Digital Realty (NYSE: DLR) lifts 2026 Core FFO outlook on strong Q2

Q: What were Digital Realty (DLR) revenues and profit in Q2 2026?

Digital Realty reported Q2 2026 revenue of about $1.9 billion and net income of $458 million . Net income available to common stockholders was $443 million , or $1.21 per diluted share , reflecting strong operational performance and notable non-core items.

Q: How did Funds From Operations (FFO) for Digital Realty (DLR) perform in Q2 2026?

In Q2 2026 Digital Realty generated FFO of $981.9 million , or $2.73 per diluted share . Core FFO per diluted share (excluding net promote) was $2.13 , compared with $2.04 in the prior quarter and $1.87 a year earlier.

Q: What leasing activity and backlog did Digital Realty (DLR) report for Q2 2026?

Digital Realty signed new bookings expected to generate $307 million of annualized GAAP rent at 100% share in Q2 2026. The backlog of signed-but-not-commenced leases reached $1.9 billion of annualized GAAP base rent at 100% share, supporting future revenue growth.

Q: Did Digital Realty (DLR) change its 2026 outlook in this report?

Yes. Digital Realty raised its 2026 Core FFO per share (excluding net promote) outlook to $8.15–$8.20 and its Constant-Currency Core FFO per share (excluding net promote) outlook to $8.10–$8.15 , alongside higher revenue and Adjusted EBITDA guidance ranges.

Q: What is Digital Realty’s (DLR) leverage and coverage profile after Q2 2026?

As of June 30, 2026, Digital Realty had $18.6 billion of total debt, with net debt-to-Adjusted EBITDA at 4.7x , debt-plus-preferred-to-total enterprise value at 22.3% , and a fixed charge coverage ratio of 5.2x , indicating solid interest coverage.

Q: How strong were Digital Realty’s (DLR) rent spreads on Q2 2026 renewals?

In Q2 2026, rental rates on renewal leases increased 25.4% on a cash basis and 32.0% on a GAAP basis . Renewal leases represented $262 million of annualized cash rental revenue, supporting internal growth across the portfolio.

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

Digital Realty Trust, Inc. reported strong second quarter 2026 results, with total revenue of about $1.9 billion, up 18% from the prior quarter and 29% from a year earlier. Net income was $458 million, or $1.21 per diluted share available to common stockholders.

The company generated Adjusted EBITDA of $978 million, up 6% sequentially and 19% year over year. Funds From Operations were $982 million, or $2.73 per diluted share, while Core FFO per diluted share (excluding net promote) was $2.13. Results included $188 million of net promote income and a $94 million insurance settlement, of which $27 million was recorded in Core FFO as business interruption recovery.

Leasing remained robust: new bookings are expected to generate $307 million of annualized GAAP rent at 100% share, with a $1.9 billion signed-but-not-commenced backlog. Renewal rents increased 25.4% on a cash basis. Net debt-to-Adjusted EBITDA stood at 4.7x. The company sold 13.5 million shares year-to-date via its ATM program for $2.5 billion in net proceeds and raised its 2026 Core FFO per share outlook (excluding net promote) to $8.15–$8.20.

Positive

Revenue and earnings growth: Q2 2026 revenue rose 18% sequentially and 29% year over year to ~$1.9 billion, with Adjusted EBITDA up 6% quarter over quarter and 19% year over year to $978 million.
Strong FFO metrics and record Core FFO per share: FFO reached $981.9 million or $2.73 per diluted share, while Core FFO per diluted share (excluding net promote) was $2.13; management highlighted “record Core FFO per share.”
Guidance raised meaningfully: 2026 Core FFO per share (excluding net promote) outlook increased to $8.15–$8.20, and Constant-Currency Core FFO (excluding net promote) to $8.10–$8.15, alongside higher revenue and Adjusted EBITDA ranges.

Negative

None.

Insights

Analyzing...

8-K Event Classification

3 items: 2.02, 7.01, 9.01

3 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Total operating revenues Q2 2026: $1,924,040 thousand Net income Q2 2026: $457,607 thousand Adjusted EBITDA Q2 2026: $977,589 thousand +4 more

7 metrics

Total operating revenues Q2 2026 $1,924,040 thousand Quarter ended June 30, 2026; up 18% sequentially and 29% year over year

Net income Q2 2026 $457,607 thousand Consolidated net income for quarter ended June 30, 2026

Adjusted EBITDA Q2 2026 $977,589 thousand Adjusted EBITDA for quarter ended June 30, 2026; 6% QoQ and 19% YoY growth

FFO per diluted share Q2 2026 $2.73 Funds From Operations per diluted share and unit for quarter ended June 30, 2026

Core FFO per diluted share (ex net promote) Q2 2026 $2.13 Core FFO per diluted share and unit excluding net promote, Q2 2026

Net debt-to-Adjusted EBITDA 4.7x Leverage ratio as of June 30, 2026

Signed-but-not-commenced lease backlog $1.9 billion Annualized GAAP base rent at 100% share at quarter-end Q2 2026

Key Terms

Core Funds From Operations, Adjusted EBITDA, Same-Capital Cash NOI, Net debt-to-Adjusted EBITDA, +2 more

6 terms

Core Funds From Operations financial

"Digital Realty delivered Core FFO per share (excluding net promote) of $2.13"

Core funds from operations is a measure of the recurring cash a real estate company generates from its normal rental and property-management activities, calculated by starting with net income, adding back non-cash items like property depreciation, and removing one-off gains or losses such as property sales or unusual expenses. Investors use it like a household’s steady paycheck estimate—it shows the business’s sustainable cash flow for paying dividends, servicing debt, and funding operations, without noise from one-time events.

Adjusted EBITDA financial

"Digital Realty generated Adjusted EBITDA of $978 million in the second quarter of 2026"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

Same-Capital Cash NOI financial

"“Same-Capital” cash NOI growth (3) is forecast at 4.25% - 5.25%"

Net debt-to-Adjusted EBITDA financial

"At the end of the second quarter of 2026, net debt-to-Adjusted EBITDA was 4.7x"

Net debt-to-adjusted EBITDA is a leverage ratio that divides a company’s net debt (total debt minus cash and equivalents) by its adjusted EBITDA, which is the company’s operating cash profit after removing one-time or unusual items. It tells investors how many years of that recurring operating cash flow would be needed to pay off current net debt, like estimating how many paychecks it would take to clear a mortgage, and helps gauge financial risk and borrowing capacity.

At-The-Market equity issuance program financial

"the company sold approximately 6.2 million shares of common stock under its At-The-Market (ATM)"

A program that lets a company sell newly issued shares directly into the open market at the current trading price, rather than in one large block. Investors should care because it’s a flexible way for a company to raise cash over time—think of filling a bucket with a steady stream instead of dumping a bucket at once—which can dilute existing shares gradually and may put downward pressure on the stock if large amounts are sold.

data center platform technical

"the world’s largest cloud- and carrier-neutral data center platform"

Earnings Snapshot

Total revenue: $1,924,040 thousand · Guidance included

Quarter ended June 30, 2026

Total revenue $1,924,040 thousand Up 18% from the previous quarter and 29% from the same quarter last year

Net income attributable to common stockholders $443,108 thousand Diluted EPS of $1.21 vs $0.46 in the prior quarter and $2.94 a year earlier

Adjusted EBITDA $977,589 thousand Increased 6% sequentially and 19% year over year

FFO per diluted share and unit $2.73 Compared with $1.99 in the prior quarter and $1.75 in the same quarter last year

Core FFO per diluted share and unit (excluding net promote) $2.13 Up from $2.04 in the prior quarter and $1.87 in the year-ago quarter

2026 Core FFO per share outlook (excluding net promote) $8.15–$8.20 Raised from a prior range of $8.00–$8.10 per share

Guidance

The company raised its 2026 outlook for Core FFO per share (excluding net promote) to $8.15–$8.20 and Constant-Currency Core FFO per share (excluding net promote) to $8.10–$8.15, alongside higher total revenue and Adjusted EBITDA ranges.

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Understanding 8-K Material Events →

Available on EDGAR 07/23/2026 - 04:18 PM Accepted by SEC EDGAR 07/23/2026 - 04:18 PM

FAQ

What were Digital Realty (DLR) revenues and profit in Q2 2026?

Digital Realty reported Q2 2026 revenue of about $1.9 billion and net income of $458 million. Net income available to common stockholders was $443 million, or $1.21 per diluted share, reflecting strong operational performance and notable non-core items.

How did Funds From Operations (FFO) for Digital Realty (DLR) perform in Q2 2026?

In Q2 2026 Digital Realty generated FFO of $981.9 million, or $2.73 per diluted share. Core FFO per diluted share (excluding net promote) was $2.13, compared with $2.04 in the prior quarter and $1.87 a year earlier.

What leasing activity and backlog did Digital Realty (DLR) report for Q2 2026?

Digital Realty signed new bookings expected to generate $307 million of annualized GAAP rent at 100% share in Q2 2026. The backlog of signed-but-not-commenced leases reached $1.9 billion of annualized GAAP base rent at 100% share, supporting future revenue growth.

Did Digital Realty (DLR) change its 2026 outlook in this report?

Yes. Digital Realty raised its 2026 Core FFO per share (excluding net promote) outlook to $8.15–$8.20 and its Constant-Currency Core FFO per share (excluding net promote) outlook to $8.10–$8.15, alongside higher revenue and Adjusted EBITDA guidance ranges.

What is Digital Realty’s (DLR) leverage and coverage profile after Q2 2026?

As of June 30, 2026, Digital Realty had $18.6 billion of total debt, with net debt-to-Adjusted EBITDA at 4.7x, debt-plus-preferred-to-total enterprise value at 22.3%, and a fixed charge coverage ratio of 5.2x, indicating solid interest coverage.

How much equity did Digital Realty (DLR) issue through its ATM program in 2026 year-to-date?

Year-to-date through June 30, 2026, Digital Realty sold approximately 13.5 million common shares under its At-The-Market equity program at a weighted average price of $184.94 per share, generating approximately $2.5 billion in net proceeds.

How strong were Digital Realty’s (DLR) rent spreads on Q2 2026 renewals?

In Q2 2026, rental rates on renewal leases increased 25.4% on a cash basis and 32.0% on a GAAP basis. Renewal leases represented $262 million of annualized cash rental revenue, supporting internal growth across the portfolio.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d)
of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 23, 2026

DIGITAL REALTY TRUST, INC.

(Exact name of registrant as specified in its charter)


Maryland	001-32336	26-0081711
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)


601 West 2^nd Street, Floor 32 Austin, Texas	78701
(Address of principal executive offices)	(Zip Code)

(737) 281-0101

(Registrant’s telephone number, including area code)

2323 Bryan Street, Suite 1800 Dallas, Texas 75201

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common Stock	DLR	New York Stock Exchange
Series J Cumulative Redeemable Preferred Stock	DLR Pr J	New York Stock Exchange
Series K Cumulative Redeemable Preferred Stock	DLR Pr K	New York Stock Exchange
Series L Cumulative Redeemable Preferred Stock	DLR Pr L	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).


	Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

Item 2.02 Results of Operations and Financial Condition.

The information in this Item 2.02 of this Current Report on Form 8-K is also being furnished under Item 7.01 “Regulation FD Disclosure” of Form 8-K. Such information, including the exhibits attached hereto, is furnished pursuant to Item 2.02 and shall not be deemed “filed” for any purpose, including for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (Exchange Act), or otherwise subject to the liabilities of that Section. The information in this Current Report on Form 8-K shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended (Securities Act), or the Exchange Act regardless of any general incorporation language in such filing.

On July 23, 2026, we issued a press release announcing our financial results for the quarter ended June 30, 2026. The press release referred to certain supplemental information that is available on the Company’s website at www.digitalrealty.com. A copy of the press release and supplemental information is attached hereto as Exhibit 99.1 and incorporated by reference herein.

On July 23, 2026, we also posted presentation materials to our website at www.digitalrealty.com. The presentation materials are attached hereto as Exhibit 99.2 and incorporated by reference herein.

Item 7.01 Regulation FD Disclosure.

The information in this Item 7.01 of this Current Report on Form 8-K is also being furnished under Item 2.02 “Results of Operations and Financial Condition” of Form 8-K. Such information, including the exhibits attached hereto, is furnished pursuant to Item 7.01 and shall not be deemed “filed” for any purpose, including for the purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that Section. The information in this Current Report on Form 8-K shall not be deemed incorporated by reference into any filing under the Securities Act or the Exchange Act regardless of any general incorporation language in such filing.

On July 23, 2026, we also posted presentation materials to our website at www.digitalrealty.com. The presentation materials are attached hereto as Exhibit 99.2 and incorporated by reference herein.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.



Exhibit No.		Description

99.1		Earnings Press Release and Supplemental Information for the Quarter Ended June 30, 2026.
99.2		Presentation Materials posted July 23, 2026.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

EANNIE
		Digital Realty Trust, Inc.
	By:	/s/ JEANNIE LEE
		Jeannie Lee
		Executive Vice President, General Counsel and Secretary

Date: July 23, 2026

Table of Contents

Exhibit 99.1

Table of Contents

		Financial Supplement
Table of Contents			Second Quarter 2026

Overview	PAGE

Corporate Information	3

Key Quarterly Financial Data	5

Consolidated Statements of Operations

Earnings Release	7

2026 Outlook	10

Consolidated Quarterly Statements of Operations	12

Funds From Operations and Core Funds From Operations	13

Adjusted Funds From Operations	14

Balance Sheet Information

Consolidated Balance Sheets	15

Components of Net Asset Value	16

Debt Maturities	17

Internal Growth

Same-Capital Operating Trend Summary	18

Summary of Leasing Activity - Signed and Renewed	19

Lease Expirations - By Size	20

Top 20 Customers by Annualized Rent	21

Occupancy Analysis	22

External Growth

Development Lifecycle	23

Historical Capital Expenditures and Investments in Real Estate	24

Acquisitions / Dispositions / Joint Ventures	25

Unconsolidated Entities	26

Additional Information

Reconciliation of Earnings Before Interest, Taxes, Depreciation & Amortization and Financial Ratios	27

Management Statements on Non-GAAP Measures	28

Forward-Looking Statements	30

Table of Contents

		Financial Supplement
Corporate Information			Second Quarter 2026

Corporate Profile

Digital Realty Trust, Inc. (“Digital Realty” or the “company”) owns, acquires, develops, and operates data centers through its operating partnership subsidiary, Digital Realty Trust, L.P. (the “operating partnership”). The company is focused on providing data center, colocation, and interconnection solutions for domestic and international customers across a variety of industry verticals ranging from cloud and information technology services, communications and social networking to financial services, manufacturing, energy, healthcare, and consumer products. As of June 30, 2026, the company’s 310 data centers, including 89 data centers held as investments in unconsolidated entities, contain applications and operations critical to the day-to-day operations of technology industry and corporate enterprise data center customers. Digital Realty’s portfolio is comprised of approximately 3.1 gigawatts of IT capacity, as well as approximately 8.5 gigawatts of buildable IT capacity under active development and held for future development, located throughout North America, Europe, South America, Asia, Australia, and Africa. For additional information, please visit the company’s website at digitalrealty.com.

Corporate Headquarters

601 W 2nd St., 32^nd Floor

Austin, TX

(737) 281-0101
digitalrealty.com

Senior Management

President & Chief Executive Officer: Andrew P. Power
Chief Financial Officer: Matthew R. Mercier
Chief Investment Officer: Gregory S. Wright
Chief Technology Officer: Christopher L. Sharp
Chief Revenue Officer: Colin M. McLean

Investor Relations

To request more information or to be added to our e-mail distribution list, please visit the Investor Relations section of our website at https://investor.digitalrealty.com.

Analyst Coverage

BMO

BMO Capital

BNP Paribas

Barclays

Bernstein

Markets

Exane

BofA Securities

BTIG

Cantor

Brendan Lynch

Madison Rezaei

Ari Klein

Nate Crossett

Michael Funk

Thomas Catherwood

Brett Knoblauch

Citigroup

Citizens JMP

Deutsche Bank

Evercore ISI

Goldman Sachs

Green Street Advisors

Guggenheim

Michael Rollins

Greg Miller

Benjamin Soff

Irvin Liu

Michael Ng

David Guarino

Joseph Osha

HSBC

Jefferies

J.P. Morgan

KeyBanc

Mizuho Group

MoffettNathanson

Morgan Stanley

Phani Kanumuri

Jonathan Petersen

Richard Choe

Brandon Nispel

Vikram Malhotra

Nick Del Deo

Cameron McVeigh

Oppenheimer

Raymond James

RBC Capital Markets

Scotiabank

Stifel

TD Cowen

Truist Securities

Timothy Horan

Frank Louthan

Jonathan Atkin

Maher Yaghi

Erik Rasmussen

Michael Elias

Matthew Niknam

UBS

Wells Fargo

Wolfe Research

John Hodulik

Eric Luebchow

Andrew Rosivach

This Earnings Press Release and Supplemental Information package supplements the information provided in our quarterly and annual reports filed with the U.S. Securities and Exchange Commission. Additional information about Digital Realty and our business is also available on our website at digitalrealty.com.

Upcoming Conference Schedule


August 4, 2026	Deutsche Bank Data Center Summit	New York City, NY
August 11, 2026	Oppenheimer Annual Technology, Internet & Communications Conference	Virtual
August 18, 2026	Raymond James Park City Summer Summit	Park City, UT
September 8, 2026	Citi’s Global TMT Conference	New York City, NY
September 9, 2026	Bank of America Media, Communications & Entertainment Conference	New York City, NY
September 16, 2026	Bank of America Global Real Estate Conference	New York City, NY
September 29, 2026	RBC Global Communications Infrastructure Conference	Chicago, IL

Webcasts for these events are available through the Digital Realty Investor Relations website when possible. Please check our website for additional information.

Table of Contents

		Financial Supplement
Corporate Information (Continued)			Second Quarter 2026

Stock Listing Information

The stock of Digital Realty Trust, Inc. is traded primarily on the New York Stock Exchange under the following symbols:

Common Stock:		DLR
Series J Preferred Stock:		DLRPRJ
Series K Preferred Stock:		DLRPRK
Series L Preferred Stock:		DLRPRL

Symbols may vary by stock quote provider.

Credit Ratings

Standard & Poor’s
Corporate Credit Rating:	BBB+	(Stable Outlook)
Preferred Stock:	BBB-

Moody’s
Issuer Rating:	Baa2	(Positive Outlook)
Preferred Stock:	Baa3

Fitch
Issuer Default Rating:	BBB	(Stable Outlook)
Preferred Stock:	BB+

These credit ratings may not reflect the potential impact of risks relating to the structure or trading of the company’s securities and are provided solely for informational purposes. Credit ratings are not recommendations to buy, hold or sell any security, and may be revised or withdrawn at any time by the issuing rating agency at its sole discretion. The company does not undertake any obligation to maintain the ratings or to advise of any change in ratings. Each agency’s rating should be evaluated independently of any other agency’s rating. An explanation of the significance of the ratings may be obtained from each of the rating agencies.

Common Stock Price Performance

The following summarizes recent activity of Digital Realty’s common stock (DLR):


	Three Months Ended
	30-Jun-26		31-Mar-26		31-Dec-25		30-Sep-25		30-Jun-25
High price		$208.14		$184.79		$182.48		$182.00		$178.85
Low price		$178.41		$151.50		$146.23		$159.22		$129.95
Closing price, end of quarter		$179.58		$180.21		$154.71		$172.88		$174.33
Average daily trading volume ⁽¹⁾		2,433		2,060		1,826		1,520		2,034
Indicated dividend per common share ⁽²⁾		$4.88		$4.88		$4.88		$4.88		$4.88
Closing annual dividend yield, end of quarter		2.7%		2.7%		3.2%		2.8%		2.8%
Shares and units outstanding, end of quarter ^{(1) (3)}		376,675		355,217		349,746		349,244		346,644
Closing market value of shares and units outstanding ⁽⁴⁾		$67,643,297		$64,013,656		$54,109,204		$60,377,303		$60,430,449

(1)	Shares or shares and units in thousands.

(2)	On an annualized basis.

(3)

As of June 30, 2026, the total number of shares and units includes 370,010 shares of common stock, 4,294 common units held by third parties and 2,371 common units and vested and unvested long-term incentive units held by directors, officers and others and excludes all shares of common stock potentially issuable upon conversion of our series J, series K and series L cumulative redeemable preferred stock upon certain change of control transactions.

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

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

Table of Contents

Key Quarterly Financial Data		Financial Supplement
Unaudited, Dollars (except per share data) in Thousands			Second Quarter 2026


Shares and Units at End of Quarter ⁽¹⁾		30-Jun-26			31-Mar-26			31-Dec-25			30-Sep-25			30-Jun-25
Common shares outstanding			370,010			348,924			343,557			343,041			340,372
Common partnership units outstanding			6,665			6,293			6,189			6,203			6,272
Total Shares and Units			376,675			355,217			349,746			349,244			346,644

Enterprise Value
Market value of common equity ⁽¹⁾ ⁽²⁾			$67,643,297			$64,013,656			$54,109,204			$60,377,303			$60,430,449
Liquidation value of preferred equity			755,000			755,000			755,000			755,000			755,000
Total debt at balance sheet carrying value			18,635,349			17,996,633			18,402,135			18,225,434			18,452,148
Total Enterprise Value			$87,033,646			$82,765,289			$73,266,339			$79,357,737			$79,637,597
Total debt / total enterprise value			21.4%			21.7%			25.1%			23.0%			23.2%
Debt-plus-preferred-to-total-enterprise-value			22.3%			22.7%			26.1%			23.9%			24.1%

Selected Balance Sheet Data
Investments in real estate (before depreciation)			$47,141,825			$40,751,409			$39,855,116			$39,374,646			$38,613,260
Total Assets			54,517,914			48,859,973			49,410,468			48,728,634			48,714,995
Total Liabilities			25,652,511			23,462,959			24,564,494			23,739,412			23,853,149

Selected Operating Data
Total operating revenues			$1,924,040			$1,635,173			$1,634,671			$1,577,234			$1,493,150
Total operating expenses			1,464,783			1,368,240			1,522,047			1,438,813			1,281,453
Net income			457,607			174,804			96,111			63,713			1,046,946
Net income / (loss) available to common stockholders			443,108			169,093			88,466			57,631			1,021,975

Financial Ratios
EBITDA ⁽³⁾			$1,097,832			$805,115			$688,758			$679,912			$1,605,408
Adjusted EBITDA⁽⁴⁾			977,589			920,307			856,836			867,807			823,319
Net Debt-to-Adjusted EBITDA ⁽⁵⁾			4.7x			4.7x			4.9x			4.9x			5.1x
Interest expense			113,943			116,384			116,516			113,584			109,383
Fixed charges ⁽⁶⁾			161,226			162,202			161,479			156,687			148,957
Interest coverage ratio ⁽⁷⁾			5.5x			5.2x			4.8x			4.9x			5.0x
Fixed charge coverage ratio ⁽⁸⁾			5.2x			4.9x			4.5x			4.6x			4.7x

Profitability Measures
Net income / (loss) per common share - basic			$1.25			$0.49			$0.26			$0.17			$3.03
Net income / (loss) per common share - diluted			$1.21			$0.46			$0.24			$0.15			$2.94
Funds from operations (FFO) / diluted share and unit ⁽⁹⁾			$2.73			$1.99			$1.89			$1.65			$1.75
Core funds from operations (Core FFO) / diluted share and unit ⁽⁹⁾			$2.65			$2.04			$1.86			$1.89			$1.87
Core FFO (excluding net promote) / diluted share and unit ⁽⁹⁾			$2.13			$2.04			$1.86			$1.89			$1.87
Adjusted funds from operations (AFFO) / diluted share and unit ⁽¹⁰⁾			$2.47			$1.92			$1.34			$1.76			$1.68
Dividends per share and common unit			$1.22			$1.22			$1.22			$1.22			$1.22
Diluted FFO payout ratio ^(9) (11)			44.8%			61.2%			64.5%			73.8%			69.6%
Diluted Core FFO payout ratio ^(9) (11)			46.0%			59.9%			65.6%			64.7%			65.2%
Diluted AFFO payout ratio ^(10) (11)			49.5%			63.6%			90.9%			69.2%			72.8%

Portfolio Statistics
Data Centers ⁽¹²⁾			310			309			310			311			310
Cross-connects^{(12) (13)}			235,500			234,000			232,500			231,000			229,000
Occupied MWs ⁽¹²⁾			2,799			2,725			2,663			2,602			2,565
IT Load Capacity MWs ⁽¹²⁾			3,102			3,024			2,963			2,879			2,858
Occupancy at end of quarter ⁽¹⁴⁾			90.2%			90.1%			89.9%			90.4%			89.7%
Same-capital occupancy at end of quarter ^{(14) (15)}			92.5%			91.6%			91.6%			91.9%			91.5%
Weighted average remaining lease term (years) ⁽¹⁶⁾			4.1			4.3			3.9			4.2			4.2

Table of Contents

Key Quarterly Financial Data		Financial Supplement
Unaudited, Dollars (except per share data) in Thousands			Second Quarter 2026

(1)	Shares and units are in thousands.

(2)

The market value of common equity is based on the closing stock price at the end of the quarter and assumes 100% redemption of the limited partnership units in our operating partnership, including common units and vested and unvested long-term incentive units, for shares of our common stock on a one-for-one basis. Excludes shares of common stock potentially issuable upon conversion of our series J, series K and series L cumulative redeemable preferred stock upon certain change of control transactions, as applicable.

(3)	EBITDA is calculated as earnings before interest expense, loss on debt extinguishment and modifications, tax expense, and depreciation and amortization. For a discussion of EBITDA, see page 28. For a reconciliation of net income available to common stockholders to EBITDA, see page 27.

(4)

Adjusted EBITDA is EBITDA excluding (i) unconsolidated entities real estate related depreciation & amortization, (ii) unconsolidated entities interest and tax expense, (iii) severance, equity acceleration and legal expenses, (iv) transaction and integration expenses, (v) gain (loss) on sale / deconsolidation, (vi) provision for impairment, (vii) other non-core adjustments, net, (viii) noncontrolling interests, (ix) preferred stock dividends, (x) gain on / issuance costs associated with redeemed preferred stock and (xi) net promote. For a discussion of Adjusted EBITDA, see page 28. For a reconciliation of net income available to common stockholders to Adjusted EBITDA, see page 27.

(5)

Net Debt to Adjusted EBITDA is calculated as total debt at balance sheet carrying value (see page 5), plus finance lease obligations, plus our share of unconsolidated entities debt at carrying value, less cash and cash equivalents (including our share of unconsolidated entities cash), divided by the product of Adjusted EBITDA (including our pro rata share of unconsolidated entities EBITDA), multiplied by four.

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

(7)	Interest coverage ratio is Adjusted EBITDA (including our pro rata share of unconsolidated entities EBITDA), divided by GAAP interest expense plus capitalized interest (including our share of unconsolidated entities interest expense).

(8)	Fixed charge coverage ratio is Adjusted EBITDA (including our pro rata share of unconsolidated entities EBITDA), divided by fixed charges (including our share of unconsolidated entities fixed charges).

(9)	For definitions and discussion of FFO, Core FFO and Core FFO (excluding net promote), see page 28. For reconciliations of net income available to common stockholders to FFO, Core FFO and Core FFO (excluding net promote), see page 13.

(10)	For a definition and discussion of AFFO, see page 28. For a reconciliation of Core FFO to AFFO, see page 14.

(11)	Diluted payout ratios for FFO, Core FFO and AFFO are calculated as dividends declared per common share and unit divided by the corresponding diluted FFO, diluted Core FFO and diluted AFFO per share and unit, respectively.

(12)	Includes data centers held as investments in unconsolidated entities. Excludes data centers held for sale and contribution.

(13)	Represents approximate amounts.

(14)

Occupancy and same-capital occupancy exclude capacity under active development and capacity held for development. Occupancy represents our consolidated portfolio in addition to our managed portfolio of unconsolidated entities and non-managed unconsolidated entities. For some of our data centers, we calculate occupancy based on factors including available power, required support capacity and common area. Excludes data centers held for sale and contribution.

(15)

Represents data centers owned as of December 31, 2024, with less than 5% of total rentable square feet under development. Excludes data centers that were undergoing, or were expected to undergo, development activities in 2025-2026, data centers classified as held for sale and contribution, and data centers sold or contributed to joint ventures for all periods presented. Prior period results have been adjusted to reflect current same-capital pool.

(16)	Weighted average remaining lease term excludes renewal options and is weighted by annualized recurring revenue.

Table of Contents

Digital Realty Trust		Financial Supplement
Earnings Release			Second Quarter 2026

Digital Realty Reports Second Quarter 2026 Results

Austin, TX — July 23, 2026 — Digital Realty (NYSE: DLR), the world’s largest cloud- and carrier-neutral data center platform, announced today financial results for the second quarter of 2026. All per share results are presented on a fully diluted basis.

Highlights

◾

Reported net income available to common stockholders of $1.21 per share in 2Q26, compared to $2.94 in 2Q25

◾

Reported FFO per share of $2.73 in 2Q26, compared to $1.75 in 2Q25

◾

Reported Core FFO per share of $2.65 in 2Q26, compared to $1.87 in 2Q25; reported Core FFO per share (excluding net promote) of $2.13 in 2Q26

◾

Signed total bookings during 2Q26 that are expected to generate $307 million of annualized GAAP base rent at 100% share; at Digital Realty’s share, bookings were $208 million, including a $108 million contribution from the 0-1 megawatt plus interconnection category

◾

In July, signed two hyperscale leases, representing $410 million of annualized GAAP base rent at 100% share, or $205 million at Digital Realty’s share

◾

Reported rental rate increases on renewal leases of 25.4% on a cash basis in 2Q26

◾

Reported a record total backlog of $1.9 billion of annualized GAAP base rent at 100% share, at the end of 2Q26; at Digital Realty’s share, the backlog was $1.4 billion

◾

Raised 2026 Core FFO per share (excluding net promote) outlook to $8.15 - $8.20 and 2026 Constant-Currency Core FFO per share (excluding net promote) outlook to $8.10 - $8.15

Financial Results

Digital Realty reported total revenues of $1.9 billion in the second quarter of 2026, an 18% increase from the previous quarter and a 29% increase from the same quarter last year.

During the second quarter, Digital Realty recognized $188 million of net promote income in Core FFO related to the successful development and leasing of three data centers in its development joint venture. The company also recognized a $94 million insurance settlement, net of income tax, related to a previously disclosed 2024 matter, of which approximately $27 million was recognized in Core FFO as business interruption recovery; the remainder related to property damage recoveries, was excluded from Core FFO.

The company delivered net income of $458 million in the second quarter of 2026, as well as net income available to common stockholders of $443 million and $1.21 per share, compared to $0.46 per share in the previous quarter and $2.94 per share in the same quarter last year.

Digital Realty generated Adjusted EBITDA of $978 million in the second quarter of 2026, a 6% increase from the previous quarter and a 19% increase over the same quarter last year.

The company reported Funds From Operations (FFO) of $982 million in the second quarter of 2026, or $2.73 per share, compared to $1.99 per share in the previous quarter and $1.75 per share in the same quarter last year.

Digital Realty delivered Core FFO per share (excluding net promote) of $2.13 in the second quarter of 2026, compared to $2.04 per share in the previous quarter and $1.87 per share in the same quarter last year. Digital Realty delivered Constant-Currency Core FFO per share (excluding net promote) of $2.11 in the second quarter of 2026 and $4.07 per share for the six-month period ended June 30, 2026.

“Digital Realty delivered record Core FFO per share in the quarter, reflecting robust customer demand and strong execution across our core pillars of growth,” said President and Chief Executive Officer Andy Power. “We signed more than $100 million of 0-1 MW plus Interconnection bookings for the first time, demonstrating the strength of our connectivity-rich portfolio and boosting near-term growth. We also continued to make strides in our hyperscale and strategic private capital verticals, as we added powered land in the Kansas City metro, accretively purchased interests in three hyperscale data centers in Northern Virginia, and announced the deal to acquire Columbia Capital, a leading investment firm in the digital infrastructure space. Together, these growth vectors are driving double-digit bottom line growth, and we are focused on extending this runway for years to come.”

Leasing Activity

In the second quarter, Digital Realty signed total bookings that are expected to generate $307 million of annualized GAAP rental revenue, at 100% share; at Digital Realty’s share, total bookings were $208 million, including an $88 million contribution from the 0-1 MW category and a $20 million contribution from interconnection.

The weighted-average lag between new leases signed during the second quarter of 2026 and the contractual commencement date was nine months. The backlog of signed-but-not-commenced leases at quarter-end was $1.9 billion of annualized GAAP base rent at 100% share, and $1.4 billion at Digital Realty’s share. In addition, Digital Realty also signed renewal leases representing $262 million of annualized cash rental revenue during the quarter. Rental rates on renewal leases signed during the second quarter of 2026 increased 25.4% on a cash basis and 32.0% on a GAAP basis.

Table of Contents

Digital Realty Trust		Financial Supplement
Earnings Release			Second Quarter 2026

New leases signed during the second quarter of 2026, at Digital Realty’s share, are summarized by region and product as follows:


	Annualized GAAP
	Base Rent			GAAP Base Rent
Americas	(in thousands)		Megawatts	per Kilowatt
0-1 MW		$37,131	10.6		$293
> 1 MW		82,706	44.2		156
Other ⁽¹⁾		142	—		—
Total		$119,980	54.8		$182

EMEA ⁽²⁾
0-1 MW		$42,149	13.0		$269
> 1 MW		4,999	2.5		167
Other ⁽¹⁾		21	—		—
Total		$47,168	15.5		$253

Asia Pacific ⁽²⁾
0-1 MW		$8,541	2.5		$286
> 1 MW		12,141	6.2		165
Other ⁽¹⁾		170	—		—
Total		$20,851	8.6		$199

All Regions ⁽²⁾
0-1 MW		$87,821	26.1		$280
> 1 MW		99,846	52.9		157
Other ⁽¹⁾		332	—		—
Total		$187,999	79.0		$198

Interconnection		$20,497	N/A		N/A

Grand Total at DLR Share		$208,495	79.0		$198

Grand Total at 100% Share		$306,944	129.8		$183

Note: Totals may not foot due to rounding differences.

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

(2)	Based on quarterly average exchange rates during the three months ended June 30, 2026.

Investment Activity

During the second quarter of 2026, Digital Realty acquired:

●

Land in Marseille, France for approximately €46.5 million, or $53.1 million, that is expected to support the development of up to 48 megawatts of IT capacity.

●

Land in the Atlanta metro area for approximately $20 million. Together with an adjacent parcel that was acquired in the first quarter, this campus is expected to support over one gigawatt of IT capacity.

As previously announced, during the quarter, Digital Realty also acquired:

●

Land in the Kansas City metro area for approximately $475 million to support hyperscale data center development for up to two gigawatts of utility power.

●

Two data centers in Malaysia containing 16.5 megawatts of IT capacity, and a land parcel that is expected to support the development of up to 14 megawatts of IT capacity, for total consideration of approximately $134 million.

●

A 64% stake in three fully leased data centers in Northern Virginia containing 288 megawatts of IT capacity, at a gross value of approximately $7.8 billion, reflecting an expected initial stabilized cap rate of over 6.5%. The newly developed assets are expected to be fully stabilized in the first half of 2027 and first half of 2028. Total consideration for our joint venture partners’ equity interest in the assets was approximately $3.5 billion, including $1.2 billion of cash and 12.3 million shares of Digital Realty common stock.

As previously disclosed, during the quarter, Digital Realty sold a non-core asset in the Atlanta metro area for $24 million.

Table of Contents

Digital Realty Trust		Financial Supplement
Earnings Release			Second Quarter 2026

Balance Sheet

Digital Realty had approximately $18.6 billion of total debt outstanding as of June 30, 2026, comprised of $17.0 billion of unsecured debt and approximately $1.6 billion of secured debt and other debt. At the end of the second quarter of 2026, net debt-to-Adjusted EBITDA was 4.7x, debt-plus-preferred-to-total enterprise value was 22.3% and fixed charge coverage was 5.2x.

From our first quarter earnings report on April 23, 2026 through June 30, 2026, the company sold approximately 6.2 million shares of common stock under its At-The-Market (ATM) equity issuance program at a weighted average price of $191.63 per share, for net proceeds of approximately $1.2 billion. Year-to-date, the company has sold approximately 13.5 million shares under its ATM equity issuance program at a weighted average price of $184.94 per share, for net proceeds of approximately $2.5 billion.

Table of Contents

Digital Realty Trust		Financial Supplement
Earnings Release			Second Quarter 2026

2026 Outlook

Digital Realty raised its 2026 Core FFO per share (excluding net promote) outlook to $8.15 - $8.20 and its 2026 Constant-Currency Core FFO per share (excluding net promote) outlook to $8.10 - $8.15. The assumptions underlying the outlook are summarized in the following table.


		As of		As of		As of
Top-Line and Cost Structure		February 5, 2026		April 23, 2026		July 23, 2026
Total revenue (excluding promote income)		$6.600 - $6.700 billion		$6.650 - $6.750 billion		$6.850 - $6.950 billion
Net non-cash rent adjustments ⁽¹⁾		($90 - $95 million)		($90 - $95 million)		($145 - $150 million)
Adjusted EBITDA		$3.600 - $3.700 billion		$3.650 - $3.750 billion		$3.750 - $3.850 billion
G&A		$610 - $620 million		$615 - $625 million		$620 - $630 million

Internal Growth
Rental rates on renewal leases
Cash basis		6.0% - 8.0%		6.5% - 8.5%		9.0% - 11.0%
GAAP basis		8.5% - 10.5%		9.5% - 11.5%		12.0% - 14.0%
Year-end portfolio occupancy ⁽²⁾		+50 - 100 bps		+50 - 100 bps		+75 - 125 bps
"Same-Capital" cash NOI growth ⁽³⁾		4.0% - 5.0%		4.0% - 5.0%		4.25% - 5.25%

Foreign Exchange Rates
U.S. Dollar / Pound Sterling		$1.30 - $1.35		$1.32 - $1.37		$1.32 - $1.37
U.S. Dollar / Euro		$1.13 - $1.18		$1.15 - $1.20		$1.13 - $1.18

External Growth
Dispositions / Joint Venture Capital
Dollar volume		$500 - $1,000 million		$500 - $1,000 million		$1,000 - $1,500 million
Cap rate		0.0% - 10.0%		0.0% - 10.0%		0.0% - 10.0%
Development
CapEx (Net of Partner Contributions) ⁽⁴⁾		$3,250 - $3,750 million		$3,500 - $4,000 million		$4,250 - $4,750 million
Average stabilized yields		10.0%+		10.0%+		10.0%+
Enhancements and other non-recurring CapEx ⁽⁵⁾		$30 - $35 million		$30 - $35 million		$30 - $35 million
Recurring CapEx + capitalized leasing costs ⁽⁶⁾		$400 - $425 million		$400 - $425 million		$400 - $425 million

Balance Sheet
Long-term debt issuance
Dollar amount		$1,000 - $1,500 million		$1,500 - $2,000 million		$1,500 - $2,000 million
Pricing		4.0% - 4.5%		4.0% - 4.5%		4.5% - 5.5%
Timing		Mid-Year		Mid-Year		2H-2026

Net income per diluted share		$2.55 - $2.65		$2.65 - $2.75		$3.10 - $3.15
Real estate depreciation and (gain) / loss on sale		$4.90 - $4.90		$4.95 - $4.95		$5.30 - $5.30
Funds From Operations / share (NAREIT-Defined)		$7.45 - $7.55		$7.60 - $7.70		$8.40 - $8.45
Non-core expenses and revenue streams		$0.45 - $0.45		$0.40 - $0.40		$0.25 - $0.25
Net Promote		$0.00 - $0.00		$0.00 - $0.00		($0.50) - ($0.50)
Core Funds From Operations / share (excluding net promote)		$7.90 - $8.00		$8.00 - $8.10		$8.15 - $8.20
Foreign currency translation adjustments		$0.00 - $0.00		($0.05) - ($0.05)		($0.05) - ($0.05)
Constant-Currency Core FFO / share (excluding net promote)		$7.90 - $8.00		$7.95 - $8.05		$8.10 - $8.15

(1)	Net non-cash rent adjustments represent the sum of straight-line rental revenue and straight-line rental expense, as well as the amortization of above- and below-market leases (i.e., ASC 805 adjustments).

(2)	Year-end portfolio occupancy guidance based on IT load (kW).

(3)

The “Same-Capital” pool includes properties owned as of December 31, 2024 with less than 5% of total rentable square feet under development. It excludes properties that were undergoing, or were expected to undergo, development activities in 2025-2026, properties classified as held for sale and contribution, and properties sold or contributed to joint ventures for all periods presented. The 2026 “Same-Capital” cash NOI growth outlook is presented on a constant currency basis.

(4)	Excludes land acquisitions and includes Digital Realty’s share of joint venture and fund contributions. Figure is net of joint venture and fund partners’ share of contributions.

(5)	Other non-recurring CapEx represents costs incurred to enhance the capacity or marketability of operating properties, such as network fiber initiatives and software development costs.

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

Note: The company does not provide a reconciliation for non-GAAP estimates on a forward-looking basis, where it is unable to provide a meaningful or accurate calculation or estimation of reconciling items, and the information is not available without unreasonable effort. Please see Non-GAAP Financial Measures in this document for further discussion.

Table of Contents

Digital Realty Trust		Financial Supplement
Earnings Release			Second Quarter 2026

Non-GAAP Financial Measures

This document contains non-GAAP financial measures, including FFO, Core FFO, Core FFO (excluding net promote), Constant Currency Core FFO (excluding net promote), Adjusted FFO, Net Operating Income (NOI), “Same-Capital” Cash NOI and Adjusted EBITDA. A reconciliation from U.S. GAAP net income available to common stockholders to FFO, a reconciliation from FFO to Core FFO, a reconciliation from Core FFO (excluding net promote) to Constant Currency Core FFO (excluding net promote), a reconciliation from Core FFO to Adjusted FFO, a reconciliation from NOI to Cash NOI, and definitions of FFO, Core FFO, Constant Currency Core FFO, Core FFO (excluding net promote), Adjusted FFO, NOI and “Same-Capital” Cash NOI are included as an attachment to this document. A reconciliation from U.S. GAAP net income available to common stockholders to Adjusted EBITDA, a definition of Adjusted EBITDA and definitions of net debt-to-Adjusted EBITDA, debt-plus-preferred-to-total enterprise value, cash NOI, and fixed charge coverage ratio are included as an attachment to this document.

The company does not provide a reconciliation for non-GAAP estimates on a forward-looking basis, where it is unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and/or amount of various items that would impact net income attributable to common stockholders per diluted share, which is the most directly comparable forward-looking GAAP financial measure. This includes, for example, external growth factors, such as dispositions, and balance sheet items such as debt issuances, that have not yet occurred, are out of the company's control and/or cannot be reasonably predicted. For the same reasons, the company is unable to address the probable significance of the unavailable information. Forward-looking non-GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures.

Investor Conference Call

Prior to Digital Realty’s investor conference call at 5:00 p.m. ET / 4:00 p.m. CT on July 23, 2026, a presentation will be posted to the Investors section of the company’s website at https://investor.digitalrealty.com. The presentation is designed to accompany the discussion of the company’s second quarter 2026 financial results and operating performance. The conference call will feature President & Chief Executive Officer Andy Power and Chief Financial Officer Matt Mercier.

A live webcast of the call will be available on the Investors section of Digital Realty’s website at https://investor.digitalrealty.com. The webcast will be archived for one year and the replay will be available shortly after the conclusion of the live event.

About Digital Realty

Digital Realty brings companies and data together by delivering the full spectrum of data center, colocation and interconnection solutions. PlatformDIGITAL®, the company’s global data center platform, provides customers with a secure data meeting place and a proven Pervasive Datacenter Architecture (PDx®) solution methodology for powering innovation, from cloud and digital transformation to emerging technologies like artificial intelligence (AI), and efficiently managing Data Gravity challenges. Digital Realty gives its customers access to the connected data communities that matter to them with a global data center footprint of 300+ facilities in 55+ metros across 30+ countries on six continents. To learn more about Digital Realty, please visit digitalrealty.com or follow us on LinkedIn and X.

Contact Information

Matt Mercier

Chief Financial Officer

Digital Realty

Jordan Sadler / Jim Huseby

Investor Relations

Digital Realty

InvestorRelations@digitalrealty.com

Table of Contents

Consolidated Quarterly Statements of Operations		Financial Supplement
Unaudited and in Thousands, Except Per Share Data			Second Quarter 2026


	Three Months Ended					Six Months Ended
	30-Jun-26	31-Mar-26	31-Dec-25	30-Sep-25	30-Jun-25		30-Jun-26	30-Jun-25
Rental revenues	$1,145,936	$1,103,946	$1,074,703	$1,045,708	$1,003,550		$2,249,882	$1,964,076
Tenant reimbursements - Utilities	352,897	333,909	356,084	332,681	294,503		686,807	565,692
Tenant reimbursements - Other	45,391	38,093	34,406	37,302	37,355		83,484	79,532
Interconnection and other	130,409	124,278	123,414	120,399	121,952		254,687	234,921
Fee income	248,927	34,899	45,692	36,398	34,427		283,826	55,070
Other	480	47	372	4,746	1,363		527	1,496
Total Operating Revenues	$1,924,040	$1,635,173	$1,634,671	$1,577,234	$1,493,150		$3,559,213	$2,900,787

Utilities	$396,454	$372,385	$398,185	$375,627	$339,288		$768,839	$652,673
Rental property operating	291,408	266,115	295,948	278,292	267,724		557,523	506,324
Property taxes	55,160	54,964	50,791	51,823	49,570		110,124	98,426
Insurance	4,744	4,799	4,711	4,508	4,946		9,543	9,429
Depreciation and amortization	507,106	499,511	493,458	497,002	461,167		1,006,617	904,176
General and administration	153,316	151,923	159,283	139,911	133,755		305,239	254,867
Severance, equity acceleration and legal expenses	4,384	2,835	4,937	1,794	2,262		7,219	4,690
Transaction and integration expenses	38,703	15,685	36,083	86,559	22,546		54,388	62,448
Provision for impairment	—	—	78,553	—	—		—	—
Other expenses	13,508	23	98	3,297	195		13,531	307
Total Operating Expenses	$1,464,783	$1,368,240	$1,522,047	$1,438,813	$1,281,453		$2,833,023	$2,493,340

Operating income before gain (loss) on disposition of properties, net	$459,257	$266,933	$112,624	$138,420	$211,698		$726,190	$407,447
Gain (loss) on disposition of properties, net	7,988	873	42,865	19,780	931,830		8,861	932,941
Operating Income	$467,245	$267,806	$155,489	$158,200	$1,143,527		$735,051	$1,340,388

Equity in earnings (loss) of unconsolidated entities	36	(1,833)	4,659	(16,944)	(12,062)		(1,797)	(19,702)
Interest and other income (expense), net	137,944	45,342	42,797	47,735	37,747		183,286	70,520
Interest (expense)	(113,943)	(116,384)	(116,516)	(113,584)	(109,383)		(230,327)	(207,847)
Income tax benefit (expense)	(33,675)	(16,008)	9,673	(11,695)	(12,883)		(49,683)	(30,018)
Gain (loss) on debt extinguishment and modifications	—	(4,119)	9	—	—		(4,119)	—
Net Income	$457,607	$174,804	$96,111	$63,713	$1,046,946		$632,411	$1,153,341

Net (income) loss attributable to noncontrolling interests	(4,318)	4,470	2,536	4,099	(14,790)		152	(11,211)
Net Income Attributable to Digital Realty Trust, Inc.	$453,289	$179,274	$98,647	$67,812	$1,032,156		$632,563	$1,142,130

Preferred stock dividends	(10,181)	(10,181)	(10,181)	(10,181)	(10,181)		(20,362)	(20,362)
Net Income (Loss) Available to Common Stockholders	$443,108	$169,093	$88,466	$57,631	$1,021,975		$612,201	$1,121,768

Weighted-average shares outstanding - basic	354,118	345,013	343,493	341,370	337,589		349,591	337,139
Weighted-average shares outstanding - diluted	361,542	353,255	351,570	349,234	345,734		357,355	345,305
Weighted-average fully diluted shares and units	367,605	359,300	357,430	355,165	351,691		363,462	351,239

Net income / (loss) per share - basic	$1.25	$0.49	$0.26	$0.17	$3.03		$1.75	$3.33
Net income / (loss) per share - diluted	$1.21	$0.46	$0.24	$0.15	$2.94		$1.68	$3.21

Table of Contents

Funds From Operations and Core Funds From Operations		Financial Supplement
Unaudited and in Thousands, Except Per Share Data			Second Quarter 2026


	Three Months Ended						Six Months Ended
Reconciliation of Net Income to Funds From Operations (FFO)		30-Jun-26	31-Mar-26	31-Dec-25	30-Sep-25	30-Jun-25		30-Jun-26	30-Jun-25

Net Income (Loss) Available to Common Stockholders		$443,108	$169,093	$88,466	$57,631	$1,021,975		$612,201	$1,121,768
Adjustments:
Noncontrolling interest in operating partnership		9,000	4,000	2,000	2,000	21,000		13,000	24,000
Real estate related depreciation and amortization ⁽¹⁾		499,106	490,965	484,260	487,182	451,050		990,071	883,700
Reconciling items related to noncontrolling interests		(24,292)	(23,726)	(22,753)	(22,888)	(21,038)		(48,018)	(40,518)
Unconsolidated entities real estate related depreciation and amortization		62,972	60,291	70,260	65,922	59,172		123,263	115,033
(Gain) loss on real estate transactions		(7,988)	(226)	(42,865)	(19,780)	(931,830)		(8,214)	(932,941)
Provision for impairment		—	—	78,553	—	—		—	—
Funds From Operations		$981,906	$700,398	$657,921	$570,067	$600,329		$1,682,303	$1,171,044

Weighted-average shares and units outstanding - basic		360,181	351,059	349,354	347,301	343,546		355,698	343,073
Weighted-average shares and units outstanding - diluted ^{(2) (3)}		367,605	359,300	357,430	355,165	351,691		363,462	351,239

Funds From Operations per share - basic		$2.73	$2.00	$1.88	$1.64	$1.75		$4.73	$3.41

Funds From Operations per share - diluted^{(2) (3)}		$2.73	$1.99	$1.89	$1.65	$1.75		$4.73	$3.42


Reconciliation of FFO to Core FFO	30-Jun-26	31-Mar-26	31-Dec-25	30-Sep-25	30-Jun-25	30-Jun-26	30-Jun-25

Funds From Operations	$981,906	$700,398	$657,921	$570,067	$600,329	$1,682,303	$1,171,044
Other non-core revenue adjustments ⁽⁴⁾	(80,837)	(29)	(10,633)	(4,746)	4,228	(80,866)	2,303
Transaction and integration expenses	38,703	15,685	36,083	86,559	22,546	54,388	62,448
Gain (loss) on debt extinguishment and modifications	—	4,119	(9)	—	—	4,119	—
Severance, equity acceleration and legal expenses ⁽⁵⁾	4,384	2,835	4,937	1,794	2,262	7,219	4,690
(Gain) loss on FX and derivatives revaluation	(1,608)	(4,398)	(16,295)	252	8,827	(6,006)	6,764
Other non-core expense adjustments ⁽⁶⁾	13,208	(2,538)	(21,794)	2,075	5,092	10,670	4,390
Core Funds From Operations	$955,756	$716,071	$650,210	$656,001	$643,284	$1,671,827	$1,251,639

Net promote	(187,871)	—	—	—	—	(187,871)	—

Core Funds From Operations (excluding net promote)	$767,885	$716,071	$650,210	$656,001	$643,284	$1,483,956	$1,251,639

Weighted-average shares and units outstanding - diluted^{(2) (3)}	360,648	351,293	349,740	347,700	343,909	356,113	343,436

Core Funds From Operations per share - diluted ⁽²⁾	$2.65	$2.04	$1.86	$1.89	$1.87	$4.69	$3.64

Core FFO per share (excluding net promote) - diluted ⁽²⁾	$2.13	$2.04	$1.86	$1.89	$1.87	$4.17	$3.64


(1) Real Estate Related Depreciation & Amortization	30-Jun-26	31-Mar-26	31-Dec-25	30-Sep-25	30-Jun-25	30-Jun-26	30-Jun-25

Depreciation and amortization per income statement	$507,106	$499,511	$493,458	$497,002	$461,167	$1,006,617	$904,175
Non-real estate depreciation	(8,000)	(8,546)	(9,198)	(9,820)	(10,117)	(16,546)	(20,473)
Real Estate Related Depreciation & Amortization	$499,106	$490,965	$484,259	$487,182	$451,050	$990,071	$883,702

(2)

Certain of Teraco's minority indirect shareholders have the right to put their shares in an upstream parent company of Teraco to Digital Realty in exchange for cash or the equivalent value of shares of Digital Realty common stock, or a combination thereof. U.S. GAAP requires Digital Realty to assume the put right is settled in shares for purposes of calculating diluted EPS. This same approach was utilized to calculate FFO/share. The potential future dilutive impact associated with this put right will be excluded from Core FFO and AFFO until settlement occurs – causing diluted share count to be higher for FFO than for Core FFO and AFFO. When calculating diluted FFO, Teraco related noncontrolling interest is added back to the FFO numerator as the denominator assumes all shares have been put back to Digital Realty.

Three Months Ended

Six Months Ended

30-Jun-26

31-Mar-26

31-Dec-25

30-Sep-25

30-Jun-25

30-Jun-26

30-Jun-25

Teraco noncontrolling share of FFO

$19,979

$15,410

$18,240

$17,018

$15,850

$35,389

$29,136

Teraco related minority interest

$19,979

$15,410

$18,240

$17,018

$15,850

$35,389

$29,136

(3)

For all periods presented, we have excluded the effect of dilutive series J, series K and series L preferred stock, as applicable, that may be converted into common stock upon the occurrence of specified change in control transactions as described in the articles supplementary governing the series J, series K and series L preferred stock, as applicable, which we consider highly improbable. See above for calculations of FFO and the share count detail section that follows the reconciliation of Core FFO to AFFO for calculations of weighted average common stock and units outstanding. For definitions and discussion of FFO, Core FFO and Core FFO (excluding net promote), see the Definitions section.

(4)	Includes development fees included in gains, lease termination fees, gain on sale of equity investment included in other income, insurance proceeds related to property damage and unconsolidated entities non-core adjustments within equity in earnings.

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

(6)

Includes write-offs associated with non-recurring legal and insurance expenses, impact of foreign tax rate changes, non-core adjustments attributable to noncontrolling interests, impact on tax expense due to insurance proceeds related to property damage and adjustments to reflect our proportionate share of transaction costs associated with noncontrolling interests.

Table of Contents

Adjusted Funds From Operations (AFFO)		Financial Supplement
Unaudited and in Thousands, Except Per Share Data			Second Quarter 2026


	Three Months Ended						Six Months Ended
Reconciliation of Core FFO to AFFO		30-Jun-26	31-Mar-26	31-Dec-25	30-Sep-25	30-Jun-25		30-Jun-26	30-Jun-25

Core Funds From Operations		$955,756	$716,071	$650,210	$656,001	$643,284		$1,671,827	$1,251,638
Adjustments:
Non-real estate depreciation		8,000	8,546	9,198	9,820	10,117		16,546	20,473
Amortization of deferred financing costs		6,343	6,443	6,781	6,565	6,451		12,786	12,999
Amortization of debt discount/premium		1,595	1,581	1,341	1,293	1,251		3,176	2,377
Non-cash stock-based compensation expense		21,379	20,908	17,327	18,174	18,026		42,287	34,726
Straight-line rental revenue		(26,955)	(21,741)	(34,351)	(33,351)	(23,698)		(48,696)	(33,390)
Straight-line rental expense		(602)	(1,410)	(97)	(271)	(475)		(2,012)	(635)
Above- and below-market rent amortization		(962)	(1,007)	(972)	(864)	(752)		(1,969)	(1,458)
Deferred tax (benefit) / expense		(12,681)	(10,919)	(26,184)	18,187	(30,714)		(23,600)	(31,232)
Leasing compensation and internal lease commissions		13,857	15,476	14,644	15,013	14,721		29,333	28,126
Recurring capital expenditures ⁽¹⁾		(76,674)	(59,665)	(168,539)	(77,998)	(62,083)		(136,339)	(97,388)

Adjusted Funds From Operations ⁽²⁾		$889,056	$674,283	$469,358	$612,569	$576,127		$1,563,339	$1,186,235

Weighted-average shares and units outstanding - basic		360,181	351,059	349,354	347,301	343,546		355,698	343,073
Weighted-average shares and units outstanding - diluted ⁽³⁾		360,648	351,293	349,740	347,700	343,909		356,113	343,436

AFFO per share - diluted ⁽³⁾		$2.47	$1.92	$1.34	$1.76	$1.68		$4.39	$3.45

Dividends per share and common unit		$1.22	$1.22	$1.22	$1.22	$1.22		$2.44	$2.44

Diluted AFFO Payout Ratio		49.5%	63.6%	90.9%	69.2%	72.8%		55.6%	70.6%

Three Months Ended

Six Months Ended

Share Count Detail

30-Jun-26

31-Mar-26

31-Dec-25

30-Sep-25

30-Jun-25

30-Jun-26

30-Jun-25

Weighted Average Common Stock and Units Outstanding

360,181

351,059

349,354

347,301

343,546

355,698

343,073

Add: Effect of dilutive securities

467

234

386

399

362

415

363

Weighted Avg. Common Stock and Units Outstanding - diluted

360,648

351,293

349,740

347,700

343,909

356,113

343,436

(1)

Recurring capital expenditures represent non-incremental building improvements required to maintain current revenues, including second-generation tenant improvements and external leasing commissions. Recurring capital expenditures do not include acquisition costs contemplated when underwriting the purchase of a building, costs which are incurred to bring a building up to Digital Realty’s operating standards, or internal leasing commissions.

(2)	For a definition and discussion of AFFO, see the Definitions section. For a reconciliation of net income (loss) available to common stockholders to FFO and Core FFO, see above.

(3)

For all periods presented, we have excluded the effect of dilutive series J, series K and series L preferred stock, as applicable, that may be converted into common stock upon the occurrence of specified change in control transactions as described in the articles supplementary governing the series J, series K and series L preferred stock, as applicable, which we consider highly improbable. See above for calculations of FFO and for calculations of weighted average common stock and units outstanding.

Table of Contents

Consolidated Balance Sheets		Financial Supplement
Unaudited and in Thousands, Except Per Share Data			Second Quarter 2026


	30-Jun-26		31-Mar-26		31-Dec-25		30-Sep-25		30-Jun-25
Assets
Investments in real estate:
Real estate		$33,700,303		$31,633,899		$31,359,298		$30,194,891		$29,836,218
Construction in progress		9,770,384		5,381,071		4,976,785		5,422,338		5,080,701
Land held for future development		122,841		199,681		91,130		66,668		73,665
Investments in Real Estate		$43,593,528		$37,214,651		$36,427,213		$35,683,897		$34,990,583
Accumulated depreciation and amortization		(10,736,127)		(10,355,181)		(9,993,596)		(9,665,380)		(9,341,719)
Net Investments in Properties		$32,857,401		$26,859,470		$26,433,617		$26,018,517		$25,648,865
Investment in unconsolidated entities		3,548,297		3,536,757		3,427,903		3,690,749		3,622,677
Net Investments in Real Estate		$36,405,698		$30,396,227		$29,861,520		$29,709,266		$29,271,542

Operating lease right-of-use assets, net		$1,093,015		$1,105,080		$1,135,645		$1,167,398		$1,180,657
Cash and cash equivalents		1,864,796		2,426,631		3,451,647		3,299,703		3,554,126
Accounts and other receivables, net ⁽¹⁾		1,564,955		1,430,242		1,358,895		1,496,105		1,586,146
Deferred rent, net		792,045		765,198		750,907		710,624		681,375
Goodwill		9,592,127		9,591,250		9,711,953		9,647,754		9,636,513
Customer relationship value, deferred leasing costs and other intangibles, net		2,595,046		2,053,368		2,134,698		2,080,898		2,171,318
Assets held for sale and contribution		—		441,064		349,826		116,624		139,993
Other assets		610,232		650,913		655,377		500,262		493,325
Total Assets		$54,517,914		$48,859,973		$49,410,468		$48,728,634		$48,714,995

Liabilities and Equity
Global unsecured revolving credit facilities, net		$709,756		$707,961		$899,090		$1,152,042		$567,699
Unsecured term loans, net		427,681		432,450		439,536		438,933		440,788
Unsecured senior notes, net of discount		15,906,794		16,013,977		16,194,441		15,808,565		16,641,367
Secured and other debt, net of discount		1,591,118		842,245		869,068		825,894		802,294
Operating lease liabilities		1,209,459		1,218,509		1,253,217		1,285,067		1,298,085
Accounts payable and other accrued liabilities		3,922,825		2,419,888		2,600,979		2,377,726		2,310,882
Deferred tax liabilities		1,124,899		1,093,955		1,124,724		1,151,374		1,137,305
Accrued dividends and distributions		—		—		428,337		—		—
Security deposits and prepaid rents		759,979		733,974		754,920		699,528		653,640
Obligations associated with assets held for sale and contribution		—		—		182		283		1,089
Total Liabilities		$25,652,511		$23,462,959		$24,564,494		$23,739,412		$23,853,149

Redeemable noncontrolling interests		886,249		1,594,718		1,498,975		1,535,972		1,505,889

Equity
Preferred Stock: $0.01 par value per share, 110,000 shares authorized:
Series J Cumulative Redeemable Preferred Stock ⁽²⁾		$193,540		$193,540		$193,540		$193,540		$193,540
Series K Cumulative Redeemable Preferred Stock ⁽³⁾		203,264		203,264		203,264		203,264		203,264
Series L Cumulative Redeemable Preferred Stock ⁽⁴⁾		334,886		334,886		334,886		334,886		334,886
Common Stock: $0.01 par value per share, 502,000 shares authorized ⁽⁵⁾		3,669		3,459		3,406		3,400		3,374
Additional paid-in capital		34,160,613		30,093,165		29,350,487		29,182,332		28,720,826
Dividends in excess of earnings		(6,939,476)		(6,946,676)		(6,690,722)		(6,358,501)		(5,997,607)
Accumulated other comprehensive loss, net		(522,024)		(512,885)		(469,198)		(533,891)		(543,756)
Total Stockholders' Equity		$27,434,472		$23,368,753		$22,925,663		$23,025,030		$22,914,527

Noncontrolling Interests
Noncontrolling interest in operating partnership		$533,620		$426,853		$415,456		$420,280		$431,000
Noncontrolling interest in consolidated entities		11,062		6,690		5,880		7,940		10,430

Total Noncontrolling Interests		$544,682		$433,543		$421,336		$428,220		$441,430

Total Equity		$27,979,154		$23,802,296		$23,346,999		$23,453,250		$23,355,957

Total Liabilities and Equity		$54,517,914		$48,859,973		$49,410,468		$48,728,634		$48,714,995

(1)	Net of allowance for doubtful accounts of $73,428 and $80,832 as of June 30, 2026 and June 30, 2025, respectively.

(2)	Series J Cumulative Redeemable Preferred Stock, 5.250%, $200,000 liquidation preference ($25.00 per share), 8,000 shares issued and outstanding as of June 30, 2026 and June 30, 2025.

(3)	Series K Cumulative Redeemable Preferred Stock, 5.850%, $210,000 liquidation preference ($25.00 per share), 8,400 shares issued and outstanding as of June 30, 2026 and June 30, 2025.

(4)	Series L Cumulative Redeemable Preferred Stock, 5.200%, $345,000 liquidation preference ($25.00 per share), 13,800 shares issued and outstanding as of June 30, 2026 and June 30, 2025.

(5)	Common Stock: 370,010 and 340,372 shares issued and outstanding as of June 30, 2026 and June 30, 2025, respectively.

Table of Contents

Components of Net Asset Value (NAV) ⁽¹⁾		Financial Supplement
Unaudited and in Thousands			Second Quarter 2026


Consolidated Properties Cash Net Operating Income (NOI)⁽²⁾, Annualized ⁽³⁾
Network-Dense			$1,443,042
Campus			2,068,433
Other ⁽⁴⁾			81,858
Total Cash NOI, Annualized			$3,593,333
less: Partners' share of consolidated JVs			(100,654)
Acquisitions / dispositions / expirations			77,280
FY 2026 backlog cash NOI and 2Q26 carry-over (stabilized) ⁽⁵⁾			336,841
Total Consolidated Cash NOI, Annualized			$3,906,800

Digital Realty's Pro Rata Share of Unconsolidated Entities Cash NOI ^{(3) (6)}			$375,581

Other Income
Development and Management Fees (net), Annualized (excluding promote income)			$190,182

Other Assets
Pre-stabilized inventory, at cost ⁽⁷⁾			$917,416
Land held for development			122,841
Development CIP			9,770,384
less: Investment associated with FY26 Backlog NOI ⁽⁸⁾			(2,152,379)
Cash and cash equivalents			1,864,796
Accounts and other receivables, net			1,564,955
Other assets			610,232
less: Partners' share of consolidated entities assets			(166,589)
Total Other Assets			$12,531,656

Liabilities
Global unsecured revolving credit facilities			$726,207
Unsecured term loans			428,325
Unsecured senior notes			16,019,337
Secured and other debt			1,593,736
Accounts payable and other accrued liabilities			3,393,133
Deferred tax liabilities			1,124,899
Security deposits and prepaid rents			759,979
Backlog NOI cost to complete ⁽⁸⁾			486,827
Preferred stock			755,000
Digital Realty's share of unconsolidated entities debt			1,985,418
less: Partners' share of consolidated entities liabilities			(502,009)
Total Liabilities			$26,770,852

(1)	Backlog and associated financial line items include activity related to properties held in unconsolidated entities.

(2)	For definitions and discussion of NOI and cash NOI and a reconciliation of operating income before gain (loss) on disposition of properties, net to NOI and cash NOI, see page 29.

(3)

Annualized cash NOI is calculated by multiplying results for the most recent quarter by four. Annualized results may not be indicative of any four-quarter period and do not take into account scheduled lease expirations, among other things. Annualized data is presented for illustrative purposes only. Reflects annualized 2Q26 Cash NOI of $3.6 billion. NOI is allocated based on management’s estimates derived using contractual ABR and stabilized margins.

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

(5)	Estimated cash NOI related to signed leases that are expected to commence through December 31, 2026. Includes Digital Realty’s share of signed leases at properties held in unconsolidated entities.

(6)	For a reconciliation of Digital Realty’s pro rata share of unconsolidated entities operating income to cash NOI, see page 26.

(7)	Excludes Digital Realty’s share of cost at properties held in unconsolidated entities.

(8)	Includes Digital Realty’s share of construction in progress and expected cost to complete at properties held in unconsolidated entities.

Table of Contents

Debt Maturities		Financial Supplement
Unaudited and Dollars in thousands			Second Quarter 2026


	As of June 30, 2026
		Interest Rate
	Interest	Including
	Rate	Swaps	2026	2027	2028	2029	2030	Thereafter	Total
Global Unsecured Revolving Credit Facilities ⁽¹⁾
Global unsecured revolving credit facility	1.713%	1.713%	—	—	—	—	$627,160	—	$627,160
Yen revolving credit facility	1.597%	1.597%	—	—	—	—	99,047	—	99,047
Deferred financing costs, net	—	—	—	—	—	—	—	—	(16,451)
Total Global Unsecured Revolving Credit Facilities	1.697%	1.697%	—	—	—	—	$726,207	—	$709,756

Unsecured Term Loans⁽¹⁾
Euro term loan facility	3.075%	3.075%	—	$428,325	—	—	—	—	$428,325
Deferred financing costs, net	—	—	—	—	—	—	—	—	(644)
Total Unsecured Term Loans	3.075%	3.075%	—	$428,325	—	—	—	—	$427,681

Senior Notes
₣275 million 0.200% Notes due 2026	0.200%	0.200%	$340,176	—	—	—	—	—	$340,176
₣150 million 1.700% Notes due 2027	1.700%	1.700%	—	$185,550	—	—	—	—	185,550
$1.00 billion 3.700% Notes due 2027 ⁽²⁾	3.700%	2.485%	—	1,000,000	—	—	—	—	1,000,000
€500 million 1.125% Notes due 2028	1.125%	1.125%	—	—	$571,100	—	—	—	571,100
$900 million 5.550% Notes due 2028 ⁽²⁾	5.550%	3.996%	—	—	900,000	—	—	—	900,000
$650 million 4.450% Notes due 2028	4.450%	4.450%	—	—	650,000	—	—	—	650,000
₣270 million 0.550% Notes due 2029	0.550%	0.550%	—	—	—	$333,991	—	—	333,991
$900 million 3.600% Notes due 2029	3.600%	3.600%	—	—	—	900,000	—	—	900,000
£350 million 3.300% Notes due 2029	3.300%	3.300%	—	—	—	464,170	—	—	464,170
$1.15 billion 1.875% Exchangeable Notes due 2029 ⁽²⁾	1.875%	1.263%	—	—	—	1,150,000	—	—	1,150,000
€750 million 1.500% Notes due 2030	1.500%	1.500%	—	—	—	—	$856,650	—	856,650
£550 million 3.750% Notes due 2030	3.750%	3.750%	—	—	—	—	729,410	—	729,410
€500 million 1.250% Notes due 2031	1.250%	1.250%	—	—	—	—	—	$571,100	571,100
€1.00 billion 0.625% Notes due 2031	0.625%	0.625%	—	—	—	—	—	1,142,200	1,142,200
€750 million 1.000% Notes due 2032	1.000%	1.000%	—	—	—	—	—	856,650	856,650
€750 million 1.375% Notes due 2032	1.375%	1.375%	—	—	—	—	—	856,650	856,650
€600 million 3.750% Notes due 2033	3.750%	3.750%	—	—	—	—	—	685,320	685,320
€850 million 3.875% Notes due 2033	3.875%	3.875%	—	—	—	—	—	970,870	970,870
€850 million 3.875% Notes due 2034	3.875%	3.875%	—	—	—	—	—	970,870	970,870
€850 million 3.875% Notes due 2035	3.875%	3.875%	—	—	—	—	—	970,870	970,870
€800 million 4.250% Notes due 2037	4.250%	4.250%	—	—	—	—	—	913,760	913,760
Unamortized discounts, net	—	—	—	—	—	—	—	—	(41,662)
Deferred financing costs, net	—	—	—	—	—	—	—	—	(70,882)
Total Senior Notes	2.806%	2.599%	$340,176	$1,185,550	$2,121,100	$2,848,161	$1,586,060	$7,938,290	$15,906,793

Secured Debt
ICN10 Facilities	4.970%	3.228%	—	—	—	—	$10,753	—	$10,753
Westin	3.290%	3.290%	—	$135,000	—	—	—	—	135,000
Teraco Loans	8.978%	10.050%	$56,668	113,335	$406,741	$20,135	70,472	$34,367	701,719
Telepoint	3.918%	3.918%	—	—	811	438	—	—	1,249
N. Virginia credit facility	5.725%	5.725%	—	—	—	725,638	—	—	725,638
Deferred financing costs, net	—	—	—	—	—	—	—	—	(2,618)
Total Secured Debt	6.959%	7.426%	$56,668	$248,335	$407,552	$746,211	$81,225	$34,367	$1,571,741

Other Debt
Icolo loans	12.741%	12.741%	—	$5,175	$1,263	$6,133	—	$6,806	$19,377
Total Other Debt	12.741%	12.741%	—	$5,175	$1,263	$6,133	—	$6,806	$19,377

Total unhedged variable rate debt	—	—	$2,319	$432,962	$17,145	$727,468	$736,725	$11,193	$1,927,812
Total fixed rate / hedged variable rate debt	—	—	394,525	1,434,423	2,512,770	2,873,037	1,656,767	7,968,270	16,839,794
Total Debt	3.128%	2.990%	$396,844	$1,867,385	$2,529,915	$3,600,505	$2,393,492	$7,979,463	$18,767,606

Weighted Average Interest Rate			1.607%	3.088%	4.442%	3.012%	2.505%	2.711%	2.990%

Summary

Weighted Average Term to Initial Maturity									4.4 Years

Weighted Average Maturity (assuming exercise of extension options)									4.5 Years

Global Unsecured Revolving Credit Facilities Detail As of June 30, 2026

Maximum Available

Existing Capacity ⁽³⁾

Currently Drawn

Global Unsecured Revolving Credit Facilities

$4,452,064

$3,643,855

$726,207

(1)	Assumes all extensions will be exercised.

(2)	Subject to cross-currency swaps.

(3)	Net of letters of credit issued of $82.0 million.

Table of Contents

Same-Capital Operating Trend Summary		Financial Supplement
Unaudited and Dollars in Thousands			Second Quarter 2026

Stabilized (“Same-Capital”) Portfolio ⁽¹⁾


	Three Months Ended										Six Months Ended
	30-Jun-26		30-Jun-25		% Change		31-Mar-26		% Change		30-Jun-26		30-Jun-25		% Change
Rental revenues		$860,191		$798,338		7.7%		$849,758		1.2%		$1,709,949		$1,581,098		8.1%
Tenant reimbursements - Utilities		269,255		250,296		7.6%		268,277		0.4%		537,532		480,880		11.8%
Tenant reimbursements - Other		37,983		31,524		20.5%		30,553		24.3%		68,536		63,512		7.9%
Interconnection and other		104,210		95,640		9.0%		99,250		5.0%		203,460		184,840		10.1%
Total Revenue		$1,271,639		$1,175,798		8.2%		$1,247,838		1.9%		$2,519,477		$2,310,329		9.1%

Utilities		$298,503		$275,249		8.4%		$297,775		0.2%		$596,279		$538,301		10.8%
Rental property operating		220,489		208,364		5.8%		207,957		6.0%		428,446		394,433		8.6%
Property taxes		44,400		39,093		13.6%		42,551		4.3%		86,951		77,456		12.3%
Insurance		5,419		5,339		1.5%		5,474		(1.0%)		10,894		10,259		6.2%
Total Expenses		$568,812		$528,045		7.7%		$553,757		2.7%		$1,122,570		$1,020,449		10.0%

Net Operating Income ⁽²⁾		$702,827		$647,753		8.5%		$694,081		1.3%		$1,396,907		$1,289,880		8.3%
Less:
Stabilized straight-line rent		$4,636		$6,988		(33.7%)		$1,566		196.1%		$6,202		$7,039		(11.9%)
Above- and below-market rent		683		537		27.3%		637		7.3%		1,320		1,102		19.8%
Cash Net Operating Income ⁽²⁾		$697,508		$640,228		8.9%		$691,878		0.8%		$1,389,385		$1,281,739		8.4%

Constant Currency Cash Net Operating Income ⁽³⁾		$686,593		$640,228		7.2%						$1,344,251		$1,281,739		4.9%

Stabilized Portfolio Occupancy at period end ⁽⁴⁾		92.5%		91.5%		1.1%		91.6%		1.0%		92.5%		91.5%		1.1%

(1)

Represents data centers owned as of December 31, 2024 with less than 5% of total rentable square feet under development. Excludes data centers that were undergoing, or were expected to undergo, development activities in 2025-2026, data centers classified as held for sale and contribution, and data centers sold or contributed to joint ventures for all periods presented. Prior period numbers adjusted to reflect current same-capital pool.

(2)	For definitions and discussion of NOI and cash NOI and a reconciliation of operating income before gain (loss) on disposition of properties, net to NOI and cash NOI, see page 29.

(3)	Adjustment calculated by holding currency translation rates for 2026 constant with average currency translation rates that were applicable to the same periods in 2025.

(4)	Occupancy excludes capacity under active development and capacity held for development.

Table of Contents

Summary of Leasing Activity		Financial Supplement
Leases Signed and Renewed in the Quarter End June 30, 2026			Second Quarter 2026


	0-1 MW (Based on kW)					> 1 MW (Based on kW)					Data Center Total					Other (Based on NRSF) ⁽³⁾
Leasing Activity - New ^{(1) (2)}	2Q26		YTD		LTM	2Q26		YTD	LTM		2Q26		YTD	LTM			2Q26	YTD	LTM

Annualized GAAP Rent at 100% Share (in thousands)		$95,861	$182,528		$334,616		$188,674	$787,469		$1,190,753		$284,534	$969,997		$1,525,369		$424	$1,368		$3,925

At Digital Realty Share

Annualized GAAP Rent (in thousands)		$87,821	$166,774		$308,772		$99,846	$424,327		$578,462		$187,666	$591,102		$887,234		$332	$1,060		$2,909

Kilowatt Leased / NRSF (in thousands)		26,117	52,745		93,720		52,875	202,219		269,684		78,992	254,964		363,404		9	22		51

Weighted Average Lease Term (years)		4.1	4.2		4.3		8.8	12.2		11.5		6.6	10.0		9.1		4.4	4.3		6.1

Initial Stabilized cash rent per Kilowatt / NRSF		$278	$261		$271		$147	$151		$156		$190	$174		$185		$35	$45		$54
GAAP Rent per Kilowatt / NRSF		$280	$263		$275		$157	$175		$179		$198	$193		$203		$37	$47		$57
Leasing cost per Kilowatt / NRSF		$25	$21		$32		—	$0		$1		$8	$4		$9		$3	$2		$3


		0-1 MW (Based on kW)					> 1 MW (Based on kW)					Data Center Total					Other (Based on NRSF) ⁽³⁾
Leasing Activity - Renewals ^{(1) (2)}	2Q26		YTD	LTM			2Q26	YTD	LTM			2Q26	YTD	LTM			2Q26	YTD	LTM

At Digital Realty Share
Leases renewed Kilowatt / NRSF (in thousands)		34,788	79,367		153,323		35,835	50,209		108,392		70,623	129,576		261,715		35	167		296
Leasing cost per Kilowatt / NRSF		$2	$1		$1		—	—		$3		$1	$1		$2		$1	$1		$1

Weighted Average Lease Term (years)		1.4	1.4		1.5		4.6	4.2		5.0		2.8	2.3		2.8		2.9	4.5		4.1

Cash Rent
Expiring cash rent per Kilowatt / NRSF		$331	$303		$320		$159	$163		$170		$244	$249		$258		$57	$32		$48
Renewed cash rent per Kilowatt / NRSF		$348	$318		$334		$265	$243		$218		$306	$289		$286		$61	$36		$57

Cash Rent % Change kW / NRSF		5.2%	4.7%		4.5%		66.7%	48.7%		28.4%		25.6%	15.9%		11.0%		7.6%	13.2%		19.4%

GAAP Rent
Expiring GAAP rent per Kilowatt / NRSF		$330	$302		$319		$142	$150		$153		$235	$243		$250		$55	$31		$45
Renewed GAAP rent per Kilowatt / NRSF		$349	$318		$335		$272	$248		$223		$310	$291		$289		$64	$37		$59

GAAP Rent % Change kW / NRSF		5.5%	5.3%		5.0%		92.3%	65.6%		46.0%		32.1%	19.7%		15.4%		15.2%	21.9%		30.3%

Churn ⁽⁴⁾		2.0%	4.4%		8.3%		0.4%	0.9%		3.3%		1.1%	2.4%		5.5%		2.6%	5.6%		6.3%

Note: Data center totals may not foot due to rounding differences.

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

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

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

(4)	Churn is defined as recurring revenue lost during the period due to leases terminated or not renewed, divided by recurring revenue at the beginning of the period.

Note: LTM is last twelve months, including current quarter. Weighted average lease term excludes renewal options and is weighted by annualized GAAP rent.

Table of Contents

Lease Expirations - By Size		Financial Supplement
Dollars in Thousands (except per kW data)			Second Quarter 2026


				% of								Rent Per kW
		Annualized		Annualized		Annualized Rent		kW of Expiring		Rent per kW		Per Month at
Year		Rent ⁽¹⁾		Rent		at Expiration		Leases		Per Month		Expiration
0-1 MW
Month to Month ⁽²⁾		$70,777		1.5%		$69,153		12,831		$460		$449
2026		422,830		8.8%		421,602		92,044		383		382
2027		553,360		11.5%		549,945		139,079		332		330
2028		183,932		3.8%		188,815		51,266		299		307
2029		140,233		2.9%		148,541		40,610		288		305
2030		88,266		1.8%		93,449		26,439		278		295
2031		61,964		1.3%		70,506		21,030		246		279
2032		33,941		0.7%		38,120		9,254		306		343
2033		13,440		0.3%		16,339		4,410		254		309
2034		2,596		0.1%		2,629		814		266		269
2035		10,025		0.2%		13,078		3,779		221		288
Thereafter		5,800		0.1%		6,847		2,822		171		202
Total / Wtd. Avg.		$1,587,165		33.0%		$1,619,023		404,377		$327		$334


> 1 MW		Annualized
Month to Month ⁽²⁾	$8,105	0.2%	$8,254	4,730	$143	$145
2026	148,258	3.1%	148,381	96,545	128	128
2027	321,151	6.7%	325,066	181,301	148	149
2028	268,868	5.6%	276,823	172,279	130	134
2029	375,859	7.8%	393,047	236,980	132	138
2030	304,121	6.3%	321,302	197,116	129	136
2031	293,350	6.1%	339,237	176,891	138	160
2032	203,067	4.2%	224,015	130,540	130	143
2033	115,123	2.4%	125,691	67,144	143	156
2034	162,763	3.4%	183,183	124,019	109	123
2035	82,186	1.7%	85,150	51,814	132	137
Thereafter	721,062	15.0%	1,052,299	413,681	145	212
Total / Wtd. Avg.	$3,003,914	62.5%	$3,482,448	1,853,040	$135	$157


Data Center Total		Annualized
Month to Month ⁽²⁾	$78,882	1.6%	$77,407	17,562	$374	$367
2026	571,088	11.9%	569,983	188,588	252	252
2027	874,512	18.2%	875,011	320,380	227	228
2028	452,800	9.4%	465,638	223,545	169	174
2029	516,092	10.7%	541,588	277,590	155	163
2030	392,388	8.2%	414,752	223,554	146	155
2031	355,314	7.4%	409,743	197,921	150	173
2032	237,009	4.9%	262,135	139,794	141	156
2033	128,562	2.7%	142,029	71,554	150	165
2034	165,359	3.4%	185,812	124,832	110	124
2035	92,211	1.9%	98,228	55,593	138	147
Thereafter	726,861	15.1%	1,059,145	416,503	145	212
Total / Wtd. Avg.	$4,591,078	95.5%	$5,101,471	2,257,417	$169	$188

Other ⁽³⁾

Annualized

Total

$217,769

4.5%

$228,855

—

Grand Total

Annualized

Total

$4,808,848

100.0%

$5,330,326

—

(1)	Annualized rent represents the monthly contractual base rent (defined as cash base rent before abatements) under existing leases as of June 30, 2026, multiplied by 12.

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

(3)	Other includes unimproved data center shell capacity as well as storage and office space within fully improved data center facilities.

Note: Represents consolidated portfolio in addition to our managed and non-managed portfolio of unconsolidated entities based on our ownership percentage.

Table of Contents

Top 20 Customers by Annualized Rent		Financial Supplement
Dollars in Thousands			Second Quarter 2026


									Weighted
									Average
				Annualized			% of Annualized		Remaining
		Number of		Recurring			Recurring		Lease Term in
	Customer	Locations		Revenue ⁽¹⁾			Revenue		Years
1	Fortune 50 Software Company	75			$550,059		10.8%		8.4
2	Oracle Corporation	42			509,151		10.0%		10.8
3	Social Content Platform	32			282,065		5.6%		2.5
4	Global Cloud Provider	65			225,391		4.4%		2.7
5	Fortune 25 Tech Company	61			128,884		2.5%		8.9
6	IBM	33			105,623		2.1%		2.4
7	Meta Platforms, Inc.	51			103,305		2.0%		2.9
8	Equinix	14			97,616		1.9%		2.9
9	Leading AI Chip Maker	7			81,255		1.6%		13.7
10	LinkedIn Corporation	7			71,757		1.4%		1.7
11	Fortune 25 Investment Grade-Rated Company	29			68,365		1.3%		3.1
12	Specialized Cloud Provider	5			67,130		1.3%		3.3
13	Space Technology and Connectivity Provider	6			64,739		1.3%		5.0
14	Lumen Technologies, Inc.	109			59,073		1.2%		2.9
15	AT&T	70			50,124		1.0%		1.3
16	Global Commerce Platform	15			49,528		1.0%		5.3
17	Zayo	112			48,227		0.9%		0.8
18	Comcast Corporation	41			47,762		0.9%		1.9
19	JPMorgan Chase & Co.	20			44,449		0.9%		1.3
20	Global Technology and Entertainment Platform	22			43,600		0.9%		2.3
	Total / Weighted Average				$2,698,103		53.1%		6.3

(1)	Annualized recurring revenue represents the monthly contractual base rent (defined as cash base rent before abatements) and interconnection revenue under existing leases as of June 30, 2026, multiplied by 12.

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

Occupancy Analysis		Financial Supplement
Dollars in Thousands			Second Quarter 2026


	100% Share				Digital Realty Share
	White Space	Annualized	Occupancy ⁽³⁾		White Space	Annualized	Occupancy ⁽³⁾		Data Center
Metropolitan Area	IT Load ⁽¹⁾	Rent ⁽²⁾	30-Jun-26	31-Mar-26	IT Load ⁽¹⁾	Rent ⁽²⁾	30-Jun-26	31-Mar-26	Count
Americas

Northern Virginia	842	$1,299,128	98.6%	98.6%	656	$1,054,237	98.8%	98.7%	32
Chicago	177	403,447	97.1%	95.9%	103	298,307	95.4%	94.2%	10
Dallas	123	238,586	93.9%	93.2%	102	205,848	92.6%	91.8%	20
New York	67	214,053	85.4%	84.9%	61	197,485	84.0%	83.5%	10
Silicon Valley	99	213,624	92.4%	78.8%	95	192,410	92.1%	78.0%	15
Other Markets	502	903,863	92.7%	92.7%	405	742,482	92.3%	92.1%	69

Americas Total	1,809	$3,272,701	95.7%	94.7%	1,421	$2,690,768	95.2%	93.8%	156

EMEA

Frankfurt	184	$341,532	93.3%	93.5%	154	$299,488	93.4%	93.6%	29
London	96	239,500	71.9%	72.0%	96	239,500	71.9%	72.0%	13
Amsterdam	140	221,966	79.7%	87.0%	140	221,966	79.7%	87.0%	13
Paris	153	243,902	86.2%	83.3%	129	202,735	85.2%	83.9%	13
Johannesburg	97	193,357	80.1%	79.9%	59	117,948	80.1%	79.9%	5
Other Markets	308	597,127	78.2%	81.2%	292	567,375	79.2%	81.8%	57

EMEA Total	978	$1,837,384	82.1%	83.6%	870	$1,649,011	81.9%	83.7%	130

Asia Pacific

Singapore	72	$276,174	93.9%	93.3%	72	$276,174	93.9%	93.3%	3
Tokyo	89	116,216	90.3%	90.3%	44	58,108	90.3%	90.3%	5
Osaka	65	81,449	89.3%	89.2%	32	40,724	89.3%	89.2%	4
Sydney	30	31,203	81.7%	74.8%	30	31,000	81.7%	74.8%	4
Hong Kong	24	30,461	59.6%	59.7%	19	26,957	71.4%	71.4%	2
Other Markets	35	38,666	57.7%	54.3%	27	36,103	68.3%	64.1%	6

Asia Pacific Total	315	$574,169	84.1%	83.1%	225	$469,068	85.9%	84.6%	24

Portfolio Total/Weighted Average	3,102	$5,684,254	90.2%	90.1%	2,515	$4,808,848	89.8%	89.4%	310

Unconsolidated Portfolio Total	817	$1,168,106	92.9%	92.6%	282	$401,275	91.2%	91.1%	88

Consolidated Portfolio Total	2,285	$4,516,148	89.3%	89.2%	2,234	$4,407,573	89.6%	89.2%	222

(1)	White Space IT Load represents UPS-backed utility power in megawatts dedicated to Digital Realty’s operated data center capacity.

(2)	Annualized base rent represents the monthly contractual base rent (defined as cash base rent before abatements) under existing leases as of June 30, 2026, multiplied by 12.

(3)	Occupancy excludes capacity under active development and capacity held for development.

Note: Totals may not foot due to rounding differences.

Table of Contents

Development Lifecycle ⁽¹⁾		Financial Supplement
Dollars in Thousands			Second Quarter 2026


	Future Development Capacity						Data Center Construction

	IT Capacity (100% Share) ⁽²⁾		Total Investment ⁽³⁾				Project Summary ⁽⁴⁾			100% Share ⁽⁴⁾						DLR Share ⁽⁵⁾

							Under		Average	Current		Future		Total		Current		Future		Total
			100% Share		DLR Share		Construction		Expected	Investment		Investment		Investment		Investment		Investment		Investment		Yields
Region	Land (MW)	Shell (MW)		⁽⁴⁾ ⁽¹⁰⁾	⁽⁵⁾ ⁽¹¹⁾		(MW)	% Leased	Completion		⁽⁶⁾		⁽⁷⁾		⁽⁸⁾	⁽⁶⁾		⁽⁷⁾			⁽⁸⁾	⁽⁹⁾
Northern Virginia	780	30		$1,785,120		$1,590,669	422	56%	3Q27		$1,731,109		$3,654,947		$5,386,056		$1,392,496		$2,334,714		$3,727,211
Charlotte	200	—		392,436		392,436	212	94%	2Q28		294,694		3,076,840		3,371,534		177,269		1,847,784		2,025,053
Atlanta	1,080	—		616,762		616,762	192	—	1Q29		297,128		2,934,645		3,231,773		141,136		1,393,956		1,535,092
Other	3,360	150		2,106,477		1,630,465	314	85%	2Q27		1,198,324		2,885,540		4,083,864		979,514		1,913,797		2,893,311
Americas	5,420	180		$4,900,795		$4,230,332	1,140	62%			$3,521,255		$12,551,971		$16,073,227		$2,690,415		$7,490,252		$10,180,667	11.8%

Marseille	—	30		$220,431		$220,431	36	—	2Q28		$145,943		$476,457		$622,400		$145,943		$476,457		$622,400
Frankfurt	90	60		1,155,462		934,817	26	16%	1Q27		381,558		214,562		596,120		381,558		214,562		596,120
Zurich	—	—		—		—	15	—	3Q28		48,167		347,552		395,719		48,167		347,552		395,719
Other	810	150		1,446,137		1,225,549	106	17%	2Q27		660,294		941,647		1,601,941		588,347		678,466		1,266,813
EMEA	900	240		$2,822,030		$2,380,797	183	12%			$1,235,963		$1,980,218		$3,216,181		$1,164,016		$1,717,037		$2,881,053	10.4%

Tokyo	30	—		$32,768		$16,384	34	84%	1Q27		$242,585		$130,200		$372,785		$121,292		$65,100		$186,392
Seoul	—	50		365,342		365,342	12	—	4Q27		29,943		114,259		144,202		29,943		114,259		144,202
Osaka	20	10		200,741		100,370	18	50%	4Q27		79,995		152,324		232,319		39,998		76,162		116,160
Other	190	70		388,809		255,590	16	—	1Q28		52,183		88,745		140,928		40,546		63,409		103,955
APAC	240	130		$987,660		$737,686	80	47%			$404,706		$485,527		$890,233		$231,779		$318,930		$550,709	11.2%

Total	6,560	550		$8,710,485		$7,348,816	1,402	54%			$5,161,924		$15,017,717		$20,179,641		$4,086,209		$9,526,219		$13,612,428	11.5%

(1)	Includes development projects in consolidated and unconsolidated entities.

(2)	Represents the expected megawatt capacity to be developed based on our current plans and estimates; actual megawatt capacity developed may differ. Includes land and capacity held or actively under construction in preparation for future data center fit-out.

(3)	Represents cost incurred through June 30, 2026, plus remaining cost to complete on approved phases in preparation for future data center fit-out, including pro-rata share of acquisition, shell and infrastructure costs.

(4)	Includes Digital Realty's and partners' shares in development joint ventures projects.

(5)	Includes only Digital Realty's share in development joint ventures projects.

(6)	Represents cost incurred through June 30, 2026. Excludes $2.3 billion related to the impact of purchase accounting on the acquisition of three joint venture development projects in Northern Virginia acquired on June 30, 2026.

(7)	Represents estimated cost to complete scope of work pursuant to approved development budget.

(8)	Represents total cost to develop a data center, including pro-rata share of acquisition, shell and infrastructure costs, plus the direct investment in the data center fit-out.

(9)	Represents pre-tax estimated stabilized cash yields, which are based on total expected investment amounts and anticipated net operating income from leases signed or other assumptions based on market conditions.

(10)	Includes $4.2 billion of current investment.

(11)	Includes $3.7 billion of current investment.

Table of Contents

Historical Capital Expenditures and Investments in Real Estate		Financial Supplement
Dollars in Thousands			Second Quarter 2026


		Three Months Ended											Six Months Ended
		30-Jun-26		31-Mar-26	31-Dec-25			30-Sep-25			30-Jun-25		30-Jun-26			30-Jun-25

Non-Recurring Capital Expenditures⁽¹⁾

Development ⁽²⁾			$747,113	$729,959		$756,758			$532,590			$565,168		$1,477,072			$1,251,790

Enhancements and Other Non-Recurring			7,913	5,760		4,385			8,114			10,234		13,673			15,822

Total Non-Recurring Capital Expenditures			$755,026	$735,719		$761,143			$540,704			$575,402		$1,490,745			$1,267,612

Recurring Capital Expenditures ⁽³⁾			$76,674	$59,665		$168,539			$77,998			$62,083		$136,339			$97,388

Total Direct Capital Expenditures			$831,700	$795,384		$929,682			$618,702			$637,485		$1,627,084			$1,365,000

Indirect Capital Expenditures

Capitalized Interest			$37,102	$35,637		$34,783			$32,923			$29,393		$72,739			$59,488

Capitalized Overhead			45,389	39,017		37,696			35,767			37,445		84,406			67,138

Total Indirect Capital Expenditures			$82,491	$74,654		$72,479			$68,690			$66,838		$157,145			$126,626

Total Improvements to and Advances for Investment in Real Estate			$914,191	$870,038		$1,002,161			$687,392			$704,323		$1,784,229			$1,491,626

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

(2)	Amount reflects the total capital expenditures on consolidated development projects during the quarter. The total includes 100% of spending on projects contributed to joint ventures and fund prior to their contribution.

(3)

Recurring capital expenditures represent non-incremental data center improvements required to maintain current revenues, including second-generation tenant improvements and external leasing commissions. Recurring capital expenditures do not include acquisition costs contemplated when underwriting the purchase of a data center, costs which are incurred to bring a building up to Digital Realty’s operating standards, or internal leasing commissions.

Table of Contents

Acquisitions / Dispositions/ Joint Ventures		Financial Supplement
Dollars in Thousands			Second Quarter 2026

Closed Acquisitions:




	Acquisition	Metropolitan	Date	Purchase	Cap
Property	Type	Area	Acquired	Price ⁽¹⁾	Rate ⁽²⁾
15 MW Development	Building	Malaysia	4/2/2026	$117,000	NA
2 GW Hyperscale Development	Land	Kansas City	4/30/2026	475,000	NA
48 MW Development	Land	Marseille	5/18/2026	53,112	NA
1.5 MW Data Center and 14 MW Development	Building and Land	Malaysia	6/9/2026	17,040	NA
Assemblage for 1 GW+ Campus	Land	Atlanta	6/11/2026	5,500	NA
Assemblage for 1 GW+ Campus	Land	Atlanta	6/30/2026	15,000	NA
Three Hyperscale Assets⁽³⁾	Building	Northern Virginia	6/30/2026	4,127,398	> 6.5%
Total				$4,810,050	—

Closed Dispositions:




	Disposition	Metropolitan	Date	Sale	Cap
Property	Type	Area	Disposed	Price ⁽¹⁾	Rate⁽²⁾
Non-Core Asset	Building	Atlanta, GA	4/15/2026	$24,000	NA
Total				$24,000	—

Closed Joint Venture / Fund Contributions:




		Metropolitan				Contribution		Cap
Property		Area		Date		Price		Rate ⁽²⁾
U.S. Hyperscale Data Center Fund ⁽⁴⁾		Charlotte and Atlanta		5/1/2026		$436,000		NA
Total						$436,000		—

(1)	Represents the purchase price or sale price, as applicable before contractual price adjustments, transaction expenses, taxes, and potential currency fluctuations. All prices were converted to USD based on FX rate as of June 30, 2026.

(2)

We calculate the cash capitalization rate on acquisitions, dispositions, and joint venture and fund contributions by dividing anticipated annual net operating income by the purchase/sale/contribution price, including assumed debt and related pre-payment penalties. Net operating income represents rental revenue and tenant reimbursement revenue from in-place leases, less rental property operating and maintenance expenses, property taxes and insurance expenses, and is not a financial measure calculated in accordance with GAAP. We caution you not to place undue reliance on our cash capitalization rates because they are based solely on data made available to us in the diligence process in connection with the relevant acquisitions and are calculated on a non-GAAP basis. Our calculation of the cash capitalization rate on acquisitions may change, based on our experience operating the data centers subsequent to closing of the acquisitions. In addition, the actual cash capitalization rates may differ from our expectations based on numerous other factors, including the results of our final purchase price allocation, difficulties collecting anticipated rental revenues, tenant bankruptcies, property tax reassessments and unanticipated expenses at the data centers that we cannot pass on to tenants.

(3)	Reflects Digital Realty’s purchase of its partner's 64% interest in three hyperscale data centers in Northern Virginia including cash, equity and assumed debt; excludes $900 million of remaining capex spend.

(4)	Digital Realty contributed interests in two development sites to the Fund, the value of which are presented at 100% share. Digital Realty received approximately $170 million of proceeds as a result of the contribution.

Table of Contents

Unconsolidated Entities		Financial Supplement
Dollars in Thousands			Second Quarter 2026


Summary Balance Sheet -	As of June 30, 2026
at the JV's 100% Share		Total ⁽¹⁾

Gross cost of operating real estate		$14,762,195
Accumulated depreciation and amortization		(2,121,799)
Net Book Value of Operating Real Estate		$12,640,396
Cash		1,111,577
Other assets		2,827,601
Total Assets		$16,579,574

Debt		5,939,413
Other liabilities		2,244,218
Equity / (deficit)		8,395,942
Total Liabilities and Equity		$16,579,574

Digital Realty's Pro Rata Share of Unconsolidated entities Debt		$1,985,418


Summary Statement of Operations -	Three Months Ended June 30, 2026
at the JV's 100% Share		Total ⁽¹⁾

Total revenues		$513,779
Operating expenses		(212,210)
Net Operating Income (NOI)		$301,569

Straight-line rent		(20,267)
Above and below market rent		(8,203)
Cash Net Operating Income (NOI)		$273,099

Interest expense		($91,704)
Depreciation and amortization		(193,084)
Other income / (expense)		(12,251)
FX remeasurement on USD debt		15,152
Total Other Expenses, net		($281,888)

Net Income / (Loss)		$19,681

Digital Realty's Pro Rata Share of Unconsolidated entities NOI		$102,776

Digital Realty's Pro Rata Share of Unconsolidated entities Cash NOI		$93,894

Digital Realty's Earnings (loss) from unconsolidated entities		$36

Digital Realty's Pro Rata Share of Core FFO ⁽²⁾		$58,143

Digital Realty's Fee Income from Unconsolidated entities		$44,821

(1)

Includes Ascenty, Blackstone NoVa, Clise, Digital Realty DC Partners NA Fund, GI Partners, Mapletree, Menlo, Mitsubishi, Realty Income, TPG Real Estate, Walsh, Digital Realty Bersama, Digital Connexion, Lumen, MC Digital Realty, Blackstone Frankfurt, Blackstone Paris, Medallion, Mivne and Digital Core REIT.

(2)	For a definition of Core FFO, see page 28.

Table of Contents

Reconciliation of Earnings Before Interest, Taxes, Depreciation & Amortization and Financial Ratios		Financial Supplement
Unaudited and Dollars in Thousands			Second Quarter 2026


	Three Months Ended
Reconciliation of Earnings Before Interest, Taxes, Depreciation & Amortization (EBITDA) ⁽¹⁾		30-Jun-26	31-Mar-26	31-Dec-25	30-Sep-25	30-Jun-25

Net Income (Loss) Available to Common Stockholders		$443,108	$169,093	$88,466	$57,631	$1,021,975
Interest expense		113,943	116,384	116,516	113,584	109,383
(Gain) loss on debt extinguishment and modifications		—	4,119	(9)	—	—
Income tax expense (benefit)		33,675	16,008	(9,673)	11,695	12,883
Depreciation and amortization		507,106	499,511	493,458	497,002	461,167
EBITDA		$1,097,832	$805,115	$688,758	$679,912	$1,605,408
Unconsolidated JV real estate related depreciation and amortization		62,972	60,291	70,260	65,922	59,172
Unconsolidated JV interest expense and tax expense		37,142	35,814	38,498	44,795	31,243
Severance, equity acceleration and legal expenses		4,384	2,835	4,937	1,794	2,262
Transaction and integration expenses		38,703	15,685	36,083	86,559	22,546
(Gain) loss on disposition of properties, net		(7,988)	(873)	(42,865)	(19,780)	(931,830)
Provision for impairment		—	—	78,553	—	—
Other non-core adjustments, net ⁽²⁾		(82,084)	(4,270)	(25,033)	2,523	9,545
Net promote		(187,871)	—	—	—	—
Noncontrolling interests		4,318	(4,470)	(2,536)	(4,099)	14,790
Preferred stock dividends		10,181	10,181	10,181	10,181	10,181
Adjusted EBITDA		$977,589	$920,307	$856,836	$867,807	$823,319

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

(2)	Includes foreign exchange remeasurement (gain) loss, net, impact of foreign tax rate changes, non-recurring legal and insurance expenses, lease termination fees, insurance proceeds related to property damage and similar adjustments on unconsolidated entities.

Three Months Ended

Financial Ratios

30-Jun-26

31-Mar-26

31-Dec-25

30-Sep-25

30-Jun-25

Total GAAP interest expense

$113,943

$116,384

$116,516

$113,584

$109,383

Capitalized interest expense

37,102

35,637

34,783

32,923

29,393

Change in accrued interest and other non-cash amounts

(104,924)

30,268

(52,014)

41,265

(92,065)

Cash Interest Expense ⁽³⁾

$46,121

$182,289

$99,285

$187,772

$46,711

Preferred stock dividends

10,181

Total Fixed Charges ⁽⁴⁾

$161,226

$162,202

$161,479

$156,687

$148,957

Coverage

Interest coverage ratio ⁽⁵⁾

5.5x

5.2x

4.8x

4.9x

5.0x

Cash interest coverage ratio ⁽⁶⁾

13.2x

4.4x

6.8x

3.9x

11.2x

Fixed charge coverage ratio ⁽⁷⁾

5.2x

4.9x

4.5x

4.6x

4.7x

Cash fixed charge coverage ratio ⁽⁸⁾

11.6x

4.2x

6.3x

3.8x

9.9x

Leverage

Debt to total enterprise value ^(9)(10)

21.4%

21.7%

25.1%

23.0%

23.2%

Debt-plus-preferred-stock-to-total-enterprise-value ^(10)(11)

22.3%

22.7%

26.1%

23.9%

24.1%

Pre-tax income to interest expense ⁽¹²⁾

5.0x

2.5x

1.8x

1.6x

10.6x

Net Debt-to-Adjusted EBITDA ⁽¹³⁾

4.7x

4.9x

5.1x

(3)	Cash interest expense is interest expense less amortization of debt discount and deferred financing fees and includes interest that we capitalized. We consider cash interest expense to be a useful measure of interest as it excludes non-cash-based interest expense.

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

(5)	Adjusted EBITDA (including our pro rata share of unconsolidated entities EBITDA), divided by GAAP interest expense plus capitalized interest (including our pro rata share of unconsolidated entities interest expense).

(6)	Adjusted EBITDA (including our pro rata share of unconsolidated entities EBITDA), divided by cash interest expense (including our pro rata share of unconsolidated entities interest expense).

(7)	Adjusted EBITDA (including our pro rata share of unconsolidated entities EBITDA), divided by fixed charges (including our pro rata share of unconsolidated entities fixed charges).

(8)	Adjusted EBITDA (including our pro rata share of unconsolidated entities EBITDA), divided by the sum of cash interest expense and preferred stock dividends (including our pro rata share of unconsolidated entities cash fixed charges).

(9)	Total debt divided by market value of common equity plus debt plus preferred stock.

(10)	Total enterprise value defined as market value of common equity plus debt plus preferred stock.

(11)	Same as (9), except numerator includes preferred stock.

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

(13)

Calculated as total debt at balance sheet carrying value, plus finance lease obligations, plus Digital Realty’s pro rata share of unconsolidated entities debt, less cash and cash equivalents (including Digital Realty’s pro rata share of unconsolidated entities cash) divided by the product of Adjusted EBITDA (including Digital Realty’s pro rata share of unconsolidated entities EBITDA), multiplied by four.

Table of Contents

Management Statements on Non-GAAP Measures		Financial Supplement
Unaudited			Second Quarter 2026

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

Core Funds from Operations (Core FFO) and Core FFO (excluding net promote):

We present core funds from operations, or Core FFO, as a supplemental operating measure because, in excluding certain items that do not reflect core revenue or expense streams, it provides a performance measure that, when compared year over year, captures trends in our core business operating performance. We calculate Core FFO by adding to or subtracting from FFO (i) other non-core revenue adjustments, (ii) transaction and integration expenses, (iii) gain (loss) on debt extinguishment and modifications, (iv) gain on / issuance costs associated with redeemed preferred stock, (v) severance, equity acceleration and legal expenses, (vi) gain/loss on FX and derivatives revaluation, and (vii) other non-core expense adjustments. We calculate Core FFO (excluding net promote) by adding to Core FFO the net impact of (i) promote income and (ii) promote expense (collectively “net promote”). Because certain of these adjustments have a real economic impact on our financial condition and results from operations, the utility of Core FFO and Core FFO (excluding net promote) as a measure of our performance is limited. Other REITs may calculate Core FFO and Core FFO (excluding net promote) differently than we do and accordingly, our Core FFO and Core FFO (excluding net promote) may not be comparable to other REITs’ Core FFO and Core FFO (excluding net promote). Core FFO and Core FFO (excluding net promote) should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance.

Adjusted Funds from Operations (AFFO):

We present adjusted funds from operations, or AFFO, as a supplemental operating measure because, when compared year over year, it assesses our ability to fund dividend and distribution requirements from our operating activities. We also believe that, as a widely recognized measure of the operations of REITs, AFFO will be used by investors as a basis to assess our ability to fund dividend payments in comparison to other REITs, including on a per share and unit basis. We calculate AFFO by adding to or subtracting from Core FFO (i) non-real estate depreciation, (ii) amortization of deferred financing costs, (iii) amortization of debt discount/premium, (iv) non-cash stock-based compensation expense, (v) straight-line rental revenue, (vi) straight-line rental expense, (vii) above- and below-market rent amortization, (viii) deferred tax expense / (benefit), (ix) leasing compensation and internal lease commissions, and (x) recurring capital expenditures. Other REITs may calculate AFFO differently than we do and, accordingly, our AFFO may not be comparable to other REITs’ AFFO. AFFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance.

EBITDA and Adjusted EBITDA:

We believe that earnings before interest expense, gain (loss) on debt extinguishment and modifications, income tax expense (benefit), and depreciation and amortization, or EBITDA, and Adjusted EBITDA (as defined below), are useful supplemental performance measures because they allow investors to view our performance without the impact of non-cash depreciation and amortization or the cost of debt and, with respect to Adjusted EBITDA, (i) unconsolidated entities real estate related depreciation & amortization, (ii) unconsolidated entities interest expense and tax expense, (iii) severance, equity acceleration and legal expenses, (iv) transaction and integration expenses, (v) gain (loss) on sale / deconsolidation, (vi) provision for impairment, (vii) other non-core adjustments, net, (viii) noncontrolling interests, (ix) preferred stock dividends, (x) gain on / issuance costs associated with redeemed preferred stock and (xi) net promote. In addition, we believe EBITDA and Adjusted EBITDA are frequently used by securities analysts, investors, and other interested parties in the evaluation of REITs. Because EBITDA and Adjusted EBITDA are calculated before recurring cash charges including interest expense and income taxes, exclude capitalized costs, such as leasing commissions, and are not adjusted for capital expenditures or other recurring cash requirements of our business, their utility as a measure of our performance is limited. Other REITs may calculate EBITDA and Adjusted EBITDA differently than we do and, accordingly, our EBITDA and Adjusted EBITDA may not be comparable to other REITs’ EBITDA and Adjusted EBITDA. Accordingly, EBITDA and Adjusted EBITDA should be considered only as supplements to net income computed in accordance with GAAP as a measure of our financial performance.

Table of Contents

Management Statements on Non-GAAP Measures		Financial Supplement
Unaudited			Second Quarter 2026

Net Operating Income (NOI) and Cash NOI:

Net operating income, or NOI, represents rental revenue, tenant reimbursement revenue and interconnection revenue less utilities expense, rental property operating expenses, property taxes and insurance expenses (as reflected in the statement of operations). NOI is commonly used by stockholders, company management and industry analysts as a measurement of operating performance of the company’s rental portfolio. Cash NOI is NOI less straight-line rents and above- and below-market rent amortization. Cash NOI is commonly used by stockholders, company management and industry analysts as a measure of property operating performance on a cash basis. Same-Capital Cash NOI represents data centers owned as of December 31, 2024 with less than 5% of total rentable square feet under development and excludes data centers that were undergoing, or were expected to undergo, development activities in 2025-2026, data centers classified as held for sale and contribution, and data centers sold or contributed to joint ventures for all periods presented (prior period numbers adjusted to reflect current same-capital pool). However, because NOI and cash NOI exclude depreciation and amortization and capture neither the changes in the value of our data centers that result from use or market conditions, nor the level of capital expenditures and capitalized leasing commissions necessary to maintain the operating performance of our data centers, all of which have real economic effect and could materially impact our results from operations, the utility of NOI and cash NOI as measures of our performance is limited. Other REITs may calculate NOI and cash NOI differently than we do and, accordingly, our NOI and cash NOI may not be comparable to other REITs’ NOI and cash NOI. NOI and cash NOI should be considered only as supplements to net income computed in accordance with GAAP as measures of our performance.

Additional Definitions

GAAP refers to United States generally accepted accounting principles.

Net debt-to-Adjusted EBITDA ratio is calculated as total debt at balance sheet carrying value, plus finance lease obligations, plus Digital Realty’s pro rata share of unconsolidated entities debt, less cash and cash equivalents (including Digital Realty’s pro rata share of unconsolidated entities cash) divided by the product of Adjusted EBITDA (including Digital Realty’s pro rata share of unconsolidated entities EBITDA), multiplied by four.

Debt-plus-preferred-to-total enterprise value is total debt plus preferred stock divided by total debt plus the liquidation value of preferred stock and the market value of outstanding Digital Realty Trust, Inc. common stock and Digital Realty Trust, L.P. units, assuming the redemption of Digital Realty Trust, L.P. units for shares of Digital Realty Trust, Inc. common stock.

Fixed charge coverage ratio is Adjusted EBITDA divided by the sum of GAAP interest expense, capitalized interest and preferred stock dividends. For the quarter ended June 30, 2026, GAAP interest expense was $114 million, capitalized interest was $37 million and preferred stock dividends were $10 million.


Reconciliation of Net Operating Income (NOI)		Three Months Ended								Six Months Ended
(in thousands)		30-Jun-26			31-Mar-26			30-Jun-25		30-Jun-26			30-Jun-25

Operating income before gain (loss) on disposition of properties, net			$459,257			$266,933			$211,698		$726,190			$407,447

Fee income			(248,927)			(34,899)			(34,427)		(283,826)			(55,070)
Other income			(480)			(47)			(1,363)		(527)			(1,496)
Depreciation and amortization			507,106			499,511			461,167		1,006,617			904,176
General and administrative			153,316			151,923			133,755		305,239			254,867
Severance, equity acceleration and legal expenses			4,384			2,835			2,262		7,219			4,690
Transaction and integration expenses			38,703			15,685			22,546		54,388			62,448
Provision for impairment			—			—			—		—			—
Other expenses			13,508			23			195		13,531			307

Net Operating Income			$926,867			$901,963			$795,832		$1,828,831			$1,577,368


Cash Net Operating Income (Cash NOI)

Net Operating Income			$926,867			$901,963			$795,832		$1,828,831			$1,577,368

Straight-line rental revenue			(26,955)			(21,813)			(24,015)		(48,767)			(33,708)
Straight-line rental expense			(617)			(1,423)			(469)		(2,040)			(445)
Above- and below-market rent amortization			(962)			(1,007)			(752)		(1,969)			(1,458)

Cash Net Operating Income			$898,333			$877,720			$770,595		$1,776,055			$1,541,757



Constant Currency Core FFO (Excluding Net Promote) Reconciliation		Three Months Ended								Six Months Ended
(in thousands, except per share data)		30-Jun-26						30-Jun-25		30-Jun-26			30-Jun-25

Core FFO (Excluding Net Promote) ⁽¹⁾			$767,885						$643,284		$1,483,956			$1,251,639
Core FFO impact of holding '25 Exchange Rates Constant ⁽²⁾			(7,720)						—		(34,138)			—

Constant Currency Core FFO (Excluding Net Promote)			$760,165						$643,284		$1,449,818			$1,251,639
Weighted-average shares and units outstanding - diluted			360,648						343,909		356,113			343,436
Constant Currency Core FFO Per Share (Excluding Net Promote)			$2.11						$1.87		$4.07			$3.64

1)	As reconciled to net income above.

2)	Adjustment calculated by holding currency translation rates for 2026 constant with average currency translation rates that were applicable to the same periods in 2025.

Table of Contents

Forward-Looking Statements		Financial Supplement
			Second Quarter 2026

This document contains forward-looking statements within the meaning of the federal securities laws, which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. Such forward-looking statements include statements relating to: our economic outlook, our expected investment and expansion activity, anticipated continued demand for our products and service, our liquidity, our joint ventures, supply and demand for data center and colocation capacity, our acquisition and disposition activity, pricing and net effective leasing economics, market dynamics and data center fundamentals, our strategic priorities, our product offerings, available inventory, rent from leases that have been signed but have not yet commenced and other contracted rent to be received in future periods, rental rates on future leases, lag between signing and commencement, cap rates and yields, investment activity, the company’s FFO, Core FFO, constant currency Core FFO, Core FFO (excluding net promote), Constant Currency Core FFO (excluding net promote), adjusted FFO, adjusted EBITDA, net income, 2026 outlook and underlying assumptions, information related to trends, our strategy and plans, leasing expectations, weighted average lease terms, the exercise of lease extensions, lease expirations, debt maturities, annualized rent at expiration of leases, the effect new leases and increases in rental rates will have on our rental revenue, our credit ratings, construction and development activity and plans, projected construction costs, estimated yields on investment, expected occupancy, expected square footage and IT load capacity upon completion of development projects, backlog NOI, NAV components, and other forward-looking financial data. Such statements are based on management’s beliefs and assumptions made based on information currently available to management. Such statements are subject to risks, uncertainties and assumptions and are not guarantees of future performance and may be affected by known and unknown risks, trends, uncertainties, and factors that are beyond our control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated, or projected. Some of the risks and uncertainties that may cause our actual results, performance, or achievements to differ materially from those expressed or implied by forward-looking statements include, among others, the following:

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reduced demand for data centers or decreases in information technology spending;

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

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increased competition or available supply of data center capacity;

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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;

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

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

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

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increased tariffs, global supply chain or procurement disruptions, or increased supply chain costs;

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the impact from periods of heightened inflation on our costs, such as operating and general and administrative expenses, interest expense and real estate acquisition and construction costs;

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the impact on our customers’ and our suppliers’ operations during an epidemic, pandemic, or other global events;

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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;

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changes in political conditions, geopolitical turmoil, political instability, civil disturbances, restrictive governmental actions or nationalization in the countries in which we operate;

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

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information security, cyberattacks, security breaches and data privacy breaches;

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

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

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

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difficulties in identifying properties to acquire and completing acquisitions;

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

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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;

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

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financial market fluctuations and changes in foreign currency exchange rates;

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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;

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our inability to manage our growth effectively;

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losses in excess of our insurance coverage;

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our inability to attract and retain talent;

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environmental liabilities, risks related to natural disasters and our inability to achieve our sustainability goals;

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the expected operating performance of anticipated near-term acquisitions and descriptions relating to these expectations;

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

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

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

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restrictions on our ability to engage in certain business activities;

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

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the impact of any financial, accounting, legal or regulatory issues or litigation that may affect us.

The risks included here are not exhaustive, and additional factors could adversely affect our business and financial performance. Several additional material risks are discussed in our annual report on Form 10-K for the year ended December 31, 2025, and other filings with the U.S. Securities and Exchange Commission. Those risks continue to be relevant to our performance and financial condition. Moreover, we operate in a competitive and rapidly changing environment. New risk factors emerge from time to time and it is not possible for management to predict all such risk factors, nor can it assess the impact of all such risk factors on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. We expressly disclaim any responsibility to update forward-looking statements, whether as a result of new information, future events or otherwise. Digital Realty, Digital Realty Trust, the Digital Realty logo, Interxion, Turn-Key Flex, Powered Base Building, ServiceFabric, AnyScale Colo, Pervasive Data Center Architecture, PlatformDIGITAL, PDx, Data Gravity Index and Data Gravity Index DGx are registered trademarks and service marks of Digital Realty Trust, Inc. in the United States and/or other countries. All other names, trademarks and service marks are the property of their respective owners.

Exhibit 99.2

Global. Connected. Sustainable. 2Q26 FINANCIAL RESULTS July 23, 2026 The meeting place for companies, technologies and data

Providing the essential community that combines power, proximity, and connectivity $108M Record Bookings 0-1MW + Interconnection Developing high-capacity infrastructure for the world’s leading cloud and AI providers and digital platforms Supports scalable hyperscale capacity growth, while enhancing fee income and shareholder returns Colocation & Connectivity Hyperscale Strategic Private Capital 2Q26 Financial Results 2 21% Bookings Growth (vs. Prior Year) Executing on Our Three Core Pillars of Growth Positioned for Long-Term Sustainable Growth 2GW Added in Kansas City Midwest Hub for AI and Cloud 34% Development Capacity Growth (vs. Prior Quarter) $9Bn AUM Acquisition of Columbia Capital(1) 38% Fee Income Growth(2) (vs. Prior Year) 1) Completion of the Columbia Capital acquisition is expected to occur in the second half of 2026, subject to customary closing conditions and regulatory approvals. 2) Excludes promote income.

3 Offering a Global Data Center Platform Capacity in Major Metros to Meet Growing Customer Demand Global Capacity ~9 GW Future Development IT Capacity 2Q26 Financial Results ~3 GW In-Place IT Capacity Note: As of June 30, 2026. ~12 GW Total Data Center IT Capacity

Note: As of June 30, 2026. Totals reflect Consolidated and Unconsolidated facilities at 100% Share. Totals may not add due to rounding. Buildable IT Capacity is the sum of the following: Land, Shell, and Data Center under Construction. 4 >5 GW Future Development Capacity = >25MWs and <100 MWs of Buildable Capacity = <25MWs of Buildable Capacity = >100MWs of Buildable Capacity Development Capacity For Growing Digital Transformation, Cloud and AI Workloads Future 9 G Development Capacity W 70% 20% 10% >100 MW < 100 MW and > 25 MW < 25 MW CAPACITY BLOCKS 2Q26 Financial Results ~1.4 GW Under Construction

Leading Data Center Partner for Sustainability Our Mission is to Deliver Sustainable Data Center Solutions for Our Customers, Communities and the Environment 2025 Sustainability Highlights Note: As of June 30, 2026. 2Q26 Financial Results 5

2Q26 Financial Results 2Q26 Financial Results 6

2Q26 Financial Results 7 Enabling the Meeting Place Another Record Quarter of 0-1MW + IX Bookings 142 New Logos Added $108M Bookings from 0-1MW + Interconnection 52% of total 2Q Bookings from 0-1 MW + Interconnection 2Q26 Results Note: Metrics presented at Digital Realty’s share.

Note: Totals may not add up due to rounding. 1) Other includes Powered Base Building® shell capacity as well as storage and office space within fully improved data center facilities. 2Q26 BOOKINGS AT DLR SHARE HISTORICAL BOOKINGS ANNUALIZED GAAP BASE RENT $ in millions Strong Demand Environment 0-1 MW $87.8M 42% of total bookings INTERCONNECTION $20.5M 10% of total bookings >1 MW $99.8M 48% of total bookings OTHER(1) $0.3M <1% of total bookings TOTAL BOOKINGS $208.5M 2Q26 Financial Results 8 0-1MW Interconnection >1 MW Other (1) • $307M Total Bookings at 100% Share • Signed Two Hyperscale Leases for $410M at 100% share, or $205M at DLR share, post quarter end $75 $150 $225 $300 $375 2022 2023 2024 2025 YTD 2026 Partner Share $50 $250 $450 $650 $850 $1,050 $1,250 2022 2023 2024 2025 YTD 2026

Note: Totals may not add up due to rounding. 1) Amounts shown represent GAAP annualized base rent from leases signed. 2) Historical backlog adjusted for asset sales and purchases, joint venture and fund contributions and other non-material reconciling items. 3) Includes approximately $380 million of incremental backlog related to Digital Realty's acquisition of a 64% stake in three fully leased data centers in Northern Virginia. 4) 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. BACKLOG ROLL-FORWARD (1) $ in millions Consolidated Digital Realty Backlog Unconsolidated Entities Backlog, at DLR Share COMMENCEMENT TIMING (4) $ in millions 2Q26 Financial Results 9 $1,324M $120M $198M $1,244M $1,428M $208M $208M $1,427M 1Q26 Backlog Signed Commenced 2Q26 Backlog (2) • Backlog = ~30% of in-place Data Center Rent at DLR Share • Record Total Backlog of $1.9B at 100% Share Record Backlog Multi-Year Visibility $573M $393M $277M $1,244M $635M $480M $312M $1,427M 2026 2027 2028+ 2Q26 Backlog (3) (3)

Robust Pricing Environment Attractive Renewal Spreads 2Q26 RENEWAL SPREADS 0-1 MW > 1 MW OTHER (1) TOTAL 55% of total renewals 44% of total renewals 1% of total renewals Signed renewals representing $261 million of annualized rental revenue RENTAL RATE CHANGE RENTAL RATE CHANGE RENTAL RATE CHANGE RENTAL RATE CHANGE 5.5% 66.7% GAAP Note: Totals may not add up due to rounding. Rental rate change represents the beginning rental rate on agreements renewed, relative to the ending rental rate at expiration, weighted by net rentable square feet. Signed renewals amounts represent cash annualized rental revenue. 1) Other includes Powered Base Building® shell capacity as well as storage and office space within fully improved data center facilities. 5.2% CASH GAAP CASH 92.3% 7.6% CASH 15.2% GAAP 25.4% CASH 32.0% GAAP 2Q26 Financial Results 10 • Record Cash MTM Led by Strength in APAC • Raised Full-Year Renewal Spread Guidance by 250 bps

Revenue Exposure by Currency Currency Tailwinds 1% 5% 23% 5% 54% <1% 2% 4% 2026E $8.18 / Sh 1% SOFR +/- 100bps +0% GBP +/- 10% 2% EUR +/- 10% CORE FFO (excluding net promote) /SHARE EXPOSURE (2) EXPOSURE BY REVENUE (1) Note: Totals may not add up due to rounding. 1) As of June 30, 2026. Includes Digital Realty’s share of revenue from unconsolidated entities. 2) Core FFO (excluding net promote) is a non-GAAP financial measure. For a definition of Core FFO (excluding net promote) and reconciliation to its nearest GAAP equivalent, see the Appendix. 2Q26 Financial Results 11 2% <1% • Local Operations Funded in Local Currencies Act as a Natural Hedge • FX Benefit in 2Q <1% <1% 2Q25 U.S. DOLLAR INDEX 2Q26 ZAR 4% USD EURO SGD GBP 23% 5% 5% OTHER 1% CHF 54% 2% 1% BRL CAD 2% JPY 2% <1% <1% <1% 2% July-26 <1% 1% <1% <1% 85 90 95 100 105 110 115 Apr-25 Jul-25 Oct-25 Jan-26 Apr-26 <1% AUS

Matching the Duration of Assets and Liabilities Modest Near-Term Maturities, Well-Laddered Debt Schedule DEBT MATURITY SCHEDULE AS OF JUNE 30, 2026 (1)(2) (U.S. $ in billions) Note: As of June 30, 2026. 1) Includes Digital Realty’s pro rata share of unconsolidated entities’ loans and debt securities. 2) Assumes exercise of extension options. 3) Includes impact of cross-currency swaps. DEBT PROFILE 92% Unsecured Unsecured Secured 82% Non-USD Euro USD GBP Other 90% Fixed Fixed Floating 2Q26 Financial Results (3) 4.5 YEARS Weighted Avg. Maturity (1)(2) 12 2.9% Weighted Avg. Coupon (1) $0.5 $1.9 $3.0 $3.7 $3.1 $1.8 $1.9 $1.9 $1.1 $1.9 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035+ Unsecured Credit Facilities Unsecured Convertible Notes Unsecured Green Senior Notes - EUR Unsecured Green Senior Notes - CHF Other Unsecured Debt Unsecured Senior Notes - CHF Euro Term Loan Unsecured Senior Notes - GBP Pro Rata Share of JV Debt Secured Mortgage Debt Unsecured Senior Notes - USD Unsecured Senior Notes - EUR R € ¥ $ $ € ¥ $ € R$ ¥ R$ ¥ $ R$

2026 Financial Guidance Update Improving Core Growth (1) (1) (2) 2Q26 Financial Results 13 As of February 5, 2026 As of April 23, 2026 As of July 23, 2026 Better/Worse Total Revenue (excluding promote income) $6,600 – $6,700 $6,650 - $6,750 $6,850 - $6,950 Adjusted EBITDA $3,600 – $3,700 $3,650 - $3,750 $3,750 - $3,850 Rental Rates on Renewal Leases (Cash) 6.0% – 8.0% 6.5% - 8.5% 9.0% - 11.0% Year-End Portfolio Occupancy +50 – 100 bps +50 – 100 bps +75 – 125 bps Same-Capital Cash NOI Growth 4.0% – 5.0% 4.0% – 5.0% 4.25 – 5.25% Core FFO per Share (excluding net promote) $7.90 – $8.00 $8.00 – $8.10 $8.15 – $8.20 CC Core FFO per Share (excluding net promote) $7.90 – $8.00 $7.95 – $8.05 $8.10 - $8.15 (1) Note: Dollars in millions except Core FFO per Share. The Company does not provide a reconciliation for non-GAAP estimates on a forward-looking basis, as it is unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and/or amount of various items that would impact net income attributable to common stockholders per diluted share, which is the most directly comparable forward-looking GAAP financial measure. This includes, for example, external growth factors, such as dispositions, and balance sheet items, such as debt issuances, that have not yet occurred, are out of the Company's control and/or cannot be reasonably predicted. For the same reasons, the Company is unable to address the probable significance of the unavailable information. Forward-looking non-GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures. 1) Adjusted EBITDA, Same-Capital Cash NOI Growth, Core FFO Per Share (excluding net promote), and Constant-Currency Core FFO (excluding net promote) per Share are non-GAAP financial measures. For definitions and reconciliations of these measures to their nearest GAAP equivalents, see the Appendix. 2) Year-end portfolio occupancy guidance based on IT load (kW). 3) Presented on a constant currency basis. (1) (3)

Consistent Execution on Strategic Vision Delivering Strong Results, Seeding Future Growth 2Q26 Key Takeaways 2Q26 Financial Results 14 1. Raised Guidance on Strong Operating Performance Exceeded Expectations Across Revenue, Adj. EBTIDA and Core FFO, Driving a Higher 2026 Outlook 2. Record Performance and Renewal Spreads 3. Record Backlog Supports Multi-Year Growth Backlog Reached $1.9B, Providing Visibility to Support Multiple Years of Double-Digit Growth 4. Strategic Transactions Extend Growth Runway Investments Across Colocation, Hyperscale, and Private Capital Enhance Scale and Position the kkkPlatform for Future Growth Record 0-1MW + Interconnection Bookings of $100+M and Record Renewal Spreads at 25% (1) Note: 1) Core FFO Per Share is a non-GAAP financial measures. For definition and reconciliation of this measures to its nearest GAAP equivalents, see the Appendix. 2) Backlog presented at 100% share. (2)

Appendix 2Q26 Financial Results 15

Appendix Management Statements on Non-GAAP Measures 2Q26 Financial Results 16 The information included in this presentation contains certain non-GAAP financial measures that management believes are helpful in understanding our business, as further described below. Our definition and calculation of non-GAAP financial measures may differ from those of other REITs, and, therefore, may not be comparable. The non-GAAP financial measures should not be considered alternatives to net income or any other GAAP measurement of performance and should not be considered an alternative to cash flows from operating, investing or financing activities as a measure of liquidity. Funds From Operations (FFO): We calculate funds from operations, or FFO, in accordance with the standards established by the National Association of Real Estate Investment Trusts (Nareit) in the Nareit Funds From Operations White Paper - 2018 Restatement. FFO is a non-GAAP financial measure and represents net income (loss) available to common stockholders (computed in accordance with GAAP), excluding gain (loss) from the disposition of real estate assets, provision for impairment, real estate related depreciation and amortization (excluding amortization of deferred financing costs), our share of unconsolidated JV real estate related depreciation & amortization, net income attributable to noncontrolling interests in operating partnership and reconciling items related to noncontrolling interests. Management uses FFO as a supplemental performance measure because, in excluding real estate related depreciation and amortization and gains and losses from property dispositions and after adjustments for unconsolidated partnerships and joint ventures, it provides a performance measure that, when compared year over year, captures trends in occupancy rates, rental rates and operating costs. We also believe that, as a widely recognized measure of the performance of REITs, FFO will be used by investors as a basis to compare our operating performance with that of other REITs. However, because FFO excludes depreciation and amortization and captures neither the changes in the value of our data centers that result from use or market conditions, nor the level of capital expenditures and capitalized leasing commissions necessary to maintain the operating performance of our data centers, all of which have real economic effect and could materially impact our financial condition and results from operations, the utility of FFO as a measure of our performance is limited. Other REITs may not calculate FFO in accordance with the Nareit definition and, accordingly, our FFO may not be comparable to other REITs’ FFO. FFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance. Core Funds from Operations (Core FFO) and Core FFO (excluding net promote): We present core funds from operations, or Core FFO, as a supplemental operating measure because, in excluding certain items that do not reflect core revenue or expense streams, it provides a performance measure that, when compared year over year, captures trends in our core business operating performance. We calculate Core FFO by adding to or subtracting from FFO (i) other non-core revenue adjustments, (ii) transaction and integration expenses, (iii) gain (loss) on debt extinguishment and modifications, (iv) gain on / issuance costs associated with redeemed preferred stock, (v) severance, equity acceleration and legal expenses, (vi) gain/loss on FX and derivatives revaluation, and (vii) other non-core expense adjustments. We calculate Core FFO (excluding net promote) by adding to Core FFO the net impact of (i) promote income and (ii) promote expense (collectively “net promote”). Because certain of these adjustments have a real economic impact on our financial condition and results from operations, the utility of Core FFO and Core FFO (excluding net promote) as a measure of our performance is limited. Other REITs may calculate Core FFO and Core FFO (excluding net promote) differently than we do and accordingly, our Core FFO and Core FFO (excluding net promote) may not be comparable to other REITs’ Core FFO and Core FFO (excluding net promote). Core FFO and Core FFO (excluding net promote) should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance. Adjusted Funds from Operations (AFFO): We present adjusted funds from operations, or AFFO, as a supplemental operating measure because, when compared year over year, it assesses our ability to fund dividend and distribution requirements from our operating activities. We also believe that, as a widely recognized measure of the operations of REITs, AFFO will be used by investors as a basis to assess our ability to fund dividend payments in comparison to other REITs, including on a per share and unit basis. We calculate AFFO by adding to or subtracting from Core FFO (i) non-real estate depreciation, (ii) amortization of deferred financing costs, (iii) amortization of debt discount/premium, (iv) non-cash stock-based compensation expense, (v) straight-line rental revenue, (vi) straight-line rental expense, (vii) above- and below-market rent amortization, (viii) deferred tax expense / (benefit), (ix) leasing compensation and internal lease commissions, and (x) recurring capital expenditures. Other REITs may calculate AFFO differently than we do and, accordingly, our AFFO may not be comparable to other REITs’ AFFO. AFFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance. EBITDA and Adjusted EBITDA: We believe that earnings before interest expense, gain (loss) on debt extinguishment and modifications, income tax expense (benefit), and depreciation and amortization, or EBITDA, and Adjusted EBITDA (as defined below), are useful supplemental performance measures because they allow investors to view our performance without the impact of non-cash depreciation and amortization or the cost of debt and, with respect to Adjusted EBITDA, (i) unconsolidated entities real estate related depreciation & amortization, (ii) unconsolidated entities interest expense and tax expense, (iii) severance, equity acceleration and legal expenses, (iv) transaction and integration expenses, (v) gain (loss) on sale / deconsolidation, (vi) provision for impairment, (vii) other non-core adjustments, net, (viii) noncontrolling interests, (ix) preferred stock dividends, (x) gain on / issuance costs associated with redeemed preferred stock and (xi) net promote. In addition, we believe EBITDA and Adjusted EBITDA are frequently used by securities analysts, investors, and other interested parties in the evaluation of REITs. Because EBITDA and Adjusted EBITDA are calculated before recurring cash charges including interest expense and income taxes, exclude capitalized costs, such as leasing commissions, and are not adjusted for capital expenditures or other recurring cash requirements of our business, their utility as a measure of our performance is limited. Other REITs may calculate EBITDA and Adjusted EBITDA differently than we do and, accordingly, our EBITDA and Adjusted EBITDA may not be comparable to other REITs’ EBITDA and Adjusted EBITDA. Accordingly, EBITDA and Adjusted EBITDA should be considered only as supplements to net income computed in accordance with GAAP as a measure of our financial performance. Net Operating Income (NOI) and Cash NOI: Net operating income, or NOI, represents rental revenue, tenant reimbursement revenue and interconnection revenue less utilities expense, rental property operating expenses, property taxes and insurance expenses (as reflected in the statement of operations). NOI is commonly used by stockholders, company management and industry analysts as a measurement of operating performance of the company’s rental portfolio. Cash NOI is NOI less straight-line rents and above- and below-market rent amortization. Cash NOI is commonly used by stockholders, company management and industry analysts as a measure of property operating performance on a cash basis. Same-Capital Cash NOI represents data centers owned as of December 31, 2024 with less than 5% of total rentable square feet under development and excludes data centers that were undergoing, or were expected to undergo, development activities in 2025-2026, data centers classified as held for sale and contribution, and data centers sold or contributed to joint ventures for all periods presented (prior period numbers adjusted to reflect current same-capital pool). However, because NOI and cash NOI exclude depreciation and amortization and capture neither the changes in the value of our data centers that result from use or market conditions, nor the level of capital expenditures and capitalized leasing commissions necessary to maintain the operating performance of our data centers, all of which have real economic effect and could materially impact our results from operations, the utility of NOI and cash NOI as measures of our performance is limited. Other REITs may calculate NOI and cash NOI differently than we do and, accordingly, our NOI and cash NOI may not be comparable to other REITs’ NOI and cash NOI. NOI and cash NOI should be considered only as supplements to net income computed in accordance with GAAP as measures of our performance.

Appendix Forward-Looking Statements This information in this presentation contains forward-looking statements within the meaning of the federal securities laws, which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. Such forward-looking statements include statements relating to: our economic outlook; our expected investment and expansion activity; our joint ventures; the expected benefits and timing of PlatformDIGITAL®; the Data Gravity Index ; Data Gravity Index DGx ; public cloud services spending; the potential impact of artificial intelligence and data regulations; our sustainability initiatives; the expected effect of foreign currency translation adjustments on our financials; anticipated continued demand for our products and services; our liquidity; demand drivers and economic growth outlook; business drivers; our expected development plans and completions, including timing, total square footage, IT capacity and raised floor space upon completion; expected availability for leasing efforts and colocation initiatives; organizational initiatives; our product offerings; our connected data communities; joint venture opportunities; occupancy and total investment; our expected investment in our properties; our estimated time to stabilization and targeted returns at stabilization of our properties; our expected future acquisitions; acquisitions strategy; available inventory and development strategy; the signing and commencement of leases, and related rental revenue; lag between signing and commencement of leases; our backlog; future rents; our expected same store portfolio growth; our expected growth and stabilization of development completions and acquisitions; lease rollovers and expected rental rate changes; our re-leasing spreads; our expected yields on investments; our expectations with respect to capital investments at lease expiration on existing data center or colocation space; debt maturities; lease maturities; our other expected future financial and other results including guidance, and the assumptions underlying such results; our customers’ capital investments; our plans and intentions; future data center utilization, utilization rates, growth rates, trends, supply and demand; data center expansion plans; estimated kW/MW requirements; capital expenditures; the effect new leases and increases in rental rates will have on our rental revenues and results of operations; estimates of the value of our development portfolio; our ability to meet our liquidity needs, including the ability to raise additional capital; access to power; market forecasts; projected financial information and covenant metrics; Core FFO run rate and NOI growth; other forward looking financial data; leasing expectations; our exposure to tenants in certain industries; our expectations and underlying assumptions regarding our sensitivity to fluctuations in foreign exchange rates; and the sufficiency of our capital to fund future requirements. You can identify forward-looking statements by the use of forward-looking terminology such as “believes,” “expects,” “may,” “will,” “should,” “seeks,” “approximately,” “intends,” “plans,” “pro forma,” “estimates” or “anticipates” or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and discussions which do not relate solely to historical matters. Such statements are based on management’s beliefs and assumptions made based on information currently available to management. Such statements are subject to risks, uncertainties and assumptions and are not guarantees of future performance and may be affected by known and unknown risks, trends, uncertainties and factors that are beyond our control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. Some of the risks and uncertainties that may cause our actual results, performance or achievements to differ materially from those expressed or implied by forward-looking statements include, among others, the following: reduced demand for data centers or decreases in information technology spending; decreased rental rates, increased operating costs or increased vacancy rates; increased competition or available supply of data center capacity; the suitability of our data centers and data center infrastructure, delays or disruptions in connectivity or availability of power, or failures or breaches of our physical and information security infrastructure or services; breaches of our obligations or restrictions under our contracts with our customers; our inability to successfully develop and lease new properties and development capacity, and delays or unexpected costs in development of properties; the impact of current global and local economic, credit and market conditions; increased tariffs, global supply chain or procurement disruptions, or increased supply chain costs; the impact from periods of heightened inflation on our costs, such as operating and general and administrative expenses, interest expense and real estate acquisition and construction costs; the impact on our customers’ and our suppliers’ operations during an epidemic, pandemic, or other global events; our dependence upon significant customers, bankruptcy or insolvency of a major customer or a significant number of smaller customers, or defaults on or non-renewal of leases by customers; changes in political conditions, geopolitical turmoil, political instability, civil disturbances, restrictive governmental actions or nationalization in the countries in which we operate; our inability to retain data center capacity that we lease or sublease from third parties; information security, cyberattacks, security breaches, and data privacy breaches; difficulties managing an international business and acquiring or operating properties in foreign jurisdictions and unfamiliar metropolitan areas; our failure to realize the intended benefits from, or disruptions to our plans and operations or unknown or contingent liabilities related to, our recent and future acquisitions; our failure to successfully integrate and operate acquired or developed properties or businesses; difficulties in identifying properties to acquire and completing acquisitions; risks related to joint venture investments, including as a result of our lack of control of such investments; risks associated with using debt to fund our business activities, including re-financing and interest rate risks, our failure to repay debt when due, adverse changes in our credit ratings or our breach of covenants or other terms contained in our loan facilities and agreements; our failure to obtain necessary debt and equity financing, and our dependence on external sources of capital; financial market fluctuations and changes in foreign currency exchange rates; adverse economic or real estate developments in our industry or the industry sectors that we sell to, including risks relating to decreasing real estate valuations and impairment charges and goodwill and other intangible asset impairment charges; our inability to manage our growth effectively; losses in excess of our insurance coverage; our inability to attract and retain talent; environmental liabilities, risks related to natural disasters and our inability to achieve our sustainability goals; the expected operating performance of anticipated near-term acquisitions and descriptions relating to these expectations; our inability to comply with rules and regulations applicable to our company; Digital Realty Trust, Inc.’s failure to maintain its status as a REIT for U.S. federal income tax purposes; Digital Realty Trust, L.P.’s failure to qualify as a partnership for U.S. federal income tax purposes; restrictions on our ability to engage in certain business activities; and changes in local, state, federal and international laws and regulations, including related to taxation, real estate and zoning laws and increases in real property tax rates; the impact of any financial, accounting, legal or regulatory issues or litigation that may affect us. The risks included here are not exhaustive, and additional factors could adversely affect our business and financial performance. We discussed a number of additional material risks in our annual report on Form 10-K for the year ended December 31, 2024, and other filings with the Securities and Exchange Commission. Those risks continue to be relevant to our performance and financial condition. Moreover, we operate in a very competitive and rapidly changing environment. New risk factors emerge from time to time and it is not possible for management to predict all such risk factors, nor can it assess the impact of all such risk factors on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. We expressly disclaim any responsibility to update forward-looking statements, whether as a result of new information, future events or otherwise. Digital Realty, Digital Realty Trust, the Digital Realty logo, Interxion, Turn-Key Flex, Powered Base Building, PlatformDIGITAL, Data Gravity Index, Data Gravity Index DGx, ServiceFabric, AnyScale Colo, and Pervasive Data Center Architecture (PDx),among others, are registered trademarks and service marks of Digital Realty Trust, Inc. in the United States and/or other countries. All other names, trademarks and service marks are the property of their respective owners. 2Q26 Financial Results 17

Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent 2Q26 Financial Results 18 June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Net income available to common stockholders $ 443,108 $ 1,021,975 $ 612,201 $ 1,121,768 Adjustments: Noncontrolling interests in operating partnership 9,000 21,000 13,000 24,000 Real estate related depreciation and amortization (1) 499,106 451,050 990,071 883,700 Depreciation related to non-controlling interests (24,292) (21,038) (48,018) (40,518) Real estate related depreciation and amortization related to investment in unconsolidated entities 62,972 59,172 123,263 115,033 (Gain) loss on real estate transactions (7,988) (931,830) (8,214) (932,941) Provision for impairment - - - - FFO available to common stockholders and unitholders $ 981,906 $ 600,329 $ 1,682,303 $ 1,171,044 Basic FFO per share and unit $ 2.73 $ 1.75 $ 4.73 $ 3.41 Diluted FFO per share and unit $ 2.73 $ 1.75 $ 4.73 $ 3.42 Weighted average common stock and units outstanding Basic 360,181 343,546 355,698 343,073 Diluted 367,605 351,691 363,462 351,239 (1) Real estate related depreciation and amortization was computed as follows: Depreciation and amortization per income statement 507,106 461,167 1,006,617 904,175 Non-real estate depreciation (8,000) (10,117) (16,546) (20,473) $ 499,106 $ 451,050 $ 990,071 $ 883,702 June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 FFO available to common stockholders and unitholders -- basic and diluted $ 981,906 $ 600,329 $ 1,682,303 $ 1,171,044 Weighted average common stock and units outstanding 360,181 343,546 355,698 343,073 Add: Effect of dilutive securities 467 362 415 363 Weighted average common stock and units outstanding -- diluted 360,648 343,909 356,113 343,436 Three Months Ended Six Months Ended Six 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

Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent 2Q26 Financial Results 19 June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 FFO available to common stockholders and unitholders -- diluted $ 981,906 $ 600,329 $ 1,682,303 $ 1,171,044 Other non-core revenue adjustments (80,837) 4,228 (80,866) 2,303 Transaction and integration expenses 38,703 22,546 54,388 62,448 Gain (loss) on debt extinguishment and modifications - - 4,119 - Severance, equity acceleration and legal expenses 4,384 2,262 7,219 4,690 (Gain) / Loss on FX and derivatives revaluation (1,608) 8,827 (6,006) 6,764 Other non-core expense adjustments 13,208 5,092 10,670 4,390 CFFO available to common stockholders and unitholders -- diluted $ 955,756 $ 643,284 $ 1,671,827 $ 1,251,639 Net promote (187,871) - (187,871) - Core Funds From Operations (excluding net promote) $ 767,885 $ 643,284 $ 1,483,956 $ 1,251,639 CFFO impact of holding '25 Exchange Rates Constant (7,720) - (34,138) - Constant Currency Core FFO (Excluding Net Promote) $ 760,165 $ 643,284 $ 1,449,818 $ 1,251,639 Core FFO per share (excluding net promote) - diluted $ 2.13 $ 1.87 $ 4.17 $ 3.64 Constant Currency Core FFO Per Share (Excluding Net Promote) $ 2.11 $ 1.87 $ 4.07 $ 3.64 Digital Realty Trust, Inc. and Subsidiaries Reconciliation of Funds From Operations (FFO) to Core Funds From Operations (CFFO) (in thousands, except per share and unit data) (unaudited) Three Months Ended Six Months Ended

Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent 2Q26 Financial Results 20 June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Net income available to common stockholders $ 443,108 $ 1,021,975 $ 612,201 $ 1,121,768 Interest expense 113,943 109,383 230,327 207,847 (Gain) loss on debt extinguishment and modifications - - 4,119 - Income tax expense (benefit) 33,675 12,883 49,683 30,018 Depreciation and amortization 507,106 461,167 1,006,617 904,176 EBITDA 1,097,832 1,605,408 1,902,947 2,263,809 Unconsolidated JV real estate related depreciation & amortization 62,972 59,172 123,263 115,033 Unconsolidated JV interest expense and tax expense 37,142 31,243 72,956 64,633 Severance, equity acceleration and legal expenses 4,384 2,262 7,219 4,690 Transaction and integration expenses 38,703 22,546 54,388 62,448 (Gain) loss on disposition of properties, net (7,988) (931,830) (8,861) (932,940) Provision for impairment - - - - Other non-core adjustments, net (82,084) 9,545 (86,355) 5,229 Net promote (187,871) - (187,871) - Noncontrolling interests 4,318 14,790 (152) 11,212 Preferred stock dividends 10,181 10,181 20,362 20,362 Adjusted EBITDA $ 977,589 $ 823,319 $ 1,897,896 $ 1,614,475 Digital Realty Trust, Inc. and Subsidiaries Reconciliation of Net Income Available to Common Stockholders to Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) and Adjusted EBITDA (in thousands) (unaudited) Three Months Ended Six Months Ended

Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent 2Q26 Financial Results 21 June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Rental revenues $ 860,191 $ 798,338 $ 1,709,949 $ 1,581,098 Tenant reimbursements - Utilities 269,255 250,296 537,532 480,880 Tenant reimbursements - Other 37,983 31,524 68,536 63,512 Interconnection and other 104,210 95,640 203,460 184,840 Total Revenue 1,271,639 1,175,798 2,519,477 2,310,328 Utilities 298,503 275,249 596,279 538,301 Rental property operating 220,489 208,364 428,446 394,433 Property taxes 44,400 39,093 86,951 77,456 Insurance 5,419 5,339 10,894 10,259 Total Expenses 568,812 528,045 1,122,570 1,020,450 Net Operating Income $ 702,827 $ 647,753 $ 1,396,907 $ 1,289,878 Less: Stabilized straight-line rent $ 4,636 $ 6,988 $ 6,202 $ 7,039 Above and below market rent 683 537 1,320 1,102 Same Capital Cash Net Operating Income $ 697,508 $ 640,228 $ 1,389,385 $ 1,281,737 Same Capital Cash NOI impact of holding '25 Exchange Rates Constant (10,915) - $ (45,134) $ - Constant Currency Same Capital Cash Net Operating Income $ 686,593 $ 640,228 $ 1,344,251 $ 1,281,739 June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Total operating revenues $ 1,924,040 $ 1,493,150 $ 3,559,213 $ 2,900,787 less: Proforma disposition adjustment (52) (23,854) (1,034) (64,375) plus: Constant currency adjustment (7,720) - (34,138) - Total operating revenues (as adjusted) $ 1,916,268 $ 1,469,296 $ 3,524,041 $ 2,836,412 Three Months Ended Six Months Ended Three Months Ended Six Months Ended Digital Realty Trust, Inc. and Subsidiaries Reconciliation of Same Capital Cash Net Operating Income (in thousands) (unaudited)

Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent 2Q26 Financial Results 22 Note: For quarter ended June 30, 2026 Total Debt/Total Enterprise Value QE 6/30/26 Market value of common equity(i) $ 67,643,297 Liquidation value of preferred equity(ii) 755,000 Total GAAP interest expense (including unconsolidated JV interest expense) 142,085 Total debt at balance sheet carrying value 18,635,349 Add: Capitalized interest 37,102 Total Enterprise Value $ 87,033,646 GAAP interest expense plus capitalized interest 179,187 Total debt / total enterprise value 21.4% Debt-plus-preferred-to-total-enterprise-value 22.3% Debt Service Ratio 5.5x (i) Market Value of Common Equity Common shares outstanding 370,010 Common units outstanding 6,665 QE 6/30/26 Total Shares and Partnership Units 376,675 Fixed Charged Ratio (LQA Adjusted EBITDA/total fixed charges) Stock price as of June 30, 2026 $ 179.58 Market value of common equity $ 67,643,297 GAAP interest expense plus capitalized interest 179,187 Preferred dividends 10,181 (ii) Liquidation value of preferred equity ($25.00 per share) Total fixed charges 189,369 Shares O/S Liquidation Value Series J Preferred 8,000 200,000 Fixed charge ratio 5.2x Series K Preferred 8,400 210,000 Series L Preferred 13,800 345,000 755,000 (iv) QE 6/30/26 Unsecured Debt/Total Debt Net Debt/LQA Adjusted EBITDA QE 6/30/26 Global unsecured revolving credit facility 709,756 Total debt at balance sheet carrying value $ 18,635,349 Unsecured term loans 427,681 Add: DLR share of unconsolidated joint venture debt 1,985,418 Unsecured senior notes, net of discount 15,906,794 Add: Finance lease obligations, net 270,433 Secured debt, including premiums 1,591,118 Less: Unrestricted cash (2,352,457) Finance lease obligations, net 270,433 Net Debt as of June 30, 2026 $ 18,538,743 Total debt at balance sheet carrying value 18,905,782 Net Debt / LQA Adjusted EBITDA(iii) 4.7x Unsecured Debt / Total Debt 91.6% (iii) Adjusted EBITDA Net Debt Plus Preferred/LQA Adjusted EBITDA QE 6/30/26 Net Income (Loss) Available to Common Stockholders $ 443,108 Total debt at balance sheet carrying value 18,635,349 Interest expense 113,943 Less: Unrestricted cash (2,352,457) (Gain) loss on debt extinguishment and modifications - Income tax expense (benefit) 33,675 Finance lease obligations, net 270,433 Depreciation and amortization 507,106 DLR share of unconsolidated joint venture debt 1,985,418 EBITDA 1,097,832 Net Debt as of June 30, 2026 18,538,743 Preferred Liquidation Value (iv) 755,000 Unconsolidated JV real estate related depreciation & amortization 62,972 Net Debt plus preferred 19,293,743 Unconsolidated JV interest expense and tax expense 37,142 Severance accrual and equity acceleration and legal expenses 4,384 Net Debt Plus Preferred/LQA Adjusted EBITDA(iii) 4.9x Transaction and integration expenses 38,703 (Gain) / loss on sale of investments (7,988) Provision for impairment - Other non-core adjustments, net (82,084) Net promote (187,871) Noncontrolling interests 4,318 Preferred stock dividends 10,181 Adjusted EBITDA $ 977,589 LQA Adjusted EBITDA (Adjusted EBITDA x 4) $ 3,910,357 Debt Service Ratio (LQA Adjusted EBITDA/GAAP interest expense plus capitalized interest and less bridge facility fees)

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