratio of greater than 60.0% but less than or equal to 65.0% for up to four consecutive fiscal quarters during the term of the facility following an acquisition of one or more Assets for a purchase price and other consideration in an amount not less than 5% of Total Asset Value.


(5)	This ratio is referred to as the Secured Debt Leverage Ratio, defined as Secured Debt / Total Asset Value, under the Global Unsecured Revolving Credit Facility, the term loan facility and the Yen facility.


(6)	Calculated as current quarter annualized consolidated EBITDA to current quarter annualized Interest Expense (including capitalized interest and debt discounts).


(7)	Assets must satisfy certain conditions to qualify for inclusion as an Unencumbered Asset under the Global Unsecured Revolving Credit Facility, the term loan facility and the Yen facility.



Same-Capital Operating Trend Summary		Financial Supplement
Unaudited and in Thousands		Third Quarter 2019

Stabilized ("Same-Capital") Portfolio (1)



	Three Months Ended										Nine Months Ended
	30-Sep-19		30-Sep-18		% Change		30-Jun-19		% Change		30-Sep-19		30-Sep-18		% Change
Rental revenues	$431,175		$438,033		(1.6	%)	$437,553		(1.5	%)	$1,303,787		$1,319,887		(1.2	%)
Tenant reimbursements - Utilities	89,924		90,653		(0.8	%)	85,172		5.6	%	258,353		264,160		(2.2	%)
Tenant reimbursements - Other	43,447		47,104		(7.8	%)	46,076		(5.7	%)	134,337		134,087		0.2	%
Interconnection & other	59,085		57,125		3.4	%	58,171		1.6	%	174,497		169,010		3.2	%
Total Revenue	$623,631		$632,915		(1.5	%)	$626,972		(0.5	%)	$1,870,974		$1,887,144		(0.9	%)

Utilities	$106,214		$108,623		(2.2	%)	$98,570		7.8	%	$301,761		$304,850		(1.0	%)
Rental property operating	95,554		93,269		2.4	%	97,119		(1.6	%)	286,280		272,910		4.9	%
Property taxes	28,184		27,116		3.9	%	27,720		1.7	%	82,557		72,265		14.2	%
Insurance	2,541		2,355		7.9	%	2,839		(10.5	%)	7,961		7,859		1.3	%
Total Expenses	$232,493		$231,363		0.5	%	$226,248		2.8	%	$678,559		$657,884		3.1	%

Net Operating Income (2)	$391,138		$401,552		(2.6	%)	$400,724		(2.4	%)	$1,192,415		$1,229,260		(3.0	%)

Less:
Stabilized straight-line rent	$421		($907)		(146.4	%)	$1,057		(60.2	%)	$3,457		$1,604		115.5	%
Above- and below-market rent	(3,645)		(7,191)		(49.3	%)	(4,774)		(23.6	%)	(15,449)		(22,608)		(31.7	%)
Cash Net Operating Income (3)	$394,362		$409,650		(3.7	%)	$404,441		(2.5	%)	$1,204,407		$1,250,264		(3.7	%)

Stabilized Portfolio occupancy at period end (4)	87.5	%	90.9	%	(3.4	%)	88.4	%	(1.0	%)	87.5	%	90.9	%	(3.4	%)

(1)

Represents buildings owned as of December 31, 2017 with less than 5% of total rentable square feet under development. Excludes buildings that were undergoing, or were expected to undergo, development activities in 2018-2019, buildings classified as held for sale, and buildings sold or contributed to joint ventures for all periods presented. Prior period numbers adjusted to reflect current same-capital pool.


(2)	For a definition and discussion of net operating income and a reconciliation of operating income to NOI, see page 39.


(3)	For a definition and discussion of cash net operating income and a reconciliation of operating income to cash NOI, see page 39.


(4)	Occupancy excludes space under active development and space held for development. For some of our buildings, we calculate occupancy based on factors in addition to contractually leased square feet, including available power, required support space and common areas.



Summary of Leasing Activity		Financial Supplement
Leases Signed in the Quarter Ended September 30, 2019		Third Quarter 2019



	Turn-Key Flex®				Powered Base Building ® ⁽¹⁾			Colocation				Non-Tech				Total
Leasing Activity - New (2) (3)	3Q19		LTM		3Q19	LTM		3Q19		LTM		3Q19		LTM		3Q19		LTM

Number of leases (4)	54		149		1	10		166		666		10		32		231		857
Rentable Square Feet Leased (5)	433,795		1,006,799		—	260,499		21,955		123,430		11,927		125,736		467,677		1,516,464
Initial stabilized cash rent per square foot		$121		$136	—		$49		$348		$268		$30		$13		$130		$122
GAAP base rent per square foot (6)		$122		$143	—		$52		$339		$264		$31		$13		$130		$127
Leasing cost per square foot		$15		$25	—		$29		$35		$28		$2		$5		$16		$24
Weighted Average Lease Term (years)	7.3		7.0			12.3		1.9		2.5		7.9		5.8		7.0		7.5

Net Effective Leasing Economics (7)
Base rent		$128		$142	—		$55		$339		$258		$32		$14		$136		$126
Rental concessions		$7		$6	—		$3	—		—		—		—			$6		$4
Estimated operating expense		$29		$29	—	—			$100		$94		$9		$4		$31		$27
Net Rent		$93		$107	—		$52		$238		$165		$23		$9		$98		$94

Tenant improvements	—			$1	—	—		—		—		—		—		—			$1
Leasing commissions		$2		$2	—		$2		$27		$19	—		—			$3		$3
Net Effective Rent		$91		$104	—		$50		$211		$146		$23		$8		$95		$90



	Turn-Key Flex®				Powered Base Building®				Colocation				Non-Tech				Total
Leasing Activity - Renewals (2)	3Q19		LTM		3Q19		LTM		3Q19		LTM		3Q19		LTM		3Q19		LTM
Number of leases (4)	59		214		8		43		524		1,728		6		48		597		2,033
Rentable square feet renewed (5)	438,413		1,667,875		656,882		2,481,059		127,215		594,683		78,882		360,066		1,301,392		5,103,683
Expiring cash rent per square foot	$181		$169		$31		$36		$304		$270		$23		$16		$108		$105
Renewed cash rent per square foot	$201		$166		$32		$33		$310		$270		$22		$17		$116		$103
Cash Rental Rate Change	11.1	%	(1.5	%)	3.0	%	(6.3	%)	1.9	%	(0.2	%)	(3.8	%)	8.3	%	7.2	%	(1.8	%)

Expiring GAAP base rent per square foot (6)	$180		$159		$29		$32		$304		$270		$21		$15		$106		$100
Renewed GAAP base rent per square foot (6)	$200		$164		$36		$37		$310		$270		$22		$18		$117		$104
GAAP Base Rental Rate Change	11.4	%	2.9	%	22.0	%	15.6	%	1.9	%	—		4.3	%	22.4	%	10.1	%	4.1	%

Leasing cost per square foot	$0		$7		$5		$10		$0		$0		$2		$5		$3		$7
Weighted Average Lease Term (years)	3.3		5.3		14.5		13.4		1.1		1.7		5.6		6.7		8.9		8.9

Retention Ratio (8)	67.5	%	75.4	%	87.4	%	95.0	%	85.6	%	89.0	%	66.2	%	58.4	%	78.0	%	83.6	%


(1)	Current quarter signings includes one PBB space without square feet.


(2)	Excludes short-term, roof and garage leases.


(3)	Includes leases for new and re-leased space.


(4)	The number of leases represents the leased-unit count; a lease may include multiple units.


(5)	For some of our buildings, we calculate square footage based on factors in addition to contractually leased square feet, including power, required support space and common area.


(6)	Rental rates represent annual estimated cash rent per rentable square foot, adjusted for straight-line rents in accordance with GAAP.


(7)	All dollar amounts are per square foot averaged over lease term.


(8)	Based on square feet.

Note: LTM is last twelve months, including current quarter.



Summary of Leasing Activity		Financial Supplement
Leases Commenced in the Quarter Ended September 30, 2019		Third Quarter 2019



	Turn-Key Flex®				Powered Base Building®				Colocation				Non-Tech				Total
Leasing Activity - New (1) (2)	3Q19		LTM		3Q19		LTM		3Q19		LTM		3Q19		LTM		3Q19		LTM

Number of leases (3)	60		169		1		9		157		664		4		28		222		870
Rentable Square Feet Leased (4)	563,800		1,517,426		51,615		422,453		33,277		145,075		5,352		127,343		654,044		2,212,297
Initial stabilized cash rent per square foot		$127		$135		$84		$34		$257		$229		$25		$12		$129		$115
GAAP base rent per square foot (5)		$130		$137		$94		$39		$254		$229		$26		$12		$133		$117
Leasing cost per square foot		$27		$21		$51		$16		$22		$24		$1		$3		$28		$20
Weighted Average Lease Term (years)	9.8		9.2		15.0		11.0		2.9		2.8		3.9		5.7		9.8		8.9

Net Effective Leasing Economics (6)
Base rent		$133		$141		$97		$41		$254		$230		$26		$12		$135		$120
Rental concessions		$3		$3		$3		$2	—			$1		$1	—			$2		$3
Estimated operating expense		$28		$29	—		—			$87		$93		$22		$3		$29		$26
Net Rent		$102		$109		$94		$39		$166		$136		$4		$9		$104		$92

Tenant improvements		$1		$1	—		—		—		—		—		—			$1		$1
Leasing commissions		$2		$10		$3		$1		$11		$15	—		—			$2		$8
Net Effective Rent		$99		$97		$91		$38		$155		$121		$3		$8		$101		$82



	Turn-Key Flex®				Powered Base Building®				Colocation				Non-Tech				Total
Leasing Activity - Renewals (1)	3Q19		LTM		3Q19		LTM		3Q19		LTM		3Q19		LTM		3Q19		LTM
Number of leases (3)	58		204		8		44		528		1,733		8		47		602		2,028
Rentable square feet renewed (4)	536,207		1,648,089		656,882		2,481,059		132,863		603,362		59,950		336,120		1,385,902		5,068,630
Expiring cash rent per square foot	$179		$159		$31		$36		$302		$271		$23		$16		$114		$103
Renewed cash rent per square foot	$189		$158		$32		$34		$308		$270		$23		$17		$119		$101
Cash Rental Rate Change	5.8	%	(0.9	%)	3.0	%	(6.3	%)	1.7	%	(0.3	%)	(2.6	%)	9.8	%	4.3	%	(1.5	%)

Expiring GAAP base rent per square foot (5)	$177		$151		$29		$32		$302		$271		$22		$15		$112		$98
Renewed GAAP base rent per square foot (5)	$189		$156		$36		$37		$307		$270		$23		$18		$121		$102
GAAP Base Rental Rate Change	7.0	%	3.0	%	22.0	%	15.5	%	1.7	%	(0.1	%)	1.8	%	22.5	%	7.5	%	4.2	%

Leasing cost per square foot	$2		$6		$5		$10		$0		$0		$3		$5		$3		$7
Weighted Average Lease Term (years)	3.8		5.5		14.5		13.4		1.2		1.8		5.0		6.8		8.7		9.0


(1)	Excludes short-term, roof and garage leases.


(2)	Includes leases for new and re-leased space.


(3)	The number of leases represents the leased-unit count; a lease may include multiple units.


(4)	For some of our buildings, we calculate square footage based on factors in addition to contractually leased square feet, including power, required support space and common area.


(5)	Rental rates represent annual estimated cash rent per rentable square foot, adjusted for straight-line rents in accordance with GAAP.


(6)	All dollar amounts are per square foot averaged over lease term.

Note: LTM is last twelve months, including current quarter.



Lease Expirations and Lease Distribution		Financial Supplement
Dollars in Thousands, Except Per Square Foot		Third Quarter 2019

Lease Expirations



Year	Square Footage of Expiring Leases (1)	% of Net Rentable Square Feet		Annualized Rent (2)		% of Annualized Rent		Annualized Rent Per Occupied Square Foot		Annualized Rent Per Occupied Square Foot at Expiration		Annualized Rent at Expiration
Available	3,451,706	13.7	%
Month to Month (3)	469,858	1.9	%		$62,218	2.8	%		$132		$132		$62,218
2019	536,532	2.1	%	95,047		4.3	%	177		177		95,047
2020	2,256,120	8.9	%	360,286		16.5	%	160		160		361,633
2021	2,818,986	11.2	%	313,223		14.3	%	111		115		323,146
2022	2,612,901	10.4	%	286,305		13.1	%	110		116		302,691
2023	1,862,185	7.4	%	204,829		9.4	%	110		116		216,585
2024	2,100,995	8.3	%	210,781		9.6	%	100		111		232,626
2025	1,993,061	7.9	%	186,484		8.5	%	94		104		208,168
2026	1,169,984	4.6	%	116,548		5.3	%	100		124		144,552
2027	537,668	2.1	%	48,830		2.2	%	91		109		58,840
2028	516,881	2.1	%	40,595		1.9	%	79		94		48,491
Thereafter	4,896,228	19.4	%	265,344		12.1	%	54		72		350,143

Total / Wtd. Avg.	25,223,105	100.0	%		$2,190,490	100.0	%		$101		$110		$2,404,140

Lease Distribution



Square Feet Under Lease	Total Net Rentable Square Feet (1)	% of Net Rentable Square Feet		Annualized Rent (2)		% of Annualized Rent
Available	3,451,706	13.7	%	—		—
2,500 or less	1,657,807	6.6	%		$336,880	15.4	%
2,501 - 10,000	2,641,898	10.5	%	321,084		14.7	%
10,001 - 20,000	5,924,765	23.5	%	729,826		33.3	%
20,001 - 40,000	4,425,865	17.6	%	482,006		22.0	%
40,001 - 100,000	3,799,951	15.0	%	215,412		9.8	%
Greater than 100,000	3,321,113	13.1	%	105,282		4.8	%

Total / Wtd. Avg.	25,223,105	100.0	%		$2,190,490	100.0	%


(1)	For some of our buildings, we calculate square footage based on factors in addition to contractually leased square feet, including available power, required support space and common area. We estimate the total net rentable square feet available for lease based on a number of factors in addition to contractually leased square feet, including available power, required support space and common area.


(2)	Annualized rent represents the monthly contractual base rent (defined as cash base rent before abatements) under existing leases as of September 30, 2019, multiplied by 12.


(3)	Includes leases, licenses and similar agreements that upon expiration have been automatically renewed on a month-to-month basis.

Note: Represents consolidated portfolio in addition to our managed portfolio of unconsolidated joint ventures based on our ownership percentage.



Lease Expirations - By Product Type		Financial Supplement
Dollars in Thousands, Except Per Square Foot		Third Quarter 2019




Year	Square Footage of Expiring Leases (1)	Annualized Rent (2)		% of Annualized Rent		Annualized Rent Per Occupied Square Foot		Annualized Rent Per Occupied Square Foot at Expiration		Annualized Rent at Expiration
Turn-Key Flex®
Available	1,480,139	—		—		—		—		—
Month to Month (3)	358,266		$37,171	1.7	%		$104		$104		$37,171
2019	321,550	59,002		2.7	%	183		183		59,002
2020	1,095,233	160,018		7.3	%	146		147		161,393
2021	1,499,388	237,622		10.8	%	158		164		246,563
2022	1,595,815	248,973		11.4	%	156		166		264,799
2023	1,235,584	177,350		8.1	%	144		152		188,404
2024	1,153,008	169,237		7.7	%	147		163		188,078
2025	1,141,211	150,624		6.9	%	132		148		168,879
2026	791,730	98,057		4.5	%	124		156		123,716
2027	222,295	36,112		1.6	%	162		195		43,275
2028	275,719	29,299		1.3	%	106		126		34,747
Thereafter	1,826,723	177,283		8.2	%	97		126		229,377

Total / Wtd. Avg.	12,996,661		$1,580,748	72.2	%		$137		$152		$1,745,404


Powered Base Building®
Available	526,145	—		—		—		—		—
Month to Month (3)	5,615		$584	—			$104		$104		$584
2019	46,165	2,823		0.1	%	61		61		2,823
2020	405,443	13,637		0.6	%	34		33		13,527
2021	754,280	25,145		1.1	%	33		34		25,977
2022	468,765	13,857		0.6	%	30		30		14,210
2023	417,332	14,747		0.7	%	35		37		15,277
2024	539,225	24,902		1.1	%	46		51		27,592
2025	603,479	25,031		1.1	%	41		47		28,200
2026	293,930	14,170		0.6	%	48		56		16,315
2027	243,251	11,368		0.5	%	47		57		13,911
2028	174,637	9,836		0.4	%	56		69		12,088
Thereafter	2,349,748	81,256		3.8	%	35		48		112,707

Total / Wtd. Avg.	6,828,015		$237,356	10.6	%		$38		$45		$283,211


Colocation
Available	703,722	—		—		—		—		—
Month to Month (3)	85,379		$21,899	1.0	%		$256		$256		$21,899
2019	99,374	32,434		1.5	%	326		326		32,434
2020	586,428	182,596		8.3	%	311		311		182,596
2021	178,536	44,664		2.0	%	250		250		44,664
2022	79,686	16,670		0.8	%	209		209		16,670
2023	52,784	10,642		0.5	%	202		202		10,642
2024	93,255	10,789		0.5	%	116		116		10,789
2025	29,083	7,282		0.3	%	250		250		7,282
2026	11,195	2,997		0.1	%	268		268		2,997
2027	—	—		—		—		—		—
2028	—	—		—		—		—		—
Thereafter	350	295		—		843		843		295

Total / Wtd. Avg.	1,919,792		$330,268	15.0	%		$272		$272		$330,268


Non-Technical
Available	741,700	—		—		—		—		—
Month to Month (3)	20,598		$2,565	0.1	%		$125		$125		$2,565
2019	69,443	788		—		11		11		788
2020	169,016	4,035		0.2	%	24		24		4,118
2021	386,783	5,792		0.3	%	15		15		5,941
2022	468,634	6,805		0.3	%	15		15		7,011
2023	156,485	2,090		0.1	%	13		14		2,263
2024	315,507	5,853		0.3	%	19		20		6,168
2025	219,288	3,547		0.2	%	16		17		3,807
2026	73,129	1,324		0.2	%	18		21		1,524
2027	72,121	1,350		0.1	%	19		23		1,654
2028	66,524	1,460		0.1	%	22		25		1,656
Thereafter	719,409	6,509		0.3	%	9		11		7,762

Total / Wtd. Avg.	3,478,637		$42,118	2.2	%		$15		$17		$45,257


(1)	For some buildings, we calculate square footage based on factors in addition to contractually leased square feet, including available power, required support space and common areas. We estimate the total net rentable square feet available for lease based on a number of factors in addition to contractually leased square feet, including available power, required support space and common areas.


(2)	Annualized rent represents the monthly contractual base rent (defined as cash base rent before abatements) under existing leases as of September 30, 2019, multiplied by 12.


(3)	Includes leases, licenses and similar agreements that upon expiration have been automatically renewed on a month-to-month basis.

Note: Represents consolidated portfolio in addition to our managed portfolio of unconsolidated joint ventures based on our ownership percentage.



Top 20 Customers by Annualized Rent		Financial Supplement
Dollars in Thousands		Third Quarter 2019



Customer		Number of Locations	Total Occupied Square Feet (1)	% of Net Rentable Square Feet		Annualized Rent (2)		% of Annualized Rent		Weighted Average Remaining Lease Term in Years
1	Fortune 50 Software Company	19	2,088,316	9.6	%		$170,904	7.8	%	8.6
2	Facebook, Inc.	18	1,097,783	5.0	%	147,750		6.7	%	5.0
3	IBM	28	1,039,185	4.8	%	147,129		6.7	%	3.9
4	Oracle America, Inc.	19	563,865	2.6	%	73,822		3.4	%	2.1
5	Fortune 25 Investment Grade-Rated Company	12	578,819	2.7	%	71,883		3.3	%	4.0
6	Cyxtera Technologies, Inc. (3)	16	1,398,268	6.4	%	62,370		2.8	%	12.3
7	LinkedIn Corporation	7	487,665	2.2	%	60,423		2.8	%	5.0
8	Equinix	21	959,055	4.4	%	58,922		2.7	%	9.6
9	Rackspace	11	612,029	2.8	%	54,508		2.5	%	8.4
10	Fortune 500 SaaS Provider	8	463,409	2.1	%	44,795		2.0	%	6.0
11	JPMorgan Chase & Co.	16	268,390	1.2	%	35,805		1.6	%	2.5
12	Comcast Corporation	25	182,662	0.8	%	35,656		1.6	%	6.2
13	DXC Technology Company (4)	11	244,478	1.1	%	32,922		1.5	%	3.6
14	Uber Technologies, Inc.	6	159,525	0.7	%	28,914		1.3	%	2.8
15	CenturyLink, Inc.	82	426,803	2.0	%	27,838		1.3	%	4.6
16	China Telecommunications Corporation	9	153,177	0.7	%	26,734		1.2	%	4.6
17	Verizon	61	216,300	1.0	%	25,585		1.2	%	4.0
18	Global Cloud Provider	14	329,731	1.5	%	24,552		1.1	%	1.9
19	Morgan Stanley	12	156,597	0.7	%	23,654		1.1	%	3.3
20	NTT Communications Company	16	237,384	1.1	%	23,609		1.1	%	2.2
	Total / Weighted Average		11,663,441	53.4	%		$1,177,775	53.7	%	6.5


(1)	Occupied square footage is calculated based on leases that commenced on or before September 30, 2019. For some of our buildings, we calculate occupancy based on factors in addition to contractually leased square feet, including available power, required support space and common areas.


(2)	Annualized base rent represents the monthly contractual base rent (defined as cash base rent before abatements) under existing leases as of September 30, 2019, multiplied by 12.


(3)	Represents leases with former CenturyLink, Inc. affiliates, which are our direct customers. Cyxtera Technologies, Inc. acquired the data center and colocation business, including such direct customers, of CenturyLink, Inc. in 2Q 2017.


(4)	Represents leases with former Hewlett Packard Enterprises affiliates, which are our direct customers. DXC Technology Company was formed in 2Q 2017 from the merger of Computer Sciences Corporation (CSC) and the Enterprise Services business of Hewlett Packard Enterprise.

Note: Represents consolidated portfolio in addition to our managed portfolio of unconsolidated joint ventures based on ownership percentage. Our direct customers may be the entities named in the table above or their subsidiaries or affiliates.



Portfolio Summary		Financial Supplement
As of September 30, 2019		Third Quarter 2019



	As of
	Sep 30, 2019		Jun 30, 2019		Mar 31, 2019		Dec 31, 2018		Sep 30, 2018
Number of Data Centers (1)
Domestic	119		132		131		131		131
International	51		52		49		49		49
Unconsolidated joint ventures (1)	41		36		35		34		18
Held-for-sale	12		—		—		—		—
Total	223		220		215		214		198

Number of Buildings (1)
Domestic	130		143		143		143		143
International	51		52		49		49		49
Unconsolidated joint ventures (1)	42		37		36		35		19
Held-for-sale	12		—		—		—		—
Total	235		232		228		227		211

Number of Metropolitan Areas
Domestic	16		17		18		18		18
International	11		12		12		12		12
Unconsolidated joint ventures	8		7		6		5		2
Held-for-sale	1		—		—		—		—
Total	36		36		36		35		32

Net Rentable Square Feet (2)
Domestic	20,787,369		22,653,655		22,740,673		22,395,820		21,846,036
International	3,945,496		4,085,691		3,862,715		3,812,235		3,668,463
Unconsolidated joint ventures	4,069,898		3,132,152		2,948,110		2,926,578		2,404,279
Held-for-sale	1,377,405		—		—		—		—
Total	30,180,168		29,871,498		29,551,498		29,134,633		27,918,778

Active Development (3)
Domestic	2,038,978		1,797,831		1,766,810		2,041,887		2,650,862
International	1,087,451		1,135,461		959,355		786,318		927,125
Unconsolidated joint ventures	466,321		363,529		501,110		522,643		56,843
Total	3,592,750		3,296,821		3,227,275		3,350,848		3,634,830

Space Held for Development (4)
Domestic	1,073,082		942,449		1,119,292		1,121,084		1,129,833
International	711,850		749,812		683,910		684,760		686,532
Unconsolidated joint ventures	482,994		313,543		292,666		250,955		—
Total	2,267,926		2,005,804		2,095,868		2,056,799		1,816,365

Portfolio occupancy (5)	87.4	%	87.8	%	88.6	%	89.0	%	89.5	%
Digital Realty's share occupancy (6)	86.3	%	87.1	%	88.0	%	88.4	%	89.0	%
Stabilized "same-capital" pool occupancy (7)	87.5	%	88.4	%	89.4	%	89.8	%	90.9	%

(1)

Includes 19 data centers held in the Ascenty joint venture consisting of 15 in São Paulo, two in Rio De Janiero, one in Fortaleza and one in Chile; 16 data centers held in our managed portfolio of unconsolidated joint ventures consisting of seven in Northern Virginia, four in Silicon Valley, three in Dallas, one in New York, and one in Hong Kong; and 6 data centers held in our unconsolidated non–managed joint ventures consisting of two in Seattle, two in Tokyo, and two in Osaka.


(2)	We estimate the total net rentable square feet available for lease based on a number of factors in addition to contractually leased square feet, including available power, required support space and common areas.


(3)	Space under active development includes current Base Building and Data Centers projects in progress (see page 30).


(4)	Space held for development includes space held for future Data Center development, and excludes space under active development (see page 34).

(5)

Represents consolidated portfolio in addition to our managed portfolio of unconsolidated joint ventures and non-managed unconsolidated joint ventures. Excludes buildings classified as held-for-sale. Occupancy excludes space under active development and space held for development. For some of our buildings, we calculate occupancy based on factors in addition to contractually leased square feet, including available power, required support space and common areas.

(6)

Represents consolidated portfolio in addition to our managed portfolio of unconsolidated joint ventures based on our ownership percentage. Excludes buildings classified as held-for-sale. Occupancy excludes space under active development and space held for development. For some of our buildings, we calculate occupancy based on factors in addition to contractually leased square feet, including available power, required support space and common areas.

(7)

Represents consolidated portfolio of buildings owned as of December 31, 2017 with less than 5% of total rentable square feet under development. Excludes buildings that were undergoing, or were expected to undergo, development activities in 2018-2019, buildings classified as held for sale, and buildings sold or contributed to joint ventures. Occupancy excludes space under active development and space held for development. For some of our buildings, we calculate occupancy based on factors in addition to contractually leased square feet, including available power, required support space and common areas.



Portfolio Overview by Product Type		Financial Supplement
Dollars in Thousands		Third Quarter 2019



Property	Annualized Rent (1)		Interconnection / Other		Total		Percent of Total

Corporate Data Center
Turn-Key Flex®		$1,478,261		$3,194		$1,481,455	60.5	%
Powered Base Building®	157,847		228		158,075		6.5	%
Colocation	93,513		30,029		123,542		5.0	%
Non-Technical	32,433		3		32,436		1.3	%
Corporate Data Center Total		$1,762,052		$33,455		$1,795,508	73.3	%

Internet Gateway Data Center
Turn-Key Flex®		$102,488		$1,031		$103,520	4.2	%
Powered Base Building®	79,511		—		79,511		3.2	%
Colocation	236,753		224,048		460,802		18.8	%
Non-Technical	8,446		3		8,448		0.4	%
Internet Gateway Data Center Total		$427,198		$225,083		$652,280	26.6	%

Non-Data Center
Non-Technical		$1,240	—			$1,240	0.1	%
Non-Data Center Total		$1,240	—			$1,240	0.1	%

Total		$2,190,490		$258,538		$2,449,028	100.0	%


(1)	Annualized rent represents the monthly contractual base rent (defined as cash base rent before abatements) under existing leases as of September 30, 2019, multiplied by 12.

Note: Represents consolidated portfolio in addition to our managed portfolio of unconsolidated joint ventures based on our ownership percentage.



Product Overview by Metropolitan Area (1)		Financial Supplement
Turn-Key Flex® & Colocation		Third Quarter 2019



Metropolitan Area	IT Load / MW Capacity (2)	Leased Square Feet	Net Rentable Square Feet (3)	Occupancy % 9/30/19 (4)		Occupancy % 6/30/19 (4)

Northern Virginia	401.2	4,010,379	4,347,603	92.2	%	93.8	%
Chicago	162.2	1,743,674	2,015,997	86.5	%	86.4	%
Silicon Valley	105.5	970,396	1,025,511	94.6	%	92.8	%
Dallas	88.2	1,105,304	1,286,149	85.9	%	84.1	%
New York	49.3	875,531	1,155,983	75.7	%	74.3	%
Phoenix	42.5	522,814	641,465	81.5	%	81.5	%
San Francisco	27.9	365,541	507,505	72.0	%	72.1	%
Boston	19.0	197,039	375,026	52.5	%	60.2	%
Los Angeles	13.4	177,024	258,996	68.4	%	61.9	%
Houston	12.6	142,802	163,109	87.6	%	87.6	%
Other Metropolitan Areas	35.4	468,065	541,422	86.5	%	77.7	%
Total North America	957.2	10,578,569	12,318,766	85.9	%	85.9	%

London, United Kingdom	96.4	1,018,199	1,173,131	86.8	%	90.2	%
Amsterdam, Netherlands	28.6	169,649	266,418	63.7	%	55.9	%
Frankfurt, Germany	12.9	126,359	165,984	76.1	%	53.9	%
Other Metropolitan Areas	11.1	163,043	222,829	73.2	%	81.7	%
Total Europe	149.1	1,477,250	1,828,362	80.8	%	81.5	%

Singapore	39.1	398,296	404,723	98.4	%	98.7	%
Other Metropolitan Areas	29.9	278,478	364,602	76.4	%	58.4	%
Total Asia/Pacific	69.0	676,774	769,325	88.0	%	76.4	%

Total	1,175.3	12,732,593	14,916,453	85.4	%	84.8	%


(1)	Excludes any power associated with Powered Base Building® and Non-Technical product types.


(2)	IT Load/MW Capacity represents UPS-backed utility power dedicated to Digital Realty's operated data center space. Excludes buildings classified as held-for-sale.


(3)	We estimate the total net rentable square feet available for lease based on a number of factors in addition to contractually leased square feet, including available power, required support space and common areas.


(4)	Occupancy excludes space under active development and space held for development. Excludes buildings classified as held-for-sale. For some of our buildings, we calculate occupancy based on factors in addition to contractually leased square feet, including available power, required support space and common areas.

Note: Represents consolidated portfolio in addition to our managed portfolio of unconsolidated joint ventures based on our ownership percentage.



Occupancy Analysis		Financial Supplement
Dollars in Thousands		Third Quarter 2019



						Occupancy (5)
Metropolitan Area	Net Rentable Square Feet (1)	Space Under Active Development (2)	Space Held for Development (3)	Annualized Rent (4)		30-Sep-19		30-Jun-19		TKF & Colo IT Load (6)

North America

Northern Virginia	5,140,044	908,090	83,220		$501,999	92.5	%	93.4	%	386.1
Chicago	3,040,208	382,892	152,362	291,639		87.2	%	87.1	%	162.2
New York	2,049,115	34,010	136,859	204,692		82.3	%	82.5	%	48.6
Silicon Valley	2,251,021	65,594	—	198,184		95.3	%	95.4	%	105.5
Dallas	3,354,328	18,719	213,516	187,892		81.4	%	80.6	%	88.2
Phoenix	914,035	—	108,926	85,958		67.4	%	67.4	%	42.5
San Francisco	787,083	61,210	—	67,529		77.0	%	71.5	%	27.9
Atlanta	525,414	—	313,581	48,694		93.1	%	92.8	%	7.1
Los Angeles	802,878	15,601	—	41,810		85.6	%	86.0	%	13.4
Toronto, Canada	232,980	38,719	544,310	22,823		92.8	%	67.8	%	16.8
Boston	467,519	—	50,649	21,566		55.0	%	61.8	%	19.0
Houston	392,816	—	13,969	19,559		81.8	%	81.8	%	12.6
Austin	85,688	—	—	8,898		65.2	%	65.2	%	4.3
Miami	226,314	—	—	7,615		88.9	%	88.8	%	1.3
Portland	48,574	552,862	—	6,361		84.9	%	84.8	%	4.5
Minneapolis/St. Paul	328,765	—	—	5,798		100.0	%	100.0	%	—
Charlotte	95,499	—	—	4,771		88.0	%	88.0	%	1.5
North America Total/Weighted Average	20,742,281	2,077,697	1,617,392		$1,725,788	86.2	%	85.9	%	941.5

EUROPE

London, United Kingdom	1,457,196	137,352	99,355		$202,013	87.7	%	90.4	%	96.4
Amsterdam, Netherlands	563,197	112,569	68,185	48,621		82.6	%	82.5	%	28.6
Dublin, Ireland	330,180	26,646	—	21,996		60.9	%	89.6	%	11.1
Frankfurt, Germany	167,799	240,316	—	17,934		75.9	%	54.1	%	12.9
Paris, France	185,994	96,402	—	7,022		100.0	%	100.0	%	—
Geneva, Switzerland	59,190	—	—	1,715		100.0	%	100.0	%	—
Manchester, England	38,016	—	—	1,711		100.0	%	100.0	%	—
Europe Total/Weighted Average	2,801,572	613,285	167,540		$301,012	84.0	%	87.5	%	149.0

ASIA PACIFIC

Singapore	540,638	344,826	—		$91,481	94.9	%	94.7	%	39.1
Sydney	223,736	90,621	—	22,253		80.5	%	80.7	%	14.9
Melbourne	146,570	—	—	16,498		79.3	%	79.3	%	9.6
Asia Pacific Total/Weighted Average	910,944	435,447	—		$130,232	88.8	%	88.7	%	63.6

Non-Data Center Properties	278,068	—	—		$1,240	100.0	%	100.0	%	—

Consolidated Portfolio Total/Weighted Average	24,732,865	3,126,429	1,784,932		$2,158,272	86.2	%	86.3	%	1,154.1

Held For Sale	1,377,405	—	—		$35,935	100.0	%	100.0	%	—

MANAGED UNCONSOLIDATED JOINT VENTURES

Northern Virginia	1,250,419	—	—		$91,231	100.0	%	100.0	%	75.2
Hong Kong	178,505	—	7,795	19,105		75.7	%	75.7	%	11.0
Silicon Valley	326,305	—	—	13,208		100.0	%	100.0	%	—
Dallas	319,876	—	—	5,419		82.4	%	82.4	%	—
New York	108,336	—	—	3,460		100.0	%	100.0	%	3.4
Managed Unconsolidated Portfolio Total/Weighted Average	2,183,441	—	7,795		$132,423	95.4	%	95.4	%	89.6

Managed Portfolio Total/Weighted Average	26,916,306	3,126,429	1,792,727		$2,290,695	86.9	%	87.1	%	1,243.7

Digital Realty Share Total/Weighted Average (7)	25,223,104	3,110,672	1,788,830		$2,190,490	86.3	%	86.4	%	1,175.3

NON-MANAGED JOINT VENTURES (8)

São Paulo	671,072	254,853	427,553		$107,316	96.7	%	96.0	%	53.2
Seattle	451,369	—	—	57,713		98.0	%	98.0	%	28.5
Tokyo	430,277	—	—	33,768		93.8	%	93.7	%	15.5
Osaka	167,092	164,994	—	22,537		65.5	%	89.2	%	21.6
Fortaleza	94,205	—	—	10,017		100.0	%	100.0	%	6.0
Rio De Janeiro	72,442	—	26,781	9,525		100.0	%	100.0	%	6.0
Chile	—	46,474	20,865	—		N/A		N/A		—
Non-Managed Portfolio Total/Weighted Average	1,886,457	466,321	475,199		$240,876	93.9	%	95.9	%	130.8

Portfolio Total/Weighted Average	28,802,763	3,592,750	2,267,926		$2,531,571	87.4	%	87.6	%	1,374.5


(1)	We estimate the total net rentable square feet available for lease based on a number of factors in addition to contractually leased square feet, including available power, required support space and common areas.


(2)	Space under active development includes current Base Building and Data Center projects in progress (see page 30).


(3)	Space held for development includes space held for future Data Center development, and excludes space under active development (see page 34).


(4)	Annualized base rent represents the monthly contractual base rent (defined as cash base rent before abatements) under existing leases as of September 30, 2019, multiplied by 12.


(5)	Occupancy excludes space under active development and space held for development. For some of our buildings, we calculate occupancy based on factors in addition to contractually leased square feet, including available power, required support space and common areas.


(6)	TKF & Colo IT Load represents UPS-backed utility power dedicated to Digital Realty's operated data center space. Excludes any power associated with Powered Base Building® and Non-Technical product types.


(7)	Represents consolidated portfolio plus our managed portfolio of unconsolidated joint ventures based on our ownership percentage.


(8)	During the first quarter of 2019, Digital Realty and Brookfield Infrastructure, an affiliate of Brookfield Asset Management, formed a joint venture entity which owns Ascenty.



Development Lifecycle - Committed Active Development		Financial Supplement
Dollars in Thousands		Third Quarter 2019



	Base Building Construction								Data Center Construction

			A		B		A + B					A		B		A + B											A		B		A + B
Metropolitan Area	# of Locations	Total Square Feet	Current Investment (1)		Future Funding Req. (2)		Total Expected Investment (3)		# of Locations	Total Square Feet	kW	Current Investment (1)		Future Funding Req. (2)		Total Expected Investment (3)		% Leased		Average Expected Completion Period	Est. GAAP Yield. (4)		Est. Stabilized Cash Yield (4)		# of Locations	Total Square Feet	Current Investment (1)		Future Funding Req. (2)		Total Expected Investment (3)
Chicago	1	382,892		$123,195		$1,636		$124,831	—	—	—	—		—		—				—					1	382,892		$123,195		$1,636		$124,831
Dallas	—	—	—		—		—		1	18,719	967		$1,980		$12,573		$14,553	—		1Q20					1	18,719	1,980		12,573		14,553
Los Angeles	—	—	—		—		—		1	15,601	450	7,618		1,614		9,232		—		4Q19					1	15,601	7,618		1,614		9,232
New York	—	—	—		—		—		2	34,010	2,400	9,610		29,690		39,300		50.0	%	2Q20					2	34,010	9,610		29,690		39,300
Northern Virginia	2	675,775	105,998		10,013		116,012		2	232,315	26,000	133,892		39,201		173,093		30.8	%	4Q19					3	908,090	239,890		49,214		289,104
Portland	1	420,116	38,452		63,535		101,987		1	132,746	12,000	12,817		109,246		122,064		100.0	%	2Q20					1	552,862	51,269		172,781		224,050
San Francisco	1	61,210	6,385		15,544		21,929		—	—	—	—		—		—				—					1	61,210	6,385		15,544		21,929
Silicon Valley (5)	1	65,594	6,345		33,542		39,887		—	—	—	—		—		—		—		—					1	65,594	6,345		33,542		39,887
Toronto	—	—	—		—		—		1	38,719	3,000	30,128		20,811		50,939		50.0	%	2Q20					1	38,719	30,128		20,811		50,939
North America	6	1,605,587		$280,376		$124,270		$404,646	8	472,110	44,817		$196,044		$213,136		$409,180	50.7	%		8.6	%	8.3	%	12	2,077,697		$476,420		$337,406		$813,826

Amsterdam, Netherlands	1	75,046		$32,668		$6,417		$39,086	1	37,523	5,000		$38,561		$14,627		$53,188	—		4Q19					1	112,569		$71,229		$21,044		$92,273
Dublin, Ireland	—	—	—		—		—		1	26,646	2,000	11,959		8,704		20,663		—		4Q19					1	26,646	11,959		8,704		20,663
Frankfurt, Germany	—	—	—		—		—		2	240,316	19,000	71,234		138,871		210,105		84.2	%	3Q20					2	240,316	71,234		138,871		210,105
London, United Kingdom	1	64,274	15,220		4,000		19,220		2	73,078	7,434	68,264		19,737		88,001		—		4Q19					2	137,352	83,485		23,737		107,221
Paris, France	1	48,201	3,824		24,376		28,200		1	48,201	6,000	3,824		60,877		64,701		—		1Q21					1	96,402	7,647		85,253		92,901
Europe	3	187,521		$51,712		$34,793		$86,506	7	425,764	39,434		$193,842		$242,816		$436,657	40.6	%		8.4	%	8.9	%	7	613,285		$245,554		$277,609		$523,163

Singapore	1	275,861		$16,839		$82,154		$98,994	1	68,965	9,000		$7,128		$62,391		$69,519	—		3Q20					1	344,826		$23,967		$144,545		$168,512
Sydney, Australia	1	90,621	32,491		8,143		40,634		—	—	—	—		—		—		—		—					1	90,621	32,491		8,143		40,634
Asia Pacific	2	366,482	49,330		90,298		139,628		1	68,965	9,000		$7,128		$62,391		$69,519	11.8	%		14.8	%	14.0	%	2	435,447		$56,458		$152,688		$209,147

Total	11	2,159,590		$381,418		$249,361		$630,780	16	966,839	93,251		$397,014		$518,342		$915,356	41.5	%		9.0	%	9.0	%	21	3,126,429		$778,432		$767,704		$1,546,136


(1)	Represents costs incurred through September 30, 2019.


(2)	Represents estimated cost to complete specific scope of work pursuant to contract, budget or approved capital plan.

(3)

For Base Building Construction, represents the pro rata share of the acquisition and infrastructure costs related to the specific Base Building project. For Data Center Construction, represents the pro rata share of the acquisition and infrastructure costs, or Base Building Construction costs, applicable to the specific Data Center project, plus the total direct investment in the specific Data Center project.


(4)	Estimated yields are based on total expected investment amounts and anticipated net operating income from leases signed or other assumptions based on market conditions. Yields on international development assets are net of income taxes where applicable. These yields are based on current estimates and actual results may vary.


(5)	100% pre-leased as Power Based Building.

Note: Square footage is based on current estimates and project plans, and may change upon completion of the project or due to remeasurement.



Development Lifecycle - In Service		Financial Supplement
Dollars in Thousands		Third Quarter 2019



	Pre-Stabilized (1)
Metropolitan Area	# of Locations	Total Square Feet	kW	Total Current Investment (2)		% Leased		Est. GAAP Yield. (3)		Est. Stabilized Cash Yield (3)
Boston	1	6,413	217		$3,399	—
Chicago	2	176,231	17,394	161,905		—
Dallas	1	70,498	6,000	51,517		66.7	%
New York	1	17,000	1,200	16,376		100.0	%
Northern Virginia	2	29,565	3,200	26,917		37.5	%
North America	7	299,707	28,011		$260,115	22.8	%	10.8	%	10.3	%

Amsterdam, Netherlands	1	68,360	7,000		$66,055	—
Dublin, Ireland	1	12,413	1,700	15,257		—
London, United Kingdom	2	19,802	2,092	18,419		—
Europe	4	100,575	10,792		$99,732	—		8.7	%	8.3	%

Melbourne, Australia	1	21,241	2,400		$21,974	—
Sydney, Australia	1	40,606	4,200	43,682		—
Asia Pacific	2	61,847	6,600		$65,657	—		12.3	%	11.8	%

Subtotal Consolidated Portfolio	13	462,129	45,403		$425,503	14.1	%	10.6	%	9.9	%

Hong Kong	1	26,624	2,830		$27,410	12.9	%
Subtotal Unconsolidated JV (4)	1	26,624	2,830		$27,410	12.9	%	8.4	%	8.1	%

Grand Total	14	488,753	48,233		$452,914	14.0	%	10.4	%	9.9	%


(1)	In-service inventory requiring lease commencement.


(2)	Represents the pro rata share of the acquisition and infrastructure costs, or Base Building construction costs, applicable to the specific Data Center project plus the total direct investment in the specific Data Center project as of September 30, 2019.


(3)	Estimated yields are based on total expected investment amounts and anticipated net operating income from leases signed or other assumptions based on market conditions. Yields on international development assets are net of income taxes where applicable. These yields are based on current estimates and actual results may vary.


(4)	Square footage, kW and investment figures shown in the table above represent the gross amounts at the joint venture levels. For each of Hong Kong, Digital Realty's ownership percentage is 50%.

Note: Square footage is based on current estimates and project plans, and may change upon completion of the project or due to remeasurement.



Construction Projects in Progress		Financial Supplement
Dollars in Thousands, Except Per Square Foot		Third Quarter 2019



Construction Projects in Progress	Net Rentable Square Feet (5)	Acreage	Current Investment (6)		Future Investment (7)		Total Investment		Total Cost/ Net Rentable Square Foot
Development Lifecycle
Land - Held for Development (1)	N/A	213.7		$150,265				$150,265
Development Construction in Progress
Land - Current Development (1)	N/A	733.8		$511,017	—			$511,017
Space Held for Development (1)	1,784,932	N/A	308,392		—		308,392			$173
Base Building Construction (2)	2,159,590	N/A	381,418			$249,361	630,779		292
Data Center Construction	966,839	N/A	397,014		518,342		915,356		947
Equipment Pool & Other Inventory (3)	N/A	N/A	37,800		—		37,800
Campus, Tenant Improvements & Other (4)	N/A	N/A	11,489		16,387		27,876
Total Development Construction in Progress	4,911,361	733.8		$1,647,130		$784,090		$2,431,220

Enhancement & Other				$3,364		$2,784		$6,148
Recurring			7,923		21,138		29,061
Total Construction in Progress		947.5		$1,808,682		$808,012		$2,616,694


(1)	Land and Space Held for Development reflect cumulative cost spent to date pending future development. Excludes square footage and cost incurred on unconsolidated joint ventures.


(2)	Base Building Construction consists of ongoing improvements to building infrastructure in preparation for future data center fit-out.


(3)	Represents long-lead time equipment and materials required for timely deployment and delivery of data center fit-out.


(4)	Represents improvements in progress as of September 30, 2019 which benefit space recently converted to our operating portfolio and is composed primarily of shared infrastructure projects and first-generation tenant improvements.


(5)	We estimate the total net rentable square feet available for lease based on a number of factors in addition to contractually leased square feet, including available power, required support space and common areas. Excludes square footage of properties held in unconsolidated joint ventures.


(6)	Represents costs incurred through September 30, 2019. Excludes costs incurred by unconsolidated joint ventures.


(7)	Represents estimated cost to complete specific scope of work pursuant to contract, budget or approved capital plan.

Note: We capitalize interest on active construction work. Base Building Construction, Data Center Construction, Equipment Pool, Campus Improvements, Enhancements and Recurring are considered active construction work. Square footage is based on current estimates and project plans, and may change upon completion of the project or due to remeasurement.



Historical Capital Expenditures and Investments in Real Estate		Financial Supplement
Dollars in Thousands		Third Quarter 2019



	Three Months Ended										Nine Months Ended
	30-Sep-19		30-Jun-19		31-Mar-19		31-Dec-18		30-Sep-18		30-Sep-19		30-Sep-18

Non-Recurring Capital Expenditures (1)
Development		$274,752		$329,601		$328,017		$343,887		$279,255		$932,370		$771,262
Enhancements and Other Non-Recurring	195		1,185		1,079		3,655		1,537		2,459		10,585
Total Non-Recurring Capital Expenditures		$274,947		$330,786		$329,096		$347,542		$280,792		$934,829		$781,847

Recurring Capital Expenditures (2)		$48,408		$39,515		$38,059		$47,951		$22,500		$125,982		$84,275

Total Direct Capital Expenditures		$323,355		$370,301		$367,155		$395,493		$303,292		$1,060,811		$866,122

Indirect Capital Expenditures
Capitalized Interest		$9,936		$9,493		$10,897		$9,462		$9,725		$30,326		$25,274
Capitalized Overhead	11,910		11,511		11,214		19,022		19,214		34,635		54,676
Total Indirect Capital Expenditures		$21,846		$21,004		$22,111		$28,484		$28,939		$64,961		$79,950

Total Improvements to and Advances for Investment in Real Estate		$345,201		$391,305		$389,266		$423,977		$332,231		$1,125,772		$946,072

Consolidated Portfolio Net Rentable Square Feet (3)	25,223,104		27,088,816		26,952,858		26,557,525		25,839,445		25,223,104		25,839,445


(1)	Non-recurring capital expenditures are primarily for development of space and land, excluding acquisition costs.

(2)


(3)	For some of our buildings, we calculate square footage based on factors in addition to contractually leased square feet, including available power, required support space and common areas.



Development Lifecycle - Held for Development		Financial Supplement
Dollars in Thousands		Third Quarter 2019



	Land Inventory ⁽¹⁾						Space Held for Development

Metropolitan Area	# of Locations	Acres	Land - Held for Development		Land - Current Development		# of Locations	Total Square Feet	Current Investment ⁽²⁾
Atlanta	—	—	—		—		1	313,581		$25,621
Boston	—	—	—		—		1	50,649	23,623
Chicago	1	1.4	$25,247		—		6	152,362	55,286
Dallas	3	116.3	31,048		—		4	213,516	18,043
Houston	—	—	—		—		1	13,969	2,726
New York	1	34.2	42,074		—		6	136,859	33,511
Northern Virginia	8	671.7	24,364		$369,319		4	83,220	2,128
Phoenix	2	56.5	—		14,669		1	108,926	12,530
Portland	1	23.4	—		23,584		—	—	—
Silicon Valley	1	13.0	—		57,636		—	—	—
Toronto, Canada	—	—	—		—		1	544,310	88,459
North America	17	916.4		$122,733		$465,209	25	1,617,392		$261,927

Amsterdam, Netherlands	—	—	—		—		2	68,185		$17,569
Dublin, Ireland	2	5.0		$6,340	—		—	—	—
Frankfurt, Germany	—	—	—		—		—	—	—
London, United Kingdom	1	6.7	15,861		—		3	99,355	28,897
Europe	3	11.7		$22,201	—		5	167,540		$46,465

Melbourne, Australia	1	4.1	—			$1,837	—	—	—
Osaka, Japan	2	11.7		$5,331	7,290		—	—	—
Sydney, Australia	1	3.5	—		8,463		—	—	—
South Korea	1	0.5	—		15,764		—	—	—
Asia Pacific	5	19.8		$5,331		$33,355	—	—	—

Consolidated Portfolio	25	948.0		$150,265		$498,564	30	1,784,932		$308,392

Hong Kong	—	—	—		—		1	7,795	—
Tokyo	1	5.0	—			$12,452	—	—	—
Subtotal JV ⁽³⁾	1	5.0	—			$12,452	1	7,795	—

Grand Total	26	953.0		$150,265		$511,017	31	1,792,727		$308,392


(1)	Represents buildings acquired to support ground-up development.


(2)	Represents costs incurred through September 30, 2019. Includes the cost of acquisition as well as cost of improvements since acquisition to prepare for future building construction.


(3)	Square footage, kW and investment figures shown in the table above represent the gross amounts at the joint venture levels. For each of Tokyo and Hong Kong, Digital Realty's ownership percentage is 50%.

Note: Square footage is based on current estimates and project plans, and may change upon completion of the project or due to remeasurement.



Acquisitions / Dispositions / Joint Ventures		Financial Supplement
Dollars in Thousands		Third Quarter 2019

Closed Acquisitions:

Property

Acquisition Type

Metropolitan Area

Date Acquired

Purchase Price (1)

Cap
Rate (2)

Net Rentable Square Feet (3)

Square Feet Under Development

Square Feet Held For Development

% of Total Net Rentable Square
Feet Occupied (4)

ICN10 ⁽⁵⁾

Land

Seoul

8/30/2019

$14,732

Total

$14,732

—

Closed Dispositions:

Property

Metropolitan Area

Date Sold

Sale Price

Cap Rate (2)

Net Rentable Square Feet(3)

Square Feet Held For Development

% of Total Net Rentable Square
Feet Occupied (4)

—

Total

—

Closed Joint Venture Contributions:

Property

Acquisition Type

Metropolitan Area

Date

Contribution Price

Cap Rate (2)

Net Rentable Square Feet (3)

Square Feet Under Development

Square Feet Held For Development

% of Total Net Rentable Square
Feet Occupied (4)

—

Total

—


(1)	Represents the purchase price before contractual purchase price adjustments, transaction expenses, taxes and potential currency fluctuations.

(2)

We calculate the cash capitalization rate on acquisitions, dispositions and joint venture 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.


(3)	We estimate the total net rentable square feet available for lease based on a number of factors in addition to contractually leased square feet, including available power, required support space and common area.


(4)	Occupancy excludes space under development and space held for development.


(5)	Site is located in the Sangam Digital Media City in northwest Seoul. Purchase price of approximately KRW 17.6 billion converted to USD at an assumed exchange rate of 1,194 KRW / USD.



Unconsolidated Joint Ventures ("JVs")		Financial Supplement
Dollars in Thousands		Third Quarter 2019



	As of September 30, 2019
Summary Balance Sheet - at the JV's 100% Share	Ascenty			Clise ⁽¹⁾			CenturyLink ⁽²⁾			Mitsubishi			Prudential			Griffin			Colovore			Total

Undepreciated book value of operating real estate		$558,587			$190,799			$179,551			$559,402			$426,482			$126,572			$27,136			$2,068,529
Accumulated depreciation & amortization	(26,565		)	(116,204		)	(31,806		)	(13,399		)	(58,390		)	(16,059		)	(5,834		)	(268,257		)
Net Book Value of Operating Real Estate		$532,022			$74,595			$147,745			$546,003			$368,092			$110,513			$21,302			$1,800,272
Other assets	1,538,695			27,206			58,892			155,685			56,875			20,698			3,336			1,861,387
Total Assets		$2,070,717			$101,801			$206,637			$701,688			$424,967			$131,211			$24,638			$3,661,659

Debt	628,531			182,569			—			231,325			210,843			101,851			4,750			1,359,869
Other liabilities	84,950			5,414			9,224			49,870			71,827			2,810			139			224,234
Equity / (deficit)	1,357,236			(86,182		)	197,413			420,493			142,297			26,550			19,749			2,077,556
Total Liabilities and Equity		$2,070,717			$101,801			$206,637			$701,688			$424,967			$131,211			$24,638			$3,661,659

Digital Realty's ownership percentage	49.0% ⁽³⁾			50.0		%	50.0		%	50.0		%	20.0		%	20.0		%	17.0		%

Digital Realty's Pro Rata Share of Unconsolidated JV Debt		$320,551			$91,285		—				$115,663			$42,169			$20,370			$808			$590,846



	Three Months Ended September 30, 2019
Summary Statement of Operations - at the JV's 100% Share	Ascenty			Clise ⁽¹⁾			CenturyLink ⁽²⁾			Mitsubishi			Prudential			Griffin			Colovore			Total

Total revenues		$39,413			$16,526			$5,974			$23,158			$10,352			$5,439			$2,731			$103,593
Operating expenses	(14,216		)	(5,718		)	(2,469		)	(11,502		)	(2,289		)	(2,406		)	(1,726		)	(40,326		)
Net Operating Income (NOI)		$25,197			$10,808			$3,505			$11,656			$8,063			$3,033			$1,005			$63,267

Straight-line rental revenue	—				$208			($161	)		($331	)		($165	)		$233		—				($216	)
Above- and below-market rent	—			—			—			—			(822		)	924			—			102
Cash Net Operating Income (NOI)		$25,197			$11,016			$3,344			$11,325			$7,076			$4,190			$1,005			$63,153

Interest expense		($12,161	)		($1,714	)	—				($922	)		($2,540	)		($1,327	)		($212	)		($18,876	)
Depreciation & amortization	(19,080		)	(1,491		)		($2,005	)	(1,904		)	(3,069		)	(2,342		)	(575		)	(30,466		)
Other income / (expense)	(57		)	34			(201		)	(3,223		)	(11		)	(93		)	(53		)	(3,604		)
FX remeasurement	(47,351		)	—			—			—			—			—			—			(47,351		)
Total Non-Operating Expenses		($78,649	)		($3,171	)		($2,206	)		($6,049	)		($5,620	)		($3,762	)		($840	)		($100,297	)

Net Income / (Loss)		($53,452	)		$7,637			$1,299			$5,607			$2,443			($729	)		$165			($37,030	)

Digital Realty's ownership percentage	49.0% ⁽³⁾			50.0		%	50.0		%	50.0		%	20.0		%	20.0		%	17.0		%

Digital Realty's Pro Rata Share of Unconsolidated JV NOI		$12,850			$5,404			$1,753			$5,828			$1,613			$607			$171			$28,226

Digital Realty's Pro Rata Share of Unconsolidated JV Cash NOI		$12,850			$5,508			$1,672			$5,663			$1,415			$838			$171			$28,117

Digital Realty's income (loss) from unconsolidated JVs		($27,856	)		$4,158			$649			$2,180			$835			$746			$28			($19,260	)

Digital Realty's Pro Rata Share of CFFO ⁽⁴⁾		$6,024			$4,904			$1,652			$3,132			$1,449			$1,214			$126			$18,501

Digital Realty's Fee Income from JV	—			—				$281			$384			$485			$398		—				$1,548


(1)	Formerly known as 2001 Sixth Avenue and 2020 Fifth Avenue and represents the aggregation of the two properties.


(2)	Formerly known as 33 Chun Choi Street.


(3)	Equity in income pick-up comprised of 49% DLR percentage interest and 2% owned by management, with a corresponding offset for the 2% in minority interest.


(4)	For a definition of CFFO, see page 38.



Reconciliation of Earnings Before Interest, Taxes, Depreciation & Amortization and Financial Ratios		Financial Supplement
Unaudited and in Thousands		Third Quarter 2019



Reconciliation of Earnings Before Interest, Taxes, Depreciation & Amortization (EBITDA) (1)	Three Months Ended
	30-Sep-19		30-Jun-19			31-Mar-19			31-Dec-18			30-Sep-18

Net Income Available to Common Stockholders	$49,827			$31,738			$95,869			$31,230		$67,268
Interest	84,574		86,051			101,552			84,883			80,851
Loss from early extinguishment of debt	5,366		20,905			12,886			1,568			—
Tax (benefit) expense	4,826		4,634			4,266			(5,843		)	2,432
Depreciation & amortization	286,718		290,562			311,486			299,362			293,957
EBITDA		$431,311		$433,890			$526,059			$411,200			$444,508
Unconsolidated JV real estate related depreciation & amortization	13,612		13,623			3,851			3,615			3,775
Severance, equity acceleration, and legal expenses	123		665			1,483			602			645
Transaction and integration expenses	4,115		4,210			2,494			25,917			9,626
(Gain) on sale / deconsolidation	—		—			(67,497		)	(7		)	(26,577		)
Impairment of investments in real estate	—		—			5,351			—			—
Other non-core adjustments, net	6,436		(13,476		)	(13,806		)	1,471			2,269
Non-controlling interests	1,077		1,156			4,185			1,038			2,667
Preferred stock dividends, including undeclared dividends	16,670		16,670			20,943			20,329			20,329
Issuance costs associated with redeemed preferred stock	—		11,760			—			—			—
Adjusted EBITDA		$473,344		$468,498			$483,063			$464,165			$457,242


(1)	For definitions and discussion of EBITDA and Adjusted EBITDA, see the definitions section.




	Three Months Ended
Financial Ratios	30-Sep-19			30-Jun-19			31-Mar-19			31-Dec-18			30-Sep-18

Total GAAP interest expense		$84,574			$86,051			$101,552			$84,883			$80,851
Capitalized interest	9,936			9,493			10,897			9,462			9,725
Change in accrued interest and other non-cash amounts	8,490			(20,656		)	2,521			(43,892		)	20,151
Cash Interest Expense (2)		$103,000			$74,888			$114,970			$50,453			$110,727

Scheduled debt principal payments	163			159			153			153			150
Preferred dividends	16,670			16,670			20,943			20,329			20,329
Total Fixed Charges (3)		$111,343			$112,373			$133,545			$114,827			$111,055


Coverage
Interest coverage ratio (4)	5.0x			4.9x			4.3x			4.9x			5.0x
Cash interest coverage ratio (5)	4.6x			6.3x			4.2x			9.2x			4.1x
Fixed charge coverage ratio (6)	4.3x			4.2x			3.6x			4.0x			4.1x
Cash fixed charge coverage ratio (7)	4.0x			5.1x			3.6x			6.5x			3.5x

Leverage
Debt to total enterprise value (8) (9)	27.1		%	28.8		%	27.3		%	31.3		%	26.5		%
Debt plus preferred stock to total enterprise value (9)(10)	29.9		%	31.8		%	31.2		%	34.8		%	30.2		%
Pre-tax income to interest expense (11)	1.8x			1.7x			2.2x			1.6x			2.1x
Net Debt to Adjusted EBITDA (12)	6.1x			6.1x			5.5x			6.2x			5.2x


(2)	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.


(3)	Fixed charges consist of GAAP interest expense, capitalized interest, scheduled debt principal payments and preferred dividends.


(4)	Adjusted EBITDA divided by GAAP interest expense plus capitalized interest, excluding bridge facility fees.


(5)	Adjusted EBITDA divided by cash interest expense.


(6)	Adjusted EBITDA divided by fixed charges excluding bridge facility fees.


(7)	Adjusted EBITDA divided by the sum of cash interest expense, scheduled debt principal payments and preferred dividends.


(8)	Mortgage debt and other loans divided by market value of equity plus debt plus preferred stock.


(9)	Total enterprise value defined as market value of common equity plus debt plus preferred stock. See page 7 for definition of market value of common equity.


(10)	Same as (8), except numerator includes preferred stock.


(11)	Calculated as net income plus interest expense divided by GAAP interest expense.


(12)	Calculated as total debt at balance sheet carrying value (see page 6), plus capital lease obligations, plus Digital Realty's share of joint venture debt, less cash and cash equivalents divided by the product of Adjusted EBITDA (inclusive of our share of joint venture EBITDA), multiplied by four.



Management Statements on Non-GAAP Measures		Financial Supplement
Unaudited		Third Quarter 2019

Definitions

Funds From Operations (FFO):

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

Core Funds from Operations (Core FFO):

We present core funds from operations, or core FFO, as a supplemental operating measure because, in excluding certain items that do not reflect core revenue or expense streams, it provides a performance measure that, when compared year over year, captures trends in our core business operating performance. We calculate core FFO by adding to or subtracting from FFO (i) termination fees and other non-core revenues, (ii) transaction and integration expenses, (iii) loss from early extinguishment of debt, (iv) issuance costs associated with redeemed preferred stock, (v) severance, equity acceleration, and legal expenses, (vi) gain/loss on FX revaluation, (vii) gain on contribution to unconsolidated joint venture, net of related tax, and (viii) 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, (ix) leasing compensation and internal lease commissions, and (x) recurring capital expenditures. Other REITs may calculate AFFO differently than we do and accordingly, our AFFO may not be comparable to other REITs’ AFFO. AFFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance.

EBITDA and Adjusted EBITDA:

We believe that earnings before interest, loss from early extinguishment of debt, income taxes, and depreciation and amortization, or EBITDA, and Adjusted EBITDA (as defined below), are useful supplemental performance measures because they allow investors to view our performance without the impact of non-cash depreciation and amortization or the cost of debt and, with respect to Adjusted EBITDA, severance, equity acceleration, and legal expenses, transaction and integration expenses, (gain) loss on real estate transactions, equity in earnings adjustment for non-core items, other non-core adjustments, net, noncontrolling interests, preferred stock dividends, including undeclared dividends, and issuance costs associated with redeemed preferred stock. Adjusted EBITDA is EBITDA excluding unconsolidated joint venture real estate related depreciation & amortization, severance, equity acceleration, and legal expenses, transaction and integration expenses, gain on sale / deconsolidation, impairment of investments in real estate, other non-core adjustments, net, non-controlling interests, preferred stock dividends, including undeclared dividends, and issuance costs associated with redeemed preferred stock. 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.



Management Statements on Non-GAAP Measures		Financial Supplement
Unaudited		Third Quarter 2019

Net Operating Income (NOI) and Cash NOI:

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

Additional Definitions

Net debt-to-Adjusted EBITDA ratio is calculated using total debt at balance sheet carrying value, plus capital lease obligations, plus our share of JV debt, less unrestricted cash and cash equivalents divided by the product of Adjusted EBITDA (inclusive of our share of JV EBITDA) multiplied by four.

Debt-plus-preferred-to-total enterprise value is mortgage debt and other loans plus preferred stock divided by mortgage debt and other loans 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, scheduled debt principal payments and preferred dividends. For the quarter ended September 30, 2019, GAAP interest expense was $85 million, capitalized interest was $10 million and scheduled debt principal payments and preferred dividends was $17 million.



	Three Months Ended									Nine Months Ended
Reconciliation of Net Operating Income (NOI) (in thousands)	30-Sep-19			30-Jun-19			30-Sep-18			30-Sep-19			30-Sep-18

Operating income		$164,767			$148,972			$139,065			$455,282			$426,940

Fee income	(3,994		)	(925		)	(1,469		)	(6,840		)	(4,945		)
Other income	—			(486		)	(518		)	(1,050		)	(1,903		)
Depreciation and amortization	286,718			290,562			293,957			888,766			887,534
General and administrative	49,862			52,318			40,997			154,156			121,563
Severance, equity acceleration, and legal expenses	123			665			645			2,271			2,701
Transaction expenses	4,115			4,210			9,626			10,819			19,410
Impairment in investments in real estate	—			—			—			5,351			—
Other expenses	92			7,115			1,139			12,129			1,722

Net Operating Income		$501,683			$502,431			$483,442			$1,520,884			$1,453,022


Cash Net Operating Income (Cash NOI)

Net Operating Income		$501,683			$502,431			$483,442			$1,520,884			$1,453,022

Straight-line rental revenue	(12,764		)	(13,033		)	(10,511		)	(41,776		)	(29,266		)
Straight-line rental expense	(192		)	396			2,479			1,381			7,770
Above- and below-market rent amortization	2,824			3,954			6,552			12,988			20,012

Cash Net Operating Income		$491,551			$493,748			$481,962			$1,493,477			$1,451,538



Forward-Looking Statements		Financial Supplement
		Third Quarter 2019

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: expected physical settlement of the forward sale agreements and use of proceeds from any such settlement, our expected investment and expansion activity, our joint ventures, supply and demand for data center and colocation space, our acquisition and disposition activity, pricing and net effective leasing economics, market dynamics and data center fundamentals, our strategic priorities, 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 and net income, 2019 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, 2019 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;


•	the competitive environment in which we operate;


•	decreased rental rates, increased operating costs or increased vacancy rates;


•	increased competition or available supply of data center space;


•	the suitability of our data centers and data center infrastructure, delays or disruptions in connectivity or availability of power, or failures or breaches of our physical and information security infrastructure or services;


•	our dependence upon significant customers, bankruptcy or insolvency of a major customer or a significant number of smaller customers, or defaults on or non-renewal of leases by customers;


•	breaches of our obligations or restrictions under our contracts with our customers;


•	our inability to successfully develop and lease new properties and development space, and delays or unexpected costs in development of properties;


•	the impact of current global and local economic, credit and market conditions;


•	our inability to retain data center space that we lease or sublease from third parties;


•	difficulty managing an international business and acquiring or operating properties in foreign jurisdictions and unfamiliar metropolitan areas;


•	our failure to realize the intended benefits from, or disruptions to our plans and operations or unknown or contingent liabilities related to, our recent acquisitions;


•	our failure to successfully integrate and operate acquired or developed properties or businesses;


•	difficulties in identifying properties to acquire and completing acquisitions;


•	risks related to joint venture investments, including as a result of our lack of control of such investments;


•	risks associated with using debt to fund our business activities, including re-financing and interest rate risks, our failure to repay debt when due, adverse changes in our credit ratings or our breach of covenants or other terms contained in our loan facilities and agreements;


•	our failure to obtain necessary debt and equity financing, and our dependence on external sources of capital;


•	financial market fluctuations and changes in foreign currency exchange rates;


•	adverse economic or real estate developments in our industry or the industry sectors that we sell to, including risks relating to decreasing real estate valuations and impairment charges and goodwill and other intangible asset impairment charges;


•	our inability to manage our growth effectively;


•	losses in excess of our insurance coverage;


•	environmental liabilities and risks related to natural disasters;


•	our inability to comply with rules and regulations applicable to our company;


•	Digital Realty Trust, Inc.’s failure to maintain its status as a REIT for federal income tax purposes;


•	Digital Realty Trust, L.P.’s failure to qualify as a partnership for federal income tax purposes;


•	restrictions on our ability to engage in certain business activities; and


•	changes in local, state, federal and international laws and regulations, including related to taxation, real estate and zoning laws, and increases in real property tax rates;


•	our ability to attract and retain qualified personnel and to attract and retain customers; 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. We discussed a number of additional material risks in our annual report on Form 10-K for the year ended December 31, 2018 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, Turn-Key Flex and Powered Base Building are registered trademarks and service marks of Digital Realty Trust, Inc. in the United States and/or other countries.