EX-99.2 3 dlr-20221026xex99d2.htm EX-99.2
Exhibit 99.2

| Global.Connected. Sustainable. 3Q22 FINANCIAL RESULTSOCTOBER 2022

| 4,000+Customers188,000+Cross connects50+Metros300+Data Centers A global platform supporting our customers’ data center requirementsCapacityHostwhat you need, howyouneedCoverageDeploywhereyouneedConnectivityConnecthowyouneed towhomyouneedControlImplement andoperate the way you need Note: As of September30, 2022. Includes Investments in unconsolidated entities; excludes Teraco.23Q22 Financial Results

| 1GW-ITBuildings certified under sustainable building standards910MWNameplate capacity of contracted new renewables64%Of our global energy use is renewable energy (1)GovernanceEnvironmentalSocial1stin GRESBIn the U.S. Technology & Science sector for the second consecutive yearDemonstrated seniorleadership and employee commitment to Diversity, Equity & Inclusion; established five employee resource groups; signed CEO Action Pledge for Diversity; co-chair ofNareit’sdiversity initiativePublished EEO-1 report, providing transparency on the racial and gender composition of the U.S. workforceFunded philanthropic organizations to support Ukrainian refugees, those displaced within Ukraine, and the growing humanitarian crisisEstablished proxy access for shareholders and provided shareholders the ability to propose amendments to the bylawsEnhanced Board diversity with the addition of three new Directors201920182021Formalized oversight of ESG by the Nominating & Corporate GovernanceCommittee;Signatory to theUN Global Compact2020Appointed Mary Hogan Preusseas Chairman of the Board, which aligns with Digital Realty’s commitment to strong governance and refreshes Board leadership to balance fresh thinking with experience and continuity2022 Sustainability Focus and PerformanceDelivering Sustainable Growth for All StakeholdersSolar Panel Pic Note: As of September 30, 2022. 1.Percent of US owned and managed portfolioby kW.3Q22 Financial Results3

| 3Q22Financial Results 3Q22 Financial Results4

| Note: Totals may not add up due to rounding. Digital Realty revised its reporting categories in 2Q 2020. For prior periods, "0-1MW" includes Colocation, ">1 MW" includes Turn-Key Flex, "Other" includes Power Base Building and Non-Technical. “Interconnection” is unchanged. Bookings exclude Teraco.1.Other includes Powered Base Building® shell capacity as well as storage and office space within fully improved data center facilities..3Q22 BOOKINGSHISTORICAL BOOKINGS ANNUALIZED GAAP BASE RENT$ in millionsDigital Transformation Driving Steady DemandGlobal Full-Product Spectrum Provides Broadest Solutions 0-1 MW$29.2 mmINTERCONNECTION$13.0 mm>1 MW$118.0 mmOTHER(1)$15.9 mmTOTAL BOOKINGS$176.1 mm 20122013201420152016201720182019202020212022 $0$50$100$15053Q22 Financial Results•Record leasing driven by >1 MW segment

| Connected Data CommunitiesRecord Interconnection Revenue103new logos$42 milliontotal 3Q bookings from0-1 MW + Interconnection45%of 0-1 MW + Interconnection bookings were outside the Americas Luxury Jewelry Retailer Insurance Provider Pharmacy Defense ContractorNote: As of September 30, 2022. Figures exclude Teraco3Q22 Financial Results6

| Note: Totals may not add up due to rounding. Figures exclude Teraco.1.Amounts shown represent GAAP annualized base rent from leases signed.2.Amounts shown represent GAAP annualized base rent from leases signed, but not yet commenced, based on estimated future commencement date at time of signing. Actual commencement dates may vary. Top-Line Step FunctionRecord Leasing Drives Record BacklogBACKLOG ROLL-FORWARD (1)$ in millionsDigital Realty Backlog Unconsolidated Joint Venture BacklogCOMMENCEMENT TIMING (2)$ in millions•25% of backlog will commence in 4Q22•45% of backlog will commence in 2023 3Q22 Financial Results7 202220232024+3Q22 Backlog$107M$173M$144M$424M$117M$204M$466M 2Q22 BacklogSignedCommenced3Q22 Backlog$351M$393M$153M$163M$90M$79M$424M$466M$146M

| Improving Pricing Environment2022E Renewal Spreads Remain Slightly Positive3Q22 RE-LEASING SPREADS 0-1 MW> 1 MWOTHER (1)TOTALSigned renewal leases representing$110 millionof annualized GAAP rental revenueSigned renewal leases representing$43 millionof annualized GAAP rental revenueSigned renewal leases representing$2 millionof annualized GAAP rental revenueSigned renewal leases representing$156 millionof annualized GAAP rental revenueRENTAL RATE CHANGERENTAL RATE CHANGERENTAL RATE CHANGERENTAL RATE CHANGE4.0% (8.8)%GAAPNote: Totals may not add up due to rounding. Rental rate change represents the beginning rental rate on leases renewed, relative to the ending rental rate at expiration, weighted by net rentable square feet. Figures exclude Teraco. 1.Other includes Powered Base Building® shell capacity as well as storage and office space within fully improved data center facilities. •Consistent growth in0-1MW segment3.1%CASHGAAPCASH (2.2)% 3.6%CASH13.3%GAAP(0.5)%CASH2.3%GAAP3Q22 Financial Results8

| Economic Risk Mitigation StrategiesStrong Dollar WeighsUSDAUDGBPEUROZARHKDSGDJPY <1% 5% 21% 2% <1% 6% 2%SEK <1%DKK <1%CHF 1% <1% <1%HRKKES 56% 56% <1% 5% 21% < 1% 6% 2% 1% < 1% < 1% 1% < 1% < 1% 2% 2022E$6.73 / Sh1.0%SOFR+/-100 bps0.1%GBP+/-10%2.0%EUR+/-10%CORE FFO/SHARE EXPOSURE (2)EXPOSURE BY REVENUE (1)Note: Totals may not add up due to rounding. 1. As of September 30, 2022. Includes Digital Realty’s share of revenue from unconsolidated joint ventures and 100% of Teraco.2. Core FFO and NOI are a non-GAAP financial measures. For definitions of Core FFO and NOI reconciliations to their nearest GAAP equivalent, see the Appendix. 9U.S. DOLLAR INDEX 859095100105110 115 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-223Q22 Financial Results <1%BRL 3% 1%CADMZN 3% < 1%•Local operations funded in local currencies act as a natural hedge

| Constant-Currency AnalysisDouble-Digit Top-Line Growth 3.0%6.8%5.6%10.3%FY22E / FY21Core FFO per Share Growth (3)FY22E / FY21 Revenue Growth (3) (7.2%)(2.4%) 5.2%11.2%3Q22 / 3Q21 Revenue Growth3Q22 / 3Q21 Same Capital Cash NOI Growth (2) Note:Constant-Currency, same-capital (stabilized) cash NOI and Core FFO are non-GAAP financial measures.For a description ofthese measures, see the Appendix.Figures exclude Teraco.1.Data Center Revenue is total revenue less tenant reimbursements.2.Net income for the quarter ended September 30, 2022was $239million.Net income for the quarter ended September 30, 2021was $137 million.3.The lighter shaded portions represent guidance ranges for Revenue, Constant-Currency Revenue, Core FFO per share and Constant-Currency Core FFO per share.The midpoints of 2022 Revenue and Constant-Currency Revenue guidance represent 5.6% and 10.3% growth over 2021, respectively.The midpoints of 2022 Core FFO and Constant-Currency Core FFO guidance represent 3.1% and 6.7% growth over 2021, respectively.As Reported Constant Currency•CC same capital data center revenue growth turns positive •Demonstrates improving organic trajectory 3Q22 Financial Results10 (5.0%)0.1%3Q22 / 3Q21 Same Capital DataCenter Revenue Growth (1)

| 2022 Quarterly CadenceBacklog Supportive Though Interest and FX Weigh2022E CORE FFO PER SHARENote: Based on management estimates; actual performance may differ materially. Core FFO and NOI are non-GAAP financial measures. For descriptions and reconciliations to the closest GAAP equivalents, see the Appendix. 1Q222Q223Q22NOIInterestFX4Q22•Higher NOI growth offsets higher interest expense and stiff FX headwinds3Q22 Financial Results11

| Committed to Conservative Capital StructureDiverse Menu Options, Minimizing CostNote: Figures include Teraco.1.Net Debt to Adjusted EBITDA is calculated as total debt at balance sheet carrying value (see Appendix), plus capital lease obligations, plus our share of joint venture debt at carrying value, less cash and cash equivalents (including Joint Venture share of cash), divided by the product of Adjusted EBITDA (including our share of joint venture EBITDA), multiplied by four.2.Fixed charge coverage ratio is Adjusted EBITDA divided by fixed charges (including our pro rata share of unconsolidated jointventure fixed charges).3.Pro forma for the full physical settlement of the outstanding amount under the September 2021 forward equity sales agreementsand assuming proceeds are used to pay down global revolving credit facility. Net Debt to Adjusted EBITDA (1) (0.3x)6.7x 6.4x 3Q22ReportedPro FormaAdjustments3Q22As Adjusted(3)(3) 0.2x5.7x 3Q22ReportedPro FormaAdjustments3Q22As Adjusted(3)(3)Fixed Charge Coverage Ratio (2)•Drew $400M of equity forward, leaving $540M outstanding•Fully funded capital plan through 2023 17%Floating Rate Debt (3) 20%Floating Rate Debt (3) 3Q22 Financial Results125.5x

| Matching the Duration of Assets and LiabilitiesModest Near-Term Maturities, Well-Laddered Debt ScheduleDEBT MATURITY SCHEDULE AS OF September30, 2022 (1)(2)(U.S. $ in billions)Note: As of September 30, 2022. 1.Includes Digital Realty’s pro rata share of unconsolidated joint venture loans and debt securities. Pro forma for the full physical settlement of the outstanding amount under the September 2021 forward equity sales agreements and assuming proceeds are used to pay down global revolving credit facility. 2.Assumes exercise of extension options. 3.Includes impact of cross-currency swaps. 5.4 YEARSWeighted Avg. Maturity (1)(2) DEBT PROFILE 97%UnsecuredUnsecured Secured 73%Non-USDEuro USD GBP Other 80%FixedFixed Floating 2.4 %Weighted Avg. Coupon (1)(3)3Q22 Financial Results13 $0.3 $0.1 $0.9 $1.7 $2.0 $3.4 $1.9 $1.6 $1.4 $1.5 $1.5 20222023202420252026202720282029203020312032 + Pro Rata Share of JV Debt Secured Mortgage Debt Unsecured Senior Notes - USD Unsecured Senior Notes - GBP Unsecured Senior Notes - EUR Unsecured Senior Notes - CHF Other Unsecured Debt Unsecured Green Senior Notes - CHF Unsecured Green Senior Notes - EUR Euro Term Loan Unsecured Credit Facilities Pro Forma Payoffs€€ €€ €R € ₣¥$¥$ (3)

| Q&A Global.Connected. Sustainable. 3Q22 Financial Results14

| Consistent Execution on Strategic VisionDelivering Current Results, Seeding Future GrowthSUCCESSFUL 3Q22 INITIATIVES1. Strengthening Connections with CustomersBooked $176 million of new business and landed 103 new logos2. Enhancing our Global PlatformClosed TeracoInvestment on August 1st3. Executing on Core OperationsDriving the turn in same capital data center revenue growth4. Navigating Volatile Capital MarketsRaised $2 billion of capital since 2Q earnings report 3Q22 Financial Results15

| Appendix 3Q22 Financial Results16

| AppendixManagement Statements on Non-GAAP MeasuresThe information included in this presentation contains certain non-GAAP financial measures that management believes are helpful in understandingour business, as further described below. Our definition and calculation of non-GAAP financial measures may differ from those of other REITs, and, therefore, may not be comparable. The non-GAAP financial measures should not be considered alternatives to net income or any other GAAP measurement of performance and should not be considered an alternative to cash flows from operating, investing or financing activities as a measure of liquidity.Funds From Operations (FFO): We calculate funds from operations, or FFO, in accordance with the standards established by the National Association of Real Estate Investment Trusts, or NAREIT, in the NAREIT Funds From Operations White Paper -2018 Restatement. FFO represents net income(loss) (computed in accordance with GAAP), excluding gains (or losses) from real estate transactions, impairment of investment in real estate, real estate related depreciation and amortization (excluding amortization of deferred financing costs), unconsolidated JV real estaterelated 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 thatdo not reflect core revenue or expense streams, it provides a performance measure that, when comparedyear overyear, 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 adjustments, (ii)transaction and integration expenses, (iii)loss from early extinguishment of debt, (iv) gain on /issuance costs associated with redeemed preferred stock, (v)severance, equity acceleration, and legal expenses, (vi)gain/loss on FX revaluation, and (vii)other non-core expense adjustments. Because certain of these adjustments have a real economic impact on our financial condition and results from operations, the utility of core FFO as a measure of our performance is limited. Other REITs may calculate core FFO differently than we do and accordingly, our core FFO may not be comparable to other REITs’ core FFO. Core FFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance.EBITDA and Adjusted EBITDA :We believe that earnings before interest, loss from early extinguishment of debt, income taxes, and depreciation and amortization, or EBITDA, and Adjusted EBITDA (as defined below), are useful supplemental performance measures because they allow investors to view our performance without the impact of non-cash depreciation and amortization or the cost of debt and, with respect to Adjusted EBITDA, unconsolidated joint venture real estate related depreciation& amortization, unconsolidated joint venture interest expense and tax, severance, equity acceleration, and legal expenses, transaction and integration expenses, gain on sale / deconsolidation, impairment of investments in real estate, other non-core adjustments, net, non-controlling interests, preferred stock dividends, including undeclared dividends, and issuance costs associated with redeemed preferred stock. Adjusted EBITDA is EBITDA excluding unconsolidated joint venture real estate related depreciation& amortization, unconsolidatedjoint venture interest expense and tax, severance, equity acceleration, and legal expenses, transaction and integration expenses, gain on sale / deconsolidation, impairment of investments in real estate, other non-core adjustments, net, non-controlling interests, preferred stock dividends,including undeclared dividends, and gain on / issuance costs associated with redeemed preferred stock. In addition, we believe EBITDA and Adjusted EBITDA are frequently used by securities analysts, investors and other interested parties in the evaluation of REITs. Because EBITDA andAdjusted 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 ofour performance is limited. Other REITs may calculate EBITDA and Adjusted EBITDA differently than we do and, accordingly, our EBITDA and Adjusted EBITDA may not be comparable to other REITs’ EBITDA and Adjusted EBITDA. Accordingly, EBITDA and Adjusted EBITDA should be considered only as supplements to net income computed in accordance with GAAP as a measure of our financial performance.Net Operating Income (NOI) and Cash NOI:Net operating income, or NOI, represents rental revenue, tenant reimbursement revenue and interconnection revenue less utilitiesexpense, 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 marketconditions, nor the level of capital expenditures and capitalized leasing commissions necessary to maintain the operating performance of our data centers, all of which have real economic effect and could materially impact our results from operations, the utility of NOI and cash NOI as measures of our performance is limited. Other REITs may calculate NOI and cash NOI differently than we do and, accordingly, our NOI and cash NOI may not be comparable to other REITs’ NOI and cash NOI. NOI and cash NOI should be considered only as supplements to net income computed in accordance with GAAP as measures of our performance. Same–Capital NOI: Same-Capital NOI represents buildings owned as of December 31, 2020with less than 5% of total rentable square feet under development. Excludes buildings that were undergoing, or were expected toundergo, development activities in 2021-2022, buildings classified as held for sale, and buildings sold or contributed to joint ventures for all periods presented. Prior period numbers adjusted to reflect current same-capital pool. Constant-Currency Core Funds from Operations:We calculate constant-currency core funds from operations by adjusting the core funds from operations for foreign currency translations.3Q22 Financial Results17

| AppendixForward-Looking StatementsThis information in this presentation contains forward-looking statements within the meaning of the federal securities laws, which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. Such forward-looking statements include statements relating to: our economic outlook; expected physical settlement of the forward sale agreements and use of proceeds from any such settlements; our expected investment and expansion activity; our joint ventures; the expected benefits and timing of PlatformDIGITAL®; the Data Gravity Index™; Data Gravity Index DGx™; public cloud services spending; our sustainability initiatives; the expected effect of foreign currency translation adjustments on our financials; demand drivers and economic growth outlook; business drivers; our expected development plans and completions, including timing, total square footage, IT capacity and raised floor space upon completion; expected availability for leasing efforts and colocation initiatives; organizational initiatives; our product offerings; our connected data communities; joint venture opportunities; occupancy and total investment; our expected investment in our properties; our estimated time to stabilization and targeted returns at stabilization of our properties; our expected future acquisitions; acquisitions strategy; available inventory and developmentstrategy; the signing and commencement of leases, and related rental revenue; lag between signing and commencement of leases; our 2022 backlog; future rents; our expected same store portfolio growth; our expected growth and stabilization of development completions and acquisitions; our expected mark to market rates on lease expirations, lease rollovers and expected rental rate changes;our re-leasing spreads; our leasing expirations; our expected yields on investments; our expectations with respect to capital investments at lease expiration on existing data center or colocation space; barriers to entry; competition; debt maturities; lease maturities; our expected returns on invested capital; estimated absorption rates; our other expected future financial and other results, and theassumptions underlying such results; our top investment geographies and market opportunities; our expected colocation expansions; our ability to access the capital markets; expected time and cost savings to our customers; our customers’ capital investments; our plans and intentions; future data center utilization, utilization rates, growth rates, trends, supply and demand; datacenteroutsourcing trends; datacenterexpansion plans; estimated kW/MW requirements; growth in the overall Internet infrastructure sector and segments thereof; thereplacement cost of our assets; the development costs of our buildings, and lead times; estimated costs for customers to deploy or migrate to a new data center; capital expenditures; the effect new leases and increases in rental rates will have on our rental revenues and results of operations; lease expiration rates; our ability to borrow funds under our credit facilities; estimates of the value of our development portfolio; our ability to meet our liquidity needs, including the ability to raise additional capital; credit ratings; capitalization rates, or cap rates; market forecasts; potential new locations; the expected impact of our global expansion; dividend payments and our dividend policy; projected financial information and covenant metrics; core FFO run rate and NOI growth; other forward looking financial data; leasing expectations; our exposure to tenants in certain industries; our expectations and underlying assumptions regarding our sensitivity to fluctuations in foreign exchange rates and energy prices; and the sufficiency of our capital to fund future requirements. You can identify forward-looking statements by the use of forward-looking terminology such as “believes,” “expects,” “may,” “will,” “should,” “seeks,” “approximately,” “intends,” “plans,” “pro forma,” “estimates” or “anticipates” or the negative of these wordsand phrases or similar words or phrases which are predictions of or indicate future events or trends and discussions which donot relate solely to historical matters. Such statements are based on management’s beliefs and assumptions made based on information currentlyavailable 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 mayvary 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, amongothers, the following: reduced demand for data centersor decreases in information technology spending; increased competition or available supply of data center space; decreased rental rates, increased operating costs or increased vacancy rates; the impact on our or our customers’, suppliers’ or business partners’ operations during a pandemic, such as COVID-19; changes in political conditions, geopolitical turmoil, political instability, civil disturbances, restrictive governmental actions or nationalization in the countries in which we operate; the suitability of our data centersand data center infrastructure, delays or disruptions in connectivity or availability of power, or failures or breaches of our physical and information security infrastructure or services; our dependence upon significant customers, bankruptcy or insolvency of a major customer or a significant number of smaller customers, or defaults on or non-renewal of leases by customers breaches of our obligations or restrictions under our contracts with our customers; our inability to successfully develop and lease new properties and development space, and delays or unexpected costs in development of properties; the impact of current global and local economic, credit and market conditions, including impacts of inflation; global supply chain or procurement disruptions, or increased supply chain costs; our inability to retain data center space that we lease or sublease from third parties; information security and data privacy breaches; difficulties managing an international business and acquiring or operating properties in foreign jurisdictions and unfamiliar metropolitan areas; our inability to achieve expected revenue synergies or cost savings as a result of our combination with Interxion; 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 ventureinvestments, 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; adverseeconomic or real estate developments in our industry or the industry sectors that we sell to, including risks relating to decreasing realestate valuations and impairment charges and goodwill and other intangible asset impairment charges; our inability to manage our growth effectively; losses in excess of our insurance coverage; our inability to attract and retain talent;environmental liabilities, risks related to natural disasters and our inability to achieve our sustainability goals; our inability to comply with rules and regulations applicable to our company; Digital Realty Trust, Inc.’s failure to maintain its status as a REIT for federal income tax purposes; Digital Realty Trust, L.P.’s failure to qualify as a partnership for federal income tax purposes; restrictions on our ability to engage in certain business activities; and changes in local, state, federal and international laws and regulations, including related to taxation, real estate and zoning laws. The risks included here are not exhaustive, and additional factors could adversely affect our business and financial performance. We discussed a number of additional material risks in our annual report on Form 10-K for the year ended December 31, 2021, and other filings with the Securities and Exchange Commission. Those risks continue to be relevant to our performance and financial condition. Moreover, we operate in a very competitive and rapidly changing environment. New risk factors emerge from time to time and it is not possible for management to predict all such risk factors, nor can it assess the impact of all such risk factors on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. We expressly disclaim any responsibility to update forward-looking statements, whether as a result of new information, future events or otherwise. Digital Realty, Digital Realty Trust, the Digital Realty logo, Interxion, Turn-Key Flex, Powered Base Building, PlatformDIGITAL, Data Gravity Index, Data Gravity Index DGxand Connected Data Communities are registered trademarks and service marks of Digital Realty Trust, Inc. in the United Statesand/or other countries. All other names, trademarks and service marks are the property of their respective owners.3Q22 Financial Results18

| Reconciliation of Non-GAAP ItemsTo Their Closest GAAP Equivalent3Q22 Financial Results19 September 30, 2022September 30, 2021 Net income available to common stockholders226,894$ 124,094$ Adjustments:Noncontrolling interests in operating partnership5,400 3,000 Real estate related depreciation and amortization (1)381,425 362,729 Depreciation related to non-controlling interests(8,254) - Real estate related depreciation and amortization related to investment in unconsolidated joint ventures 30,831 21,293 (Gain) on real estate transactions(173,990) (63,798) Impairment of investments in real estate- - FFO available to common stockholders and unitholders462,306$ 447,317$ Basic FFO per share and unit1.58$ 1.54$ Diluted FFO per share and unit1.55$ 1.54$ Weighted average common stock and units outstandingBasic292,536 289,542 Diluted302,258 290,228 (1) Real estate related depreciation and amortization was computed as follows: Depreciation and amortization per income statement388,704 369,035 Non-real estate depreciation(7,279) (6,307) 381,425$ 362,729$ September 30, 2022September 30, 2021 FFO available to common stockholders and unitholders -- basic and diluted462,306$ 447,317$ Weighted average common stock and units outstanding292,536 289,542 Add: Effect of dilutive securities294 686 Weighted average common stock and units outstanding -- diluted292,830 290,228 September 30, 2022September 30, 2022 Total operating revenues1,192,083 1,133,136 less:Proforma disposition adjustment(1,610) (30,292) plus:Constant currency adjustment67,855 - Total operating revenues (as adjusted)1,258,328 1,102,844 Three Months Ended Digital Realty Trust, Inc. and Subsidiaries Reconciliation of Net Income Available to Common Stockholders to Funds From Operations (FFO) (in thousands, except per share and unit data) (unaudited) Three Months Ended Three Months Ended

| Reconciliation of Non-GAAP ItemsTo Their Closest GAAP Equivalent3Q22 Financial Results20 September 30, 2022September 30, 2021 Net income available to common stockholders226,894$ 124,094$ Adjustments:Noncontrolling interests in operating partnership5,400 3,000 Real estate related depreciation and amortization (1)381,425 362,729 Depreciation related to non-controlling interests(8,254) - Real estate related depreciation and amortization related to investment in unconsolidated joint ventures 30,831 21,293 (Gain) on real estate transactions(173,990) (63,798) Impairment of investments in real estate- - FFO available to common stockholders and unitholders462,306$ 447,317$ Basic FFO per share and unit1.58$ 1.54$ Diluted FFO per share and unit1.55$ 1.54$ Weighted average common stock and units outstandingBasic292,536 289,542 Diluted302,258 290,228 (1) Real estate related depreciation and amortization was computed as follows: Depreciation and amortization per income statement388,704 369,035 Non-real estate depreciation(7,279) (6,307) 381,425$ 362,729$ September 30, 2022September 30, 2021 FFO available to common stockholders and unitholders -- basic and diluted462,306$ 447,317$ Weighted average common stock and units outstanding292,536 289,542 Add: Effect of dilutive securities294 686 Weighted average common stock and units outstanding -- diluted292,830 290,228 Digital Realty Trust, Inc. and Subsidiaries Reconciliation of Net Income Available to Common Stockholders to Funds From Operations (FFO) (in thousands, except per share and unit data) (unaudited) Three Months Ended Three Months Ended Note Reconciliations for additional periods can be found in the 1Q22 Supplemental and 2Q22 Supplemental, hich are available on our ebsite.

| Reconciliation of Non-GAAP ItemsTo Their Closest GAAP Equivalent3Q22 Financial Results21 September 30, 2022September 30, 2021June 30, 2022​June 30, 2021​March 31, 2022March 31, 2021 FFO available to common stockholders and unitholders -- diluted462,306$ 447,317$ $ 451,952 ​ $ 514,693 ​465,412$ 432,360$ Other non-core revenue adjustments(1,818) (18,066) 456 ​ (11,122)​13,916 (59) Transaction and integration expenses25,862 13,804 13,586 ​ 7,075 ​11,968 14,210 Loss from early extinguishment of debt- - - ​ - ​51,135 18,347 Gain on redemption of preferred stock- - - ​ (18,000)​--(Gain) / Loss on FX revaluation(1,120) 33,773 29,539 ​ (51,649)​(67,676) 34,072 Severance accrual and equity acceleration1,655 1,377 3,786 ​ 2,536 ​2,077 2,427 Other non-core expense adjustments1,046 1,004 70 ​ 2,298 ​7,657 (19,239) CFFO available to common stockholders and unitholders -- diluted487,931$ 479,209$ $ 499,388 ​ $ 445,831 ​484,490$ 482,027$ ​​Diluted CFFO per share and unit1.67$ 1.65$ $ 1.72 ​ $ 1.54 ​1.67$ 1.67$ Three Months Ended Three Months Ended Three Months Ended Digital Realty Trust, Inc. and Subsidiaries Reconciliation of Funds From Operations (FFO) to Core Funds From Operations (CFFO) (in thousands, except per share and unit data) (unaudited)

| Reconciliation of Non-GAAP ItemsTo Their Closest GAAP Equivalent3Q22 Financial Results22 September 30, 2022September 30, 2021 Net income available to common stockholders226,894$ 124,094$ Interest76,502 71,417 Loss from early extinguishment of debt- - Income tax expense (benefit)19,576 13,709 Depreciation and amortization388,704 369,035 EBITDA711,676 578,255 Unconsolidated JV real estate related depreciation & amortization30,831 21,293 Unconsolidated JV interest expense and tax expense11,948 11,008 Severance accrual and equity acceleration1,655 1,377 Transaction and integration expenses25,862 13,804 (Gain) / loss on sale of investments(173,990) 635 Impairment of investments in real estate- - Other non-core adjustments, net(94) (28,745) Noncontrolling interests1,716 2,266 Preferred stock dividends, including undeclared dividends10,181 10,181 (Gain) on redemption of preferred stock- - Adjusted EBITDA619,786$ 610,074$ Three Months Ended Digital Realty Trust, Inc. and Subsidiaries Reconciliation of Net Income Available to Common Stockholders to Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) and Adjusted EBITDA (in thousands) (unaudited)

| Reconciliation of Non-GAAP ItemsTo Their Closest GAAP Equivalent3Q22 Financial Results23 September 30, 2022September 30, 2021 Rental revenues574,898$ 610,471$ Tenant reimbursements - Utilities174,097 150,048 Tenant reimbursements - Other40,816 45,149 Interconnection and other80,156 78,762 Total Revenue869,966 884,430 Utilities200,737 172,215 Rental property operating150,773 147,636 Property taxes28,144 42,823 Insurance3,354 2,859 Total Expenses383,009 365,533 Net Operating Income486,957$ 518,897$ Less:Stabilized straight-line rent(749)$ (5,396)$ Above and below market rent1,435 (186) Cash Net Operating Income486,271$ 524,479$ Three Months Ended Digital Realty Trust, Inc. and Subsidiaries Reconciliation of Same Capital Cash Net Operating Income (in thousands) (unaudited)

| Reconciliation of Non-GAAP ItemsTo Their Closest GAAP EquivalentNote: For quarter ended September 30, 2022.3Q22 Financial Results24 Total Debt/Total Enterprise Value QE 9/30/22 Market value of common equity(i)29,139,454$ Liquidation value of preferred equity(ii)755,000 Total GAAP interest expense (including unconsolidated JV interest expense)84,574 Total debt at balance sheet carrying value15,758,509 Add: Capitalized interest17,304 Total Enterprise Value 45,652,963$ GAAP interest expense plus capitalized interest101,878 Total debt / total enterprise value34.5%Debt-plus-preferred-to-total-enterprise-value36.2% Debt Service Ratio 6.1x (i) Market Value of Common Equity Common shares outstanding 287,509 Common units outstanding 6,295 QE 9/30/22 Total Shares and Partnership Units293,804 Fixed Charged Ratio (LQA Adjusted EBITDA/total fixed charges) Stock price as of September 30, 202299.18$ Market value of common equity29,139,454$ GAAP interest expense plus capitalized interest101,878 Preferred dividends10,181 (ii) Liquidation value of preferred equity ($25.00 per share) Total fixed charges112,060 Shares O/S Liquidation Value Series J Preferred8,000 200,000 Fixed charge ratio5.5x Series K Preferred8,400 210,000 Series L Preferred13,800 345,000 755,000 (iv) QE 9/30/22 Unsecured Debt/Total Debt Net Debt/LQA Adjusted EBITDA QE 9/30/22Global unsecured revolving credit facility2,255,139 Total debt at balance sheet carrying value15,758,509$ Unsecured term loans729,976 Add: DLR share of unconsolidated joint venture debt794,087 Unsecured senior notes, net of discount12,281,410 Add: Capital lease obligations, net283,086 Secured debt, including premiums491,984 Less: Unrestricted cash(321,662) Capital lease obligations, net283,086 Net Debt as of September 30, 202216,514,021$ Total debt at balance sheet carrying value16,041,595 Net Debt / LQA Adjusted EBITDA(iii)6.7xUnsecured Debt / Total Debt96.9% (iii) Adjusted EBITDA Net Debt Plus Preferred/LQA Adjusted EBITDA QE 9/30/22 Net loss available to common stockholders226,894$ Total debt at balance sheet carrying value15,758,509 Interest expense76,502 Less: Unrestricted cash(321,662) Taxes19,576 Capital lease obligations, net283,086 Depreciation and amortization388,704 DLR share of unconsolidated joint venture debt794,087 EBITDA711,676 Net Debt as of September 30, 202216,514,021 Preferred Liquidation Value (iv)755,000 Unconsolidated JV real estate related depreciation & amortization30,831 Net Debt plus preferred17,269,021 Unconsolidated JV interest expense and tax expense11,948 Severance accrual and equity acceleration and legal expenses1,655 Net Debt Plus Preferred/LQA Adjusted EBITDA(iii)7.0x Transaction and integration expenses25,862 (Gain) / loss on sale of investments(173,990) Other non-core adjustments, net(94) Noncontrolling interests1,716 Preferred stock dividends, including undeclared dividends10,181 Adjusted EBITDA619,786$ LQA Adjusted EBITDA (Adjusted EBITDA x 4)2,479,144$ Debt Service Ratio (LQA Adjusted EBITDA/GAAP interest expense plus capitalized interest and less bridge facility fees)

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