AUSTIN, Texas, Oct. 23, 2025 /PRNewswire/ -- Digital Realty (NYSE: DLR), the largest global provider of cloud- and carrier-neutral data center, colocation and interconnection solutions, announced today financial results for the third quarter of 2025. All per share results are presented on a fully diluted basis.

Highlights

Reported net income available to common stockholders of $0.15 per share in 3Q25, compared to $0.09 in 3Q24
Reported FFO per share of $1.65 in 3Q25, compared to $1.55 in 3Q24
Reported Core FFO per share of $1.89 in 3Q25, compared to $1.67 in 3Q24; reported Constant-Currency Core FFO per share of $1.85 in 3Q25
Reported rental rate increases on renewal leases of 8.0% on a cash basis in 3Q25
Signed total bookings during 3Q25 that are expected to generate $201 million of annualized GAAP rental revenue at 100% share; at Digital Realty's share, total bookings were $162 million, including an $85 million contribution from the 0-1 megawatt plus interconnection category
Reported a backlog of $852 million of annualized GAAP base rent at the end of 3Q25
Raised 2025 Core FFO per share outlook to $7.32 - $7.38 and Constant-Currency Core FFO per share outlook to $7.25 - $7.30

Financial Results

Digital Realty reported revenues of $1.6 billion in the third quarter of 2025, a 6% increase from the previous quarter and a 10% increase from the same quarter last year.

The company delivered net income of $64 million in the third quarter of 2025, as well as net income available to common stockholders of $58 million and $0.15 per share, compared to $2.94 per share in the previous quarter and $0.09 per share in the same quarter last year.

Digital Realty generated Adjusted EBITDA of $868 million in the third quarter of 2025, a 5% increase from the previous quarter and a 14% increase over the same quarter last year.

The company reported Funds From Operations (FFO) of $570 million in the third quarter of 2025, or $1.65 per share, compared to $1.75 per share in the previous quarter and $1.55 per share in the same quarter last year.

Excluding certain items that do not represent core expenses or revenue streams, Digital Realty delivered Core FFO per share of $1.89 in the third quarter of 2025, compared to $1.87 per share in the previous quarter and $1.67 per share in the same quarter last year. Digital Realty delivered Constant-Currency Core FFO per share of $1.85 in the third quarter of 2025 and $5.48 per share for the nine-month period ended September 30, 2025.

"Digital Realty delivered strong financial results this quarter, featuring record Core FFO per share and double-digit revenue and Adjusted EBITDA growth. These achievements are supported by a substantial backlog, providing clear visibility into 2026," said Digital Realty President and CEO Andy Power. "Robust enterprise demand continues to drive our 0-1 megawatt plus interconnection offering, with companies expanding on PlatformDIGITAL®. With five gigawatts of buildable IT capacity worldwide, we are well-positioned to meet our customers' evolving needs."

Leasing Activity

In the third quarter, Digital Realty signed total bookings that are expected to generate $201 million of annualized GAAP rental revenue at 100% share; at Digital Realty's share, total bookings were $162 million, including a $65 million contribution from the 0-1 megawatt category and a $20 million contribution from interconnection.

The weighted-average lag between new leases signed during the third quarter of 2025 and the contractual commencement date was eight months. The backlog of signed-but-not-commenced leases at quarter-end was $852 million of annualized GAAP base rent at Digital Realty's share.

In addition to new leases signed, Digital Realty also signed renewal leases representing $192 million of annualized cash rental revenue during the quarter. Rental rates on renewal leases signed during the third quarter of 2025 increased 8.0% on a cash basis and 11.5% on a GAAP basis.

New leases signed during the third quarter of 2025 at Digital Realty's share are summarized by region and product as follows:

	Annualized GAAP
	Base Rent		Square Feet	GAAP Base Rent			GAAP Base Rent
Americas	(in thousands)		(in thousands)	per Square Foot		Megawatts	per Kilowatt
0-1 MW		$31,606	94		$338	7.7		$340
> 1 MW		35,688	101		353	16.2		184
Other ⁽¹⁾		551	10		53	—		—
Total		$67,844	205		$331	23.9		$235

EMEA ⁽²⁾
0-1 MW		$28,518	80		$359	8.4		$283
> 1 MW		26,087	90		288	12.0		181
Other ⁽¹⁾		434	8		55	—		—
Total		$55,040	178		$310	20.4		$223

Asia Pacific ⁽²⁾
0-1 MW		$4,756	27		$179	2.0		$194
> 1 MW		14,373	32		453	3.4		348
Other ⁽¹⁾		142	1		121	—		—
Total		$19,271	60		$324	5.5		$291

All Regions ⁽²⁾
0-1 MW		$64,880	200		$325	18.2		$297
> 1 MW		76,148	223		341	31.6		201
Other ⁽¹⁾		1,127	19		58	—		—
Total		$142,155	442		$321	49.8		$236

Interconnection		$19,649	N/A		N/A	N/A		N/A

Grand Total at DLR Share		$161,804	442		$321	49.8		$236

Grand Total at 100% Share		$201,471	462		$387	71.4		$209


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 September 30, 2025.

Investment Activity

During the third quarter, Digital Realty sold non-core data centers in the Atlanta, Boston and Miami metro areas for gross proceeds of approximately $90 million.

Digital Realty acquired a property containing approximately five acres of land in the Los Angeles metro area for approximately $49 million that is expected to support 32 megawatts of IT capacity. Additionally, Digital Realty acquired two land parcels near its Franklin Park campus for approximately $18 million that, together with previously acquired land parcels, are expected to support over 40 megawatts of incremental IT capacity in the Chicago metro area.

Subsequent to quarter end, Digital Realty sold a non-core data center in the Dallas metro area for gross proceeds of approximately $33 million.

Balance Sheet

Digital Realty had approximately $18.2 billion of total debt outstanding as of September 30, 2025, comprised of $17.4 billion of unsecured debt and approximately $0.8 billion of secured debt and other debt. At the end of the third quarter of 2025, net debt-to-Adjusted EBITDA was 4.9x, debt-plus-preferred-to-total enterprise value was 23.9% and fixed charge coverage was 4.6x.

In July, Digital Realty repaid €650 million ($754 million) in aggregate principal amount of its 0.625% senior notes.

Since June 30, 2025, the company also sold 2.9 million shares of common stock under its At-The-Market (ATM) equity issuance program at a weighted average price of $172.46 per share, for net proceeds of approximately $501 million.

2025 Outlook

Digital Realty raised its 2025 Core FFO per share outlook to $7.32 - $7.38 and Constant-Currency Core FFO per share outlook to $7.25 - $7.30. The assumptions underlying the outlook are summarized in the following table.

	As of	As of	As of	As of
Top-Line and Cost Structure	February 13, 2025	April 24, 2025	July 24, 2025	October 23, 2025
Total revenue	$5.800 - $5.900 billion	$5.825 - $5.925 billion	$5.925 - $6.025 billion	$6.025 - $6.075 billion
Net non-cash rent adjustments ⁽¹⁾	($45 - $50 million)	($50 - $55 million)	($65 - $70 million)	($75 - $80 million)
Adjusted EBITDA	$3.100 - $3.200 billion	$3.125 - $3.225 billion	$3.200 - $3.300 billion	$3.300 - $3.350 billion
G&A	$500 - $510 million	$505 - $515 million	$520 - $530 million	$530 - $535 million

Internal Growth
Rental rates on renewal leases
Cash basis	4.0% - 6.0%	4.0% - 6.0%	5.0% - 6.0%	5.75% - 6.25%
GAAP basis	6.0% - 8.0%	6.0% - 8.0%	7.0% - 8.0%	7.75% - 8.25%
Year-end portfolio occupancy	+100 - 200 bps	+100 - 200 bps	+100 - 200 bps	+100 - 200 bps
"Same-Capital" cash NOI growth ⁽²⁾	3.5% - 4.5%	3.5% - 4.5%	3.5% - 4.5%	4.25% - 4.75%

Foreign Exchange Rates
U.S. Dollar / Pound Sterling	$1.20 - $1.25	$1.25 - $1.35	$1.30 - $1.35	$1.30 - $1.35
U.S. Dollar / Euro	$1.00 - $1.05	$1.05 - $1.15	$1.10 - $1.15	$1.13 - $1.18

External Growth
Dispositions / Joint Venture Capital
Dollar volume	$500 - $1,000 million	$500 - $1,000 million	$700 - $1,000 million	$700 - $1,000 million
Cap rate	0.0% - 10.0%	0.0% - 10.0%	0.0% - 10.0%	0.0% - 10.0%
Development
CapEx (Net of Partner Contributions) ⁽³⁾	$3,000 - $3,500 million	$3,000 - $3,500 million	$3,000 - $3,500 million	$3,000 - $3,500 million
Average stabilized yields	10.0%+	10.0%+	10.0%+	10.0%+
Enhancements and other non-recurring CapEx ⁽⁴⁾	$30 - $35 million	$30 - $35 million	$30 - $35 million	$30 - $35 million
Recurring CapEx + capitalized leasing costs ⁽⁵⁾	$320 - $335 million	$320 - $335 million	$320 - $335 million	$300 - $320 million

Balance Sheet
Long-term debt issuance
Dollar amount	$900 - $1,500 million	$900 - $1,500 million	~$2,000 million	~$2,000 million
Pricing	5.0% - 5.5%	4.0% - 5.5%	~4.0%	~4.0%
Timing	Mid-Year	Mid-Year	Mid-Year	Mid-Year

Net income per diluted share	$2.10 - $2.20	$2.15 - $2.25	$3.45 - $3.55	$3.57 - $3.62
Real estate depreciation and (gain) / loss on sale	$4.50 - $4.50	$4.50 - $4.50	$3.25 - $3.25	$3.20 - $3.20
Funds From Operations / share (NAREIT-Defined)	$6.60 - $6.70	$6.65 - $6.75	$6.70 - $6.80	$6.77 - $6.82
Non-core expenses and revenue streams	$0.40 - $0.40	$0.40 - $0.40	$0.45 - $0.45	$0.55 - $0.55
Core Funds From Operations / share	$7.00 - $7.10	$7.05 - $7.15	$7.15 - $7.25	$7.32 - $7.38
Foreign currency translation adjustments	$0.05 - $0.05	$0.00 - $0.00	($0.05) - ( $0.05)	($0.07) - ( $0.07)
Constant-Currency Core Funds From Operations / share	$7.05 - $7.15	$7.05 - $7.15	$7.10 - $7.20	$7.25 - $7.30


(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)	The "Same-Capital" pool includes properties owned as of December 31, 2023 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 2024-2025, properties classified as held for sale and contribution, and properties sold or contributed to joint ventures for all periods presented. The 2025 "Same-Capital" cash NOI growth outlook is presented on a constant currency basis.
(3)	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.
(4)	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.
(5)	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.

Non-GAAP Financial Measures

This document contains non-GAAP financial measures, including FFO, Core FFO, Constant Currency Core FFO, 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 to Adjusted FFO, a reconciliation from NOI to Cash NOI, and definitions of FFO, Core FFO, Constant Currency Core FFO, 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 October 23, 2025, 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 third quarter 2025 financial results and operating performance. The conference call will feature President & Chief Executive Officer Andy Power and Chief Financial Officer Matt Mercier.

To participate in the live call, investors are invited to dial +1 (888) 317-6003 (for domestic callers) or +1 (412) 317-6061 (for international callers) and reference the conference ID# 1402737 at least five minutes prior to start time. A live webcast of the call will be available via the Investors section of Digital Realty's website at https://investor.digitalrealty.com.

Telephone and webcast replays will be available after the call until November 23, 2025. The telephone replay can be accessed by dialing +1 (877) 344-7529 (for domestic callers) or +1 (412) 317-0088 (for international callers) and providing the conference ID# 3414347. The webcast replay can be accessed on Digital Realty's website.

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 50+ metros across 25+ 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

(415) 275-5344

Consolidated Quarterly Statements of Operations				Third Quarter 2025
Unaudited and in Thousands, Except Per Share Data

	Three Months Ended						Nine Months Ended
	30-Sep-25	30-Jun-25	31-Mar-25		31-Dec-24	30-Sep-24		30-Sep-25	30-Sep-24
Rental revenues	$1,045,708	$1,003,550	$960,526		$958,892	$956,351		$3,009,784	$2,763,753
Tenant reimbursements - Utilities	332,681	294,503	271,189		302,664	305,097		898,373	855,959
Tenant reimbursements - Other	37,302	37,355	42,177		38,591	39,624		116,834	120,021
Interconnection and other	120,399	121,952	112,969		112,360	112,655		355,320	330,231
Fee income	36,398	34,427	20,643		23,316	12,907		91,468	41,572
Other	4,746	1,363	133		40	4,581		6,242	7,568
Total Operating Revenues	$1,577,234	$1,493,150	$1,407,637		$1,435,862	$1,431,214		$4,478,021	$4,119,106

Utilities	$375,627	$339,288	$313,385		$337,534	$356,063		$1,028,301	$995,882
Rental property operating	278,292	267,724	238,600		273,104	249,796		784,615	711,817
Property taxes	51,823	49,570	48,856		46,044	45,633		150,249	136,408
Insurance	4,508	4,946	4,483		6,007	4,869		13,937	12,318
Depreciation and amortization	497,002	461,167	443,009		455,355	459,997		1,401,178	1,316,442
General and administration	139,911	133,755	121,112		124,470	115,120		394,778	349,051
Severance, equity acceleration and legal expenses	1,794	2,262	2,428		2,346	2,481		6,484	4,156
Transaction and integration expenses	86,559	22,546	39,902		11,797	24,194		149,007	82,105
Provision for impairment	—	—	—		22,881	—		—	168,303
Other expenses	3,297	195	112		12,002	4,774		3,604	15,080
Total Operating Expenses	$1,438,813	$1,281,453	$1,211,887		$1,291,540	$1,262,928		$3,932,153	$3,791,564

Operating Income	$138,421	$211,697	$195,750		$144,322	$168,286		$545,868	$327,542

Equity in earnings / (loss) of unconsolidated entities	(16,944)	(12,062)	(7,640)		(36,201)	(26,486)		(36,646)	(83,936)
Gain / (loss) on sale of investments	19,780	931,830	1,111		144,885	(556)		952,721	450,940
Interest and other income / (expense), net	47,735	37,747	32,773		44,517	37,756		118,255	109,726
Interest (expense)	(113,584)	(109,383)	(98,464)		(104,742)	(123,803)		(321,431)	(348,095)
Income tax benefit / (expense)	(11,695)	(12,883)	(17,135)		(4,928)	(12,427)		(41,713)	(49,832)
Loss on debt extinguishment and modifications	—	—	—		(2,165)	(2,636)		—	(3,706)
Net Income	$63,713	$1,046,946	$106,395		$185,688	$40,134		$1,217,054	$402,639

Net (income) / loss attributable to noncontrolling interests	4,099	(14,790)	3,579		3,881	11,059		(7,112)	10,282
Net Income Attributable to Digital Realty Trust, Inc.	$67,812	$1,032,156	$109,974		$189,569	$51,193		$1,209,942	$412,921

Preferred stock dividends	(10,181)	(10,181)	(10,181)		(10,181)	(10,181)		(30,543)	(30,544)
Net Income / (Loss) Available to Common Stockholders	$57,631	$1,021,975	$99,793		$179,388	$41,012		$1,179,399	$382,377

Weighted-average shares outstanding - basic	341,370	337,589	336,683		333,376	327,977		338,565	319,965
Weighted-average shares outstanding - diluted	349,234	345,734	344,721		340,690	336,249		346,631	328,641
Weighted-average fully diluted shares and units	355,165	351,691	350,632		346,756	342,374		352,571	334,830

Net income / (loss) per share - basic	$0.17	$3.03	$0.30		$0.54	$0.13		$3.48	$1.20
Net income / (loss) per share - diluted	$0.15	$2.94	$0.27		$0.51	$0.09		$3.35	$1.10

Funds From Operations and Core Funds From Operations								Third Quarter 2025
Unaudited and in Thousands, Except Per Share Data

	Three Months Ended							Nine Months Ended
Reconciliation of Net Income to Funds From Operations (FFO)		30-Sep-25	30-Jun-25	31-Mar-25		31-Dec-24	30-Sep-24		30-Sep-25	30-Sep-24

Net Income / (Loss) Available to Common Stockholders		$57,631	$1,021,975	$99,793		$179,388	$41,012		$1,179,399	$382,377
Adjustments:
Noncontrolling interest in operating partnership		2,000	21,000	3,000		4,000	1,000		26,000	8,700
Real estate related depreciation and amortization ⁽¹⁾		487,182	451,050	432,652		445,462	449,086		1,370,884	1,284,597
Reconciling items related to noncontrolling interests		(22,888)	(21,038)	(19,480)		(19,531)	(19,746)		(63,406)	(45,081)
Unconsolidated entities real estate related depreciation and amortization		65,922	59,172	55,861		49,463	48,474		180,955	143,468
(Gain) / loss on real estate transactions		(19,780)	(931,830)	(1,111)		(137,047)	556		(952,721)	(459,857)
Provision for impairment		—	—	—		22,881	—		—	168,303
Funds From Operations		$570,067	$600,329	$570,715		$544,616	$520,382		$1,741,111	$1,482,506

Weighted-average shares and units outstanding - basic		347,301	343,546	342,594		339,442	334,103		344,504	326,154
Weighted-average shares and units outstanding - diluted ^{(2) (3)}		355,165	351,691	350,632		346,756	342,374		352,571	334,830

Funds From Operations per share - basic		$1.64	$1.75	$1.67		$1.60	$1.56		$5.05	$4.55

Funds From Operations per share - diluted^{(2) (3)}		$1.65	$1.75	$1.67		$1.61	$1.55		$5.07	$4.52

	Three Months Ended							Nine Months Ended
Reconciliation of FFO to Core FFO		30-Sep-25	30-Jun-25	31-Mar-25	31-Dec-24		30-Sep-24		30-Sep-25	30-Sep-24

Funds From Operations		$570,067	$600,329	$570,715	$544,616		$520,382		$1,741,111	$1,482,506
Other non-core revenue adjustments ⁽⁴⁾		(4,746)	4,228	(1,925)	4,537		(4,583)		(2,443)	(34,876)
Transaction and integration expenses		86,559	22,546	39,902	11,797		24,194		149,007	82,105
Loss on debt extinguishment and modifications		—	—	—	2,165		2,636		—	3,706
Severance, equity acceleration and legal expenses ⁽⁵⁾		1,794	2,262	2,428	2,346		2,481		6,484	4,156
(Gain) / Loss on FX and derivatives revaluation		252	8,827	(2,064)	7,127		1,513		7,015	67,337
Other non-core expense adjustments ⁽⁶⁾		2,075	5,092	(702)	14,229		11,120		6,465	23,443
Core Funds From Operations		$656,001	$643,284	$608,354	$586,816		$557,744		$1,907,639	$1,628,377

Weighted-average shares and units outstanding - diluted^{(2) (3)}		347,700	343,909	343,050	339,982		334,476		344,873	326,545

Core Funds From Operations per share - diluted ⁽²⁾		$1.89	$1.87	$1.77	$1.73		$1.67		$5.53	$4.99

(1)	Three Months Ended							Nine Months Ended
Real Estate Related Depreciation & Amortization		30-Sep-25	30-Jun-25	31-Mar-25	31-Dec-24		30-Sep-24		30-Sep-25	30-Sep-24

Depreciation and amortization per income statement		$497,002	$461,167	$443,009	$455,355		$459,997		$1,401,178	$1,316,442
Non-real estate depreciation		(9,820)	(10,117)	(10,356)	(9,894)		(10,911)		(30,294)	(31,845)
Real Estate Related Depreciation & Amortization		$487,182	$451,050	$432,652	$445,462		$449,086		$1,370,884	$1,284,597


(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

Nine Months Ended

30-Sep-25

30-Jun-25

31-Mar-25

31-Dec-24

30-Sep-24

30-Sep-25

30-Sep-24

Teraco noncontrolling share of FFO

$17,018

$15,850

$13,286

$14,905

$9,828

$46,154

$32,049

Teraco related minority interest

$17,018

$15,850

$13,286

$14,905

$9,828

$46,154

$32,049


(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 and Core FFO, see the Definitions section.
(4)	Includes deferred rent adjustments related to a customer bankruptcy, development fees included in gains, lease termination fees and gain on sale of equity investment included in other income.
(5)	Relates to severance and other charges related to the departure of company executives and integration-related severance.
(6)	Includes write-offs associated with bankrupt or terminated customers, non-recurring legal and insurance expenses and adjustments to reflect our proportionate share of transaction costs associated with noncontrolling interest.

Adjusted Funds From Operations (AFFO)					Third Quarter 2025
Unaudited and in Thousands, Except Per Share Data

	Three Months Ended							Nine Months Ended
Reconciliation of Core FFO to AFFO		30-Sep-25	30-Jun-25	31-Mar-25		31-Dec-24	30-Sep-24		30-Sep-25	30-Sep-24

Core FFO available to common stockholders and unitholders		$656,001	$643,284	$608,354		$586,816	$557,744		$1,907,639	$1,628,377
Adjustments:
Non-real estate depreciation		9,820	10,117	10,356		9,894	10,911		30,293	31,845
Amortization of deferred financing costs		6,565	6,451	6,548		5,697	4,853		19,564	15,501
Amortization of debt discount/premium		1,293	1,251	1,125		1,324	1,329		3,669	4,481
Non-cash stock-based compensation expense		18,174	18,026	16,700		13,386	15,026		52,900	42,083
Straight-line rental revenue		(33,351)	(23,698)	(9,692)		(18,242)	(17,581)		(66,741)	(7,271)
Straight-line rental expense		(271)	(475)	(160)		(136)	1,690		(906)	3,583
Above- and below-market rent amortization		(864)	(752)	(706)		(269)	(742)		(2,322)	(3,287)
Deferred tax (benefit) / expense		18,187	(30,714)	(517)		(15,048)	(9,366)		(13,044)	(22,786)
Leasing compensation and internal lease commissions		15,013	14,721	13,405		10,505	10,918		43,139	34,728
Recurring capital expenditures ⁽¹⁾		(77,998)	(62,083)	(35,305)		(130,245)	(67,308)		(175,386)	(175,467)

AFFO available to common stockholders and unitholders ⁽²⁾		$612,569	$576,127	$610,108		$463,682	$507,474		$1,798,805	$1,551,787

Weighted-average shares and units outstanding - basic		347,301	343,546	342,594		339,442	334,103		344,504	326,154
Weighted-average shares and units outstanding - diluted ⁽³⁾		347,700	343,909	343,050		339,982	334,476		344,873	326,545

AFFO per share - diluted ⁽³⁾		$1.76	$1.68	$1.78		$1.36	$1.52		$5.22	$4.75

Dividends per share and common unit		$1.22	$1.22	$1.22		$1.22	$1.22		$3.66	$3.66

Diluted AFFO Payout Ratio		69.2 %	72.8 %	68.6 %		89.5 %	80.4 %		70.2 %	77.0 %

	Three Months Ended							Nine Months Ended
Share Count Detail		30-Sep-25	30-Jun-25	31-Mar-25		31-Dec-24	30-Sep-24		30-Sep-25	30-Sep-24

Weighted Average Common Stock and Units Outstanding		347,301	343,546	342,594		339,442	334,103		344,504	326,154
Add: Effect of dilutive securities		399	362	456		540	373		369	391
Weighted Avg. Common Stock and Units Outstanding - diluted		347,700	343,909	343,050		339,982	334,476		344,873	326,545


(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 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.

Consolidated Balance Sheets				Third Quarter 2025
Unaudited and in Thousands, Except Per Share Data

	30-Sep-25		30-Jun-25		31-Mar-25		31-Dec-24		30-Sep-24
Assets
Investments in real estate:
Real estate		$30,194,891		$29,836,218		$27,947,964		$27,558,993		$28,808,770
Construction in progress		5,422,338		5,080,701		4,973,266		5,164,334		5,175,054
Land held for future development		66,668		73,665		69,089		38,785		23,392
Investments in Real Estate		$35,683,897		$34,990,583		$32,990,319		$32,762,112		$34,007,216
Accumulated depreciation and amortization		(9,665,380)		(9,341,719)		(8,856,535)		(8,641,331)		(8,777,002)
Net Investments in Properties		$26,018,517		$25,648,865		$24,133,784		$24,120,781		$25,230,214
Investment in unconsolidated entities		3,690,749		3,622,677		2,702,847		2,639,800		2,456,448
Net Investments in Real Estate		$29,709,266		$29,271,542		$26,836,631		$26,760,582		$27,686,662

Operating lease right-of-use assets, net		$1,167,398		$1,180,657		$1,165,924		$1,178,853		$1,228,507
Cash and cash equivalents		3,299,703		3,554,126		2,321,885		3,870,891		2,175,605
Accounts and other receivables, net ⁽¹⁾		1,496,105		1,586,146		1,373,521		1,257,464		1,274,460
Deferred rent, net		710,624		681,375		641,290		642,456		641,778
Goodwill		9,647,754		9,636,513		9,174,165		8,929,431		9,395,233
Customer relationship value, deferred leasing costs and other intangibles, net		2,080,898		2,171,318		2,124,989		2,178,054		2,367,467
Assets held for sale and contribution		116,624		139,993		953,236		—		—
Other assets		500,262		493,325		488,921		465,885		525,679
Total Assets		$48,728,634		$48,714,995		$45,080,562		$45,283,616		$45,295,392

Liabilities and Equity
Global unsecured revolving credit facilities, net		$1,152,042		$567,699		$1,096,931		$1,611,308		$1,786,921
Unsecured term loans, net		438,933		440,788		404,335		386,903		913,733
Unsecured senior notes, net of discount		15,808,565		16,641,367		14,744,063		13,962,852		13,528,061
Secured and other debt, net of discount		825,894		802,294		770,950		753,314		757,831
Operating lease liabilities		1,285,067		1,298,085		1,281,572		1,294,219		1,343,903
Accounts payable and other accrued liabilities		2,377,726		2,310,882		1,927,611		2,056,215		2,140,764
Deferred tax liabilities		1,151,374		1,137,305		1,109,294		1,084,562		1,223,771
Accrued dividends and distributions		—		—		—		418,661		—
Security deposits and prepaid rents		699,528		653,640		559,768		539,802		423,797
Obligations associated with assets held for sale and contribution		283		1,089		7,882		—		—
Total Liabilities		$23,739,412		$23,853,149		$21,902,406		$22,107,836		$22,118,781

Redeemable noncontrolling interests		1,535,972		1,505,889		1,459,322		1,433,185		1,465,636

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⁾		3,400		3,374		3,338		3,337		3,285
Additional paid-in capital		29,182,332		28,720,826		28,091,661		28,079,738		27,229,143
Dividends in excess of earnings		(6,358,501)		(5,997,607)		(6,604,217)		(6,292,085)		(6,060,642)
Accumulated other comprehensive (loss), net		(533,891)		(543,756)		(926,874)		(1,182,283)		(657,364)
Total Stockholders' Equity		$23,025,030		$22,914,527		$21,295,598		$21,340,397		$21,246,112

Noncontrolling Interests
Noncontrolling interest in operating partnership		$420,280		$431,000		$415,956		$396,099		$427,930
Noncontrolling interest in consolidated entities		7,940		10,430		7,280		6,099		36,933

Total Noncontrolling Interests		$428,220		$441,430		$423,236		$402,198		$464,863

Total Equity		$23,453,250		$23,355,957		$21,718,834		$21,742,595		$21,710,975

Total Liabilities and Equity		$48,728,634		$48,714,995		$45,080,562		$45,283,616		$45,295,392


(1)	Net of allowance for doubtful accounts of $85,274 and $56,353 as of September 30, 2025 and September 30, 2024, 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 September 30, 2025 and September 30, 2024.
(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 September 30, 2025 and September 30, 2024.
(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 September 30, 2025 and September 30, 2024.
(5)	Common Stock: 343,041 and 331,347 shares issued and outstanding as of September 30, 2025 and September 30, 2024, respectively.

Reconciliation of Earnings Before Interest, Taxes, Depreciation & Amortization and Financial Ratios			Third Quarter 2025
Unaudited and Dollars in Thousands

	Three Months Ended
Reconciliation of Earnings Before Interest, Taxes, Depreciation & Amortization (EBITDA) ⁽¹⁾		30-Sep-25	30-Jun-25	31-Mar-25	31-Dec-24	30-Sep-24

Net Income / (Loss) Available to Common Stockholders		$57,631	$1,021,975	$99,793	$179,388	$41,012
Interest		113,584	109,383	98,464	104,742	123,803
Loss on debt extinguishment and modifications		—	—	—	2,165	2,636
Income tax expense (benefit)		11,695	12,883	17,135	4,928	12,427
Depreciation and amortization		497,002	461,167	443,009	455,355	459,997
EBITDA		$679,912	$1,605,408	$658,400	$746,578	$639,875
Unconsolidated JV real estate related depreciation and amortization		65,922	59,172	55,861	49,463	48,474
Unconsolidated JV interest expense and tax expense		44,795	31,243	33,390	32,255	34,951
Severance, equity acceleration and legal expenses		1,794	2,262	2,428	2,346	2,481
Transaction and integration expenses		86,559	22,546	39,902	11,797	24,194
(Gain) / loss on sale of investments		(19,780)	(931,830)	(1,111)	(144,885)	556
Provision for impairment		—	—	—	22,881	—
Other non-core adjustments, net ⁽²⁾		2,523	9,545	(4,316)	24,539	8,642
Noncontrolling interests		(4,099)	14,790	(3,579)	(3,881)	(11,059)
Preferred stock dividends		10,181	10,181	10,181	10,181	10,181
Adjusted EBITDA		$867,807	$823,319	$791,156	$751,276	$758,296


(1)	For definitions and discussion of EBITDA and Adjusted EBITDA, see the Definitions section.
(2)	Includes foreign exchange net unrealized gains/losses attributable to remeasurement, deferred rent adjustments related to a customer bankruptcy, write offs associated with bankrupt or terminated customers, non-recurring legal and insurance expenses, gain on sale of land option and lease termination fees.

Three Months Ended

Financial Ratios

30-Sep-25

30-Jun-25

31-Mar-25

31-Dec-24

30-Sep-24

Total GAAP interest expense

$113,584

$109,383

$98,464

$104,742

$123,803

Capitalized interest

32,923

29,393

30,095

34,442

28,312

Change in accrued interest and other non-cash amounts

41,265

(92,065)

45,416

(58,137)

43,720

Cash Interest Expense ⁽³⁾

$187,772

$46,711

$173,975

$81,046

$195,835

Preferred stock dividends

10,181

Total Fixed Charges ⁽⁴⁾

$156,687

$148,957

$138,739

$149,364

$162,296

Coverage

Interest coverage ratio ⁽⁵⁾

4.9x

5.0x

5.3x

4.5x

4.3x

Cash interest coverage ratio ⁽⁶⁾

3.9x

11.2x

4.1x

6.9x

3.4x

Fixed charge coverage ratio ⁽⁷⁾

4.6x

4.7x

4.9x

4.2x

4.1x

Cash fixed charge coverage ratio ⁽⁸⁾

3.8x

9.9x

3.9x

6.3x

3.3x

Leverage

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

23.0 %

23.2 %

25.4 %

21.4 %

23.5 %

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

23.9 %

24.1 %

26.6 %

22.3 %

24.5 %

Pre-tax income to interest expense ⁽¹²⁾

1.6x

10.6x

2.1x

2.8x

1.3x

Net Debt-to-Adjusted EBITDA ⁽¹³⁾

4.9x

5.1x

4.8x

5.4x


(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, 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 capital 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.

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) (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) 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.

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, loss on debt extinguishment and modifications, income taxes, and depreciation and amortization, or EBITDA, and Adjusted EBITDA (as defined below), are useful supplemental performance measures because they allow investors to view our performance without the impact of non-cash depreciation and amortization or the cost of debt and, with respect to Adjusted EBITDA, (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. Adjusted EBITDA is EBITDA excluding (i) unconsolidated entities real estate related depreciation & amortization, (ii) unconsolidated entities interest expense and tax, (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. Same-Capital Cash NOI represents buildings owned as of December 31, 2023 of the prior year with less than 5% of total rentable square feet under development and excludes buildings that were undergoing, or were expected to undergo, development activities in 2024-2025, buildings classified as held for sale and contribution, and buildings 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 capital 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 September 30, 2025, GAAP interest expense was $114 million, capitalized interest was $33 million and preferred stock dividends were $10 million.

Reconciliation of Net Operating Income (NOI)	Three Months Ended						Nine Months Ended
(in thousands)	30-Sep-25		30-Jun-25		30-Sep-24		30-Sep-25		30-Sep-24

Operating income		$138,421		$211,697		$168,286		$545,868		$327,542

Fee income		(36,398)		(34,427)		(12,907)		(91,468)		(41,572)
Other income		(4,746)		(1,363)		(4,581)		(6,242)		(7,568)
Depreciation and amortization		497,002		461,167		459,997		1,401,178		1,316,442
General and administrative		139,911		133,755		115,120		394,778		349,051
Severance, equity acceleration and legal expenses		1,794		2,262		2,481		6,484		4,156
Transaction and integration expenses		86,559		22,546		24,194		149,007		82,105
Provision for impairment		—		—		—		—		168,303
Other expenses		3,297		195		4,774		3,604		15,080

Net Operating Income		$825,840		$795,832		$757,365		$2,403,209		$2,213,540


Cash Net Operating Income (Cash NOI)

Net Operating Income		$825,840		$795,832		$757,365		$2,403,209		$2,213,540

Straight-line rental revenue		(33,196)		(24,015)		(18,423)		(66,904)		(23,818)
Straight-line rental expense		(297)		(469)		1,683		(742)		4,011
Above- and below-market rent amortization		(864)		(752)		(742)		(2,322)		(3,287)

Cash Net Operating Income