Digital Realty Trust : 1Q26 Earnings Presentation FINAL

Published: 2026-04-23 17:29:24 ET DLR

Published on 04/23/2026 at 05:29 pm EDT

April 23, 2026

Global. Connected. Sustainable.

The meeting place for companies, technologies and data

Positioned for Long-Term Sustainable Growth

5,500+

Customers

55+

Metros

234,000+

Cross Connects

300+

Data Centers

Strong

Operating Results

Expanding Connectivity Footprint

Bottom Line Growth

Coverage

Deploy Where You Need

Connectivity

Connect How You Need to Whom You Need

Capacity

$707M

Bookings at 100% Share

$1.8B

3 Strategic Market Entries

Milan, Italy

Sofia, Bulgaria

Cyberjaya, Malaysia

15%

Y/Y Growth in Core FFO per Share(1)

Backlog at 100% Share

$423M

1+ GW

Increase in Land Bank

Y/Y Growth in

Same-Capital Cash NOI(1)

Bookings at DLR Share

Host What You Need, How You Need

Control

Implement and Operate the Way You Need

Note: As of March 31, 2026. Includes investments in unconsolidated entities.

1) Core FFO per share and Same-Capital Cash NOI are non-GAAP financial measures. For definitions and reconciliations to their nearest GAAP equivalents, see the Appendix.

1Q26 Financial Results 2

Capacity in Major Metros to Meet Growing Customer Demand

Global Capacity

In-Place IT Capacity

Future Development IT Capacity

Total Data Center IT Capacity

1Q26 Financial Results 3

For Growing Cloud and AI Workloads

Future Development Capacity

~1.2 GW

Under Construction

= >100MWs of Buildable Capacity

= >25MWs and <100 MWs of Buildable Capacity

= <25MWs of Buildable Capacity

>5 GW

Future Development Capacity

CAPACITY BLOCKS

>100 MW < 100 MW and > 25 MW < 25 MW

10%

30%

60%

Buildable IT Capacity is the sum of the following: Land, Shell, and Data Center under Construction.

1Q26 Financial Results 4

‌1Q26

Financial Results

1Q26 Financial Results 5

Another Record Quarter of 0-1MW + IX Bookings

1Q26 Results

116

New Logos Added

$98M

Bookings from

0-1MW + Interconnection

42%

Y/Y Growth in Bookings from 0-1 MW + Interconnection

1Q26 Financial Results 6

‌Strong Demand Environment

HISTORICAL BOOKINGS

ANNUALIZED GAAP BASE RENT

$ in millions

$375

$1,250

Record $98M Bookings in 0-1MW + IX Category

Largest Lease in DLR History

$300

$225

$150

$1,050

$850

$650

$450

$707M Total Bookings at 100% Share

$75

2022 2023 2024 2025 YTD 2026

$250

$50

2022 2023

2024

2025 YTD 2026

1Q26 BOOKINGS AT DLR SHARE

0-1 MW

$78.9M

19% of total bookings

INTERCONNECTION

$18.6M

4% of total bookings

>1 MW

$324.5M

77% of total bookings

OTHER(1)

$0.7M

>1% of total bookings

TOTAL BOOKINGS

$422.8M

Note: Totals may not add up due to rounding.

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

1Q26 Financial Results 7

Multi-Year Visibility

BACKLOG ROLL-FORWARD (1)

$ in millions

COMMENCEMENT TIMING (3)

$ in millions

$157M

$369M

$423M $204M

Backlog Represents 23% of in-place Annualized Rent

Record Total Backlog of

$1.8B at 100% Share

$817M

$1,032M

$543M

$544M

$247M

$154M

$242M $1,032M

$222M

$375M

$751M

$752M

4Q25 Backlog(2)

Signed Commenced 1Q26 Backlog

2026 2027 2028+ 1Q26 Backlog

Note: Totals may not add up due to rounding.

Amounts shown represent GAAP annualized base rent from leases signed.

Historical backlog adjusted for asset sales and purchases, joint venture and fund contributions and other non-material reconciling items.

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.

1Q26 Financial Results 8

Renewals Skewed Toward 0-1 MW Category

Increased Full-Year Renewal Spread Guidance

1Q26 RENEWAL SPREADS

0-1 MW

> 1 MW

OTHER (1)

TOTAL

RENTAL RATE CHANGE

4.3%

CASH

5.1%

GAAP

RENTAL RATE CHANGE

7.4%

CASH

10.3%

GAAP

RENTAL RATE CHANGE

16.6%

CASH

26.1%

GAAP

RENTAL RATE CHANGE

5.0%

CASH

6.3%

GAAP

Signed renewals representing

$193 million

of annualized rental revenue

81%

of total renewals

17%

of total renewals

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.

1Q26 Financial Results 9

‌EXPOSURE BY REVENUE (1)

49%

24% 5% 5%

4% 2% 2%

2% 1%

<1%

USD EURO ZAR

GBP

SGD

JPY

BRL

CHF

CAD

OTHER

1% 5%

Currency Tailwinds

24%

49%

<1%

Local Operations Funded in Local Currencies Act as a Natural Hedge

FX Benefit in 1Q

<1%

EUR

+/- 10%

2026E

$8.05 / Sh

+0%

CORE FFO/SHARE EXPOSURE (2)

115

110

105

100

U.S. DOLLAR INDEX

1Q25 1Q26

GBP

+/- 10%

SOFR

+/-100bps

Note: Totals may not add up due to rounding.

As of March 31, 2026. Includes Digital Realty's share of revenue from unconsolidated entities.

Jan-25 Apr-25 Jul-25 Oct-25 Jan-26

Apr-26

Core FFO is a non-GAAP financial measure. For a definition of Core FFO and reconciliation to its nearest GAAP equivalent, see the Appendix.

1Q26 Financial Results 10

Modest Near-Term Maturities, Well-Laddered Debt Schedule

DEBT MATURITY SCHEDULE AS OF MARCH 31, 2026 (1)(2)

(U.S. $ in billions)

¥ $

$3.0 $3.1 $3.1

4.7 YEARS

Weighted Avg. Maturity (1)(2)

2.8%

Weighted Avg. Coupon (1)

DEBT PROFILE

95%

Unsecured

Unsecured Secured

$1.9

₣

$1.8 $1.9 $1.9

$1.0

$1.9

93%

Fixed

Fixed Floating

¥ R$

¥ $ € R$

$ €

€

$0.4

¥ $ R$

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

85%

Non-USD (3)

Euro USD GBP

Other

Note: As of March 31, 2026.

Includes Digital Realty's pro rata share of unconsolidated entities' loans and debt securities.

Assumes exercise of extension options.

Includes impact of cross-currency swaps.

1Q26 Financial Results 11

Improving Core Growth

As of February 5, 2026

As of April 23, 2026

Better/Worse

Total Revenue

$6,600 - $6,700

$6,650 - $6,750

(1)

Adjusted EBITDA

$3,600 - $3,700

$3,650 - $3,750

Rental Rates on Renewals Leases (Cash)

6.0% - 8.0%

6.5% - 8.5%

Year-End Portfolio Occupancy (2)

+50 - 100 bps

Same-Capital Cash NOI Growth (1) (3)

4.0% - 5.0%

Core FFO per Share(1)

$7.90 - $8.00

$8.00 - 8.10

(1)

Constant Currency Core FFO per Share

$7.90 - $8.00

$7.95 - 8.05

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.

Adjusted EBITDA, Same-Capital Cash NOI Growth, Core FFO Per Share, and Constant-Currency Core FFO per Share are non-GAAP financial measures. For definitions and reconciliations of these measures to their nearest GAAP equivalents, see the Appendix.

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

Presented on a constant currency basis.

1Q26 Financial Results 12

Delivering Strong Results, Seeding Future Growth

Strengthening

Innovating

Diversifying

Customer

and

and Bolstering

Value

Integrating

Capital

Proposition

Sources

First Quarter of 2026 Accomplishments

$707M Bookings, at 100% share

Record Bookings from 0-1MW+IX

116 New Logos

Record $1.8B Backlog, at 100% share

ServiceFabric® Expansion to 733 Data Centers and 39 Metros Globally

Expanded our footprint in Bulgaria, Italy, and Malaysia

Acquiring Adjacent Land Parcels for Hyperscale Development

Record Core FFO per Share and Double Digit Revenue Growth

Net Debt to Adjusted EBITDA at 4.7x

Growing Private Capital Platform

1Q26 Financial Results 13

Note: Core FFO is a non-GAAP financial measure. For a definition of Core FFO and reconciliation to its nearest GAAP equivalent, see the Appendix.

‌Appendix

1Q26 Financial Results 14

‌Appendix

Management Statements on Non-GAAP Measures

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

Funds From Operations (FFO):

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

Core Funds from Operations (Core FFO):

We present core funds from operations, or Core FFO, as a supplemental operating measure because, in excluding certain items that do not reflect core revenue or expense streams, it provides a performance measure that, when compared year

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

EBITDA and Adjusted EBITDA:

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

Net Operating Income (NOI) and Cash NOI:

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

Same-Capital Cash NOI:

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).

1Q26 Financial Results 15

‌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 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.

1Q26 Financial Results 16

Net income available to common stockholders $

Adjustments:

169,093

99,793

Noncontrolling interests in operating partnership

4,000

3,000

Real estate related depreciation and amortization (1)

490,965

432,652

Depreciation related to non-controlling interests

Real estate related depreciation and amortization related to investment in unconsolidated entities

(23,726)

60,291

(19,480)

55,861

(Gain) loss on real estate transactions

Provision for impairment

(226)

(1,111)

FFO available to common stockholders and unitholders

700,397

570,715

Basic FFO per share and unit

2.00

1.67

Diluted FFO per share and unit

1.99

1.67

Weighted average common stock and units outstanding Basic

351,059

342,594

Diluted

359,300

350,632

‌Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent

Digital Realty Trust, Inc. and Subsidiaries

Reconciliation of Net Income Available to Common Stockholders to Funds From Operations (FFO) (in thousands, except per share and unit data)

(unaudited)

Three Months Ended

March 31, 2026 March 31, 2025

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

Depreciation and amortization per income statement

499,511

443,009

Non-real estate depreciation

(8,546)

(10,356)

490,965

432,652

Three Months Ended

March 31, 2026 March 31, 2025

FFO available to common stockholders and unitholders -- basic and diluted

700,397

570,715

Weighted average common stock and units outstanding

351,059

342,594

Add: Effect of dilutive securities

234

456

Weighted average common stock and units outstanding -- diluted

351,293

343,050

1Q26 Financial Results 17

‌Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent

Digital Realty Trust, Inc. and Subsidiaries

Reconciliation of Funds From Operations (FFO) to Core Funds From Operations (CFFO) (in thousands, except per share and unit data)

(unaudited)

Three Months Ended

March 31, 2026

March 31, 2025

FFO available to common stockholders and unitholders -- diluted

700,397

570,715

Other non-core revenue adjustments

(29)

(1,925)

Transaction and integration expenses

15,685

39,902

Gain (loss) on debt extinguishment and modifications

4,119

Severance, equity acceleration and legal expenses

2,835

2,428

(Gain) / Loss on FX and derivatives revaluation

(4,398)

(2,064)

Other non-core expense adjustments

(2,538)

(702)

CFFO available to common stockholders and unitholders -- diluted

716,071

608,354

CFFO impact of holding '25 Exchange Rates Constant

(26,418)

Constant Currency CFFO available to common stockholders and unitholders -- diluted

689,653

608,354

Diluted CFFO per share and unit

2.04

1.77

Diluted Constant Currency CFFO per share and unit

1.96

1.77

1Q26 Financial Results 18

‌Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent

Digital Realty Trust, Inc. and Subsidiaries

Reconciliation of Net Income Available to Common Stockholders to Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) and Adjusted EBITDA

(in thousands) (unaudited)

Three Months Ended

March 31, 2026

March 31, 2025

Net income available to common stockholders

169,093

99,793

Interest expense

116,384

98,464

(Gain) loss on debt extinguishment and modifications

4,119

Income tax expense (benefit)

16,008

17,135

Depreciation and amortization

499,511

443,009

EBITDA

805,115

658,400

Unconsolidated JV real estate related depreciation & amortization

60,291

55,861

Unconsolidated JV interest expense and tax expense

35,814

33,390

Severance, equity acceleration and legal expenses

2,835

2,428

Transaction and integration expenses

15,685

39,902

(Gain) loss on disposition of properties, net

Provision for impairment

Other non-core adjustments, net

(873)

-(4,270)

(1,111)

-(4,316)

Noncontrolling interests

(4,470)

(3,579)

Preferred stock dividends

10,181

Adjusted EBITDA

920,307

791,156

1Q26 Financial Results 19

‌Reconciliation of Non-GAAP Items To Their Closest GAAP

Digital Realty Trust, Inc. and Subsidiaries

Reconciliation of Same Capital Cash Net Operating Income (in thousands)

(unaudited)

Three Months Ended

Equivalent

March 31, 2026 March 31, 2025

Rental revenues

849,758

782,759

Tenant reimbursements - Utilities

268,277

230,584

Tenant reimbursements - Other

30,553

31,987

Interconnection and other

99,250

89,200

Total Revenue

1,247,838

1,134,531

Utilities

297,775

263,053

Rental property operating

207,957

186,069

Property taxes

42,551

38,363

Insurance

5,474

4,919

Total Expenses

553,758

492,404

Net Operating Income

694,080

642,127

Less:

Stabilized straight-line rent

1,566

Above and below market rent

637

565

Same Capital Cash Net Operating Income

691,877

641,511

Same Capital Cash NOI impact of holding '25 Exchange Rates Constant (34,220) -

Constant Currency Same Capital Cash Net Operating Income

$ 657,658 $

641,510

Three Months Ended

March 31, 2026 March 31, 2025

Total operating revenues less:

$ 1,635,173 $

1,407,637

Proforma disposition adjustment (982) (40,521)

plus:

Constant currency adjustment (26,418) -

Total operating revenues (as adjusted)

$ 1,607,773 $

1,367,116

1Q26 Financial Results 20

QE 3/31/26

Fixed Charged Ratio (LQA Adjusted EBITDA/total fixed charges)

GAAP interest expense plus capitalized interest Preferred dividends

Total fixed charges

178,177

10,181

188,358

Fixed charge ratio

4.9x

13,800 345,000

755,000 (iv)

Shares O/S Liquidation Value

8,000 200,000

8,400 210,000

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

Series J Preferred Series K Preferred Series L Preferred

348,924

6,293

355,217

180.21

64,013,656

(i) Market Value of Common Equity

Common shares outstanding Common units outstanding

Total Shares and Partnership Units Stock price as of March 31, 2026 Market value of common equity

Total Debt/Total Enterprise Value

QE 3/31/26

Market value of common equity(i)

$ 64,013,656

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

Liquidation value of preferred equity(ii)

755,000

Total GAAP interest expense (including unconsolidated JV interest expense) 142,540

Total debt at balance sheet carrying value

17,996,633

Add: Capitalized interest 35,637

Total Enterprise Value

$ 82,765,289

GAAP interest expense plus capitalized interest 178,177

Total debt / total enterprise value

21.7%

Debt-plus-preferred-to-total-enterprise-value

22.7%

Debt Service Ratio 5.2x

‌Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent

QE 3/31/26

Unsecured Debt/Total Debt

Global unsecured revolving credit facility 707,961

Unsecured term loans 432,450

Unsecured senior notes, net of discount 16,013,977

Secured debt, including premiums 842,245

Finance lease obligations, net 330,916

Total debt at balance sheet carrying value 18,327,549

Unsecured Debt / Total Debt

95.4%

17,397,631

3,681,228

Net Debt/LQA Adjusted EBITDA

Total debt at balance sheet carrying value

Add: DLR share of unconsolidated joint venture debt Add: Finance lease obligations, net

Less: Unrestricted cash

Net Debt as of March 31, 2026

QE 3/31/26

$ 17,996,633

2,038,470

330,916

(2,968,387)

LQA Adjusted EBITDA (Adjusted EBITDA x 4)

Net Debt / LQA Adjusted EBITDA(iii)

4.7x

(iii) Adjusted EBITDA

Net Income (Loss) Available to Common Stockholders Interest expense

(Gain) loss on debt extinguishment and modifications

Income tax expense (benefit) Depreciation and amortization EBITDA

169,093

116,384

4,119

16,008

499,511

805,114

Unconsolidated JV real estate related depreciation & amortization

Unconsolidated JV interest expense and tax expense Severance accrual and equity acceleration and legal expenses Transaction and integration expenses

(Gain) / loss on sale of investments Provision for impairment

Other non-core adjustments, net Noncontrolling interests Preferred stock dividends Adjusted EBITDA

60,291

35,814

2,835

15,685

(873)

-(4,270)

(4,470)

10,181

920,307

Net Debt Plus Preferred/LQA Adjusted EBITDA

QE 3/31/26

Total debt at balance sheet carrying value

Less: Unrestricted cash

17,996,633

(2,968,387)

Finance lease obligations, net

DLR share of unconsolidated joint venture debt Net Debt as of December 31, 2025

Preferred Liquidation Value (iv)

Net Debt plus preferred

330,916

2,038,470

17,397,631

755,000

18,152,631

Net Debt Plus Preferred/LQA Adjusted EBITDA(iii)

4.9x

Note: For quarter ended March 31, 2026

1Q26 Financial Results 21

‌Thank you

Disclaimer

Digital Realty Trust Inc. published this content on April 23, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 23, 2026 at 21:21 UTC.